Lazard Global Active Funds plc

Interim Report and Unaudited Financial Statements For the financial period ended 30 September 2015

Statements ofMajorChangesinInvestments...... Portfolios ofInvestments...... Notes totheFinancialStatements...... Participating Shareholders...... Statement ofChangesinNetAssetsattributabletoRedeemable Statement ofFinancialPosition...... Statement ofComprehensive Income...... Managers’Reports...... Directors andOtherInformation...... Contents Global ActiveFundsplc Period ended 30September2015 126 92 58 52 46 40 6 4

3 LAZARD GLOBAL ACTIVE FUNDS PLC 4 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc GERMANY 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard AUSTRALIA NSW2000 Place 1 Macquarie 39,Level Building Gateway AssetManagement PacificLazard Co. JAPAN , 107-0052 Minato –Ku 7,Level 2-11-7Akasaka Akasaka Twin Tower(ATT) Annex JapanAssetManagement K.K. Lazard * SeeNote 15 OFAMERICA NY10020 Plaza 30 Rockefeller AssetManagement LLCLazard ENGLAND 8LL W1J Street 50 Stratton AssetManagement Limited Lazard Investment Managers 6 FundLazard Managers (Ireland) Limited Manager 6 Registered Office Directors andOtherInformation IRELAND 2 Dublin CanalSquare 2 Grand IRELAND 2 Dublin CanalSquare 2 Grand th th Floor Floor Lazard Sterling High Quality Bond Fund Sterling HighLazard Quality Franchise Global Equity Lazard Fund Fund Equity Global ListedLazard Infrastructure JapaneseLazard Strategic Fund Equity Global FixedIncomeFundLazard Developing FundLazard Markets Equity Fund Markets Equity Emerging Core Lazard Fund Markets Emerging Equity Lazard Emerging Lazard World Fund Lazard Thematic Global Fund Lazard Thematic Global Ex-Japan Fund Pan-EuropeanLazard SmallCap Fund IncomeFund Global Equity Lazard Select Global Fund Equity Lazard Global ManagedLazard Volatility Fund Global StrategicLazard Fund Equity Lazard Fund European Equity Lazard Fund UKEquity Lazard Pan Fund European Equity * IRELAND 2 Dublin CanalDock Grand John Rogerson’sSir Quay Riverside Two (International) Limited BNY MellonInvestment Servicing Administrator, RegistrarandTransfer Agent IRELAND 1 Dublin IFSC Street Guild House Guild BNY Mellon Trust Company (Ireland) Limited Custodian 048616 Place #15-02 OneRaffles Tower 1 Place 1 Raffles AssetManagement Pte. (Singapore) Lazard Limited DUBAI P.O. Box 506644 Zayed Road Street Sheikh 2,Level 1 Gate Village Centre International Financial Dubai Limited Gulf Lazard Investment Managers(continued) GERMANY 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard ENGLAND 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Distributors ENGLAND 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Promoter DirectorsAll are Non-Executive Committee theAudit ** Member of * Independent Directors (British) Smith William (Irish)* /** Daniel Morrissey Andreas Hübner (German) John Donohoe (Irish)*/** Gavin Caldwell (Irish)* (British)** Michael Allen Directors Lazard Asia Ex-Japan Asia StrategicLazard Fund Equity MENALazard Fund Period ended 30September2015 IRELAND 1 Dublin WallNorth Quay Dock One Spencer AccountantsChartered andRegistered Auditors PricewaterhouseCoopers Independent Auditors 6 Limited Secretarial Wilton Secretary ENGLAND EC4A1LTLondon 20 CursitorStreet MacFarlanes LLP Legal AdvisersastoEnglishLaw IRELAND 2 Dublin CanalSquare 2 Grand Fry William Legal AdvisersastoIrishLaw Directors andOtherInformation Lazard Global ActiveFundsplc IRELAND 2 Dublin CanalSquare 2 Grand th Floor SWITZERLAND CH-8001 Zürich 18 Stadelhoferstrasse ACOLIN AG Fund Services Authorised Representative inSwitzerland SWITZERLAND CH-8022 Zürich P.O. Box Limmatquai 1/amBellevue NBP Neue Privat BankAG Paying AgentinSwitzerland Period ended 30September2015 (continued)

5 LAZARD GLOBAL ACTIVE FUNDS PLC 6 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc September 2015 Lazard AssetManagementLimited rout.and thecommodity However, thevaluations ofselectUKcompanies are attractive, dividend payments. for asistheircapacity interest toraise rates, start bankswill of whentheUScentral weakness inemergingmarkets, growth stalled inChina, oil prices falling markets. equity should continue tosupport We recognise there are many over thetiming economic headwinds; uncertainty including borrowing costs, ofinflation aswell asalack andlacklustre globalgrowth, mergers andacquisitionhaspastits2006peak activity since2011,Despite USandglobalequitiesheadingtheirworst for quarter ouroutlookUKequitiesremains for positive. by low Driven Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review UKcompanies’ for is achallenge significantoverseas earnings: moreover, shows nosignsofabatingin2016. thestrength ofSterling latest report, thatgrowth isslowing indicating slightly. theeconomy holdingup, isstill While thecomparative strength ofSterling the next 12 months. of 2015, At the start the UK recorded an annualised growth of 2.9%; rate to 2.4% in the back this has fallen The prospect of an increase in interest has been pushed out again, rates by now with the base rate expected to rise just 0.25% over compared ayearJuly withthesameperiod ago. have beenincreasing atthefastestpace more for thansixyears, withaverage pay across theeconomy upby 2.9%between May and spooking investors. Inspiteofthis, anumberofpositive factors economic inEurope growth. andtheUKhelpedtounderpin Wages markets wereEquity Market Review Indexreturn Share of-7.1%. All FTSE 2015, 30September ending thesixmonth period FundOver UKEquity theLazard returned -7.4%, against the terms inSterling Investment Review Lazard UKEquityFund Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat30September2015. • • • • • • Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:LloydWhitworthandteam. terms, RetailShare Classto30September2015. Source: Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inSterling augmenting itsaerospace business. detracted from performance. Investors toGKN appeared HoldingsPlc’s toreact planstoacquire badly Fokker, withthe aimof A larger-than-index exposure toGKN HoldingsPlc, manufactures which automotive andaerospace components, also relative returns given thevolatile market conditions. National Plc, Grid These included Imperial Tobacco Benckiser. andReckitt defensive stocks,Not holdingcertain environments betterinchallenging hurt whosestablebusinesseshelpthemtoperform sector alsocostsome performance. selection intheconsumer goods andutilitiessectorsdetractedfromStock relative returns. positioning inthe health care Our NVasatakeover target.Anheuser-Busch InBev was one ofourstrongest asitsshare rose thatithad price strongly onbeenapproached thenews Plc performers bySABMiller prices. commodity asaresult ofdeclining significantly fell price Not holdingmining companyEurope GlencoreSAmade thelargest Finance individualcontribution torelative returns; itsshare in profits. results interim showed strong wasbeneficial well after growth asitsshares performed Plc businessSynthomer holding chemicals selection inindustrials, to performance. positively contributed Stock and basic materials consumer services In basicmaterials, volatile throughout under review, the period and a slowdown prices in China with concerns over commodity 1 Period ended 30September2015 What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review freshraised doubtsaboutPrime MinisterAbe’s toboostgrowth andinflation. ability data also weighed 1.2%and oninflation negative economic shrank the turned market once as again.second-quarter activity The data sentiment in the third quarter, gainsandmore. oftheirsecond-quarter Japanese equities to lose all causing Weak domestic economic However, recession a worldwide weighed on could cause that a slowing prices worries Chinese economy commodity andfalling against theUSdollar, toboostcompany profits wasstarting alsoboostedshare prices. inbusinessspendingandstrong totheUSandChina.a pick-up exports thattheweak Japanese Signs Yen, toa12-year fell low which in Japan’s economic performance: Japan’s economy grewat anannualisedpace of3.9%inthefirst three months oftheyear, helpedby market. theJapaneseequity for oftwo halves It wasaperiod ofanimprovement amidevidence over thesecond quarter rallied Shares Market Review Japanese Fund Equity (the JapaneseStrategic 2015theLazard 30September ending returned“Fund”) thesixmonth -7.2%, period Over in Investment Review Lazard JapaneseStrategicEquityFund Investment Managers’Report Lazard Global ActiveFundsplc • • • • • • the few areas of the Japanese equity market to rally over thesix-month period. market areas torally oftheJapaneseequity the few Having no exposure in theconsumer staples sector weighed to stocks on the Fund; along with theutilitiessector, itwas one of byLtd affected weak demandinChina. sectormade anegative holdingsintheindustrials contribution totheFund’sCertain return, withbothHitachiLtdandKomatsu Corp.Kasei furnace steelproducer, by wasaffected lower itsexports. demandfor Weak company demandalsoweighed onAsahi chemical detracted from stocks returns. ofmaterials choice Our MetalCorporation, Nippon &Sumitomo Steel Japan’s largest blast 2015. during itsfirstit waspreparing tolaunch mobiledevices gamesuitablefor Nintendo CoLtd. included contributors Other The leading announcedatie-upwithDeNA gamedeveloper CoLtdandsaid Power Electric The Kansai CoLtdwasboostedby plants. regarding positive news ofitsnuclear therestarting relative returns, sectorhelpedtolift intheconsumer selection discretionary ofstocks Our ofutilitiescompanies. asdidthechoice houses improve. Group Inc.and MizhouFinancial CoLtd, DaiwaHouseIndustry Japan’s leading homeitsdetached buildersawdemandfor holdinginthefinancials sectorwasbeneficial, large overweight Our holdingsin specifically CoLtd Insurance Life The Dai-ichi Yen

terms againstthe terms Tokyo return Exchange of-7.7%. Price Index(TOPIX) Stock (continued) Period ended 30September2015 1

7 LAZARD GLOBAL ACTIVE FUNDS PLC 8 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc September 2015 Lazard JapanAssetManagement K.K. market. theJapaneseequity This shouldalsohelptosupport In addition, weakness bemetwithadditional will quantitative offurther easing. thatany evidence theBankofJapanhasmade itclear throughthis isbeginningtofeed consumer todemandfor goods. consumption, shouldalsohelptoboostconsumer spending. andfuelprices andlower utility Indeed, there isgrowing that evidence importers,largest commodity ofitsown. materials noraw withvirtually wagesThe tightlabourmarket are andrising already boosting We good Japaneseequitiesoffer valueatcurrent believe reasons valuations andseeseveral optimism. for Japanisone oftheworld’s Outlook Lazard JapaneseStrategicEquityFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementK.K.unlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:TimGriffen andteam. Yen terms,InstitutionalShare Classto30September2015. Source: Morningstar Direct,Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees, (continued) Period ended 30September2015 in Japanese What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review bolstertheregion’swould further economies by extendingitsassetpurchase programme, known asquantitative easing. first timethisyear thatconsecutive returns have monthly beennegative. hopes thattheEuropeanThis raised (“ECB”) Central thefirstfor timeinsixmonths. European equities, asmeasured by theMSCIEurope Index, 4.3%inEuro inSeptember, fell terms the amidexpectations oflower demand, sharply fell prices Commodity theeuro-zone’s causing negative inflation toturn inSeptember rate However, aboutaslowdown inglobalgrowth. nervous sawachangeinsentimentasinvestors increasingly thethird became quarter had struggled, recently up. topick starting reducedwhich costs. ofmodestgrowth alsohelpedsentiment, Signs witheconomic inSpain, activity andFrance, ofwhich all higherthanexpectations.were generally aresult oftheweak Euro,This wasprimarily helpedexporters, which andthelower oilprice, calm,generally overcoming over thesituation worries inGreece, asinvestors thatcompany reacted tothenews earnings favourably in China. However, much ofthisweakness occurred oftheyear. inthethird quarter From March toJune, European markets were underreview, over theperiod European sharply equitiesfell draggedlower by concernsover aslowdown inglobalgrowth, particularly Market Review WorldFTSE Europe exUKIndexreturn of-11.8%. 2015, ending30September thesixmonth period Over Fund European theLazard Equity returned -6.4%inEuro againstthe terms Investment Review Lazard European EquityFund Investment Managers’Report Lazard Global ActiveFundsplc • • • • • • • Garanti BankasiAS.Garanti in overweight Turkcell ASdetracted. Hizmetleri Iletisim Emergingmarket concernsalsoweighed on Turkish bank Turkiye alsosawtheimpact ofconcernsover emergingmarkets,The portfolio inthetelecommunications sectorwhere an particularly inthebenchmark anditsshares themarket inSeptember.is thelargest sell-off stock heldupwell during in the consumer selection goods of stocks sector detracted.Our not holding Nestle Holdings Inc:This included the company negative impact. used “defeat devices” tomanipulateemissions tests. However, some ofthe offset position inautostocks underweight ouroverall position in Volkswagen overweight Our NVdetracted: International Finance itsshares dropped 60%amidallegationsithad markets compared tomany ofitspeers, andstrong sales, helpedittowithstandthebroader market decline. SpA. businessDavideCampari-Milano Italianspirits included contributors Other The company’s lower exposure toemerging returns. sector,In theindustrials position inFrench-listed anoverweight company andinfrastructure construction SAadded to VINCI Euronext NV, BancoSantander. andnotholdingpoorperformer relative inthefinancials selection returns. ofstocks sectorlifted Our OYJ and above-index positions inSampo These included would reach target earnings two years itsmid-term ahead ofexpectations. healthcare business FreseniusGerman SE & Co KGaA was the strongest to returns. contributor The company announced it 1 (continued) Period ended 30September2015

9 LAZARD GLOBAL ACTIVE FUNDS PLC 10 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc September 2015 Lazard AssetManagement Limited profitsquantitative easingandrising European over timeshouldbodewell for equities, aslong asglobalgrowth holdsup. potential,European companieshave still alotofrecovery intocurrent andthisisnotpriced valuations. The combination ofadditional increase isalong way offgiven reduced theECBrecently itsinflation thenexttwo years. andgrowth for forecast bank,of when the US central the Federal Reserve, interest to raise rates. starts For European investors, the prospect of an interest rate inthecomingEuropean emerging-market months. volatility equitiesremain tofurther vulnerable dependon will thetiming Much Outlook Lazard European EquityFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Aaron andteam. Barnfather terms, RetailShare Classto30September2015. Source: Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inEuro (continued) Period ended 30September2015 What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review bolster theregion’s economies by extendingitsassetpurchase programme, known asquantitative easing(“QE”). year thatconsecutive returns have monthly beennegative. would hopesthattheEuropean further This raised Bank(“ECB”) Central thefirstfor timeinsixmonths. European equities, asmeasured by theIndex, 4.3%inEuro inSeptember, fell terms thefirst timethis amidexpectations oflower demand, sharply fell prices Commodity theeuro-zone’s causing negative inflation toturn inSeptember rate However, aboutaslowdown inglobalgrowth. nervous sawachangeinsentimentasinvestors increasingly thethird became quarter had struggled, recently up. topick starting reducedwhich costs. ofmodestgrowth alsohelpedsentiment, Signs witheconomic inSpain, activity andFrance, Italy ofwhich all higherthanexpectations.were generally aresult oftheweak Euro,This wasprimarily helpedexporters, which andthelower oilprice, calm,generally overcoming over thesituation worries inGreece, asinvestors thatcompany reacted tothenews earnings favourably in China. However, much ofthisweakness occurred oftheyear. inthethird quarter From March toJune, European markets were underreview, over theperiod European sharply equitiesfell draggedlower by concernsover aslowdown inglobalgrowth, particularly Market Review againsttheMSCIEuropeterms Indexreturn of-11.8%. 2015, ending30September thesixmonth period Over Pan-European theLazard Fund Equity (the returned“Fund”) -7.7%inEuro Investment Review Lazard PanEuropean EquityFund Investment Managers’Report Lazard Global ActiveFundsplc • • • • • • • well during themarket inSeptember. sell-off well during notholdingNestlé SAasthecompany inthebenchmark anditsshares detractorsincluded isthelargest stock held up Other to manipulateemissions tests. However, some ofthenegative impact. offset position inautostocks underweight ouroverall position in Volkswagen overweight Our AG detracted asitsshares dropped 60%amidallegationsithad used “defeat devices” and development businessPremier andHuntingPlc, tooil&gascompanies. OilPlc provides which services Weakness sector, positions incommodities intheenergy had anegative impact on two ofouroverweight exploration namely would reach target earnings two years itsmid-term ahead ofexpectations. healthcarebusinessFreseniusGerman SE&CoKGaA wasthestrongest toreturns. contributor The company announcedit seat andlower costs. sectorwashelpful. selection intheindustrials Stock better-than-expectedresults reported dueto higherrevenues per easyJetPlc In materials, wasbeneficial by sinceitsshare fell morethesix-month notholdingGlencore period. price than60%during Plc OYJ, andSampo Plc Plc. Chartered SAandStandard Financial BancoSantander andnotholdingpoorperformers relative inthefinancials selection returns. sectorlifted ofstocks Our above-index positions inProvidentThese included 1 (continued) Period ended 30September2015

11 LAZARD GLOBAL ACTIVE FUNDS PLC 12 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc September 2015 Lazard AssetManagement Limited profitsQE andrising European over timeshouldbodewell for equities, aslong asglobalgrowth holdsup. potential,European companieshave still alotofrecovery intocurrent andthisisnotpriced valuations. The combination ofadditional increase isalong way offgiven reduced theECBrecently itsinflation thenexttwo years. andgrowth for forecast bank,of when the US central the Federal Reserve, interest to raise rates. starts For European investors, the prospect of an interest rate inthecomingEuropean emerging-market months. volatility equitiesremain tofurther vulnerable dependon will thetiming Much Outlook Lazard PanEuropean EquityFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Aaron Barnfather, Wilson,PaulSelvey-Clintonandteam. Barnaby Retail Share Classto30September2015. Source: Direct, Morningstar Cumulative Growth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inEuro terms, (continued) Period ended 30September2015 September 2015 Lazard AssetManagementLimited banksupport, central donotinclude which andthatimplies economic growth thatisfarslower thaninthepast. pessimisticoutlookglobaleconomicincreasingly for growth. Inourview, needtoadjust toconditions financial markets eventually will We markets toremain expectequity volatile asinvestors remain rout, anxiousover thecommodity growth stalled inChinaandthe Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review ongoing prices. weakness incommodity utilities, relatively weathered well. thedecline However, ofthedeclines, sectorsbore andmaterials thebrunt theenergy reflecting the thatwereSectors lessexposedtoeconomic activity, andare therefore considered tobe “defensive”, asconsumer such staplesand rose, andemerging-market equitiesandcurrencies, inparticular, underdownward came pressure. toacorrection vulnerable were strong following left multi-year andassociatedhighvaluations. performance market volatility Equity China’s currency, theRenminbi. However, market indeveloped indices, sparked devaluations declines currency offurther fears which took measuresThe Chineseauthorities tostemthemarket andboostgrowth, falls cutsininterestof andadevaluation rates including growth. Inturn, prices. weakness incommodity thisledtofurther mainland Chinesestocks, A-shares, slowdown plunged amidgrowing ofasharper-than-expected inChina’s subsequently evidence of2015.the third quarter were triggered by mainly The declines developments inChina: havingreached highinmid-June, anall-time in concerns over theglobalgrowth asignificant sell-off outlook asrising caused over thesix-month period Global equitiesdeclined Market Review Worldagainst theMSCIAll-Country Indexreturn of-9.1%. 2015, 30September ending thesixmonth period Fund Equity Over returned terms GlobalStrategic -6.9%inUSDollar theLazard Investment Review Lazard GlobalStrategicEquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat30September2015. • • • • • Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:RobinJones,MarkLittleandteam. terms, InstitutionalShare Classto30September2015 Source:Direct, Morningstar CumulativeGrowth, BidpricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar sell-off inthesector.sell-off strong returns. ofvery retreated quarters several holdinginUnited following upinageneral wascaught Our Corp Therapeutics inthehealthcaresectorcostsome performance. ofstocks choice Our Inparticular, companies, US-basedbiotechnology thatitsprofits reporting wereafter underpressure. sector detracted from intheindustrials selection returns. ofstocks Our conglomerate GlobalIncfell Alliance Philippine-based reported strongreported profits. alsoheld uprelatively well,than expected. Oyj insurer Sampo Scandinavian asdidJapan’s CoLtd, DaiwaHouseIndustry which USretailer Advanced included Auto notablecontributors Other Parts Inc, itwould meetitsprofit indicated which targets earlier SABMiller. deal,Lorillard andbrewer Molson CoorsBrewingCowashelpedby Anheuser-BuschInBev’s itsjointventure bidfor partner selection intheconsumer staplessectorboostedreturns.Stock Tobacco its Incconcluded American company Reynolds as investors welcomed Officer. initiatives from ChiefFinancial itsnew sectormade apositive contributiontoperformance. technology intheinformation selection ofstocks GoogleIncrallied Our 1 (continued) Period ended 30September2015

13 LAZARD GLOBAL ACTIVE FUNDS PLC 14 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review on aglobalbasis. companies America. inNorth However, between inperformance there discrimination “value” waslittleoverall and “growth” stocks There were notableregional differences; companies smaller didwell inJapan andEurope, whereas investors favoured larger were infavour too. momentum estimates,as positive andupgradestoearnings price alsofared well. backdrop, Given theuncertain stocks higher-quality In general, thebroader market. outperformed stocks andlow-volatility low-risk by backed favourable market sentiment, Stocks such considered tobe “defensive”, consumer such staplesandutilities, farbetter, weathered thedecline modestlosses. postingonly ofthedeclines,bore thebrunt postinglosses of around 20%. that are lessexposedtoeconomic Sectors activity, andare therefore In consequence, market, developed every withtheexception ofIreland, lower. endedthe six-month period stocks andmaterial Energy Company profits inthethird quarter. alsodeteriorated wasweakening,activity prices, commodity falling andadecision by bank, theUScentral theFederal Reserve, interest nottoraise rates. inthethirdsignificant sell-off quarter, theworst since2011. by thatChinesemanufacturing Investors dataindicating were unnerved of2015, thesecond quarter during markets tradedsideways Global equity concerns over theglobalgrowth a outlook but rising caused Market Review against theMSCI World Index return of-8.2%. 2015, 30September ending thesixmonth period Over GlobalManaged theLazard Volatility Fund returned terms -5.8% inUSDollar Investment Review Lazard GlobalManagedVolatility Fund Investment Managers’Report • • • • • • fell sharply amid an overall re-rating of the industry due to shifts inhow content. consumers view duetoshifts re-rating oftheindustry amidanoverall sharply fell Network Sky notabledetractors included Other Television Ltd, thedominant globalmediaprovider inNewZealand. Itsshares spendingandmore itsdividend. also cutitscapital thanhalved spendingandsuspendeditsdividend. tocutcapital Corp Energy Crescent Point Energy, company, anotherCanadian energy sectordetracted. intheenergy selection ofstocks Our Baytex andtheweak Canadiancaused inoilprices Dollar The sell-off preference duetothegeneralweakness inAsian stocks. markets for inAsiaexJapancostsome performance Our CoLtd,Pharmaceutical wasboostedby which strong drugs, salesofitsnewer Kurenafin andAl Tsu. marginsdespitetheweakeningoperating Canadian Dollar, West Co, Japan Railway linesboostedrevenue, rail asnew andKaken Canadian hascontinued discountretailer Incwhich toincrease helpedreturns Dollarama its which included stocks Specific returns, selection lifted Stock helpedby ourbiastolower-risk stocks. sectors. andenergy the materials duetoourpreference made defensive sectors, apositive for allocation contributiontoperformance Sector asutilities, such over 1 (continued) Period ended 30September2015 September 2015 Lazard AssetManagement LLC banksupport, central donotinclude which andthatimplieseconomic growth thatisfarslower thaninthepast. pessimisticoutlookglobaleconomicincreasingly for growth. Inourview, needtoadjust toconditions financial markets eventually will We markets toremain expectequity volatile asinvestors remain rout, anxiousover thecommodity growth stalled inChinaandthe Outlook Lazard GlobalManagedVolatility Fund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:SusanneWillumsenandteam. terms, InstitutionalAccumulatingShare Classto30September2015. Source: Direct, Morningstar CumulativeGrowth, BidpricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015

15 LAZARD GLOBAL ACTIVE FUNDS PLC 16 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc September 2015 Lazard AssetManagementPacificCo. inthe USandCanada. opportunities, inEurope andJapan. particularly Incontrast, record-low lowered interest have rates significantly expectedreturns from investments thecurrent today priced issmaller thanithasbeenpreviously, setofattractively While we continue tofind interesting thefive years tothemostrecent prior sell-off,During equitieshave, globallistedinfrastructure ingeneral, strong recorded returns. very Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review throughout the period. BankmaintaineditsassetpurchaseCentral programme, known asquantitative easing, interest andoptedtokeepkey on rates hold growth, acuttobenchmark interest andreductions rates including inbanks’ requirement ratio. reserve InEurope, theEuropean market,Amid extreme in its stock volatility the People’s adjustments aimed at stimulating announced policy Chinese developments may restrain economic activity, downward puttingfurther pressure on inflation inthenearterm. meeting on 17 September. policy to leave interest unchanged at its monetary rates The Fed noted that global economic and financial slowdown inglobalgrowth. talkingpointofthethirdThe principal quarter, ifnottheyear, wastheFederal Reserve’s (“Fed”) decision inAugust tothesecond halfoftheyearA positive andSeptember, declines start by wasmore sharp thanoffset ofa amid fears Alex Tsipras andthenation’s creditors. by at the end of June as global investorsa sell-off reacted of a breakdown to news in debt negotiations between Greek Prime Minister thesixmonths underreview,During markets declined. globalequity were Gainsmade over thecourseofsecond quarter reversed Market Review return Currency of-7.4%. Core 50/50inLocal Developed Infrastructure againsttheFTSE terms Sterling 2015, ending30September thesixmonth period FundOver Equity GlobalListedInfrastructure theLazard returned -2.43%in Investment Review Lazard GlobalListedInfrastructure EquityFund Investment Managers’Report 1 2015. All datacontainedherein are sourced byLazard AssetManagementPacificCo.unlessotherwisenotedasat30September • • • • Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:Warryn Robertson,JohnMulquineyandteam. terms, InstitutionalAccumulatingShare Classto30September2015. Source: Direct, Morningstar CumulativeGrowth, BidPricetoPrice,NetIncomeReinvested, NetofFees,inSterling improve theirprofitability. For we consider bothstocks thatthere are significant costefficiencies still tobegainedandthebusinessesshouldcontinue to period. inthetwo companies Shares were inthevolume ofcoalexports, hitby a25%to30%decline hasreduced which revenues. companies, holdingsofUSeast-coastrail Corp,Our Southern andNorfolk CSXCorp the during detractedfrom performance reviews. transmission network regulatory electricity inthesecompaniesShares were approach helpedbyconstructive by aseemingly theregulator publishedgasand initsrecently Italiangasstocks included theperiod positive for Terna contributors Other SpA. Nazionale andSnam SpA ReteElettrica numbers andanincrease inpassengers atRome airport. alsobenefitted roadItalian toll Atlantia relative SpA stock returns. Itssharerallied, price buoyed by on goodtraffic news thecompany’s todefend that management’s efforts profit topay marginsare off. starting SAwasastrongVINCI over theperiod, contributor boostedby passenger traffic, anincrease road intoll andairport andhopes (continued) Period ended 30September2015 1 What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review 2016.is expectedtopurchase €60billion ofassetseach month untilatleastSeptember known asquantitative easing, aimstostimulate which economic growthregion, inthesinglecurrency remains unchanged; theECB In Europe, interest also opted to keepkey on the European rates hold. Bank(“ECB”) Central Itsassetpurchase programme, also activity, downward puttingfurther pressure on inflation inthenearterm. reaching thisdecision, theFed appeared tobemore concerned thatglobaleconomic andfinancial developments may restrain economic In theUS, theFederal (“Fed”), Reserve bank, thecentral meeting. decidedtoleave interest unchangedatitsSeptember rates In oftheyear. thethird during quarter markets developed todecline all prices. incommodity weaker numbersinChinaandthecontinuing manufacturing decline Company profits alsodeteriorated, causing Global equitiesretreated underreview. theperiod during Concernsover theoutlook globalgrowth for increased withtherelease of Market Review against theMSCI World Index return of-8.2%. 2015, on itslaunch 30June2015toSeptember Since Franchise GlobalEquity theLazard Fund returned terms -5.2%inUSDollar Investment Review Lazard GlobalEquityFranchiseFund Investment Managers’Report Lazard Global ActiveFundsplc • • • • • • strong globalfranchise. returns. Its share fell, price results. despite solid second-quarter At current prices, we IGT believe a outstanding value for offers International Game Technology Plc, theworld’s operator, largest gaming machinemanufacturer andlottery relative alsohurt ofaroundof afall 9%inits2015sales. USdollar, Codetractedfrom andarising Emerson Electric oilprices returns asitwashitby declining aswell asexpectations real, intheBrazilian decline prices. glyphosate anddeclining low prices UScorn company relative Monsanto Cohurt performance. holdinginagrichemical Our byThe company affected wasnegatively a the company’s highcosts. company would some buy-back ofitsshares, aswell asexpectations thatrecent management changeswould manage toreduce benefitted relative Corp returns.US restaurant andinstitutionsupplierSysco food Itsshares were buoyed by thatthe news thecompany’s todefend hopes thatmanagement’s efforts profit topay margins are off. starting SAwasalsoastrongVINCI over theperiod, contributor boostedby passenger traffic, anincrease road intoll andairport and ofmixed data. quarters afew of itsbusinessmodelinmobileandvideoafter Google Inc made the largest positivestrong following contribution to relative results performance that confirmed the strength 1 (continued) Period ended 30September2015

17 LAZARD GLOBAL ACTIVE FUNDS PLC 18 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc September 2015 Lazard AssetManagement PacificCo. compared tothebroader market. holdings are where concentrated instocks we have convictionprovide andreturn anattractive can trade-off between risk Our thatthey a result, stocks. holdsrelatively few thecurrent portfolio In ourview, investment franchise universe investments are priced withinourglobalequity relatively currently limited. attractively As Outlook Lazard GlobalEquityFranchiseFund(continued) Investment Managers’Report 1 2015. All datacontainedherein are sourced byLazard AssetManagementPacificCo.unlessotherwisenotedasat30September Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Warryn Robertson,JohnMulquineyandteam. terms, US$InstitutionalAccumulatingClassto30September2015. Source: Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFeesinUSDollar (continued) Period ended 30September2015 What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review ofinflation. therate economic andraising activity programme, alsoknown asquantitative easing(“QE”). measures,The BankofJapanalsocontinued withitspolicy aimedatstimulating Meanwhile, inEurope, interest optedtokeepkey on theEuropean rates holdandmaintainitsassetpurchase Bank(“ECB”) Central were alsopostponed. downwardfurther pressure on inflation in the near term. in interest Expectations from of a rise rates theBankof England (“BoE”) the Fed appeared tobemore concernedthatglobaleconomic andfinancial developments may restrain economic activity, putting bank,central theFederal (“Fed”), Reserve meeting. decidedtoleave interest unchangedatitsSeptember rates Inreaching thisdecision, markets over signalsfrom inthethird banksunsettledequity quarter, globalcentral Uncertainty torise. volatility causing The US would have on therest oftheglobaleconomy. amidweaker globaldemand. sharply alsodeclined prices Commodity progressed, by investors slower-than-expected thepotentialfor were growth inChinaandtheimpactaslowdown thatsuch unnerved Global equitiesretreated underreview. theperiod during concernsover thesituation inGreece faded asthethird quarter While Market Review Dollar Fund Select GlobalEquity (the 2015theLazard 30September ending thesixmonth returned“Fund”) period -6.9%inUS Over Investment Review Lazard GlobalEquitySelectFund Investment Managers’Report Lazard Global ActiveFundsplc • • • • its shares are valued. attractively over itsexposure toChina. We expectthecompany toshow strong volume Rover division, growth initsJaguarLand andbelieve performance. sectoralsohurt selection intheconsumer discretionary Stock of Shares Tata amidconcerns MotorsLtddeclined growthearnings inthefuture. continue toholdthestock, issue, inorders patch isnotastructural thesoft believing andthatthecompanydeliver significant can a communication equipment company, amidlower-than-expected anditsfailure orders. fell earnings satellite towinkey We sector detracted from inthe industrials performance. of stocks choice Our of MacDonald, Shares and AssociatesLtd, Dettwiler company, Alphabet Inc. continuedits earnings to exceed expectations. the third quarter, During plans to create holding the company a new disclosed sectoralsohelped theFund’s selection technology intheinformation Stock performance. as ofGoogleIncclimbed Shares Malaysia. We andhas the potentialtodeliver continue thecompany steady tobelieve priced growth isattractively initsearnings. CoLtdrose,residential builder DaiwaHouseIndustry buoyed by growing profits, aswell asplanstoexpandintheUSand inthefinancials selection ofstocks sectormade apositive contribution torelative returns.Our Japanesecommercial and World againsttheMSCIAll-Country terms Indexreturn of-9.1%. 1

(continued) Period ended 30September2015

19 LAZARD GLOBAL ACTIVE FUNDS PLC 20 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc September 2015 Lazard AssetManagement LLC equities are notstretched, beingbuoyed by thecurrent low interest andlow rate inflation environment. companies are strong enoughtoovercome thesechallenges. Inaddition, we thatthecurrent believe valuations ofdeveloped-market borrowing, andpoor, thewideninggapsbetween rich andthemove tohigherregulation. However, we botheconomies believe and are well positioned tobenefit from future revenue growth. We recognise existgiven thatchallenges thecontinued move toreduce since thefinancialhave appreciated crisis, substantially butthe recent correction meansthatmarkets, example, astheUSfor such We are backdrop companies optimistic that the operating for should continue to improve into 2016. Clearly, developed-market equities Outlook Lazard GlobalEquitySelectFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Andrew Laceyandteam. terms, InstitutionalAccumulatingShare Classto30September2015. Source: Morningstar Direct,Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015 September 2015 Lazard AssetManagementLLC equities are notstretched, beingbuoyed by thecurrent low interest andlow rate inflation environment. companies are strong enoughtoovercome thesechallenges. Inaddition, we thatthecurrent believe valuations ofdeveloped-market borrowing, andpoor, thewidening gapsbetween rich andthemove tohigherregulation. However, we both economies believe and are well positioned tobenefit from future revenue growth. We recognise existgiven thatchallenges thecontinued move toreduce since the financialhave appreciated crisis, substantially butthe recent correction meansthatmarkets, example, astheUSfor such We are backdrop companies optimistic that the operating for should continue to improve into 2016. Clearly, developed-market equities Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review ofinflation. therate economic andraising activity programme, alsoknown asquantitative easing. measures,The BankofJapan also continued withitspolicy aimed at stimulating Meanwhile, inEurope, interest optedtokeepkey on theEuropean rates holdandmaintainitsassetpurchase Bank(“ECB”) Central postponed. downwardfurther pressure on inflation inthenearterm. ininterest Expectations from ofarise rates theBankofEnglandwere also the Fed appeared tobemore concernedthatglobaleconomic andfinancial developments may restrain economic activity, putting bank,central theFederal (“Fed”), Reserve meeting. decidedtoleave interest unchanged atitsSeptember rates Inreaching thisdecision, markets over signalsfrom inthethird banksunsettledequity quarter, globalcentral Uncertainty torise. volatility causing The US would have on therest oftheglobaleconomy. amidweaker globaldemand. sharply alsodeclined prices Commodity progressed, by investors slower-than-expected thepotentialfor were growth inChinaandtheimpactaslowdown thatsuch unnerved Global equitiesretreated underreview. theperiod during concernsover thesituation inGreece faded asthethird quarter While Market Review Worldagainst theMSCIAll-Country Indexreturn of-9.1%. 2015, ending30September thesixmonth period IncomeOver Fund GlobalEquity theLazard returnedterms -14.66%inUSDollar Investment Review Lazard GlobalEquityIncomeFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2015. • • • Figures refer topast performanceandpastisnotareliable indicatioroffuture results. Fund Manager:PatrickRyanandteam. terms, InstitutionalAccumulatingShare Classto30September2015. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUS Dollar higher conviction holdingsinmass-market gaming. gaming market, aswell asincreased regulation. We reduced ourexposure tothissegment, have materially instead focusing on Ltd and Wynn Ltdwere Macau by affected theongoing on Chinese government crackdown thehigh-spendingsegmentof companies detracted from casino sector. holdingsofMacau returns intheconsumer discretionary Our China ofSands Shares weighed on prices itsearnings. commodity asdeclining fell sectordetractedfrom inthematerials selection performance. ofstocks Our of Shares Tronox Ltd, atitaniumdioxide producer, Ltd,Corp recognising itsstrong growth, for market position andopportunities aswell asitsattractive valuation andyield. were were thatotheroperators reports consolidation. considering We continue tolikeBezeq The Israeli Telecommunication speculation thatthecompany separation ofitsbusinessesalsoboostedshare would price: beallowed toendthestructural there Bezeq The Israeli Telecommunication environment more Ltdrose became favourable. astheregulatory Corp Growing torelative sectorcontributed returns. inthetelecommunication ofstock services choice Our ofIsraelitelecom Shares company 1 (continued) Period ended 30September2015

21 LAZARD GLOBAL ACTIVE FUNDS PLC 22 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review metals. oilandindustrial for particularly offered investors some protection from themarket declines. Incontrast, suffered, commodity-relatedstocks hitby prices, falling Companies asbeingresilient viewed valued, intheface oftheslowing globaleconomy highly became whileconsumer-related stocks ofthepoorstateglobalandUSeconomies. interest asanindication nottoraise wasinterpreted rates decision inSeptember their financial markets. over whentheFed markets, Uncertainty would interestglobalequity raise alsoaffected rates andtheFed’s oftheChinesecurrency,unexpected devaluation theRenminbi, andthelossofconfidence intheChineseauthorities’ tocontrol ability Rising concernsover globalgrowth andprofitability were coupledwithan by exacerbated prices thecontinued slideincommodity falls. Volatility increased and, inlateAugust, recordsoftheirintraday markets moves. setnew thesize equity for However, by theendofSeptember, had suffered substantial markets globally and equity investor confidencesignificantly had declined bank,central theFederal (“Fed”), Reserve toincrease financial interest withoutdisturbing markets. rates Chineseequities.rising wasalsoboostedby growing Sentiment confidence thatastrengthening USeconomy would theUS permit beganpositively, underreview The period helpedby stimulus measures ofquantitative easinginEurope, intheform aswell asstrongly Market Review Indexreturn of-4.3%. Growth againsttheEAAOEGlobalLarge-Cap Equity terms 2015, ending30September thesixmonth period Over theLazard Thematic GlobalEx-JapanFund returned -9.68%inUSDollar Investment Review Lazard ThematicGlobalEx-JapanFund Investment Managers’Report • • • • • • distribution channels.distribution Inc, Viacom detractors included key Other amidconcernsthatitsyounger fell which audiencemay toalternative switch growth on itsbusiness inChina. sectorwasdetrimental. selection intheindustrials amidconcerns over theimpact ofslowerStocks SAfell Electric Schneider as concerns abouttheprospects itsbusinessinBrazil. for sectorcostsome performance. holdingsinthematerials Our aswell Monsantoby Cowasaffected Syngenta itsfailedbidfor Marathon OilCorp, sharply, falling IncandApache Corp Noble Energy Co. Energy Southwestern hurt gasprices whilefalling sectordetractedfrom performance, intheenergy selection ofstocks weighingOur withweaker on oilprices ourholdingsin In thefinancials sector, BankLtd lenderHDFC inthebroadermarket boostedmortgage arise Indianequity roseChiefExecutive onitsnew OfficerCorp enthusiasmfor andprogress on thecompany’s computing. move into cloud companies made apositive contribution torelative investment selection returns. among technology information Our Microsoft 1 (continued) Period ended 30September2015 September 2015 Lazard AssetManagement LLC outlook ingeneral, selectcompanies for toablecreate we wealth doseeopportunities inthisdifficult environment. theirmarketable todefend position returns anddrive through becoming more efficient. we are notoptimisticaboutthecurrent While economic growth thatisfarslower thaninthepast. Againstthisbackdrop, are thosethatare thecompanies thatstandtooutperform In ourview, banksupport, central needtoadjust toconditions financial donotinclude which markets eventually will andthatimplies main risk. markets are now onFinancial focused developments in China and on the Fed’s interest policy. rate Deflation now appears tobe the Outlook Lazard ThematicGlobalEx-JapanFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:NicholasBratt,Irene Cheng,Andrew Norris,SteveWreford andteam. terms, XShare Classto30September2015. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015

23 LAZARD GLOBAL ACTIVE FUNDS PLC 24 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review metals. oilandindustrial for particularly offered investors some protection from themarket declines. Incontrast, suffered, commodity-relatedstocks hitby prices, falling Companies asbeingresilient viewed valued, intheface oftheslowing globaleconomy highly became whileconsumer-related stocks ofthepoorstateglobalandUSeconomies. interest asanindication nottoraise wasinterpreted rates decision inSeptember their financial markets. over whentheFed markets, Uncertainty would interestglobalequity raise alsoaffected rates andtheFed’s oftheChinesecurrency,unexpected devaluation theRenminbi, andthelossofconfidence intheChineseauthorities’ tocontrol ability Rising concernsover globalgrowth andprofitability were coupledwithan by exacerbated prices thecontinued slideincommodity falls. Volatility increased and, inlateAugust, recordsoftheirintraday markets moves. setnew thesize equity for However, by theendofSeptember, had suffered substantial markets globally and equity investor confidencesignificantly had declined bank,central theFederal (“Fed”), Reserve toincrease financial interest withoutdisturbing markets. rates Chineseequities.rising wasalsoboostedby growing Sentiment confidence thatastrengthening USeconomy would theUS permit beganpositively, underreview The period helpedby stimulus measures ofquantitative easinginEurope, intheform aswell asstrongly Market Review the MSCI World Indexreturn of-8.2%. 2015, ending30September thesixmonth period Over theLazard Thematic GlobalFund against returned terms -11.2%inUSDollar Investment Review Lazard ThematicGlobalFund Investment Managers’Report • • • • • • distribution channels.distribution Inc, Viacom detractors included key Other amidconcernsthatitsyounger fell which audiencemay toalternative switch companies. Chinese industrial sectorwasdetrimental. selection intheindustrials Stocks FANUC on makersaswell asto weak fell salestosmartphone Corp as concerns abouttheprospects itsbusinessinBrazil. for sectorcostsome performance. holdingsinthematerials Our aswell Monsantoby Cowasaffected Syngenta itsfailedbidfor Marathon OilCorp, sharply, falling IncandApache Corp Noble Energy Co. Energy Southwestern hurt gasprices whilefalling sectordetractedfrom performance, intheenergy selection ofstocks weighingOur withweaker on oilprices ourholdingsin BankLtd. lenderHDFC mortgage relative inthefinancials selection results. ofstocks sectorhelpedtolift Our inthebroadermarket boosted Arise Indianequity roseChiefExecutive onitsnew OfficerCorp enthusiasmfor andprogress on thecompany’s computing. move into cloud companies made apositive contribution torelative investment selection returns. among technology information Our Microsoft 1 (continued) Period ended 30September2015 September 2015 Lazard AssetManagement LLC outlook ingeneral, selectcompanies for tobeablecreate we wealth doseeopportunities inthisdifficult environment. theirmarketable todefend position returns anddrive through becoming more efficient. we are notoptimisticaboutthecurrent While economic growth thatisfarslower thaninthepast. Againstthisbackdrop, are thosethatare thecompanies thatstandtooutperform In ourview, banksupport, central needtoadjust toconditions financial donotinclude which markets eventually will andthatimplies main risk. markets are now onFinancial focused developments in China and on the Fed’s interest policy. rate Deflation now appears tobe the Outlook Lazard ThematicGlobalFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnoteareliable indicatoroffuture results. Fund Manager:NicholasBratt,Irene Cheng,Andrew Norris,SteveWreford andteam. terms, InstitutionalAccumulatingShare Classto30September2015. Source: Morningstar Direct,Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015

25 LAZARD GLOBAL ACTIVE FUNDS PLC 26 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review elections, weakness inthe further causing Turkish Lira. another election. Turkish inJune’s were by concerns, stocks majority political hurt AKParty lostitsparliamentary astheruling Markets Europe, in eastern East, theMiddle alsosuffered. experienced andAfrica asthecountry declines Greek suffered sharp stocks asinvestors discountedamore declines competitiveexperienced economic period. Renminbi, adding toinvestor concern. nations, Asianexporting inotherneighboring Stocks Korea, asSouth such and Taiwan requirements . for andreserve rates InAugust, thePeople’s themarket by thecurrency, devaluing BankofChinasurprised the mainland China(A-shares) initsEmergingMarkets Index. by reacted lowering interest Chineseauthorities tothe sudden declines sharply, rallied Chinese equitiesinitially amajorindexprovider, before after collapsing MSCI, shares traded in decidednottoinclude tostabilisetheeconomy.have sufficientsupport political was downgrade to “junk” theperiod. statusduring didnot MinisterLevy asitappeared Finance sharply Realalsofell The Brazilian were by affected prices. America negatively weak commodity inLatin Shares intheregion: wastheworst Brazil performer thecountry prices. inUSinterest commodity andfalling potential ofarise rates over thesix-month period,Emerging-market equitiesdeclined by undermined investor concernsover slowing economic growth, the Market Review against theMSCIEmergingMarkets Indexreturn of-17.3%. 2015, thesixmonths ending30September Over Emerging theLazard World Fund (the"Fund") returned terms -18.9% inUSDollar Investment Review Lazard EmergingWorld Fund Investment Managers’Report • • • • • prices. Mining Trust andASAGoldPrecious Plc MetalsLtd, were which by affected thecontinuinginmany commodity sell-off investments ininvestment returns. companieson that focus metalsandmininghurt Our BlackRock WorldThese included PacificFirst alsoweighed on returns, businesses. from despitegood itsunderlying performance markets. thelocal Fund Property Opportunities Co Ltd andMacau holding in Ltd underperformed Securities in CITIC Our in Asia detracted from selection of stocks returns in the amid region.significant market volatility Our In China, investments deliver positive returns. FundFund Opportunities Ltd.Vietnam Ltdand VinaCapital Fondul Proprietatea SAdefied thebroader market to sell-off Investments infrontier markets made apositive contributiontorelative returns, Opportunity helpedby asAfrica holdingssuch environment ofnegative returns intheregion. well, Eastperformed holdingsintheMiddle withQatarInvestmentOur Fund positive delivering returns amidan Plc markets, theirrelevant local Inc outperformed region. aswell asthebroader America Latin boostedrelative America returns. selection inLatin stock Our &Income Fund GPInvestments andMexicoEquity Ltd(Brazil) 1

(continued) Period ended 30September2015 September 2015 Lazard AssetManagement LLC In ourview, thispresents anattractive long-term investors investment for inemergingmarket case equities. reachedis widerthanlevels attheheightofglobalfinancialin2008/09. crisis equities are peers.trading at a substantial discount to their developed In fact, the average discountof investments held within theFund 2015,As of30September emerging-market economies are growing world, fasterthanthoseinthedeveloped yet emerging-market Outlook Lazard EmergingWorld Fund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:KunDengandteam. terms, InstitutionalShare Classto30September2015. Source: Direct, Morningstar CumulativeGrowth, BidpricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015

27 LAZARD GLOBAL ACTIVE FUNDS PLC 28 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review were developments. by affected unfavourable policy in mainland China (A-shares) in its Emerging Markets Index. Weak weighed on oil prices Indonesian shares, stocks while Malaysian sharply, rallied Chinese equities initially a major index provider, before after collapsing MSCI, shares traded decided not to include andineffective policies,prices market. stock weighed which on the country’s June’s elections, weakness inthe further causing Turkish Lira. Elsewhere, by lower wasalsohurt Rand commodity African theSouth in majority Turkish JusticeandDevelopment Party) lostitsparliamentary were by concerns, stocks political hurt AKP ( astheruling In Europe, bailout. afurther negotiated for terms Greek equitieslostalmost athird asthecountry terms oftheirvalueinUSDollar oneffect Colombian andPeruvian shares: ofoilandmetals, on exports heavily rely thecountries ascopper. such ’s tumbled, rating popularity severe weakness causing inBrazil’s currency,Rousseff theReal. Weak alsohad anegative prices commodity atoilcompany Petrobras scandal asthecorruption America inLatin wastheworst intensifiedBrazil performer andPresident Dilma worse Europe. thanthoseinEastern considerably andAsianmarkets performed American Latin Emerging markets retreated duetoongoing thesixmonths underreview concernsaboutthe health oftheglobaleconomy. during Market Review againsttheMSCIEmergingMarketsterms Indexreturn of-13.6%. 2015, ending30September thesixmonth period Over Fund EmergingMarkets Equity theLazard returned -18.71%, Investment Review Lazard EmergingMarketsEquityFund Investment Managers’Report • • • • • • fears thatgrowthfears inChinawasslowing more thanexpected. company Chineseinternet retreated BaiduIncwhich detractorsincluded along withtherestOther oftheChinesemarket on that thecompany would fare lesswell inanenvironment ofslower growth. A higher-than-indexexposure toIndonesia detracted from returns. Persero BankMandiri on expectations declined Tbk PT amidconcerns over theweakening economy Real. SA fell intheBrazilian andfall performance. hurt inBrazil selection ofstocks Participacoes company SAand insurance Our BancodoBrasil BBSeguridade stocks OTP Bank Plc and Sberbank ofRussia. andSberbank BankPlc financial OTP stocks included contributors Other results,than-expected second-quarter helpedby improved pricing. futureguidance for results. deMexicoSABCV, Kimberly-Clarke products, ofsanitary distributor aMexican postedbetter- tobacco company, results, better-than-expectedsecond-quarter reported helpedby highertobacco salesandprices, expected selection in the consumer staples sector made a positive contribution to performance.Stock KT&G Corp, Korean aSouth globally.China andfourth benefitted from thehuge successofitsmobileFantasy Westward game: Journey first thegameisranked attheiOSstore in boostedrelative stocks returns. selection technology ofinformation Our Chineseonline gamingcompany NetEase Inc 1

(continued) Period ended 30September2015 in US Dollar inUSDollar September 2015 Lazard AssetManagement LLC based inemergingmarkets. Inturn, thisshouldboostvaluations. ahead,Looking improvements growth earnings among inglobaltradeanddeep-reachingreforms shouldhelptoraise companies local the current environment. opportunity. That said, selection to take a welonger-term and a willingness stock perspective are are mindful that prudent essential in history, aswell ascompared tovaluations markets. indeveloped Indeed, inourview, specificpresent stocks anexceptional valuation given negative investorHaving struggled sentimentrecently, emerging-market valuations now look attractive relative totheirown Outlook Lazard EmergingMarketsEquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:JamesDonaldandteam. terms, Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar Institutional AccumulatingShare Classto30September2015. (continued) Period ended 30September2015

29 LAZARD GLOBAL ACTIVE FUNDS PLC 30 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review were developments. by affected unfavourable policy in mainland China (A-shares) in its Emerging Markets Index. Weak weighed on oil prices Indonesian shares, stocks while Malaysian sharply, rallied Chinese equities initially before andineffective policies,prices market. stock weighed which on the country’s June’s elections, weakness inthe further causing Turkish Lira. Elsewhere, by lower wasalsohurt Rand commodity African theSouth in majority Turkish JusticeandDevelopment Party) lostitsparliamentary were by concerns, stocks political hurt AKP ( astheruling In Europe Peruvian shares: ofoilandmetals, on exports heavily rely thecountries ascopper. such tumbled, severe weakness causing inBrazil’s currency, theReal. Weak alsohad anegative on prices effect Colombian and commodity ’s rating atoilcompany scandal Petrobras popularity asthecorruption America in Latin intensified andPresident DilmaRousseff worse Europe. thanthoseinEastern considerably andAsianmarkets performed American Latin wastheworst Brazil performer Emerging markets retreated duetoongoing thesixmonths underreview concernsaboutthe health oftheglobaleconomy. during Market Review againsttheMSCIEmergingMarkets terms IndexreturnDollar of-17.3%. 2015, 30September ending thesixmonth period Over EmergingMarkets Fund Core theLazard Equity returned -14.5%, inUS Investment Review Lazard EmergingMarketsCore EquityFund Investment Managers’Report • • • • • • allegations. governance practices.accounting andcorporate errors inthese HoldingsLtdhasnow certain addressed andclarified Vipshop HoldingsLtd,Vipshop aleading onlinediscountretailer brand inChina, amidallegations over its costsome performance sales volumes inChinacontinued todisappoint. Tata MotorsLtd, Rover (“JLR”) makerthatowns theJaguarLand anIndiancar brand, asJLR detracted from performance and Thailand alsohad negative impact on returns. sectordetracted from intheconsumer performance. selection discretionary ofstocks selections inthePhilippines Our Stock company Amgen withUSdrugs collaboration inIndia,a strategic andthatitplanstoseekapprovalthree for patenteddrugs. Dr. Ltd, Reddy’s Laboratories manufacturer, pharmaceutical an Indian generics it announced after toperformance contributed by expenses. falling Itcontinues toexpanditsproduction lines, capacity. helptoboostgarment will which Eclat Textile CoLtd, a Taiwanese textileproducer, returns. lifted The company strong reported results, second-quarter helped in Chinaand Taiwan alsomade apositive contribution toresults. andhealthcaresectorshad abeneficial intheindustrials selection impact ofstocks on relative performance.Our selection Stock , bailout. afurther negotiated for terms Greek equitieslostalmostathird asthecountry terms oftheirvalueinUSDollar a major index provider, after collapsing MSCI, shares traded decided not to include 1 (continued) Period ended 30September2015 September 2015 Lazard AssetManagement LLC based inemergingmarkets. Inturn, thisshouldboostvaluations. ahead,Looking improvements growth earnings among inglobaltradeanddeep-reachingreforms shouldhelptoraise companies local the current environment. opportunity. That said, selection to take a welonger-term and a willingness stock perspective are are mindful that prudent essential in history, aswell ascompared tovaluations markets. indeveloped Indeed, inourview, specificpresent stocks anexceptional valuation given negative investorHaving struggled sentimentrecently, emerging-market valuations now look attractive relative totheirown Outlook Lazard EmergingMarketsCore EquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasof30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:StephenRussellandteam. terms, US$InstitutionalAccumulatingClassto30September2015. Source: Direct, Morningstar CumulativeGrowth, Bidpricetoprice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015

31 LAZARD GLOBAL ACTIVE FUNDS PLC 32 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review were developments. by affected unfavourable policy in mainland China (A-shares) in its Emerging Markets Index. Weak weighed on oil prices Indonesian shares, stocks while Malaysian sharply, rallied Chinese equities initially a major index provider, before after collapsing MSCI, shares traded decided not to include andineffective policies,prices market. stock weighed which on the country’s June’s elections, weakness inthe further causing Turkish Lira. Elsewhere, by lower wasalsohurt rand commodity African theSouth in majority Turkish JusticeandDevelopment Party) lostitsparliamentary were by concerns, stocks political hurt AKP ( astheruling In Europe, bailout. afurther negotiated for terms Greek equitieslostalmost athird asthecountry terms oftheirvalueinUSDollar oneffect Colombian andPeruvian shares: ofoilandmetals, on exports heavily rely thecountries ascopper. such ’s tumbled, rating popularity severe weakness causing inBrazil’s currency,Rousseff theReal. Weak alsohad anegative prices commodity atoilcompany Petrobras scandal asthecorruption America inLatin wastheworst intensifiedBrazil performer andPresident Dilma worse Europe. thanthoseinEastern considerably andAsianmarkets performed American Latin Emerging markets retreated duetoongoing thesixmonths underreview concernsaboutthe health oftheglobaleconomy. during Market Review againsttheMSCIEmergingMarketsterms Indexreturn of-17.3%. 2015, 30September ending thesixmonth period FundOver Markets Developing Equity theLazard returned -12.8%inUSDollar Investment Review Lazard DevelopingMarketsEquityFund Investment Managers’Report • • • • • • •

credit growth. by increased spendingon promising services, new Indonesia Persero andBankRakyat by wasaffected which slower Tbk PT search Chineseinternet company BaiduInc, detractors included Other reduced saidits profits which would betemporarily selectionalsodetracted from inBrazil returns. Stock exposure performance. toArgentina hurt Our Inparticular, oilcompany by affected oilprices. SAwasnegatively falling YPF metals, ofindustrial byGold Incaffected prices falling ascopper. such sectordetracted, selection inthematerials LtdandFreeport-McMoRan Minerals Stock Copperand Quantum withbothFirst selection inKorea made apositiveStock impact on returns, withKorea Aerospace orders. Ltdboostedby new Industries rising by strong results thefirst for halfof2015. In , andourrelatively large bothourselection holdingwere ofstocks beneficial, withretailer X5RetailGroup NVboosted Ltd.Aurobindo LtdandGlenmark Pharmaceuticals Pharma relative returns,A higher-than-indexholdinginIndialifted companies drug asgeneric such asdidtheselection ofIndianstocks railways, for systems benefitted from optimismthattherecent merger ofCSRandCNRwould lead toincreased orders. holdingsinChinaboostedrelative returns.Our ZhuzhouCSR CoLtd, Electric Times aChinesemanufacturer ofelectrical

1 (continued) Period ended 30September2015 September 2015 Lazard AssetManagement LLC grow can throughperiods. believe theirearnings challenging should helptolay animprovement thefoundations for inearnings. Againstthisbackdrop, we continue tolook companies for thatwe the 2008globalfinancial crisis. That said, remain overhaul real countries, reform andpolicy possibilitiesinseveral structural which towards emergingmarkets lastseenin acceleratingtolevels continues negative from tobeextremely withwithdrawals theassetclass projections andexpectations appearreasonable. prices have now incommodity adjustedthecollapse for However, investor sentiment Emerging-market companies have suffered from years earnings: several of weak growth in their corporate future growth earnings Outlook Lazard DevelopingMarketsEquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:KevinO’Hare, PeterGillespie,MarkLien,George Benesandteam. terms, US$InstitutionalAccumulatingShare Classto30September2015. Source: Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015

33 LAZARD GLOBAL ACTIVE FUNDS PLC 34 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review same period. However, bothmarkets gave upsome ground inthethird quarter. thesecond quarter, during from inthereal stocks estate industry while gainsin Abu Dhabi were inbanksover the theresult ofarally In contrast, wasthestrongest market, recording positive returns, asdidtheUAE markets. washelpedby strong returns Dubai Oman. sectoringeneral.construction Kuwait andQatarrecorded losses too, markets asdidthesmaller ofBahrain, Morocco, and of themaincontractor from ofthefirm’s contracts andareview new existingprojects, concerns over banks’ raising exposure tothe intheretailsectors ledtoageneral sell-off sector. Inaddition, area intheMecca resulted collapse crane inthesuspension thedeadly astheannouncementthatgovernment would allow100%foreign alsofell direct Arabia ownership inthewholesaleandretailSaudi andtheeconomy. currency the Egyptian slowing globalgrowth. continued tensions toweigh andlow on ledthedownturnaspolitical foreign both exchange reserves Egypt retreated Africa over thesix-month EastandNorth period, markets intheMiddle Equity of andfears by affected oilprices falling Market Review against theS&PPan Composite CapIndexreturn Arab Large/Mid of-8.6%. 2015, 30September ending thesixmonth period Over MENA theLazard Fund (the returned terms “Fund”) -4.3%inUSDollar Investment Review Lazard MENAFund Investment Managers’Report • • • • • • Other detractors included Kuwait-based low-cost airline Jazeera Airways which wassubjecttoprofit which taking. Airways Jazeera Kuwait-based low-cost airline detractors included Other real estatecompanies ofcertain inMorocco.concerns aboutfinancial andoperational performance holdingsinMorocco disappointed,Our withResidencesDarSaada, of socialhousingunits, adeveloper by affected wider prices demand andreduced prices, International Investment company whilepetrochemical Group Saudi by wasaffected oil falling sector hindered inthematerials returns. ofstocks choice Our Cementwasimpacted Arabian by Arabia-based lower Saudi sector.services holdinginKuwait-based Mobile Our Telecommunications inthetelecommunication performance CoKSC helpedtolift Dhabi-based Union National BankPJSCamong theFund’s largesttoreturns. contributors selection inthefinancials sectorwasbeneficial,Stock withJordan’s BankPlc, Arab Oman’s SAOG BankMuscat andtheAbu prospectsWeavers, ofOriental movements boostedtheexports currency manufacturer. leading carpet Egypt’s manufacturerand food Kuwait Food thatitmightbethesubjectofatakeover bid. amidrumours rallied Americana Favourable sector made apositive contributiontoperformance. intheconsumer selection discretionary ofstocks Our chain Restaurant 1 (continued) Period ended 30September2015 September 2015 Lazard GulfLimited beabletoadd shareholdersteams will valuefor over themediumtolong term. profitable to generate strong flows. business and the ability cash We alsoinvest in companies where we are confident thatmanagement Given therecent seeninfinancial volatility markets, companies, we remain priced attractively selective inidentifying withstable, Outlook Lazard MENAFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard GulfLimitedunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:FadiAlSaidandteam. terms, InstitutionalAccumulatingShare Classto30September2015. Source:Direct, Morningstar CumulativeGrowth, BidpricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015

35 LAZARD GLOBAL ACTIVE FUNDS PLC 36 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review concerns over slowing globalgrowth. In general, thoseissuedby companies asinvestors government bonds outperformed preferred lower assetsagainstthebackdrop of risk financial developments may restrain economicsomewhat”. activity intheUSwhereevents theFed The subduedinflation environment delayed intheUKbaserate, expectations arise for UKbonds. helpingtosupport This mirrored ofnextyear.middle outlooknear-term ismuted. ofthepastmonths shouldcontinue prices tobeardown on inflation atleastuntilthe inenergy The fall and, to zero Inflation remained close according to the Bank of England’s Policy latest Monetary Committee inflation report, the 2020. inearly end ofthecurrent parliament government reiterated itscommitment toreducing by theUK´slarge budgetConservative abudget the deficit surplus andrunning in the first quarter, before to of 0.5% the in year.the third moderating quarter the general election in May, After the newly-elected steady pace:economic continued atafairly activity Gross grew 0.7%inthesecond Domestic quarter, Product (“GDP”) upfrom 0.4% on the10-yearThe yield thesixmonths UKgovernment bond underreview. traded inarangebetween 1.50%and2.20%during UK Market Review Indexreturn of-1.2%. Overall against theMarkit iBoxx Sterling Bond Fund terms 2015, ending 30 September returned the six month -3.9% in Sterling period HighQuality Over Sterling the Lazard Investment Review Lazard SterlingHighQualityBondFund Investment Managers’Report • • • in business given the decline in commodity prices. incommodity in businessgiven thedecline Glencore’s alsoaffected The news bonds. commodities, costsome performance. The company’s questioned whetheritcouldremain shares asanalysts dived inSeptember holdinginbonds issuedby Europe Glencore SA(“Glencore”), Finance Our largest producers one oftheworld's andtradersof issues. ofholdinglowerhigher return therisk quality for to bonds issuedby companies, bonds. known ascorporate bonds lagged government bonds asinvestors Corporate demandeda exposure position in UK government bonds and overweight due to our underweight sector positioning was detrimental Our andNordea(International BusinessMachinesCorp apositive BankAB)achieved contributiontotheFund's performance. bond worsened again, corporate In September sector(Glencore). by driven theenergy onissues someThe participation new spreads,a widening in corporate financial bonds. especially around . Reason the widening has been the uncertainty for duration.The Fund's byshorter affected hasbeennegatively aslightly performance toJunewe April have seen Intheperiod decided not to lift interest rates at its September meeting, interest atitsSeptember rates decidednottolift that indicating “recent globaleconomic and 1 (continued) Period ended 30September2015 September 2015 Lazard AssetManagement (Deutschland)GmbH Despite thesenegative factors, interest toraise in2016. rates we theBankofEnglandislikely believe UK banks’ exposure toemergingmarkets are ineconomicthesecountries. meansthey exposedtoany directly deterioration activity global demand growth. This would have an adverse impact on business confidence, investments and job creation in the UK. In addition, by weakeningto beaffected inglobaleconomic any further activity. over Asignificantslowdown heightenuncertainty inChinawill Although the UK’s trade links with China are limited and lower are, oil prices on balance, a positive the economy, for theUK is likely Outlook Lazard SterlingHighQualityBondFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 September 2015. All datacontainedherein are sourced byLazard AssetManagement(Deutschland)GmbHunlessotherwisenotedasat30 Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:UlrichTeutsch andteam. terms, Source: Retail Share Classto30September2015. Morningstar Direct,Morningstar CumulativeGrowth, BidpricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015

37 LAZARD GLOBAL ACTIVE FUNDS PLC 38 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review global markets, fell. andyields ofconfidence alack ineconomicimply conditions required thetighteningcycle. tostart Taken together, thesefactors were positive for suppressing of inflation. the level In addition, the US in the year, to revisit the low seen earlier levels prices and many other commodity of slowerfears energy global growth caused thethird quarter,During however, market increased thefluctuations intheChineseequity demandfor “safe haven” assets. Furthermore, also presented problems investors. for by stronger employment figures, houseprices, andconsumer andmanufacturing confidence data. The ongoing inGreece debtcrisis May andJune. during in euro-zonebond yields IntheUS, theslowdown thewintermonths proved during temporary, asevidenced Despite the continuation of the low interest environment, rate global fixed rose income yields in the second quarter, rise led by a sharp bond markets. government bonds, bonds tendedtounderperform Corporate markets andcurrency remained volatile. onReturns global fixed were income securities mixed, with core markets, as the US and Germany, such most emerging- outperforming Market Review GlobalAggregate againsttheBarclays terms Dollar Total Indexreturn Return of-0.3%. 2015, ending30September thesixmonth period IncomeOver Fund GlobalFixed theLazard (the returned“Fund”) -1.5%inUS Investment Review Lazard GlobalFixedIncomeFund Investment Managers’Report • • • • • • Chinese Renminbi during the third quarter detracted from thethirdChinese Renminbiduring quarter returns. ofcurrencies,In terms Peso andintheMexican thesecond quarter during Dollar positions oursmall intheNewZealand and andMexico.Philippines emerging-bondinvestments markets were incertain on alsoaslightdrag performance, holdingsin India, specifically the exposure costsome totheUS(andeuro-zone inthethird performance. quarter) Having anunderweight modest Our later intheperiod. a decision to increase via holdings of government bondsinterest in the risk US and other rate “safe haven” markets added value decision toposition the Fund againstpossibleincreasesOur ininterest defensively detractedfrom rates returns. overall However, quarter, andourpositioning intheeuro thethird during quarter. selection currency wasbeneficial,Our Krone ourpositioning intheSwedish thesecond andAustralian during specifically Dollar weighed on some ofourpositions. ofsectorsadded choice valueinJuly,Our August bonds during andSeptember ofcorporate although the underperformance totheFund’s contributed allocations country overall returns,Our holdings inAustralia, especially andtheUK. Norway Fed’s decision not to raise interest rates at its September meetingwastakento decision interest notto raise at its September rates (continued) 1 Period ended 30September2015 September 2015 Lazard AssetManagement LLC may belimited. is already intofixed priced income yields. Moreover, withbondsfrom now priced aglobalperspective, any upward movement inyields moved higherinthepast, indeed, gradually; only rates bankisexpectedtoraise theUScentral we much believe ofthepotentialincrease overcapacity, relatively andtheongoing highunemployment rates move toreduce debt. Incontrast totimeswheninterest have rates ofreturnsbut expectthepattern tocontinue tobevolatile. toremain Inflation subduedinthemediumterm, islikely given global We growth globalfixed anduneven conditions thatfragile cause toremain believe will income yields withintheirrecent ranges, Outlook Lazard GlobalFixedIncomeFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2015. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Yvette Klevanandteam. terms, RetailShare Classto30September2015. Source: Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2015

39 LAZARD GLOBAL ACTIVE FUNDS PLC 40 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Legal fees Statement ofComprehensive Income Audit fees Administration, transferagency &custodianfee fees Management Expenses Total investment(deficit)/income oninvestmentsandforeigncurrency Net movementinunrealised (loss)/gain Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income payment Ex-gratia Bank interest Dividend income Bond income Investment income Directors fees *Fund closed on6October2014. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement EquityFund. exceptforLazardJapanese Gains andlossesarosesolelyfromcontinuingoperations from operations netassetsattributabletoholdersofredeemableparticipatingshares Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodaftertax (Loss)/profit for Withholding tax thefinancialperiodbeforetax (Loss)/profit for Total financecosts Bank interest Distributions Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses Other expenses Notes 11 13 3 3 4 3 3 30/09/2015 (236,804) (311,027) (311,027) (303,976) (273,443) (376,037) (30,533) (30,531) (1,314) (1,579) (7,051) (9,195) 10,134 28,493 66,921 72,312 38,218 7,368 2,732 Lazard UKEquityFund Period ended 30September2015 GBP (2) – – – – – 30/09/2014 (172,592) (48,144) (83,635) (83,635) (77,254) (29,110) (44,783) 116,141 (5,303) (3,361) (6,381) 32,461 66,265 44,246 3,738 3,621 9,833 4,134 246 GBP 46 19 – – – – Lazard JapaneseEquityFund* 30/09/2015 JPY – – – – – – – – – – – – – – – – – – – – – – – – – (3,098,999,593) 3,186,528,860 189,024,681 313,947,028 206,864,584 206,864,584 212,473,546 214,303,346 (1,829,800) (1,821,105) (5,608,962) 81,123,332 15,118,724 37,393,080 99,643,682 30/09/2014 1,145,080 948,746 621,243 686,557 (8,695) JPY – – – – – (270,740,263) (320,356,090) (320,356,090) (312,334,441) (297,730,787) Japanese StrategicEquityFund (563,025,206) (14,603,654) (14,603,353) 238,836,268 (8,021,649) 19,171,867 53,448,675 26,994,786 30/09/2015 1,110,913 6,549,448 (269,237) 375,770 (4,262) 56,025 (301) JPY – – – – – (11,706,555) (11,706,050) 217,806,321 296,428,063 260,125,812 260,125,812 265,543,704 277,250,259 (5,417,892) 15,737,513 34,466,945 44,154,797 19,177,804 30/09/2014 2,215,726 619,209 116,645 182,719 305,992 Lazard (505) JPY – – – – – – (12,328,819) (3,734,493) (4,507,435) (4,507,435) (4,308,304) (4,307,664) Lazard EuropeanEquityFund 30/09/2015 1,527,673 1,258,820 5,807,833 (199,131) 474,523 573,171 12,089 75,662 4,591 2,115 4,191 (640) (640) EUR – – – – – – (1,267,003) 30/09/2014 1,184,724 1,988,429 1,906,235 1,134,012 1,134,012 1,400,210 1,400,210 (266,198) 434,849 506,025 51,686 4,663 2,658 3,192 8,977 EUR 85 – – – – – – – – (1,137,489) (1,335,065) (1,335,065) (1,290,217) (1,285,736) (2,897,437) 30/09/2015 1,345,085 Pan EuropeanEquityFund (44,848) 112,320 302,542 152,015 (4,481) (3,768) (4,229) 38,268 96,499 4,592 7,103 5,002 (252) 551 EUR – – – 1 30/09/2014 (19,433) (36,121) (19,433) 257,898 274,850 349,794 882,590 117,912 709,124 709,124 745,245 764,678 33,888 74,363 4,270 4,209 Lazard 455 727 EUR 48 – – – – – – Global StrategicEquityFund 30/09/2015 (717,643) (856,069) (856,069) (795,786) (795,768) (244,183) (798,664) (60,283) 210,727 114,474 (9,024) 28,901 52,109 78,127 4,709 1,153 (18) (18) 279 USD (2) – – – – 3 30/09/2014 158,810 (4,821) (8,639) 17,223 37,225 79,070 39,496 39,940 66,384 88,608 88,608 97,247 97,247 6,677 4,500 Lazard 304 270 489 USD – – – – – – – (3,307,428) (3,717,226) (3,712,364) (3,574,373) (3,574,373) (4,845,638) 30/09/2015 (137,991) 198,922 844,503 687,262 266,945 (4,862) 51,561 Managed Volatility Fund 6,444 4,709 4,851 1,579 5,323 USD – – – – – – 1 Lazard Global 30/09/2014 1,540,535 1,817,105 1,493,544 1,498,192 1,624,350 1,624,462 (411,656) (126,158) 136,906 688,226 192,683 (4,648) 41,258 6,701 1,367 2,152 4,299 (112) (112) (40) USD – – – – – *Fund closed on6October2014. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement EquityFund. exceptforLazardJapanese Gains andlossesarosesolelyfromcontinuingoperations from operations netassetsattributabletoholdersofredeemableparticipatingshares Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodaftertax (Loss)/profit for Withholding tax thefinancialperiodbeforetax (Loss)/profit for Total financecosts Bank interest Distributions Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses Other expenses Directors fees Audit fees Legal fees Administration, transferagency &custodianfee fees Management Expenses Total investment(deficit)/income oninvestmentsandforeigncurrency Net movementinunrealised (loss)/gain Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income payment Ex-gratia Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income Notes 13 11 3 3 3 3 4 30/09/2015 (311,027) (311,027) (303,976) (273,443) (236,804) (376,037) (30,533) (30,531) (1,579) (1,314) (7,051) (9,195) 10,134 28,493 38,218 66,921 72,312 2,732 7,368 Lazard UKEquityFund GBP (2) – – – – – 30/09/2014 (172,592) (83,635) (83,635) (77,254) (48,144) (29,110) (44,783) 116,141 (5,303) (3,361) (6,381) 32,461 44,246 66,265 3,738 3,621 9,833 4,134 246 GBP 46 19 – – – – Lazard JapaneseEquityFund* 30/09/2015 JPY – – – – – – – – – – – – – – – – – – – – – – – – – (3,098,999,593) 3,186,528,860 189,024,681 206,864,584 206,864,584 212,473,546 214,303,346 313,947,028 (1,829,800) (1,821,105) (5,608,962) 15,118,724 81,123,332 99,643,682 37,393,080 30/09/2014 1,145,080 948,746 686,557 621,243 (8,695) JPY – – – – – Financial Statements Lazard Global ActiveFundsplc (320,356,090) (320,356,090) (312,334,441) (297,730,787) (270,740,263) Japanese StrategicEquityFund (563,025,206) (14,603,654) (14,603,353) 238,836,268 (8,021,649) 26,994,786 19,171,867 53,448,675 30/09/2015 1,110,913 6,549,448 (269,237) 375,770 (4,262) 56,025 (301) JPY – – – – – (11,706,555) (11,706,050) 217,806,321 260,125,812 260,125,812 265,543,704 277,250,259 296,428,063 (5,417,892) 19,177,804 15,737,513 34,466,945 44,154,797 30/09/2014 2,215,726 619,209 182,719 305,992 116,645 Lazard (505) JPY – – – – – – (12,328,819) (4,507,435) (4,507,435) (4,308,304) (4,307,664) (3,734,493) Lazard EuropeanEquityFund 30/09/2015 1,527,673 1,258,820 5,807,833 (199,131) 573,171 474,523 12,089 75,662 2,115 4,591 4,191 (640) (640) EUR – – – – – – (1,267,003) 30/09/2014 1,184,724 1,988,429 1,134,012 1,134,012 1,400,210 1,400,210 1,906,235 (266,198) 506,025 434,849 51,686 3,192 4,663 8,977 2,658 EUR 85 – – – – – – – – (1,335,065) (1,335,065) (1,290,217) (1,285,736) (1,137,489) (2,897,437) 30/09/2015 1,345,085 Pan EuropeanEquityFund (44,848) 112,320 152,015 302,542 (4,481) (3,768) (4,229) 96,499 38,268 (continued) 4,592 5,002 7,103 (252) 551 EUR – – – 1 30/09/2014 (19,433) (36,121) (19,433) 117,912 257,898 274,850 349,794 709,124 709,124 745,245 764,678 882,590 74,363 33,888 4,270 4,209 Lazard 727 455 EUR 48 – – – – – – Global StrategicEquityFund 30/09/2015 (856,069) (856,069) (795,786) (795,768) (717,643) (244,183) (798,664) (60,283) 210,727 114,474 (9,024) 78,127 52,109 28,901 4,709 1,153 Period ended 30September2015 (18) (18) 279 USD (2) – – – – 3 30/09/2014 158,810 (4,821) (8,639) 66,384 37,225 79,070 17,223 39,496 39,940 88,608 88,608 97,247 97,247 6,677 4,500 Lazard 304 489 270 USD – – – – – – – (3,307,428) (3,717,226) (3,712,364) (3,574,373) (3,574,373) (4,845,638) 30/09/2015 (137,991) 266,945 198,922 844,503 687,262 (4,862) 51,561 Managed Volatility Fund 6,444 1,579 4,709 5,323 4,851 USD – – – – – – 1 Lazard Global 30/09/2014 1,540,535 1,817,105 1,493,544 1,498,192 1,624,350 1,624,462 (126,158) (411,656) 192,683 136,906 688,226 (4,648) 41,258 2,152 6,701 4,299 1,367 (112) (112) (40) USD – – – – –

41 LAZARD GLOBAL ACTIVE FUNDS PLC 42 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements **Fund closed on24February 2015. *Fund launchedon30June2015. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement exceptforLazardGlobal Gains andlossesarosesolelyfromcontinuingoperations Trend Fund . participating sharesfromoperations netassetsattributabletoholdersofredeemable Net movement in Adjustment for write-off of organisational costs Adjustment forwrite-offoforganisational thefinancialperiodaftertax (Loss)/profit for Withholding tax thefinancialperiodbeforetax (Loss)/profit for Total financecosts Bank interest Distributions Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses Other expenses Statement ofComprehensive Income(continued) Directors fees Audit fees Legal fees Administration, transferagency &custodianfee fees Management Expenses Total investment(deficit)/income oninvestmentsandforeigncurrency Net movementinunrealised (loss)/gain Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income payment Ex-gratia Bank interest Dividend income Bond income Investment income Notes (continued) 13 11 3 3 3 3 4 (16,724,621) (16,724,621) (13,960,774) (11,070,011) (40,482,469) (2,890,763) (7,752,754) (2,763,847) (2,889,864) 18,782,515 13,799,875 30/09/2015 3,317,257 2,739,601 Infrastructure EquityFund 467,584 147,319 43,069 18,341 45,588 3,074 (899) GBP Lazard GlobalListed – – – – 6 (4,093,014) 10,444,319 11,240,605 12,765,104 10,966,573 30/09/2014 9,481,256 9,481,256 1,524,499 1,241,723 5,891,545 (796,286) (963,063) (796,139) 243,160 12,068 14,308 4,212 9,028 (147) GBP Period ended 30September2015 – – – – – – Franchise Fund* Global Equity 30/09/2015 (304,357) (352,542) (348,766) (348,759) (286,447) (327,881) (10,847) (3,776) 48,185 73,159 55,856 11,436 21,222 20,166 2,145 3,315 Lazard 336 USD (7) (7) 71 46 – – – – 30/09/2015 (424,101) (420,594) (409,456) (409,453) (362,908) (615,683) (11,138) 197,708 Global EquitySelectFund (3,507) (3,109) (3,031) 49,654 28,752 54,859 15,900 4,709 3,170 208 154 USD (3) (3) – – – – 30/09/2014 (14,501) 131,456 (3,508) (6,919) (7,724) 61,352 64,860 79,361 79,375 59,000 31,788 61,798 77,370 17,798 1,571 7,318 Lazard (14) (14) 317 208 USD 12 – – – – (2,290,970) (2,288,042) (2,175,833) (2,104,260) (2,009,842) (1,900,177) 30/09/2015 Global EquityIncomeFund (112,209) (629,407) (71,573) (71,568) 519,742 (2,928) 94,448 35,032 51,154 3,093 4,709 (30) 412 USD (5) 48 – – – – 30/09/2014 (229,383) (226,473) (176,800) (139,964) (503,693) (36,836) (67,456) (49,673) (36,836) 302,125 133,606 (2,910) (7,404) 79,912 42,150 25,817 Lazard 3,325 8,219 506 379 USD 22 – – – – Lazard GlobalTrend Fund** 30/09/2015 USD – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 (244,118) (20,346) 110,677 300,987 167,638 (8,742) 72,859 72,859 93,205 83,175 93,205 22,008 44,287 9,511 6,686 290 393 USD 92 – – – – – – – (3,193,957) (3,193,957) (3,063,097) (3,049,968) (3,041,948) (4,599,949) 30/09/2015 (130,860) (13,129) (13,129) 485,815 344,080 726,725 (4,491) 6,744 1,381 8,020 4,709 Global Ex-JapanFund 881 177 USD – – – – – – Lazard Thematic (17,519,960) 22,278,943 30/09/2014 4,632,609 4,632,609 4,918,713 5,820,583 1,127,108 5,887,198 (901,870) (286,104) (901,870) 66,615 45,612 3,377 1,107 5,163 5,746 6,717 USD – – – – – – – Lazard ThematicGlobalFund (46,983,124) (46,983,124) (45,675,424) (45,675,403) (42,782,764) (87,949,426) (1,307,700) 38,260,720 30/09/2015 1,584,524 2,892,639 2,486,129 5,318,534 330,185 (7,870) 67,728 11,758 2,884 4,709 (21) (21) USD – – – – – (32,733,437) (1,703,954) (2,643,348) (1,703,954) 36,137,652 36,137,652 38,781,000 40,484,954 12,638,585 67,059,426 46,973,221 30/09/2014 6,488,267 5,657,362 708,936 37,160 19,695 57,861 8,647 7,253 USD – – – – – – Lazard EmergingWorld Fund (4,454,939) (4,454,939) (4,318,744) (4,244,795) (4,060,222) (4,798,814) 30/09/2015 (136,195) (73,949) (73,949) 184,573 159,570 335,299 403,200 (3,060) 20,688 2,523 4,709 143 USD 93 – – – – – – 30/09/2014 1,196,333 1,196,333 1,216,466 1,610,103 1,479,608 1,832,399 (393,637) (393,637) (20,133) 222,326 181,293 226,988 125,689 23,842 8,723 1,271 6,236 (30) 961 114 USD – – – – – **Fund closed on24February 2015. *Fund launchedon30June2015. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement exceptforLazardGlobal Gains andlossesarosesolelyfromcontinuingoperations Trend Fund . participating sharesfromoperations netassetsattributabletoholdersofredeemable Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodaftertax (Loss)/profit for Withholding tax thefinancialperiodbeforetax (Loss)/profit for Total financecosts Bank interest Distributions Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses Other expenses Directors fees Audit fees Legal fees Administration, transferagency &custodianfee fees Management Expenses Total investment(deficit)/income oninvestmentsandforeigncurrency Net movementinunrealised (loss)/gain Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income payment Ex-gratia Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) Notes 13 11 3 3 3 3 4 (16,724,621) (16,724,621) (13,960,774) (11,070,011) (40,482,469) (2,890,763) (7,752,754) (2,763,847) (2,889,864) 18,782,515 13,799,875 30/09/2015 2,739,601 3,317,257 Infrastructure EquityFund 467,584 147,319 43,069 18,341 45,588 3,074 (899) GBP Lazard GlobalListed – – – – 6 (4,093,014) 10,444,319 11,240,605 12,765,104 10,966,573 30/09/2014 1,241,723 5,891,545 9,481,256 9,481,256 1,524,499 (796,286) (963,063) (796,139) 243,160 12,068 14,308 4,212 9,028 (147) GBP – – – – – – Franchise Fund* Global Equity 30/09/2015 (304,357) (352,542) (348,766) (348,759) (286,447) (327,881) (10,847) (3,776) 11,436 20,166 48,185 73,159 55,856 21,222 2,145 3,315 Lazard 336 USD (7) (7) 46 71 – – – – 30/09/2015 (424,101) (420,594) (409,456) (409,453) (362,908) (615,683) (11,138) 197,708 Global EquitySelectFund (3,109) (3,507) (3,031) 15,900 28,752 54,859 49,654 4,709 3,170 208 154 USD (3) (3) – – – – 30/09/2014 (14,501) 131,456 (6,919) (3,508) (7,724) 17,798 31,788 61,798 61,352 64,860 79,361 79,375 59,000 77,370 7,318 1,571 Lazard (14) (14) 208 317 USD 12 – – – – Financial Statements Lazard Global ActiveFundsplc (2,290,970) (2,288,042) (2,175,833) (2,104,260) (2,009,842) (1,900,177) 30/09/2015 Global EquityIncomeFund (112,209) (629,407) (71,573) (71,568) 519,742 (2,928) 94,448 35,032 51,154 3,093 4,709 (30) 412 USD (5) 48 – – – – 30/09/2014 (229,383) (226,473) (176,800) (139,964) (503,693) (36,836) (67,456) (36,836) (49,673) 302,125 133,606 (7,404) (2,910) 79,912 42,150 25,817 Lazard 3,325 8,219 506 379 USD 22 – – – – Lazard GlobalTrend Fund** 30/09/2015 USD – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 (244,118) (20,346) 110,677 300,987 167,638 (8,742) 83,175 22,008 44,287 72,859 72,859 93,205 93,205 9,511 6,686 290 393 USD 92 – – – – – – – (3,041,948) (3,193,957) (3,193,957) (3,063,097) (3,049,968) (4,599,949) 30/09/2015 (130,860) (13,129) (13,129) 485,815 344,080 726,725 (4,491) (continued) 1,381 6,744 4,709 8,020 Global Ex-JapanFund 881 177 USD – – – – – – Lazard Thematic (17,519,960) 22,278,943 30/09/2014 1,127,108 5,887,198 4,632,609 4,632,609 4,918,713 5,820,583 (901,870) (901,870) (286,104) 66,615 45,612 1,107 3,377 5,746 5,163 6,717 USD – – – – – – – Lazard ThematicGlobalFund (42,782,764) (46,983,124) (46,983,124) (45,675,424) (45,675,403) (87,949,426) (1,307,700) 38,260,720 30/09/2015 1,584,524 5,318,534 2,892,639 2,486,129 330,185 (7,870) 67,728 11,758 2,884 4,709 Period ended 30September2015 (21) (21) USD – – – – – (32,733,437) (1,703,954) (1,703,954) (2,643,348) 12,638,585 67,059,426 46,973,221 36,137,652 36,137,652 38,781,000 40,484,954 30/09/2014 6,488,267 5,657,362 708,936 37,160 57,861 19,695 8,647 7,253 USD – – – – – – Lazard EmergingWorld Fund (4,060,222) (4,454,939) (4,454,939) (4,318,744) (4,244,795) (4,798,814) 30/09/2015 (136,195) (73,949) (73,949) 335,299 184,573 159,570 403,200 (3,060) 20,688 2,523 4,709 143 USD 93 – – – – – – 30/09/2014 1,479,608 1,832,399 1,196,333 1,196,333 1,216,466 1,610,103 (393,637) (393,637) (20,133) 226,988 222,326 181,293 125,689 23,842 1,271 6,236 8,723 (30) 114 961 USD – – – – –

43 LAZARD GLOBAL ACTIVE FUNDS PLC 44 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements *Fund launchedon30September2015. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. redeemable participatingsharesfromoperations netassetsattributabletoholdersof Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodaftertax (Loss)/profit for Withholding tax thefinancialperiodbeforetax (Loss)/profit for Total financecosts Bank interest Distributions Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses Other expenses Directors fees Audit fees Legal fees Administration, transferagency &custodianfee fees Management Expenses Total investment(deficit)/income foreign currency oninvestmentsand Net movementinunrealised (loss)/gain Net realised(loss)/gainoninvestmentsandforeigncurrency Other income payment Ex-gratia Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) Notes 13 11 3 3 3 3 4 (180,837,937) (180,837,937) (178,482,899) (175,232,828) (169,245,081) (158,610,733) (29,208,422) (3,250,071) (2,355,038) (3,249,540) 18,526,444 30/09/2015 5,987,755 1,191,301 4,620,472 50,767 94,776 25,730 38,357 (continued) 4,709 9,273 (531) Markets EquityFund USD (8) – – – Lazard Emerging (2,161,887) (3,151,466) (2,161,887) (4,351,695) 12,400,828 12,400,828 15,552,294 17,714,181 23,894,605 21,738,649 30/09/2014 6,180,424 6,223,296 1,123,728 4,930,057 284,355 36,614 33,928 49,263 6,834 USD – – – – – – (10,140,600) (10,136,592) (10,828,248) (9,977,414) (9,977,410) (9,525,055) 30/09/2015 1,154,956 (159,178) Markets CoreEquityFund 452,355 148,229 339,113 (4,008) 11,660 90,480 4,575 4,709 1,818 Period ended 30September2015 USD (4) (4) – – – – – 8 Lazard Emerging 30/09/2014 1,518,219 1,522,228 1,636,120 1,638,364 2,025,439 (113,892) 387,075 566,278 674,781 784,364 296,143 (2,244) (4,009) (2,244) 74,431 3,775 1,814 8,020 2,892 USD 16 – – – – – (17,478,894) (17,478,894) (17,174,063) (17,174,055) (15,801,625) (15,676,556) (3,051,740) 30/09/2015 1,386,209 2,925,500 (304,831) (13,779) 976,621 367,352 31,716 6,016 4,709 1,171 (205) Markets EquityFund USD (8) (8) – – – – – Lazard Developing (14,169,390) (9,853,843) (9,853,843) (9,055,305) (9,055,305) (6,558,359) 30/09/2014 2,496,946 6,999,065 2,016,957 (798,538) 610,184 428,060 10,672 13,231 21,307 6,719 1,782 USD – – – – – – – – 30/09/2015 (192,838) (189,439) (184,911) (184,899) (146,826) (283,981) (16,891) (3,399) (4,528) (2,213) 54,964 26,211 17,307 59,278 77,877 6,841 6,733 (12) (12) USD 85 – – – – – Lazard MENAFund 30/09/2014 (198,299) 540,916 347,459 347,459 349,119 349,119 376,111 (1,660) (8,738) 35,730 15,834 13,972 33,448 3,446 2,259 136 USD 46 83 – – – – – – – 30/09/2015 (135,967) (135,967) (135,967) (103,670) (187,541) (32,297) (84,987) (32,294) (1,916) 44,798 57,756 20,599 12,766 4,337 2,255 High QualityBondFund 347 827 GBP (3) 67 – – – – – – Lazard Sterling 30/09/2014 (35,545) (35,545) 119,296 136,272 (7,767) 52,456 55,494 24,743 12,903 28,314 83,751 83,751 83,751 5,415 3,599 2,591 151 GBP 84 – – – – – – 8 30/09/2015 (152,088) (152,088) (151,950) (103,705) (114,430) (184,917) (48,245) (48,048) 314,617 119,610 21,998 79,543 15,536 7,864 4,709 5,412 (197) (138) (369) 266 USD 84 – – – – Fixed IncomeFund Lazard Global (1,062,307) (1,062,307) (1,059,849) 30/09/2014 (993,635) (862,380) (710,525) (539,140) (66,214) (66,214) 386,979 131,346 (2,458) 21,740 89,747 11,571 1,105 6,485 (91) 306 698 USD – – – – – Asia Ex-Japan Equity Fund* 30/09/2015 Strategic Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – – (306,593,017) (306,622,498) (297,293,340) (289,160,451) (271,339,417) (363,544,040) (8,132,889) (8,129,698) (9,329,158) 17,875,668 14,096,113 33,655,161 53,778,494 30/09/2015 4,372,200 3,104,738 (54,634) 383,632 351,831 182,427 (3,191) 15,136 52,913 87,646 29,481 USD – Active Fundsplc Lazard Global (104,909,641) 151,988,045 107,106,745 (6,899,572) (6,891,232) (9,376,759) 21,156,186 17,246,291 57,420,493 69,717,848 69,732,923 79,109,682 86,009,254 30/09/2014 1,835,430 3,289,289 (15,075) (58,695) 474,907 297,511 183,897 131,199 120,459 185,051 (8,340) USD – *Fund launchedon30September2015. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. redeemable participatingsharesfromoperations netassetsattributabletoholdersof Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodaftertax (Loss)/profit for Withholding tax thefinancialperiodbeforetax (Loss)/profit for Total financecosts Bank interest Distributions Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses Other expenses Directors fees Audit fees Legal fees Administration, transferagency &custodianfee fees Management Expenses Total investment(deficit)/income foreign currency oninvestmentsand Net movementinunrealised (loss)/gain Net realised(loss)/gainoninvestmentsandforeigncurrency Other income payment Ex-gratia Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) Notes 13 11 3 3 3 3 4 (180,837,937) (180,837,937) (178,482,899) (175,232,828) (169,245,081) (158,610,733) (29,208,422) (3,250,071) (2,355,038) (3,249,540) 18,526,444 30/09/2015 5,987,755 1,191,301 4,620,472 50,767 94,776 25,730 38,357 4,709 9,273 (531) Markets EquityFund USD (8) – – – Lazard Emerging (2,161,887) (3,151,466) (2,161,887) (4,351,695) 21,738,649 12,400,828 12,400,828 15,552,294 17,714,181 23,894,605 30/09/2014 6,180,424 1,123,728 4,930,057 6,223,296 284,355 36,614 33,928 49,263 6,834 USD – – – – – – (10,140,600) (10,136,592) (10,828,248) (9,977,414) (9,977,410) (9,525,055) 30/09/2015 1,154,956 (159,178) Markets CoreEquityFund 452,355 339,113 148,229 (4,008) 11,660 90,480 4,575 1,818 4,709 USD (4) (4) – – – – – 8 Lazard Emerging 30/09/2014 1,636,120 1,638,364 2,025,439 1,518,219 1,522,228 (113,892) 784,364 387,075 296,143 674,781 566,278 (2,244) (4,009) (2,244) 74,431 3,775 1,814 2,892 8,020 USD 16 – – – – – (17,174,063) (17,174,055) (15,801,625) (17,478,894) (17,478,894) (15,676,556) (3,051,740) 30/09/2015 2,925,500 1,386,209 (304,831) (13,779) 367,352 976,621 31,716 6,016 4,709 1,171 (205) Markets EquityFund USD (8) (8) – – – – – Lazard Developing (14,169,390) (9,055,305) (9,055,305) (6,558,359) (9,853,843) (9,853,843) 30/09/2014 6,999,065 2,496,946 2,016,957 (798,538) 428,060 610,184 10,672 21,307 13,231 6,719 1,782 USD – – – – – – – – Financial Statements Lazard Global ActiveFundsplc 30/09/2015 (192,838) (189,439) (184,911) (184,899) (146,826) (283,981) (16,891) (3,399) (4,528) (2,213) 54,964 26,211 17,307 59,278 77,877 6,841 6,733 (12) (12) USD 85 – – – – – Lazard MENAFund 30/09/2014 (198,299) 540,916 347,459 347,459 349,119 349,119 376,111 (1,660) (8,738) 35,730 15,834 13,972 33,448 3,446 2,259 136 USD 46 83 – – – – – – – 30/09/2015 (135,967) (135,967) (135,967) (103,670) (187,541) (32,297) (84,987) (32,294) (1,916) 44,798 20,599 12,766 57,756 2,255 4,337 High QualityBondFund 347 827 GBP (3) 67 – – – – – – Lazard Sterling 30/09/2014 (35,545) (35,545) 136,272 119,296 (7,767) 52,456 24,743 12,903 55,494 28,314 83,751 83,751 83,751 3,599 2,591 5,415 151 GBP 84 – – – – – – 8 (continued) 30/09/2015 (152,088) (152,088) (151,950) (103,705) (114,430) (184,917) (48,245) (48,048) 314,617 119,610 79,543 21,998 15,536 4,709 7,864 5,412 (197) (138) (369) 266 USD 84 – – – – Fixed IncomeFund Lazard Global (1,062,307) (1,062,307) (1,059,849) 30/09/2014 (862,380) (993,635) (710,525) (539,140) (66,214) (66,214) 386,979 131,346 (2,458) 11,571 89,747 21,740 1,105 6,485 (91) 306 698 USD – – – – – Period ended 30September2015 Asia Ex-Japan Equity Fund* 30/09/2015 Strategic Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – – (271,339,417) (306,593,017) (306,622,498) (297,293,340) (289,160,451) (363,544,040) (8,132,889) (8,129,698) (9,329,158) 14,096,113 53,778,494 17,875,668 33,655,161 30/09/2015 4,372,200 3,104,738 (54,634) 383,632 351,831 182,427 (3,191) 52,913 15,136 87,646 29,481 USD – Active Fundsplc Lazard Global (104,909,641) 151,988,045 107,106,745 (6,899,572) (6,891,232) (9,376,759) 17,246,291 57,420,493 21,156,186 69,717,848 69,732,923 79,109,682 86,009,254 30/09/2014 1,835,430 3,289,289 (15,075) (58,695) 474,907 183,897 297,511 131,199 120,459 185,051 (8,340) USD –

45 LAZARD GLOBAL ACTIVE FUNDS PLC 46 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Statement ofFinancialPosition *Fund closed on6October2014. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theperiodendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Net assetsattributabletoredeemableparticipatingshareholders costs Adjustment forwrite-offoforganisational Net assetsattributabletoredeemableparticipatingshareholders(atmidprices) Total liabilities Expenses payable Investments purchasedpayable Redemptions payable Bank overdraft Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Other assets Investment incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets (continued) Note 8 30/09/2015 3,354,958 3,354,958 3,465,540 3,346,399 110,582 102,218 21,093 89,489 10,564 Lazard UKEquityFund Period ended 30September2015 5,862 GBP 497 – – – – – 31/03/2015 3,909,650 3,909,650 3,945,312 3,891,026 35,662 27,262 35,662 19,921 6,103 1,000 GBP – – – – – – Lazard JapaneseEquityFund* 30/09/2015 3,061,316 3,061,316 3,061,316 3,061,316 JPY – – – – – – – – – – – – 31/03/2015 4,380,219 4,380,219 4,380,219 4,380,219 JPY – – – – – – – – – – – – Japanese StrategicEquityFund 4,673,472,899 4,673,472,899 4,794,340,092 4,725,592,700 120,867,193 106,391,179 30/09/2015 38,186,569 21,504,642 7,431,291 5,344,933 1,699,790 5,347,697 3,644,160 64,324 JPY – – 3,768,258,930 3,768,258,930 4,684,861,638 3,842,374,220 410,326,669 382,634,848 754,381,947 916,602,708 115,830,561 31/03/2015 35,899,975 28,254,176 23,790,185 7,810,630 161,135 Lazard JPY – – Lazard EuropeanEquityFund 30/09/2015 64,500,168 64,500,168 64,795,554 61,731,597 2,430,360 374,600 128,863 166,523 257,224 295,386 1,725 EUR 48 – – – – 31/03/2015 74,692,604 74,692,604 75,651,081 73,579,673 497,786 157,423 801,054 879,448 150,186 542,648 958,477 1,340 EUR – – – – 30/09/2015 17,455,662 17,455,662 19,213,768 18,318,989 1,717,612 1,758,106 Pan EuropeanEquityFund 651,758 189,706 43,876 40,494 9,439 EUR – – – – – 31/03/2015 16,196,427 16,196,427 16,524,039 15,616,092 285,775 320,989 456,305 327,612 Lazard 65,655 41,837 58,053 6,945 EUR – – – – Global StrategicEquityFund 30/09/2015 11,546,394 11,546,394 11,825,432 11,300,860 246,093 252,701 221,149 279,038 43,820 32,945 1,786 5,116 USD – – – – 31/03/2015 7,303,429 7,303,429 7,400,782 7,197,958 125,507 Lazard 38,751 58,602 51,326 19,995 97,353 5,996 USD – – – – – 30/09/2015 59,314,235 59,309,275 59,383,233 56,915,103 2,286,001 173,709 Managed Volatility Fund 65,725 73,958 4,960 8,233 8,228 USD 192 – – – – Lazard Global 59,868,369 59,858,547 60,014,608 59,183,081 31/03/2015 154,088 106,147 571,292 156,061 61,354 94,707 9,822 USD – – – – – *Fund closed on6October2014. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theperiodendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Net assetsattributabletoredeemableparticipatingshareholders costs Adjustment forwrite-offoforganisational Net assetsattributabletoredeemableparticipatingshareholders(atmidprices) Total liabilities Expenses payable Investments purchasedpayable Redemptions payable Bank overdraft Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Other assets Investment incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition Note 8 30/09/2015 3,354,958 3,354,958 3,465,540 3,346,399 110,582 102,218 21,093 89,489 10,564 Lazard UKEquityFund 5,862 GBP 497 – – – – – 31/03/2015 3,909,650 3,909,650 3,945,312 3,891,026 35,662 35,662 19,921 27,262 6,103 1,000 GBP – – – – – – Lazard JapaneseEquityFund* 30/09/2015 3,061,316 3,061,316 3,061,316 3,061,316 JPY – – – – – – – – – – – – 31/03/2015 4,380,219 4,380,219 4,380,219 4,380,219 JPY – – – – – – – – – – – – Financial Statements Lazard Global ActiveFundsplc Japanese StrategicEquityFund 4,673,472,899 4,673,472,899 4,794,340,092 4,725,592,700 120,867,193 106,391,179 30/09/2015 38,186,569 21,504,642 7,431,291 5,344,933 1,699,790 5,347,697 3,644,160 64,324 JPY – – 3,768,258,930 3,768,258,930 4,684,861,638 3,842,374,220 410,326,669 382,634,848 754,381,947 916,602,708 115,830,561 31/03/2015 35,899,975 23,790,185 28,254,176 7,810,630 161,135 Lazard JPY – – Lazard EuropeanEquityFund 30/09/2015 64,500,168 64,500,168 64,795,554 61,731,597 2,430,360 374,600 128,863 166,523 257,224 295,386 1,725 EUR 48 – – – – 31/03/2015 74,692,604 74,692,604 75,651,081 73,579,673 497,786 542,648 157,423 801,054 879,448 150,186 958,477 1,340 EUR – – – – 30/09/2015 17,455,662 17,455,662 19,213,768 18,318,989 1,717,612 1,758,106 Pan EuropeanEquityFund 189,706 651,758 (continued) 43,876 40,494 9,439 EUR – – – – – 31/03/2015 16,196,427 16,196,427 16,524,039 15,616,092 456,305 285,775 320,989 327,612 Lazard 65,655 41,837 58,053 6,945 EUR – – – – Global StrategicEquityFund 30/09/2015 11,546,394 11,546,394 11,825,432 11,300,860 221,149 246,093 252,701 279,038 43,820 32,945 Period ended 30September2015 1,786 5,116 USD – – – – 31/03/2015 7,303,429 7,303,429 7,400,782 7,197,958 125,507 Lazard 19,995 38,751 58,602 51,326 97,353 5,996 USD – – – – – 30/09/2015 59,314,235 59,309,275 59,383,233 56,915,103 2,286,001 173,709 Managed Volatility Fund 65,725 73,958 4,960 8,233 8,228 USD 192 – – – – Lazard Global 59,868,369 59,858,547 60,014,608 59,183,081 31/03/2015 571,292 154,088 106,147 156,061 61,354 94,707 9,822 USD – – – – –

47 LAZARD GLOBAL ACTIVE FUNDS PLC 48 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements **Fund closed on24February 2015. *Fund launchedon30June2015. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theperiodendexchangerate at inNote7. inthetotalcolumn GBPandJPY Fundsaretranslated Net assetsattributabletoredeemableparticipatingshareholders costs Adjustment forwrite-offoforganisational (at midprices) Net assetsattributabletoredeemableparticipatingshareholders Total liabilities Expenses payable Investments purchasedpayable Redemptions payable Bank overdraft Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Statement ofFinancialPosition(continued) Other assets Investment incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Note (continued) 8 705,884,858 705,884,858 726,779,383 703,826,528 30/09/2015 20,894,525 13,540,518 12,356,104 6,210,358 1,287,698 5,062,474 4,246,579 Infrastructure EquityFund 745,880 397,769 GBP Lazard GlobalListed – – – 606,011,290 606,011,290 623,850,695 596,483,126 31/03/2015 17,839,405 15,864,083 11,701,572 6,925,324 7,742,579 624,852 670,769 679,701 997,277 GBP 817 Period ended 30September2015 – – Franchise Fund* Global Equity 30/09/2015 5,246,878 5,198,693 5,210,165 4,948,007 255,691 Lazard 11,472 11,472 48,185 1,102 5,365 USD – – – – – – 30/09/2015 4,619,722 4,608,565 4,730,560 4,497,820 Global EquitySelectFund 121,995 103,143 140,719 18,852 11,157 81,230 6,991 3,800 USD – – – – 31/03/2015 5,803,918 5,789,254 5,882,651 5,624,699 213,305 Lazard 93,397 29,923 63,474 14,664 28,025 9,955 6,667 USD – – – – 30/09/2015 Global EquityIncomeFund 12,287,472 12,269,634 12,473,349 11,770,855 203,715 163,432 135,370 448,352 17,838 38,077 35,476 82,803 2,206 USD 493 – – 31/03/2015 14,133,379 14,112,613 14,271,339 13,260,492 158,726 925,848 Lazard 25,452 94,673 20,766 38,601 39,069 41,790 4,140 USD – – – Lazard GlobalTrend Fund** 30/09/2015 17,889 17,889 17,889 17,889 USD – – – – – – – – – – – – 31/03/2015 27,733 27,733 26,458 27,733 1,275 USD – – – – – – – – – – – 30/09/2015 29,800,816 29,800,816 30,376,926 27,694,386 2,057,250 576,110 533,453 538,417 42,657 84,688 Global Ex-JapanFund 2,185 USD – – – – – Lazard Thematic 31/03/2015 33,107,112 33,107,112 33,439,811 31,827,956 1,165,177 332,699 256,943 150,451 293,849 75,756 2,378 USD – – – – – Lazard ThematicGlobalFund 389,868,204 389,868,204 397,180,585 371,796,785 30/09/2015 18,596,924 7,312,381 6,333,185 5,938,504 459,213 519,983 839,802 8,570 USD – – – – 553,920,276 553,920,276 559,563,002 539,103,583 31/03/2015 14,799,807 5,642,726 4,977,769 1,285,045 4,054,572 664,957 303,213 16,782 USD – – – – Lazard EmergingWorld Fund 30/09/2015 18,535,207 18,535,207 18,754,523 18,058,718 219,316 171,338 125,713 497,676 47,978 70,010 2,406 USD – – – – – 23,279,307 23,279,307 23,610,600 22,817,087 31/03/2015 331,293 227,149 447,010 298,083 69,452 25,134 34,692 21,908 1,378 USD – – – **Fund closed on24February 2015. *Fund launchedon30June2015. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theperiodendexchangerate at inNote7. inthetotalcolumn GBPandJPY Fundsaretranslated Net assetsattributabletoredeemableparticipatingshareholders costs Adjustment forwrite-offoforganisational (at midprices) Net assetsattributabletoredeemableparticipatingshareholders Total liabilities Expenses payable Investments purchasedpayable Redemptions payable Bank overdraft Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Other assets Investment incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition(continued) Note 8 705,884,858 705,884,858 726,779,383 703,826,528 30/09/2015 20,894,525 12,356,104 13,540,518 6,210,358 1,287,698 5,062,474 4,246,579 Infrastructure EquityFund 745,880 397,769 GBP Lazard GlobalListed – – – 606,011,290 606,011,290 623,850,695 596,483,126 31/03/2015 17,839,405 11,701,572 15,864,083 6,925,324 7,742,579 624,852 670,769 679,701 997,277 GBP 817 – – Franchise Fund* Global Equity 30/09/2015 5,246,878 5,198,693 5,210,165 4,948,007 255,691 Lazard 11,472 48,185 11,472 1,102 5,365 USD – – – – – – 30/09/2015 4,619,722 4,608,565 4,730,560 4,497,820 Global EquitySelectFund 121,995 140,719 103,143 11,157 18,852 81,230 6,991 3,800 USD – – – – 31/03/2015 5,803,918 5,789,254 5,882,651 5,624,699 213,305 Lazard 93,397 14,664 29,923 63,474 28,025 9,955 6,667 USD – – – – Financial Statements Lazard Global ActiveFundsplc 30/09/2015 Global EquityIncomeFund 12,269,634 12,473,349 11,770,855 12,287,472 203,715 163,432 135,370 448,352 17,838 38,077 35,476 82,803 2,206 USD 493 – – 31/03/2015 14,112,613 14,271,339 13,260,492 14,133,379 158,726 925,848 Lazard 25,452 20,766 38,601 39,069 94,673 41,790 4,140 USD – – – Lazard GlobalTrend Fund** 30/09/2015 17,889 17,889 17,889 17,889 USD – – – – – – – – – – – – 31/03/2015 27,733 27,733 26,458 27,733 1,275 USD – – – – – – – – – – – 30/09/2015 29,800,816 30,376,926 27,694,386 29,800,816 2,057,250 576,110 533,453 538,417 (continued) 42,657 84,688 Global Ex-JapanFund 2,185 USD – – – – – Lazard Thematic 31/03/2015 33,107,112 33,439,811 31,827,956 33,107,112 1,165,177 150,451 332,699 256,943 293,849 75,756 2,378 USD – – – – – Lazard ThematicGlobalFund 389,868,204 397,180,585 371,796,785 389,868,204 30/09/2015 18,596,924 7,312,381 6,333,185 5,938,504 459,213 839,802 519,983 Period ended 30September2015 8,570 USD – – – – 553,920,276 559,563,002 539,103,583 553,920,276 31/03/2015 14,799,807 1,285,045 5,642,726 4,977,769 4,054,572 664,957 303,213 16,782 USD – – – – Lazard EmergingWorld Fund 30/09/2015 18,535,207 18,754,523 18,058,718 18,535,207 219,316 171,338 125,713 497,676 47,978 70,010 2,406 USD – – – – – 23,279,307 23,610,600 22,817,087 23,279,307 31/03/2015 331,293 227,149 447,010 298,083 69,452 25,134 34,692 21,908 1,378 USD – – –

49 LAZARD GLOBAL ACTIVE FUNDS PLC 50 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Total liabilities *Fund launchedon30September2015. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theperiodendexchangerate at inNote7. inthetotalcolumn GBPandJPY Fundsaretranslated shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders (atmidprices) Net assetsattributabletoredeemableparticipating Expenses payable Investments purchasedpayable Total assets Other assets Redemptions payable Bank overdraft Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Investment incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition(continued) Note 8 771,231,591 771,231,591 773,782,833 728,680,459 30/09/2015 40,847,124 2,551,242 1,348,507 2,017,993 2,058,894 514,020 676,367 175,497 (continued) 12,348 2,866 Markets EquityFund USD – – Lazard Emerging 1,006,738,002 984,605,996 984,605,996 960,129,537 31/03/2015 22,132,006 17,225,090 16,712,461 17,015,281 1,321,314 3,585,602 3,994,786 8,883,814 2,123 USD – – – 30/09/2015 59,176,780 59,172,212 59,675,870 57,338,018 Markets CoreEquityFund 1,860,474 503,658 108,615 395,043 394,240 82,017 Period ended 30September2015 4,568 1,121 USD – – – – Lazard Emerging 31/03/2015 67,470,585 67,462,009 68,329,320 65,464,889 1,499,120 1,283,229 867,311 107,809 759,502 80,506 8,576 1,576 USD – – – – 142,993,968 142,993,968 143,751,253 141,192,461 30/09/2015 2,361,087 757,285 302,860 454,425 170,149 21,767 5,789 Markets EquityFund USD Lazard Developing – – – – – 238,713,544 238,713,544 240,527,590 233,191,431 31/03/2015 1,814,046 6,227,056 336,721 970,362 746,299 506,963 357,266 5,538 USD – – – – 30/09/2015 3,845,533 3,827,261 3,979,892 3,737,680 152,631 129,996 172,910 22,635 18,272 64,958 3,621 USD 723 – – – – Lazard MENAFund 31/03/2015 2,555,387 2,533,716 2,557,262 2,529,417 22,461 21,671 23,546 20,261 1,085 7,584 USD – – – – – – 30/09/2015 2,494,372 2,494,372 2,508,259 2,168,995 303,607 13,887 13,887 33,949 High QualityBondFund 1,708 GBP – – – – – – – Lazard Sterling 31/03/2015 2,767,228 2,767,228 2,825,735 2,721,872 18,789 39,718 58,507 46,108 55,885 1,870 GBP – – – – – – 30/09/2015 19,538,227 19,538,227 19,632,379 18,886,880 236,259 493,580 35,728 44,068 94,152 14,356 14,343 1,317 USD – – – – Fixed IncomeFund Lazard Global 31/03/2015 16,624,884 16,624,884 17,139,153 16,516,670 287,641 514,269 190,890 164,484 420,801 39,409 22,735 6,339 4,453 USD – – – Asia Ex-Japan Equity Fund* 30/09/2015 4,819,200 4,819,200 4,819,200 4,819,200 Strategic Lazard USD – – – – – – – – – – – – 2,741,428,730 2,741,323,750 2,789,364,086 2,660,107,307 30/09/2015 10,354,095 11,567,370 48,040,336 31,270,584 18,341,035 92,717,722 4,073,385 2,342,272 6,559,553 104,980 71,099 USD – Active Fundsplc Lazard Global 3,045,959,522 3,045,884,023 3,113,758,514 2,979,980,023 29,294,995 67,874,491 53,031,782 41,845,428 53,626,171 31/03/2015 4,158,328 8,395,328 2,287,968 8,928,105 75,499 83,792 1,085 USD *Fund launchedon30September2015. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theperiodendexchangerate at inNote7. inthetotalcolumn GBPandJPY Fundsaretranslated shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders (atmidprices) Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable Investments purchasedpayable Redemptions payable Bank overdraft Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Other assets Investment incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition(continued) Note 8 771,231,591 771,231,591 773,782,833 728,680,459 30/09/2015 40,847,124 2,551,242 1,348,507 2,017,993 2,058,894 514,020 676,367 175,497 12,348 2,866 Markets EquityFund USD – – Lazard Emerging 1,006,738,002 984,605,996 984,605,996 960,129,537 31/03/2015 22,132,006 16,712,461 17,225,090 17,015,281 1,321,314 3,994,786 8,883,814 3,585,602 2,123 USD – – – 30/09/2015 59,176,780 59,172,212 59,675,870 57,338,018 Markets CoreEquityFund 1,860,474 503,658 108,615 394,240 395,043 82,017 1,121 4,568 USD – – – – Lazard Emerging 31/03/2015 67,470,585 67,462,009 68,329,320 65,464,889 1,499,120 1,283,229 867,311 107,809 759,502 80,506 1,576 8,576 USD – – – – 142,993,968 142,993,968 143,751,253 141,192,461 30/09/2015 2,361,087 757,285 302,860 170,149 454,425 21,767 5,789 Markets EquityFund USD Lazard Developing – – – – – 238,713,544 238,713,544 240,527,590 233,191,431 31/03/2015 1,814,046 6,227,056 336,721 357,266 746,299 970,362 506,963 5,538 USD – – – – Financial Statements Lazard Global ActiveFundsplc 30/09/2015 3,737,680 3,845,533 3,827,261 3,979,892 152,631 129,996 172,910 18,272 22,635 64,958 3,621 USD 723 – – – – Lazard MENAFund 31/03/2015 2,529,417 2,555,387 2,533,716 2,557,262 20,261 21,671 22,461 23,546 1,085 7,584 USD – – – – – – 30/09/2015 2,168,995 2,494,372 2,494,372 2,508,259 303,607 33,949 13,887 13,887 High QualityBondFund 1,708 GBP – – – – – – – Lazard Sterling 31/03/2015 2,721,872 2,767,228 2,767,228 2,825,735 39,718 46,108 18,789 58,507 55,885 1,870 GBP – – – – – – (continued) 30/09/2015 18,886,880 19,538,227 19,538,227 19,632,379 236,259 493,580 44,068 35,728 14,343 94,152 14,356 1,317 USD – – – – Fixed IncomeFund Lazard Global 31/03/2015 16,516,670 16,624,884 16,624,884 17,139,153 287,641 190,890 514,269 164,484 420,801 22,735 39,409 4,453 6,339 USD – – – Period ended 30September2015 Asia Ex-Japan Equity Fund* 30/09/2015 4,819,200 4,819,200 4,819,200 4,819,200 Strategic Lazard USD – – – – – – – – – – – – 2,660,107,307 2,741,428,730 2,741,323,750 2,789,364,086 30/09/2015 11,567,370 10,354,095 18,341,035 48,040,336 31,270,584 92,717,722 2,342,272 6,559,553 4,073,385 104,980 71,099 USD – Active Fundsplc Lazard Global 2,979,980,023 3,045,959,522 3,045,884,023 3,113,758,514 29,294,995 41,845,428 67,874,491 53,031,782 53,626,171 31/03/2015 8,395,328 2,287,968 8,928,105 4,158,328 75,499 83,792 1,085 USD

51 LAZARD GLOBAL ACTIVE FUNDS PLC 52 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Net assetsattributabletoredeemableparticipatingshareholdersatbeginningofperiod *Fund closed on6October2014. areanintegralpartofthesefinancial statements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated Net assetsattributabletoredeemableparticipatingshareholdersatendofperiod sharesfromoperations toholdersofredeemableparticipating Net movementinnetassetattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating Foreign currency adjustment translation Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (continued) (31 March) 30/09/2015 3,909,650 3,354,958 (311,027) (264,019) 20,354 Lazard UKEquityFund Period ended 30September2015 GBP – – 30/09/2014 4,476,538 4,092,623 (328,625) (83,635) 28,345 GBP – – Lazard JapaneseEquityFund* 30/09/2015 JPY

– – – – – – (23,556,206,741) (23,556,206,741) 22,505,693,200 1,180,386,628 206,864,584 399,089,471 62,351,800 30/09/2014 JPY – Shareholders 3,768,258,930 4,673,472,899 1,528,367,089 Japanese StrategicEquityFund (320,356,090) (302,797,030) 30/09/2015 JPY – – (1,535,719,449) 4,231,215,516 3,658,397,811 260,125,812 701,131,769 30/09/2014 1,644,163 Lazard JPY – (16,626,793) Lazard EuropeanEquityFund (4,507,435) 74,692,604 64,500,168 10,941,792 30/09/2015 EUR – – (6,342,626) 61,472,281 59,730,221 30/09/2014 1,134,012 3,466,554 EUR – – (1,335,065) (8,628,314) 16,196,427 17,455,662 11,222,614 30/09/2015 Pan EuropeanEquityFund EUR – – 12,425,507 13,694,329 30/09/2014 1,385,570 (825,872) 709,124 Lazard EUR – – 11,546,394 Global StrategicEquityFund 30/09/2015 7,303,429 5,751,595 (856,069) (652,561) USD – – 30/09/2014 3,864,173 7,755,035 4,291,125 (488,871) 88,608 Lazard USD – – (3,717,226) 59,868,369 59,314,235 30/09/2015 3,163,092 Managed Volatility Fund USD – – – Lazard Global 40,650,843 42,194,413 1,493,544 30/09/2014 50,026 USD – – – *Fund closed on6October2014. areanintegralpartofthesefinancial statements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated Net assetsattributabletoredeemableparticipatingshareholdersatendofperiod sharesfromoperations toholdersofredeemableparticipating Net movementinnetassetattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating Foreign currency adjustment translation Net assetsattributabletoredeemableparticipatingshareholdersatbeginningofperiod Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (31 March) 30/09/2015 3,909,650 3,354,958 (311,027) (264,019) 20,354 Lazard UKEquityFund GBP – – 30/09/2014 4,476,538 4,092,623 (328,625) (83,635) 28,345 GBP – – Lazard JapaneseEquityFund* 30/09/2015 JPY

– – – – – – (23,556,206,741) (23,556,206,741) 22,505,693,200 1,180,386,628 206,864,584 399,089,471 62,351,800 30/09/2014 JPY – Shareholders Financial Statements Lazard Global ActiveFundsplc 4,673,472,899 1,528,367,089 3,768,258,930 Japanese StrategicEquityFund (320,356,090) (302,797,030) 30/09/2015 JPY – – (1,535,719,449) 3,658,397,811 4,231,215,516 260,125,812 701,131,769 30/09/2014 1,644,163 Lazard JPY – (16,626,793) Lazard EuropeanEquityFund (4,507,435) 64,500,168 10,941,792 74,692,604 30/09/2015 EUR – – (6,342,626) 59,730,221 61,472,281 30/09/2014 1,134,012 3,466,554 EUR – – (1,335,065) (8,628,314) 17,455,662 11,222,614 16,196,427 30/09/2015 Pan EuropeanEquityFund (continued) EUR – – 13,694,329 12,425,507 30/09/2014 1,385,570 (825,872) 709,124 Lazard EUR – – 11,546,394 Global StrategicEquityFund 30/09/2015 5,751,595 7,303,429 (652,561) (856,069) Period ended 30September2015 USD – – 30/09/2014 7,755,035 4,291,125 3,864,173 (488,871) 88,608 Lazard USD – – (3,717,226) 59,314,235 59,868,369 30/09/2015 3,163,092 Managed Volatility Fund USD – – – Lazard Global 42,194,413 40,650,843 1,493,544 30/09/2014 50,026 USD – – –

53 LAZARD GLOBAL ACTIVE FUNDS PLC 54 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements at beginningofperiod Net assetsattributabletoredeemableparticipatingshareholders **Fund closed on24February 2015. *Fund launchedon30June2015. areanintegralpartofthesefinancial statements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated Net assetsattributabletoredeemableparticipatingshareholdersatendofperiod from operations shares toholdersofredeemableparticipating Net movementinnetassetattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating Foreign currency adjustment translation Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (31 March) (continued) (16,724,621) (60,495,556) 606,011,290 705,884,858 177,093,745 30/09/2015 Infrastructure EquityFund GBP Lazard GlobalListed – – (28,146,842) 238,316,239 339,911,081 120,260,428 30/09/2014 9,481,256 GBP Period ended 30September2015 – – Franchise Fund* Global Equity 30/09/2015 5,246,878 6,018,686 (304,357) (467,451) Lazard USD – – – (1,275,513) 30/09/2015 5,803,918 4,619,722 (424,101) 515,418 Global EquitySelectFund USD – – 30/09/2014 5,302,010 6,653,361 1,289,999 61,352 Lazard USD – – – Shareholders (continued) (2,290,970) (2,803,323) 12,287,472 14,133,379 30/09/2015 Global EquityIncomeFund 3,248,386 USD – – 30/09/2014 3,084,377 9,145,594 6,463,565 (229,383) (172,965) Lazard USD – – Lazard GlobalTrend Fund** 30/09/2015 USD

– – – – – – 30/09/2014 8,622,618 9,016,205 (466,446) 72,859 USD

– – (3,193,957) 29,800,816 33,107,112 30/09/2015 (125,466) 13,127 Global Ex-JapanFund USD – – Lazard Thematic (87,020,754) 145,976,295 64,321,316 30/09/2014 4,632,609 650,600 82,566 USD – (124,826,019) Lazard ThematicGlobalFund (46,983,124) 389,868,204 553,920,276 30/09/2015 7,717,198 39,873 USD – 1,056,579,277 1,303,308,480 (294,718,143) 11,851,288 36,137,652 30/09/2014 USD – – Lazard EmergingWorld Fund (4,454,939) 18,535,207 23,279,307 30/09/2015 (593,534) 304,373 USD – – (2,448,945) 24,640,739 25,045,664 1,196,333 30/09/2014 841,495 6,192 USD – **Fund closed on24February 2015. *Fund launchedon30June2015. areanintegralpartofthesefinancial statements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated Net assetsattributabletoredeemableparticipatingshareholdersatendofperiod from operations shares toholdersofredeemableparticipating Net movementinnetassetattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating Foreign currency adjustment translation at beginningofperiod Net assetsattributabletoredeemableparticipatingshareholders Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (31 March) (16,724,621) (60,495,556) 705,884,858 177,093,745 606,011,290 30/09/2015 Infrastructure EquityFund GBP Lazard GlobalListed – – (28,146,842) 339,911,081 120,260,428 238,316,239 30/09/2014 9,481,256 GBP – – Franchise Fund* Global Equity 30/09/2015 5,246,878 6,018,686 (304,357) (467,451) Lazard USD – – – (1,275,513) 30/09/2015 4,619,722 5,803,918 (424,101) 515,418 Global EquitySelectFund USD – – 30/09/2014 6,653,361 1,289,999 5,302,010 61,352 Lazard USD – – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc (2,290,970) (2,803,323) 12,287,472 14,133,379 30/09/2015 Global EquityIncomeFund 3,248,386 USD – – 30/09/2014 9,145,594 6,463,565 3,084,377 (229,383) (172,965) Lazard USD – – Lazard GlobalTrend Fund** 30/09/2015 USD

– – – – – – 30/09/2014 8,622,618 9,016,205 (466,446) 72,859 USD

– – (3,193,957) 29,800,816 33,107,112 30/09/2015 (125,466) 13,127 (continued) Global Ex-JapanFund USD – – Lazard Thematic (87,020,754) 145,976,295 64,321,316 30/09/2014 4,632,609 650,600 82,566 USD – (124,826,019) Lazard ThematicGlobalFund (46,983,124) 553,920,276 389,868,204 30/09/2015 7,717,198 39,873 Period ended 30September2015 USD – 1,303,308,480 1,056,579,277 (294,718,143) 11,851,288 36,137,652 30/09/2014 USD – – Lazard EmergingWorld Fund (4,454,939) 23,279,307 18,535,207 30/09/2015 (593,534) 304,373 USD – – (2,448,945) 25,045,664 24,640,739 1,196,333 30/09/2014 841,495 6,192 USD –

55 LAZARD GLOBAL ACTIVE FUNDS PLC 56 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements participating sharesfromoperations participating toholdersofredeemable Net movementinnetassetattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating Foreign currency adjustment translation at beginningofperiod Net assetsattributabletoredeemableparticipatingshareholders Statement ofChangesinNetAssetsattributabletoRedeemableParticipating *Fund launchedon30September2015. areanintegralpartofthesefinancial statements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated at endofperiod Net assetsattributabletoredeemableparticipatingshareholders (31 March) (180,837,937) (241,810,457) 209,273,989 984,605,996 771,231,591 30/09/2015 (continued) Markets EquityFund USD – – Lazard Emerging 1,023,362,740 (112,799,378) 354,238,944 769,522,346 12,400,828 30/09/2014 USD – – (10,140,600) 67,470,585 59,176,780 30/09/2015 1,871,322 Markets CoreEquityFund (24,527) Period ended 30September2015 USD – – Lazard Emerging (3,188,415) 13,821,534 53,533,023 65,692,970 30/09/2014 1,518,219 8,609 USD – (17,478,894) (83,922,335) 238,713,544 142,993,968 30/09/2015 5,631,523 50,130 Markets EquityFund USD – Lazard Developing (23,296,197) 369,152,473 388,654,221 (9,853,843) 52,651,788 30/09/2014 USD – – Shareholders (continued) 30/09/2015 3,845,533 1,487,137 2,555,387 (192,838) (4,153) USD – – Lazard MENAFund 30/09/2014 2,954,358 2,606,899 347,459 USD

– – – 30/09/2015 2,494,372 2,767,228 (164,619) (135,967) 27,730 High QualityBondFund GBP – – Lazard Sterling 30/09/2014 2,645,499 2,702,242 (167,086) 83,751 26,592 GBP – – (1,344,682) 19,538,227 16,624,884 30/09/2015 4,410,113 (152,088) USD – – Fixed IncomeFund Lazard Global (1,156,358) (1,062,307) 21,294,461 19,054,966 30/09/2014 4,458,160 USD – – Ex-Japan Strategic Equity Fund* Lazard Asia 30/09/2015 4,819,200 4,819,200 USD – – – – – 2,741,428,730 3,045,959,522 (582,209,448) (306,593,017) 564,263,332 19,918,338 30/09/2015 90,003 USD Active Fundsplc 3,413,580,652 3,524,240,155 (827,080,078) Lazard Global (27,750,345) 673,734,304 69,717,848 30/09/2014 718,768 USD *Fund launchedon30September2015. areanintegralpartofthesefinancial statements. The notestothefinancialstatements fortheperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated at endofperiod Net assetsattributabletoredeemableparticipatingshareholders sharesfromoperations participating toholdersofredeemable Net movementinnetassetattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating Foreign currency adjustment translation at beginningofperiod Net assetsattributabletoredeemableparticipatingshareholders Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (31 March) (180,837,937) (241,810,457) 771,231,591 209,273,989 984,605,996 30/09/2015 Markets EquityFund USD – – Lazard Emerging 1,023,362,740 (112,799,378) 354,238,944 769,522,346 12,400,828 30/09/2014 USD – – (10,140,600) 59,176,780 67,470,585 30/09/2015 1,871,322 Markets CoreEquityFund (24,527) USD – – Lazard Emerging (3,188,415) 65,692,970 13,821,534 53,533,023 30/09/2014 1,518,219 8,609 USD – (17,478,894) (83,922,335) 142,993,968 238,713,544 30/09/2015 5,631,523 50,130 Markets EquityFund USD – Lazard Developing (23,296,197) 388,654,221 369,152,473 (9,853,843) 52,651,788 30/09/2014 USD – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc 30/09/2015 3,845,533 1,487,137 2,555,387 (192,838) (4,153) USD – – Lazard MENAFund 30/09/2014 2,954,358 2,606,899 347,459 USD

– – – 30/09/2015 2,494,372 2,767,228 (164,619) (135,967) 27,730 High QualityBondFund GBP – – Lazard Sterling 30/09/2014 2,645,499 2,702,242 (167,086) 83,751 26,592 GBP – – (continued) (1,344,682) 19,538,227 16,624,884 30/09/2015 4,410,113 (152,088) USD – – Fixed IncomeFund Lazard Global (1,156,358) (1,062,307) 21,294,461 19,054,966 30/09/2014 4,458,160 USD – – Period ended 30September2015 Ex-Japan Strategic Equity Fund* Lazard Asia 30/09/2015 4,819,200 4,819,200 USD – – – – – 2,741,428,730 3,045,959,522 (582,209,448) (306,593,017) 564,263,332 19,918,338 30/09/2015 90,003 USD Active Fundsplc 3,413,580,652 3,524,240,155 (827,080,078) Lazard Global (27,750,345) 673,734,304 69,717,848 30/09/2014 718,768 USD

57 LAZARD GLOBAL ACTIVE FUNDS PLC 58 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc is theUSD. economic environment operating the Company theCompany inwhich are operates, measured oftheprimary inthecurrency which Bond Fund are which Pound HighQuality (“GBP”). FundEquity Sterling Sterling andLazard The combined financial statementsof Panand Lazard Fund European Fund, Equity are UKEquity which EuroandLazard (“EUR”) GlobalListedInfrastructure Lazard Fund Fund Equity Japanese Equity are which JapaneseStrategic Japanese andLazard Yen Fund European Lazard Equity (“JPY”), The financial statementsare presented (“USD”). inUSDollar The measurement oftheFunds currency isUSDexceptLazard for ofChanges inNet flowStatement Assetsinplacestatement. ofacash The Company hasavailedoftheexemptions 7 availableunderSection ofCashFlows”“Statement ofFRS 102andhaspresented a . opinion oftheBoard ofDirectors (the"Directors"), reflect more they thenature appropriately oftheCompany’s businessasan wordings and certain of the financialThe format statements has been adapted from those contained inIrishstatutesothat, in the Funds theyear during ended31March were 2015. closed Fund JapaneseEquity Global of Lazard andLazard Trend Fund have beenprepared on aterminationbasisofaccounting asthese modified by therevaluation offinancial assetsandfinancial liabilitiesheldatfairvaluethrough profit orloss. The financial statements The financial statements have beenprepared costconvention on agoing theCompany concernbasisfor underthehistorical as stated. unlessotherwise Shares referencesAll tonetassets throughout thefinancial toholdersofRedeemableParticipating statements refer tonetassetsattributable Basis ofPreparation below. intheUnitedKingdom applicable andtheRepublicofIreland’’ Standard 102: Reporting Financial “The (“FRS102’’), asdiscussed andinaccordance withIrishstatute.accepted inIreland GAAP”) (“Irish 2015, Effective 1April theCompany transitioned toFRS the yearstatements for ended 31 March 2015, have which been prepared in accordance with previous accounting standards generally Regulations”). BankUCITS “Central Collective Investment for in Enforcement) Act48(1))(Undertakings 2013(Section Transferable Regulations 2015(the Securities) 2007 (the “Transparency and Directive”) theCompanies andIrishstatutecomprising Act Bank(Supervision 2014andtheCentral (“FRS”)104: Standard Reporting Reporting”, Financial the “Interim Transparency Directive (Directive 2004/109/EC)Regulations 2015have beenpreparedThe condensedended30September financial theperiod inaccordance statementsfor withFinancial Statement ofCompliance 2. SignificantAccountingPolicies Fund Equity 2015. 2015and was seeded on 30September Bank on was AsiaEx-Japan noted with Strategic the Central 29July Lazard Franchise GlobalEquity The Lazard Fund Bankon wasnotedwiththeCentral 29June2015andwasseededon 30June2015. The set outintheProspectus theFunds. andrelevantsupplementsfor FundFund Equity were AsiaEx-JapanStrategic andLazard funded. The investment objectives ofeachFund withintheCompany are Fund, MarketsDeveloping Equity MENA Lazard Fund, Bond Fund, HighQuality Income Sterling Lazard GlobalFixed Lazard Emerging Lazard World Fund, Fund, EmergingMarkets Equity Lazard EmergingMarkets Fund, Core Lazard Equity Lazard Fund, Select Equity Income Fund, GlobalEquity Lazard Lazard Thematic GlobalEx-JapanFund, Lazard Thematic GlobalFund, Managed Volatility Fund, Fund, Equity GlobalListedInfrastructure Lazard Franchise GlobalEquity Lazard Fund, Global Lazard Fund, Fund, European Lazard Equity Pan Lazard Fund, European Equity Fund, Equity GlobalStrategic Lazard Global Lazard The Company of 20 active comprises Funds. 2015, As at 30 September Fund, UK Equity Lazard Equity Japanese Strategic Lazard ofshares representing withoneinto different ormore classes Fund classes aseparate oftheCompany. Regulations”). “UCITS The Company(the as an umbrella is structured fund in that the share of the Company capital may be divided Collective InvestmentCommunities for in (Undertakings Transferable Regulation 2011(S.I. Securities) No. 352of2011), asamended Bank”) Collective Investment“Central for in asanUndertaking Transferable inaccordance withthe European (“UCITS”) Securities “Funds”) organisedunderthelawsofIreland. The Company qualifies inIreland andisauthorised by BankofIreland theCentral (the referred toasthe between itssubfunds(individually andwithsegregated capital liability with variable “Fund” the andcollectively GlobalActiveLazard Funds on1996asanopen-endedinvestment 10April company plc(the wasincorporated “Company”) 1. General Notes totheFinancialStatements The condensed financial statementsshouldberead inconjunction withtheauditedfinancial Period ended 30September2015 and control oftheDirectors. themanagementfor andadministration oftheCompany’s oftheshares, affairs andthedistribution supervision subject totheoverall The Company hasappointedasmanager Management Fees 3. Fees Statement ofFinancialPosition Position therestatements tablesummarises reflected ofFinancial The following on theStatement asof31March 2015. no midbidadjustments required. The Company’s 2014hasnotbeen restated ofComprehensive asthere ended30September Statement were Income theperiod for Company’s financial assetsatfairvaluethrough profit orlossusingmidmarket prices. Position,of Financial asat31March 2015, torecognise thefairvalueof Statements hasbeenrestated withintheseFinancial the current bidprice, financial for thequotedmarket liabilitieswasthecurrent price askprice. The Company’s year prior endStatement representative offairvalue. Underprevious Irish GAAP, financial used for market assetsheldby price theaccrued theCompany was isnotwithinthebidaskspread, themidprice Where thepointwithinbidaskspread managementdetermine will ismost which As aresult ofthe above, theCompany bothfinancial changed itsfairvaluation for inputtoutilisemidmarket assets andliabilities. price Change inaccountingpolicies ended 31March 2015prepared underprevious IrishGAAP. the nature ofsignificant changes inaccounting andeffect policies from thoseusedintheCompany’s financial theyear statementsfor theimpact oftransitiontoFRS 102onnote discloses theCompany’s financial reported position andfinancial performance, including Position ofFinancial Statement presented, 2014throughout at1April periods all beenineffect. asifthesepolicieshad always This those listedbelow, theCompany applied theaccounting policiesusedinthepreparation hasconsistently ofitsopeningFRS 102 prepared inaccordance withFRS byFRS 104(theaccounting reports standard 102). entitiesthatapply interim usedfor than Other financial 2015. statementseffective 1April Accordingly, theseare theCompany’s firstfinancial have interim statementswhich been The Directors oftheCompany have adopted accepted theaccounting inIreland, standards generally FRS 102, including itsannual for Transition toFRS102 2014:USD 19,918,338(30September USD(27,750,345)). any impact on theNet Asset Value ofany individualFund. For 2015, ended30September theperiod thisadjustment amountedto ofChanges inNet toRedeemableParticipatingStatement AssetsAttributable Shareholders. This notional adjustment doesnothave rates, ofproducing thecombined thepurpose financial for statements, asaforeigntranslationadjustment currency inthe isincluded are theperiod used.exchange for rates financial statementsatdifferent exchange fromThe difference arising translationoftheprimary of Changes inNet toRedeemableParticipating AssetsAttributable from Shareholders theaccounts oftheindividualFunds, average financial statements. For of producing of Comprehensive the combined the purpose Statement Income and the combined Statement of theindividualFunds are intoUSDusingyear translated endexchange andaccumulated rates preparation for ofthecombined For Position of producing of Financial the combined the purpose Statement of the Company, Position of Financial theStatement Basis ofPreparation (continued) 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Financial assets at fair value through profit or loss (at midmarketprices) Financial fairvaluethroughprofitorloss(at assetsat Adjustment frombidmarketpricestomid bidmarketprices) Financial fairvaluethroughprofitorloss(at assetsat , Fund Lazard Managers (Ireland) Limited(the “Manager”). The Manager hasresponsibility As at31March2015 2,979,980,023 2,979,966,452 13,571 USD Period ended 30September2015 (continued)

59 LAZARD GLOBAL ACTIVE FUNDS PLC 60 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc USD13,582 (31March 2015: USD35,499)remained receivable end. attheperiod 2014: reimbursedThe fees amountedtoUSD54,634 (30September by theperiod the Manager USD58,695), during ofwhich the relevant share class. oftheFund, exposurehedging thecurrency thebenefit share for ofany class particular to exclusively beattributable costsshall which and disposingofinvestments inthecap. are included For theavoidance ofdoubt, theManager notberesponsible will thecostsof for transaction charges, stampdutiesandotherrelevanttaxes). For Franchise GlobalEquity theLazard Fund, theexpensesofacquiring brokeragethe exception and disposing of investments of the expenses of acquiring expenses, (including custodialand sub-custodial Bond Fund Income Fund. GlobalFixed andLazard The Manager beresponsible will anyexpenses inexcess for such ofthislimitwith Fund,Emerging Markets Equity Fund, Markets Developing Equity Lazard MENA Lazard Fund, HighQuality Sterling Lazard Fund,Equity Franchise GlobalEquity Lazard Fund, Fund, Select GlobalEquity Lazard Income Fund, GlobalEquity Lazard Lazard Fund, UK Equity Lazard Fund, Equity Japanese Strategic Lazard Pan Lazard Fund, European Equity Global Strategic Lazard FranchiseEquity Fund is0.23%and0.20%, thecap respectively. 2015, Asat30September on expensesisinuseon theabove cap of 0.30%perannumtheNet Asset Value oftheFunds. GlobalManaged ofLazard Volatility Inthecase Fund Global andLazard the heading Expenses”“Other inthesection oftheProspectus entitled “Fees andExpenses”), on expenses cap subjecttoanoverall ofshares ofeach FundEach class oftheotherexpensesCompany portion (assetoutindetailunder bearitsattributable shall Reimbursement from Manager USD17,246,291) were charged, USD2,059,785(31March ofwhich 2015: USD2,437,130)remained end. payable attheperiod outofitsfee.the Distributor For 2015, ended30September theperiod 2014: management ofUSD14,096,109 (30September fees Managers. The Manager beresponsibleandexpenses oftheInvestment will thefees discharging Managers, for thePromoter and oftheinvestment managementThe Manager function hasdelegatedtheperformance inrespect oftheFunds totheInvestment and USDManagement Class. otherpersonsor tosuch astheManager mayfrom determine timetotime. Affiliate.or a Lazard in theUSD Management Shares Class are to other Funds availableonly managed or advised by Affiliate aLazard to their investment in the Fund based on the Agreement and the Investment between themselves Manager on theirbehalf. services outinvestment withregard besubjecttoafee management will oradvisory inthisclass Shareholders to carry whereoran AffiliateInvestors toholdunitsintheXshareLazard are are permitted class appointedastheInvestment only Manager Lazard GlobalFixed IncomeFund Lazard GlobalFixed IncomeFund Lazard SterlingHighQualityBondFund Lazard SterlingHighQualityBondFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsEquityFund Lazard GlobalEquityIncomeFund Lazard GlobalEquityFranchise Fund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalManaged Volatility Fund EquityFund Strategic Lazard Japanese Sub Fund Fund withtheexception ofthebelow. totheRetailCClassofeachFundattributable and0.50%perannumofthevalueNettoEAClasseach Assetsattributable per annum of the value of Net to the Retail Class of each Fund, Assets attributable 0.75% per annum of the value of Net Assets of1.00%perannumthevalueNettoInstitutional attherate ClassofeachFund,an annualfee Assetsattributable 1.50% The Manager is entitled to a charge per annum of the respectively share to each of the following attributable classes Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Retail Class Institutional Class Retail Class Institutional Class Retail CClass Institutional SClass Institutional LClass Institutional Class Institutional Class Institutional Class Retail CClass Class 1.00% 0.75% 1.00% 0.30% 0.85% 0.85% 0.50% 0.85% 0.85% 0.65% 0.85% Rate There are nomanagementchargedon fees theXClass Period ended 30September2015

(continued) the period end. the period 2014:USD3,104,738 (30September USD3,289,289), USD569,718(31March ofwhich 2015: USD941,542)remained payable at The administration, expenses)amountedto outofpocket (excluding theperiod chargedduring andcustodyfees agency transfer commercial alsobeatnormal any shall sub-custodian(which rates), together withitsreasonable expenses. out-of-pocket transaction fees, commercial beatnormal shall which rates, andtobereimbursed by theFunds andtransactions thefees chargesof for Value. and be payable by daily accrue the Fund shall fees Such in arrears. monthly The Custodian is also entitled to charge the Funds entitled tobepaidby functions ofupto0.0225%theFunds’ theFunds ofitstrustee theperformance for anannualfee Net Asset The Manager hasappointedBNYMellon Trust Company (Ireland) Limited(the “Custodian”) asthe Custodian. The Custodianis transaction charges, commercial beatnormal shall which rates). becharged atUSD20perinvestor will fees holdingatFund of perannum(exclusive level services agency andtransfer Shareholder expenses.of-pocket inarrears. andbepayable monthly daily accrue The Administrator alsobeentitledtorecover shall from theFunds itsreasonable out- the Funds received which theperiod. themduring recorded ofComprehensive intheStatement Income as Income”.“Other These refunds had of apositive impact on theperformance around their recoverability. Upon receipt of these refunds, in the Net these amounts were Asset included Value of theFunds andwere theperiod,During anumberofFunds received withholdingtax refunds were recognised which duetouncertainty notpreviously Withholding Tax Refunds not berecoverable by aFund oritsshareholders. Capital gains, dividends and interest taxes receivedand such may of origin may be subject to withholding taxes imposed by the country underreview.were theperiod during nochargeable events In the absence of an appropriate declaration, the Company be liable to Irish will Tax on the occurrence of a chargeable event. There tothateffect. provided theCompany with arelevantdeclaration notoccurinrespect will A chargeable event ofshareholders whoare resident neitherresident inIreland norordinarily andwhohave doesnotinclude: A chargeableevent relevant period. acquisition oftheshares thepreceding by theshareholders ofeightyearsafter andeach subsequentperiod beginningimmediately cancellation, ofshares transfer oron theendingof a ‘relevant period’, a ‘relevant period’ beinganeightyear beginningwiththe period other thanon theoccurrence ofachargeable event. on any arises distribution, achargeableevent Generally redemption, repurchase, Consolidation Act, 1997, as amended. On that basis the Company not be liable to taxation will in respect of its income and gains, Under current law andpractice, theCompany qualifies asdefined 739Bofthe asaninvestment inSection undertaking Taxes 4. Taxation John for Donohoe. fees respect services ofdirectors support USD88,519) remained end. payable attheperiod Directors’ were 2014: chargedover theperiod fees USD52,913 (30September USD183,897), USD8,642(31March ofwhich 2015: Directors’ Fees The Administrator payable isentitledtoanannualfee by theFunds ofupto0.08%theFunds’ Net Asset (International) Limited(the “Administrator”)The Manager hasappointedBNYMellonInvestment Servicing astheAdministrator. Administration, Transfer AgencyandCustodyFees 3. Fees(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc d)  c)  b)  a)  certain exchanges ofshares spouses. certain between spousesandformer an exchange amalgamation ofshares on orreconstruction aqualifying ofaFund arising withanother Fund; or an exchange ofshares representing aFund anotherFund; for or of Ireland; or any transactions asdesignatedby inrelation system order Commissioners toshares oftheRevenue heldinarecognised clearing to Carne Global Limitedin Services The Company GlobalFinancial paid USD7,485toCarne Period ended 30September2015 (continued) Value . Such fees shall shall fees

61 LAZARD GLOBAL ACTIVE FUNDS PLC 62 LAZARD GLOBAL ACTIVE FUNDS PLC Redemptions Subscriptions Redeemable participating shares in issue at endofperiod sharesinissueat Redeemable participating Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Lazard Global ActiveFundsplc Lazard UKEquityFund 30 September2015 2015isasfollows: ended30 September on shares redeemable theperiod The activity for participating the balancesheetdateifshareholders exercised toputtheshares totheCompany. theirrights back FRS 102, thepresent for toafinancial valueoftheredemption give rise liability amountthatwould instruments bepayable such at value proportionate to the investors share in each Fund’s net assets at the redemption date. In accordance 11 and 12 of with Sections RedeemableParticipatingAll issuedby Shares theCompany provide theinvestors torequire withtheright redemptionatthe cash for Redeemable Participating are Shares redeemable attheshareholder’s andare asfinancial classified liabilities. Assets that may be declared. The holder of the share is entitled to one vote each on a poll. 11 and 12 of FRS Under Sections 102, the to a proportionate share the right in the assets of the FundsRedeemable Participating and to any in Net carry distributions Shares of Changes inNet toRedeemableParticipating Assetsattributable Shareholders. Company attherequest ofthe shareholder. The numberofsharesissetoutintheStatement issuedandredeemedtheperiod during paidParticipating ineachoftheCompany’sfully Shares Funds Participating (“Redeemable Shares”). mayThey beredeemed by the shares areThe Company shareof500,000,000,000unclassified noparvaluewhich issueas availablefor hasanauthorised capital Redeemable ParticipatingShares ofthenetassetvalueCompany. sharepart The subscriber doesnotform shareThere 1subscriber inissueandthatisheldby iscurrently theManager. shares”),GBP1 each(“Equity were redeemed. which subsequently ofparvalue Shares shareoftheCompany theauthorised capital wasGBP40,000dividedin40,000Subscriber On incorporation Management Shares The Companyshare hasavariable capital. 5. CapitalandReserves Notes totheFinancialStatements Lazard JapaneseStrategicEquityFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Institutional Retail Class 1,556,517 1,665,566 (264,019) (117,945) 15,769 15,769 20,018 8,896 Class GBP JPY – – – – Accumulating STG£ RetailC (302,569,817) STG£ Hedged 250,406,842 Distributing (12,093) 160,170 162,247 Retail C 10,016 Class Class GBP JPY 955 809 336 146 – – 1,277,960,247 Accumulating US$ Hedged Institutional (227,213) 112,810 112,827 Class Period ended 30September2015 JPY (17) – a

(continued) 1,528,367,089 (302,797,030) 1,557,472 1,666,375 (264,019) (117,945) (12,110) 288,749 122,843 178,016 20,354 9,042 Total Total GBP JPY Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating Redemptions Subscriptions Lazard GlobalManagedVolatility Fund sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Redeemable participating shares in issue at endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Lazard GlobalStrategicEquityFund Redemptions Subscriptions Redeemable participating shares in issue at endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating Lazard EuropeanEquityFund 30 September2015(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc beginningofperiod sharesinissueat Redeemable participating Lazard Pan EuropeanEquityFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating STG£ Institutional Accumulating EA US$ Institutional Accumulating Retail Class Retail Class (2,841,633) 20,687,558 19,621,846 1,304,201 3,163,092 1,618,355 1,493,405 5,807,842 2,046,531 (107,842) (980,819) (98,697) (65,976) 406,564 386,420 312,005 190,926 (6,850) 82,728 89,578 20,144 Class Class USD USD EUR EUR – – – b STG£ Institutional Distributing EA € Institutional € Institutional Accumulating Accumulating (9,496,247) (3,766,394) 11,152,363 9,796,751 7,470,527 4,323,899 3,067,326 1,195,000 1,195,000 3,766,394 (829,287) (642,063) 11,511 Class Class Class USD EUR EUR 745 745 – – – c US$ Institutional € Institutional Accumulating Accumulating STG£ RetailC Distributing (7,664,388) (6,048,764) 4,435,883 6,039,570 (553,864) (48,229) 954,393 378,308 624,314 225,624 169,939 179,133 2,242 6,728 5,949 Class Class Class Period ended 30September2015 USD EUR EUR 779 – – US$ Institutional Accumulating STG£ RetailC Distributing (3,617,494) (1,235,808) (continued) 1,704,318 1,589,537 (26,797) (29,931) 888,234 958,420 775,829 353,963 Class Class EUR EUR 234 688 US$ Institutional Accumulating 1,781,591 2,063,694 4,314,059 3,130,296 (671,419) (597,828) Class EUR (16,626,793) (8,628,314) (6,786,734) (6,580,849) 11,222,614 14,644,975 12,632,703 10,941,792 26,557,308 28,114,022 5,751,595 1,037,866 3,163,092 8,799,006 5,024,135 (652,561) (55,079) 468,631 624,314 406,564 386,420 20,144 Total Total Total Total USD USD EUR EUR – –

63 LAZARD GLOBAL ACTIVE FUNDS PLC 64 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard GlobalListedInfrastructureEquityFund(continued) Redemptions Lazard GlobalEquitySelectFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating Lazard GlobalEquityFranchiseFund* Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Redeemable participating shares in issue at endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Redemptions Subscriptions Lazard Global ActiveFundsplc Lazard GlobalListedInfrastructureEquityFund 30 September2015(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements STG£ Institutional US$ Institutional Accumulating Accumulating Accumulating US$ Hedged Institutional ¥ HedgedX (5,864,054) (4,382,739) (1,275,513) 44,005,899 50,370,877 32,444,677 22,308,939 14,960,451 15,000,000 7,794,498 (467,451) (21,387) (39,549) (10,720) 937,186 (3,004) 35,955 46,298 45,683 Class 3,018 6,022 Class Class Class USD GBP GBP USD 377 – – d Accumulating EA US$ Institutional US$ Institutional Accumulating Accumulating (11,986,536) US$ Hedged Institutional Institutional Distributing (9,299,637) 21,068,885 28,973,567 5,081,500 1,713,317 1,386,410 4,293,604 3,751,872 1,394,955 € Hedged (598,042) (412,491) 954,223 469,735 50,795 50,795 Class 4,697 4,697 Class Class Class USD GBP GBP USD – – – – – –

f Institutional Distributing 82,351,155 74,484,944 9,717,349 7,994,864 € Hedged (151,151) (128,653) Class Period ended 30September2015 GBP Accumulating CHF Hedged Institutional 11,122,218

1,599,431 1,599,431 (continued) Class GBP – – –

e Accumulating (21,984,389) (16,053,256) 126,962,592 133,139,789 Institutional 13,787,559 9,876,059 Class STG£ GBP (19,889,997) (60,495,556) (45,354,921) (15,038,596) 238,604,278 187,395,640 177,093,745 540,211,273 135,511,443 450,054,751 Institutional Distributing (1,275,513) 87,566,495 66,247,234 6,018,686 (467,451) (10,720) 515,418 (3,004) 53,813 56,817 40,652 46,298 5,074 Class STG£ Total Total Total GBP USD GBP USD – Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Lazard ThematicGlobalFund Redemptions Subscriptions Redeemable participating shares in issue at endofperiod sharesinissueat Redeemable participating Redeemable participating sharesredeemedduringtheperiod Redeemable participating Lazard ThematicGlobalEx-JapanFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard GlobalEquityIncomeFund(continued) Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Redemptions Subscriptions Redeemable participating shares in issue at endofperiod sharesinissueat Redeemable participating Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard GlobalEquityIncomeFund 30 September2015(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc US$ Institutional Accumulating Accumulating Institutional Institutional 1,234,205 € Hedged (161,778) (125,466) (966,144) (10,280) 552,736 388,786 386,601 158,805 159,343 Sterling X Class 13,127 12,641 12,559 10,362 23,065 23,065 Class 3,037 Class Class (852) (601) USD USD USD USD 63 – – – – g US$ Institutional US$ Institutional € Institutional Accumulating Distributing L Distributing L (1,443,636) 3,551,062 (216,418) 287,202 (7,415) (2,693) 38,987 18,125 28,277 98,238 5,056 1,071 6,678 3,435 2,282 1,153 Class Class Class USD USD USD – – US$ Institutional Accumulating (123,220,605) Institutional Distributing 3,613,400 1,920,545 2,548,786 (648,590) (11,139) 20,349 6,038 6,118 Class Class STG£ Period ended 30September2015 USD USD (80) – – Accumulating L Institutional (continued) 45,827 Class STG£ USD 923 636 287 – – Distributing L Institutional (1,608,773) 1,582,707 (11,467) 57,389 58,431 10,425 Class STG£ USD (124,826,019) Distributing (2,803,323) 7,717,198 2,348,318 2,963,664 3,248,386 (656,857) (125,466) (24,525) 158,805 108,748 106,648 159,343 Retail C 41,511 13,127 26,625 Class STG£ (601) (849) Total Total Total USD USD USD USD 207 201 205 (5) 63 1 h

65 LAZARD GLOBAL ACTIVE FUNDS PLC 66 LAZARD GLOBAL ACTIVE FUNDS PLC Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating Lazard EmergingMarketsEquityFund(continued) Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Lazard EmergingMarketsCoreEquityFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard Global ActiveFundsplc Lazard EmergingMarketsEquityFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating Lazard EmergingWorld Fund 30 September2015(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating US$ Institutional S Accumulating € Institutional € Institutional Accumulating (45,120,678) Retail Class (4,748,733) (4,941,229) 11,499,209 25,111,054 25,410,344 1,889,845 4,646,371 4,641,939 2,171,688 (391,555) (206,507) 349,750 109,712 349,750 112,432 733,127 736,892 (8,319) 4,554 Class Class Class USD USD USD USD – – – – US$ InstitutionalS US$ Institutional US$ Institutional Accumulating (163,808,822) 149,815,216 Institutional Distributing (1,476,092) (4,222,198) (4,390,239) 10,835,636 1,871,322 5,370,626 1,372,843 5,473,875 7,019,712 (387,027) (24,527) (14,177) 576,283 574,315 191,941 121,166 128,681 59,487 17,622 42,097 6,662 Class Class Class Class (232) USD USD USD USD US$ Institutional Accumulating Accumulating Accumulating STG£ RetailC Institutional Distributing (1,319,019) (1,715,462) US$ Retail 2,611,274 133,000 133,000 895,812 Class Class Class Class STG£ Period ended 30September2015 USD USD USD USD 125 125 33 33 – – – – – – – – – – – – – – i Institutional Distributing (1,603,867)

(continued) (12,724) 103,542 12,160 Class STG£ USD 661 97 Institutional S Accumulating (5,572,325) (3,901,727) 30,564,267 16,442,594 25,405,273 18,023,400 Class STG£ USD S Distributing (241,810,457) (15,414,815) (10,816,011) (27,645,039) 209,273,989 105,420,392 Institutional 34,568,854 11,134,348 17,228,095 34,250,517 34,276,412 98,789,019 1,871,322 (593,534) (24,527) (22,496) 542,237 524,847 304,373 854,326 865,606 17,622 11,216 Class STG£ (232) Total Total Total USD USD USD USD Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating Lazard SterlingHighQualityBondFund Lazard MENAFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard DevelopingMarketsEquityFund(continued) Redemptions Subscriptions Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard DevelopingMarketsEquityFund 30 September2015(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc US$ Institutional € Institutional Accumulating Accumulating US$ RetailC (32,509,857) Retail Class Distributing (2,938,334) 1,487,137 1,969,205 4,904,697 (118,430) (45,874) (5,547) (4,153) 25,930 20,546 13,904 32,703 21,307 31,867 11,627 20,270 8,357 2,842 Class Class Class (968) GBP USD USD USD (30) 207 – – € Institutional Institutional Distributing (3,234,363) 1,258,075 (311,850) (46,189) 946,225 Class 1,800 Class (361) GBP USD 195 542 14 – – Accumulating (15,136,485) Institutional (1,240,848) 2,124,628 8,744,311 9,834,883 150,276 Class STG£ Period ended 30September2015 USD Institutional Distributing (1,342,739) (continued) 2,380,695 (104,255) 790,962 707,309 187,908 Class STG£ USD Accumulating STG£ RetailC (25,403) (1,900) 92,436 Class 7,400 3,800 5,500 USD j Accumulating (83,922,335) (31,627,614) Institutional (8,772,290) (4,169,556) 22,326,186 14,033,173 1,001,061 5,631,523 1,566,713 5,603,518 1,487,137 (164,619) 479,277 132,751 (4,153) (1,329) 27,730 20,741 31,867 11,627 20,270 21,849 Class Total Total Total USD USD GBP USD US$ (30) 221

67 LAZARD GLOBAL ACTIVE FUNDS PLC 68 LAZARD GLOBAL ACTIVE FUNDS PLC The activity on redeemable participating shares for the period ended 30 September 2014isasfollows: ended30 September on shares redeemable theperiod The activity for participating Lazard Global ActiveFundsplc Lazard GlobalFixedIncomeFund Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard AsiaEx-JapanStrategicEquityFund** Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating f e d c b a Lazard UKEquityFund 30 September2014 Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Class launched on 22 July 2015. on Classlaunched 22July Class launched on 11 September 2015. on Classlaunched 11September Class launched on2015. Classlaunched 24April Class launched on2015. Classlaunched 22April Class launched on2015. Classlaunched 27April Class launched on 01 July 2015. on Classlaunched 01July * Fund on launched 30June2015. j i h g ** Fund 2015. on launched 30September Class launched on Classlaunched 16March 2015. Class launched on Classlaunched 25November 2014. Class launched on 19 February 2015. on Classlaunched 19February Class launched on Classlaunched 10November 2014. US$ Institutional Accumulating Retail Class Retail Class 4,800,000 1,857,356 1,991,707 (328,625) (146,361) (7,576) 35,240 48,000 48,000 35,188 26,739 12,010 1,140 Class USD USD GBP (61) – – – 9 Accumulating EA US$ Institutional Accumulating Accumulating STG£ RetailC Institutional € Hedged 63,023 19,200 63,023 1,606 Class Class Class USD USD GBP 192 192 719 719 – – – – – – – – – – Accumulating Institutional (1,337,106) 4,408,973 (10,157) 43,694 33,070 66,607 Class Period ended 30September2015 USD US$

(continued) (1,344,682) 4,819,200 4,410,113 1,858,075 1,991,707 (328,625) (146,361) (10,218) 141,957 164,818 33,079 48,192 48,192 28,345 12,729 Total Total Total USD USD GBP – – – Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Lazard EuropeanEquityFund Redemptions Subscriptions Redeemable participating shares in issue at endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard JapaneseStrategicEquityFund Redemptions Subscriptions Redeemable participating shares in issue at endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard JapaneseEquityFund*(continued) Redemptions Subscriptions Lazard JapaneseEquityFund* 30 September2014(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating (1,233,437,248) Accumulating (967,154,682) (10,041,235) (88,942,634) (14,937,180) 539,888,053 Institutional Institutional Retail Class Retail Class (5,694,677) (2,371,261) 20,624,650 22,369,071 10,044,786 52,135,551 1,504,327 1,152,894 6,763,296 8,783,222 (73,592) 626,840 199,405 229,189 609,338 15,769 12,218 43,808 Class Class EUR US$ JPY JPY JPY (21,676,962,440) Hedged RetailC € Institutional Accumulating (568,564,767) (243,845,992) 699,978,875 494,369,366 238,934,693 Institutional Distributing 5,693,723 (27,948) 498,743 498,743 176,291 167,385 782,424 36,854 Class Class Class STG£ EUR JPY JPY – – – – Accumulating Accumulating STG£ RetailC (14,795,674) ¥ RetailC (211,802) 695,023 213,150 10,000 8,652 Class Class Period ended 30September2015 EUR JPY 750 314 314 – – – STG£ RetailC Distributing Distributing (continued) 1,614,350 1,691,909 8,588,516 ¥ RetailC (188,786) (77,559) 101,259 101,259 Class Class EUR JPY – – – – – Accumulating Accumulating STG£ RetailC (207,472,622) Institutional (2,899,065) 1,961,477 4,837,802 2,104,667 3,224,668 2,899,065 (459,163) (491,533) 8,783 Class Class EUR US$ JPY – – (23,556,206,741) (1,535,719,449) 1,180,386,628 STG£ RetailC (334,596,123) (266,489,132) (10,069,183) 701,131,769 254,569,291 Distributing (6,342,626) (2,940,353) (4,521,501) 27,575,859 27,784,391 10,212,171 13,622,267 84,701,336 3,466,554 2,731,821 1,702,426 1,011,529 3,509,972 192,060 49,072 Class Total Total Total EUR JPY JPY JPY

–

69 LAZARD GLOBAL ACTIVE FUNDS PLC 70 LAZARD GLOBAL ACTIVE FUNDS PLC Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Lazard GlobalListedInfrastructureEquityFund Redemptions Subscriptions Lazard GlobalManagedVolatility Fund Redemptions Subscriptions Lazard GlobalStrategicEquityFund Redemptions Subscriptions Lazard Global ActiveFundsplc endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard Pan EuropeanEquityFund 30 September2014(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Accumulating Accumulating Institutional Institutional Retail Class ¥ HedgedX 4,291,125 1,514,692 1,501,883 (488,871) (92,480) (43,404) (69,154) 109,485 289,453 289,104 686,831 384,950 345,285 50,026 81,963 Class Class Class GBP USD USD EUR US$ US$ 349 – – – – – – – – € Institutional Accumulating Accumulating Institutional (2,459,463) (2,061,000) 15,389,201 9,602,214 7,749,404 9,700,797 3,847,215 4,320,057 € Hedged (733,392) (671,702) 206,756 198,860 Class Class GBP EUR € Institutional Institutional Distributing Distributing 19,630,969 31,319,053 16,047,613 15,271,440 6,018,249 6,000,000 € Hedged 18,296 18,249 Class Class Period ended 30September2015 GBP EUR – – – – Accumulating Accumulating Institutional Institutional (3,388,690) (2,795,226) 26,842,263 77,835,359 22,261,460 58,369,125

1,051,033 1,459,660 1,459,660 (continued) Class Class STG£ GBP EUR US$ – – – (14,418,500) (12,145,934) 139,216,120 114,384,048 Institutional Distributing 43,688,388 36,978,006 Class STG£ GBP Accumulating US$ Hedged Institutional (7,845,150) (7,242,185) 13,590,276 12,005,209 12,257,300 12,839,816 11,821,940 4,291,125 6,990,094 1,385,570 1,758,732 (488,871) (825,872) (740,856) (43,404) 289,453 289,104 686,831 384,950 345,285 50,026 Class Total Total Total GBP USD USD EUR 349 – – Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Lazard GlobalEquityIncomeFund(continued) Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard GlobalEquityIncomeFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard GlobalEquitySelectFund Redemptions Subscriptions Lazard GlobalListedInfrastructureEquityFund(continued) 30 September2014(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating € Institutional Accumulating Distributing L US$ Hedged Institutional Institutional Distributing 1,289,999 6,906,318 5,818,345 5,846,469 (49,230) (35,039) (28,124) 153,675 55,325 10,721 44,604 1,135 Class Class Class (380) USD USD GBP US$ 755 – – – – Accumulating Institutional (29,071) 57,703 6,192 6,038 Class STG£ (173) USD 327 Accumulating L Institutional 76,407 Class STG£ Period ended 30September2015 USD 445 445 – – – Distributing L Institutional (continued) 2,427,550 (94,664) 14,192 40,789 27,148 Class STG£ (551) USD Accumulating Institutional 30,000 10,362 10,068 Class USD US$ 294 – – Distributing L (28,146,842) (24,272,469) 120,260,428 281,583,287 101,140,252 204,715,504 Institutional 3,084,377 1,289,999 (172,965) 339,042 (1,104) 61,959 19,809 43,254 55,325 10,721 44,604 3,416 3,416 Class Total Total Total USD USD USD GBP US$ – – – – –

71 LAZARD GLOBAL ACTIVE FUNDS PLC 72 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard EmergingWorld Fund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard ThematicGlobalFund Redemptions Subscriptions Lazard ThematicGlobalEx-JapanFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating Lazard GlobalTrend Fund** 30 September2014(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating US$ Institutional Accumulating (113,317,993) (87,020,754) Institutional Retail Class (1,785,313) 1,382,556 1,189,541 1,811,063 (629,176) (466,446) (423,247) (66,546) 650,600 358,708 773,552 826,591 312,047 732,023 Sterling X Class (3,470) 62,765 13,507 66,235 7,654 3,271 Class Class USD USD USD USD – – Accumulating Institutional Institutional (1,162,189) 2,601,851 (659,352) (23,622) 478,077 146,504 153,336 (6,435) 42,671 14,231 34,875 16,790 Class Class USD USD US$ Accumulating STG£ RetailC (180,237,961) Institutional Distributing 7,866,881 4,511,435 5,460,392 (991,508) (4,280) 42,551 4,710 Class Class (164) Period ended 30September2015 USD USD US$ 179 15 –

(continued) (294,718,143) (87,020,754) (1,627,119) (2,448,945) 11,851,288 5,743,647 7,306,330 (466,446) (423,247) (90,332) 650,600 312,047 732,023 841,495 920,071 979,927 (3,470) 64,436 62,765 66,235 30,476 3,271 Total Total Total Total USD USD USD USD – – Redemptions Subscriptions Redeemable participating shares in issue at endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating Lazard DevelopingMarketsEquityFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard EmergingMarketsCoreEquityFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard EmergingMarketsEquityFund(continued) Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard EmergingMarketsEquityFund 30 September2014(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc US$ Institutional € Institutional € Institutional € Institutional Accumulating Accumulating S Distributing (20,266,652) (1,621,503) (1,447,212) 19,200,513 13,632,763 52,962,207 4,897,929 4,963,257 8,079,772 7,014,962 1,730,153 1,481,884 (904,160) (144,448) (71,616) 349,750 349,750 392,717 78,676 6,288 Class Class Class Class USD USD USD USD – – – – US$ Institutional € Institutional Accumulating Accumulating (13,801,243) (65,941,417) 249,524,881 Institutional Distributing (1,199,477) (3,188,415) 12,114,070 US$ Retail 6,276,175 1,024,557 6,451,095 5,507,447 1,956,885 4,051,041 (500,479) (30,000) 521,534 380,000 380,000 380,000 17,078 42,172 4,906 Class Class Class Class USD USD USD USD US$ – – – US$ Institutional Accumulating Institutional Institutional Distributing Distributing 27,694,306 13,300,000 9,886,769 1,841,375 8,047,071 (25,764) 133,000 133,000 (1,677) 12,028 Class Class Class STG£ STG£ Period ended 30September2015 USD USD USD 73 73 – – – – – – Institutional S Accumulating Institutional Distributing (continued) 4,217,555 3,399,199 6,037,837 (334,648) (20,814) (25,243) (14,970) 669,036 579,776 557,901 833,326 42,689 Class Class STG£ STG£ USD USD Institutional S Accumulating Institutional Distributing (2,271,610) (1,482,543) 32,436,693 14,135,579 19,128,978 25,172,312 1,778,930 7,421,427 7,472,587 (273,881) (827,864) 222,721 Class Class STG£ USD USD US$ Institutional S Accumulating (112,799,378) US$ RetailC (23,554,743) (23,462,020) (20,619,770) 354,238,944 Distributing (5,958,772) (3,188,415) 10,316,770 13,821,534 38,007,817 36,199,523 10,728,402 46,090,891 85,218,883 12,069,907 99,671,957 5,907,545 5,456,609 1,075,514 (624,578) (30,000) 499,828 137,906 391,922 Class Class Total Total USD USD USD USD US$

73 LAZARD GLOBAL ACTIVE FUNDS PLC 74 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating Lazard GlobalFixedIncomeFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating Lazard SterlingHighQualityBondFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard MENAFund Redemptions Subscriptions endofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating Lazard DevelopingMarketsEquityFund(continued) 30 September2014(continued) Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Redeemable participating sharesissuedduringtheperiod Redeemable participating beginning ofperiod sharesinissueat Redeemable participating sharesredeemedduringtheperiod Redeemable participating sharesissuedduringtheperiod Redeemable participating beginningofperiod sharesinissueat Redeemable participating ** Fund 2015. on 24February closed * Fund on 6October2014. closed Accumulating Institutional Retail Class Retail Class (114,283) (60,735) 37,358 26,592 21,859 20,000 20,000 37,806 22,621 1,575 Class (460) (998) USD USD GBP US$ 236 12 – – – – Accumulating Institutional Institutional € Hedged (52,803) 66,136 66,136 Class Class (465) USD GBP 515 980 – – – – – – Accumulating Institutional (1,095,623) 4,456,585 (7,817) 59,593 31,922 35,488 Class Period ended 30September2015 USD US$

(continued) (23,296,197) (2,192,043) (1,156,358) 52,651,788 34,969,621 32,948,520 4,213,144 4,458,160 (167,086) 163,087 139,430 (8,277) (1,463) 20,000 20,000 26,592 22,374 31,934 23,601 Total Total Total Total USD USD USD GBP 236 – – – – value andnetassetpershare tablesare inthefollowing oftherelevantclass. statedinthecurrency 2015,total numberofRedeemableParticipating inissueat30September Shares 31March 2015and31March 2014. The netasset by isdetermined dividingthevalueofnetassetsFund ofsharesThe netassetvaluepershare inaportfolio ofany class by the 6. NetAssetValue Notes totheFinancialStatements Lazard Global ActiveFundsplc - RetailClass Lazard UKEquityFund - STG£RetailC Class Accumulating - RetailClass Lazard JapaneseEquityFund* - InstitutionalClass - ¥RetailC Class Accumulating - STG£RetailC Class Accumulating - STG£RetailCDistributingClass - US$Institutional Class Accumulating - InstitutionalClass Lazard JapaneseStrategicEquityFund - STG£HedgedRetailCDistributingClass - US$HedgedInstitutional Class Accumulating - RetailClass Lazard EuropeanEquityFund - €Institutional Class Accumulating - STG£RetailC Class Accumulating - STG£RetailCDistributingClass - US$Institutional Class Accumulating - RetailClass Lazard Pan EuropeanEquityFund - €Institutional Class Accumulating - €InstitutionalDistributingClass - US$Institutional Class Accumulating - STG£Institutional EAClass Accumulating Lazard GlobalStrategicEquityFund - US$Institutional Class Accumulating - STG£InstitutionalDistributingEAClass - US$Institutional Class Accumulating Lazard GlobalManagedVolatility Fund - €HedgedInstitutional Class Accumulating - ¥HedgedXClass Lazard GlobalListedInfrastructureEquityFund - €HedgedInstitutionalDistributingClass - CHFHedgedInstitutional Class Accumulating - STG£Institutional Class Accumulating - STG£InstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - US$HedgedInstitutionalDistributingClass CHF 15,224,078 ¥1,535,859,930 €136,576,545 £173,703,237 £310,831,811 $104,428,366 £19,256,560 €55,976,244 €13,403,328 $10,393,199 $59,314,235 €36,288,739 Value at30 £3,352,852 ¥1,731,843 $9,838,686 €2,887,275 $5,198,955 €2,426,519 $1,598,574 September $9,496,117 Net Asset £725,209 €193,721 £753,774 £13,629 £2,106 £7,537 2015 – – – – – – Participating Redeemable 126,962,592 238,604,278 issue at30 20,687,558 11,152,363 14,960,451 21,068,885 82,351,155 September 50,370,877 Number of 1,556,517 1,195,000 4,314,059 1,618,355 1,704,318 1,599,431 4,293,604 shares in 160,170 112,810 353,963 169,939 954,393 406,564 15,769 82,728 6,728 2015 955 745 – – – – – – Share at30 CHF 9.5184 September ¥109.8277 £120.2259 $145.8917 ¥102.6613 Net Asset Value per $87.2149 £10.1164 $10.8899 £2.1541 £2.2047 €2.7058 €2.4161 £2.0256 £2.0488 $1.2051 €1.4994 €1.2018 €1.1399 $0.9380 £9.1115 €1.7224 €1.6585 £1.3681 £1.3027 $2.0732 $2.2117 2015 – – – – – – €127,618,130 £186,682,786 £252,230,814 £21,156,104 €56,698,100 $59,868,369 €51,135,351 $47,488,269 £3,907,731 ¥1,866,077 €9,695,550 £3,409,443 $3,849,700 €2,425,315 €5,614,552 €7,452,448 $7,303,429 $8,584,788 Net Asset 31 March $756,226 Value at £12,615 £1,919 2015 – – – – – – – – – – – Participating Redeemable 133,139,789 187,395,640 Period ended 30September2015 issue at31 19,621,846 28,973,567 74,484,944 22,308,939 Number of 1,665,566 3,766,394 1,589,537 3,130,296 1,493,405 4,323,899 6,039,570 3,751,872 shares in 162,247 775,829 624,314 386,420 15,769 March 5,949 2015 809 – – – – – – – – – – – (continued) Share at31 ¥118.3404 £130.3945 $154.9308 Net Asset Value per $11.6983 £2.3462 £2.3729 €2.8895 €2.5742 £2.1204 £2.1449 $1.2298 €1.6240 €1.2985 €1.2339 $0.9747 €1.7649 €1.7133 £1.4022 £1.3460 $2.1287 $2.2881 March 2015 – – – – – – – – – – – ¥20,919,315,483 ¥1,012,810,873 ¥735,867,327 £131,793,586 ¥17,687,127 £18,745,282 €53,305,793 $40,650,843 €14,385,282 €22,479,402 £68,548,347 $12,499,541 £4,476,538 £1,445,061 £1,747,934 $2,763,640 €1,047,114 £3,405,934 $4,154,855 €1,967,972 €4,479,705 €5,977,831 $3,864,173 Net Asset 31 March Value at 2014 – – – – – – – – – Share at31 ¥100.8295 £111.9891 $140.6099 Net Asset Value per ¥83.7810 ¥87.5524 ¥82.9796 $12.0583 $11.1913 £2.2476 £0.4985 £0.4980 €2.3830 €2.0995 £2.0131 $1.2885 €1.3103 €1.0370 €0.9963 €1.4829 €1.4720 £1.1744 £1.1522 $1.7882 March 2014 – – – – – – – – –

75 LAZARD GLOBAL ACTIVE FUNDS PLC 76 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc - STG£Institutional Class Accumulating Lazard GlobalEquityFranchiseFund** 6. NetAssetValue (continued) Notes totheFinancialStatements - US$Institutional Class Accumulating - US$Institutional Class Accumulating Lazard GlobalEquitySelectFund - US$Institutional EAClass Accumulating - €HedgedInstitutional Class Accumulating Lazard GlobalEquityIncomeFund - €InstitutionalDistributingLClass - STG£Institutional Class Accumulating - STG£Institutional LClass Accumulating - STG£InstitutionalDistributingLClass - STG£RetailCDistributingClass - US$Institutional Class Accumulating - US$InstitutionalDistributingLClass - US$Institutional Class Accumulating Lazard GlobalTrend Fund*** - XClass Lazard ThematicGlobalEx-JapanFund - InstitutionalSterlingClass Lazard ThematicGlobalFund - US$Institutional Class Accumulating - US$InstitutionalDistributingClass - RetailClass Lazard EmergingWorld Fund - InstitutionalClass - STG£RetailC Class Accumulating - €InstitutionalClass Lazard EmergingMarketsEquityFund - US$InstitutionalClass - STG£Institutional Class Accumulating - STG£InstitutionalDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalSDistributingClass - US$Retail Class Accumulating - €Institutional Class Accumulating Lazard EmergingMarketsCoreEquityFund - US$Institutional Class Accumulating - US$InstitutionalDistributingClass $318,857,155 €163,705,920 $481,711,518 $29,800,816 £42,577,452 $15,769,176 £24,875,429 £28,179,281 $20,234,175 €38,557,318 $10,954,732 Value at30 $4,814,710 $4,197,136 €1,896,033 £4,907,967 $1,027,221 $6,516,853 $2,765,316 September $5,547,454 $5,182,477 Net Asset £285,306 $422,586 €320,182 £536,470 $390,391 $610,937 £81,147 £17,252 £9,432 £7,934 2015 £472 – Participating Redeemable issue at30 30,564,267 September 34,568,854 25,111,054 Number of 1,920,545 1,889,845 5,370,626 7,019,712 shares in 158,805 388,786 733,127 121,166 895,812 349,750 133,000 50,795 35,955 23,065 57,389 12,641 38,987 59,487 3,018 4,697 3,435 6,038 5,056 2015 923 201 125 33 97 – Share at30 September $116.7334 $187.6572 £109.5137 $167.1551 $166.0243 €110.2425 Net Asset Value per £94.5201 $94.7872 $89.9627 €82.2026 €93.2160 £88.8529 £87.8786 £85.5205 £85.7875 $81.2615 $77.2075 $21.5095 $22.8226 £14.4212 €86.6240 $89.6937 £75.7557 £81.3923 $87.1192 $82.3664 £0.8139 £0.8152 $0.8058 $0.7903 $0.6820 2015 – $476,398,688 €241,339,379 $606,049,135 $33,107,112 £48,636,054 $19,658,636 £18,408,457 £35,176,571 $25,169,767 $10,570,078 €46,890,556 $12,818,244 $5,803,918 €2,221,931 £6,006,464 $5,321,366 $3,619,790 £1,249,482 $2,196,115 $4,291,300 Net Asset 31 March €131,517 £650,030 $986,743 $607,109 Value at £66,606 £21,187 £11,839 2015 £593 – – – – Participating Redeemable Period ended 30September2015 issue at31 18,023,400 34,250,517 25,410,344 10,835,636 Number of 2,548,786 2,171,688 5,473,875 2,611,274 shares in 159,343 386,601 736,892 128,681 349,750 133,000 46,298 23,065 58,431 10,362 28,277 12,160 42,097 March 1,153 6,118 6,678 2015 636 205 125 33 – – – –

(continued) Share at31 $125.3598 €114.0749 £106.2404 £104.7935 £102.7961 £103.1172 $207.7723 £125.8044 $188.1851 $186.9120 €111.1299 $110.7167 £102.7563 €134.0688 $101.9391 Net Asset Value per €96.3320 $95.2234 $90.9168 $26.6778 $28.1300 £18.1178 £95.0931 $96.3778 £1.0214 £1.0270 $0.9905 $0.9755 $0.8410 March 2015 – – – – $145,976,295 £193,707,918 $974,132,726 €138,329,754 $483,401,131 $21,028,831 £18,861,528 $48,344,447 $14,338,736 €35,786,054 $5,302,010 £2,674,757 $1,005,555 $9,016,205 $6,235,598 $4,016,833 $4,210,338 Net Asset 31 March £599,100 £802,509 Value at 2014 – – – – – – – – – – – – – Share at31 $118.8680 $136.1245 $199.4149 £106.9582 $178.8009 $178.3998 $119.3276 €102.3190 Net Asset Value per £99.2259 £98.5257 $99.8789 $25.4404 $26.1962 €93.3472 $99.8373 £0.9630 £0.9860 $1.0489 $1.0518 March 2014 – – – – – – – – – – – – – are GBP). period/year endexchange have assetsandliabilitiesinothercurrenciesThe following rates been usedtotranslate toUSD: Fund, Bond UKEquity FundLazard which HighQuality Fund Equity GlobalListed Infrastructure Sterling Lazard andLazard Fund Equity are which Strategic JPY, Fund European Lazard Equity Pan andLazard Fund European Equity are which EURand The financial statements are prepared Fund JapaneseEquity in USD (except financial for Japanese Lazard statements for and Lazard 7. ExchangeRates **** Fund 2015. on launched 30September *** Fund 2015. on 24February closed ** Fund on launched 30June2015. * Fund on 6October2014. closed - €Institutional Class Accumulating Lazard DevelopingMarketsEquityFund 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc - €InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£InstitutionalDistributingClass - STG£RetailC Class Accumulating - US$Institutional Class Accumulating - US$RetailCDistributingClass - US$Institutional Class Accumulating Lazard MENAFund - RetailClass Lazard SterlingHighQualityBondFund - InstitutionalClass - RetailClass Lazard GlobalFixedIncomeFund - €HedgedInstitutional Class Accumulating - US$Institutional Class Accumulating - US$Institutional EAClass Accumulating - US$Institutional Class Accumulating Lazard AsiaEx-JapanStrategicEquityFund**** Israeli Shekel Indonesian Rupiah Indian Rupee Hungarian Forint Dollar Euro Egyptian PoundEgyptian Danish Krone Czech Koruna Colombian Peso Chinese Yuan Canadian Dollar Brazilian Real Australian Dollar Exchange RatesagainstUSD €16,044,717 £64,875,781 Value at30 €7,181,938 £6,037,309 $9,494,793 $3,845,533 £2,470,738 $4,280,821 €5,866,285 $8,709,170 $4,800,000 September Net Asset £64,984 $58,406 £23,634 $19,200 2015 Participating Redeemable issue at30 September Number of 1,969,205 8,744,311 1,566,713 shares in 946,225 790,962 31,867 20,546 35,188 63,023 66,607 48,000 7,400 8,357 30 September2015 2015 195 192 14,650.00083 3,087.12520 Share at30 September 280.60030 $120.6732 £120.2549 £121.4705 $121.6572 $130.7541 $100.0000 $100.0000 Net Asset Value per 65.64001 24.34491 €93.0813 3.92491 7.75006 0.89586 7.83004 6.68325 6.35709 1.34072 3.98194 1.42400 €8.1478 €7.5901 £7.4192 £7.6329 £8.7816 $6.0603 $6.9889 2015 €47,691,697 €11,382,687 £85,393,267 $38,949,178 £6,320,056 $2,555,387 £2,697,959 $4,402,919 €5,983,062 $5,796,082 Net Asset 31 March $111,367 Value at £39,034 £69,269 31 March2015 2015 13,075.00067 2,597.72516 279.19000 – – 62.58124 25.65736 3.97669 7.75305 0.93109 7.63004 6.95601 6.19960 1.26652 3.19609 1.30896 Participating Redeemable Period ended 30September2015 issue at31 Number of 4,904,697 1,258,075 9,834,883 5,603,518 shares in 707,309 13,904 20,270 21,307 35,240 63,023 43,694 March 3,800 2015 542 – – 30 September2014 (continued) Share at31 $126.0674 £126.6256 £127.8891 $124.9395 $132.6528 Net Asset Value per £10.2722 €94.9342 €9.7237 €9.0477 £8.6827 £8.9354 $6.9508 $8.0099 12,185.00077 March 2,018.65006 2015 245.89356 61.76002 21.77479 3.68451 7.76511 0.79163 7.15005 5.89267 6.13950 1.11754 2.44962 1.14277 – – €43,063,531 €52,594,812 £71,241,613 $59,476,329 $50,505,479 £5,133,079 $2,606,899 £2,588,997 $5,063,725 €6,585,352 $4,914,877 Net Asset 31 March £113,245 Value at 2014 – – – Share at31 $130.3450 £114.4505 £115.5566 $133.9401 $138.4956 Net Asset Value per €99.5726 €8.6765 €8.1529 £8.8531 £9.2007 $7.9593 $9.2558 March 2014 – – –

77 LAZARD GLOBAL ACTIVE FUNDS PLC 78 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc end exchange have assets and rates liabilities in other currencies been used to translate period The following to Japanese Yen (“JPY”): (“GBP”): endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate period toPoundThe following Sterling endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate period toEuroThe following (“EUR”): 7. ExchangeRates(continued) Notes totheFinancialStatements UAE Dirham Turkish Lira Tunisian Dinar Thai Baht Taiwan Dollar Swiss Franc Swedish Krona South Korean WonSouth South African Rand South African Singapore Dollar Singapore Russian Ruble Qatari Riyal Qatari Pound Sterling Polish Zloty Philippine Peso Peruvian NuevoSol US Dollar Omani Rial Turkish Lira Norwegian Krone Swiss Franc New ZealandDollar US Dollar Swedish Krona Moroccan Dirham Swiss Franc Mexican Peso South Korean WonSouth Pound Sterling Malaysian Ringgit US Dollar YenJapanese Polish Zloty Kuwaiti Dinar Pound Sterling Euro Norwegian Krone Jordanian Dinar Euro Australian Dollar Danish Krone Japanese YenJapanese Exchange RatesagainstUSD Exchange RatesagainstJPY Exchange RatesagainstGBP Exchange RatesagainstEUR 30 September2015 30 September2015 30 September2015 30 September2015 1,185.30005 1,795.43325 181.41405 119.76501 36.29500 32.92751 13.82700 65.60594 46.74002 16.94676 3.67285 3.02773 1.96891 0.97712 8.38706 1.42188 3.64205 0.66017 3.80254 3.22099 1.11625 0.38521 3.37970 8.52999 1.09071 1.56323 1.51475 9.36205 9.74151 1.48010 0.73692 4.39574 0.00835 4.24458 0.30229 0.00551 1.35700 9.52159 0.70886 0.00748 2.15700 7.46017 31 March2015 31 March2015 31 March2015 31 March2015 1,109.45005 1,646.97860 178.02865 119.92499 32.54001 31.29000 12.11627 58.12728 44.70000 15.23425 3.67289 2.59650 1.96137 0.97127 8.62408 1.37171 3.64123 0.67363 3.79155 3.09852 1.07401 0.38501 2.78867 8.05911 1.04316 1.33351 1.48450 9.26237 9.96218 1.44185 0.72348 3.70350 0.00834 4.07217 0.30074 0.00562 1.38220 8.65559 0.70839 0.00776 1.94315 7.47084 Period ended 30September2015 30 September2014 30 September2014 30 September2014 30 September2014

(continued) 1,055.25004 1,710.71860 177.83205 109.69500 32.42501 30.41949 11.29825 39.55500 44.87749 13.43025 3.67295 2.28079 1.80313 0.95549 7.20843 1.27530 3.64192 0.61685 3.30589 2.89298 1.25920 0.38497 2.87307 6.42272 1.20700 1.28298 1.62115 9.10582 8.75428 1.54900 0.77921 3.28048 0.00912 4.17747 0.28825 0.00562 1.28335 8.11330 0.70910 0.00722 1.85260 7.44372 of the securities (excluding derivatives) were derivatives) designatedatfairvaluethrough (excluding profitof thesecurities end. orlossattheperiod are limited. whereof diversifiedthe construction market exposures or industry) features as portfolios capitalisation to (such certain All measurement entailstheactiveperformance management ofreturn, andcost. risk iscontrolled Relative-to-benchmark risk through basisinaccordance on adaily withtheFund’srisk investment objective, policiesandcore philosophy. The core philosophy oftotal investment impact have on will amaterial theCompanyparticular isminimised. The Investment Managers manage theFunds’ market from arising itsinvestments risk exposed tomarket insecurities. price theportfolio, Bydiversifying changeofa thataprice therisk oritsissuer,the individualfinancial instrument tradedinthemarket. orfactorssimilarfinancial affecting instruments The Funds are from risk), (otherthanthosearising orcurrency market interest prices risk rate whether thosechangesareby caused factors specific to ofchangesin fluctuatebecause thatthefairvalueorfutureflows will ofafinancial istherisk cash instrument risk Market price (i) MarketPriceRisk movements. interest movements. rate Itrepresents thepotentiallossFunds through mightsuffer holdingmarket positions intheface ofmarket from aboutfuture price, heldspecifically valuesoffinancial from instruments mainly uncertainty arises Market risk and currency Market Risk thatexistedat31Marchconsistent 2015. withtherisks There management have process. beennochangestotherisk outlineprocedures paragraphs tomanageThe following themarket, undertaken oftheFunds. risks credit andliquidity These are expectationsare andtheirlegalconstitutional managed regulations. inlinewithclient remain consistent with their stated goals and objectives of product in terms characteristics, meaning that Funds and risk performance management theInvestmentis thecentral bodyfor Managers’ investment platform. andmonitorsFunds all Itreviews toensure they AssetManagement LLC.not availableLazard Committee.The Head intotheOversight ofRiskreports Committee The Oversight ofoperationtherelevant Investment Manager orwhereManagement isdelegatedtotherespective teamineitherthecountry risk There isaRisk Management Team responsible management process overseeing therisk for oftheInvestment Managers. Risk theFunds. for delegates totheInvestment andoversight ofrisk Managersthemonitoring responsibilityfor well aseachInvestment Manager’s own investment internal guidelinesandlimits. The Directors delegatetotheManager whointurn Funds are managed ofeachFund’s withintheterms investment guidelinesandlimitssetoutintheProspectus as andSupplements required inrelation totheFunds’ profile. andrisk performance The Investment Managers are alsoresponsible thatthe ensuring for AssetManagement Pte. (Singapore) and Lazard basisandmore Limited(the as frequently “Investment Managers”) on aquarterly Management K.K., AssetManagement Pacific Lazard Co., AssetManagementGmbH, (Deutschland) Lazard Limited Gulf Lazard fromThe Directorsreporting AssetManagement Limited, review Lazard AssetManagement LLC, Lazard JapanAsset Lazard refer totheProspectus amore for inherent detaileddiscussion oftherisks ininvesting andSupplements intheFunds. markets itinvests. in which andinvestors risks should ofall isnotintendedtobeacomprehensive information The following summary The Funds’ are which and associatedwiththefinancial ofrisk instruments investment types activities exposethemtothevarious 9. RiskManagementPoliciesandProcedures Sub-Custodian”). the Funds is deposited with the network of the Custodian’s global sub-custodian, the Bank of New York Mellon SA/NV (the “Global may utiliseoneoftheFunds. ormore holdingcash sub-custodians for 2015and31March 2015, Asat30September heldby cash 2015and31March current 2015comprises depositswithbanks. asat30September Cash atbankandoverdrafts The Custodian 8. CashatBank Net toRedeemableParticipating Assetsattributable balancesinothercurrencies Shareholders toUSD: ofComprehensive average ofChangesThe following exchangehave Statement in rates beenusedtotranslate Income andStatement 7. ExchangeRates(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Pound Sterling Japanese YenJapanese Euro Exchange RatesagainstUSD 30 September2015 121.76619 0.64911 0.90151 30 September2014 Period ended 30September2015 102.98661 0.59653 0.74166 (continued)

79 LAZARD GLOBAL ACTIVE FUNDS PLC 80 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc default result market inthe lossofthefull valueoftheequity.may ofcounterparty intheevent is This exposure tocounterparties default, of counterparty but also to the risk equity may which expose the Fund to movements in the value of the underlying not only is notallowed. Investment inP-Notes may involve transaction anover thecounter(“OTC”) withathird party. Investing inP-Notes that mayfinancial be used by instruments the Fund investment to obtain exposuremarket where in a local to an equity direct ownership MENAThe Lazard Fund Notes, isalsoexposedtocreditviaitsinvestment risk in Participatory alsoknown asP-Notes. P-Notes are 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 monitored on anongoing manner: basisinthefollowing recognised dealers intheirsectors. ongoingThe Investment ofthislist. monitoring Managers perform is risk Counterparty/issuer Investment Managers. The Investment Managers’ and rated limitedtothemosthighly is generally approved listofcounterparties orissuerexposure management program withinthe ismonitored risk andmanaged by counterparty aformal Counterparty/issuer Furthermore, theFunds ofsettlementdefault. beartherisk withwhomtradeandwill are they exposedtoacreditparties risk that it has entered intowitheach Fund. The Company isexposedto credit viatheFunds risk thatinvest infixed income securities. failtodischargeanobligation will orcommitment orissuertoafinancial instrument thatthecounterparty Credit istherisk risk Counterparty/Issuer RiskandCredit Risk the respective Fund’s investment objective, policiesandcore philosophy. of interest, heldwithinbond Funds. The Investment Managers manage theFunds’ basisinaccordance on interest adaily with risk rate prevailing interest rates. The Funds are through exposedtointerest risk itsinvestments withfixed rate insecurities andfloatingrates of changes in that the fair value or fluctuate futurebecause flows will is of afinancialthe risk Interest cash risk instrument rate (iii) Interest RateRisk management policy. source ofreturn, exposures are managed relative totheappropriate benchmark. For otherportfolios, there isnoexplicitcurrency- exposure. currency tozero) exchange contracts(orclose to maintain zero For exposure currency which isacritical for thoseportfolios For ishedged out, risk currency inwhich portfolios ismanaged foreign by currency risk thecurrency regular rebalancing oftheforward foreign exchange currency contracts.on forward Fund’s assetsthatare denominated incurrencies otherthanitsown currency. Currencies losses may away alsomove insuch astocause relative currency reporting to other currencies may change in a manner that has an adverse onof the effect the value of the portion hedgingpurposes.investment and/orshare views class Consequently, theFunds arethattheexchange ofits rate exposedtorisks investor). Furthermore, theFunds ofimplementing foreignexchange currency contract thepurpose for may invest inforward The Funds may invest denominated in currencies in securities other than its functional (or, currency indeed, of the the currency (ii) Foreign Currency Risk commitment approach tomeasure globalexposure theFunds’ for foreign exchange currency contracts. holdforward which inthePortfolio 2015areforeign exchange currency contractsincluded heldasat30September ofInvestments. The Company usesthe Funds foreign exchange currency contracts portfolio, for useforward hedgingandinvestment share purposes. class Detailsofforward management purposes. efficientThe Company for portfolio usefinancial doesnotcurrently instruments derivative However, five ofthe otherfactors). all (ignoring thanoutperform tounderperform ismore likely a portfolio market, withaBETA aportfolio thanunderperform, ofgreater tooutperform than1.0ismore market, whileinafalling likely such comparison tothatofthebenchmark. withaBETA Aportfolio thanitsbenchmark. of1.5has50%more risk market price Inarising portfolio’sA factor that is used to assess an equity is BETA, risk market price expresses which the portfolio’s in risk market price (i) MarketPriceRisk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements • • • Measurement and monitoring of counterparty or issuer trade exposure - a daily review ofoutstandingpositions isperformed. review orissuertrade exposure -adaily Measurement ofcounterparty andmonitoring financial statements. ofongoing activities, throughBroker avariety filings -performed and monitoring regulatory theassessmentofcertain including enforceable arrangements andstandinginthefinancial community. ofthebroker’s areview process review thatincludes a formal creditworthiness, financial strength, toenterintolegally ability Approved broker trading with approved permits only brokers. selection - the trading system New brokers are added, subject to Period ended 30September2015

(continued) and 31March 2015 had&Poor’s aStandard deposits. term credit longdepositsandA-1+for ofAA-for term rating Funds use. 2015 The longcredit term oftheparent rating asat30September company oftheCustodian and GlobalSub-Custodian to bedelayed orlimited. The Funds by andfinancial monitor thecredit theirrisk monitoring position quality oftheCustodianthat by the Funds’ the Custodian may cause or insolvency Bankruptcy held by with respect andthe securities theCustodian rights to the cash risk. segregated reduces andprotected counterparty andthisfurther with respect tothosesecurities, are preserved. oftheCustodian, orbankruptcy ofinsolvency Thus intheevent theFunds’ are securities The Funds’ identified on theaccounting separately records are securities always oftheGlobalSub-Custodian, therefore therights, markets. behigherthaninorganisedsecurities and holdinginvestments markets generally insuch will sub-custodian, retroactive oflegislationorimproper application andfraud registration oftitle. byThe costsborne aFund ininvesting to recover some of its assets. any circumstances acts or omissions may include or the liquidation,Such of a orinsolvency bankruptcy developed, there involved markets. isatransaction indealingsuch andcustodyrisk circumstances, Incertain aFund may notbeable againstthirdits rights parties. Inaddition, astheFunds may invest inmarkets whereare 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 betreatedwill asageneral creditor ofthefinancial institution inrelation holdingsoftheFunds. tocash to thecredit ofthefinancial risk institution whereisdeposited. cash ofthefinancial institution, ofinsolvency Intheevent theFunds and theCustodianisidentifiable held by asbelonging cash the Global Sub-Custodian tothe Funds,While theFunds beexposed will theFundssub-custodian for viatheCustodian. inthePortfolio asdisclosed ofInvestments.that are heldwithcounterparties The BankofNew York Mellon SA/NVacts astheglobal heldby andsecurities theFunds ofthe cash all are heldviathe Custodian,Substantially exceptthefinancial for instruments derivative OTC cleared heldby derivatives theFundscentrally are alsoadherents totheProtocol). forwards. Asofthesamedate, theCompanyanadherent alsobecame totheProtocol initsown right. tonon- counterparties (All ProtocolDisclosure (the OTC“Protocol”) cleared 2013inrelation derivatives, on 15September tonon-centrally FX including Company andas agenttherelevantFunds, for adhered totheISDA 2013EMIR Portfolio Reconciliation, DisputeResolution and byAs authorised theDirectors, AssetManagement Limited, Lazard aspromoter andaninvestment initscapacity manager tothe foreign exchange intherelevantPortfolio currency contracts are disclosed ofInvestments. totheforward counterparties All of(ii)above. the case are limitedto10%ofNetExposures Asset toindividualcounterparties Value of(i)above and5%ofNet inthecase Asset Value in on thatdealingday notexceed shall 10%oftheNet Asset Value ofthatFund. Any redemption request orswitching soreduced shall may, atthediscretion oftheDirectors, bereduced pro sothatthe totalnumberofshares rata Fund ofsuch redemption for orswitching any Fund exceed 10%oftheNet Asset Value ofthatFund, eachredemption request orswitching inrespect ofshares Fund insuch business day subjecttorestrictions setoutintheProspectus. Iftotalrequests redemption for on and/orswitching any dealing day for of any shares that investors wish to sell. to require have Shareholders the right the Funds to redeem their shares in the Funds on any The Funds’ be readily sold. can ofrealisable which securities mainly assets comprise oftheFundsThe mainliability istheredemption Liquidity Risk Regulations namely: the UCITS obligations andthatsettlementoftransactions may notoccur. assetoutin must criteria meetthefollowing OTC All counterparties A Fund withwhom ittrades, isexposedtoacrediton OTC risk counterparties their may notperform thatthesecounterparties security. However, security. doesnotreceive asitwould votingowned ifitdirectly theunderlying rights theholderofaP-Note typically isincreased totheextentofany dividendspaidinconnection generally withtheunderlying security underlying is linkedtoaparticular ormarket. security equity underlying of aparticular notes that are designed to replicate the performance The return on a P-Note that exposuremanaged totheUCITS limitsasdetailedbelow. are P-Notes issuedby generally banksorbroker-dealers and are promissory Counterparty/Issuer RiskandCredit Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc (ii) (i)  minimum ofA2orequivalent. rating Have aminimum credit ofA2orequivalent, rating orintheopinion oftherelevantInvestment Manager, animpliedcredit A credit institution inaccordance Regulations , or BankUCITS withtheCentral Period ended 30September2015 (continued)

81 LAZARD GLOBAL ACTIVE FUNDS PLC 82 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard UKEquityFund in accordance withFRS 102: thatare ofthefinancial measured instruments The tablebelow eachFund provides atfairvaluefor ananalysis 2015 at30September Irish GAAP)isnotrequired underFRS 102. assets and liabilities. A reconciliation of Level Under theoldhierarchy, 2financial C.1would have beenLevel offinancialhere assetsandliabilitiesclassified asLevel themajority by offairvaluehierarchyThe above levels have theCompany changedfrom disclosed underpreviousIrishGAAP. thatpreviously categories: Cissplitinthefollowing Level purposes however explanatory for FRS102 Csecurities doesnot require asplitofLevel reasonably representtechnique market expectations andmeasures return factors oftherisk inherent intheassetorliability. andtheinputstovaluationof fairvalueifitreasonably reflects how theassetorliability themarket couldbeexpectedtoprice asseton theirownan identical are notagood estimateoffairvalue. Avaluation isexpectedtoprovide technique areliable estimate C:Level Fair thoseassetsorliabilitieswhere valuedusingavaluation for technique themarket isnotactive andrecent transactions of Bfinancialend. There assetsheldattheperiod are noLevel long asthere hasnotbeenasignificant change ineconomic circumstances orasignificantlapseoftimesincethetransaction took place. B: are quotedprices unavailableas Level Fair which for ofarecent assetorliability valuedusingtheprice transaction anidentical for an arm’s lengthbasis. active listedequities,These include liquidgovernment bonds inG7countries. exchange tradedfundsandhighly market transactions represent occurring on available andthoseprices are actual andregularly means quotedprices readily andregularly A: inanactiveLevel Fair market. assetorliability anidentical for valuedusingquotedprice inanactive market inthiscontext Quoted hierarchy: 11and12ofFRSUnder Sections 102, theCompany isrequired fairvaluemeasurements fairvalue toreclassify usingthefollowing Fair Value Measurement the period. dealing day(s). The Funds toensure to borrow term settlement. have theability inshort No borrowings such during have arisen tosubsequentredemption requests orswitching on thefollowing tothenextdealingday inpriority andaffected forward be carried Liquidity Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard JapaneseStrategicEquityFund Total Financial assetsatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Common Stock Financial assetsatfair value throughprofitorloss Lazard EmergingMarkets Fund CoreLazard Equity MENA andLazard Fund asat31March 2015. Emerging World Fund GlobalManaged 2015andon Lazard asat30September Volatility Fund, Emerging Lazard World Fund, theCompany’sof theCompany andmightinclude own data. basedon availableinthecircumstances,developed thebestinformation otherthanmarket dataobtainedfrom sources independent theassetorliability. datafor valuedbased on valuation usingnon-observable techniques C.2 -Securities dataare Unobservable exchangecurrency contracts. quotations, foreign tradesorvaluation reported estimatesfrom models, pricing theirinternal notesandforward participatory providers thatusebroker dealer valued by service bondsarepricing which normally andcorporate government (non-G7 countries) market data. valued based on valuation using observable techniques C.1 - Securities liquid,These include investment-grade financial assets and liabilities (Level 3 financial assets and liabilities under previous C.2 financial assets and liabilities (Level There are Level C.2financial onThere assetsbutfairvaluedatzero Lazard are Level 4,718,008,880 4,718,008,880 3,346,399 3,346,399 Period ended 30September2015 Level A Level A Level A GBP JPY –

(continued) 7,583,820 7,583,820 Level C.1 Level C.1 Level C.1 GBP JPY – – – 4,725,592,700 4,718,008,880 3,346,399 3,346,399 7,583,820 Total Total Total GBP JPY Lazard EuropeanEquityFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Lazard Pan EuropeanEquityFund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalStrategicEquityFund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalManagedVolatility Fund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalListedInfrastructureEquityFund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalEquityFranchiseFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalEquitySelectFund Total Common Stock Financial assetsatfair value throughprofit orloss Total Common Stock Financial assetsatfair value throughprofit orloss Lazard JapaneseStrategicEquityFund(continued) Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc 700,089,891 700,089,891 61,731,597 61,731,597 18,318,989 18,318,989 11,300,860 11,300,860 56,915,103 56,915,103 4,948,007 4,948,007 4,497,820 4,497,820 Period ended 30September2015 Level A Level A Level A Level A Level A Level A Level A Level A USD USD GBP GBP USD USD EUR EUR JPY

– – – – – (continued) (106,391,179) (106,391,179) (6,210,358) (6,210,358) 3,736,637 3,736,637 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 USD USD GBP GBP USD USD EUR EUR JPY

– – – – – – – – – – – – – (106,391,179) (106,391,179) 700,089,891 703,826,528 (6,210,358) (6,210,358) 61,731,597 61,731,597 18,318,989 18,318,989 11,300,860 11,300,860 56,915,103 56,915,103 3,736,637 4,948,007 4,948,007 4,497,820 4,497,820 Total Total Total Total Total Total Total Total USD USD GBP GBP USD USD EUR EUR JPY

83 LAZARD GLOBAL ACTIVE FUNDS PLC 84 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard GlobalEquityIncomeFund Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Preferred Stock Forward Foreign Currency ExchangeContracts Common Stock Financial assetsatfair value throughprofitorloss Total Lazard ThematicGlobalEx-JapanFund Lazard ThematicGlobalFund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard EmergingWorld Fund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard EmergingMarketsEquityFund Total Right Exchange TradedFunds Common Stock Financial assetsatfair value throughprofitorloss Lazard EmergingMarketsCoreEquityFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Common Stock Financial assetsatfair value throughprofitorloss Lazard DevelopingMarketsEquityFund Total Preferred Stock Common Stock Financial assetsatfair value throughprofit orloss Total Common Stock Financial assetsatfair value throughprofit orloss 371,796,785 371,796,785 728,680,459 728,680,459 141,192,461 141,192,461 11,770,591 11,573,435 27,694,386 27,694,386 18,058,718 15,393,206 57,338,018 56,813,320 2,661,961 Period ended 30September2015 197,156 524,698 Level A Level A Level A Level A Level A Level A Level A 3,551 USD USD USD USD USD USD USD USD USD

– – – – –

(continued) Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 (12,348) (12,348) (2,206) (2,206) USD USD USD USD USD USD USD USD USD 264 264

– – – – – – – – – – – – – – – – – 371,796,785 371,796,785 728,680,459 728,680,459 141,192,461 141,192,461 11,573,435 11,770,855 27,694,386 27,694,386 18,058,718 15,393,206 57,338,018 56,813,320 2,661,961 (12,348) (12,348) 197,156 524,698 (2,206) (2,206) 3,551 Total Total Total Total Total Total Total USD USD USD USD USD USD USD USD USD 264

Lazard UKEquityFund accordance withFRS 102: thatare ofthefinancial measured instruments The tablebelow eachFund provides atfairvaluefor ananalysis at31March 2015in Lazard JapaneseStrategicEquityFund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard EuropeanEquityFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Common Stock Financial assetsatfair value throughprofitorloss Total Right Preferred Stock Common Stock Financial assetsatfair value throughprofitorloss Lazard MENAFund Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard SterlingHighQualityBondFund Total Notes Participatory Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalFixedIncomeFund Total Bonds Financial assetsatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Bonds Financial assetsatfair value throughprofitorloss 3,839,315,095 3,839,315,095 73,579,673 71,991,008 3,891,026 3,891,026 1,570,568 2,614,549 2,614,549 1,540,460 1,540,460 Period ended 30September2015 702,972 702,972 Level A Level A Level A Level A Level A Level A 18,097 GBP USD GBP USD USD EUR JPY JPY

– – – – – – – (continued) (115,830,561) (115,830,561) 17,346,420 17,039,901 3,059,125 3,059,125 1,123,131 1,123,131 1,466,023 1,466,023 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 (44,068) (44,068) 306,519 GBP USD GBP USD USD EUR JPY JPY

– – – – – – – – 3,842,374,220 3,839,315,095 (115,830,561) (115,830,561) 73,579,673 71,991,008 18,886,880 18,580,361 3,891,026 3,891,026 3,059,125 1,570,568 3,737,680 2,614,549 1,123,131 2,168,995 2,168,995 (44,068) (44,068) 306,519 18,097 Total Total Total Total Total Total GBP USD GBP USD USD EUR JPY JPY

85 LAZARD GLOBAL ACTIVE FUNDS PLC 86 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard Pan EuropeanEquityFund Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard GlobalStrategicEquityFund Total Preferred Stock Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalManagedVolatility Fund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalListedInfrastructureEquityFund Total Right Common Stock Financial assetsatfair value throughprofitorloss Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Exchange TradedFunds Common Stock Financial assetsatfair value throughprofitorloss Total Lazard GlobalEquitySelectFund Lazard GlobalEquityIncomeFund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard ThematicGlobalEx-JapanFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Preferred Stock Forward Foreign Currency ExchangeContracts Common Stock Financial assetsatfair value throughprofitorloss Total Common Stock Financial assetsatfair value throughprofitorloss 594,502,865 591,750,625 15,616,092 15,343,848 59,183,081 59,183,081 13,259,717 12,949,629 31,827,956 31,827,956 7,197,958 7,197,958 2,752,240 5,624,699 5,624,699 Period ended 30September2015 272,244 310,088 Level A Level A Level A Level A Level A Level A Level A USD USD GBP GBP USD USD USD USD EUR

– – – – – – –

(continued) 1,980,261 1,980,261 (679,701) (679,701) Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 (25,452) (25,452) USD USD GBP GBP USD USD USD USD EUR 775 775

– – – – – – – – – – – – – – – – 596,483,126 591,750,625 15,616,092 15,343,848 59,183,081 59,183,081 12,949,629 13,260,492 31,827,956 31,827,956 7,197,958 7,197,958 2,752,240 1,980,261 5,624,699 5,624,699 (679,701) (679,701) (25,452) (25,452) 272,244 310,088 Total Total Total Total Total Total Total USD USD GBP GBP USD USD USD USD EUR 775

– Lazard ThematicGlobalFund Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard EmergingWorld Fund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard EmergingMarketsEquityFund Total Exchange TradedFunds Common Stock Financial assetsatfair value throughprofitorloss Lazard EmergingMarketsCoreEquityFund Total Common Stock Financial assetsatfair value throughprofitorloss Lazard DevelopingMarketsEquityFund Total Right Preferred Stock Common Stock Financial assetsatfair value throughprofitorloss Lazard MENAFund Total Preferred Stock Common Stock Financial assetsatfair value throughprofitorloss Lazard SterlingHighQualityBondFund Total Notes Participatory Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalFixedIncomeFund Total Bonds Financial assetsatfair value throughprofitorloss Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Bonds Financial assetsatfair value throughprofit orloss Total 539,103,583 539,103,583 960,129,537 960,129,537 233,191,431 232,093,631 22,817,087 18,576,214 65,464,889 64,895,921 4,240,873 1,097,800 1,784,745 1,784,745 Period ended 30September2015 568,968 650,913 650,913 586,337 586,337 Level A Level A Level A Level A Level A Level A Level A Level A USD USD USD USD USD USD GBP USD USD – – – – – (continued) 15,930,333 15,590,554 2,070,959 2,070,959 (287,641) (287,641) Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 Level C.1 731,101 731,101 339,779 USD USD USD USD USD USD GBP USD USD – – – – – – – – – – – – – – – 539,103,583 539,103,583 960,129,537 960,129,537 233,191,431 232,093,631 22,817,087 18,576,214 65,464,889 64,895,921 16,516,670 16,176,891 4,240,873 1,097,800 2,515,846 1,784,745 2,721,872 2,721,872 (287,641) (287,641) 568,968 731,101 339,779 Total Total Total Total Total Total Total Total USD USD USD USD USD USD GBP USD USD –

87 LAZARD GLOBAL ACTIVE FUNDS PLC 88 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Fund investors by tabledetailstherelatedThe following Fund: party shareThere 1subscriber inissueandthatisheldby iscurrently theManager. wasmadeThis payment inrecognition ofalarge redemption on 7August 2014. AssetManagement LLCLazard Fund JapaneseEquity 2014ofJPY189,024,681. toLazard made payment on anex-gratia 8September governance, Limitedfor Services 2014: andMLROFinancial directors ofUSD16,116(30September support USD54,103). services governance, and MLRO directors to the Manager support and the Company. services There were made Global payments to Carne Limitedwhoprovide John Donohoe isaDirector Services oftheCompany andisalsoCEOPrincipal GlobalFinancial ofCarne 2014: 2015. ended30September theperiod USD222,056)for amountingtoUSD 192,182 (30September Fry andtheSecretary Companies Act paidto 2014inlegalandsecretarial fees William andaccordingly, Limited(the Secretarial Fry own “Secretary”) Wilton William had abeneficial DanielMorrissey interest underthe Fry (theCompany’s isaDirector of oftheCompanyDaniel Morrissey legaladvisers). andisalsoapartner William of The partners 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 transactions withtheManager andDirectors inNote related are3tothefinancial material party included statements. All 11. RelatedPartyTransactions are satisfied thatthesearrangements are ofbenefit totheFunds. theFunds, including Investment Managersendeavour timestoobtainbestexecution will atall clients ontransactionsall all for and transactions relating totheFunds’ including The Investment Managers place businesswiththesecounterparties investments. The execution oftrades on behalfofclients. suppliedtothemby thebroker orbyrelated services third parties. may beeithermarket research orberelated tothe These services dealing arrangements with brokers whereby of the dealing commissions paidto them are part used to discharge the cost of investment- The Investment ManagerstheCompany, for inaccordance withcommon market investment practice for managers entered into 10. SoftCommissionArrangements Notes totheFinancialStatements Lazard Japanese Strategic EquityFund Strategic Lazard Japanese Lazard EuropeanEquityFund Lazard Pan EuropeanEquityFund Lazard Global Strategic EquityFund Lazard GlobalStrategic Lazard GlobalEquityFranchise Fund Lazard GlobalEquitySelectFund Lazard GlobalEquityIncomeFund Lazard GlobalFund Thematic Lazard Emerging World Fund Lazard EmergingMarketsCoreEquityFund Investor Name Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard LLC Asset Management Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard Freres Banque Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD JPY JPY JPY 30 September 130,120,218 29,407,659 8,711,385 1,781,717 5,119,277 4,739,360 2,757,254 1,564,357 4,877,275 500,269 173,166 925,216 569,904 432,382 259,036 827,885 723,872 164,375 222,551 67,053 80,967 Period ended 30September2015 2015 –

(continued) 15.43 44.34 90.33 59.68 NAV % of 0.19 0.63 2.78 2.57 0.89 4.75 4.94 8.24 2.11 6.74 5.89 0.40 0.02 1.25 0.89 0.14 0.38 – 3,187,553 5,441,765 2,507,196 1,902,576 4,283,364 31 March 756,201 203,110 2015 – – – – – – – – – – – – – – – 74.51 43.20 13.46 NAV % of 3.97 4.35 0.77 0.87 – – – – – – – – – – – – – – – related parties and certain connected parties are connected setoutin Notes parties 3and 11. andcertain related parties that notall “connected parties” are latterexpression assuch related isdefined parties by 33ofFRS Section 102. paidto Details offees asrequired transactions intheperiod Note by 33ofFRS 11details related Section 102. party However, shareholders shouldunderstand through thesefinancialthan thosedisclosed statements. 2015,The Board ofDirectors ended30September isnotaware theperiod ofany during transactions withconnected parties other Company issatisfied that: Therefore, havingregard toconfirmations from theCompany’s management anditsrelevant delegates, theBoard ofDirectors ofthe refer totheprovisions oftheProspectus dealingwithconflicts ofinterest. transactions. butitisnotexhaustive connected ofall party connected parties arrangements withtheprincipal shouldalso Shareholders should refer totheProspectus transactions andthegeneral nature identifies which ofthecontractual many oftheconnected party roles andresponsibilities oftheCompany’s oftheBoard. respective supervision delegatessubjecttotheoverall Further, shareholders section oftheDirectors’ Statement Governance oftheauditedfinancial theyear statementsfor Report ended31March 2015andthe in theCorporate described shouldhaveShareholders regard oftheCompany tothegovernance structure asmore particularly themouton asimilarbasis. transactions docarry outthose and inrespect theDirectors of which must upon from rely assurances carrying itsdelegates thattheconnected parties there out by are on behalf of the connectedalso Companytransactions parties carried the Directors to which have no direct access as if negotiated at arm’s length. transactions must be in the best interests Such of the shareholders. In addition to those transactions, manager, custodian, investment adviser and/orassociatedorgroup companies oftheseentities(“connected out must becarried parties”) In accordance Regulation 41(1), BankUCITS withtheCentral outwiththeCompany any by transaction carried itspromoter, 12. ConnectedPartyTransactions Fund 11. RelatedPartyTransactions (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard DevelopingMarketsEquityFund Lazard MENAFund Lazard GlobalFixed IncomeFund Lazard EquityFund Strategic Asia Ex-Japan (ii) (i)

described above are transactionsdescribed appliedtoall withconnected parties; and there procedures are by arrangements (asevidenced written documentedby theManager) inplace toensure thattheobligations through regular updatestotheDirectors. complied withtheseobligations, enteredtheperiod transactions withconnected intoduring parties asattestedby theManager Investor Name Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard (Canada)Inc Asset Management Lazard Limited Asset Management Lazard LLC Asset Management Currency USD USD USD USD USD USD USD USD USD USD USD 30 September 1,206,196 2,000,737 2,413,464 1,500,035 1,145,592 4,311,704 1,500,000 1,000,000 2,300,000 169,311 573,560 Period ended 30September2015 2015 (continued) 62.76 22.07 31.13 20.75 47.73 NAV % of 2.04 0.12 0.40 1.40 7.68 5.86 2,702,208 2,521,348 4,018,805 31 March 2015 – – – – – – – – 98.67 24.17 NAV % of 1.13 – – – – – – – –

89 LAZARD GLOBAL ACTIVE FUNDS PLC 90 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard GlobalFixed IncomeFund-RetailClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard SterlingHighQualityBondFund-RetailClass Lazard GlobalFixed IncomeFund-RetailClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard SterlingHighQualityBondFund-RetailClass Lazard EmergingMarketsEquityFund-US$InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-STG£InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-STG£InstitutionalDistributingClass 2015. Fund Equity 2015andwasseededon 30September Bankon wasnotedwiththeCentral 29July AsiaEx-Japan Strategic The Lazard Franchise GlobalEquity The Lazard Fund Bankon wasnotedwiththeCentral 29June2015and was seededon 30June2015. Core 50/50Index. Developed Infrastructure FTSE from effect 2015, 1April FundWith Equity GlobalListedInfrastructure oftheLazard is measured against the theperformance 14. SignificantEventsDuringthePeriod Class 2014, ended30September theperiod ofshares: wereDuring distributions paidon class thefollowing Lazard EmergingMarketsEquityFund-US$InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-STG£InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-€InstitutionalClass Lazard EmergingMarketsEquityFund-US$InstitutionalClass Lazard Emerging World Fund-RetailClass Lazard GlobalFund-InstitutionalSterlingClass Thematic Lazard GlobalFund-US$InstitutionalDistributingClass Thematic Lazard Fund-XClass GlobalEx-Japan Thematic Lazard GlobalEquityIncomeFund-STG£InstitutionalDistributingLClass Lazard GlobalEquityIncomeFund-STG£InstitutionalDistributingLClass Lazard GlobalListedInfrastructureEquity-Fund€HedgedInstitutionalDistributingClass Lazard GlobalListedInfrastructureEquity-FundSTG£InstitutionalDistributingClass Lazard Pan EuropeanEquityFund-€InstitutionalDistributingClass EquityFund-STG£HedgedRetailCDistributingClass Strategic Lazard Japanese EquityFund-STG£RetailCDistributingClass Lazard Japanese Lazard UKEquity-FundRetailClass Lazard Global ActiveFundsplc Class 2015, ended30September theperiod ofshares: wereDuring distributions paidon class thefollowing 13. Distributions Notes totheFinancialStatements Lazard EmergingMarketsEquityFund-US$InstitutionalClass Lazard EmergingMarketsEquityFund-€InstitutionalClass Lazard Emerging World Fund-RetailClass Lazard Fund-XClass Globalex-Japan Thematic Lazard GlobalEquityIncomeFund-US$InstitutionalDistributingLClass Lazard GlobalEquityIncomeFund-STG£RetailCDistributingClass Lazard GlobalEquityIncomeFund-STG£InstitutionalDistributingLClass Lazard GlobalEquityIncomeFund-€InstitutionalDistributingLClass Lazard GlobalListedInfrastructureEquityFund-US$HedgedInstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund-STG£InstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund-€HedgedInstitutionalDistributingClass Lazard Pan EuropeanEquityFund-€InstitutionalDistributingClass EquityFund-STG£HedgedRetailCDistributingClass Strategic Lazard Japanese Lazard UKEquityFund-RetailClass 16-May-14 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-14 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 Date Date Share Class Share Class Currency of Currency of USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR Period ended 30September2015 Amount (Class Amount (Class Currency) Currency) 2,078,569 1,392,412 1,287,309 2,052,837 1,092,506 148,288 424,563 393,637 250,455 901,870 124,933 692,541 836,654

48,048 66,214 43,666 31,932 57,912 33,708 18,793 75,682 19,433 67,939 10,569 44,783 73,949 13,129 64,724 44,423 82,397 30,531 (continued) 1,837 5,086 3,132 4,506 4,229 362 970 139 114,428,482 187,676,250 10,707,941 13,737,118 34,236,738 15,523,263 19,197,154 74,484,944 5,473,875 1,481,884 4,051,841 1,736,272 5,460,392 6,000,000 3,509,972 1,991,707 3,751,872 6,039,570 2,171,688 1,665,566 of Shares of Shares Number Number 826,591 732,023 167,045 736,857 159,343 161,903 35,240 37,806 21,307 22,621 12,160 32,045 27,148 58,661 6,678 1,153 187 980 205 1.3634 1.7514 0.0041 1.4987 1.9422 0.0042 1.8745 1.4902 0.0043 0.4183 0.3797 0.5865 0.1154 0.0080 0.0061 0.0039 0.4762 1.2320 0.4067 0.2865 0.3436 0.1442 0.2358 0.0032 0.0030 0.0225 0.1004 0.0824 0.6748 0.0173 0.0147 0.0007 0.0109 0.5089 0.3853 0.8416 0.0183 0.7573 0.6757 Share Share Rate/ Rate/ The financial statementswere approved by theDirectors on 27November 2015. 17. Approval oftheFinancialStatements 2014. ended 30September ofChanges inNet toRedeemableParticipatingand theStatement Assetsattributable are Shareholders thesixmonths for period Position ofFinancial Statement are asat31March 2015. ofComprehensive comparatives theStatement for Income period The prior Prior comparatives have period beenrestated thecurrent presentation. tomatch period comparatives the for period The prior 16. Priorperiodcomparatives The Pan-EuropeanThe Lazard CapFund Small Bankon was notedwiththeCentral 16October2015. This Fund isnotyet seeded. PanThe Lazard Fund European Equity changed itsinvestment on 14October2015. objective andpolicy October Fund Fund UKEquity The Lazard UKOmegaEquity changeditsinvestment and name to Lazard objective on andpolicy 14 Lazard GlobalFixed IncomeFund-RetailClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard SterlingHighQualityBondFund-RetailClass Lazard DevelopingMarketsEquityFund-US$RetailCDistributingClass Lazard DevelopingMarketsEquityFund-STG£InstitutionalDistributingClass Lazard DevelopingMarketsEquityFund-€InstitutionalDistributingClass Lazard EmergingMarketsCoreEquityFund-US$InstitutionalDistributingClass Lazard EmergingMarketsEquityFund-US$InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-STG£InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-STG£InstitutionalDistributingClass Lazard EmergingMarketsEquityFund-US$InstitutionalClass Lazard EmergingMarketsEquityFund-€InstitutionalClass Lazard Emerging World Fund-RetailClass Lazard GlobalFund-US$InstitutionalDistributingClass Thematic Lazard GlobalFund-InstitutionalSterlingClass Thematic Lazard Fund-XClass GlobalEx-Japan Thematic Lazard GlobalEquityIncomeFund-US$InstitutionalDistributingLClass Lazard GlobalEquityIncomeFund-STG£RetailCDistributingClass Lazard GlobalEquityIncomeFund-STG£InstitutionalDistributingLClass Lazard GlobalEquityIncomeFund-€InstitutionalDistributingLClass Lazard GlobalListedInfrastructureEquityFund-US$HedgedInstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund-STG£InstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund-€HedgedInstitutionalDistributingClass EquityFund-STG£InstitutionalDistributingEA Class Lazard GlobalStrategic Lazard Pan EuropeanEquityFund-€InstitutionalDistributingClass Lazard Pan EuropeanEquityFund-RetailClass Lazard EuropeanEquityFund-STG£RetailCDistributionClass Lazard EuropeanEquityFund-RetailClass EquityFund-STG£HedgedRetailCDistributingClass Strategic Lazard Japanese Lazard UKEquityFund-RetailClass Class Post year were enddividenddistributions on 1October2015asfollows: declared 15. SignificantEventsSincethePeriodEnd Notes totheFinancialStatements Lazard Global ActiveFundsplc relevant 2015. Prospectus documents have theabove changes. beenupdatedfor Share Class Currency of USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR Amount (Class Period ended 30September2015 Currency) 2,110,956 2,241,594 1,815,005 6,211,627 2,149,751 5,319,192 100,094 691,140 155,535 388,734 287,092 114,869 53,048 27,056 39,111 25,288 44,602 75,803 26,380 60,035 27,431 7,501 2,684 5,660 9,133 482 325 103 379 230 (continued) 238,801,272 82,351,155 20,687,558 34,568,849 5,370,326 1,889,925 1,920,545 4,293,604 1,618,355 6,955,352 1,556,517 of Shares Number 946,225 133,000 158,805 169,939 733,127 790,962 388,814 353,963 160,170 35,188 20,546 57,389 3,435 8,357 5,056 1,255 195 201 97 2.1839 0.0561 0.7526 4.3521 0.0272 0.0158 0.0877 1.1115 1.2308 1.1567 1.1170 1.1193 0.0362 0.0167 0.0077 0.0223 1.6710 0.0577 0.0109 1.0540 1.8063 1.8858 2.0016 0.1833 0.0176 0.0564 0.0112 0.7384 0.0745 0.3748 Share Rate/

91 LAZARD GLOBAL ACTIVE FUNDS PLC 92 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard UKEquityFund Portfolios ofInvestments Common Stock-99.74% Agriculture -4.90% Shares Internet -0.85% Insurance -4.80% Healthcare-Products -2.01% Forest Products&Paper -2.24% Food -5.14% Entertainment -0.45% -7.30% Diversified FinancialServices Distribution/Wholesale -2.61% -3.77% Commercial Services Chemicals -1.93% Building Materials-2.44% Beverages -2.72% Banks -8.19% Auto Parts &Equipment-1.48% 153,634 19,071 30,493 19,022 46,059 18,588 26,100 4,512 8,358 7,421 7,067 5,858 8,771 2,400 4,315 2,885 2,620 3,410 2,272 8,583 4,205 4,703 2,445 9,430 British AmericanTobaccoPlc DS SmithPlc Hays Plc Synthomer Plc Plc GKN Plc Auto Trader GroupPlc Prudential Plc Phoenix GroupHoldings Smith &NephewPlc Compass GroupPlc BritishFoodsAssociated Plc William HillPlc Provident Financial Plc Man GroupPlc London StockExchangeGroupPlc Close BrothersGroupPlc Wolseley Plc UBM Plc Plc Savills CRH Plc SABmiller Plc BankingGroupPlc Lloyds HSBC HoldingsPlc Fair Value 164,383 161,113 103,393 172,574 244,866 126,749 274,974 115,479 112,465 75,111 46,731 64,741 49,807 28,350 57,720 67,513 92,402 80,172 15,133 90,575 39,998 63,365 50,928 87,665 41,658 38,360 81,762 91,357 47,030 GBP

% of 4.90 2.24 1.39 1.93 1.48 0.85 4.80 3.08 1.72 2.01 5.14 2.75 2.39 0.45 7.30 2.70 1.19 1.89 1.52 2.61 3.77 1.24 1.14 2.44 2.72 8.19 3.44 1.40 3.35 NAV Common Stock-99.74%(continued) Oil &Gas-12.86% Mining -5.10% Media -5.15% Leisure Time -2.15% Telecommunications -7.23% Software -0.09% Retail -3.22% REITS -3.99% Real Estate-1.32% Pharmaceuticals -4.87% Packaging &Containers-1.09% Net Assets Net Assets Other Total Investments-(CostGBP3,270,043) Total CommonStock-(CostGBP3,270,043) Water -1.84% Shares 36,816 20,338 14,346 29,229 20,938 10,140 14,036 57,550 8,115 4,496 4,046 5,668 9,004 6,290 2,107 7,067 2,294 1,416 2,413 1,306 5,785 4,678 8,253 2,824 BG GroupPlc Plc Rio Tinto BHP BillitonPlc Plc Anglo American Reed ElsevierPlc Pearson Plc Carnival Plc BP Plc John Wood GroupPlc Centrica Plc Lekoil Ltd WANdisco Plc Next Plc Shire Plc AstraZeneca Plc RPC GroupPlc BT GroupPlc Workspace GroupPlc Segro Plc &CountiesPropertiesPlc Capital DutchShellPlc Royal Premier OilPlc Severn TrentPlc Vodafone GroupPlc Period ended 30September2015 Fair Value 3,354,958 3,346,399 3,346,399 171,242 172,737 101,880 122,975 107,687 163,283 108,669 133,725 122,652 431,575 128,953 242,630 119,978 77,178 99,351 40,652 31,239 70,857 72,102 43,444 46,625 54,614 36,662 43,891 89,834 44,043 61,690 3,031 2,925 9,369 8,559 GBP

100.00 12.86 99.74 99.74 % of 2.30 5.10 2.96 1.21 0.93 2.11 2.15 5.15 3.04 3.67 1.29 1.39 0.09 1.63 1.09 3.22 4.87 3.24 0.09 3.99 1.31 2.68 1.32 3.66 3.84 0.28 1.84 7.23 3.57 0.26 NAV Portfolio ofInvestmentsasat30September2015 Lazard UKEquityFund(continued) Lazard Global ActiveFundsplc Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets % ofTotal Assets 100.00 96.56 3.44 (continued) Period ended 30September2015

93 LAZARD GLOBAL ACTIVE FUNDS PLC 94 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard JapaneseStrategicEquityFund Portfolios ofInvestments Pharmaceuticals -2.09% Office/Business Equipment-5.36% -4.47% Machinery-Diversified &Mining -3.20% Machinery-Construction Iron/Steel -3.26% Insurance -5.36% Home Builders-2.60% Hand/Machine Tools -3.71% Electronics -5.40% Electrical Components&Equipment-3.12% Electric -2.90% -4.67% Diversified FinancialServices Distribution/Wholesale -3.52% Chemicals -2.75% Building Materials-3.04% Banks -20.10% Common Stock-100.95% Shares 1,258,300 132,300 243,000 102,400 142,700 153,000 500,000 320,600 306,600 19,300 93,000 40,200 79,000 85,500 70,300 41,300 27,400 30,900 84,400 58,800 7,500 FANUC Corp Miraca HoldingsInc Ricoh CoLtd Canon Inc Amada CoLtd Komatsu Ltd Nippon SteelCorp The Dai-ichiLifeInsuranceCoLtd CoLtd Daiwa HouseIndustry Makita Corp Nidec Corp Hitachi Ltd The KansaiElectricPower CoInc ORIX Corp Mitsubishi Corp Asahi KaseiCorp LIXIL GroupCorp Sumitomo Mitsui Trust HoldingsInc Nomura HoldingsInc Mizuho Financial GroupInc Mitsubishi UFJFinancial GroupInc 208,901,000 137,287,500 250,609,200 111,879,000 138,730,200 149,603,625 152,164,350 250,443,900 121,535,575 173,442,000 252,731,100 145,848,600 135,756,800 218,438,025 164,706,600 128,405,250 142,149,000 939,227,405 218,750,000 220,588,830 280,286,325 219,602,250 97,465,000 71,613,500 Fair Value JPY

20.10 % of 2.09 4.47 2.94 1.53 5.36 2.39 2.97 3.20 3.26 5.36 2.60 3.71 5.40 3.12 2.90 4.67 3.52 2.75 3.04 4.68 4.72 6.00 4.70 NAV Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Retail -6.73% Real Estate-4.90% Total Investments-(CostJPY4,683,541,619) Total CommonStock-(CostJPY4,683,541,619) -5.64% Transportation -2.32% Toys/Games/Hobbies -3.13% Semiconductors -2.68% Common Stock-100.95%(continued) Shares 15/10/2015 15/10/2015 Open ForwardForeignCurrency ExchangeContracts(2.11)% Date Maturity - BNY Mellon Capital Markets - BNYMellonCapital The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value exchange contracts Net unrealisedlossonforwardforeigncurrency contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/10/2015 15/10/2015 15/10/2015 15/10/2015 (continued) 212,100 393,000 140,000 13,500 57,100 79,200 55,900 22,300 7,300 Izumi CoLtd Tokyu FudosanHoldingsCorp Hulic CoLtd Nippon YusenKK Nintendo CoLtd Takashimaya CoLtd Marui GroupCoLtd Jafco CoLtd Tokyo ElectronLtd JPY 332,612,683 GBP 21,633,688 Bought Amount USD 11,013,522 JPY 65,836,329 JPY 105,929,355 JPY 195,563,624 Period ended 30September2015 GBP 1,795,914 JPY 4,017,948,565 Sold Amount JPY 1,330,841,646 USD 549,862 USD 878,854 GBP 1,078,543 4,718,008,880 4,718,008,880 4,673,472,899 4,619,201,521 (106,391,179) 229,422,800 167,983,200 108,468,000 146,219,000 314,152,500 135,030,000 113,850,000 263,149,250 125,169,900 (98,807,359) (94,289,526) (12,046,126) 65,272,500 61,439,600 Gain/(Loss) Fair Value 54,271,378 Unrealised 6,891,365 7,583,820 (49,534) 692,455 (5,993) % ofTotal Assets JPY

100.95 100.95 100.00 100.00 (2.27) (2.11) (2.02) (0.25) (0.00) (0.00) 98.84 98.41 % of % of 4.90 3.59 1.40 1.31 2.32 3.13 6.73 2.89 2.44 5.64 2.68 0.15 0.16 1.16 0.01 NAV NAV 1.43 0.16 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard European EquityFund Portfolios ofInvestments Common Stock-95.71% Ireland -9.60% Netherlands -7.22% Italy -6.36% -10.32% Germany France -19.60% Finland -4.06% Denmark -5.14% Belgium -4.73% Austria -0.73% Shares 4,815,385 149,460 109,244 184,865 119,796 166,998 10,721 15,398 85,263 29,790 72,524 53,564 24,314 21,661 55,960 20,068 17,519 11,090 17,868 22,088 21,224 31,252 62,602 22,861 10,188 66,154 15,017 12,138 42,627 82,926 37,173 19,323 39,696 13,380 24,948 17,156 61,914 5,682 Flow TradersFlow Euronext NV Snam SpA Mediolanum SpA Mediaset SpA Infrastrutture Wireless ItalianeSpA Campari-MilanoSpA Davide SC HoldingsPlc Ryanair Permanent TSB GroupHoldingsPlc Kingspan GroupPlc GroupPlc Kerry CRH Plc Bank ofIreland Vonovia SE SAP AG HeidelbergCement AG Group AG GEA Fresenius SE&CoKGaA Bayer AG Zodiac Aerospace Vivendi SA Vinci SA Valeo SA Societe Television Francaise 1 Sanofi-Aventis SA Iliad SA GeminiSA Cap BNP Paribas SA SA Sampo OYJ Nokia OYJ Topdanmark A/S Nordisk A/S Novo Carlsberg A/S KBC GroepNV Anheuser-Busch InBevNV UNIQA InsuranceGroup AG 12,643,749 Fair Value 4,099,053 1,321,785 6,189,247 1,423,778 1,322,195 1,646,861 6,658,102 1,023,197 1,333,453 2,445,004 1,321,528 1,303,306 1,203,712 1,285,680 1,044,068 2,243,673 1,804,262 2,620,621 1,607,361 1,013,260 3,316,094 1,920,407 3,052,145 1,419,666 1,632,479 373,144 585,509 677,652 547,388 446,480 132,476 973,272 705,438 570,169 520,806 574,296 683,976 598,176 628,556 843,629 965,335 484,110 911,577 473,054 EUR

10.32 19.60 % of 0.58 0.91 6.36 1.05 0.85 0.69 0.21 2.05 1.51 9.60 1.09 0.88 0.81 2.21 2.05 2.56 0.89 1.59 1.06 0.93 2.07 3.78 0.97 2.05 2.02 1.87 1.31 1.99 1.62 1.50 3.47 2.80 4.06 2.49 1.57 5.14 0.75 2.98 1.41 4.73 2.20 2.53 0.73 NAV Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Switzerland -12.00% Sweden -3.92% Spain -2.84% Portugal -1.73% Norway -3.97% Netherlands -7.22%(continued) Net Assets Net Assets Other Total Investments-(CostEUR56,626,539) Total CommonStock-(CostEUR56,626,539) United Kingdom-2.61% Turkey -0.88% Common Stock-95.71%(continued) Shares (continued) 127,064 108,117 182,063 96,720 36,899 12,181 14,550 79,638 65,435 44,271 60,898 35,417 31,694 37,815 60,645 52,697 66,341 13,752 9,115 AB SKF AB Red ElectricaCorpSA Acciona SA Galp EnergiaSGPSSA Telenor ASA ASA Geo-Services Petroleum Forsikring ASA Gjensidige Europris ASA Wolters KluwerNV Unilever NV GrandVision NV Royal DutchShellPlc Royal RELX NV Turkcell IletisimHizmetleri AS Novartis AG Credit SuisseGroup AG Cie Financiere RichemontSA Actelion Ltd Period ended 30September2015 64,500,168 61,731,597 61,731,597 Fair Value 1,830,596 2,528,977 1,919,959 1,112,763 2,559,551 1,332,965 4,655,908 1,685,656 1,279,705 1,684,238 2,768,571 7,738,668 4,334,128 1,422,800 1,035,891 609,018 899,323 931,273 225,145 532,381 469,060 731,894 799,882 884,356 568,831 945,849 % ofTotal Assets EUR

100.00 100.00 95.27 95.71 95.71 12.00 % of 2.84 4.73 0.94 1.39 1.45 0.35 0.83 0.73 1.13 3.92 2.98 1.73 3.97 2.06 7.22 2.62 1.98 2.61 1.24 1.37 0.88 1.47 4.29 6.71 2.21 1.61 NAV

95 LAZARD GLOBAL ACTIVE FUNDS PLC 96 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard PanEuropean EquityFund Portfolios ofInvestments Common Stock-104.95% Austria -0.71% Shares Netherlands -6.03% Italy -4.51% Ireland -7.95% -8.74% Germany France -16.69% Finland -3.64% Denmark -3.57% Belgium -4.08% 1,192,013 16,096 16,959 17,241 40,053 20,481 19,059 46,564 29,905 15,384 14,107 17,828 10,657 9,591 8,935 3,205 5,004 7,290 4,679 3,128 2,257 6,388 4,402 6,858 4,612 7,470 6,462 2,547 1,937 3,142 9,047 8,136 3,374 6,222 3,805 664 UNIQA InsuranceGroup AG Banco Popolare SC Bank ofIreland AXA SA Nokia OYJ Unilever NV GrandVision NV TradersFlow Mediolanum SpA Mediaset SpA Infrastrutture Wireless ItalianeSpA Campari-MilanoSpA Davide Permanent TSB GroupHoldingsPlc Kingspan GroupPlc GroupPlc Kerry CRH Plc SAP AG HeidelbergCement AG Group AG GEA Fresenius SE&CoKGaA Deutsche Annington Immobilien SE Bayer AG Zodiac Aerospace Vivendi SA Vinci SA Valeo SA Societe Television Francaise 1 Schneider ElectricSA Iliad SA GeminiSA Cap BNP Paribas SA Sampo OYJ Nordisk A/S Novo Carlsberg A/S KBC GroepNV Anheuser-Busch InBevNV Fair Value 1,387,107 1,526,008 2,913,419 124,326 344,245 204,880 111,310 786,433 130,618 331,302 224,283 141,854 157,664 312,627 362,524 412,438 181,502 138,354 217,144 264,318 196,962 527,728 153,116 298,010 366,492 307,296 223,831 349,483 250,009 559,013 372,966 635,842 391,419 244,423 622,379 390,704 231,675 711,993 350,765 361,228 78,332 21,898 33,203 EUR

16.69 % of 0.71 1.97 1.17 0.64 4.51 0.75 0.45 0.13 1.90 1.28 7.95 0.81 0.90 1.79 2.08 2.37 8.74 1.04 0.79 1.24 1.51 1.13 3.03 0.88 1.71 2.10 1.76 1.28 0.19 2.00 1.43 3.20 2.14 3.64 2.24 1.40 3.57 2.24 1.33 4.08 2.01 2.07 NAV Common Stock-104.95%(continued) Netherlands -6.03%(continued) Norway -3.70% Portugal -1.53% Sweden -2.74% Spain -2.39% Switzerland -8.04% United Kingdom-30.63% Net Assets Other NetLiabilities Total Investments-(CostEUR18,441,403) Total CommonStock-(CostEUR18,441,403) Shares (continued) 368,755 14,294 29,249 13,387 15,185 18,443 30,417 18,777 16,807 10,189 14,151 18,049 14,067 15,233 63,418 26,316 15,989 15,787 27,273 46,980 32,002 6,626 2,708 3,414 2,986 6,122 7,404 8,447 8,164 5,908 7,577 3,583 5,001 Wolters KluwerNV Europris ASA Gjensidige Forsikring ASA Gjensidige Petroleum Geo-Services ASA Geo-Services Petroleum Telenor ASA Galp EnergiaSGPSSA SKF AB Red ElectricaCorpSA Acciona SA Swedbank AB Cie Financiere RichemontSA Credit SuisseGroup AG AstraZeneca Plc BritishFoodsAssociated Plc Novartis AG British AmericanTobaccoPlc BHP BillitonPlc The Capita GroupPlc The Capita EasyJet Plc Michael Page International Plc Michael Page International London StockExchangeGroupPlc BankingGroupPlc Lloyds Hunting Plc Provident Financial Plc Premier OilPlc Prudential Plc RELX NV Rexam Plc Shire Plc SABmiller Plc DutchShellPlc Royal Spire HealthcareGroupPlc UBM Plc Period ended 30September2015 17,455,662 18,318,989 18,318,989 Fair Value 1,053,448 1,403,348 5,344,860 (863,327) 393,013 125,639 161,053 646,367 307,493 267,654 108,675 416,786 200,663 216,123 479,019 370,344 207,172 360,806 347,401 335,628 835,370 417,610 192,941 293,298 339,306 193,895 376,126 322,803 497,541 233,000 112,096 218,966 253,572 577,846 229,411 210,772 52,182 52,468 82,736 57,444 EUR

100.00 104.95 104.95 (4.95) 30.63 % of 2.25 6.03 0.72 0.92 0.30 3.70 1.76 1.53 0.62 2.39 1.15 1.24 2.74 2.12 1.19 2.07 1.99 1.92 4.78 8.04 2.40 1.11 1.68 1.94 0.30 0.47 1.11 2.16 0.33 1.85 2.86 1.33 0.64 1.25 1.45 3.32 1.31 1.21 NAV Total Assets Other assets Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard PanEuropean EquityFund(continued) Portfolios ofInvestments traded on a regulated market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets % ofTotal Assets 100.00 95.34 4.66 (continued) Period ended 30September2015

97 LAZARD GLOBAL ACTIVE FUNDS PLC 98 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalStrategicEquityFund Portfolios ofInvestments Common Stock-97.87% South Africa-3.53% Philippines -1.04% Norway -1.02% New Zealand-0.70% Japan -9.99% Italy -0.87% Israel -0.98% Ireland -1.97% Indonesia -0.47% France -1.66% Finland -3.03% Denmark -1.53% Canada -1.33% Belgium -1.36% Australia -2.62% Shares 362,996 486,585 22,896 24,593 18,949 14,187 92,983 54,127 16,400 2,100 4,100 3,900 9,400 7,300 2,800 2,014 3,335 4,614 7,241 2,312 2,007 7,014 1,484 8,475 412 Mediclinic Ltd International Alliance GlobalGroupInc Europris ASA Ltd Z Energy Mediolanum SpA Media NusantaraCitra Tbk PT Asaleo CareLtd Nampak Ltd SoftBank Corp Makita Corp CoLtd Gulliver International Don QuijoteHoldingsCoLtd CoLtd Daiwa HouseIndustry Asics Corp Ain PharmaciezInc Teva PharmaceuticalIndustriesLtd, ADR Shire Plc Vivendi SA Iliad SA Sampo OYJ Carlsberg A/S MacDonald Dettwiler& Ltd Associates EnCana Corp Anheuser-Busch InBevNV Ltd Caltex Australia Fair Value 1,153,825 100,977 182,471 120,300 117,920 216,699 149,122 146,211 230,969 172,831 142,028 100,996 113,680 227,503 191,778 108,802 349,701 177,208 153,656 108,665 157,261 302,468 186,076 116,392 80,367 54,388 95,965 82,976 44,991 USD

% of 0.70 0.47 0.87 1.58 1.04 1.02 9.99 0.83 1.88 1.29 1.27 1.99 1.50 1.23 0.87 0.98 1.97 1.66 0.94 0.72 3.03 1.53 1.33 0.94 0.39 1.36 2.62 1.61 1.01 NAV South Africa-3.53%(continued) Common Stock-97.87%(continued) Taiwan -1.47% Switzerland -3.75% Turkey -0.88% United Kingdom-14.76% United States-44.91% Shares (continued) 199,436 28,729 42,986 29,169 37,122 29,157 19,764 10,897 21,384 43,967 3,519 5,209 2,855 3,394 4,366 1,547 1,477 2,970 2,426 2,276 9,333 2,348 3,325 3,331 2,957 1,808 8,204 1,798 1,202 1,050 2,981 2,110 3,592 2,417 873 997 735 818 952 Sanlam Ltd Novartis AG Actelion Ltd Taiwan SemiconductorManufacturingCoLtd Turkcell IletisimHizmetleri AS British AmericanTobaccoPlc Auto Trader GroupPlc Lloyds BankingGroupPlc Lloyds Informa Plc Merlin EntertainmentsPlc Prudential Plc Rexam Plc Zoetis Inc FinancialVoya Inc Visa Inc Corp United Therapeutics Union Pacific Corp Tyco Plc International Springleaf HoldingsInc Sensata Technologies HoldingNV Inc Rockwell Automation Inc Reynolds American Morningstar Inc Molson CoorsBrewingCo McKesson Corp MasterCard Inc Kellogg Co JM SmuckerCo JC Penney CoInc Google Inc, Class A EOG ResourcesInc CVS HealthCorp Celgene Corp Inc Apple Aon Plc Ameriprise Financial Inc American Airlines Group Inc Advance Auto Parts Inc Spire HealthcareGroupPlc Period ended 30September2015 Fair Value 5,184,838 1,703,498 407,593 124,145 432,616 322,053 110,563 169,385 101,879 287,464 190,734 227,070 247,879 111,233 229,973 169,488 117,526 131,568 302,869 203,036 130,559 105,980 100,884 101,161 413,125 188,333 276,025 135,931 300,073 196,759 206,266 521,644 130,876 115,975 113,505 328,774 186,946 103,877 139,423 458,106 239,657 99,361 76,256 USD

44.91 14.76 % of 3.53 1.08 3.75 2.79 0.96 1.47 0.88 2.49 1.65 1.97 2.15 0.96 1.99 1.47 0.86 0.66 1.02 1.14 2.62 1.76 1.13 0.92 0.87 0.88 3.58 1.63 2.39 1.18 2.60 1.70 1.79 4.52 1.13 1.00 0.98 2.85 1.62 0.90 1.21 3.97 2.08 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalStrategicEquityFund(continued) Portfolios ofInvestments Total Total Common Stock-97.87%(continued) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets ADR - Receipt American Depositary Net Assets Net Assets Other Shares Investments -(CostUSD11,773,676) Common Stock -(CostUSD11,773,676) 11,300,860 11,546,394 11,300,860 Fair Value 245,534 % ofTotal Assets USD

100.00 100.00 97.87 95.56 97.87 % of 4.44 2.13 NAV (continued) Period ended 30September2015

99 LAZARD GLOBAL ACTIVE FUNDS PLC 100 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalManagedVolatility Fund Portfolios ofInvestments Common Stock-95.96% France -0.22% Finland -1.14% Denmark -0.59% China -0.38% Canada -9.64% Bermuda -0.49% Belgium -0.56% Australia -6.22% Shares 280,000 191,148 108,837 120,772 226,571 12,481 18,488 12,822 13,510 23,251 15,934 13,909 52,533 57,712 87,384 74,465 54,843 37,465 74,627 6,313 3,673 9,020 5,760 6,506 4,713 9,713 3,312 3,730 8,574 4,017 4,892 9,673 1,026 9,279 6,692 2,078 5,810 400 Yangzijiang ShipbuildingHoldingsLtd CSL Ltd Bureau Veritas SA Bureau Veritas Orion OYJ Kone OYJ Elisa OYJ Nordisk A/S Novo Inc Suncor Energy BankofCanada Royal Metro Inc Inc International Magna Intact Financial Corp Imperial OilLtd Dominion DiamondCorp Dollarama Inc SoftwareInc Constellation GroupInc Colliers International Cogeco CableInc Cineplex Inc CI Financial Corp CCL IndustriesInc Power Corp Capital ResourcesLtd Canadian Natural Co Railway Canadian National PartnerRe Ltd Telenet GroupHoldingNV Woodside Petroleum Ltd Telstra CorpLtd Sandfire ResourcesNL Regis ResourcesLtd Ltd Qantas Airways HealthCareLtd Primary GPT Group Federation CentresLtd Evolution MiningLtd Echo EntertainmentGroupLtd EDILtd Downer CSR Ltd Fair Value 5,724,071 3,689,094 132,499 675,009 138,559 342,180 194,270 348,749 223,014 125,250 534,002 501,805 158,199 895,817 117,530 908,164 166,654 162,272 235,201 341,873 525,036 143,295 130,598 308,943 378,270 288,489 332,280 282,478 753,721 198,659 136,620 150,967 232,881 382,926 143,544 200,080 186,597 151,717 781,161 91,162 87,743 USD

% of 0.22 1.14 0.23 0.58 0.33 0.59 0.38 9.64 0.21 0.90 0.85 0.27 1.50 0.20 0.15 1.52 0.28 0.27 0.40 0.58 0.89 0.24 0.22 0.52 0.64 0.49 0.56 6.22 0.48 1.27 0.33 0.23 0.25 0.39 0.65 0.24 0.34 0.31 0.15 0.26 1.32 NAV Hong Kong-6.86% -0.24% Germany Common Stock-95.96%(continued) Israel -1.06% Ireland -1.23% Japan -8.35% Shares (continued) 318,000 598,000 156,000 113,000 100,111 24,000 50,000 80,500 31,400 21,500 49,000 23,346 40,397 11,600 11,600 15,500 12,400 63,000 38,000 16,200 23,500 17,000 67,100 55,000 3,600 2,138 2,467 2,137 2,027 4,654 2,100 4,400 9,000 8,000 1,000 4,900 6,100 6,500 3,600 3,900 4,500 8,500 4,500 750 Gesellschaft AG inMuenchen Muenchener Rueckversicherungs- CK HutchisonHoldingsLtd CLP HoldingsLtd Investments Ltd HK ElectricInvestments& Henderson LandDevelopmentCoLtd PCCW Ltd The LinkREIT HoldingsLtd Jardine Matheson Hongkong LandHoldingsLtd Wharf HoldingsLtd Swire Pacific Ltd Shire Plc HoldingsPlc,Ryanair ADR Paddy Power Plc ICON Plc Wheelock &CoLtd Bank Hapoalim BM Bank Hapoalim Israel DiscountBankLtd Frutarom IndustriesLtd Bank LeumiLe-IsraelBM Astellas PharmaInc Daito Trust ConstructionCo Canon Inc Electric Power DevelopmentCoLtd DCM HoldingsCoLtd Minebea CoLtd Kyudenko Corp Kaken PharmaceuticalCoLtd Petroleum CoLtd Japan Exploration Japan Airlines CoLtd IT HoldingsCorp Heiwa Corp Mitsubishi Materials Corp Mitsubishi Materials Murata ManufacturingCoLtd Murata Mitsui ChemicalsInc Nipro Corp Nissan MotorCoLtd San-In GodoBankLtd Shionogi &CoLtd Senshu IkedaHoldingsInc Taikisha Ltd Sumitomo RubberIndustriesLtd Sumitomo MitsuiFinancial GroupInc Sumitomo ChemicalCoLtd Period ended 30September2015 Fair Value 4,069,841 139,810 311,533 426,287 226,907 480,140 306,714 853,968 169,650 207,397 635,347 239,619 729,204 145,847 193,166 246,355 143,836 212,279 117,387 627,370 182,793 176,560 150,630 149,449 212,385 334,251 133,820 113,243 132,960 128,468 214,428 146,483 211,990 190,423 461,628 120,887 165,632 214,417 165,436 139,047 290,217 101,280 117,353 169,570 276,228 94,873 92,181 USD

% of 0.24 0.53 0.72 0.38 0.81 0.52 1.43 0.29 0.35 1.07 0.40 1.23 0.25 0.33 0.41 0.24 0.36 6.86 0.20 1.06 0.31 0.30 0.25 0.25 0.36 0.56 0.23 0.19 0.16 0.16 0.22 0.22 0.36 0.25 0.36 0.32 0.77 0.20 0.28 0.36 0.28 0.23 0.49 0.17 0.20 0.29 0.47 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-95.96%(continued) United Kingdom-5.56% Switzerland -1.24% Sweden -0.30% Spain -0.29% Singapore -2.55% Norway -2.05% New Zealand-2.08% Netherlands -1.32% -0.72% Japan -8.35%(continued) Shares 100,954 379,682 291,826 109,955 51,399 15,303 31,461 22,350 51,991 41,515 26,213 10,674 44,706 86,100 18,880 51,528 94,993 48,344 13,841 22,769 5,771 4,551 7,872 3,671 2,891 2,786 3,498 1,795 1,482 3,255 5,096 6,624 2,900 229 968 Provident Financial Plc Next Plc Micro Focus Plc International ITV Plc Greggs Plc Debenhams Plc Compass GroupPlc Cineworld GroupPlc Centrica Plc BT GroupPlc Plc Bellway Acacia MiningPlc Axfood AB United OverseasBankLtd ComfortDelGro CorpLtd Ltd CapitaLand Yara ASA International Telenor ASA ASA Statoil Spark NewZealandLtd Sky Network Television Ltd Fisher &Paykel HealthcareCorpLtd Air NewZealandLtd NN GroupNV KoninklijkeNV Vopak Euronext NV Aegon NV Roche Holding AG Roche Holding AG dorma+kaba Actelion Ltd Corp Financiera Alba SA Bolsas yMercadosEspanolesSHMSFSA Unibet GroupPlc Co West Railway Japan TDK Corp Fair Value 1,510,699 1,215,781 1,231,687 4,952,753 274,443 524,261 143,387 191,566 251,274 120,883 502,051 187,555 180,542 263,881 138,210 175,693 583,080 765,033 162,586 115,047 351,372 749,362 557,245 282,871 219,418 172,153 785,818 395,597 110,914 148,835 130,472 734,556 471,931 140,031 122,594 171,674 109,928 426,233 413,264 162,840 98,432 61,746 USD

% of 0.46 0.89 0.24 0.32 0.42 0.20 0.86 0.32 0.30 0.44 0.23 0.17 0.30 2.55 0.98 1.30 0.27 2.05 0.19 0.59 1.27 2.08 0.94 0.48 0.37 0.29 1.32 0.66 0.19 0.25 0.22 1.24 0.79 0.24 0.21 0.29 0.10 0.19 0.72 8.35 0.70 0.27 NAV United States-42.87% United Kingdom-5.56%(continued) Common Stock-95.96%(continued) Shares (continued) 10,951 76,805 17,047 21,830 14,455 29,839 2,305 3,035 9,735 1,104 1,437 6,883 1,278 4,201 5,969 3,350 1,796 1,173 4,480 9,481 1,457 2,900 9,382 3,631 1,740 2,562 3,377 2,947 4,894 1,791 2,470 6,000 8,891 1,159 2,220 2,580 3,479 7,704 1,290 2,422 4,762 2,026 9,149 5,094 2,043 1,925 1,816 1,796 6,314 564 770 SSE Plc Rentokil InitialPlc Philip Morris International Inc Philip MorrisInternational PG&E Corp PerkinElmer Inc PepsiCo Inc Inc O'Reilly Automotive Northrop GrummanCorp Nike Inc Monsanto Co Mettler-Toledo Inc International HillFinancialMcGraw Inc McDonald's Corp MasterCard Inc LyondellBasell IndustriesNV Lockheed MartinCorp Kroger Co Kohl's Corp Johnson & Intuit Inc Paper Co International Intel Corp HCA HoldingsInc Gilead SciencesInc General DynamicsCorp FMC TechnologiesInc FactSet ResearchSystemsInc Everest ReGroupLtd Estee LauderCosInc Emerson ElectricCo Edwards LifesciencesCorp Edison International Dr Pepper GroupInc Snapple Corp Credit Acceptance CR BardInc Corp Colgate-Palmolive Co The CloroxCo Cirrus LogicInc Chemed Corp Centene Corp CBOE HoldingsInc Blackbaud Inc Corp AVG TechnologiesNV AT&T Inc Inc Apple Aon Plc ACE Ltd Accenture Plc 3M Co Period ended 30September2015 Fair Value 3,295,579 248,074 171,020 182,844 899,996 139,443 917,475 275,851 238,485 846,265 109,071 160,670 363,344 588,096 301,785 149,670 243,210 787,517 207,491 885,004 129,280 109,577 282,633 280,731 170,677 353,325 104,670 471,048 848,913 144,471 109,088 109,436 378,390 702,967 228,172 413,475 146,634 917,603 401,964 242,637 172,234 131,381 319,483 113,659 142,358 110,769 971,707 225,322 170,555 187,747 176,340 895,010 USD

% of 5.56 0.42 0.29 0.31 1.51 0.24 1.54 0.47 0.40 1.43 0.18 0.27 0.61 0.99 0.51 0.25 0.41 1.33 0.35 1.49 0.22 0.18 0.48 0.47 0.29 0.60 0.18 0.79 1.43 0.24 0.18 0.18 0.64 1.19 0.38 0.70 0.25 1.54 0.68 0.41 0.29 0.22 0.54 0.19 0.24 0.19 1.63 0.38 0.29 0.32 0.30 1.51 NAV 101 LAZARD GLOBAL ACTIVE FUNDS PLC 102 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments United States-42.87%(continued) Common Stock-95.96%(continued) Other Net Assets Other Total Total Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets ADR - Receipt American Depositary Net Assets Shares Investments -(CostUSD57,656,104) Common 11,947 17,193 12,544 13,599 12,000 1,881 2,778 4,283 2,100 3,628 7,626 3,127 2,430 4,053 3,934 4,904 2,827 3,136 2,931 6,072 2,564 8,327 6,138 Stock -(CostUSD57,656,104) Xcel Energy Inc Xcel Energy Corp Wyndham Worldwide Waters Corp Walt DisneyCo Visa Inc Verizon Inc Communications Vantiv Inc Validus HoldingsLtd UnitedHealth GroupInc Triumph GroupInc TJX CosInc Inc Time Warner Thermo Fisher ScientificInc Starbucks Corp Spirit AeroSystems HoldingsInc Southern Co Skyworks SolutionsInc Sanderson Farms Inc Ross StoresInc Inc Rockwell Automation Inc Reynolds American EnterpriseGroupInc Public Service Pinnacle EntertainmentInc 56,915,103 25,435,200 56,915,103 59,314,235 Fair Value 2,399,132 422,984 135,235 328,262 437,830 145,677 747,638 162,915 343,666 362,748 102,230 895,830 278,482 480,951 278,694 136,615 607,943 264,004 200,788 294,340 260,156 531,180 350,941 207,618 % ofTotal Assets USD

100.00 100.00 95.96 42.87 95.96 95.84 % of 0.71 0.23 0.55 0.74 0.25 1.26 0.27 0.58 0.61 0.17 1.51 0.47 0.81 0.47 0.23 1.02 0.45 0.34 0.50 0.44 0.90 0.59 0.35 4.04 4.16 NAV (continued) Period ended 30September2015 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalListedInfrastructure EquityFund Portfolios ofInvestments Common Stock-99.18% United States-23.66% United Kingdom-5.24% Switzerland -1.34% Spain -4.39% Portugal -0.48% Luxembourg -4.83% Japan -2.25% Italy -27.04% -3.04% Germany France -14.21% Australia -12.28% Austria -0.42% Shares 17,703,100 16,996,804 17,811,917 24,426,457 16,633,855 3,794,699 4,322,529 6,375,727 1,160,884 1,567,000 1,858,100 2,295,040 1,156,900 2,977,808 1,721,500 1,641,760 2,974,994 6,053,303 4,593,632 113,524 636,070 640,409 820,000 557,900 877,550 500,755 528,690 269,628 20,708 49,550 SJW Corp PG&E Corp Norfolk SouthernCorp Pennon GroupPlc GridPlc National Zuerich AG Flughafen Tokyo GasCoLtd Toho GasCoLtd Terna ReteElettricaNazionaleSpA Societa Iniziative SpA Autostradali EServizi Snam SpA Hera SpA Autostrada Torino-MilanoSpA Worldwide Services Frankfurt Airport Fraport AG Vinci SA SA Communications Eutelsat Aeroports deParis Great Plains Energy Inc PlainsEnergy Great CSX Corp Ameren Corp Abertis InfraestructurasSA REN -RedesEnergeticasNacionaisSGPSSA SES SA Atlantia SpA Flughafen WienAG Transurban Group Spark InfrastructureGroup Macquarie Atlas RoadsGroup DUET Group AusNet Services 190,781,787 100,280,632 22,169,543 32,296,315 36,981,024 29,446,864 15,915,141 13,751,678 56,683,839 57,528,609 10,904,983 21,470,970 48,518,450 31,634,462 20,127,720 33,150,786 40,749,365 32,264,889 31,012,433 34,075,291 54,786,367 86,708,043 27,909,178 15,462,594 24,517,051 10,545,571 Fair Value 2,305,704 7,534,160 9,478,866 2,163,463 6,483,006 4,394,983 3,390,987 2,973,183 8,273,649 GBP

27.04 14.21 12.28 % of 0.33 3.14 4.58 5.24 4.17 1.07 1.34 2.25 1.94 0.31 8.04 0.92 8.16 1.54 0.62 3.04 6.88 4.48 2.85 4.70 5.76 4.57 4.39 0.48 4.83 7.76 0.42 3.96 2.19 1.17 3.47 1.49 NAV Total Total United States-23.66%(continued) Common Stock-99.18%(continued) Date Maturity Shares 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 15/10/2015 15/10/2015 15/10/2015 15/10/2015 15/10/2015 15/10/2015 15/10/2015 15/10/2015 15/10/2015 15/10/2015 Open ForwardForeignCurrency ExchangeContracts(0.35)% (continued) Investments -(CostGBP677,602,642) Common 70,000 Stock -(CostGBP677,602,642) Union Pacific Corp Bought Amount GBP 1,603,483 GBP 3,007,310 GBP 3,168,427 GBP 58,728,215 GBP 33,567,783 GBP 39,940,625 GBP 17,029,754 GBP 36,220,137 GBP 23,317,849 GBP 61,426,512 GBP 32,560,730 GBP 20,555,383 GBP 63,895,233 GBP 2,509,882 GBP 1,652,004 GBP 1,037,712 GBP 3,404,562 GBP 1,606,735 GBP 2,973,751 GBP 914,914 GBP 6,603,711 GBP 6,685,571 GBP 26,628,294 GBP 15,204,999 GBP 11,507,026 GBP 7,864,533 GBP 3,404,285 GBP 11,623,884 EUR 16,893,105 CHF 3,532,791 CHF 3,255,623 AUD 6,419,369 USD 114,495,136 JPY 1,547,732,890 GBP 1,963,414 GBP 242,657 GBP 3,554,742 GBP 273,938 EUR 2,815,530 EUR 171,224,154 CHF 244,725 CHF 15,064,034 Period ended 30September2015 Sold Amount JPY 298,969,420 JPY 560,911,792 JPY 590,628,140 EUR 79,750,430 EUR 45,583,008 EUR 54,231,269 EUR 23,119,562 EUR 49,178,733 EUR 31,661,426 EUR 83,404,409 EUR 44,199,286 EUR 27,906,518 EUR 86,743,462 CHF 3,742,259 CHF 2,463,254 CHF 1,546,847 CHF 5,076,931 CHF 2,395,481 CHF 4,434,280 CHF 1,363,497 AUD 14,347,585 AUD 14,548,705 AUD 57,870,472 AUD 33,029,060 AUD 25,001,257 AUD 17,086,681 AUD 7,396,265 AUD 25,248,005 GBP 12,437,667 GBP 2,369,070 GBP 2,190,169 GBP 2,954,694 GBP 74,560,343 GBP 8,335,227 USD 2,983,730 JPY 44,368,277 EUR 4,841,478 CHF 407,099 GBP 2,080,426 GBP 124,528,438 GBP 165,534 GBP 10,044,093 700,089,891 700,089,891 167,021,534 Gain/(Loss) Fair Value 4,084,932 Unrealised 1,031,967 1,688,391 (148,907) (148,223) (144,615) (47,775) (90,699) (93,710) (84,655) (96,540) (38,660) (86,907) (56,742) (70,151) (47,083) (27,511) (18,175) (11,109) (37,789) (17,492) (32,858) (19,814) (30,800) (87,455) (42,778) (34,738) (23,488) (10,181) (31,790) (14,125) 198,433 139,558 (9,588) (6,512) (1,975) (1,271) (4,975) 33,958 26,296 17,267 8,790 GBP (94)

(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) (0.01) (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) (0.02) (0.02) (0.02) 99.18 99.18 23.66 % of % of 0.58 0.00 0.00 0.00 0.00 0.15 0.03 0.25 0.02 NAV NAV 103 LAZARD GLOBAL ACTIVE FUNDS PLC 104 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalListedInfrastructure EquityFund(continued) Portfolios ofInvestments Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets StreetGlobalMarkets -State -StandardCharteredBank Markets -RBCCapital -JPMorgan -HSBCBankUSA -CreditSuisse -CitigroupGlobalMarketsInc -CIBC World MarketsCorp Markets -BNYMellonCapital -BNPParibas SecuritiesCorp. The Net Assets Other Netassets Financial assetsandfinancialliabilitiesatfair value exchange contracts Net unrealisedlossonforwardforeigncurrency contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 22/12/2015 Open ForwardForeignCurrency ExchangeContracts(0.35)%(continued) Date Maturity counterparties fortheopenforwardforeigncurrency exchangecontractsare: USD 23,058,241 JPY 171,097,533 JPY 1,077,980,256 JPY 186,554,554 GBP 11,949,230 GBP 53,595,391 GBP 20,167,547 GBP 24,991,934 GBP 11,202,383 GBP 14,337,208 GBP 2,140,729 GBP 20,992,939 GBP 2,612,279 GBP 3,463,072 GBP 1,242,953 GBP 8,524,183 Bought Amount GBP 14,837,993 GBP 926,096 GBP 5,783,032 GBP 1,017,236 USD 18,568,745 USD 83,287,773 USD 31,329,074 USD 38,840,189 USD 17,408,828 USD 22,279,018 USD 3,326,564 USD 32,623,027 JPY 486,935,251 JPY 636,438,542 JPY 231,702,676 JPY 1,588,941,762 Sold Amount 705,884,858 697,616,170 Gain/(Loss) (2,473,721) (6,210,358) (1,405,812) Unrealised 8,268,688 3,736,637 (313,114) (521,406) (657,175) (293,980) (375,309) (550,509) (251,806) (56,053) (77,146) (52,084) (36,779) 389,104 170,832 18,905 13,136 % ofTotal Assets 100.00 100.00 (0.35) (0.88) (0.04) (0.21) (0.08) (0.10) (0.04) (0.05) (0.01) (0.09) (0.01) (0.01) (0.01) (0.04) 96.33 98.83 % of 3.16 0.51 1.17 0.53 0.06 0.00 0.02 0.00 NAV (continued) Period ended 30September2015 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalEquityFranchiseFund Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Net Assets Net Assets Other Total Total United States-64.35% Italy -12.93% -6.44% Germany France -6.15% Australia -4.43% Common Stock-94.30% Shares Investments -(CostUSD5,275,887) Common 18,100 48,074 44,517 31,268 3,270 3,600 5,730 2,700 2,200 4,900 2,900 2,450 4,900 2,370 4,300 3,400 7,050 7,150 8,100 7,775 3,061 5,021 3,298 5,432 400 Stock -(CostUSD5,275,887) Wal-Mart StoresInc QUALCOMM Inc Oracle Corp Norfolk SouthernCorp Monsanto Co Microsoft Corp Medtronic Plc Intuit Inc Game International Technology Plc Intel Corp Google Inc, ClassC Express ScriptsHoldingCo Emerson ElectricCo eBay Inc CSX Corp Coach Inc Cisco SystemsInc Terna ReteElettricaNazionaleSpA Snam SpA Atlantia SpA SAP SE Carl ZeissMeditec AG Vinci SA SA Bureau Veritas Ltd Fair Value 5,246,878 4,948,007 4,948,007 3,376,682 298,871 212,010 193,374 206,882 206,253 187,759 216,776 194,112 217,389 277,744 147,613 243,067 191,780 189,910 189,610 206,814 212,544 678,284 233,164 228,236 216,884 337,819 198,262 139,557 322,798 208,790 114,008 232,424 83,045 % ofTotal Assets USD

100.00 100.00 94.97 94.30 94.30 64.35 12.93 % of 5.03 5.70 4.04 3.69 3.94 3.93 3.58 4.13 3.70 4.14 5.30 2.81 4.63 3.66 3.62 1.58 3.61 3.94 4.05 4.45 4.35 4.13 6.44 3.78 2.66 6.15 3.98 2.17 4.43 NAV (continued) Period ended 30September2015 105 LAZARD GLOBAL ACTIVE FUNDS PLC 106 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalEquitySelectFund Portfolios ofInvestments Common Stock-97.36% South Africa-0.69% Russia -0.73% Norway -1.57% Netherlands -2.56% Japan -5.53% Italy -1.20% Ireland -0.69% India -1.10% -3.22% Germany Finland -1.51% Denmark -1.99% Cayman Islands-0.64% Canada -0.59% Belgium -2.38% Australia -0.76% Shares 23,257 12,780 7,351 2,749 4,450 1,679 1,600 4,080 3,100 6,969 6,045 2,435 1,179 1,441 1,210 1,075 1,039 702 765 955 369 215 505 Spotless GroupHoldingsLtd Sanlam Ltd OJSC,Magnit GDR Telenor ASA Europris ASA Wolters KluwerNV NXP SemiconductorsNV Sumitomo Mitsui Trust HoldingsInc Recruit HoldingsCoLtd CoLtd Daiwa HouseIndustry AEON FinancialCoLtd Service Campari-MilanoSpA Davide Permanent TSB GroupHoldingsPlc Tata MotorsLtd, ADR Indiabulls HousingFinance Ltd, GDR Symrise AG Continental AG Sampo OYJ Topdanmark A/S Nordisk A/S Novo Inc,Baidu ADR MacDonald Dettwiler& Ltd Associates Anheuser-Busch InBevNV Fair Value 118,147 255,660 100,250 148,980 110,104 35,033 31,766 33,545 72,498 51,161 21,337 51,531 66,616 46,685 47,794 60,931 55,349 32,008 50,898 21,483 29,415 70,606 78,374 69,592 91,942 34,318 57,624 29,552 27,342 USD

% of 0.76 0.69 0.73 1.57 1.11 0.46 2.56 1.12 1.44 5.53 1.01 1.03 2.17 1.32 1.20 0.69 1.10 0.47 0.63 3.22 1.53 1.69 1.51 1.99 0.74 1.25 0.64 0.59 2.38 NAV United States-52.78% United Kingdom-12.19% Thailand -0.70% Taiwan -0.96% Switzerland -3.66% Sweden -1.91% Common Stock-97.36%(continued) Shares (continued) 13,098 1,000 1,140 1,015 1,660 2,425 2,700 1,225 1,070 1,465 6,860 2,135 1,302 4,930 1,503 5,898 1,126 4,400 2,968 1,053 9,235 2,855 465 415 305 450 725 700 400 286 960 130 158 440 935 955 980 715 315 394 875 84 Procter &GambleCo/The Monsanto Co Molson CoorsBrewingCo McKesson Corp HillFinancialMcGraw Inc MasterCard Inc Kellogg Co JM SmuckerCo IntercontinentalExchange GroupInc Inc Honeywell International Hartford FinancialGroupInc Services Inc Harley-Davidson Halliburton Co Google Inc, ClassC Google Inc, Class A EOG ResourcesInc EMC Corp CVS HealthCorp Inc Cisco SystemsInc Charles SchwabCorp Bristol-Myers SquibbCo AutoZone Inc Inc Materials Applied Inc Apple Aon Plc Advance Auto Parts Inc Kasikornbank PCL Ltd, ADR Taiwan SemiconductorManufacturingCo Novartis AG Actelion Ltd AB Assa Abloy Unilever Plc UBM Plc Shire Plc RELX NV Prudential Plc Provident Financial Plc Henderson GroupPlc Compass GroupPlc British AmericanTobaccoPlc Auto Trader GroupPlc Period ended 30September2015 Fair Value 107,930 100,757 108,083 169,056 119,157 563,124 71,835 39,685 34,451 56,407 38,921 65,312 46,578 45,634 67,177 46,462 52,694 58,656 78,997 32,028 58,576 90,213 47,373 70,848 34,980 63,317 60,738 21,499 63,349 59,704 32,273 44,312 49,899 88,142 61,129 43,361 76,811 71,572 62,637 50,076 36,392 45,560 48,288 67,298 USD

12.19 % of 1.55 0.86 0.75 1.22 0.84 1.41 1.01 0.99 1.45 1.01 1.14 1.27 1.71 0.69 1.27 1.95 1.03 1.53 0.76 1.37 1.31 0.47 1.37 1.29 0.70 0.96 1.08 1.91 2.34 2.18 2.34 3.66 2.58 1.32 0.94 1.65 1.54 1.36 1.08 0.79 0.99 1.05 1.46 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalEquitySelectFund(continued) Portfolios ofInvestments Other Net Assets Other Total Total United States-52.78%(continued) Common Stock-97.36%(continued) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Shares Investments -(CostUSD4,322,901) Common 1,352 1,190 1,157 1,335 1,015 1,320 2,395 1,075 1,040 201 415 440 705 365 935 390 Stock -(CostUSD4,322,901) Zoetis Inc FinancialVoya Inc Visa Inc Vertex PharmaceuticalsInc United TechnologiesCorp Union Pacific Corp Tyco Plc International Twitter Inc Thermo Fisher ScientificInc Springleaf HoldingsInc GlobalHoldingsInc ServiceMaster Schlumberger Ltd Inc Rockwell Automation Inc Reynolds American Quintiles Transnational HoldingsInc QUALCOMM Inc Fair Value 4,497,820 4,497,820 2,438,497 4,619,722 121,902 106,015 55,655 46,130 80,261 20,923 36,910 38,894 44,662 18,989 44,623 44,340 44,253 64,431 39,571 74,772 55,864 % ofTotal Assets USD

100.00 100.00 97.36 97.36 52.78 95.08 % of 2.64 1.20 1.00 1.74 0.45 0.80 0.84 0.97 0.41 0.97 0.96 0.96 1.39 0.86 2.29 1.62 1.21 4.92 NAV (continued) Period ended 30September2015 107 LAZARD GLOBAL ACTIVE FUNDS PLC 108 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalEquityIncomeFund Portfolios ofInvestments Common Stock-94.19% Mexico -1.02% Luxembourg -1.51% Japan -0.78% Italy -2.29% Israel -2.90% Ireland -0.96% Hong Kong-0.88% France -7.96% China -7.41% Canada -1.20% Brazil -2.49% Austria -1.01% Australia -3.08% Shares 186,567 669,000 115,863 129,000 337,000 60,700 16,100 37,000 10,900 17,700 25,500 15,800 14,440 24,567 11,322 69,200 78,000 44,500 74,885 79,232 2,161 9,930 2,300 6,035 8,660 8,894 8,680 7,308 Fibra Uno Administracion SAdeCV Yumeshin Holdings CoLtd Bezeq The Israeli Telecommunication CorpLtd BOC HongKong HoldingsLtd Agricultural BankofChinaLtd CosmeticosSA Natura Grendene SA Banco doBrasilSA Ambev SA UNIQA InsuranceGroup AG Asaleo CareLtd RTL Group Snam SpA ENI SpA CorpPlc Eaton Vivendi SA Total SA Societe Television Francaise 1 Rexel SA AXA SA Sands ChinaLtd Industrial &CommercialBankofChinaLtd Inc Huaneng Power International CoLtd China ShenhuaEnergy China ConstructionBankCorp Corp Alaris Royalty Spotless GroupHoldingsLtd DUET Group Fair Value 306,450 125,059 185,825 281,633 125,953 155,680 356,411 117,956 108,612 977,337 266,981 270,557 121,366 108,835 209,598 911,040 208,045 223,723 252,923 147,172 124,500 378,295 112,801 120,462 145,032 95,244 53,392 78,722 97,180 77,156 74,320 83,988 68,041 USD

% of 0.78 2.49 0.43 0.64 0.79 0.63 1.02 1.51 2.29 1.03 1.26 2.90 0.96 0.88 7.96 2.17 2.20 0.99 0.89 1.71 7.41 1.69 0.60 0.68 0.55 1.82 2.07 1.20 1.01 3.08 0.92 0.98 1.18 NAV Russia -0.96% Norway -1.51% Common Stock-94.19%(continued) South Africa-1.68% Taiwan -6.27% Switzerland -1.34% Sweden -1.68% United Kingdom-7.88% Thailand -1.52% United States-37.86% Shares (continued) 100,800 229,200 16,467 20,768 22,783 54,497 14,610 17,790 64,891 22,437 67,097 10,308 13,597 14,022 13,075 10,332 14,178 9,988 2,801 9,371 8,910 5,590 8,613 4,497 6,891 4,078 7,420 8,031 3,493 7,553 7,958 6,570 3,189 3,177 6,462 898 Telenor ASA Mobile TeleSystemsOJSC, ADR Vodacom GroupLtd Cembra MoneyBank AG Swedbank AB Hon Hai Precision Industry CoLtd,Hon HaiPrecisionIndustry GDR Siliconware PrecisionIndustriesCoLtd, ADR Ltd, ADR Taiwan SemiconductorManufacturingCo Amec Foster Wheeler Plc PCL Pruksa RealEstate Krung Thai BankPCL Anglo American Plc Anglo American Pennon GroupPlc Pearson Plc Plc Infinis Energy UBM Plc Artisan Partners Inc Asset Management Vodafone GroupPlc CBL & PropertiesInc Associates Blackstone Mortgage Trust Inc International Paper Co International BusinessMachinesCorp International ConocoPhillips Cisco SystemsInc LaSalle HotelProperties Kohl's Corp Kinder MorganInc Medical Properties Trust Inc ProductsInc Maxim Integrated Realty TrustLexington Pattern Energy GroupInc Pattern Energy PacWest Bancorp QUALCOMM Inc Procter &GambleCo/The Pfizer Inc People's UnitedFinancial Inc Period ended 30September2015 Fair Value 185,885 118,562 206,704 165,186 206,312 124,737 342,513 770,481 303,231 187,168 107,669 148,521 146,969 132,082 164,953 158,339 966,785 211,885 282,800 154,087 130,107 355,715 356,785 228,121 161,778 387,919 265,757 105,842 125,454 442,262 171,297 228,220 202,939 222,949 96,668 79,499 65,707 94,717 83,498 USD

% of 1.51 0.96 1.68 1.34 1.68 1.02 2.78 6.27 2.47 0.79 1.52 0.65 0.87 1.21 0.53 1.20 1.07 1.35 1.29 7.88 1.73 0.77 2.30 1.25 1.06 2.89 2.90 1.86 1.32 3.17 0.68 2.16 0.86 1.02 3.61 1.39 1.86 1.65 1.81 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalEquityIncomeFund(continued) Portfolios ofInvestments United States-1.60% Preferred Stock-1.60% Total CommonStock-(CostUSD14,261,206) United States-37.86%(continued) Common Stock-94.19%(continued) Total Total Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Markets - BNYMellonCapital The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Other Netassets Financial assetsandfinancialliabilitiesatfair value exchange contracts Net unrealisedlossonforwardforeigncurrency contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/10/2015 15/10/2015 15/10/2015 Open ForwardForeignCurrency ExchangeContracts(0.02)% Date Maturity Shares Investments -(CostUSD14,449,864) Preferred 2,564 2,221 3,158 8,300 3,372 2,800 1,301 2,737 Regions Financial Corp JPMorgan Chase&Co OneFinancialCapital Corp WP GLIMCHERInc Viacom Inc Verizon Inc Communications Tronox Ltd TechnologySeagate Plc Stock -(CostUSD188,658) USD 52,495 USD 89,625 EUR 2,004,726 Bought Amount EUR 47,089 EUR 80,036 USD 2,240,418 Sold Amount 11,573,435 11,770,591 Gain/(Loss) Fair Value 12,287,472 11,768,649 4,650,818 Unrealised 197,156 145,468 121,758 122,590 197,156 518,823 65,305 53,548 78,303 96,737 (1,942) (2,206) (2,125) 5,679 % ofTotal Assets USD (81) 264 264

100.00 100.00 (0.02) (0.02) (0.00) (0.02) 94.19 37.86 95.79 94.23 95.77 % of % of 1.60 0.53 0.44 0.63 0.79 1.18 0.99 0.05 1.00 1.60 5.77 0.00 4.23 0.00 0.00 NAV NAV (continued) Period ended 30September2015 109 LAZARD GLOBAL ACTIVE FUNDS PLC 110 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard ThematicGlobalEx-JapanFund Portfolios ofInvestments Common Stock-92.93% Brazil -0.08% Shares Switzerland -4.47% Singapore -1.04% Jersey -0.46% Israel -2.43% Ireland -1.07% India -0.95% Hong Kong-7.12% -2.21% Germany France -3.53% China -1.11% Cayman Islands-0.28% Canada -1.03% 263,089 177,160 16,626 27,200 86,600 31,617 28,340 88,330 3,400 1,574 4,669 4,266 2,327 5,375 5,300 1,558 4,650 6,193 1,601 3,934 2,049 1,186 2,824 6,500 1,500 8,610 750 600 Grupo BTGPactual ABB Ltd DBS GroupHoldingsLtd AIA GroupLtd Barrick GoldCorp Roche Holding AG Roche Novartis AG Credit SuisseGroup AG Actelion Ltd Randgold ResourcesLtd Teva PharmaceuticalIndustriesLtd, ADR Check Point Software Technologies Ltd Plc,Shire ADR HDFC BankLtd, ADR Hong Kong ExchangesandClearing Ltd Hong Kong &ChinaGasCoLtd China OverseasLand&InvestmentLtd SAP AG Linde AG Schneider ElectricSA L'Oreal SA SA Essilor International Air LiquideSA(PrimeFidelite) Tencent HoldingsLtd CoLtd China ShenhuaEnergy Alibaba GroupHoldingLtd, ADR Inc,Baidu ADR Goldcorp Inc Fair Value 1,331,626 2,121,691 1,051,145 413,827 427,300 102,227 293,287 310,185 136,182 723,867 303,392 420,475 319,889 284,231 646,696 492,567 534,905 447,523 659,763 401,123 258,640 219,588 354,572 144,103 332,882 331,814 108,360 135,059 307,266 107,407 199,859 22,631 94,985 88,395 82,470 USD

% of 0.08 4.47 1.39 1.44 0.34 0.32 0.98 1.04 0.46 2.43 1.02 1.41 1.07 0.95 7.12 2.18 1.65 1.79 1.50 2.21 1.34 0.87 3.53 0.74 1.19 0.48 1.12 1.11 0.36 0.45 0.30 0.28 1.03 0.36 0.67 NAV Common Stock-92.93%(continued) Taiwan -1.35% United Kingdom-6.64% United States-59.16% Shares (continued) 19,423 21,345 24,892 17,395 19,700 14,730 12,720 19,730 13,060 10,610 6,647 9,219 8,532 5,108 6,200 5,380 4,680 6,270 4,400 5,020 3,830 5,600 5,435 6,495 4,153 4,108 3,112 6,600 9,400 4,300 1,834 2,900 4,310 5,028 7,160 4,374 2,210 2,570 9,040 3,680 8,800 6,000 3,610 6,700 5,400 4,320 660 481 480 Ltd, ADR Taiwan SemiconductorManufacturingCo AstraZeneca Plc National GridPlc National Royal DutchShellPlc Royal Prudential Plc Unilever Plc Standard CharteredPlc Abbott Laboratories Cabot Oil&GasCorp Bristol-Myers SquibbCo Inc Apple Corp Apache Aon Plc Anadarko Petroleum Corp Amazon.com Inc AES Corp Charles SchwabCorp Eli Lilly&Co EI duPont deNemours&Co Edison International eBay Inc Eastman ChemicalCo CVS HealthCorp Corp Costco Wholesale Comcast Corp Cisco SystemsInc Kinder MorganInc Johnson & BusinessMachinesCorp International Inc Honeywell International Google Inc, ClassC Google Inc, Class A Exxon MobilCorp EOG ResourcesInc EMC Corp Merck &CoInc Mead JohnsonNutritionCo McKesson Corp MasterCard Inc OilCorp Marathon Oracle Corp Occidental Petroleum Corp Inc Noble Energy Nielsen HoldingsPlc Inc NextEra Energy Newmont MiningCorp Mylan NV Monsanto Co Microsoft Corp Period ended 30September2015 Fair Value 1,977,309 403,124 421,041 297,070 218,034 525,327 347,005 168,832 205,469 135,470 318,362 516,157 245,565 389,840 303,133 337,673 192,765 420,615 320,399 269,836 342,758 158,640 268,720 396,360 449,871 375,111 333,773 260,051 401,384 265,719 274,558 292,289 306,098 320,039 365,988 476,578 353,453 307,820 408,717 231,518 201,189 326,389 243,414 265,540 266,730 352,065 107,636 217,323 368,690 469,386 USD

% of 1.35 1.41 1.00 0.73 1.77 1.16 0.57 6.64 0.69 0.45 1.07 1.72 0.82 1.31 1.02 1.13 0.65 1.41 1.08 0.91 1.15 0.53 0.90 1.33 1.50 1.26 1.12 0.87 1.35 0.89 0.92 0.98 1.03 1.07 1.23 1.59 1.19 1.03 1.37 0.78 0.68 1.10 0.82 0.89 0.90 1.18 0.36 0.73 1.24 1.57 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard ThematicGlobalEx-JapanFund(continued) Portfolios ofInvestments United States-59.16%(continued) Common Stock-92.93%(continued) Total Total Other Net Assets Other Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets ADR - Receipt American Depositary Net Assets Shares Investments -(CostUSD24,392,670) Common 10,735 6,999 7,441 5,700 2,969 2,750 3,819 4,108 4,900 7,610 3,600 7,100 1,877 6,495 Stock -(CostUSD24,392,670) Zoetis Inc Visa Inc Viacom Inc Vertex PharmaceuticalsInc UnitedHealth GroupInc United TechnologiesCorp Union Pacific Corp StreetCorp State Starbucks Corp Co Southwestern Energy Inc Rockwell Automation Quintiles Transnational HoldingsInc ResourcesCo Pioneer Natural PayPal HoldingsInc 17,631,193 27,694,386 27,694,386 29,800,816 Fair Value 2,106,430 288,114 516,182 245,898 309,058 319,014 339,662 363,127 329,305 432,476 136,335 365,274 493,841 228,309 201,507 % ofTotal Assets USD

100.00 100.00 59.16 92.93 92.93 91.17 % of 0.97 1.72 0.83 1.04 1.07 1.14 1.22 1.11 1.45 0.46 1.23 1.65 0.77 0.68 7.07 8.83 NAV (continued) Period ended 30September2015 111 LAZARD GLOBAL ACTIVE FUNDS PLC 112 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard ThematicGlobalFund Portfolios ofInvestments Common Stock-95.36% Brazil -0.08% Shares Japan -11.82% Israel -2.19% Ireland -0.98% India -0.88% Hong Kong-6.29% -1.84% Germany France -3.72% China -0.96% Cayman Islands-0.25% Canada -0.88% 1,213,200 2,771,548 2,075,100 1,053,200 222,400 366,362 107,000 107,700 372,300 154,000 654,500 492,000 140,610 285,000 334,360 977,670 44,408 62,132 18,535 56,197 20,010 50,362 17,200 72,900 25,300 63,934 60,634 46,871 24,370 14,118 75,000 89,598 7,100 Grupo BTGPactual Mizuho Financial GroupInc CoLtd Daiwa HouseIndustry Check Point Software Technologies Ltd Plc,Shire ADR HDFC BankLtd, ADR Hong Kong &ChinaGasCoLtd China OverseasLand&InvestmentLtd AIA GroupLtd Linde AG Air LiquideSA(PrimeFidelite) Alibaba GroupHoldingLtd, ADR Barrick GoldCorp Sumitomo MitsuiFinancial GroupInc SoftBank Corp Seven &IHoldingsCoLtd Nomura HoldingsInc Mitsui FudosanCoLtd Mitsubishi UFJFinancial GroupInc IndustriesLtd Mitsubishi Heavy CoLtd Mitsubishi Estate FANUC Corp Daiwa SecuritiesGroupInc Teva PharmaceuticalIndustriesLtd, ADR Hong Kong ExchangesandClearing Ltd SAP AG Schneider ElectricSA L'Oreal SA SA Essilor International Tencent HoldingsLtd CoLtd China ShenhuaEnergy Inc,Baidu ADR Goldcorp Inc 24,526,879 14,485,246 Fair Value 4,031,987 3,331,371 4,886,584 2,138,864 2,256,421 4,189,304 3,914,212 2,184,658 2,856,461 3,866,876 1,829,126 5,464,597 8,537,997 3,608,755 4,929,242 3,805,606 3,435,042 7,629,823 5,189,014 6,265,417 5,442,625 7,159,884 3,927,286 3,232,598 2,616,247 4,217,144 1,715,389 5,936,466 3,758,787 1,250,313 1,494,878 1,013,596 3,433,571 1,117,706 2,315,865 295,593 975,895 USD

% of 0.08 1.03 0.85 1.25 0.55 0.58 1.07 1.00 0.56 0.73 0.99 0.47 1.41 2.19 0.93 1.26 0.98 0.88 6.29 1.95 1.33 1.61 1.40 1.84 1.01 0.83 3.72 0.67 1.08 0.44 1.53 0.96 0.32 0.38 0.26 0.25 0.88 0.29 0.59 NAV Common Stock-95.36%(continued) Jersey -0.41% Japan -11.82%(continued) Switzerland -4.06% Singapore -0.96% United Kingdom-5.89% Taiwan -1.28% United States-52.87% Shares (continued) 102,000 537,540 191,981 326,900 239,804 201,453 114,555 286,625 257,967 238,268 150,223 172,696 230,074 27,094 49,405 56,875 18,911 75,704 95,041 61,627 57,322 50,509 73,051 55,918 63,988 70,945 76,188 36,815 46,710 47,591 74,950 64,677 67,540 45,569 57,864 51,582 8,556 7,959 5,371 5,353 Sumitomo Realty&DevelopmentCoLtd Sumitomo Mitsui Trust HoldingsInc Randgold ResourcesLtd ABB Ltd DBS GroupHoldingsLtd Actelion Ltd Credit SuisseGroup AG Novartis AG Roche Holding AG Roche Ltd, ADR Taiwan SemiconductorManufacturingCo AstraZeneca Plc Standard CharteredPlc DutchShellPlc Royal Prudential Plc GridPlc National Unilever Plc Abbott Laboratories AES Corp Amazon.com Inc Anadarko Petroleum Corp Aon Plc Apache Corp Apache Apple Inc Apple Bristol-Myers SquibbCo Cabot Oil&GasCorp Cisco SystemsInc Charles SchwabCorp Comcast Corp Costco Wholesale Corp Costco Wholesale CVS CaremarkCorp Eastman ChemicalCo eBay Inc Edison International EI duPont deNemours&Co Eli Lilly&Co EMC Corp EOG ResourcesInc Google Inc, ClassC Google Inc, Class A Exxon MobilCorp Period ended 30September2015 46,136,799 15,831,173 22,964,548 Fair Value 3,222,711 1,963,627 1,585,605 3,386,596 3,727,928 1,083,592 1,183,900 5,205,115 4,971,970 4,977,132 4,795,323 1,955,255 2,709,286 6,049,006 3,590,262 3,865,416 2,478,946 2,331,452 4,072,023 3,461,389 4,475,097 2,861,042 6,167,197 3,786,490 1,550,148 3,941,852 4,931,334 4,330,145 5,321,976 4,506,814 3,079,376 1,830,654 4,078,855 3,254,415 3,812,075 5,557,437 4,211,921 3,263,796 3,413,635 3,830,221 USD

11.82 % of 0.83 0.50 0.41 0.87 0.96 0.28 0.30 1.33 4.06 1.28 1.28 1.23 0.50 0.69 1.56 0.92 5.89 0.99 0.64 0.60 1.04 0.89 1.15 0.73 1.57 0.97 0.40 1.01 1.26 1.11 1.37 1.16 0.79 0.47 1.05 0.83 0.98 1.43 1.08 0.84 0.88 0.98 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard ThematicGlobalFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets ADR - Receipt American Depositary Net Assets Net Assets Other Total Total United States-52.87%(continued) Common Stock-95.36%(continued) Shares 122,064 104,659 101,402 122,856 148,911 110,264 Investments -(CostUSD329,452,972) Common 86,382 86,134 67,039 35,317 31,685 45,429 48,193 56,134 92,510 40,390 89,546 22,404 74,950 44,503 71,300 40,697 77,500 62,902 49,701 76,652 51,953 25,508 31,744 46,218 22,261 34,887 Stock -(CostUSD329,452,972) Zoetis Inc Visa Inc Viacom Inc Vertex PharmaceuticalsInc UnitedHealth GroupInc United TechnologiesCorp Union Pacific Corp StreetCorp State Starbucks Corp Co Southwestern Energy Inc Rockwell Automation Quintiles Transnational HoldingsInc ResourcesCo Pioneer Natural PayPal HoldingsInc Oracle Corp Occidental Petroleum Corp Inc Noble Energy Nielsen HoldingsPlc Inc NextEra Energy Newmont MiningCorp Mylan NV Monsanto Co Microsoft Corp Merck &CoInc Mead JohnsonNutritionCo McKesson Corp MasterCard Inc OilCorp Marathon Kinder MorganInc Johnson & BusinessMachinesCorp International Inc Honeywell International 206,159,100 389,868,204 371,796,785 371,796,785 18,071,419 Fair Value 3,555,915 5,975,116 2,892,062 3,676,323 3,675,618 4,040,455 4,260,020 3,772,485 5,257,343 1,550,213 4,098,171 6,228,373 2,725,111 2,325,324 3,778,713 2,943,651 3,059,805 3,169,642 3,968,975 1,245,038 2,531,491 4,241,732 5,435,149 3,783,926 3,656,192 4,717,450 2,859,658 2,293,974 3,050,454 4,314,219 3,225,285 3,302,927 % ofTotal Assets USD

100.00 100.00 93.61 95.36 95.36 52.87 % of 4.64 0.91 1.52 0.74 0.94 0.94 1.04 1.09 0.97 1.35 0.40 1.05 1.59 0.70 0.60 0.97 0.76 0.78 0.81 1.02 0.32 0.65 1.09 1.39 0.97 0.94 1.21 0.73 0.59 0.78 6.39 1.11 0.83 0.85 NAV (continued) Period ended 30September2015 113 LAZARD GLOBAL ACTIVE FUNDS PLC 114 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard EmergingWorld Fund Portfolios ofInvestments Common Stock-14.36% -1.09% Hong Kong-10.70% Bermuda -0.20% Shares United Kingdom-58.04% Hong Kong-0.37% Guernsey -0.00% Investment inExchangeTraded CollectiveInvestmentFunds*-83.05% Total Turkey -1.48% Sweden -0.89% 1,471,600 284,000 176,888 139,188 176,580 152,794 174,345 173,471 128,942 203,962 389,693 248,220 100,368 310,727 Common 20,200 22,500 13,000 60,388 29,041 64,500 14,451 93,468 26,773 91,362 31,806 73,404 75,537 99,593 79,479 39,361 20,577 25,028 43,050 11,828 88,818 Stock -(CostUSD3,070,161) Fondul SA, Proprietatea GDR First Pacific Co China EverbrightLtd GP InvestmentsLtd, BDR CK HutchisonHoldingsLtd China MerchantsDirectInvestmentsLtd Aberdeen New Thai Plc Investment Aberdeen NewDawn Trust Plc Fund HSBC ChinaDragon Prosperity Voskhod FundLtdNpv+ Haci OmerSabanciHolding AS Explorer East Capital AB Pacific AssetsTrustPlc New IndiaInvestment Trust Plc Macau PropertyOpportunitiesFundLtd JPMorgan RussianSecuritiesPlc JPMorgan IndianInvestment Trust Plc Trust Plc JPMorgan EmergingMarketsInvestment Investment TrustJPMorgan AsianPlc AsiaTrustPlc Infrastructure IndiaPlc FundLtd(NewShares) Growth India Capital FundLtd Growth India Capital Genesis EmergingMarketsFundLtd Fidelity Plc ChinaSpecialSituations Plc Fidelity AsianValues Edinburgh Dragon Trust Plc (Subscription Shares) Mining TrustBlackRock World Plc BlackRock Latin American Investment Trust Plc Blackrock EmergingEuropePlc Baring EmergingEurope Trust+ Baring EmergingEuropePlc Africa OpportunityFundLtd Advance Frontier MarketsFundLtd () Advance DevelopingMarketsFundLtd Fair Value 1,984,107 1,377,224 2,661,961 201,495 896,244 168,747 273,433 645,683 376,868 825,828 365,393 407,214 243,059 225,574 434,876 180,737 659,327 703,918 259,292 853,500 122,598 234,160 506,700 323,928 273,669 165,594 37,096 63,565 68,702 38,086 85,949 70,420 87,253 76,029 3,719 USD – –

10.70 14.36 % of 0.20 1.09 4.83 0.91 1.48 3.48 0.34 0.37 0.00 2.03 4.46 1.97 2.20 1.31 7.43 1.22 2.35 0.21 0.02 0.98 3.56 3.80 1.40 4.60 0.66 0.46 0.38 0.00 0.47 0.41 1.26 2.73 1.75 1.48 0.89 NAV Investment inExchangeTraded Collective InvestmentFunds*-83.05%(continued) Vereinigte Staaten-24.64% United Kingdom-58.04%(continued) Total Assets Other assets Collective investmentschemes market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets exchangelisting ofprimary * Classifiedbasedoncountry zero + -Securityisvaluedat Receipt BDR -BrazilDepositary Receipt GDR -GlobalDepositary United Kingdom-0.02% Right -0.02% Investment Funds-(CostUSD17,626,476) Total InvestmentinExchangeTraded Collective Net Assets Net Assets Other Total Total Shares (continued) 171,508 124,072 122,150 122,843 122,741 Investments -(CostUSD20,696,637) Right -(CostUSD–) 33,399 25,300 10,857 14,701 23,067 13,533 27,472 11,357 17,077 32,707 14,050 30,177 19,659 24,548 36,155 12,046 4,741 9,807 3,497 7,102 8,846 800 700 Trust Plc Templeton EmergingMarketsInvestment Tau Plc Capital Schroder AsiaPacific FundPlc InvestmentFundPlc Qatar Company OpportunitiesFundInc Company Aberdeen EmergingMarketsSmaller VinaCapital Vietnam OpportunityFundLtd Utilico EmergingMarketsLtd Trans BalkanInvestmentsLtd+ Aberdeen Latin Aberdeen Latin America EquityFundInc Aberdeen Singapore FundInc Aberdeen Singapore ASA GoldandPreciousMetalsLtd The Central Europe Russia and Turkey Fund Inc The ChinaFundInc The IndiaFundInc First Trust Aberdeen EmergingOpportunityFund JPMorgan ChinaRegionFundInc Asia-Pacific FundInc Mexico Equity&IncomeFundInc Latin FundInc American Discovery The Korea FundInc Korea EquityFundInc Morgan StanleyChina A ShareFundInc Morgan StanleyIndiaInvestmentFundInc Morgan StanleyEmergingMarketsFundInc The Taiwan FundInc Utilico EmergingMarketsLtd Templeton FundInc Dragon The Thai FundInc Period ended 30September2015 10,757,833 15,393,206 18,535,207 18,058,718 Fair Value 1,038,258 4,566,671 464,677 148,718 359,206 289,295 291,200 175,721 126,870 178,885 242,917 437,354 238,997 147,641 244,457 314,387 234,182 314,861 381,437 285,547 675,737 476,489 10,376 38,519 55,680 18,431 85,466 3,551 3,551 % ofTotal Assets USD 468 –

100.00 100.00 58.04 83.05 82.08 14.21 24.64 97.43 % of 0.00 2.51 0.80 5.60 0.00 1.94 1.56 1.57 0.95 0.68 0.97 1.31 2.35 1.29 0.80 1.32 0.06 0.21 0.30 1.70 1.26 1.70 0.10 2.06 3.71 1.54 3.64 0.02 0.46 2.57 0.02 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard EmergingMarketsEquityFund Portfolios ofInvestments Common Stock-94.48% Indonesia -6.14% India -10.98% -1.59% -1.35% Egypt China -11.84% Cayman Islands-3.26% Brazil -9.77% Bermuda -0.37% Argentina -0.70% Shares 21,633,132 19,400,000 51,133,526 5,230,238 5,232,198 1,949,873 3,468,600 8,318,000 3,024,000 3,842,400 1,074,000 7,973,400 2,313,292 1,695,399 1,639,611 1,447,700 1,532,432 1,676,400 3,508,312 2,423,900 8,953,700 494,737 627,699 279,461 572,360 195,346 638,035 139,700 407,330 141,600 214,000 883,700 781,000 572,200 516,473 356,461 United TractorsPT Tbk Telekomunikasi IndonesiaPersero Tbk PT, ADR Tata Consultancy Ltd Services Bank Punjab National Hero MotoCorpLtd HCL TechnologiesLtd ElectricalsLtd Heavy Bharat Ltd Bajaj Auto OTP BankPlc Weichai Power CoLtd Inc,NetEase ADR CNOOC Ltd CoLtd China ShenhuaEnergy China MobileLtd, ADR Wynn MacauLtd Inc,Baidu ADR AAC Technologies HoldingsInc SA Via Varejo SA,Vale ADR Souza CruzSA CosmeticosSA Natura Localiza RentaCarSA SA,YPF ADR Semen IndonesiaPersero Tbk PT Bank MandiriPersero Tbk PT Astra International Tbk PT Axis BankLtd SAE, BankEgypt Commercial International GDR China ConstructionBankCorp Cielo SA Cia EnergeticadeMinasGerais, ADR CCR SA BB SeguridadeParticipacoes SA Banco doBrasilSA SA,AMBEV ADR HoldingsLtd Huabao International 47,364,969 17,625,006 84,671,029 24,715,407 10,621,425 10,188,149 12,250,214 91,288,256 16,782,860 24,230,025 25,147,169 19,462,920 75,359,869 11,684,106 17,533,828 10,443,658 33,945,811 15,107,525 10,409,234 13,370,010 11,864,991 Fair Value 6,220,948 8,584,527 6,139,396 6,888,297 3,200,039 8,505,762 4,623,759 4,350,556 1,333,693 3,260,675 7,221,686 2,802,842 3,173,850 5,425,336 4,932,350 6,902,559 2,584,145 4,681,642 2,836,280 883,269 USD

10.98 11.84 % of 6.14 0.81 2.28 3.21 1.38 1.32 1.11 0.80 0.89 1.59 0.41 2.18 1.10 0.60 3.14 3.26 0.56 2.53 0.17 9.77 0.11 0.42 0.94 0.36 0.41 0.70 0.64 1.51 0.90 2.27 1.35 4.41 1.96 0.34 0.61 1.35 1.73 1.54 0.37 NAV Russia -7.56% Philippines -1.54% Pakistan -0.11% Mexico -2.78% Malaysia -0.68% South Africa-8.23% Thailand -3.32% Taiwan -5.48% South Korea-14.65% Common Stock-94.48%(continued) Shares 14,423,683 (continued) 1,123,450 2,780,398 5,447,914 3,482,800 3,316,955 1,301,726 1,026,920 1,166,382 2,588,087 2,326,142 1,358,600 6,873,600 1,633,260 1,534,097 1,858,140 435,818 139,224 169,393 256,400 335,600 379,593 622,608 666,052 398,539 496,806 321,070 457,127 542,161 140,705 404,070 128,129 73,657 80,711 23,144 61,624 Mobile TeleSystemsOJSC, ADR MegaFon OAO, GDR OJSC,Magnit GDR OAO,Lukoil ADR OAO,Gazprom ADR Alrosa AO Philippine LongDistance Telephone Co, ADR Oil &GasDevelopmentCoLtd, GDR Kimberly-Clark deMexicoSABCV Grupo MexicoSABdeCV America MovilSABdeCV, ADR British AmericanTobaccoBhd Malaysia Woolworths HoldingsLtd Vodacom GroupLtd Tiger BrandsLtd Standard BankGroupLtd Shoprite HoldingsLtd Sanlam Ltd PPC Ltd Nedbank GroupLtd Imperial HoldingsLtd Bidvest GroupLtd Sberbank ofRussia PTT Exploration &Production PCL PTT Exploration Kasikornbank PCL PCL CP ALL Ltd, ADR Taiwan SemiconductorManufacturingCo CoLtd,Hon HaiPrecisionIndustry GDR SK HynixInc Shinhan Financial GroupCoLtd Samsung ElectronicsCoLtd KT&G Corp KB Financial GroupInc Hyundai MobisCoLtd Hanwha LifeInsuranceCoLtd CoLtd Coway Period ended 30September2015 113,031,538 11,182,761 11,845,680 21,423,444 11,628,325 58,279,183 16,541,772 63,459,272 42,297,492 33,898,311 12,929,370 18,925,091 22,132,560 13,176,626 12,008,239 12,022,736 12,799,892 Fair Value 8,088,840 5,284,293 6,652,819 5,755,974 4,772,724 7,857,837 8,013,105 5,552,502 5,237,413 9,116,883 6,196,811 1,776,786 6,506,133 5,040,234 3,199,779 6,336,790 6,089,619 7,567,912 4,494,303 6,391,540 9,019,292 8,399,181 9,037,024 881,980 USD

14.65 % of 1.45 1.54 0.11 1.05 0.69 0.86 0.75 0.62 1.02 1.04 0.72 0.68 2.78 1.52 7.56 2.14 1.19 0.80 0.23 0.84 0.65 0.41 0.82 0.79 0.98 8.23 5.48 4.39 1.68 2.45 2.86 1.71 1.56 1.56 1.66 0.58 0.83 1.17 1.09 1.17 NAV 115 LAZARD GLOBAL ACTIVE FUNDS PLC 116 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard EmergingMarketsEquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Open forwardforeigncurrency exchange contracts-(0.00)% Date Maturity Total Total United Kingdom-0.02% Turkey -4.11% Thailand -3.32%(continued) Common Stock-94.48%(continued) Shares - BNY Mellon Capital Markets - BNYMellonCapital The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Other Netassets Financial assetsandfinancialliabilitiesatfair value exchange contracts Net unrealisedlossonforwardforeigncurrency contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 07/10/2015 06/10/2015 05/10/2015 02/10/2015 01/10/2015 5,172,449 2,301,458 1,761,147 3,908,810 447,200 Investments -(CostUSD971,143,309) Common 16,960 Stock -(CostUSD971,143,309) Eurasia DrillingCoLtd, GDR Turkiye IsBankasi AS Turkcell IletisimHizmetleri AS Holding AS KOC Akbank TAS Siam CementPCL Bought Amount USD 160,873 USD 268,933 USD 41,002 USD 1,133,317 USD 47,588 Sold Amount ZAR 2,233,079 ZAR 3,759,909 ZAR 577,257 ZAR 15,786,656 ZAR 659,327 728,680,459 728,680,459 771,231,591 728,668,111 31,671,938 25,609,877 Gain/(Loss) Fair Value 42,563,480 8,037,835 8,038,345 6,849,200 8,746,558 5,704,742 Unrealised 155,862 (12,348) (12,348) (2,704) (8,409) % ofTotal Assets USD (429) (710) (96)

-

100.00 100.00 (0.00) (0.00) 94.17 94.48 94.48 (0.00) (0.00) (0.00) (0.00) (0.00) 94.48 % of % of 5.83 0.02 4.11 1.04 1.04 0.89 1.14 3.32 0.74 NAV 5.52 NAV - (continued) Period ended 30September2015 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard EmergingMarketsCore EquityFund Portfolios ofInvestments Common Stock-96.00% Philippines -4.05% Peru -0.93% Mexico -8.48% Indonesia -2.35% India -9.04% Hong Kong-2.35% China -26.88% Cayman Islands-1.74% Brazil -4.01% Shares 1,002,000 4,560,000 2,628,000 1,156,000 1,216,700 148,481 104,500 280,965 184,200 809,700 925,100 173,645 188,500 418,000 323,000 629,740 696,000 138,000 187,000 139,400 140,838 20,800 96,400 31,011 27,000 24,190 19,205 57,595 38,500 35,700 12,635 58,313 7,500 9,500 5,193 7,475 Grupo TelevisaSAB, ADR Grupo Financiero BanorteSABdeCV Grupo Aeroportuario delPacifico SABdeCV, ADR Gruma SABdeCV Fibra Uno Administracion SAdeCV Arca ContinentalSABdeCV Alsea SABdeCV DepartmentStore Matahari Tbk PT Bank MandiriPersero Tbk PT Tata MotorsLtd, ADR ICICI BankLtd, ADR HDFC BankLtd, ADR Ltd, Laboratories Dr Reddy's ADR Techtronic IndustriesCoLtd Haier ElectronicsGroupCoLtd WuXi PharmaTech CaymanInc, ADR Vipshop HoldingsLtd, ADR Tencent HoldingsLtd Sinotrans Ltd Ping An InsuranceGroup Co PICC Property&CasualtyCoLtd Inc,NetEase ADR Lenovo GroupLtd Industrial &CommercialBankofChinaLtd HoldingsLtd ENN Energy CT EnvironmentalGroupLtd China MobileLtd, ADR China LessoGroupHoldingsLtd Anhui ConchCementCoLtd Alibaba GroupHoldingLtd, ADR Meios dePagamento eIdentificacaoS.A Valid deSegurancaem SolucoeseServicos Klabin SA Itau UnibancoHoldingSA, ADR Alliance GlobalGroupInc Credicorp Ltd Inc,Baidu ADR 15,914,688 Fair Value 5,016,308 1,434,267 1,388,108 5,347,502 1,454,277 1,650,376 1,545,257 1,388,412 1,600,401 1,223,718 1,141,283 2,627,128 2,123,615 2,370,981 1,027,439 540,696 726,119 650,850 578,866 541,337 544,173 888,459 499,649 697,592 693,188 695,224 829,944 968,172 641,827 469,320 585,534 660,614 822,304 928,522 547,725 744,581 669,320 767,201 934,460 403,224 552,379 USD

26.88 % of 8.48 0.91 1.23 1.10 2.43 0.98 0.91 0.92 2.35 1.51 0.84 9.04 1.18 2.46 2.79 2.61 2.35 1.17 1.18 1.40 1.64 1.08 0.79 2.70 2.07 1.93 0.99 4.43 1.12 1.39 3.58 1.57 0.93 1.26 4.01 1.13 1.30 1.58 0.68 0.93 1.74 NAV Russia -0.75% Philippines -4.05%(continued) Common Stock-96.00%(continued) South Africa-1.67% South Korea-9.77% Brazil -0.89% Preferred Stock-0.89% Total United Kingdom-2.25% United ArabEmirates-1.02% Turkey -2.28% Thailand -2.44% Taiwan -15.99% Shares (continued) 1,396,000 477,330 344,035 107,887 217,900 109,870 133,300 191,778 101,000 189,250 Common 35,220 11,937 20,500 63,552 20,755 96,000 91,000 10,000 12,000 72,400 36,295 42,907 9,338 7,880 2,479 6,624 1,094 Stock -(CostUSD61,608,696) GT Capital HoldingsInc GT Capital BDO UnibankInc Magnit OJSC,Magnit GDR Naspers Ltd Hotel ShillaCoLtd Amorepacific Corp Embraer SA,Embraer ADR Mondi Plc Emaar PropertiesPJSC Turk Traktor Makineleri veZiraat AS TAV Holding Havalimanlari AS Kasikornbank PCL Bangkok BankPCL Ltd, ADR Taiwan SemiconductorManufacturingCo President ChainStoreCorp CoLtd Merida Industry Mega Financial HoldingCoLtd &EngineeringCoLtd KEPCO PlantService Largan PrecisionCoLtd CoLtd,Hon HaiPrecisionIndustry GDR Hermes MicrovisionInc Eclat Textile CoLtd Delta ElectronicsInc Advanced SemiconductorEngineeringInc, ADR SK TelecomLtd,Co ADR SK HynixInc Samsung ElectronicsCoLtd Period ended 30September2015 56,813,320 Fair Value 2,399,154 1,044,222 1,155,632 1,350,021 1,330,388 1,446,327 1,025,112 9,463,442 2,280,351 5,780,152 1,049,985 1,142,261 1,038,036 1,213,581 1,046,190 951,708 446,216 986,228 804,164 524,698 605,575 501,956 848,065 421,215 567,238 715,535 965,572 674,806 778,225 454,635 471,604 885,779 USD

15.99 96.00 % of 4.05 1.61 1.76 0.75 1.67 1.36 1.95 2.28 0.89 1.02 0.85 1.43 0.71 0.96 1.21 1.63 1.14 2.25 2.44 1.73 3.85 9.77 1.32 0.77 0.80 1.50 1.77 1.93 1.75 2.05 1.77 NAV 117 LAZARD GLOBAL ACTIVE FUNDS PLC 118 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard EmergingMarketsCore EquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other Total Total Preferred Stock-0.89%(continued) Shares Investments -(CostUSD62,371,252) Preferred Stock -(CostUSD762,556) 59,176,780 57,338,018 Fair Value 1,838,762 524,698 % ofTotal Assets USD

100.00 100.00 96.08 96.89 % of 3.92 0.89 3.11 NAV (continued) Period ended 30September2015 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard DevelopingMarketsEquityFund Portfolios ofInvestments Common Stock-98.74% Indonesia -1.51% India -15.92% Hong Kong-3.71% Colombia -3.19% China -18.85% Cayman Islands-6.09% Canada -0.78% Brazil -4.48% Argentina -1.26% Shares 1,205,000 3,290,700 3,672,900 1,074,663 1,232,000 2,006,667 1,332,500 8,477,000 291,666 230,565 446,184 728,131 403,133 357,000 100,870 177,700 754,000 173,300 282,000 304,680 234,040 280,300 192,000 584,600 251,100 147,700 199,726 118,385 90,060 56,870 98,831 33,700 63,800 92,200 16,545 Shriram Transport Finance CoLtd Reliance IndustriesLtd ICICI BankLtd, ADR HDFC BankLtd, ADR Glenmark PharmaceuticalsLtd Ltd Laboratories Dr Reddy's Aurobindo PharmaLtd Adani Ports &SpecialEconomic ZoneLtd Techtronic IndustriesCoLtd EntertainmentLtd,Melco Crown ADR HoldingsSA Cemex Latam SA,BanColombia ADR Zhuzhou CSR Times ElectricCoLtd Vipshop HoldingsLtd, ADR Tencent HoldingsLtd Ping An InsuranceGroup Co Inc, ADR & New OrientalEducation Technology Group Holdings Ltd ConstructionInternational China State Inc,Baidu ADR AAC Technologies HoldingsInc First QuantumMineralsLtd SA,Vale ADR Petroleo BrasileiroSA, ADR Lojas RennerSA SA,Gerdau ADR Estacio Participacoes SA Cosan SAIndustriaeComercio Banco BradescoSA, ADR SA,YPF ADR Bank Rakyat IndonesiaPersero Bank Rakyat Tbk PT China MerchantsBankCoLtd China MedicalSystemHoldingsLtd China ConstructionBankCorp Anhui ConchCementCoLtd Agricultural BankofChinaLtd 22,769,980 26,958,935 Fair Value 1,255,304 3,831,559 1,930,982 3,476,179 1,583,607 2,135,475 5,234,028 3,322,846 5,308,826 4,431,257 4,559,062 1,587,917 2,971,145 2,632,567 1,695,625 2,962,409 3,735,921 3,497,194 8,714,968 4,683,374 2,274,110 1,757,484 1,113,533 6,399,625 1,030,103 1,069,532 1,801,820 2,165,507 2,591,652 1,403,675 1,332,158 3,902,905 3,204,829 877,569 977,117 889,134 803,825 884,727 745,187 USD

15.92 18.85 % of 0.88 2.68 1.35 2.43 1.11 1.49 3.66 2.32 3.71 3.10 0.61 3.19 1.11 2.08 1.84 1.19 2.07 2.61 2.45 6.09 3.27 1.59 1.23 0.78 4.48 0.68 0.72 0.62 0.56 0.62 0.52 0.76 1.26 1.51 1.81 0.98 0.93 2.73 2.24 NAV GDR - Global Depositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other South Korea-6.74% South Africa-1.42% Russia -4.96% -1.74% Peru -3.08% Netherlands -4.57% Mexico -2.77% Common Stock-98.74%(continued) Total Total United States-0.99% Turkey -4.89% Taiwan -11.79% Shares (continued) 3,439,727 2,361,832 3,080,000 135,542 551,272 284,137 212,390 168,580 270,794 808,975 146,330 158,538 599,803 779,000 735,000 209,282 141,000 270,000 Investments -(CostUSD176,517,438) Common 18,569 18,743 25,584 24,629 41,405 99,044 25,000 4,685 1 Stock -(CostUSD176,517,438) Korea Aerospace IndustriesLtd Hotel ShillaCoLtd CJ CGVCoLtd Standard BankGroupLtd Petra DiamondsLtd TMK OAO, GDR Sberbank ofRussia NovaTek OAO, GDR Eurocash SA Credicorp Ltd Yandex NV X5 RetailGroupNV, GDR Grupo Financiero BanorteSABdeCV Freeport-McMoRan Copper&GoldInc TAV Holding Havalimanlari AS Ford OtomotivSanayi AS Emlak Konut Gayrimenkul Yatirim Ortakligi AS Sanayi Ve Ticaret AS Elektronik Aselsan Wistron Corp Taiwan SemiconductorManufacturingCoLtd Largan PrecisionCoLtd Hota IndustrialManufacturingCoLtd Hiwin TechnologiesCorp Eclat Textile CoLtd Catcher Technology CoLtd Advanced SemiconductorEngineeringInc Samsung ElectronicsCoLtd Period ended 30September2015 142,993,968 141,192,461 141,192,461 16,865,112 Fair Value 7,089,029 1,801,507 1,064,510 1,814,527 2,271,759 2,026,897 1,324,003 3,944,844 2,277,567 2,488,050 4,404,250 6,535,062 1,809,706 4,725,356 3,956,144 1,417,206 6,987,403 1,246,217 1,058,244 1,954,069 2,728,873 3,069,629 1,945,561 2,349,365 1,109,094 2,224,568 2,871,990 3,294,904 9,631,052 4,480,256 702,894 866,618 USD 1

100.00 98.74 98.74 11.79 % of 4.96 0.49 0.61 1.26 0.74 1.27 1.59 1.42 0.93 2.76 1.59 1.74 3.08 4.57 1.27 3.30 2.77 0.99 4.89 0.87 0.74 1.37 1.91 0.00 2.15 1.36 1.64 0.78 1.56 2.01 2.29 6.74 3.14 NAV 119 LAZARD GLOBAL ACTIVE FUNDS PLC 120 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard DevelopingMarketsEquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets % ofTotal Assets 100.00 98.22 1.78 (continued) Period ended 30September2015 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard MENAFund Portfolios ofInvestments Common Stock-67.99% Shares Saudi Arabia-29.21% Participatory Notes-29.21% Total Morocco -1.72% Jordan -5.71% -12.47% Egypt United ArabEmirates-23.49% Qatar -0.89% Oman -5.49% Kuwait -18.22% 124,840 106,390 136,880 148,012 181,666 265,130 216,480 Common 67,712 86,008 84,654 11,215 81,140 47,730 57,080 38,678 79,178 27,230 88,925 10,764 79,230 69,285 19,132 2,920 5,850 3,800 7,487 1,080 2,000 2,170 4,865 7,980 2,940 1,624 827 Stock -(CostUSD2,825,182) Arabian CementP-NoteMorganStanley Arabian CementP-NoteCreditSuisse BankP-NoteMorganStanley Arab National BankP-NoteHSBCPlc Arab National International BankP-NoteGoldmanSachs Arab National Al Tayyar P-NoteHSBCBankPlc Al Tayyar P-NoteDeutscheBank AG Bank Plc Abdul Mohsen Al-Hokair Touri P-NoteHSBC BankPJSC Union National Ras Al KhaimahCeramics CentralCoolingCoPJSC National BankofRas National Al-Khaimah PSC REITCEICLtd Emirates NBDPJSC Emirates Emaar PropertiesPJSC Dubai IslamicBankPJSC Aramex PJSC Abu DhabiCommercialBankPJSC SAOG BankMuscat Residences DarSaada Mobile Telecommunications CoKSC Kuwait ResortsCoKSCC FoodsKuwait Americana Jazeera Airways ALAFCO LeaseandFinanceAviation CoKSCC Mines Jordan Phosphate Arab BankPlc Al EqbalCoforInvestmentPlc Telecom Co Egypt Oriental Weavers Misr DutyFree Shops HoldingsPlc Diagnostics Integrated Cairo PoultryCo Ooredoo QSC Fair Value 2,614,549 903,052 113,012 164,388 142,823 210,945 700,835 104,115 206,278 137,523 186,814 219,426 479,707 119,815 43,602 87,354 27,561 54,302 21,923 40,597 40,432 99,935 44,163 95,236 26,596 87,394 49,576 79,929 66,272 66,105 61,635 97,258 60,533 70,376 91,273 99,392 98,851 34,312 5,998 USD

67.99 23.49 18.22 12.47 % of 1.13 2.27 0.72 0.16 1.41 0.57 1.06 1.05 2.94 2.60 1.15 4.28 2.48 0.69 3.71 2.27 1.29 2.08 5.49 1.72 2.71 1.72 5.35 3.58 4.86 5.71 1.60 2.54 1.57 1.83 2.37 2.58 3.12 2.57 0.89 NAV Participatory Notes-29.21%(continued) Shares Saudi Arabia-29.21%(continued) Total Assets Other assets market exchange listingortradedonaregulated Transferable securitiesotherthanthoseadmittedtoanofficialstock market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Net Assets Net Assets Other Total Total (continued) Investments -(CostUSD4,186,458) Participatory 18,677 17,647 11,790 3,120 8,120 7,310 6,072 6,605 4,424 3,566 3,746 5,133 3,101 400 733 176 Fawaz Abdulaziz P-NoteJPMorgan Banque SaudiFransi P-NoteMorganStanley Banque SaudiFransi P-NoteHSBCBankPlc Bank AG Samba Financial GroupP-NoteDeutsche Bank Plc CorpP-NoteHSBC Industrialization National Sachs International Samba Financial GroupP-NoteGoldman Morgan Saudi BasicIndustriesCorpP-NoteJP Stanley Saudi BasicIndustriesCorpP-NoteMorgan Saudi IndustrialInvestmentGroupP-Note Stanley Yanbu Petrochemical National P-NoteMorgan Bank Plc Yanbu Petrochemical National P-NoteHSBC Saudi Telecom CoP-NoteHSBCBankPlc Saudi Telecom CoP-NoteDeutscheBank AG Morgan Stanley PetrochemicalSaudi International P-Note Morgan Stanley Saudi IndustrialInvestmentGroupP-Note Bank AG Deutsche Saudi IndustrialInvestmentGroupP-Note Notes -(CostUSD1,361,276) Period ended 30September2015 Fair Value 3,737,680 1,123,131 3,845,533 1,123,131 115,541 126,895 107,853 25,000 65,064 25,681 31,394 50,902 41,030 61,305 84,005 88,582 56,038 14,739 6,973 4,535 3,678 % ofTotal Assets USD

100.00 100.00 97.20 29.21 28.22 65.69 29.21 % of 0.65 1.69 0.18 3.00 0.67 0.12 3.30 0.10 6.09 2.80 0.82 1.32 1.07 1.59 2.18 2.31 1.46 0.38 NAV 121 LAZARD GLOBAL ACTIVE FUNDS PLC 122 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard SterlingHighQualityBondFund Portfolios ofInvestments Amount Principal Canada -4.12% Bonds -86.96% France -7.25% Netherlands -10.85% -4.97% Germany Sweden -3.96% United Kingdom-48.17% United States-7.64% Total Assets Other assets market or tradedonaregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis ofTotal Assets Net Assets Net Assets Other Total Total 100,000 100,000 100,000 100,000 100,000 200,000 100,000 100,000 100,000 100,000 69,000 89,000 77,000 74,000 70,000 70,000 90,000 40,000 90,000 54,000 74,000 50,000 Investments -(CostGBP2,042,421) Bonds -(CostGBP2,042,421) Export DevelopmentCanada Orange SA Orange SA Kreditanstalt fuer Wiederaufbau Kreditanstalt Boerenleenbank BA CentraleRaiffeisen- Cooperatieve NV Siemens Financieringsmaatschappij Finance BV Deutsche Telekom International Bank AB Nordea Abbey National Abbey National Treasury Plc Services United KingdomGilt United KingdomGilt United KingdomGilt SSE Plc Aviva Plc United KingdomGilt United KingdomGilt United KingdomGilt Northern GasNetworksFinance Plc Network RailInfrastructureFinance Plc Glencore Finance EuropeSA Corp BusinessMachines International Mondelez International Inc Mondelez International Coupon Coupon 5.625 1.875 5.000 5.750 6.125 6.500 4.625 2.375 2.000 5.000 3.875 4.250 4.250 3.250 4.250 3.875 4.875 4.750 6.500 5.125 2.625 3.875 Rate Rate % 23/01/2034 17/12/2018 09/06/2036 14/09/2066 08/04/2022 23/05/2029 02/06/2022 07/09/2025 07/03/2018 15/10/2029 07/12/2055 07/12/2046 22/01/2044 07/03/2036 15/11/2035 29/11/2035 27/02/2019 04/06/2050 05/08/2022 06/03/2045 Perpetual Perpetual Maturity Date % ofTotal Assets 1,201,498 2,494,372 2,168,995 2,168,995 102,756 180,957 124,092 270,427 101,452 104,287 133,533 104,157 260,579 101,060 325,377 190,509 80,990 99,967 79,105 89,870 98,756 71,463 77,511 95,625 55,728 61,590 97,923 45,935 93,167 89,449 Value GBP Fair

100.00 100.00 10.85 48.17 10.45 13.53 86.47 13.04 86.96 86.96 % of 3.25 4.12 7.25 4.00 4.97 3.17 3.60 4.08 3.96 2.86 3.11 4.18 3.83 5.35 2.23 4.18 2.47 3.93 1.84 3.74 4.05 7.64 3.59 NAV (continued) Period ended 30September2015 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalFixedIncomeFund Portfolios ofInvestments Amount Principal Bonds -95.10% Germany -2.56% Germany France -2.86% Dominican Republic-0.56% Denmark -0.63% Colombia -1.96% Chile -2.94% Canada -7.87% Bermuda -1.99% Belgium -0.67% Bahamas, The-1.94% Australia -3.12% 559,000,000 120,500,000 1,000,000 790,000 100,000 145,000 200,000 175,000 310,000 140,000 165,000 250,000 200,000 245,000 270,000 215,000 300,000 170,000 150,000 310,000 100,000 110,000 225,000 150,000 350,000 100,000 321,000 100,000 Volkswagen International Finance International Volkswagen NV Wuerttemberg Foerderbank Landeskreditbank Baden- Finance IIInc Fresenius MedicalCareUS Daimler Finance North America LLC Orange SA France GovernmentBondOAT Bond Dominican RepublicInternational Breweries A/S Carlsberg Bond International Colombia Government Bond International Colombia Government Corp NacionaldelCobredeChile Bond Chile GovernmentInternational Bond Chile GovernmentInternational -Dominion Bank Toronto-Dominion Bank Inc Suncor Energy Inc Communications Shaw Province ofOntarioCanada Province ofBritishColumbia Canada Housing Trust No1 Bank ofNovaScotia Bond International Bermuda Government NV CallebautServices Barry Commonwealth oftheBahamas Western AustralianTreasuryCorp Telstra CorpLtd Queensland TreasuryCorp Queensland TreasuryCorp Coupon Coupon 12.000 2.150 3.000 4.125 3.875 5.375 2.500 7.500 2.500 2.625 4.500 1.625 5.500 2.621 2.250 6.100 5.650 2.450 3.700 2.400 2.125 5.603 5.625 6.950 6.000 4.000 4.250 5.500 Rate Rate % 23/05/2016 22/05/2017 15/10/2020 15/09/2021 08/07/2019 25/05/2030 06/05/2021 28/05/2024 15/03/2023 13/08/2023 30/01/2025 05/08/2020 22/12/2021 05/11/2019 01/06/2018 01/10/2019 29/06/2022 18/12/2020 15/12/2022 11/09/2019 20/07/2020 15/06/2021 20/11/2029 16/10/2023 15/11/2017 21/07/2023 21/06/2021 22/10/2015 Maturity Date 1,537,222 499,966 152,491 100,250 151,838 557,701 161,839 395,862 109,090 122,986 382,761 201,093 573,048 200,513 190,020 182,515 235,546 140,972 182,312 209,391 203,017 202,708 211,242 152,034 388,703 131,385 378,125 608,556 182,185 215,932 129,612 181,668 95,387 80,827 Value USD Fair

% of 2.56 0.78 0.49 0.51 0.78 2.86 0.83 2.03 0.56 0.63 1.96 1.03 2.94 1.03 0.98 0.93 7.87 1.21 0.72 0.93 1.07 1.04 1.04 1.08 0.78 1.99 0.67 1.94 3.12 0.94 1.11 0.66 0.41 0.93 NAV Poland -3.31% Amount Principal Philippines -3.38% Panama -1.52% Norway -4.59% New Zealand-2.89% Multi-National -5.29% Mexico -5.60% Japan -0.42% Italy -1.06% Ireland -3.26% -2.08% Hungary Bonds -95.10%(continued) 20,000,000 11,000,000 13,390,000 48,200,000 54,370,000 1,715,000 1,100,000 3,000,000 1,000,000 1,220,000 2,060,000 3,060,000 6,360,000 2,000,000 (continued) 300,000 150,000 130,000 130,000 160,000 200,000 200,000 291,000 195,000 225,000 115,000 150,000 230,000 270,000 Poland GovernmentBond International Bond International Philippine Government Bond International Philippine Government Bond Panama GovernmentInternational ASA Statoil Nestle HoldingsInc City ofOsloNorway City ofOsloNorway LLC BMW USCapital Funding Agency New ZealandLocalGovernment Inter-American Development Bank Corp General ElectricCapital Fonterra GroupLtd Co-operative Auckland Council FinanceInternational Corp Reconstruction &Development Bankfor International Corp Andina deFomento Asian DevelopmentBank Bond Mexico GovernmentInternational Mexican Bonos Mexican Bonos America MovilSABdeCV Toyota Finance Australia Ltd Atlantia SpA Ireland GovernmentBond Ireland GovernmentBond GovernmentBond Hungary GovernmentBond Hungary Period ended 30September2015 Coupon Coupon 3.900 1.790 4.950 4.000 3.700 2.500 2.400 3.550 2.375 6.000 6.000 5.500 5.500 4.620 6.450 2.375 4.375 2.125 6.750 6.500 4.750 6.450 4.250 4.375 2.400 3.400 5.500 3.500 Rate Rate % 26/11/2022 25/01/2021 15/01/2021 22/09/2024 01/03/2024 10/07/2017 13/02/2030 12/02/2021 04/12/2015 15/12/2017 15/12/2017 01/02/2017 26/02/2024 29/03/2016 30/10/2018 26/09/2016 15/06/2022 19/03/2025 06/02/2024 09/06/2022 14/06/2018 05/12/2022 15/05/2019 16/09/2025 15/05/2030 18/03/2024 24/06/2025 24/06/2020 Maturity Date 1,034,319 1,093,810 659,431 417,645 442,228 241,786 297,000 896,830 154,433 132,090 339,707 127,298 143,302 566,294 105,421 154,711 129,010 203,814 319,998 316,770 193,737 416,651 187,712 377,036 112,411 206,995 636,794 278,300 358,494 406,276 202,493 203,783 88,708 88,444 82,767 Value USD Fair

% of 3.38 2.14 2.26 1.24 1.52 4.59 0.79 0.68 1.74 0.65 0.73 2.89 0.45 0.45 0.54 0.79 0.66 5.29 1.04 1.64 1.62 0.99 5.60 2.13 0.96 1.93 0.58 0.42 1.06 3.26 1.42 1.84 2.08 1.04 1.04 NAV 123 LAZARD GLOBAL ACTIVE FUNDS PLC 124 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments United States-16.83% United Kingdom-8.23% Switzerland -0.75% Sweden -1.31% Spain -2.02% Singapore -1.83% Romania -0.56% Qatar -1.42% Portugal -0.95% Poland -3.31%(continued) Amount Principal Bonds -95.10%(continued) 1,180,000 100,000 185,000 215,000 100,000 185,000 118,000 265,000 135,000 100,000 120,000 135,000 280,000 120,000 105,000 105,000 125,000 250,000 170,000 100,000 165,000 360,000 241,000 250,000 160,000 205,000 85,000 75,000 90,000 70,000 70,000 91,000 United RentalsNorth America Inc Union Pacific Corp The GoldmanSachsGroupInc PetroleumMarathon Corp Home DepotInc HCA Inc Goldman SachsGroupInc BrandsInc Constellation Commonwealth ofPennsylvania City ofSeattle ArcelorMittal United KingdomGilt SSE Plc Plc Rolls-Royce Centrica Plc BMW Finance NV Nestle HoldingsInc Temasek Financial ILtd State of State of Alaska State Corp John DeereCapital Inc Apple United KingdomGilt GKN HoldingsPlc Plc Abbey National Treasury Services Exportkredit AB Svensk Spain GovernmentBond GovernmentBond Singapore Bond International Romanian Government Bond GovernmentInternational Qatar Portugal Obrigacoesdo Tesouro OT Bond Poland GovernmentInternational Coupon Coupon 4.625 4.163 3.625 4.636 5.342 3.625 2.300 2.625 6.500 5.200 7.250 5.850 4.680 5.250 3.850 2.250 1.750 5.000 6.750 6.750 7.000 3.375 5.125 2.750 1.875 1.600 3.265 3.000 3.625 4.500 2.875 3.000 Rate Rate % 15/07/2023 15/07/2022 22/01/2023 01/08/2022 01/08/2027 15/09/2024 16/09/2019 01/06/2022 15/02/2020 17/12/2019 15/05/2017 15/07/2030 01/08/2024 25/02/2017 04/05/2043 07/09/2023 22/07/2019 01/10/2018 30/04/2019 28/10/2019 19/09/2018 14/12/2018 14/04/2021 15/04/2020 21/12/2018 30/04/2025 19/02/2020 01/09/2024 24/04/2024 20/01/2022 15/10/2025 17/03/2023 Maturity Date 1,608,418 199,124 218,011 185,088 128,915 176,362 145,125 113,393 138,517 133,988 155,419 445,718 108,991 197,132 184,437 120,563 181,278 194,676 175,623 145,946 255,874 394,343 359,085 182,603 176,482 109,605 277,874 186,096 647,369 205,141 97,250 97,636 89,987 96,824 91,259 Value USD Fair

% of 0.50 1.01 1.12 0.50 0.46 0.50 0.47 0.95 0.66 0.90 0.74 0.58 0.71 0.69 0.80 8.23 2.28 0.56 1.00 0.94 0.62 0.93 1.00 0.90 0.75 1.31 2.02 1.83 0.93 0.90 0.56 1.42 0.95 3.31 1.05 NAV Total Total Vietnam -0.70% United States-16.83%(continued) Amount Principal 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 18/11/2015 13/11/2015 21/10/2015 19/10/2015 15/10/2015 09/10/2015 08/10/2015 Open forwardforeigncurrency exchange contracts-1.34% Date Maturity Bonds -95.10%(continued) (continued) 125,000 150,000 155,000 195,000 196,000 390,000 Investments -(CostUSD19,863,440) Bonds -(CostUSD19,863,440) 90,000 Bond Vietnam GovernmentInternational Yum! BrandsInc Verizon Inc Communications Valero Corp Energy University of Texas System United States United States Treasury Note United States United States Treasury Note USD 413,722 USD 104,551 USD 571,115 USD 73,239 USD 965,192 USD 368,480 USD 253,331 USD 213,600 USD 204,081 USD 948,638 USD 338,000 USD 243,663 USD 259,204 USD 457,642 SEK 1,207,056 NZD 313,149 NOK 312,433 MXN 3,090,416 325,624,800 KRW JPY 185,618,947 JPY 31,108,870 JPY 177,522,346 GBP 94,493 EUR 759,357 EUR 379,304 EUR 1,392,725 CZK 5,950,654 CZK 1,537,974 USD 315,600 USD 218,639 USD 673,217 EUR 5,879,796 USD 93,217 USD 168,000 Bought Amount Period ended 30September2015 PLN 1,563,220 NZD 160,935 NZD 881,205 NZD 112,717 NOK 7,938,036 MXN 6,087,863 MXN 4,179,605 JPY 25,583,512 HUF 56,873,412 GBP 606,713 EUR 293,879 EUR 220,584 CAD 339,059 AUD 622,744 USD 141,842 USD 196,000 USD 37,989 USD 181,175 USD 277,600 USD 1,498,197 USD 260,000 USD 1,431,182 USD 146,605 USD 862,200 USD 423,110 USD 1,552,867 USD 246,200 USD 63,535 CNH 2,042,090 COP 592,227,779 PHP 30,452,967 USD 6,569,266 CLP 65,606,400 INR 10,997,280 Sold Amount Coupon Coupon 6.750 3.750 1.350 6.125 6.276 2.875 2.125 Rate Rate % 29/01/2020 01/11/2021 09/06/2017 01/02/2020 15/08/2041 15/08/2045 15/05/2025 Maturity Gain/(Loss) Unrealised Date (13,909) 18,580,361 18,580,361 (2,755) (1,391) (3,650) (3,506) (1,481) (3,319) (4,430) 35,338 10,696 29,846 21,490 52,600 51,971 27,255 22,559 3,288,973 3,234 1,975 9,458 1,396 7,696 1,473 9,704 6,366 2,242 3,593 2,967 (143) (287) (741) 136,719 154,145 154,847 102,148 221,046 196,812 393,077 (94) 448 617 610 Value USD Fair

(0.01) (0.01) (0.02) (0.00) (0.02) (0.08) (0.01) (0.02) (0.02) (0.00) (0.00) (0.00) 95.10 95.10 16.83 % of % of 0.70 0.79 0.79 0.52 1.12 1.01 2.01 0.02 0.01 0.05 0.01 0.04 0.01 0.05 0.03 0.01 0.02 0.02 0.18 0.06 0.15 0.11 0.00 0.26 0.26 0.00 0.14 0.12 0.00 NAV NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2015 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments Total Assets Other assets Financial instruments derivative market on aregulated Transferable securitiesadmittedtoanofficialstockexchangelistingortraded Analysis ofTotal Assets StreetGlobalMarkets -State -StandardCharteredBank Markets -RBCCapital -JPMorgan -HSBCBankUSA -CitigroupGlobalMarketsInc -CIBC World MarketsCorp Markets -BNYMellonCapital -Barclays Inc Capital The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value exchange contracts Net unrealisedgainonforwardforeigncurrency contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 22/01/2016 18/12/2015 18/11/2015 18/11/2015 Open forwardforeigncurrency exchange contracts-1.34%(continued) Date Maturity USD 195,775 MYR 427,939 USD 172,349 USD 181,760 Bought Amount HUF 56,016,112 USD 101,600 SGD 243,406 SGD 256,690 Sold Amount Gain/(Loss) 19,538,227 18,842,812 (44,068) 695,415 262,451 306,519 (3,880) (4,482) % ofTotal Assets 1,450 1,535 USD 100.00 100.00 (0.23) (0.02) (0.02) 94.64 96.44 % of 3.80 1.56 3.56 1.34 1.57 0.01 0.01 NAV (continued) Period ended 30September2015 125 LAZARD GLOBAL ACTIVE FUNDS PLC Statement of Major Changes in Investments

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

ALL ACQUISITIONS COST DISPOSALS PROCEEDS

GBP GBP Plc 134,480 AstraZeneca Plc 124,778 Centrica Plc 84,631 HSBC Holdings Plc 88,297 Barclays Plc 79,980 GlaxoSmithKline Plc 79,134 Associated British Foods Plc 71,740 ITV Plc 74,352 Pearson Plc 68,576 Whitbread Plc 69,722 London Stock Exchange Group Plc 63,209 Aggreko Plc 56,213 Synthomer Plc 62,761 Spire Healthcare Group Plc 44,965 William Hill Plc 54,139 Plc 43,511 John Wood Group Plc 51,372 Plc 43,488 Capital & Counties Properties Plc 44,178 Spirit Pub Co Plc 43,166 British American Tobacco Plc 42,484 NMC Health Plc 35,570 Savills Plc 40,592 Prudential Plc 35,327 Premier Oil Plc 25,843 The Weir Group Plc 35,178 Shire Plc 19,796 Aldermore Group Plc 34,929 Carnival Plc 9,446 Hays Plc 33,708 CRH Plc 9,188 William Hill Plc 31,051 Man Group Plc 8,148 Centrica Plc 27,290 UBM Plc 3,993 Severn Trent Plc 23,018 Workspace Group Plc 20,460 Anglo American Plc 17,609 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 126 Statement of Major Changes in Investments (continued)

Lazard Japanese Strategic Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

JPY JPY Tokyo Electron Ltd 172,709,422 Nintendo Co Ltd 91,865,718 FANUC Corp 155,487,949 Rinnai Corp 74,374,249 Mizuho Financial Group Inc 104,549,761 Mitsubishi UFJ Financial Group Inc 70,260,801 The Dai-ichi Life Insurance Co Ltd 97,753,910 The Kansai Electric Power Co Inc 65,975,630 Nidec Corp 97,664,483 Marui Group Co Ltd 49,733,210 Jafco Co Ltd 96,897,291 Canon Inc 39,169,443 Komatsu Ltd 91,338,588 Komatsu Ltd 38,062,205 Mitsubishi UFJ Financial Group Inc 87,950,563 Nidec Corp 37,157,378 Sumitomo Mitsui Trust Holdings Inc 87,572,823 Daiwa House Industry Co Ltd 31,083,679 Nomura Holdings Inc 83,404,608 Mizuho Financial Group Inc 29,149,240 ORIX Corp 81,818,880 Jafco Co Ltd 27,316,607 Hitachi Ltd 80,043,256 The Dai-ichi Life Insurance Co Ltd 26,910,899 Nintendo Co Ltd 74,865,027 Sumitomo Mitsui Trust Holdings Inc 26,083,354 Asahi Kasei Corp 70,948,218 ORIX Corp 25,335,080 Mitsubishi Corp 67,921,014 Nomura Holdings Inc 24,681,116 The Kansai Electric Power Co Inc 66,694,270 Nippon Steel Corp 20,921,837 Nippon Steel Corp 64,559,812 Mitsubishi Corp 20,571,460 Makita Corp 62,593,280 Tokyu Fudosan Holdings Corp 18,885,185 Tokyu Fudosan Holdings Corp 62,242,461 Makita Corp 17,745,224 Canon Inc 54,223,909 Takashimaya Co Ltd 17,043,475

Lazard European Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR Vivendi SA 1,588,575 Novartis AG 1,614,275 Iliad SA 1,276,227 Fresenius SE & Co KGaA 1,487,330 Valeo SA 1,189,774 Banco Bilbao Vizcaya Argentaria SA 1,373,378 Banco Popolare SC 1,178,434 Koninklijke KPN NV 1,357,068 Nokia OYJ 1,120,345 Volkswagen AG 1,341,809 1,022,389 Bayerische Motoren Werke AG 1,168,841 Carlsberg A/S 925,053 Syngenta AG 1,139,766 CRH Plc 817,604 Anheuser-Busch InBev NV 989,571 Novartis AG 815,986 Randstad Holding NV 989,485 Zodiac Aerospace 765,525 Valeo SA 970,422 GEA Group AG 704,041 Sunrise Communications Group AG 969,463 Bayer AG 692,098 Alcatel-Lucent 966,074 Volkswagen AG 667,014 SpA 916,389 Credit Suisse Group AG 665,914 Mediolanum SpA 795,221 Permanent TSB Group Holdings Plc 641,494 LEG Immobilien AG 735,679 AXA SA 620,325 Ryanair Holdings Plc 716,023 Telenor ASA 611,752 HeidelbergCement AG 662,618 Europris ASA 603,617 Mobistar SA 647,833 Swedbank AB 596,237 Unilever NV 643,176 BNP Paribas SA 570,193 Snam SpA 613,790 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 127 Statement of Major Changes in Investments (continued)

Lazard Pan European Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR Novartis AG 709,278 Novartis AG 707,946 Royal Dutch Shell Plc 639,715 Fresenius SE & Co KGaA 483,352 Credit Suisse Group AG 550,777 Koninklijke KPN NV 477,665 EasyJet Plc 451,556 Royal Dutch Shell Plc 376,822 Vivendi SA 434,745 Lloyds Banking Group Plc 316,041 Iliad SA 407,587 Shire Plc 309,920 Lloyds Banking Group Plc 406,652 Volkswagen AG 308,318 BNP Paribas SA 401,071 Ryanair Holdings Plc 305,765 Prudential Plc 356,943 Anheuser-Busch InBev NV 290,478 Bayer AG 354,228 Alcatel-Lucent 262,671 Bank of Ireland 348,005 BNP Paribas SA 251,424 Anheuser-Busch InBev NV 345,739 HeidelbergCement AG 245,872 Valeo SA 342,693 Bayer AG 241,667 Nokia OYJ 337,577 Syngenta AG 232,941 CRH Plc 327,056 Prudential Plc 229,531 Banco Popolare SC 319,467 Schneider Electric SA 226,437 Wolters Kluwer NV 319,327 Azimut Holding SpA 220,210 AstraZeneca Plc 306,564 Stagecoach Group Plc 211,573 Fresenius SE & Co KGaA 299,943 Taylor Wimpey Plc 208,705 AXA SA 275,014 BG Group Plc 207,972

Lazard Global Strategic Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Reynolds American Inc 366,134 Koninklijke KPN NV 217,584 Apple Inc 310,697 Sysco Corp 199,607 Google Inc, Class A 243,458 BorgWarner Inc 197,056 Aon Plc 213,277 Teva Pharmaceutical Industries Ltd, ADR 196,616 Morningstar Inc 192,478 Xerox Corp 174,053 Mylan NV 183,113 Parker-Hannifin Corp 150,057 Lloyds Banking Group Plc 181,107 Topdanmark A/S 143,785 Advance Auto Parts Inc 172,498 Mylan NV 137,063 Voya Financial Inc 162,069 Sunrise Communications Group AG 133,088 Novartis AG 159,391 Google Inc, Class A 131,310 Union Pacific Corp 158,398 McKesson Corp 117,211 Sampo OYJ 155,197 Turkiye Halk Bankasi AS 112,461 Gulliver International Co Ltd 153,335 Viacom Inc 109,618 British American Tobacco Plc 150,503 Ambev SA 109,391 McKesson Corp 143,061 Eastman Chemical Co 108,516 Prudential Plc 141,025 Sun International Ltd 105,045 Europris ASA 132,340 Baxter International Inc 104,358 Teva Pharmaceutical Industries Ltd, ADR 130,284 McDonald's Corp 103,678 Ain Pharmaciez Inc 128,986 SoftBank Corp 102,067 Mediolanum SpA 127,300 International Consolidated Airlines Group SA 95,751 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 128 Statement of Major Changes in Investments (continued)

Lazard Global Managed Volatility Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Colgate-Palmolive Co 917,409 Kimberly-Clark Corp 911,529 PepsiCo Inc 756,479 Waste Connections Inc 846,978 Nike Inc 749,200 Canadian Imperial Bank of Commerce 730,394 Dollarama Inc 738,107 Unilever NV 607,569 Wharf Holdings Ltd 664,141 Coloplast A/S 574,689 597,084 Shaw Communications Inc 574,629 Canon Inc 564,707 Ball Corp 542,755 Murata Manufacturing Co Ltd 532,267 West Japan Railway Co 507,940 Canadian Natural Resources Ltd 505,912 SSE Plc 507,581 Thermo Inc 487,138 Empire Co Ltd 487,059 Spark New Zealand Ltd 478,959 Laboratory Corp of America Holdings 457,008 Reynolds American Inc 447,900 Kaken Pharmaceutical Co Ltd 435,205 Ltd 438,967 Canadian National Railway Co 430,833 Apache Corp 429,039 Novartis AG 413,727 Baytex Energy Corp 376,938 Apache Corp 405,619 Waters Corp 371,357 Wisconsin Energy Corp 393,245 Edison International 371,099 AGL Energy Ltd 392,528 General Dynamics Corp 366,037 GPT Group 389,800 DH Corp 356,741 Woolworths Ltd 383,853 CI Financial Corp 337,386 Magna International Inc 376,878

Lazard Global Listed Infrastructure Equity Fund

ACQUISITIONS COST ALL DISPOSALS PROCEEDS

GBP GBP CSX Corp 26,206,374 Transurban Group 7,934,135 Snam SpA 15,129,113 Toho Gas Co Ltd 7,610,727 Norfolk Southern Corp 13,396,535 Vinci SA 7,547,788 SES SA 13,025,482 CSX Corp 6,597,964 Ameren Corp 12,752,409 Aena S.A. 5,733,492 Terna Rete Elettrica Nazionale SpA 12,554,390 Tokyo Gas Co Ltd 5,176,345 PG&E Corp 10,260,597 Flughafen Zuerich AG 5,009,789 Abertis Infraestructuras SA 10,203,590 Atlantia SpA 4,313,602 Eutelsat Communications SA 9,370,637 Eutelsat Communications SA 2,869,426 Atlantia SpA 7,869,909 Macquarie Korea Infrastructure Fund 2,650,608 Great Plains Energy Inc 7,621,924 Terna Rete Elettrica Nazionale SpA 2,351,993 Pennon Group Plc 7,219,288 Great Plains Energy Inc 2,202,124 Aeroports de Paris 6,742,464 Snam SpA 2,092,064 Fraport AG Frankfurt Airport Services Worldwide 6,673,351 Abertis Infraestructuras SA 1,570,940 DUET Group 6,102,656 SES SA 351,322 Spark Infrastructure Group 6,006,411 Hera SpA 243,835 Vinci SA 4,907,787 Spark Infrastructure Group 203,989 Union Pacific Corp 3,947,337 Macquarie Atlas Roads Group 196,553 DUET Group 3,319,723 California Water Service Group 60,892 REN - Redes Energeticas Nacionais SGPS SA 3,295,110 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 129 Statement of Major Changes in Investments (continued)

Lazard Global Equity Franchise Fund

ACQUISITIONS COST ALL DISPOSALS PROCEEDS

USD USD International Game Technology Plc 331,610 Sysco Corp 244,028 Computershare Ltd 264,362 Paypal Holdings Inc 118,930 Coach Inc 244,993 Secom Co Ltd 117,744 Intuit Inc 243,823 Atlantia SpA 21,481 Emerson Electric Co 235,847 Vinci SA 18,932 Wal-Mart Stores Inc 232,785 CSX Corp 231,622 QUALCOMM Inc 227,196 Monsanto Co 226,150 Oracle Corp 223,445 Cisco Systems Inc 222,447 Sysco Corp 221,690 Microsoft Corp 218,267 Medtronic Plc 216,932 SAP SE 215,918 Terna Rete Elettrica Nazionale SpA 214,602 Atlantia SpA 213,964 Snam SpA 213,181 Express Scripts Holding Co 212,583 Vinci SA 211,167

Lazard Global Equity Select Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Reynolds American Inc 116,248 Apple Inc 158,232 Aon Plc 89,958 Citigroup Inc 99,172 RELX NV 70,481 Co 86,973 Harley-Davidson Inc 70,409 Viacom Inc 81,018 Procter & Gamble Co 69,461 Hartford Financial Services Group Inc 74,271 Actelion Ltd 65,986 Teva Pharmaceutical Industries Ltd 71,397 Davide Campari-Milano SpA 65,973 Eaton Corp Plc 64,492 Compass Group Plc 65,546 Sumitomo Mitsui Financial Group Inc 64,157 Wolters Kluwer NV 65,211 Microsoft Corp 63,393 Union Pacific Corp 60,322 Red Hat Inc 62,672 Advance Auto Parts Inc 59,261 Mylan NV 60,125 McGraw Hill Financial Inc 58,786 UnitedHealth Group Inc 59,376 Mylan NV 58,350 Continental AG 56,829 Henderson Group Plc 51,069 Xerox Corp 56,578 Springleaf Holdings Inc 50,877 Intel Corp 54,987 Spotless Group Holdings Ltd 49,826 NXP Semiconductors NV 50,737 CVS Health Corp 47,741 Anheuser-Busch InBev NV 49,646 British American Tobacco Plc 47,523 Eastman Chemical Co 49,405 Permanent TSB Group Holdings Plc 41,331 Daiwa House Industry Co Ltd 47,709 Telenor ASA 41,283 Credicorp Ltd 43,540 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 130 Statement of Major Changes in Investments (continued)

Lazard Global Equity Income Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Kinder Morgan Inc 429,186 Maxim Integrated Products Inc 306,485 Vivendi SA 338,306 Indiabulls Housing Finance Ltd 305,149 PacWest Bancorp 331,866 AXA SA 281,427 Anglo American Plc 309,606 bpost SA 234,738 LaSalle Hotel Properties 303,152 Societe Television Francaise 1 227,481 Procter & Gamble Co 280,010 Japan Tobacco Inc 227,152 Indiabulls Housing Finance Ltd 258,408 Mediolanum SpA 221,974 Telenor ASA 254,028 Williams Cos Inc 215,400 Maxim Integrated Products Inc 231,127 Teva Pharmaceutical Industries Ltd, ADR 214,074 QUALCOMM Inc 228,601 United Bankshares Inc/WV 213,312 Kohl's Corp 223,115 Cisco Systems Inc 198,152 ConocoPhillips 216,999 Transurban Group 187,542 Viacom Inc 188,702 Wynn Macau Ltd 181,629 Societe Television Francaise 1 183,323 St James's Place Plc 181,460 Hon Hai Precision Industry Co Ltd, GDR 162,648 Rexel SA 180,179 Rexel SA 161,775 Bezeq The Israeli Telecommunication Corp Ltd 175,176 Bezeq The Israeli Telecommunication Corp Ltd 158,492 Canon Inc 168,503 Seagate Technology Plc 157,896 Intel Corp 168,310 Pearson Plc 155,488 CenturyLink Inc 158,105 Eaton Corp Plc 148,729 Royal Dutch Shell Plc 157,420

Lazard Thematic Global Ex-Japan Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD eBay Inc 388,462 Amgen Inc 493,255 L'Oreal SA 363,525 Chevron Corp 325,444 Nielsen Holdings Plc 275,263 Teva Pharmaceutical Industries Ltd, ADR 303,050 Noble Energy Inc 254,357 Spectra Energy Corp 292,653 Barrick Corp 226,313 Oracle Corp 248,395 Newmont Mining Corp 148,646 Exelon Corp 243,013 AES Corp 143,206 Amazon.com Inc 223,732 Essilor International SA 141,930 Eli Lilly & Co 184,237 Edison International 138,884 Comcast Corp 169,122 NextEra Energy Inc 136,759 CapitaLand Ltd 161,202 Pioneer Natural Resources Co 133,874 Prudential Plc 160,977 Tencent Holdings Ltd 129,572 Bank of East Asia Ltd 154,730 United Technologies Corp 128,652 RWE AG 152,063 Alibaba Group Holding Ltd, ADR 127,318 Air Liquide SA (Prime Fidelite) 142,158 Baidu Inc, ADR 126,461 Bristol-Myers Squibb Co 136,224 Starbucks Corp 100,757 Vertex Pharmaceuticals Inc 132,710 Teva Pharmaceutical Industries Ltd, ADR 32,358 Visa Inc 129,828 Hong Kong Exchanges and Clearing Ltd 31,266 Cenovus Energy Inc 114,124 Amgen Inc 30,931 Actelion Ltd 103,434 Vertex Pharmaceuticals Inc 27,019 McKesson Corp 94,340 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 131 Statement of Major Changes in Investments (continued)

Lazard Thematic Global Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD eBay Inc 5,113,443 Amgen Inc 7,147,820 L'Oreal SA 4,668,648 Oracle Corp 4,957,263 Noble Energy Inc 3,325,997 Chevron Corp 4,744,802 Nielsen Holdings Plc 3,271,228 Air Liquide SA (Prime Fidelite) 4,523,215 Sumitomo Mitsui Financial Group Inc 3,268,644 Spectra Energy Corp 4,497,452 Inc 3,103,290 Teva Pharmaceutical Industries Ltd, ADR 4,381,397 Mizuho Financial Group Inc 2,960,317 Amazon.com Inc 4,137,991 Mitsubishi UFJ Financial Group Inc 2,507,296 Eli Lilly & Co 3,915,732 Barrick Gold Corp 2,219,258 Prudential Plc 3,829,604 Newmont Mining Corp 2,188,165 Visa Inc 3,663,223 AES Corp 1,902,372 Comcast Corp 3,634,232 Pioneer Natural Resources Co 1,743,248 Exelon Corp 3,633,519 NextEra Energy Inc 1,706,736 Vertex Pharmaceuticals Inc 3,381,161 Essilor International SA 1,689,521 McKesson Corp 3,185,114 Tencent Holdings Ltd 1,672,597 Microsoft Corp 3,035,291 Baidu Inc, ADR 1,665,248 Bristol-Myers Squibb Co 2,958,182 Alibaba Group Holding Ltd, ADR 1,655,345 Hong Kong Exchanges and Clearing Ltd 2,849,849 Edison International 1,621,917 Shire Plc, ADR 2,289,932 SAP AG 1,525,716 CapitaLand Ltd 2,288,124 Nomura Holdings Inc 1,522,925 Bank of East Asia Ltd 2,222,385

Lazard Emerging World Fund

ACQUISITIONS COST ALL DISPOSALS PROCEEDS

USD USD Citic Securities Co Ltd 810,551 Citic Securities Co Ltd 1,454,546 iShares FTSE A50 China Index ETF 748,584 iShares FTSE A50 China Index ETF 642,920 Morgan Stanley China A Share Fund Inc 473,522 First Pacific Co 319,114 Fidelity China Special Situations Plc 413,685 JPMorgan Emerging Markets Investment Trust Plc 297,795 Fondul Proprietatea SA, GDR 208,477 Templeton Emerging Markets Investment Trust Plc 205,680 CK Hutchison Holdings Ltd 168,899 Pacific Assets Trust Plc 198,819 Haci Omer Sabanci Holding AS 108,734 Aberdeen Emerging Markets Smaller Company Opportunities Fund Inc 85,596 Qatar Investment Fund Plc 92,733 The Central Europe Russia and Turkey Fund Inc 74,406 JPMorgan Russian Securities Plc 61,739 New India Investment Trust Plc 73,165 Genesis Emerging Markets Fund Ltd 35,878 Morgan Stanley Emerging Markets Fund Inc 63,789 Prosperity Voskhod Fund Ltd Npv 15,904 Templeton Dragon Fund Inc 39,891 Aberdeen Singapore Fund Inc 8,064 BlackRock World Mining Trust Plc (Subscription Shares) 21,400 First Trust Aberdeen Emerging Opportunity Fund 7,693 Prosperity Voskhod Fund Ltd 19,491 JPMorgan Asian Investment Trust Plc 6,837 The Taiwan Fund Inc 15,530 JPMorgan Indian Investment Trust Plc 4,497 East Capital Explorer AB 13,722 Utilico Emerging Markets Ltd 2,857 The Thai Fund Inc 10,151 First Pacific Co 2,439 Mexico Equity & Income Fund Inc 1,499 Invesco Asia Trust Plc 2,131 Aberdeen New Dawn Investment Trust Plc 1,219 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 132 Statement of Major Changes in Investments (continued)

Lazard Emerging Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Baidu Inc, ADR 11,617,262 NetEase Inc, ADR 16,146,421 Kasikornbank PCL 7,241,347 Pacific Rubiales Energy Corp 9,518,234 China Construction Bank Corp 6,572,061 KB Financial Group Inc 5,015,518 America Movil SAB de CV, ADR 6,024,553 Taiwan Semiconductor Manufacturing Co Ltd, ADR 4,023,078 Tata Consultancy Services Ltd 4,570,193 Siam Cement PCL 3,413,016 Turkcell Iletisim Hizmetleri AS 3,281,967 Eurasia Drilling Co Ltd, GDR 3,406,905 Coway Co Ltd 3,267,950 Tiger Brands Ltd 3,396,543 Bank Mandiri Persero Tbk PT 3,128,393 China Construction Bank Corp 3,367,084 Telekomunikasi Indonesia Persero Tbk PT, ADR 2,901,687 China Mobile Ltd, ADR 3,097,899 Hero MotoCorp Ltd 2,434,293 Samsung Electronics Co Ltd 2,871,212 Grupo Mexico SAB de CV 2,209,728 Tata Consultancy Services Ltd 2,718,475 Semen Indonesia Persero Tbk PT 2,026,572 Banco do Brasil SA 2,696,113 KT&G Corp 1,883,265 Oriflame Cosmetics SA 2,494,673 PTT Exploration & Production PCL 1,717,524 Shinhan Financial Group Co Ltd 2,336,062 AAC Technologies Holdings Inc 1,300,171 Cielo SA 2,300,672 Taiwan Semiconductor Manufacturing Co Ltd, ADR 1,213,614 Axis Bank Ltd 2,247,203 Astra International Tbk PT 1,050,523 Sberbank of Russia 2,054,592 China Mobile Ltd, ADR 866,352 Magnit OJSC, GDR 2,028,603 Samsung Electronics Co Ltd 801,389 BB Seguridade Participacoes SA 1,868,819 Banco do Brasil SA 758,457 SK Hynix Inc 1,816,178

Lazard Emerging Markets Core Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD CT Environmental Group Ltd 903,348 CRRC Corp Ltd 1,326,131 Amorepacific Corp 899,127 DGB Financial Group Inc 1,155,026 Emaar Properties PJSC 746,214 Eclat Textile Co Ltd 1,082,737 Tencent Holdings Ltd 716,941 KEPCO Plant Service & Engineering Co Ltd 912,763 Techtronic Industries Co Ltd 675,546 Capital International Airport Co Ltd 806,764 Grupo Aeroportuario del Pacifico SAB de CV, ADR 582,999 MTN Group Ltd 666,595 Arca Continental SAB de CV 581,535 Largan Precision Co Ltd 611,727 Gruma SAB de CV 463,129 TAV Havalimanlari Holding AS 552,982 Mega Financial Holding Co Ltd 453,041 Aspen Pharmacare Holdings Ltd 543,334 Alibaba Group Holding Ltd, ADR 410,333 MediaTek Inc 518,842 Industrial & of China Ltd 380,667 Anhui Conch Cement Co Ltd 512,027 Vipshop Holdings Ltd, ADR 355,093 Grupo Televisa SAB, ADR 480,001 China Lesso Group Holdings Ltd 339,072 Powszechna Kasa Oszczednosci Bank Polski SA 466,553 Valid Solucoes e Servicos de Seguranca em Meios de Pagamento 316,865 MegaFon PJSC 424,476 e Identificacao S.A Turkiye Garanti Bankasi AS 410,927 Mondi Plc 303,631 Hon Hai Precision Industry Co Ltd, GDR 311,896 Taiwan Semiconductor Manufacturing Co Ltd, ADR 248,952 Cosan Ltd 283,533 China Mobile Ltd, ADR 238,324 Delta Electronics Inc 165,052 Ping An Insurance Group Co 210,983 Tata Motors Ltd, ADR 5,233 Tata Motors Ltd, ADR 179,908 Fibra Uno Administracion SA de CV 583 SK Hynix Inc 172,808 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 133 Statement of Major Changes in Investments (continued)

Lazard Developing Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD YPF SA, ADR 4,144,542 Korea Aerospace Industries Ltd 6,548,448 China Medical System Holding 3,905,935 Zhuzhou CSR Times Electric Co Ltd 5,331,851 CJ CGV Co Ltd 3,457,186 China State Construction International Holdings Ltd 5,308,682 Tencent Holdings Ltd 3,439,586 Ping An Insurance Group Co 5,288,739 Hotel Shilla Co Ltd 3,080,020 Baidu Inc, ADR 5,047,982 First Quantum Minerals Ltd 2,517,450 Taiwan Semiconductor Manufacturing Co Ltd 4,252,394 Baidu Inc, ADR 2,455,159 X5 Retail Group NV, GDR 4,229,970 Adani Ports & Special Economic Zone Ltd 2,293,908 Glenmark Pharmaceuticals Ltd 3,881,147 Dr. Reddy's Laboratories Ltd 2,267,597 NovaTek OAO, GDR 3,641,850 Hota Industrial Manufacturing Co Ltd 2,240,273 Techtronic Industries Co Ltd 3,292,832 Vipshop Holdings Ltd, ADR 2,152,089 Catcher Technology Co Ltd 3,127,644 Credicorp Ltd 2,126,513 China Merchants Bank Co Ltd 3,085,792 Largan Precision Co Ltd 2,105,318 China National Materials Co Ltd 3,008,764 New Oriental Education & Technology Group Inc, ADR 1,982,073 Hanon Systems 2,875,186 Sberbank of Russia 1,826,296 Estacio Participacoes SA 2,571,602 Cosan SA Industria e Comercio 1,771,566 Tata Motors Ltd 2,500,287 China State Construction International Holdings Ltd 1,751,587 Kia Motors Corp 2,485,249 Samsung Electronics Co Ltd 1,692,583 Eclat Textile Co Ltd 2,473,741 BanColombia SA, ADR 1,658,698 China Oilfield Services Ltd 2,384,041 Petra Diamonds Ltd 1,613,665 Shriram Transport Finance Co Ltd 2,294,771

Lazard MENA Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Kuwait Foods Americana 155,942 VIVA Kuwait Telecom Co 137,979 Arabian Cement P-Note Credit Suisse 124,992 Astra Industrial Group P-Note Morgan Stanley 77,129 Integrated Diagnostics Holdings Plc 106,676 Qatar Electricity & Water Co 71,828 Ras Al Khaimah Ceramics 98,735 Air Arabia PJSC 69,813 Saudi International Petrochemical P-Note Morgan Stanley 96,240 Arab National Bank P-Note International 68,880 Oriental Weavers 95,751 Saudi Telecom Co P-Note HSBC Bank Plc 68,170 National Bank of Ras Al-Khaimah PSC 95,505 Kout Food Group KSC 62,073 BankMuscat SAOG 91,341 Advanced Petrochemicals Co P-Note Credit Suisse 49,383 Samba Financial Group P-Note AG 90,343 Saudi International Petrochemical P-Note Morgan Stanley 46,274 Dubai Islamic Bank PJSC 89,528 Rabigh Refining and Petrochemicals Co P-Note Morgan Stanley 42,876 Telecom Egypt Co 86,352 Advanced Petrochemical Co P-Note Morgan Stanley 40,477 ALAFCO Aviation Lease and Finance Co KSCC 76,129 Saudi Airlines P-Note Deutsche Bank AG 36,791 Banque Saudi Fransi P-Note HSBC Bank Plc 72,853 Saudi Basic Industries Corp P-Note JP Morgan 30,978 Saudi Industrial Investment Group P-Note Morgan Stanley 71,321 Al Abdullatif Industrial P-Note Credit Suisse 29,743 Astra Industrial Group P-Note Morgan Stanley 68,935 Abdul Mohsen Al-Hokair Touri P-Note HSBC Bank Plc 29,129 Arab National Bank P-Note Goldman Sachs International 68,880 Saudi Airlines Catering Co P-Note HSBC Bank Plc 27,719 Saudi Telecom Co P-Note HSBC Bank Plc 68,171 Saudi Industrial Investment Group P-Note Credit Suisse 27,061 Saudi Telecom Co P-Note Deutsche Bank AG 65,371 Al Eqbal Co for Investment Plc 24,128 Mobile Telecommunications Co KSC 63,425 Saudi Industrial Investment Group P-Note Deutsche Bank AG 14,340 Emirates REIT CEIC Ltd 56,059 Kuwait Resorts Co KSCC 14,073 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 134 Statement of Major Changes in Investments (continued)

Lazard Sterling High Quality Bond Fund

ALL ACQUISITIONS COST ALL DISPOSALS PROCEEDS

GBP GBP Aviva Plc, 5.125% due 04/06/2050 100,119 GE Capital Trust V, 5.500% due 15/09/2066 129,013 Volkswagen Financial Services NV, 1.750% due 17/04/2020 99,935 HSBC Bank Capital Funding Sterling 1 LP, 5.844% due 29/11/2049 109,350 International Business Machines Corp, 2.625% due 05/08/2022 99,655 Daimler AG, 2.750% due 04/12/2020 105,288 Nordea Bank AB, 2.375% due 02/06/2022 99,466 BPCE SA, 5.250% due 16/04/2029 103,970 United Kingdom Gilt, 2.000% due 07/09/2025 71,014 Volkswagen Financial Services NV, 1.750% due 17/04/2020 99,029 Barclays Bank Plc, 10.000% due 21/05/2021 97,426 Aviva Plc, 6.125% due 29/09/2049 86,720 Deutsche Bahn Finance BV, 2.750% due 20/06/2022 76,848 Southern Water Services Finance Ltd, 6.640% due 31/03/2026 67,619 BASF SE, 1.375% due 15/12/2017 14,161

Lazard Global Fixed Income Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Spain Government Bond, 1.600% due 30/04/2025 394,020 Province of Ontario Canada, 2.850% due 02/06/2023 536,965 United States Treasury Note, 2.125% due 15/05/2025 388,137 Malaysia Government Bond, 3.394% due 15/03/2017 469,573 International Bank for Reconstruction & Development, 2.375% 326,491 Peru Government Bond, 5.700% due 12/08/2024 448,777 due 26/09/2016 Province of Quebec Canada, 3.500% due 29/07/2020 410,757 Mexican Bonos, 4.750% due 14/06/2018 311,586 Mexican Bonos, 4.750% due 14/06/2018 338,858 Panama Government International Bond, 4.000% due 302,400 22/09/2024 Norway Government Bond, 4.500% due 22/05/2019 302,191 France Government Bond OAT, 2.500% due 25/05/2030 246,396 Czech Republic Government Bond, 2.500% due 25/08/2028 284,129 Toronto-Dominion Bank, 2.621% due 22/12/2021 245,938 KFW, 2.875% due 12/10/2016 260,194 United Kingdom Gilt, 2.250% due 07/09/2023 223,330 Toronto-Dominion Bank, 1.824% due 03/04/2017 245,308 Colombia Government International Bond, 2.625% due 213,525 Slovakia Government Bond, 1.375% due 21/01/2027 227,185 15/03/2023 Panama Government International Bond, 5.200% due 220,490 International Finance Corp, 6.450% due 30/10/2018 211,800 30/01/2020 Spain Government Bond, 1.950% due 30/07/2030 208,810 Slovakia Government International Bond, 4.375% due 218,500 21/05/2022 Chile Government International Bond, 5.500% due 05/08/2020 208,709 International Bank for Reconstruction & Development, 2.375% 196,981 Hungary Government Bond, 3.500% due 24/06/2020 207,208 due 26/09/2016 Union Pacific Corp, 4.163% due 15/07/2022 205,380 Spain Government Bond, 1.950% due 30/07/2030 193,369 Province of Ontario Canada, 2.450% due 29/06/2022 199,894 Bermuda Government International Bond, 5.603% due 166,665 20/07/2020 Hungary Government Bond, 5.500% due 24/06/2025 196,080 Caterpillar Financial Services Corp, 3.250% due 26/06/2015 161,175 Mexican Bonos, 6.500% due 09/06/2022 194,135 Bank of Nova Scotia, 2.125% due 11/09/2019 160,798 United States Treasury Note, 2.875% due 15/08/2045 193,099 United Kingdom Gilt, 1.750% due 22/07/2019 150,546 Western Australian Treasury Corp, 6.000% due 16/10/2023 190,230 Queensland Treasury Corp, 5.500% due 21/06/2021 144,780 Corp Andina de Fomento, 4.375% due 15/06/2022 187,315 BMW Finance NV, 3.375% due 14/12/2018 131,809 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Period ended 30 September 2015 135