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Annual Report and Audited Financial Statements for the Financial Year Ended 31 March 2021

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Annual Report and Audited Financial Statements for the Financial Year Ended 31 March 2021 Lazard Global Active Funds plc For Sub-Funds Registered in Switzerland Extract of the Annual Report and Audited Financial Statements For the financial year ended 31 March 2021 Contents Directors and Other Information .................................................................................... 4 Directors’ Report ............................................................................................................ 6 Investment Managers’ Reports .................................................................................... 13 Report from the Depositary to the Shareholders ......................................................... 42 Statement of Comprehensive Income ......................................................................... 43 Statement of Financial Position ................................................................................... 49 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders ........................................................................................... 55 Notes to the Financial Statements ............................................................................... 61 Portfolios of Investments ........................................................................................... 111 Statement of Major Changes in Investments (unaudited).......................................... 141 UCITS V Remuneration Policy (unaudited) ............................................................... 157 Appendix 1: Additional information for the Investors in Switzerland (unaudited) ...... 158 Report for investors in Switzerland Some Funds of the Lazard Global Active Funds plc are not authorised for distribution in or from Switzerland. Therefore, no information in relation to these Funds is mentioned in this Annual Report and Audited Financial Statements (the "Reports and Accounts"). However, the investors’ attention is drawn to the fact that certain information contained in the Reports and Accounts is expressed on a consolidated basis and, as a consequence, contains also information concerning the Funds which are not authorised for public distribution in or from Switzerland. LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Financial year ended 31 March 2021 3 Directors and Other Information Registered Office Depositary 6th Floor The Bank of New York Mellon SA/NV, Dublin Branch 2 Grand Canal Square Riverside II Dublin 2 Sir John Rogerson's Quay D02 A342 Grand Canal Dock IRELAND Dublin 2 Registration Number: 247292 D02 KV60 IRELAND Manager Lazard Fund Managers (Ireland) Limited Administrator, Registrar and Transfer Agent 6th Floor BNY Mellon Fund Services (Ireland) Designated Activity Company 2 Grand Canal Square One Dockland Central Dublin 2 Guild Street D02 A342 IFSC IRELAND Dublin 1 D01 E4X0 Investment Managers IRELAND Lazard Asset Management Limited 50 Stratton Street Directors London W1J 8LL Gavin Caldwell (Irish) 1 / 2 UNITED KINGDOM Andreas Hübner (German) Daniel Morrissey (Irish) 1 / 2 Lazard European Equity Fund 2 Jeremy Taylor (British) Lazard Asset Management LLC Promoter 30 Rockefeller Plaza New York NY 10112-6300 Lazard Asset Management Limited UNITED STATES OF AMERICA 50 Stratton Street London W1J 8LL Lazard Global Sustainable Equity Fund 3 UNITED KINGDOM Lazard Global Managed Volatility Fund Lazard Global Thematic Fund All Directors are Non-Executive. Lazard Global Thematic Focus Fund 1 Independent Directors Lazard Pan-European Small Cap Fund 2 Member of the Audit Committee Lazard US Equity Concentrated Fund 3 Effective 23 June 2020, Fund name changed from Lazard Global Lazard Emerging Markets Equity Fund Sustainable Equity Select Fund to Lazard Global Sustainable Equity Fund. Lazard Emerging Markets Core Equity Fund 4 Effective 12 May 2021, Fund name changed from Lazard Global Lazard Emerging Markets Equity Advantage Fund Fixed Income Fund to Lazard Global Sustainable Fixed Income Fund. Lazard Emerging Markets Managed Volatility Fund Lazard Developing Markets Equity Fund Lazard Global Sustainable Fixed Income Fund 4 Lazard Japan Asset Management K.K. Akasaka Twin Tower Annex (ATT) Level 7, 2-11-7 Akasaka Minato – Ku Tokyo, 107-0052 JAPAN Lazard Asset Management LLC 30 Rockefeller Plaza New York NY 10112-6300 UNITED STATES OF AMERICA Lazard Japanese Strategic Equity Fund Lazard Asset Management Pacific Co. Level 39, Gateway Building 1 Macquarie Place Sydney NSW 2000 AUSTRALIA Lazard Global Listed Infrastructure Equity Fund Lazard Global Equity Franchise Fund LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Financial year ended 31 March 2021 4 Directors and Other Information (continued) Distributors Legal Advisers as to Irish Law Lazard Asset Management Limited William Fry 50 Stratton Street 2 Grand Canal Square London W1J 8LL Dublin 2 UNITED KINGDOM D02 A342 IRELAND Lazard Asset Management (Deutschland) GmbH Neue Mainzer Strasse 75 Legal Advisers as to English Law 60311 Frankfurt am Main MacFarlanes LLP GERMANY 20 Cursitor Street London EC4A 1LT Lazard Asset Management Schweiz AG UNITED KINGDOM Usteristrasse 9 Zürich CH-8001 Secretary SWITZERLAND Wilton Secretarial Limited 6th Floor Lazard Frères Gestion 2 Grand Canal Square 25 rue de Courcelles Dublin 2 75008 Paris D02 A342 FRANCE IRELAND Lazard Asset Management (Singapore) Pte. Limited Independent Auditors 1 Raffles Place PricewaterhouseCoopers #25-01, One Raffles Place Tower 1 Chartered Accountants and Registered Auditors SINGAPORE 048616 One Spencer Dock Lazard Asset Management (Hong Kong) Limited North Wall Quay Level 20 Dublin 1 1 Harbour View Street, Central D01 X9R7 HONG KONG IRELAND Paying Agent in Switzerland Lazard Fund Managers (Ireland) Limited, Spanish Branch Paseo De La Castellana 140 NPB Neue Privat Bank AG Piso 10 Limmatquai 1/am Bellevue 28046 Madrid P.O. Box SPAIN CH-8022 Zürich SWITZERLAND Lazard Fund Managers (Ireland) Limited, Belgian Branch Authorised Representative in Switzerland Avenue Louise 326 1050 Brussels ACOLIN Fund Services AG BELGIUM Affolternstrasse 56 8050 Zürich Lazard Fund Managers (Ireland) Limited, Dutch Branch SWITZERLAND The Office Operators Currency Manager Mondrian Tower Amstelplein 54 The Bank of New York Mellon 1096 BC Amsterdam 46 Rue Montoyerstraat NETHERLANDS B-1000 Brussels BELGIUM Lazard Gulf Limited Gate Village 1 Level 2, Office 206 Dubai International Financial Centre Dubai P.O. Box 506644 UNITED ARAB EMIRATES This Annual Report and Audited Financial Statements (the "Report and Accounts") may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the extent that there is any inconsistency between the English language Report and Accounts and the Report and Accounts in another language, the English language Report and Accounts will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in a Report and Accounts in a language other than English, the language of the Report and Accounts on which such action is based shall prevail. Any disputes as to the terms of the Report and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws of Ireland. LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Financial year ended 31 March 2021 5 Directors’ Report The Board of Directors (the “Directors”) present their annual report together with the audited financial statements for the financial year ended 31 March 2021. Lazard Global Active Funds plc (the “Company”) is an open-ended investment company with variable capital structured as an umbrella fund with segregated liability between sub funds (individually referred to as the “Fund” and collectively the “Funds”), which at the financial year end had 18 active Funds (31 March 2020: 19 active Funds) in existence. Statement of Directors' Responsibilities The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law. Irish law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company for the financial year. Under that law, the Directors have prepared the financial statements in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” (“FRS 102”) and Irish Law. Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company for the financial year. In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes
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