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

public distribution in or from Switzerland. inorfrom public distribution expressed on aconsolidated basisand, asa consequence, contains concerning theFunds alsoinformation are for which notauthorised Accounts"). However, theinvestors’ andAccounts contained is information inthe Reports attention tothefact isdrawn thatcertain in relationinformation to these Funds and Audited is mentioned in this Annual Report Financial and (the"Reports Statements FundsSome Switzerland. GlobalActive oftheLazard Funds inorfrom distribution plcare for notauthorised Therefore, no Report forinvestorsinSwitzerland Appendix 1:Additionalinformationforthe InvestorsinSwitzerland(unaudited)...... UCITS VRemunerationPolicy(unaudited) ...... Statement ofMajorChangesinInvestments(unaudited) Portfolios ofInvestments...... Notes totheFinancialStatements...... Participating Shareholders...... Statement ofChangesinNetAssetsAttributabletoRedeemable Statement ofFinancialPosition...... Statement ofComprehensive Income...... Report from theDepositarytoShareholders. Investment Managers’Reports...... Directors’ Report...... Directors andOtherInformation...... Contents Lazard Global ActiveFundsplc ...... Financial year ended31March 2021 ...... 141 158 157 111 61 55 49 43 42 13 6 4

3 LAZARD GLOBAL ACTIVE FUNDS PLC 4 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc AUSTRALIA NSW2000 Sydney Place 1 Macquarie 39,Level Building Gateway AssetManagement PacificLazard Co. UNITED STATES OFAMERICA New York NY10112-6300 Plaza 30 Rockefeller AssetManagement LLCLazard JAPAN Tokyo, 107-0052 Minato –Ku 7,Level 2-11-7Akasaka Akasaka Twin Tower(ATT) Annex JapanAssetManagement K.K. Lazard UNITED STATES OFAMERICA New York NY10112-6300 Plaza 30 Rockefeller AssetManagement LLCLazard UNITED KINGDOM 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Investment Managers IRELAND D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor FundLazard Managers (Ireland) Limited Manager Registration Number: 247292 IRELAND D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Registered Office Directors andOtherInformation Lazard Global SustainableLazard Fixed IncomeFund Developing FundLazard Markets Equity Markets Emerging Managed Lazard Volatility Fund Advantage Markets Emerging Equity Lazard Fund Fund Markets Equity Emerging Core Lazard Fund Markets Emerging Equity Lazard Concentrated USEquity Lazard Fund Pan-EuropeanLazard SmallCap Fund Global Lazard Thematic Focus Fund Global Lazard Thematic Fund Global ManagedLazard Volatility Fund Lazard Global Equity Franchise Global Equity Lazard Fund Fund Equity Global ListedLazard Infrastructure JapaneseLazard Strategic Fund Equity Global SustainableLazard Fund Equity Fund European Equity Lazard 3 4 All Directors Non-Executive.All are UNITED KINGDOM 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Promoter Jeremy Taylor (British) (Irish) Daniel Morrissey Andreas Hübner (German) Gavin Caldwell (Irish) Directors IRELAND D01 E4X0 1 Dublin IFSC Street Guild Central One Dockland (Ireland) CompanyBNY MellonFund DesignatedActivity Services Administrator, RegistrarandTransfer Agent IRELAND D02 KV60 2 Dublin CanalDock Grand John Rogerson'sSir Quay Riverside II The BankofNew York Mellon SA/NV, Branch Dublin Depositary 4 3 2 1  Committee theAudit Member of Independent Directors Fixed IncomeFund to Global Sustainable Lazard FixedIncomeFund. Effective Sustainable Select Fund Equity to Global Sustainable Lazard Fund. Equity Effective 23June2020, Global Lazard Fund namechanged from May 2021, Fund name changed from Lazard Global 12 May2021, Global Lazard Fund namechanged from Financial year ended31March 2021 1 2 / 1 / 2 2 of the language of the Report andAccounts,of thelanguage oftheReport begoverned by shall inaccordance andconstrued with thelawsofIreland. andAccounts action on such prevail.of theReport which isbasedshall andAccounts, Any oftheReport disputesasto theterms regardless where theshares are sold, andAccounts thatinanaction inalanguage inaReport otherthanEnglish, basedupon disclosure thelanguage andAccounts prevail,English language will Report totheextent)thatitisrequired except totheextent(andonly by law ofany jurisdiction andAccounts andAccountsthat there between inanotherlanguage, theEnglishlanguage andtheReport isany Report inconsistency the andAccounts. andhave contain thesameinformation thesamemeaningasEnglishlanguage only Report translation shall To theextent andAuditedThis Annual Report Financial andAccounts") mayintootherlanguages. (the"Report betranslated Statements Any such UNITED ARAB EMIRATES P.O. Box 506644 Dubai International FinancialDubai Centre 2,Level Office 206 1 Gate Village Limited Gulf Lazard NETHERLANDS 1096 BCAmsterdam Amstelplein 54 TowerMondrian The Office Operators FundLazard Managers (Ireland) Limited, Branch Dutch BELGIUM 1050 Brussels Avenue 326 Louise FundLazard Managers (Ireland) Limited, BelgianBranch SPAIN 28046 Madrid 10 Piso Paseo 140 Castellana DeLa FundLazard Managers (Ireland) Limited, Branch Spanish HONG KONG Street, 1 Harbour View Central 20 Level AssetManagement (HongLazard Kong) Limited SINGAPORE 048616 #25-01, Place OneRaffles Tower 1 Place 1 Raffles AssetManagement Pte. (Singapore) Lazard Limited FRANCE 75008 Paris deCourcelles 25 rue FrèresLazard Gestion SWITZERLAND CH-8001 Zürich 9 Usteristrasse AG AssetManagement Schweiz Lazard GERMANY 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard UNITED KINGDOM 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Distributors Directors andOtherInformation Lazard Global ActiveFundsplc IRELAND D01 X9R7 1 Dublin WallNorth Quay Dock One Spencer AccountantsChartered andRegistered Auditors PricewaterhouseCoopers Independent Auditors IRELAND D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Limited Secretarial Wilton Secretary UNITED KINGDOM EC4A1LTLondon 20 CursitorStreet MacFarlanes LLP Legal AdvisersastoEnglishLaw IRELAND D02 A342 2 Dublin CanalSquare 2 Grand Fry William Legal AdvisersastoIrishLaw BELGIUM B-1000 Brussels Montoyerstraat46 Rue The BankofNew York Mellon Currency Manager SWITZERLAND 8050 Zürich 56 Affolternstrasse ACOLIN AG Fund Services Authorised Representative inSwitzerland SWITZERLAND CH-8022 Zürich P.O. Box Limmatquai 1/amBellevue NeueNPB Privat BankAG Paying AgentinSwitzerland Financial year ended31March 2021 (continued)

5 LAZARD GLOBAL ACTIVE FUNDS PLC 6 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc legislation inother jurisdictions.preparation anddissemination offinancial statementsmayfrom differ is accessible withdifferentinternet in many legalrequirements. countries intheRepublicofIreland Legislation governing the ofthefinancial statementspublishedonresponsible thiswebsite. themaintenanceandintegrity for publishedon Information the are reports Audited available on www.lazardassetmanagement.com. and unaudited half yearly annual reports The Directors are Bank. oftheCentral byis authorised theEuropean Bankunderthesupervision Central The Administrator is Company hasdelegatedcustodyoftheCompany’s assetsto The BankofNew York MellonSA/NV, (the Branch “Depositary”). Dublin safe-keeping.the Directors for are outthisduty, required theassets oftheCompany tothe depositary toentrust Incarrying the Collective Investment for in 48(1)) (Undertaking Transferable Regulations 2019(the Regulations”), Securities) BankUCITS “Central Regulations, andEnforcement) Act 2013(Section Regulations") Bank(Supervision andtheCentral 2011(asamended)(the"UCITS the office oftheAdministrator. UndertheEuropean Collective Investment Communities for in (Undertakings Transferable Securities) “Administrator”) andthrough appointment, such andprocedures. theuseofappropriate systems The accounting records are heldat are administrator, theappointment ofanexperienced (Ireland) Company BNYMellonFund DesignatedActivity (the Services The measures taken by the Directors toensure compliance withtheCompany’s obligation tokeepadequate accounting records andotherirregularities. and detection offraud The Directors are alsoresponsible safeguarding for theassetsofCompany takingreasonable andhencefor theprevention stepsfor The Directors are responsible keepingadequate for accounting records thatare sufficient to: In preparing thesefinancial statements, theDirectors are required to: the financial year. the Company’s assets, liabilitiesandfinancial position asattheendoffinancial year andoftheprofit orlossoftheCompany for Under Irishlaw, theDirectors notapprove shall thefinancial of are statementsunlessthey andfairview satisfied give thatthey atrue intheUnitedKingdom applicable andRepublicofIreland” Standard Reporting (“FRS102”)andIrishLaw. Ireland (accounting standards issued by the Financial Council), Reporting Financial Financial including 102 Standard Reporting “The Under thatlaw, theDirectors have prepared thefinancial Accepted statementsinaccordance Accounting Practice withGenerally in assets, liabilitiesandfinancial position asattheendoffinancial year andoftheprofit orlossoftheCompany thefinancial for year. Irish lawrequires theDirectors toprepare financial eachfinancial statementsfor oftheCompany’s year andfairview thatgive atrue The Directors are responsible preparing theDirectors’ for andthefinancial statementsinaccordance Report withIrishlaw. Statement ofDirectors' Responsibilities the “Funds”), atthefinancial which year endhad 18active referred toasthe asanumbrella between subfunds(individually structured fundwithsegregatedcapital liability “Fund” andcollectively year ended31March 2021. GlobalActive Lazard Funds isanopen-endedinvestment plc(the company withvariable “Company”) The Board ofDirectors (the “Directors”) present together their annual report with theaudited financial thefinancial statementsfor Directors’ Report • • •  • • •  •  statements tobeaudited. nable theDirectors to ensure thatthefinancial withtheCompanies Act statements comply 2014andenablethosefinancial and accuracy; enable, atany time, theassets, liabilities, financial position andprofit orlossoftheCompany withreasonable tobedetermined recordcorrectly andexplainthetransactions oftheCompany; in business. prepare thefinancial statementson thegoing concernbasisunlessitisinappropriatetopresume thattheCompany continue will financial statements; and standards inquestion, andexplainedinthenotesto thosestandards being disclosed from departures subjecttoany material state whetherthefinancial statementshave beenprepared inaccordance accounting standards withapplicable andidentifythe make judgements andestimatesthatare reasonable and prudent; themconsistently; select suitableaccounting policiesandthenapply regulated by and under the supervision of the Central Bank of Ireland of the Central regulated by and under the supervision Funds (31March 2020: 19active Funds) inexistence. Financial year ended31March 2021 (the "Central Bank") and the Depositary Bank") and the Depositary (the "Central understand that not all understand thatnotall “Connected Persons” are latterexpression assuch related isdefined parties by 33ofFRS Section 102. Connected Persons and certain paid to relatedDetails of fees parties are set out in Notes 3and 11. However, shareholders should Central Bank UCITS Regulations. Regulations BankUCITS andtheCentral pursuanttotheUCITS Bank asaUCITS The investment objectives ofeachFund within theCompany are setoutintheProspectus. The Company by isauthorised theCentral Principal Activities are satisfied that: Therefore, theCompany’s having regard toconfirmations management anditsrelevantdelegates, from theDirectors oftheCompany Connectedof all Persons transactions. shouldalsorefer Shareholders totheprovisions oftheProspectus dealingwithconflicts ofinterest. Person transactions andthegeneralnature Connected of thecontractual Persons arrangementswiththeprincipal butitisnotexhaustive oftheDirectors. supervision to theoverall Further, shareholders shouldrefer totheProspectus identifies which many oftheConnected section oftheDirectors’ Statement Governance andtheroles andresponsibilities Report oftheCompany’s respective delegatessubject intheCorporate described shouldhaveShareholders regard oftheCompany tothegovernance structure asmore particularly themouton asimilarbasis. theCompany’s delegatesthattheConnected outthosetransactions Persons docarry from carrying on behalfoftheCompany theDirectors towhich have nodirect access andinrespect theDirectors ofwhich must upon rely assurances be in the best interests of the shareholders. In addition to those transactions, there out by are Connected also transactions Persons carried depositary, delegateorsub-delegate(“Connected Persons”) outasifnegotiated atarm’s must becarried length. transactions must Such non-group company sub-custodiansappointedby adepositary), andany associatedorgroup company amanagement ofsuch company, its management company ordepositary, any (excluding amanagement andthedelegatesorsub-delegatesofsuch company ordepositary In accordance withtherequirements Regulations 43(1), BankUCITS oftheCentral outwiththeCompany anyby transaction carried Connected PersonsTransactions totheauditors. andtoensureinformation thatitisdisclosed Director are thestepsthatthey hastaken all obliged totakeasaDirector inorder aware tomakethemselves ofany relevantaudit neededbyinformation theauditorsinconnection withpreparing theirreport, totheauditors. have they notdisclosed which Each faraseachperson whowasaDirectorSo atthedateofapproving isaware, thisreport there auditinformation, isnorelevant being Disclosure ofInformationtotheAuditors requirements theCompany towhich ofitsregulationregulatory issubjectby virtue by Bank. theCentral andadditional tothelegaland 225oftheCompaniesThese relevantobligationsAct assetoutinSection 2014are from separate advisers whotheDirectors have this. believe therequisite knowledge toundertake andexperience compliance withthoserelevant obligations,material theDirectors have relied upon advice, guidanceandassistanceofemployees and In formulating andputtinginplace designedtoprovide thosearrangements andstructures theDirectors withreasonable of assurance The Directors confirm that: 225oftheCompanies Actin Section taxlawwithintheRepublicofIreland 2014andall (the “relevant obligations”). The Directors acknowledge are thatthey responsible theCompany's securing compliance for withtherelevantobligations assetout Statement ofDirectors' Compliance Directors’ Report Lazard Global ActiveFundsplc (ii) (i) 3.  2. 1. during thefinancialduring year, referred thearrangementsorstructures toin(2)have beenreviewed. the Company's relevantobligations; and areappropriate arrangementorstructures inplace thatare, intheDirectors’ opinion, designedtosecurecompliance with material Company, respecting compliance by the Company withitsrelevantobligations; upthatsetsoutpolicies, statementhasbeendrawn a compliance policy intheDirectors’ which opinion are appropriatetothe “Manager”)) inplace toensure above are thattheobligations transactions described applied toall withConnected“Manager”)) Persons; and there procedures are by arrangements (asevidenced written documentedby Fund Lazard Managers (Ireland) Limited(the Manager through regular updatestothe Directors. transactions with Connected Persons entered thefinancial intoduring year complied withtheseobligations, asattestedby the (continued) Financial year ended31March 2021

7 LAZARD GLOBAL ACTIVE FUNDS PLC 8 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc post financial year enddistributions. the financialsee Note details of any paid during years 12 for distributions ended31 March 2021 and 31March 2020andNote 14for The results thefinancial for and distributions year ofComprehensive are setoutintheStatement Income on pages 43to48. Please Results andDistributions inrelationInformation totheCompany’s inNote management 9tothefinancial objectives risk andpoliciesisincluded statements. Risk ManagementObjectivesandPolicies impact aPortfolio anditsinvestments. above,described orwould will last, butthere couldbeaprolonged ofglobaleconomic period slowdown, may which beexpectedto negative impacts, on markets worldwide. It is not known how long impacts, such orany future impacts of other significant events of,well astheclosure oroperational changes tomany retail andotherbusiness, hashad negative impactssevere andinmany cases imposed by parties, private borders, closing including restrictingtravel andimposingprolonged orsimilarrestrictions, quarantines as The coronavirus disease2019(COVID-19) globalpandemicandtheaggressive response takenby many governments orvoluntarily Covid-19 may inturn havewhich anegative impact elsewhere intheEUandmore widely. uncertain, couldhave which anegative impact volatility there on term generaleconomic couldbesome short conditions intheUK, that thisdecision have will on itsbusiness. themediumtolong-termconsequences ofthedecision toleave theEUremain Whilst Following the referendum the UK's decision to leave held on theEU after 23June2016, theCompany theimpact hasbeenconsidering Potential ImplicationofBrexit immediate future. The Directors donotanticipateany oftheCompany changesinthestructure orinvestment objectives ofany oftheFunds inthe The Investment Managers’ thefinancial for year. totheperformance ofthefactorscontributed contain which areview Reports Review ofBusinessandFuture Developments Directors’ Report 2 The namesofthepersons whowere Directors oftheCompany thefinancial during year ended31March 2021are setoutbelow: Directors thefinancial seeNotes during year detailsofsignificant events 13and14for andsincethefinancial yearPlease end, respectively. Significant EventsDuringtheFinancialYear andSincetheFinancialYear End 1 All DirectorsAll oftheCompany are alsoDirectors oftheManager. theentire for financial year. DirectorsAll served DirectorsAll are Non-Executive. MemberoftheAudit Committee Statement) Governance IndependentDirectors (seeCorporate Jeremy Taylor (British) (Irish) Daniel Morrissey Andreas Hübner (German) Gavin Caldwell (Irish) 1 2 / 1 / 2 2 (continued) Financial year ended31March 2021 investment including: fund governance structure In December2012, ofgovernance withinthecollective theDirectors pillars Codehavingregard otherkey adopted theIF certain for basisby collective investment Irishauthorised schemes.voluntary www.irishfunds.ie. Codemay beinspectedon/obtainedThe IF from governance wasissuedby code(the Code”) theIrishFundsA corporate “IF inDecember2011 thatcouldhave beenadopted on a governance practicesimposedby: subject tocorporate toIrish collective investment governance codeapplicable schemes, corporate Although there isnospecific statutory theCompany is Statement Corporate Governance status. This isrelevanttoUKtaxpayers only. An hasbeensubmitted application andapproved fundreporting offshore by for HerMajesty’s andCustoms Revenue (“HMRC”) UK ReportingStatus above intheDirectors’other thanwhatisdisclosed Interests section. andSecretary’s The Directors are not aware of any other contracts or arrangements of any significance in relation to thebusiness of the Company, oftheDirectorsAll are alsoDirectors oftheManager, andhave aninterest paidby infees theCompany totheManager. year ended31March 2021(31March 2020: USD606,666). thefinancial amountingtoUSD373,102for 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 into between theCompany andeach oftheDirectors, on terminable three all months’ notice. Codeissuedby Governance As contemplated by theIrishFunds theCorporate (seebelow), ofAppointment have beenentered Letters Transactions InvolvingDirectors Directors’ payable fees by theCompany inNote are 3tothefinancial disclosed statements. amountofshares anon-material schemes intheCompany asat31March 2021and31March 2020. Directors oftheCompany. oftheDirectors Some oftheCompany through holdindirectly pensionand employee schemes benefit Andreas Hübner andJeremy Taylor aswell as are itssubsidiaries) timeexecutives GroupLimitedandall full oftheLazard (Lazard Directors' andSecretary's Interests Directors’ Report Lazard Global ActiveFundsplc • • • • • also regulated third party entities which are subject to regulatory supervision. are entitieswhich subjecttoregulatory also regulated third party of duties/functions through beingachieved delegation ofrespective responsibilities qualified and toandappointmentofsuitably safeguardingfor theassetsofCompany andoverseeing how theCompany ismanaged, amongst otherduties), segregation such of the net asset value, the calculation responsibility for (with responsibility amongst other duties) and the independent Depositary The uniquenessoftheindependentsegregation ofdutiesbetween theInvestment Managers, theAdministrator (with Bank,Central governance culture oftheCompany. the corporate insupporting is, orarelated company is, ofwhich theinvestment manager ofthecollective investment normally fund), asrecognised by the The role AssetManagement Limited (the ofLazard “Promoter”) unique withinthecollective investment (which fundstructure are andwhich inspectioncentralbank.ie availablefor attheregistered office oftheCompany. Bank’s theCentral beobtainedfrom Regulations can which BankUCITS BankintheirCentral The Central website atwww. Registration Office in Ireland. inspection attheregistered office oftheCompany CanalSquare, at2Grand 2, Dublin D02A342, Ireland andattheCompanies of Association) of the Company is available for which known and Articles as the Memorandum The Constitution (formerly www.irishstatutebook.ie. The Companies Act inspection is available for at the registered 2014 which office of the Company and may also be obtained at (continued) Financial year ended31March 2021

9 LAZARD GLOBAL ACTIVE FUNDS PLC 10 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc statements oftheCompany. may orirregularitieswhich impact thefinancial to theCompany offraud isintendedtomitigatethoughnoteliminatetherisk reporting. The appointment of theAdministrator is regulated (which by Bank)independent oftheInvestment theCentral Managers on thatprocesses matterswithapotentialeffect financial identification andexternal ensuring are ofinternal inplacethetimely for orerror infinancial andfor reporting The Directors are by responsibleofirregularities whethercaused fraud assessingtherisk for misstatementorloss. material of failure theCompany’s toachieve provide financial reasonable only objectives reporting against andcan andnotabsoluteassurance oftheDirectors, tothesupervision Subject theappointmentofAdministrator isintendedtomanagethaneliminatetherisk rather accounting records maintained andare readily are available, properly financial production statements. ofannualandhalfyearly including andthrough this appointment the Directors have proceduresManagers andtheDepositary inplace toensure relevant thatall The Manager hasappointedtheAdministrator tomaintainaccounting records oftheInvestment oftheCompany independently Company’s financial statements, have beenoutsourced totheAdministrator. inanon-executive capacity,serve functions all relating totheCompany’s financial process, reporting thepreparation ofthe including oftheCompanymanagement systems inrelation tothefinancial process. reporting AstheCompany hasnoemployees Directors andall The Directors responsible are overseeing theestablishmentandmaintenanceofadequate control ultimately for internal andrisk Financial ReportingProcess-DescriptionofMainFeatures may be). (asthecase providers andtheDepositary ofthedelegateservice enableittoassesstheperformance which providers andtheDepositary each ofitsdelegateservice basisfrom The Directors receive on reports aregular (andatleastquarterly) entitiesare detailedintheCompany’sthird party Prospectus. Insummary, are: they anddirection oftheDirectors. subjecttothesupervision are always These delegations offunctions andtheappointmentofregulated Directors’ responsibility. overall The Directors theexercise have monitoring inplace for delegatedfunctions, mechanisms ofsuch which investment management),(including administration, functions withoutabrogating anddistribution tothird the parties depositary management andemployees), theCompany, consequently, underthedelegatedmodelwhereby operates ithasdelegatedmanagement to investment fund companies as the Company such companies time executive operating with a full (and in contrast to normal The Company hasnoemployees andtheDirectors are non-executive. all applicable framework Consistent withtheregulatory Statement(continued) Corporate Governance Directors’ Report 5. 4. 3. 2. 1. Company ismanaged. assetsinaccordance Regulations exercisingof such andfor BankUCITS withtheCentral independentoversight over how the ofitsassets. as depositary The Company also has appointedthe Depositary thesafekeeping hasresponsibilityfor This entity Managers oftheregulators are oftheirrespective regulated; by jurisdictions operating andunderthesupervision monitored ismade andmanagedtimesappropriate reporting totheDirectors atall on aregular basis. The Investment totheirmanagement oftheFunds pertaining risks to ensure respectively applicable manage they thatall are which identified, Funds manage. they which The respective Investment Managers have controls internal management processes andrisk inplace Funds manage are they andthey which accountable totheDirectors ofthe oftheCompany theinvestment for performance The respective Investment Managers have direct thedecisions responsibilityfor relating ofthe totheday-to-day running Funds tothe respective Investment Managers as detailed in theProspectus andlisted on page 4 of these financial statements. oftheinvestment managementThe Manager functions hasdelegatedtheperformance inrespect oftheCompany andofits Bank; oftheCentral under thesupervision and administration oftheCompany’s oftheshares affairsandthedistribution oftheFunds. The Manager isregulated by and Management Agreement. oftheManagement Undertheterms Agreement, themanagement theManager for hasresponsibility The CompanyFund hasappointedLazard Managers (Ireland) Limited(the asitsManager pursuanttothe “Manager”) asset values. Bank; of theCentral The Administrator isregulated by andunderthesupervision theday-to-day hasresponsibilityfor administration ofthe Companyentity andtheFunds ofthenet thecalculation including The Manager hasdelegateditsresponsibilityasAdministrator, Registration and Transfer Agent totheAdministrator. This regulators oftheir respective jurisdictions; operating and Company intheProspectus. tothe entitiesdescribed ofthe These entitiesare regulated by andsubjecttothesupervision In addition to the Manager's own activities, distribution theManagerofFunds hasdelegatedthedistribution ofthe The Depositary is authorised by the European Central Bank under the supervision of the Central Bank. oftheCentral by isauthorised theEuropean Bankunderthesupervision Central The Depositary (continued) Financial year ended31March 2021 The auditedannual financial statements of the Company are required to beapproved by the Directors and filed Bank. with the Central Company’s management, theCompany’s including financial process reporting as outlinedabove. of anAudit 167are Committee underSection already fulfilled oftheBoard's by beingcompetently existingandlong virtue established requirements 167, ofSection therequirements inparticular at(iii)above, asintheDirectors' opinion, atthistime, theresponsibilities Having given thematterdueconsideration, theDirectors have decidednottoestablishanAudit Committeemeetsthespecific which of companies and thereforein a directorship capacity and approving well seasoned the financial in reviewing statements of companies. related to the valuation of the assets held by the Company. and Mr Caldwell each has significant and lengthy Mr experience Morrissey of theCompany. independentofthefinancial andMrCaldwell are statementproduction fully MrMorrissey process andofdecisions the managementandfinancial function ofcapital control) andthat, accordingly, enhancesthecontrol thisconnectivity environment manage requirements theCompany regime inaccordance oftheUCITS (including, legalandregulatory withall here, inparticular Group,of theLazard creates anadditional between theDirectorsGroup hastheresponsibility to connectivity andtheLazard which 167. prescribedin Section relevant independence criteria However, the Directors that Mr believe Taylor timeexecutive being a full to theCompany. Mr Taylor timeexecutive Group. isafull oftheLazard oftheseDirectors All may beconsidered asnotmeetingthe As notedundertheheading "Transactions Directors", Involving provides Fry which legalservices in isapartner William MrMorrissey The Directors meetatleastquarterly. thantheAudit Other Committee, there are sub-committees. nopermanent thefinancialduring year are detailedinthenotestofinancial statements. requirements Codewhich the IF are required to bemetby one Director andare metby Gavin Caldwell. transactions related All party theCompany.in receipt ofprofessional from fees Consequently, didnotmeettherequirements DanielMorrissey 4.1of ofparagraph Codeon hasaninterest IndependenceandIndependent Directors oftheIF is the terms althoughthefirmDanielMorrissey inwhich executives Group. oftheLazard are regarded EachofGavinCaldwell andDanielMorrissey asindependentDirectors havingregard to Directors four currently (refer topage details), 4for ofwhom all are non-executive. Jeremy Taylor andAndreas Hübner are time full The Directors are responsible managingthebusinessaffairsofCompany for inaccordance withtheConstitution. There are theCompany ofAppointment between himandthe Company. inaccordance withtheLetter be removed upon noticefrom resolutionshareholders by inaccordance ordinary withtheprocedures establishedunder theCompanies Act 2014. ADirector may also The Companies Acttoinvestment 2014as applicable funds. The Constitution may beamendedby specialresolution oftheshareholders. For theappointmentandreplacement ofDirectors, theCompany isgoverned by itsConstitution the andIrish statutecomprising Composition oftheBoardDirectors atleastone anAudit independentdirector,such Committee include shall meaningaperson whois: an Audit Committeemeetstherequirements which ofthatSection. 167requires, Section amongst otherthings, thatthemembersof The Directors acknowledge are thatthey required, 167oftheCompanies Act underSection 2014, toconsider theestablishmentof Morrissey, ischarged withoversight oftheCompany’s auditandfinancial control functions. An Audit Committee issues astheneedarises. statements, andpresentations on andreports theauditprocess. The Directorsanddiscusssignificantaccounting andreporting evaluate relevant parties,presentations consideration ofIrishaccounting from standards including andtheirimpact on theannualfinancial the independent auditor’s performance, qualifications andindependence. procedures, oftheirreview Aspart theDirectors receive totheDirectorsbe auditedby on theirfindings. annually independent auditorswhoreport The Directors monitor andevaluate of Directors’financial statements as set outinthe Statement Responsibilities. financial statements are requiredThe statutory to thefinancial year ofthesefinancial statements,During theDirectors were responsibleandapproval oftheannual thereview for (continued) Financial ReportingProcess-DescriptionofMainFeatures Statement(continued) Corporate Governance Directors’ Report Lazard Global ActiveFundsplc Audit Committee, consisting currently of3non-executive Directors, MrJeremy Taylor, MrGavinCaldwell andMrDaniel (iii)  (ii) (i) anon-executive Director; constitutional documentsdonotprovide retirement for ofDirectors by rotation. However, theDirectors may beremoved by the have, businessrelationship amaterial withthecompany); and (being adirector whohasnot, ofthethree orintheperiod years preceding hisorherappointmenttothecommittee, didnot possesses therequired degree tothecommittee's functions ofindependenceso astoenabletheDirector effectively tocontribute is aperson whohascompetence inaccounting orauditing. (continued) Financial year ended31March 2021

11 LAZARD GLOBAL ACTIVE FUNDS PLC 12 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Date: 30June2021 Director: DanielMorrissey On behalfoftheBoard of Directors 383(2) oftheCompanies Act 2014. The independentauditors, PricewaterhouseCoopers, toremain theirwillingness have inoffice indicated inaccordance withSection Independent Auditors Directors’ Report (continued) Director: GavinCaldwell Financial year ended31March 2021 31 March 2021 Lazard AssetManagementPacificCo. ourinvestors well over the longer term. continue toserve tomediumterm. intheshort some volatility We ourinvestments we all seekfor will characteristics thepreferred believe infrastructure positions where trade-off hasimproved. ourassessmentofrisk/return have added tounderperforming We investors caution toexpect changed. We weighting aconcentration isthecorrect believe ofnamesand highercash positioning inthecurrent environment, andwe produce increased weighting.that we will believe anabsolutepositive ourcash return we have strategically This broad hasnot view are US-listedutilities, remain we asacohort relatively which believe unattractive. numberofinvestment to thesmall opportunities Due stocks inEurope, particularly we of attractive seesome value opportunities pockets ofgloballistedinfrastructure While the majority Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review areas. andsurges lockdowns incertain differences across country markets causing uncertainty.of political The vaccination process, whilegaininginefficiency, continues withsignificantinoculation tobeuneven 2020,in September pandemicprotocols. forcing areturn toearlier The USelection inNovember 2020settledasignificant amount global growth couldberestored topre-pandemic levels. However, asecond wave ofCOVID-19 infections descendedupon Europe measuresinvestor helpedcalm fears.policy The process ofeasingCOVID-19 related restrictions alsoadded toinvestor optimismthat 2020 sell-off,February/March the coordinated stimulus measures put inplace by banksalong globalcentral with othergovernment markets were impacted spreadGlobal equity by heavily theworldwide ofthecoronavirus (“COVID-19”) virus. thesharp After Market Review total return terms, of29.65%inUSDollars againstareturn theMSCI of28.25%for World Index Fund Equity ended31March 2021, thetwelve-month period (the Over delivered“Fund”) a GlobalListedInfrastructure theLazard Investment Review Lazard GlobalListedInfrastructure EquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. • •  • • •  • Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:BertrandCliquetandteam. Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare class share price reflects the market’s short-term focus on the quarterly datareleases relating toFerrovial’sshare reflects on focus thequarterly price themarket’s short-term assets key owner Ferrovial 2020. underperformed, 2020andagaininSeptember Global infrastructure inJuly mostly inthe The volatility Pennon’s return ofannouncementoninthefirst duetothelack capital shares halfresults theperiod reacted during negatively regulator Ofgem theUKenergy initialproposal achallenging from following theperiod during performance National detractedfrom Grid anend to benearing businessseems surrounding thefuture ofitsItalianmotorway astheuncertainty theperiod strongly during Atlantia performed business, rail Another USfreight CSX, strongly over theyear similarreasons for alsoperformed displayed strong one 2021profit costmanagement attheirquarter results economic impacts ofCOVID-19 persist. Volumes bothrailroads for continue tobelower thanprevious years. Bothcompanies COVID-19 pandemic, butby 30June2020had recovered mostofthedecline. aslong for asthe volumes beaffected will Rail ofthe networks Southern. rail Norfolk atthestart sharply companies rail fell US freight The share of thesefreight prices Financial year ended31March 2021 1 .

13 LAZARD GLOBAL ACTIVE FUNDS PLC 14 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc high orimproving returns tradingatattractive valuations, thestrong record long-termtrack continue. ofthefundswill Overall, teamremains confident theportfolio that, by selection, continuingon tofocus stock andseekingtofind withsustainably stocks creating amore balancedrange ofopportunities. becomes apparent, strengththe full of demand recovery potentialvalue, to be neglectedand offer are stocks starting some less-cyclical shutdown supressed in economic by activity.had the extraordinary been temporarily as to mayrun have these stocks further While of2020,In thelatterpart some of themostinteresting were levels investment whosevaluations and/oractivity opportunities instocks torise,inflation dependonwages will theextenttowhich start ofgovernment fiscalpolicy. andtheeffect beforepend-up demandeven widespread reopening. uptopre-pandemic back This ispushingbond levels. yields The persistenceof have by beenfuelled prices thesurgingcostofmany commoditiesExpectations rising meeting andfreight, for bottlenecks withsupply banksupport,government andcentral ineitherlonger-term andtheextentofany yields, pick-up orinflation, orboth. selection. stock for opportunities material driving dependon theextentofcontinuing likely Broader will market performance point in2021and2022. topre-pandemic torevert habitsare routines, Some likely changed, have whileotherswill beenpermanently remain challenges tomanage theCOVID-19While crisis, we toseeasignificantturnaround are ineconomic atsome likely activity Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review ledwhileutilitiesandconsumer stapleswere andmaterials theweakest.consumer discretionary In thisenvironment, and Emerging AsialedwhiletheUK, theregions America ofNorth Japan, and Europe lagged. Bysector, the globaleconomyassets. andrisk normalisation of economic activity. and fiscalstimulusa positive outlook continued for policy tounderpin monetary Ultra-supportive of2020.of March higherwiththeintroduction quarter andmoving ofvaccines thefourth toa Investors appeared tolook forward thetwelve-month period, during Global equitiesstaged aremarkable thelows reached recovery towards theend rebounding from Market Review terms,US Dollars World Country againsttheMSCIAll Index, returned which 54.60% ended31March 2021, thetwelve-month period FundOver Equity GlobalSustainable (“theFund”) theLazard returned 56.40%in Investment Review Lazard GlobalSustainableEquityFund Investment Managers’Report • • • • • •  we see significant room for these companies to benefit from market leading positions to increase renewable energy exposure market leading globally positionswe toincrease seesignificant room renewableenergy thesecompanies for tobenefit from of Shares Vestas Gamesarose. rise, andSiemens Systems toentry expandsandbarriers Wind Asthemarket renewableenergy for impacted itsbusinessandimprovement istakinglonger thananticipated generated robust return on capital.historically However, changesinbehaviourduetocoronavirus (“COVID-19”) have materially services, ofglobalproviderShares ofcatering Compass, lagged. strong competitiveThe company position hasavery andhas beersandspikedseltzer markets beverage duetogrowth inareas ascraft such surging demandfrom Corp,Ball aleading globalproducer ofaluminiumpackaging, lagged asthecompany invested production innew facilities amid sector to theconsumer discretionary performance. sectorsdetracted from An underweight technology andinformation selection intheconsumer discretionary Stock diagnosis promotes reduction coststhrough intotalhealthcare system accurate andearly rose throughout theyear ofLabCorp Shares asdiagnosticvolumes rose amidthepandemic. LabCorp’s andefficiency scale toperformance contributed selection inthehealthcareandindustrials Stock * Financial year ended31March 2021 (continued) 1 . 31 March 2021 Lazard AssetManagement LLC * Effective 23June2020,Fundnamechangedfrom Lazard GlobalSustainableEquitySelectFundtoLazard GlobalSustainableEquityFund. Lazard GlobalSustainableEquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:LouisFlorentin-Lee andteam. Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare class * (continued) Financial year ended31March 2021 (continued)

15 LAZARD GLOBAL ACTIVE FUNDS PLC 16 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc sources,leaders. singlecountry alsoplace todiversify will pressure are from which chains likely on China’s Supply exports. European tochange given thatthehard thecurrent from see littleevidence linewith Chinaislikely USadministration andsupport sanctions andotherrequests toindividualcompanies financial in response apply for asthey disclosure. totradetariffs to decline We pressure on emergingmarket many companies countries. leveraged andseveral China’s relationship continues withtherest oftheworld at present valuations, prices. lowering equity inresponse Interest torise are toincreased rates likely government borrowing putting requirewill revenue. some offsetting inpart, tobepaidfor This burden islikely by taxes depressing increasedand, earnings corporate looking towards of2021and2022. thelaterpart government spendingsprees theUS by governments including The extraordinary we markets are inthenear-term, over theequity constructive While there are anumberofdevelopments, makeuslessbullish which helptoEuropean marketsparticular given theirgreater concentration andrelatively inexpensive industrial valuations. theCOVID-19 beneficiaries (technology,from consumer staples)continuing, seeademandpick-up. ascyclicals This shouldbea valuations, which, whileabove long-term averages, by are thelow supported interest rates. We seetherotation inmarket leadership ayear ofisolation.pent-up from We thepresent should continue earnings togrow support thatwill atrates that corporate alsobelieve anendtothe globalpandemic. bringing to pick-up We boostemployment andconsumer thatthiswill demand, believe much ofit tothebalanceof2021, forward Looking we remain positive outlook inour near-term aswe expectthatvaccinations continue will Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review discretionary, materials, technology, information thebroader market. thatoutperformed stocks industrials as utilities,sectors such consumer staples, health care, as Consumer such and real estate did not enjoy the same returns as cyclicals stocks. majormarkets enjoyed Every apositive return over thepastyear. However, were return disparities notableasmore defensive introduction. inthelastfive industrial, stocks monthsThe market including rotated intomore cyclical andfinancial transportation a number of vaccines to inoculate against the virus, the vaccine after investors and more especially embraced higher risk volatile stocks andhealthcarefirms. home environment technology rewarded including theintroductionwork anumberofindustries from of With andinvestor confidenceliquidity inthesecond of2020. andthird quarters tosustainoperations ina ofselectindustries The ability over 50% inthe past year. stimulusThe markets were measures by offered extraordinary supported by preserved banks which the central thecoronavirus (“COVID-19”) recovered markets appreciating have pandemicandgloballockdown fully equity from The developed Market Review terms, inUSDollar of fees againsttheMSCI World Index, returned which 54.03% For ended31March 2021, thetwelve-monthperiod GlobalManaged theLazard Volatility Fund (the returned“Fund”) 24.27%, net Investment Review Lazard GlobalManagedVolatility Fund Investment Managers’Report • • • • • •  was fuelled bywas fuelled robust growth incomparable sales, digitalsales, service asdrive-up such offerings andnewer Target Corporation, retailier, theAmerican anotherstrong reporting quarter. after continues which tooutperform Itsperformance on legacy windfarms,on legacy increased environmental restoration provisions, andotherimpairments netloss, company swungtoastatutory The energy wasduetoonerous which contract provisions agreements related toofftake AGL Energy, toshareholders26.6%A$317million. netprofit taxattributable fell after 2020underlying quarter asitsfourth costsandattempttoprovide a aggressively tocurb “safe’ passengers for travel experience East and West traffic. with companieslower have passengerstruggled Japan Railway and freight Both managements have moved and Japan toconsumer staples.Underweight andcommunication selection services, inindustrials Stock andselection intheUS, Europe steel market and post-pandemicrecoveries inothercountries Fortescue Metals finished 2020 up 150%. The company expects iron ore demandto be strong this year thankstoa solid Chinese selection inmaterials Stock 1 . Financial year ended31March 2021 (continued) 31 March 2021 Lazard AssetManagement LLC Lazard GlobalManagedVolatility Fund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimited,unlessotherwisenoted,asat31March 2021. Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:PaulMoghtaderandteam. class Netoffees,to31March 2021.Indexreturns shownonatotalreturnbasis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollarterms,‘A’ accumulationshare Financial year ended31March 2021 (continued)

17 LAZARD GLOBAL ACTIVE FUNDS PLC 18 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review semiconductor anexpectednear-term upcycle. andconfidentcountries thattheirchipmakersare well positioned tobenefit from world,in thedeveloping markets inKorea stock and Taiwan rose sharply, asinvestors were on bullish theeconomic outlook ofboth buoyed a global economic market there. recovery the stock is well positioned to benefit from and the belief that the country Meanwhile, in2021.results thatsuggested recovery anearnings InJapan, growth earnings potential positive sentiment about Japanesecorporate continent’s taming theCOVID-19 corporate difficulty fourth-quarter pandemicweighed sentimentdespite encouraging on risk the broader globalmarket index. Across theAtlantic, Europe’s thebenchmark. markets advanced stock butunderperformed The economicbrightening outlook, bolstered earnings, by better-than-expectedcorporate drove theS&P500Indextooutperform Against thisbackdrop, gainedintheperiod. world market anddeveloping inthedeveloped stock IntheUS, every thecountry’s to some sincebefore ofitshighestlevels thepandemic, createdassets. which aheadwindrisk for about inflation prompted inthegovernment bond asell-off market thatdrove on thebenchmark 10-year theyield US Treasury note confidentgrew increasingly ofstrong domestic economic growth inthesecond halfof2021, andwithit, higherinflation. Concerns thedeployment ofCOVID-19With vaccines accelerating andtheenactment ofadditional fiscalrelief measures inMarch, investors widespread economy deployment would in2021. provide tonormalise apathway theworld for ofaCOVID-19News ofthediscovery by vaccine inNovember investors, wasgreeted enthusiastically whobetthatitssuccessful, rewards andsteered investors markets. higherreturns chasing tostock Moreover, theultra-low interest environment rate created by banksdrove lows central thatoffered key bondtohistoric scant rates buoyed economy. theworld tobackstop market confidence banksandgovernments would thatcentral continue toact whennecessary coronavirus (“COVID-19”) pandemic. undersevere straining economic countries downturns, several With theseaggressive actions the andfiscalstimulus wasmarked by tocontainThe period theeconomic from thedeployment ofmassive fallout monetary macrochallenging environment. For ended 31 March 2021, the twelve-month period markets appetite proved surged as risk global equity to be resilient despite a Market Review terms, World Country againsttheMSCIAll Index, returned which 54.60% ended 31 March 2021, the twelve-month period Over the Lazard Thematic Global Fund (“the Fund”) returned 58.15% in US Dollar Investment Review Lazard GlobalThematicFund Investment Managers’Report • • • • • • declined on thesevere impact thattheCOVID-19declined pandemichashad inPeru president andtheimpeachmentofcountry’s theDigitalRunwaytheme,Within andpotentialforeign bondexchange on yields impact. rising Asiadeclined BankCentral Credicorp capabilities theme, Brands theEnduring Within on COVID-19 declined Kao related salesimpact andincreased spendingtoenhancedigital Disney roseDisney on thesuccessofitsdirect andvaccine-related toconsumer platform Disney+ optimismtowards theendofyear of 5G-related demand. Nexon rose on abroadening itsproducts ofdemandfor inChina. andthe prospectsmobilelaunch akey for Empowered Consumer: Apple rose on strong results, by andinanticipation driven devices services, work-from-home demandfor least toreturn absolutereturn.In thisstrong themesdetracted from market bull nooverall contributed Brands DigitalRunway andEnduring support automation demandandregulatory Johnson Controls advanced of onInternet solidresults ofitsnew andthelaunch Things platform. rose on building Schneider stimulus.precision products and on agricultural prospects of infrastructure Hexagon advanced on resilient margins and demand. DeereAsset Efficiency: rose as results demonstrated marginresilience through the pandemicalongside strong demandfor support andcontinued regulatory technology progress inbattery theincoming BidenAdministration,from andon shortages. chip growth expectations alsoincreased vehicle on Electric signsof Infineon, and Texas vaccine-related optimism, recovery on cyclical Instruments on expectations ofamore stableChina policy Bits ofChips: rose, stocks All ledby Applied Materials, ASML, Taiwan Company Manufacturing (TSMC), Semiconductor 1 . Financial year ended31March 2021 (continued) 31 March 2021 Lazard AssetManagementLLC company interactions and research. We changesofthenext decade is well-placed structural to capturethe key that the portfolio believe In summary, we are excited by represented thediverse anddifferentiated long-termopportunities by by our our themesandsupported lastyear. toareversal vulnerable inmacro thesestocks conditionshave from left We companies has been helpfulrecently, stage software note that our avoidance of early as long implicitdurationand high valuations the companies thatare thisdigitaltransition, bestplaced tosupport standards verticals. withinkey industry alongside themostlikely Many companies we speaktoare increasing spendingon digitalelementsoftheirbusinesses. themetargets asaStandard Software Our ourthemes. toevolve evidence both corroborating andcontradictory observations: key Some As always, we have had substantialcontact withcompanies tokeepourthinkingupdate, throughout thisquarter seeking actively constants. comfortable pandemic decade. changes, ofstructural The interaction necessitatesaholisticview between thesedrivers thanassuming rather considerations to both investors of sustainability and companies,importance in apost- and the ongoing of technology application issues, structural Longer-term asreflected inourglobalframework, are US-Chinarelations, policy, inmonetary shifts theincreasing Outlook Lazard GlobalThematicFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. • • • Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager: Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagement Limited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare class integrated energy companies thatare to evolve. willing energy integrated transition. navigatingtheenergy plans for We investors for in opportunity continue thatthere tobelieve isanoverlooked transitioning incumbents. Among theincumbents, BP, Shell, Royal Dutch andChevronhave announcedupdatedstrategic all viabothrenewableplayers and Energy TransitionsOur infrastructure globalenergy toanew on themefocuses theshift we are researching. currently shifts significant industry point.interesting entry are potentially Intelintofoundry Very pivotTSMC andastrategic spendingplansfrom from large capital chains. ofglobalsupply parts We concernsweighed on valuations, 2020whencyclical populatedthisthemeduring an offering the benefits Bits of Chips theme was introduced via specific of digitization on at the beginning of 2020 and focuses capturing Our spendingintheUSandEurope, infrastructure additionalalso beneficiaries ofsustainability-focused amaterial tailwind. systems. companies inthis themecontinue tocorroborate thisthesis. Resultsfrom Companies inthisthemeare, in many cases, operating emergingindustrial from huge valuecreation on themefocuses thepotentially opportunity Asset Efficiency Our Steve Wreford andJohnKing. Financial year ended31March 2021 (continued)

19 LAZARD GLOBAL ACTIVE FUNDS PLC 20 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What ContributedtoReturns: Portfolio Review semiconductor anexpectednear-term upcycle andconfidentcountries thattheirchipmakersare well positioned tobenefit from world,in thedeveloping markets inKorea stock and Taiwan rose sharply, asinvestors were on bullish theeconomic outlook ofboth buoyed a global economic market there. recovery the stock is well positioned to benefit from and the belief that the country Meanwhile, in2021.results thatsuggested recovery anearnings InJapan, growth earnings potential positive sentiment about Japanesecorporate continent’s taming theCOVID-19 corporate difficulty fourth-quarter pandemicweighed sentimentdespite encouraging on risk the broader globalmarket index. Across theAtlantic, Europe’s thebenchmark. markets advanced stock butunderperformed The economicbrightening outlook, bolstered earnings, by better-than-expectedcorporate drove theS&P500Indextooutperform Against thisbackdrop, gainedintheperiod. world market anddeveloping inthedeveloped stock IntheUS, every thecountry’s to some sincebefore ofitshighestlevels thepandemic, createdassets. which aheadwindrisk for about inflation prompted inthegovernment bond asell-off market thatdrove on thebenchmark 10-year theyield US Treasury note confidentgrew increasingly ofstrong domestic economic growth inthesecond halfof2021, andwithit, higherinflation. Concerns thedeployment ofCOVID-19With vaccines accelerating andtheenactment ofadditional fiscalrelief measures inMarch, investors widespread economy deployment would in2021. provide tonormalise apathway theworld for ofaCOVID-19News ofthediscovery by vaccine inNovember investors, wasgreeted enthusiastically whobetthatitssuccessful, rewards andsteered investors markets. higherreturns chasing tostock Moreover, theultra-low interest environment rate created by banksdrove lows central thatoffered key bondtohistoric scant rates buoyed economy. theworld tobackstop market confidence banksandgovernments would thatcentral continue toact whennecessary coronavirus (“COVID-19”) pandemic. undersevere straining economic countries downturns, several With theseaggressive actions the andfiscalstimulus wasmarked by tocontainThe period theeconomic from thedeployment ofmassive fallout monetary macroa challenging environment. For thatended31March 12-month 2021, thetrailing period markets appetite proved surged asrisk toberesilient globalequity despite Market Review terms,Dollar againsttheMSCIAC World Index, returned which 54.60% ended 31 March 2021, the twelve-month period Over the Lazard Thematic Global Focus Fund (“the Fund”) returned 65.06% in US Investment Review Lazard GlobalThematicFocusFund Investment Managers’Report • • • Disney roseDisney on thesuccessofitsdirect andvaccine-related toconsumer platform Disney+ optimismtowards theendofyear of 5G-related demand. Nexon rose on abroadening itsproducts ofdemandfor inChina. andthe prospectsmobilelaunch akey for Empowered Consumer: Apple rose on strong results, by andinanticipation driven devices services, work-from-home demandfor automation demand and regulatory support automation demandandregulatory Johnson Controls advanced of onInternet solidresults ofitsnew andthelaunch Things platform. rose on building Schneider stimulus.precision products and on agricultural prospects of infrastructure Hexagon advanced on resilient margins and demand. DeereAsset Efficiency: rose as results demonstrated marginresilience through the pandemicalongside strong demandfor support andcontinued regulatory technology progress inbattery theincoming BidenAdministration,from andon shortages. chip growth expectations alsoincreased vehicle on Electric signsof Infineon, and Texas vaccine-related optimism, recovery on cyclical Instruments on expectations ofamore stableChina policy Bits ofChips: rose, stocks All ledby Applied Materials, ASML, Taiwan Company Manufacturing (TSMC), Semiconductor 1 . Financial year ended31March 2021 (continued) 31 March 2021 Lazard AssetManagementLLC company interactions and research. We changesofthenextdecade. iswell-placed structural thekey tocapture thattheportfolio believe In summary, we are excited by represented thediverse anddifferentiated long-term opportunities by by our ourthemesandsupported lastyear. toareversal vulnerable inmacro thesestocks conditionshave from left We companies has been helpful recently, stage software note that our avoidance of early as long implicitdurationand high valuations the companies thatare thisdigitaltransition, bestplaced tosupport standards verticals. withinkey industry alongside themostlikely Many companies we speaktoare increasing spendingon digitalelementsoftheirbusinesses. themetargets asaStandard Software Our ourthemes. toevolve evidence both corroborating andcontradictory observations: key Some As always, we have had substantialcontact withcompanies throughout tokeepourthinkingupdate, thisperiod seeking actively constants. comfortable pandemic decade. changes, ofstructural The interaction necessitatesaholisticview between thesedrivers thanassuming rather considerations to both investors of sustainability and companies,importance in a post- and the ongoing of technology application issues, structural Longer-term asreflected inourglobalframework, are US-Chinarelations, policy, inmonetary shifts theincreasing Outlook What Detractedfrom Returns: Portfolio Review(continued) Lazard GlobalThematicFocusFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager: 31 March 2021.Indexreturnsshownonatotalreturn basis. 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. • • • • • • Source: Direct, Morningstar NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare classNetoffees,to slow reopening impacting their exhibitions business and UK lockdowns. activity enterprise and mid-sized small RELX lagged business and to the onjournal concerns of disruption theData,Within Networks &Profits theme, impact lagged tohighmargin on thevirus Fidelity National Services Information on thesevere impact thattheCOVID-19declined pandemichashad inPeru president andtheimpeachmentofcountry’s theDigitalRunway theme,Within andpotential foreign bondexchange onyields impact. rising Asiadeclined BankCentral Credicorp Digital Runway)rose lessthanthebenchmark In thisstrong market, bull themedetractedover theperiod. nooverall Ofthesixthemes, two (Data, Networks &Profits and integrated energy companies thatare to evolve. willing energy integrated transition. navigatingtheenergy plans for We investors for in opportunity continue thatthere tobelieve isanoverlooked transitioning incumbents. Among theincumbents, BP, Shell, Royal Dutch andChevronhave announcedupdatedstrategic all viabothrenewableplayers and Energy TransitionsOur infrastructure globalenergy toanew on themefocuses theshift we are researching. currently shifts significant industry point.interesting entry are potentially Intelintofoundry Very pivotTSMC andastrategic spendingplansfrom from large capital chains. ofglobalsupply parts We concernsweighed on valuations, 2020whencyclical populatedthisthemeduring an offering the benefits Bits of Chips theme was introduced via specific of digitization on at the beginning of 2020 and focuses capturing Our spendingintheUSandEurope, infrastructure additionalalso beneficiaries ofsustainability-focused amaterial tailwind. systems. companies inthisthemecontinue tocorroborate thisthesis. Resultsfrom Companies inthisthemeare, inmany cases, operating emergingindustrial from huge valuecreation on themefocuses thepotentially opportunity AssetEfficiency Our Steve Wreford, JohnKingandTeam. Financial year ended31March 2021 (continued)

21 LAZARD GLOBAL ACTIVE FUNDS PLC 22 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc terms,Dollars againsttheMSCI World Index, returned which 54.03% ended31March 2021, thetwelve-monthperiod Over Investment Review Lazard GlobalEquityFranchiseFund Investment Managers’Report continue to serve ourinvestors well over the long run. continue toserve of measure premium isasizable totheindex. our investmentsWe we all seekfor will characteristics theeconomic believe franchise tradeson asignificantdiscount.portfolio valuediscount, Inspiteofasizable on arange thefinancial oftheportfolio productivity broader MSCI World Indexon anumberofmeasures, before earnings interest multiple andtaxes mostnotably where (EBIT) the are tradingatreasonable discounttothe valuations. valuebutatasizable in-linewithintrinsic isnow trading broadly portfolio Our companies withhigherfinancial thanthemarket productivity andthat The Fund’s franchise holdshigh-quality currently portfolio Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review areas. andsurges lockdowns incertain country markets causing uncertainty. The vaccination process, whilegaininginefficiency, continues withsignificantinoculation tobeuneven differences across 2020, pandemicprotocols. forcing areturn toearlier The USelection inNovember 2020settledasignificantamountofpolitical could be restored to pre-pandemic levels. However, a second wave ofCOVID-19 infections descended upon Europe inSeptember investorhelped calm fears. The process ofeasingCOVID-19 related restrictions alsoadded toinvestor optimismthatglobalgrowth 2020 sell-off, thecoordinated stimulus measures putinplace measures by banksalong globalcentral withothergovernment policy markets were impacted spreadGlobal equity by heavily theworldwide ofcoronavirus (“COVID-19”). February/March thesharp After Market Review 31 March 2021 Lazard AssetManagementPacificCo. 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. • • • • • • Figures refer topast performance,whichisnotareliable indicatoroffuture results. Fund Manager:BertrandCliquetandteam. Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare class both in terms of brand positioning ofbrand andvaluechain,both interms andoperational management theCOVID-19the market gainedconfidence bestronger will thatthecompany crisis it, thantheone emergingfrom entering Tapestry, fashion holdingcompany, multinational anAmerican luxury performance, continuedtotheportfolio tocontribute as impacted by theshutdowns gamingmachines were operationsandcasino-based severely stablelottery very stages ofthepandemicwhenitsusually early World concession owner IGT the well over thepast12months inspiteofadifficult during leading lottery period performed expected and operating margins actually increased compared marginsactually expected andoperating to2019 postinga12%reduction inrevenues after in2020,Omnicom underperformed lessthan althoughorganicgrowth declined COVID-19 related personal protection equipment costsin2021, whereas thesecostswere reimbursed in2020 provider providing won't Fresenius' guidancethatthey bereimbursed extra after Dialysis for theperiod during share fell price datareleases relating toFerrovial’sshare reflects on focus thequarterly price themarket’s short-term assets key owner Ferrovial 2020. underperformed, 2020andagaininSeptember Global infrastructure inJuly mostly inthe The volatility companies tradesatavaluationstill discountofover 50%compared services tootherlistedinformation the year. may also reflect investors’The share performance price valueinNielsen’s recognition oftheunderlying shares, given it Nielsen isadominant, leader in third-party TV, well during terrestrial radioandconsumer audiencemeasurement andperformed the Lazard Global Equity Franchise GlobalEquity theLazard Fund (the returned“Fund”) 61.44%inUS 1 . Financial year ended31March 2021 (continued) and opportunities of the cyclical andCOVID-19 of thecyclical recoveries. and opportunities thanreactrather tothemarket atamacro level. tonavigatetherisks on Afocus fundamentalsandactive managementbe critical will thewidening dispersion ofreturns andvaluations thatwe foresaw attheendof2020emerging,With now isthetimetobeselective, domestic elections,from Brexit frictions, andvaccine nationalism emergingasotherpotentialdisruptions. all quantitative longer, easingfor inflationrequire will concernsaboutrising carefulmonitoring. Political considerations alsobearscrutiny, thisyear and incoming years. outperform different setofstocks couldmeanthatavery stocks theECBneedingtocontinue With mutations.19 vaccination andvirus rates equities, Within awidedispersion ofvaluation between thehighestandlowest valued have emerged across andregions ofrecovery countries differences, inrates withinEuropeHuge disparities duetopolicy COVID- Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review record highinMarch, reflecting areturn optimismfor tonormality. contracting once moreIndex (“PMI”) withtighterrestrictions of2021, inthefirst quarter PMIreached whilethemanufacturing a its use was banned in a number of countries.after wasmixed, Economic the period data for Managers’ Purchasing with theservices manufacturedvaccine roll-out vaccine inEurope remained sluggish, around theOxford/AstraZeneca given uncertainty particularly the pandemic. However, COVID-19 rising inFrance, cases virus andGermany, Italy resulted inrenewed tighteningofrestrictions. The wouldEuropean speedupitsstimulus Bank(“ECB”) Central program toeasetheeconomic duress on theeurobrought zone aboutby resultsthatthe earnings andnews European fourth-quarter markets rose by of2021driven inthefirst corporate encouraging quarter over thetrading relationship.and uncertainty UK andEuropean Union inDecember2020wasalsometwithenthusiasmby markets, negotiations endingmonths ofdeadlocked (“COVID-19”) economy in2021. vaccinesprovide tonormalise will apathway theworld for The signingofatradedealbetween the throughout 2020, investors have beenbettingthatasuccessful, widespread coronavirus deploymentdeveloped oftherecently by investors inthefinal months oftheyear. aggressive stimulus supplying measures banksandfiscalpolicymakers central key With globally, aswell astheemergence ofanew, more strains, infectious ofavaccine wasgreeted enthusiastically ofthediscovery news For underreview, mostoftheperiod ofmarket driver behaviour. thepandemicwasakey Amid growing aboutspikesincases anxiety Market Review Worldagainst theFTSE Europe ex-UKIndex, returned which 40.10% ended 31 March 2021, the twelve-month period Over Fund European the Lazard Equity (“the Fund”) returned 39.42% in Euro terms, Investment Review Lazard European EquityFund Investment Managers’Report Lazard Global ActiveFundsplc • • •  •  • •  continued uncertainty around the supply and demand dynamics withintheoilmarket anddemanddynamics around thesupply continued uncertainty Oil &gasbusinessGalpEnergiaunderperformed. InJuly, dividend, itannouncedthesuspension oftheir interim given the revenues ahead ofexpectations asprofits over period fell disappointed, businessNovartis inpharmaceuticals Shares results with quarter fourth despitedelivering toindustrials sectorsandtheunderweight andbasicmaterials selection withintheconsumer discretionary Stock of2021 Not inthefirst owning quarter Nestle asbond helpedrelative proxy underperformed performance stocks the share price, andthere ofthePorsche wasalsospeculation aboutapotentialIPO waswell received businesswhich PorscheVolkswagen good full-year results toafter from positively contributed Porsche (ofwhich isaholdingcompany) supported selection inconsumer staples,Stock energy, andfinancials 1 . Financial year ended31March 2021 (continued)

23 LAZARD GLOBAL ACTIVE FUNDS PLC 24 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc 31 March 2021 Lazard AssetManagement Limited Lazard European EquityFund(continued) Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager: Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinEuro terms,‘A’ accumulationshare class Aaron andPaulSelvey-Clinton. Barnfather Financial year ended31March 2021 (continued) US andChina. the outcome oftheUSelections andresolution ofBrexit, tensions remain of theworld, highinmany between the parts particularly inresponse andfiscal)undertaken tothepandemic.monetary Inaddition, dueto haswanedsomewhat uncertainty whilegeopolitical medium tolong-term, oftheunprecedented (both tounhealthy because stimulus there thatinflation rise levels will efforts isalsorisk ordelayedfactors bederailed must ofthevirus. will beweighed by vaccination variants against the real efforts new possibility Inthe alongside aneconomic optimismfor rising recovery, are steepening. curves andyield Intheneartomedium-term, however, these to gatherpace, remains accommodative, policy monetary intheUS), fiscalstimulus abounds(particularly inflation expectations are Many beinplace. of thefactors appeartostill thatdrove theperiod markets higherduring COVID-19 vaccine continues distribution Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review year. thefull for thoseofprofitable ofunprofitable theperiod. companies outperformed during companies Stocks significantly strongly relative thelatterhalfofperiod, during togrowth performed stocks Although valuestocks underperformed valuestocks lagged. on whiletheUnitedKingdom arelative theperiod andSwitzerland basisduring basis, sectors. asdidthoseinthehealthcareandenergy Among intheregion, thelarger countries outperformed andGermany Sweden sectors. technology andinformation inmorethe industrials asutilitiesandreal defensive sectorssuch estatelagged on Stocks arelative theperiod, well during particularly asdidthosein At thesectorlevel, performed intheconsumer discretionary stocks recovery-oriented coincide withthepositive development ininvestor sentiment. toseestrong outperformance cap small was notsurprising worethe period on. companies tochangesineconomic cap ofsmall growth companies, thanlarge Given cap thehighersensitivity it policy,monetary massive fiscal stimulus, resolution of Brexit, and the outcome of US elections worked all investor to raise optimism as theperiod. markets during European rose cap small significantly Coronavirus (“COVID-19”) vaccine progression, accommodative Market Review inEuroof fees terms, CapIndex, againsttheMSCIEurope Small returned which 61.21% ended31March 2021, thetwelve-month period Over Pan-European the Lazard CapFund Small (“theFund”) returned 59.93%, net Investment Review Lazard Pan-European SmallCapFund Investment Managers’Report Lazard Global ActiveFundsplc • • •  • • •  continuation ofthecompany’s bolt-on acquisition strategy industries,construction alongside therelease well intheperiod ofstrong performed results, anoptimisticoutlook, and Volution, theresidential aUnitedKingdom-listed for andcommercial manufacturer systems ofventilation andheatrecovery management business Viridor lastsummer management business Viridor have grown impatientwith regards tohow Pennon deploy will thesaleofwaste itsnow following substantialexcess capital companies. investor rising sentimentthanthoseofmore recovery-oriented benefited lessfrom Inaddition, some investors Pennon, aUK-listedregulated waterutility, intheperiod. relative performance detractedfrom Likeotherutilities, theshares centres thatlimitmigration intoHelsinkiandotherurban lockdowns were impacted by negatively thepandemic. Inthenearterm, atleast, given continued toreturn quickly demandisunlikely Kojamo, aFinland-listed residential landlord, asrental intheperiod growth relative andoccupancy performance detractedfrom selection incommunication services,Stock consumer discretionary, andutilities peers. acquisition completed arecently transformative alsodelivered better-than-expectedresults from Flatex increased inmarkets provided which afavourable backdropmarket volatility for share gainsversuscompany its benefited from FlatexDEGIRO, company, online aGerman-listed brokerage andfinancial services theperiod. well during performed The selection inindustrials,Stock financials, andhealthcare Financial year ended31March 2021 (continued) 1 .

25 LAZARD GLOBAL ACTIVE FUNDS PLC 26 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc 31 March 2021 Lazard AssetManagement LLC Lazard Pan-European SmallCapFund(continued) Investment Managers’Report Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:EdRosenfeldandteam. of fees,to31March 2021.Indexreturnsshownonatotalreturnbasis. 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinEuro, ‘B’accumulationshare classNet Financial year ended31March 2021 (continued) short-term inflation itself,short-term increase beyond the2%statedtarget. policy.monetary For the first time in decades, as inflation expectations, quietly towatch the US Federal is likely Reserve andinthe economy strengthens, theFederal OpenMarket Committee haspledged tomaintainitscurrent accommodative extremely Reserve through thenexttwo years. revenue andearnings. corporate raise tosignificantly This surge ingrowth islikely Even whiletheUS a coherent national plancoming intoshape. We theUSeconomy believe thestrongest ispoisedfor growth in50years aswe look out throughout improved thequarter. significantly The outlook theUnitedStates for Vaccine with dissemination hasacceleratedrapidly Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review demandtrends normalised across end-markets. to benefit from speculate that inflationsome pose a headwind marketwill to some participants assetclasses, many companies are nonetheless expected yields, reflecting investor expectations ofstrong economic growth inthe second halfoftheyear, andwithit, higherinflation. While Act funding to individuals, thatprovided emergency Plan municipalities, andbusinesses. in government bondThese factors ledtoarise well astheenactment ofadditional fiscalrelief measures inMarch, withPresident Rescue American JoeBidensigningthe$1.9trillion were encouraged by developments, several an acceleration in the deployment of coronavirus vaccines across including the country, as US equitiesmoved higheraswe moved into2021, market dynamics. assentimentremained optimisticamidshifting largely Investors theFed shifted toamore posture. dovish thatdecidedly policy of monetary vaccines, anddiagnostictestsindevelopment. Federal ChairJerome Powell Reserve announced theculmination ofatwo-year review 32.9%. figures, Despitethosesobering inresponse markets rallied progress to encouraging inmultiple potentialCOVID-19 therapies, 70years inthesecondUS Gross quarter, sawitssteepest drop Domestic Product innearly (“GDP”) of rate atanannualized falling while investors continuedadditional towaitfor fiscalstimulus, remained which tiedupincongressional end. negotiations atquarter stimulus.over further results reinforced largely investor corporate confidence Second-quarter intheresilience of UScompanies, lows first-quarter toreach record new highs,US equitiesextendedastunningrebound from in Washington despitecontinued gridlock nationwide lockdowns. thanexpectedfrom begantoemerge more quickly Inthethird theeconomy quarter, whilethecountry support strongest inover 20years, quarter asinvestors remained optimisticthatCongress andtheFederal would continue acting to Reserve In thesecond quarter, thefirst quarter’s continued torecover coronavirus stocks (“COVID-19”) from inducedselloff, recording their Market Review terms,Dollar againsttheS&P500Index, returned which 56.35% ended31March 2021, thetwelve-month period Over ConcentratedFund USEquity theLazard (the returned“Fund”) 50.28%inUS Investment Review Lazard USEquityConcentratedFund Investment Managers’Report Lazard Global ActiveFundsplc • • •  • • •  investments intomobilecomputing anddatacapture results. strong quarterly broadly We customer asthecompany continueremains toholdZebra well-positioned tobenefit from provider Zebra, itsposition inlogisticstechnology assharesthecompany alsobenefitted rosereported from after The portfolio and typically have higherfees and typically merchant businessmay acquiring beslower duetoexposure businesses, tosmall impacted by have which beenespecially thecrisis performance,A positionprocessor inpayment Fiserv detracted from inthe asshares lagged amidconcernsthatarecovery space becomes repurposing afocus beginning toappreciate thecompany's much-improved, business, less-cyclical andwe expecttoseedemandimprove asoffice 2020 amidCOVID-19 andsecularheadwinds facing construction. We tothepandemic, thatprior believe themarket was returns, makerArmstrongA position materials detracted from in construction asshares remained underpressure throughout selection inhealthcare,Stock industrials, andmaterials technology information repair products thepandemic. during We continue toseeupsideasthecompany improves itsoperationalefficiencies A position inhome improvement retailer Lowe’s toperformance, contributed asshares rose amid asurgehome indemandfor andcommunication selection services, toconsumer withinconsumer staples discretionary Stock andunderweight 1 . Financial year ended31March 2021 (continued)

27 LAZARD GLOBAL ACTIVE FUNDS PLC 28 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc 31 March 2021 Lazard AssetManagement LLC factor labels, recognizing doalign. thatattimesthey value, is more the reality complex. We expect the rotation to continue flowbut wouldthan simple rather highlight the timing of cash thetransition.strong growth current flow tobenefit to are cash from likely some commentators discussthisasarotation from While by flow expectations cash inthedistantfuture. primarily driven Ontheotherhand, andcompanies sensitive with stocks more cyclically high levels. thatare flows future stocks for withnegative for impliesahigherdiscountrate cash implications curve Asteeperyield likely, we believe, thatinflation mightincrease toundesirably asinvestors worry tolead curve tocontinued steepeningoftheUSyield The combination ofanaccelerating vaccine rollout, economic rapid reopening, surgingprofits, is policy andaccommodative monetary Outlook (continued) Lazard USEquityConcentratedFund(continued) Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:ChristopherBlakeandteam. class Netoffees,to31March 2021.Indexreturns shownonatotalreturnbasis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollarterms,‘EA’ accumulationshare Financial year ended31March 2021 (continued) 31 March 2021 Lazard AssetManagementLLC Lazard JapanAssetManagementK.K. went throughthe UnitedStates inthe1970s. current inflection intheJapanese market looks settounleashamulti-year improvement inbalancesheet management akintowhat andshareholders up thepressure continue to ratchet to embracebetter governance practices. (“ESG”)Governance framework The Environmental, toembracethenew inJapanhave ofthemostprestigious beenswift Some corporations Social, andCorporate importantly, have governance. been pushing an altogether public authorities different set of policiesaimedat improving corporate Japanese and officialsfiscal easing to address have of the COVID-19 the effects engaged in extensive monetary pandemic, but more Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review intheautumn. term misstepsby Primeseveral thenew Minister. Nevertheless, beabletosecure will anew thannotthatMrSuga itseemsmore likely period, Abegovernment’s where policies, themarket waspleasedwiththecontinuation ofthelong serving endeddueto abruptly due to Mr Abe’s Prime Minister Abe to Suga a sudden leadership change from health issues.Japan also underwent The honeymoon with perceived COVID-19 themarket theremainder for losersthendriving ofthe fiscalyear. as compared were which toindustries harder hitduetolockdowns. However, inNovember withthevaccine turned news thisdynamic markets wastwo staged asperceived inequity sawsignificantoutperformance COVID-19The recovery astechnology winnerssuch inNovemberdevelopment news bolstered sentimentthattheworst wasbehindusandwe couldexpectareturn tonormalcy. the world, stimuli. markets enjoyed thankstounprecedented equity fiscal andmonetary arecovery positiveThe extremely vaccine recoveredmarket thefiscalyear notonly well above pre-pandemic but closed levels. waves we ofinfectionsaround sawseveral While to March 2020 due to the global coronavirus (“COVID-19”) January pandemic,Following off from sell a sharp the Japanese equity Market Review Japanese Yen terms, againstthe Tokyo Total Price Index(“TOPIX”) Stock Index, Return returned which 42.13% ended31March 2021, thetwelve-monthperiod FundOver JapaneseEquity (the Strategic theLazard returned“Fund”) 59.91%in Investment Review Lazard JapaneseStrategicEquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. • • •  • • • Figures refer topast performancewhichisnotareliable indicatoroffuture results. Fund Manager:TimGriffen andteam. Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinYen terms,‘A’ accumulativeshare class Hulic, a mid-tier real estate developer, Mitsui and Sumitomo Trust Holdings, a major bank were laggards as perceived COVID-19 losers The overweight to securities & commodity futures, &commodity tosecurities torelative sectorscontributed return The overweight andmachinery chemicals Kansai Electric Power, Electric Kansai utility, a major electric market on focused economic as a defensive ina strongly recovery performing struggled An underweight in services and an overweight inreal estatewere detractors torelative andanoverweight return inservices An underweight program toaddress amajorbuyback massive undervaluation sales andstarted Group,SoftBank investment holding company, atechnology strongly as the company significantassets undertook performed its Nomura Research Instituteholdingandtousethoseproceeds buyback amassive for stock JAFCO Group, aleading venture company, capital of action asignificantportion tosell duetoamajorcorporate outperformed Financial year ended31March 2021 (continued) 1 .

29 LAZARD GLOBAL ACTIVE FUNDS PLC 30 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc andsuddenly,sharply may weaken, theassetclass aswe witnessedinMarch. due to strong gradually growth, outperform, traditional emerging markets value securities. equities can rise particularly yields Should outlook emergingmarkets for equitiesremains positive,Our althoughinterest remain rates afactor towatch. rise bond yields When Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review themore economy-sensitive sectorsincluded real estate,underperforming utilities, consumer staples, andfinancials sectors. discretionary, internet-related companies and health care, especially firms, biotechnology inparticular strongly. also performed The By sector, recorded areturn ofmore technology than100%, information othersectors. outperforming considerably inconsumer Shares andtheoptimisticoutlookeconomic for recovery.sector performance themarket recoveries there. capped and thePhilippines pandemic, Despiteachallenging Indianequitieswere aidedby itstechnology actions lockdown andwitnessedstrongpandemic duetostrict performance. Difficult in coronavirus experiences Thailand, Indonesia, Asianmarkets,North asChina, such Korea and South Taiwan, andparticularly arelatively well managed experienced COVID-19 rose still months. over thetwelve prices stock coronavirus. andPeru, Brazil inparticular, highinfectionrates, experienced volatile politics, andsuddenmarket reactions, although countries, American Most Latin more dependent on global usually economic activity, were by affected of the severely theeffects robust months. twelve to enjoy avery equities prices. African stock allowed South more andsomewhat government policy focused over theperiod prices Strongcommodity had allowed significantinterest increases. rate Egyptian economic andalarge Canalhurt shipgetting Slow activity wedged intheSuez in prices Share Turkey were by heldback greatly President Erdogan’s decision toreplace the Turkish he bankgovernor after central months.twelve monthsthe twelve ended 31 March 2021. The MSCI Emerging Markets Index rose by more over the terms) than58% (in US dollar coronavirus (“COVID-19”) pandemic. Asaresult, anddespiteadeeprecession, over emergingmarkets equitiesrebounded sharply andfiscalpolicieswere ofthe stimulativeExtremely utilisedacross inorder theeffects tocounterbalance monetary theworld Market Review terms,US Dollars againsttheMSCIEmergingMarkets Index, returned which 58.39% ended 31 March 2021, the twelve-month period Over Fund Emerging Markets Equity the Lazard (the returned“Fund”) 49.91% in Investment Review Lazard EmergingMarketsEquityFund Investment Managers’Report •  •  •  • • • The overweight to information technology and underweight to real estate, andunderweight technology toinformation selection withinfinancials stock The overweight An underweight position in An underweight Taiwan asthesharesover theperiod rallied performance hurt Manufacturing Semiconductor Bank,China Construction aChinesebank, guidelineson provisions policy profitonofnew theback experienced declines selection withinmaterials,Stock technology, information industrials, energy, sectors andcommunication services pressure andthefailedAnta regulatory Group IPO ofholdinginAlibaba,A lack aleading Chinesee-commerce company withanonline ecosystem, dueto underperformed which appreciationprice Mexico,Grupo miningcompany, aMexican aweaker pesoandpositive basemetalsandcopper sentimentfor benefited from Financial year ended31March 2021 1 (continued) . 31 March 2021 Lazard AssetManagement LLC Lazard EmergingMarketsEquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:JamesDonaldandteam. Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare class Financial year ended31March 2021 (continued)

31 LAZARD GLOBAL ACTIVE FUNDS PLC 32 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc andsuddenly,sharply may weaken, the assetclass aswe witnessed inMarch. due to strong gradually growth, outperform, traditional emerging markets value securities. equities can rise particularly yields Should outlook emergingmarkets for equitiesremains positive,Our althoughinterest remain rates afactor towatch. rise bond yields When Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review themore economy-sensitive sectorsincluded real estate,underperforming utilities, consumer staples, andfinancials sectors. discretionary, internet-related companies and health care, especially firms, biotechnology inparticular strongly. also performed The By sector, recorded areturn ofmore technology than100%, information othersectors. outperforming considerably inconsumer Shares andtheoptimisticoutlookeconomic for recovery.sector performance themarket recoveries there. capped and thePhilippines pandemic, Despiteachallenging Indianequitieswere aidedby itstechnology actions lockdown andwitnessedstrongpandemic duetostrict performance. Difficult in coronavirus experiences Thailand, Indonesia, Asianmarkets,North asChina, such Korea and South Taiwan, andparticularly arelatively well managed experienced COVID-19 rose still months. over thetwelve prices stock coronavirus. andPeru, Brazil inparticular, highinfectionrates, experienced volatile politics, andsuddenmarket reactions, although countries, American Most Latin more dependent on global usually economic activity, were by affected of the severely theeffects robust months. twelve to enjoy avery equities prices. African stock allowed South more andsomewhat government policy focused over theperiod prices Strongcommodity had allowed significantinterest increases. rate Egyptian economic andalarge Canalhurt shipgetting Slow activity wedged intheSuez in prices Share Turkey were by heldback greatly President Erdogan’s decision toreplace the Turkish he bankgovernor after central months.twelve monthsthe twelve ended 31 March 2021. The MSCI Emerging Markets Index rose by more over the terms) than58% (in US dollar coronavirus (“COVID-19”) pandemic. Asaresult, anddespiteadeeprecession, over emergingmarkets equitiesrebounded sharply andfiscalpolicieswere ofthe stimulativeExtremely utilisedacross inorder theeffects tocounterbalance monetary theworld Market Review terms, inUSDollar net offees againsttheMSCIEmergingMarkets Index, returned which 58.39% ended31March 2021, thetwelve-monthperiod Over EmergingMarkets Fund Core theLazard Equity (“theFund”) returned 58.22%, Investment Review Lazard EmergingMarketsCore EquityFund Investment Managers’Report • • • • • • the successful distribution throughthe successfuldistribution e-commerce channels Ryobi, Hoover, Devil, andDirt stronger reported thefirst for earnings halfoftheyear, aidedby product new development and Techtronic Industries, aChinesemanufacturer ofpower equipment andfloorcareproducts, asMilwaukee, such brands including Intel orders from Taiwan Semiconductor, a Taiwanese semiconductor foundry, jumpedhigheron expectations thatthecompany couldreceive new returns astheshare wasupmore price than200%over theperiod ofexposureA lack toMeituan, delivery, specialisinginfood platform aChineseinternet retail, andtourism, weighed on relative an increase lossesamidtheCOVID-19 inimpairment pandemic andCommercialIndustrial BankofChina, aleading Chinesebank, weaker reported netprofit thefirst for halfof 2020dueto theperiod during performance China, detracted from thePhilippines, Africa andSouth selection intheconsumer discretionary,Stock technology, information andreal estatesectors, Korea, aswell asinSouth Brazil, Taiwan, andPoland, waspositive. helpedover theperiod further technology toinformation An overweight selection intheconsumer staples,Stock industrials, communication services, andhealthcaresectors, aswell aswithinIndia, Financial year ended31March 2021 (continued) 1 . 31 March 2021 Lazard AssetManagement LLC Lazard EmergingMarketsCore EquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:StephenRussellandteam. Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare class Financial year ended31March 2021 (continued)

33 LAZARD GLOBAL ACTIVE FUNDS PLC 34 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc sourcesalsoplace will pressure which on China’sleaders. singlecountry todiversify are from chains likely Supply exports. European tochange given thatthehard thecurrent from see littleevidence linewith Chinaislikely USadministration andsupport sanctions andotherrequests toindividualcompanies financial in response apply for asthey disclosure. totradetariffs to decline We many companies leveraged and, inparticular, emergingmarket countries. China’s relationship continues withtherest oftheworld valuations, prices. lowering equity inresponse Interest torise are toincreased rates likely government borrowing, puttingpressure on revenue.some offsetting tobepaidfor,This burden islikely inpart, by taxes depressing increasedand, earnings corporate atpresent looking towards of2021and2022. thelaterpart spendingsprees thatthegovernments,The extraordinary theUS, including require will we markets are inthenear-term, over theequity constructive While there are makeuslessbullish anumberofdevelopments which (technology, seeademandpick-up. consumer staples)continuing ascyclicals averages,term by are thelow supported interest rates. We theCOVID-19 seetherotation inmarket beneficiaries leadership from of isolation. the present shouldcontinue earnings togrow valuations support which, thatwill atrates Corporate whileabove long- up,pick anendtotheglobalpandemic. bringing boostemployment andconsumerThis will demand, ayear much ofitpent-upfrom tothebalanceof2021, forward Looking we outlook remain aswe expectthatvaccinations positive continue inourshort-term will to Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review thevaccine introduction. after andmore especially higher risk volatile stocks accounting over 90%oftheindex’s for 20stocks concentrated withonly leadership washighly totalreturn. Investors alsoembraced 90%. Political unrest markets mostnotably plaguedseveral Turkey returned plunged which 9%astheLira invalue. For theyear, market Korea and markets asSouth such differences are withthetechnology-heavy Taiwan alsonoteworthy Country postingreturns ofnearly and financial andsectorenjoyed stocks. apositive return country over thepastyear were althoughreturn disparities significant. Every to inoculateagainstthevirus, inthelastfive industrial, stocks investors months including rotated intomore cyclical transportation andhealthcarefirms.environment technology rewarded including introduction anumberofindustries ofanumbervaccines With investor confidence inthesecond of2020. andthird quarters home tosustainoperationsinawork ofselectindustries from The ability the pastyear. and stimulus Markets liquidity were measures by offered extraordinary by supported preserved bankswhich thecentral Despite thecoronavirus (“COVID-19”) pandemicandgloballockdowns, 60%in markets appreciated emergingmarkets equity nearly Market Review 59.29%, terms, inUSDollars netoffees againsttheMSCIEmergingMarkets Index, returned which 58.39% For ended31March 2021 , thetwelve-monthperiod Advantage EmergingMarkets Equity Fund theLazard (the returned“Fund”) Investment Review Lazard EmergingMarketsEquityAdvantageFund Investment Managers’Report • • •  • • • business and has had to add continuously to its loan loss reserves for much for ofthepastyear business andhashad toitsloanlossreserves toadd continuously intheyear.year appreciated asthestock thirteen-fold ChinaMinshengBankdetractedas ithasdisappointedingrowing itsloan ofexposureThe lack mostofthepastyear, toNIOfor manufacturer car wasthelargest theChineseelectric detractor inthe some oftheportfolio’s alsocaused The residualintheportfolio cash underperformance manufacturers andproduction issuesattheirmajorcompetitor have benefitted thestock semiconductor manufacturer. ofsemi-conductor phone chips, Aglobalshortage andautomobile smart demandfrom rising itsposition in hasbenefitted from TaiwanThe strategy Company Manufacturing (TSMC), Semiconductor leading theworld Stock selection wasweak inconsumer staples,Stock andmaterials, energy Korea aswell asinChinaandSouth months theposition torealise inthepastseveral aggressively trimming ourgains Delta Electronics, hassoared over 250%inthepastyear. industry amajorcomponent car provider totheelectric We have been excess returntheyear. for alsohelped. selection withinindustrials Stock selection hasbeenstrong in Stock Taiwan and Thailand selection withinthesectorwaslargestto andfavourable stock contributor technology to information An overweight Financial year ended31March 2021 (continued) 1 . 31 March 2021 Lazard AssetManagement LLC Lazard EmergingMarketsEquityAdvantageFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:PaulMoghtaderandteam. class Netoffees,to31March 2021.Indexreturns shownonatotalreturnbasis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘EA’ accumulationshare Financial year ended31March 2021 (continued)

35 LAZARD GLOBAL ACTIVE FUNDS PLC 36 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc seeademandpick-up.consumer staples)continuing ascyclicals averages, by are supported the low interest rates. We theCOVID see the rotation in market beneficiaries (technology, leadership from of isolation. the present shouldcontinue earnings togrow valuations support which, thatwill atrates Corporate whileabove long-term up,pick anendtotheglobalpandemic. bringing boostemployment andconsumerThis will demand, ayear much ofitpent-upfrom tothebalanceof2021, forward Looking we outlook remain aswe expectthatvaccinations positive continue inourshort-term will to Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review thevaccine introduction. after andmore especially higher risk volatile stocks accounting over 90%oftheindex’s for 20stocks concentrated withonly leadership washighly totalreturn. Investors alsoembraced 90%. Political unrest markets mostnotably plaguedseveral Turkey returned plunged which 9%astheLira invalue. For theyear, market Korea and markets asSouth such differences are withthetechnology-heavy Taiwan alsonoteworthy Country postingreturns ofnearly and financial andsectorenjoyed stocks. apositive return country over thepastyear were althoughreturn disparities significant. Every to inoculateagainstthevirus, inthelastfive industrial, stocks investors months including rotated intomore cyclical transportation andhealthcarefirms.environment technology rewarded including introduction anumberofindustries ofanumbervaccines With investor confidence inthesecond of2020. andthird quarters home tosustainoperationsinawork ofselectindustries from The ability the pastyear. and stimulus Markets liquidity were measures by offered extraordinary by supported preserved bankswhich thecentral Despite thecoronavirus (“COVID-19”) pandemicandgloballockdowns, 60%in markets appreciated emergingmarkets equity nearly Market Review 54.67%, terms, inUSDollar netoffees againsttheMSCIEmergingMarkets Index, returned which 58.39% For ended31March 2021, thetwelve-monthperiod EmergingMarkets Managed theLazard Volatility Fund (the returned“Fund”) Investment Review Lazard EmergingMarketsManagedVolatility Fund Investment Managers’Report • • • • • • lower risk stock was also a head wind to the strategy given the extraordinary recovery in stock prices thattook place prices instock recovery given theextraordinary wasalsoahead windtothestrategy lower stock risk theportfolio’s detractedfrom stocks andconsumer return. discretionary tomaterials staples andunderweights to The orientation isdesignedtoseeklower risk,The strategy withstableearnings. lower stocks volatility Assuch, toconsumer theoverweight purchase price torerate. thestock causing prices andraised expanded capacity We soldourposition inlate2020realising again2.5xover our Top Glove, created the shortage by the manufacturerspandemic. one the leading world of latex gloves has benefitted from They companies affiliated with the Chinese military. We sold our position on compliance in the stock with the order a sell-off as it caused owning was subject to US Executive which from China Mobil was a Order stock that banned US based companies and citizens Due theweakening sentimentandlower growth,Due we soldourposition months ofthe pandemic. phone weighed along onwithconcerns ondisruption market thestock thesmart demandin the early Goodix Shenzhen Technology- The company underdisplaysmartphones. for makesthefingerprint The Huawei business againof280% andwe soldourpositionmost oftheperiod capturing circuitsintegrated have soared, have held. and prices phone manufacturers gaming and smart was strong from Demand from United Microelectronics ofCOVID-19 wasamajorbeneficiary shutdown asshipments ofthesemiconductorand logicwafers Turkey andhealthcare. to selection technology ininformation Stock Taiwan Overweight andChina. selectionand inMalaysia Stock Financial year ended31March 2021 (continued) 1 . 31 March 2021 Lazard AssetManagementLLC sourcesalsoplace will pressure which on China’sleaders. singlecountry todiversify are from chains likely Supply exports. European tochange given thatthehard thecurrent from see littleevidence linewithChinaislikely USadministration andsupport sanctions and otherrequests toindividualcompanies financial inresponse apply for asthey disclosure. totradetariffs to decline We many companies leveraged and, inparticular, emergingmarket countries. China’s relationship continues withtherest oftheworld valuations, prices. lowering equity inresponse Interest torise are toincreased rates likely government borrowing, puttingpressure on revenue.some offsetting tobepaidfor,This burden islikely inpart, by taxes depressing increasedand, earnings corporate atpresent towards of2021 and 2022. thelater part spending sprees thatthe governments,The extraordinary theUS, including require will we are markets inthenear-term, positive over theequity While there are looking make us lessbullish anumberofdevelopments which Outlook (continued) Lazard EmergingMarketsManagedVolatility Fund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:PaulMoghtaderandteam. Net offees,to31March 2021. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare class Financial year ended31March 2021 (continued) (continued)

37 LAZARD GLOBAL ACTIVE FUNDS PLC 38 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc andsuddenly,sharply may weaken, theassetclass aswe witnessedinMarch. due to strong gradually growth, outperform, traditional emerging markets value securities. equities can rise particularly yields Should outlook emergingmarkets for equitiesremains positive,Our althoughinterest remain rates afactor towatch. rise bond yields When Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review themore economy-sensitive sectorsincluded real estate,underperforming utilities, consumer staples, andfinancials sectors. discretionary, internet-related companies and health care, especially firms, biotechnology inparticular strongly. also performed The By sector, recorded areturn ofmore technology than100%, information othersectors. outperforming considerably inconsumer Shares andtheoptimisticoutlookeconomic for recovery.sector performance themarket recoveries there. capped and thePhilippines pandemic, Despiteachallenging Indianequitieswere aidedby itstechnology actions lockdown andwitnessedstrongpandemic duetostrict performance. Difficult in coronavirus experiences Thailand, Indonesia, Asianmarkets,North asChina, such Korea and South Taiwan, andparticularly arelatively well managed experienced COVID-19 rose still months. over thetwelve prices stock coronavirus. andPeru, Brazil inparticular, highinfectionrates, experienced volatile politics, andsuddenmarket reactions, although countries, American Most Latin more dependent on global usually economic activity, were by affected of the severely theeffects robust months. twelve to enjoy avery equities prices. African stock allowed South more andsomewhat government policy focused over theperiod prices Strongcommodity had allowed significantinterest increases. rate Egyptian economic andalarge Canalhurt shipgetting Slow activity wedged intheSuez in prices Share Turkey were by heldback greatly President Erdogan’s decision toreplace the Turkish he bankgovernor after central months.twelve monthsthe twelve ended 31 March 2021. The MSCI Emerging Markets Index rose by more over the terms) than58% (in US dollar coronavirus (“COVID-19”) pandemic. Asaresult, anddespiteadeeprecession, over emergingmarkets equitiesrebounded sharply andfiscalpolicieswere ofthe stimulativeExtremely utilisedacross inorder theeffects tocounterbalance monetary theworld Market Review terms,US Dollars againsttheMSCIEmergingMarkets Index, returned which 58.39% ended31March 2021, thetwelve-month period Over Fund Markets Developing Equity theLazard (the returned“Fund”) 70.44%in Investment Review Lazard DevelopingMarketsEquityFund Investment Managers’Report •  • • •  • • Tencent, aChinesesocialmediaandgamescompany, engagement didwell on inmobilegamesandrebounding rising advertising Stock selection within the consumer discretionary and information technology sectors as well as to Brazil andPeru sectorsaswell astoBrazil detracted value technology andinformation selection withintheconsumer discretionary Stock Credicorp, thelargest bankinPeru, ahead ofApril’s underperformed Presidential first-round elections interference business creating ofmore aheadwind to growth regulatory andthepossibility Qiwi, company, andpayments digitalwallet aRussian bank-imposedrestrictions thecentral on itspayments dropped after Electronics,Samsung company, Korean technology aSouth prices memory moved higheron ofrising theback and Indiahelpedperformance selection withinthecommunication services,Stock consumer staples, financials sectorsaswell asinRussia, andindustrials China Financial year ended31March 2021 1 (continued) . 31 March 2021 Lazard AssetManagement LLC Lazard DevelopingMarketsEquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,31March 2021. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:KevinO’Hare andteam. Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare class Financial year ended31March 2021 (continued)

39 LAZARD GLOBAL ACTIVE FUNDS PLC 40 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc optimisticscenarios. inextremely andprice somehigher ranges for countries intheyear,early pointsandopportunities, presents which attractive entry asinterest appeartobeconsolidating rates withinslightly bonds in select markets. to long maturity a lot of issuance maintain an underweight likely have already countries Some front-loaded We fiscal actions, remain will steep in select core markets due from to the increase anticipate that curves in supply and as such, we will Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review since before thepandemic, assets. headwindrisk for alsoappeared which tocreate atemporary inthegovernment bonda sell-off market thatdrove on thebenchmark 10-year the yield US Treasury notetosome ofitshighestlevels of 2021, andwithit, expectations ofpotentialhigherinflation. The combination ofhighergrowth andinflation expectations prompted additional fiscal relief measures inMarch, investors confident grewincreasingly ofstrong domestic economic growth inthesecond half role ininfluencingotherglobalbondoutsize markets. thedeployment ofcoronavirus vaccines accelerating andthe enactment of With Befitting itsstature astheworld’s largest economy, developments intheUSandrelated interest andspread rate movements had an seen asmakingsignificantprogress andimplementation. ofitsdistribution interms towards theendof2020, currencies followed thisvaccine theUSwas divergence themeof2021tothebenefit after oftheUSdollar punishing national lockdowns, andFrance tore-impose them. andItaly speaking, Broadly weakening significantUSdollar after infections sweeping through thecommon bloc. currency toextendeconomically The outbreak forced GermanyandtheNetherlands a resurgence cases. invirus In Europe, concerns grew about the eurozone’s economic outlook inMarch on ofanotherwave news of investors development,top of mind for with this encouraging even as a bumpy, with collided rollout uneven ofvaccines worldwide widespread in 2021. deployment wouldeconomy provide to normalize a pathway the world for However, remained coronavirus risk ofacoronavirus by vaccine inNovember investors, wasgreeted enthusiastically News ofthediscovery whobetthatitssuccessful, globally, spread sectorsintheinvestment including grade, highyield, andemergingsegmentsofthefixed income universe. economy. theworld tobackstop banksandgovernments wouldcentral continue toact whennecessary Asaresult, assetsrallied risky pandemic. under severe straining economic countries downturns, several With these aggressive actions buoyed market confidence that the coronavirus and fiscal stimuluswas marked byperiod to contain the economic the deployment of massive from fallout monetary the period,Global fixed well during income markets performed sentiment. atumultuousof seesawing risk period belying The Market Review terms,in USDollars GlobalAggregate Bond againsttheBarclays Index, returned which 4.67% ended31March 2021, thetwelve-monthperiod Over Fixed GlobalSustainable theLazard Income Fund (the returned“Fund”) 4.66% Investment Review Lazard GlobalSustainableFixedIncomeFund Investment Managers’Report •  • •  • • •  Sector selection: Underweight exposure to the energy andutilitiessectors selection: exposure totheenergy Sector Underweight versus theeuro peso andMexican exposure to the Polish exposure to the allocation:Chinese yuan;Currency and Romanian Underweight leu zloty Overweight exposure totheUS, allocation: Overweight Country Australia, NewZealand, Canada, Singapore, Republic andCzech to theAustralian dollar, dollar, NewZealand Japaneseyen, andIndonesian rupiah krone versus theeuro, andNorwegian koruna exposure totheCzech allocation:Currency exposure Overweight andoverweight exposure toleisure facilities andservices underweight exposure totechnology; well asoverweight globalspread exposure tohigh-quality product andsovereign/emerging selection: markets debt, external Sector Overweight as exposure totheeuro allocation: zone, Underweight Country Japan, andChina, exposure toRomania aswell asoverweight Financial year ended31March 2021 (continued) * 1 . 31 March 2021 Lazard AssetManagementLLC * Effective 12May2021,Fundnamechangedfrom Lazard GlobalFixedIncomeFundtoLazard GlobalSustainableFixedIncomeFund. perspective,an opportunistic adefensive one aswe seektoavoid assets, stranded butalsofrom thoserelated fuels. tofossil especially ESGa sustainableapproach factors andincorporating intoourinvestment from add valueover time—notonly process likely will of bonds as a means to providemindful of the importance balance in a total portfolio. We with that managing the strategy believe tilt.quality Overall, holdingsaretothoseofthebenchmark, superior ofthe strategy’s we themixand quality believe andwe remain We continue tonavigatethebroad globalfixed income markets on withmore withafocus diversification ofahigher andliquidity inrates. and lock valuations.on recent moves andequity rate Asaresult, by there activity theseinvestors couldbe some de-risking toadd fixed income access more attractive fixed income investments compared tolastyear. Furthermore, some pension plansare fundedbased more fully At levels, theserate oflow hedge currency costs, andwiththetailwind large institutional clients, inEurope andJapan, especially can Outlook (continued) Lazard GlobalSustainableFixedIncomeFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenoted,asat31March 2021. Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:Yvette Klevanandteam. Net offees,to31March 2021.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,‘A’ accumulationshare class Financial year ended31March 2021 (continued) * (continued)

41 LAZARD GLOBAL ACTIVE FUNDS PLC 42 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Date: 30June2021 Ireland Dublin 2 Grand CanalDock Sir JohnRogerson'sQuay Riverside II For andonbehalfofTheBankNewYork MellonSA/NV, DublinBranch, In ouropinion, theCompany thePeriod, hasbeenmanaged during respects: material inall Opinion accordance withtheCompany’s constitutional documentation andtheappropriateregulations. and borrowing powers by theprovisions in ofitsconstitutional documentation andtheappropriateregulations and(ii)otherwise ensure that, respects, material inall theCompany has beenmanaged (i)inaccordance withthelimitations imposed on its investment asit, conductsreviews such The Depositary initsreasonable opinion, inorder withitsdutiesandto tocomply considers necessary Basis ofDepositaryOpinion wethe stepswhich have takeninrespect thereof. provisions. If the Company has not been so managed, must state in what respects it has not been so managed we and as Depositary Company’s constitutional documentation andtheRegulations. responsibility oftheCompany withthese Itistheoverall tocomply statewhether, shall report Our inouropinion, theCompany inaccordance hasbeenmanaged inthatperiod withtheprovisions ofthe in Transferable Regulations 2011(S.I. Securities) No 352of2011), asamended(the “Regulations”). duties andresponsibilities are outlinedinRegulation 34oftheEuropeanOur Collective Investment Communities for (Undertakings Responsibilities oftheDepositary ortoany otherperson towhom isshown.other purpose thisreport to the Company nootherpurpose. andfor as Depositary We donot, ingivingthisopinion, acceptany orassumeresponsibilityfor the opinion hastheshareholdersbeen prepared for inthe Company, including and solely This report for inaccordance with our role Global Active Funds thePeriod, for (the Plc “Company”) totheCompany. asDepositary initscapacity The BankofNew York Mellon SA/NV, (the Branch “Depositary” Dublin “us”, “we”, or “our”) hasenquired intotheconduct ofLazard 2020to31March 1April 2021(the For“Period”) from theperiod Report from theDepositarytoShareholders (ii)  (i) otherwise inaccordance withtheprovisions oftheconstitutional documentationotherwise andtheRegulations. documentation andtheRegulations; and in accordance withthelimitations imposedon theinvestment andborrowing powers oftheCompany by theconstitutional Financial year ended31March 2021

Financial Statements Lazard Global ActiveFundsplc Bond income Investment income Statement ofComprehensive Income * Effective23June2020, FundnamechangedfromLazardGlobal SustainableEquitySelectFundtoLazardGlobalFund. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. participating shareholdersfromoperations netassetsattributabletoredeemable Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax securities Foreign gainstaxonappreciated capital thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Notes 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 0 0 0 0 0 3 0 0 0 3 0 0 3 3 0 0 0 0 4 (18,606,020) (18,603,661) 150,365,923 150,365,923 153,991,191 172,597,211 187,086,321 31/03/2021 (3,625,268) 44,069,226 14,489,110 12,047,231 84,951,037 58,045,264 Infrastructure EquityFund 1,868,572 284,790 190,194 (2,359) 20,794 43,452 48,115 6,756 Lazard GlobalListed GBP – – – – – (128,398,460) (128,398,460) (121,885,421) (163,860,063) (24,385,060) (97,500,361) (83,201,450) (24,381,009) 31/03/2020 (6,513,039) 51,582,666 14,316,650 12,039,674 29,012,165 1,793,037 (17,739) 199,543 209,978 (4,051) 60,570 22,002 43,341 9,075 3,212 GBP – – – 31/03/2021 10,571,381 10,571,381 10,615,754 10,615,775 10,850,862 Financial year ended31March 2021 Sustainable 9,088,998 1,510,958 (44,373) 250,826 236,287 148,976 (1,200) 11,367 61,004 7,811 5,965 USD (21) (21) 369 795 80 – – – – – Lazard Global qiy Fund * Equity 31/03/2020 (1,129,821) (1,129,821) (1,086,036) (1,085,997) (2,758,503) 1,587,328 (917,777) (15,001) (43,785) 250,425 183,221 103,604 15,605 39,600 2,973 9,704 9,374 4,858 USD (39) (36) 476 (3) – – – –

31/03/2021 34,434,668 34,434,668 35,175,968 35,266,086 36,500,042 31,033,466 3,951,748 1,233,956 1,513,353 (741,300) Managed Volatility Fund (90,118) (81,451) 196,607 943,564 (8,667) 20,342 11,210 34,872 21,983 1,475 5,378 USD – – – – – Lazard Global (28,456,176) (28,456,176) (27,253,533) (27,008,475) (25,201,878) (35,019,644) 31/03/2020 (1,202,643) 6,101,639 1,806,597 1,423,227 3,676,700 (245,058) (244,723) 271,465 19,030 20,397 19,829 38,173 37,039 7,005 9,859 (335) USD – – – –

43 LAZARD GLOBAL ACTIVE FUNDS PLC 44 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. participating shareholdersfromoperations netassetsattributabletoredeemable Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax securities Foreign gainstaxonappreciated capital thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) Notes 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 0 0 0 3 0 0 3 0 0 0 0 0 0 0 3 0 3 0 4 31/03/2021 11,009,675 11,009,675 11,009,675 11,053,666 11,314,566 2,065,707 8,506,745 (43,991) (43,341) 345,941 260,991 165,121 395,858 (continued) 13,747 16,006 11,320 47,845 Global ThematicFund 5,996 (650) USD (91) 315 956 – – – – (12,185,669) 31/03/2020 15,152,001 3,097,298 3,097,298 3,099,082 3,231,961 3,871,878 (132,879) (131,176) 883,266 642,551 503,638 Lazard (1,784) (2,634) (1,703) 15,599 20,257 19,451 79,200 8,603 1,672 9,730 6,681 USD – – –

Global ThematicFocusFund 31/03/2021 34,852,398 34,837,788 34,955,000 35,125,301 35,588,088 31,057,909 Financial year ended31March 2021 3,771,542 (170,301) (117,212) (163,226) 758,272 462,828 242,042 133,080 (7,075) 14,610 13,695 51,251 13,562 2,273 6,925 USD (41) 365 – – – 31/03/2020 (3,844,135) (3,844,899) (3,838,592) (3,837,795) (3,817,204) (3,264,489) (589,783) (13,096) Lazard (6,307) 36,329 33,687 10,389 8,661 3,833 2,342 8,027 (797) (797) USD 739 764 355 80 – – – –

Global EquityFranchiseFund (10,045,323) 152,490,584 152,490,584 153,795,893 154,682,388 157,498,929 161,055,541 31/03/2021 (1,305,309) 6,486,418 2,266,824 2,816,541 (886,495) (885,729) 362,831 49,339 86,246 28,354 11,144 11,803 2,293 (766) USD – – – – – (117,454,773) (117,454,773) (115,947,067) (114,695,720) (111,918,934) (120,105,506) 31/03/2020 (1,251,347) (1,507,706) (1,654,581) (1,250,932) 9,782,598 2,229,801 2,815,304 (38,518) 102,444 383,297 Lazard 58,555 56,821 21,759 10,028 11,154 (415) USD – – – –

Financial Statements Lazard Global ActiveFundsplc Bond income Investment income Statement ofComprehensive Income(continued) Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. participating shareholdersfromoperations netassetsattributabletoredeemable Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax securities Foreign gainstaxonappreciated capital thefinancialyearbeforetax Profit/(loss) for Total financecosts Notes 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 0 0 0 3 0 0 3 3 0 0 0 0 4 0 4 0 0 0 0 31/03/2021 7,939,207 8,324,781 5,466,196 2,183,111 7,921,593 7,921,593 7,921,593 (17,614) (15,247) (23,219) 509,668 408,792 298,125 164,933 (continued) (2,367) 21,279 14,587 18,810 43,384 European EquityFund 3,710 8,897 EUR 873 – – – – 31/03/2020 (3,499,382) (2,832,093) (4,305,152) (4,215,513) (4,305,152) (4,239,830) 1,096,956 (716,131) (708,566) (61,088) (89,639) 677,156 536,909 371,869 Lazard (7,565) (9,867) 31,043 30,634 60,652 1,122 8,668 8,128 EUR – – – –

31/03/2021 35,280,780 36,255,415 32,113,435 35,252,637 35,261,696 35,252,637 Financial year ended31March 2021 1,035,976 3,105,672 (19,084) (19,084) (24,280) 119,055 998,915 821,658 (9,059) 25,142 10,746 10,956 Lazard Pan-European 2,517 8,841 EUR 332 – – – – – Small CapFund (16,934,983) (16,203,234) (17,381,204) (17,241,198) (17,381,204) (16,204,574) 31/03/2020 (1,456,043) 1,457,138 (306,215) (292,441) (140,006) (13,774) (79,577) 110,631 811,326 622,587 42,724 15,299 1,515 8,711 9,859 EUR 245 – – – –

US EquityConcentratedFund 199,061,502 204,103,462 155,687,031 197,112,367 199,042,780 197,112,367 31/03/2021 (1,930,413) 41,103,289 7,311,716 5,041,960 4,304,231 (18,722) (18,359) 564,978 69,609 15,916 10,881 68,073 1,426 8,272 (363) USD – – – – – (29,649,987) (26,080,052) (31,009,776) (29,655,645) (31,009,776) (29,615,162) 31/03/2020 (1,827,371) (1,354,131) 5,250,063 3,574,420 3,012,161 112,418 374,561 Lazard (5,658) (5,652) (4,485) 23,564 89,053 10,916 10,180 53,985 USD (6) – – – –

45 LAZARD GLOBAL ACTIVE FUNDS PLC 46 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. participating shareholdersfromoperations netassetsattributabletoredeemable Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for securities Foreign gainstaxonappreciated capital thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Withholding tax Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) Notes 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 0 0 0 4 0 0 3 0 3 3 0 0 0 0 0 4 520,314,099 524,892,375 524,984,189 520,314,099 536,644,989 411,618,534 31/03/2021 (1,989,784) (4,578,276) 30,517,018 13,650,584 94,509,431 1,234,029 2,057,246 7,548,220 1,169,623 (91,814) (41,644) (50,170) 839,881 783,627 (continued) 17,958 Strategic EquityFund JPY – – – – 6 Lazard Japanese (218,120,184) (210,169,466) (210,024,014) (218,120,184) (181,714,607) (204,589,775) (30,130,059) 31/03/2020 (7,950,718) 53,004,611 28,590,792 20,548,252 1,336,956 3,960,494 1,019,670 (145,452) (281,385) (95,403) (50,049) 966,519 677,293 81,608 JPY 616 – – – –

(99,252,284) 192,573,632 194,560,049 198,312,266 192,573,632 203,301,612 286,719,233 31/03/2021 (3,752,217) (3,751,299) (2,196,540) 15,832,248 Financial year ended31March 2021 4,989,347 4,036,021 210,123 114,903 708,324 18,421 37,224 64,379 10,075 2,415 (918) Markets EquityFund USD (1) – – – Lazard Emerging (220,513,190) (219,157,874) (210,409,153) (220,513,190) (196,814,460) (222,968,564) (17,879,877) 31/03/2020 (8,748,721) (8,748,643) (5,289,132) 43,784,343 13,596,153 11,662,381 3,933,816 1,483,415 249,638 167,880 169,659 (1,460) 33,745 67,926 11,147 USD (78) – – –

31/03/2021 39,828,214 39,955,471 39,956,066 39,828,214 40,615,096 31,283,826 Markets CoreEquityFund 1,835,756 7,495,351 (261,099) 133,842 659,030 155,738 431,275 22,920 20,529 14,371 11,303 2,894 (595) (241) (354) USD 163 – – – – Lazard Emerging (15,804,456) (15,583,319) (15,582,968) (15,804,456) (15,000,324) (15,192,115) 31/03/2020 (1,992,480) 2,176,557 (287,825) 586,082 120,874 388,844 (3,438) 66,688 29,828 17,014 17,365 7,714 2,406 9,751 (351) (347) USD (4) – – –

Financial Statements Lazard Global ActiveFundsplc Statement ofComprehensive Income(continued) Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary Other income Bank interest The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. participating shareholdersfromoperations netassetsattributabletoredeemable Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax securities Foreign gainstaxonappreciated capital thefinancialyearbeforetax Profit/(loss) for fees Management Expenses Total investmentincome/(expenses) foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realisedgain/(loss)oninvestmentsandforeigncurrency Dividend income Bond income Investment income Notes 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 0 0 0 0 0 3 0 0 3 0 0 3 3 0 0 0 0 4 31/03/2021 85,666,946 85,666,946 86,392,358 86,398,213 88,074,504 64,888,193 18,293,284 Lazard EmergingMarkets 4,889,436 1,676,291 1,063,633 (725,412) 449,209 Equity Advantage Fund (continued) (5,855) (5,855) 89,333 26,695 11,433 29,955 3,591 6,033 USD – – – – – – (31,546,181) (31,546,181) (31,325,650) (31,317,292) (30,712,326) (23,385,519) 31/03/2020 (8,906,467) 1,574,193 (221,343) (50,054) 655,020 188,050 385,635 (8,358) (8,358) 40,238 18,280 13,343 5,467 2,303 7,171 USD 812 – – – –

31/03/2021 63,521,329 63,485,223 64,160,471 64,169,167 65,053,691 34,949,534 24,921,533 Lazard EmergingMarkets Financial year ended31March 2021 5,176,392 (675,248) Managed Volatility Fund 884,524 252,554 509,631 (8,696) (8,696) 73,900 36,106 20,766 14,951 6,232 8,756 3,966 USD – – – – – (39,230,523) (39,235,412) (39,195,790) (39,184,477) (39,112,212) (22,010,511) (17,376,981) 31/03/2020 (11,313) (39,622) (11,313) 275,231 72,265 10,857 51,369 7,164 4,889 2,346 USD 479 49 50 – – – – – – 13,967,200 14,337,740 10,746,086 13,909,289 13,909,289 13,937,078 31/03/2021 3,131,222 (30,122) (49,473) (28,481) 375,817 252,249 460,331 (1,641) (5,277) 15,906 20,429 11,318 68,192 21,684 6,818 Markets EquityFund USD 905 101 Lazard Developing – – – 31/03/2020 (3,738,574) (4,333,374) (4,333,374) (4,209,717) (4,151,382) (7,078,521) 1,100,047 1,627,608 (58,335) (66,169) (57,488) (58,316) (25,538) 255,607 608,437 438,346 59,098 33,621 73,267 9,721 6,268 3,855 USD (19) 764 – –

47 LAZARD GLOBAL ACTIVE FUNDS PLC 48 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest ** figuresofLazardGlobal The totalCompany Active Fundsplcinclude theFundsnotauthorisedinSwitzerland. * Effective12May2021, FundnamechangedfromLazardGlobal Fixed IncomeFundtoLazard GlobalSustainableFixed Income Fund. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. operations netassetsattributabletoredeemableparticipatingshareholdersfrom Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax securities Foreign gainstaxonappreciated capital thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) oninvestmentsandforeigncurrency Net movementinunrealised gain/(loss) Dividend income Bond income Investment income Statement ofComprehensive Income(continued) (continued) Notes 12 0 0 0 0 0 0 0 0 0 0 0 3 0 0 3 3 0 0 0 0 4 0 0 0 4 0 0 0 0 0 3 0 0 0 Sustainable 31/03/2021 2,757,991 1,509,920 2,438,468 2,438,468 2,446,181 2,487,046 (40,865) (40,289) 827,592 153,346 420,332 270,945 Financial year ended31March 2021 (7,713) 11,353 10,102 72,027 18,520 1,185 4,412 (576) USD 147 Fixed IncomeFund – – – – – Lazard Global 31/03/2020 (492,166) (54,994) (54,881) 825,037 895,151 559,395 140,234 578,928 578,928 587,671 642,665 258,786 (8,743) (6,300) 69,580 21,590 2,885 9,719 7,294 9,470 (113) USD 899 – – – – *

1,186,778,829 1,104,983,197 1,104,932,481 1,117,445,220 1,146,870,517 973,372,076 104,248,791 (29,425,297) (29,361,114) (12,878,164) 107,664,015 40,047,746 31/03/2021 31,842,503 1,096,287 5,807,562 Global ActiveFundsplc ** (139,434) 618,739 (64,183) 365,425 827,592 142,048 201,628 611,105 346,613 47,616 50,716 USD (685,921,178) (685,926,831) (671,138,046) (628,203,432) (582,892,075) (732,596,610) (42,934,614) (42,878,883) (18,732,613) 141,067,991 31/03/2020 37,490,997 45,794,169 3,943,828 5,853,636 1,024,139 5,606,328 1,614,413 (482,812) (55,731) 851,692 132,451 192,352 685,654 414,940 564,111 Lazard 5,653 USD

shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Lazard Global ActiveFundsplc Statement ofFinancialPosition * Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Note 8 1,417,891,412 1,417,891,412 1,425,756,155 1,321,348,462 31/03/2021 99,866,722 Infrastructure EquityFund 7,864,743 1,856,331 2,565,056 3,152,015 3,415,523 1,125,445 291,341 (continued) Lazard GlobalListed GBP – – – – 3 1,293,822,227 1,293,822,227 1,318,486,643 1,170,012,325 139,984,173 31/03/2020 24,664,416 10,577,451 5,579,275 7,143,305 2,762,345 4,181,315 1,880,913 1,011,287 18,670 GBP – – – 31/03/2021 37,556,605 37,556,605 37,617,368 36,946,202 Financial year ended31March 2021 Sustainable 656,312 60,763 60,763 14,842 USD 12 – – – – – – – – Lazard Global qiy Fund * Equity 31/03/2020 15,183,082 15,183,082 15,253,951 14,708,306 520,932 70,869 70,869 15,018 8,851 USD 844 – – – – – – –

129,596,090 129,596,090 129,838,906 127,192,405 31/03/2021 1,926,138 Managed Volatility Fund 242,816 185,341 692,380 27,907 57,475 USD 76 – – – – – – Lazard Global 174,369,399 174,369,399 175,238,134 168,533,782 31/03/2020 5,898,541 516,358 868,735 352,377 805,030 USD 705 76 – – – – – –

49 LAZARD GLOBAL ACTIVE FUNDS PLC 50 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distribution payable Investments purchasedpayable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Other assets Investments incomereceivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Redemptions payable Total assets Investments soldreceivable Subscriptions receivable The accompanying notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Statement ofFinancialPosition(continued) Note 8 31/03/2021 30,386,902 29,388,606 30,201,747 30,201,747 185,155 118,226 951,564 (continued) 66,929 46,731 Global ThematicFund USD – – – – – – – 1 31/03/2020 19,585,586 18,310,898 19,121,403 19,121,403 277,786 546,521 464,183 588,101 Lazard 92,900 91,477 93,497 45,957 2,632 USD – – – –

Global ThematicFocusFund 149,091,787 143,792,589 147,701,072 147,685,698 31/03/2021 Financial year ended31March 2021 1,406,089 1,066,416 4,612,587 222,652 624,822 117,021 15,374 61,742 USD 47 – – – – 31/03/2020 16,650,083 15,719,155 16,372,748 16,371,984 233,639 278,099 249,580 681,862 Lazard 28,519 10,761 4,666 USD 764 – – – – –

Global EquityFranchiseFund 301,087,218 272,944,035 295,667,573 295,667,573 31/03/2021 11,703,571 11,381,173 4,591,944 5,419,645 4,690,508 321,455 404,420 466,430 3,262 USD 65 – – – 350,666,106 327,393,903 336,118,529 336,118,529 31/03/2020 13,091,479 14,547,577 13,514,635 1,747,614 7,838,875 276,149 707,326 555,958 Lazard 49,467 38,277 USD – – –

shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Lazard Global ActiveFundsplc Statement ofFinancialPosition(continued) The accompanying notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Note 8 31/03/2021 16,417,051 16,417,051 16,717,322 16,213,960 300,271 194,537 111,034 292,747 (continued) 72,545 33,189 92,692 European EquityFund 6,875 EUR 14 – – – – 31/03/2020 30,790,288 30,790,288 30,972,137 30,377,918 181,849 160,337 112,526 101,632 373,382 Lazard 19,578 6,679 1,934 EUR – – – – –

31/03/2021 85,528,114 85,528,114 85,714,653 83,440,431 Financial year ended31March 2021 1,558,879 453,796 186,539 186,092 152,173 109,374 Lazard Pan-European EUR 447 – – – – – – Small CapFund 31/03/2020 55,031,589 55,031,589 55,295,275 52,904,244 1,791,875 374,815 263,686 233,470 106,400 29,491 18,352 11,864 88,450 EUR – – – –

US EquityConcentratedFund 637,010,175 637,010,175 640,207,756 627,158,521 31/03/2021 11,814,404 1,140,240 3,197,581 1,291,128 808,697 766,213 426,133 USD – – – – – 1 338,659,916 338,659,916 341,547,817 330,046,187 31/03/2020 1,977,624 1,532,654 2,887,901 8,681,338 767,456 142,821 378,460 907,847 Lazard 1,331 USD – – – –

51 LAZARD GLOBAL ACTIVE FUNDS PLC 52 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Other assets Investments incomereceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Investments soldreceivable The accompanying notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Statement ofFinancialPosition(continued) Note 8 1,245,289,004 1,241,148,153 1,241,148,153 1,218,413,616 31/03/2021 13,283,382 13,322,479 4,140,851 3,654,329 449,913 269,527 (continued) 36,609 Strategic EquityFund JPY – – – – – – Lazard Japanese 865,120,794 852,118,246 852,118,246 764,510,311 31/03/2020 13,002,548 13,360,441 86,969,074 4,027,473 8,543,038 432,037 280,968 JPY – – – – – –

322,055,343 319,300,467 319,300,467 314,484,200 31/03/2021 Financial year ended31March 2021 1,909,271 1,805,840 2,754,876 1,761,209 3,769,627 228,900 131,034 715,233 4,903 Markets EquityFund USD – – – 2 Lazard Emerging 708,312,704 699,055,485 699,055,485 670,819,345 31/03/2020 30,043,213 1,458,288 1,775,085 2,716,986 4,950,296 9,257,219 2,031,230 3,273,330 440,313 60,295 1,542 USD – –

31/03/2021 24,557,943 48,543,037 48,769,764 64,680,110 15,910,346 15,910,346 15,575,290 24,151,253 Markets CoreEquityFund 104,345 127,609 291,279 99,118 USD – – – – – Lazard Emerging 31/03/2020 66,376,882 65,343,975 65,343,975 64,487,279 1,032,907 856,828 133,842 751,140 147,925 131,085 854,805 43,541 3,344 USD – – – –

shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Lazard Global ActiveFundsplc Statement ofFinancialPosition(continued) The accompanying notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Note 8 371,960,488 369,595,594 369,595,594 362,654,213 31/03/2021 Lazard EmergingMarkets 2,364,894 1,804,326 1,581,239 6,379,239 420,826 138,810 905,767 440,030 Equity Advantage Fund (continued) USD 932 – – – – 151,199,966 144,928,335 144,928,335 139,149,496 31/03/2020 6,271,631 5,943,801 7,091,959 4,286,384 257,802 361,753 269,067 41,307 68,023 2,005 USD – – –

135,185,609 134,919,933 134,878,938 131,739,780 31/03/2021 Lazard EmergingMarkets Financial year ended31March 2021 3,036,720 Managed Volatility Fund 173,001 409,109 306,671 133,670 40,995 USD – – – – – – – 146,015,252 130,971,573 130,966,684 126,891,381 31/03/2020 15,048,568 14,982,267 10,659,780 8,128,142 246,033 66,301 89,916 4,889 USD – – – – – 31/03/2021 31,320,368 31,210,785 31,210,785 30,129,370 1,121,969 106,051 109,583 68,661 3,532 Markets EquityFund USD 368 Lazard Developing – – – – – – – 31/03/2020 20,913,445 20,738,467 20,738,467 20,301,633 132,184 174,978 546,630 30,680 42,090 12,114 14,858 8,234 USD – – – – –

53 LAZARD GLOBAL ACTIVE FUNDS PLC 54 LAZARD GLOBAL ACTIVE FUNDS PLC Net assetsattributabletoredeemableparticipatingshareholders costs Adjustment forwrite-offoforganisational Net assetsattributabletoredeemableparticipatingshareholders Total liabilities Lazard Global ActiveFundsplc Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Other assets Subscriptions receivable Financial Statements Investments incomereceivable Investments soldreceivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets ** figuresofLazardGlobal The totalCompany Active Fundsplcinclude theFundsnotauthorisedinSwitzerland. * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Statement ofFinancialPosition(continued) (continued) Note 8 Sustainable 31/03/2021 35,971,240 35,971,240 37,495,797 35,519,470 1,524,557 1,672,202 544,975 899,931 304,125 79,651 USD – – – – – – – Fixed IncomeFund Financial year ended31March 2021 Lazard Global 31/03/2020 38,241,711 38,241,711 40,535,329 36,750,535 2,293,618 1,319,337 2,758,072 727,922 878,705 296,432 95,576 2,368 USD – – – – – *

4,386,393,420 4,307,113,691 4,307,057,322 4,113,284,970 213,603,632 79,336,098 57,294,420 31/03/2021 32,927,890 19,054,905 6,269,283 7,495,259 9,315,921 6,452,441 Global ActiveFundsplc 26,764 56,369 3,756 USD 277 3,823,233,853 3,737,122,625 3,737,116,972 3,512,892,279 250,178,794 31/03/2020 86,116,881 13,038,540 41,865,166 10,359,908 46,715,428 16,719,624 9,038,204 7,702,371 235,335 604,835 Lazard 5,653 USD 250 **

shareholders atendoffinancialyear Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations participating toredeemable Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialyear Net assetsattributabletoredeemableparticipating Financial Statements Lazard Global ActiveFundsplc Participating Statement ofChangesinNetAssetsAttributabletoRedeemable * Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Shareholders Notes 2 5 5 1,417,891,412 1,293,822,227 (486,380,958) 150,365,923 460,084,220 31/03/2021 Infrastructure EquityFund (continued) Lazard GlobalListed GBP – – 1,293,822,227 1,308,153,004 (128,398,460) (439,828,255) 553,895,938 31/03/2020 GBP – – 31/03/2021 (4,260,278) 10,571,381 37,556,605 15,183,082 16,061,046 Financial year ended31March 2021 Sustainable 1,374 USD – Lazard Global qiy Fund * Equity 31/03/2020 (1,129,821) (5,430,799) 15,183,082 13,306,506 8,437,196 USD – –

(90,407,447) 129,596,090 174,369,399 31/03/2021 34,434,668 11,157,023 Managed Volatility Fund 42,447 USD – Lazard Global (28,456,176) (60,415,049) 174,369,399 232,566,015 31/03/2020 30,671,053 3,556 USD –

55 LAZARD GLOBAL ACTIVE FUNDS PLC 56 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc shareholders atendoffinancialyear Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations participating toredeemable Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialyear Net assetsattributabletoredeemableparticipating Financial Statements The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable Notes 2 5 5 31/03/2021 (4,489,439) 30,201,747 11,009,675 19,121,403 4,560,108 (continued) Global ThematicFund USD – – (55,589,368) 31/03/2020 19,121,403 56,526,868 15,052,196 3,097,298 Lazard 34,409 USD –

Global ThematicFocusFund (20,050,070) 147,701,072 116,518,574 31/03/2021 16,372,748 34,852,398 Financial year ended31March 2021 7,422 USD – 31/03/2020 (3,844,135) 16,372,748 20,293,756 (76,873) Lazard USD – – –

Global EquityFranchiseFund (333,504,434) 295,667,573 336,118,529 152,490,584 140,439,578 31/03/2021 123,316 USD – (117,454,773) (104,071,585) 336,118,529 295,592,495 262,052,392 31/03/2020 Lazard USD – –

shareholders atendoffinancialyear Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations participating toredeemable Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialyear Net assetsattributabletoredeemableparticipating Financial Statements Lazard Global ActiveFundsplc Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Notes 2 5 5 (24,114,944) 31/03/2021 16,417,051 30,790,288 7,921,593 1,791,607 (continued) 28,507 European EquityFund EUR – 31/03/2020 (4,305,152) (5,210,381) 30,790,288 36,917,101 3,388,720 Lazard EUR – –

(16,112,692) 31/03/2021 35,252,637 85,528,114 55,031,589 11,344,073 Financial year ended31March 2021 12,507 Lazard Pan-European EUR – Small CapFund (17,381,204) (57,592,389) 31/03/2020 55,031,589 70,181,650 59,808,270 15,262 EUR –

US EquityConcentratedFund (255,494,533) 197,112,367 637,010,175 338,659,916 356,716,159 31/03/2021 16,266 USD – (101,055,032) (31,009,776) 338,659,916 334,654,550 136,070,174 31/03/2020 Lazard USD – –

57 LAZARD GLOBAL ACTIVE FUNDS PLC 58 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc shareholders atendoffinancialyear Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations participating toredeemable Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialyear Net assetsattributabletoredeemableparticipating Financial Statements The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable Notes 2 5 5 1,241,148,153 (292,539,371) 520,314,099 852,118,246 161,118,501 31/03/2021 136,678 (continued) Strategic EquityFund JPY – Lazard Japanese (1,821,869,124) 2,623,055,554 (218,120,184) 852,118,246 267,055,488 31/03/2020 1,996,512 JPY –

(661,145,750) 192,573,632 699,055,485 319,300,467 31/03/2021 88,321,233 Financial year ended31March 2021 495,867 Markets EquityFund USD – Lazard Emerging (1,033,502,456) 1,371,475,924 (220,513,190) 699,055,485 581,595,207 31/03/2020 USD – –

(101,498,378) 31/03/2021 39,828,214 65,343,975 15,910,346 12,170,595 Markets CoreEquityFund 65,940 USD – Lazard Emerging (15,804,456) (11,090,937) 31/03/2020 75,864,491 65,343,975 16,374,877 USD – –

shareholders atendoffinancialyear Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations participating toredeemable Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialyear Net assetsattributabletoredeemableparticipating Financial Statements Lazard Global ActiveFundsplc Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Notes 2 5 5 (93,913,674) 369,595,594 144,928,335 232,639,344 31/03/2021 85,666,946 Lazard EmergingMarkets 274,643 Equity Advantage Fund (continued) USD – (31,546,181) 144,928,335 181,933,331 31/03/2020 (9,199,921) 3,741,106 USD – –

(68,088,127) 134,919,933 130,971,573 31/03/2021 63,521,329 Lazard EmergingMarkets Financial year ended31March 2021 8,515,158 Managed Volatility Fund USD – – (39,230,523) 130,971,573 170,202,096 31/03/2020 USD – – – – 31/03/2021 (8,106,959) 13,909,289 31,210,785 20,738,467 4,657,171 12,817 Markets EquityFund USD Lazard Developing – 31/03/2020 (4,333,374) (9,236,380) 20,738,467 31,202,046 3,102,666 3,509 USD –

59 LAZARD GLOBAL ACTIVE FUNDS PLC 60 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc of financialyear Net assetsattributabletoredeemableparticipatingshareholdersatend Foreign currency adjustment translation from operations shareholders toredeemableparticipating Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating beginning offinancialyear Net assetsattributabletoredeemableparticipatingshareholdersat Financial Statements ** figuresofLazardGlobal The totalCompany Active Fundsplcinclude theFundsnotauthorisedinSwitzerland. * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable

(continued) Notes 2 5 5 Sustainable (14,871,778) 31/03/2021 35,971,240 38,241,711 10,157,940 2,438,468 4,899 Financial year ended31March 2021 USD Fixed IncomeFund – Lazard Global (14,616,374) 31/03/2020 38,241,711 20,541,502 31,737,655 578,928 USD – – *

(2,351,775,467) 1,104,983,197 4,307,113,691 3,737,122,625 1,624,298,026 191,377,045 31/03/2021 1,108,265 Global ActiveFundsplc USD (2,107,593,305) 3,737,122,625 4,346,752,747 2,264,579,493 (685,921,178) (80,932,441) 31/03/2020 237,309 Lazard USD **

the Company are setoutintheProspectus theFunds. for andrelevant Supplements FixedGlobal Sustainable GlobalFixed Lazard Income Fund Income Fund). (formerly The investment objectives ofeachFund within AdvantageEquity Fund, EmergingMarkets Managed Lazard Volatility Fund, Fund Markets Developing Equity Lazard andLazard are presented inUSD, istheCompany’s which presentation currency. adopted thefunctionalofeach Fund currency asthepresentation eachFund, for currency andtheCompany financial level statements Fund Equity Poundis which (“GBP”). Sterling are GlobalListedInfrastructure which EuroandLazard (“EUR”) The Company has Fund Equity isJapanese which Strategic Yen Fund European Lazard Equity Pan-European andLazard CapFund (“JPY”), Small economic environment (the itoperates inwhich primary “functional currency”). Japanese exceptLazard for (“USD”) This isUSDollar (a) Functional in the Company’s and presentation Items included currency: financial statements are measured of the using thecurrency Foreign ExchangeTranslation statements oftheCompany continue tobeprepared on agoing concern basis. significantdoubt upon thatmaytheCompany’s cast uncertainties tocontinue asagoing concern. ability Therefore, thefinancial Company hastheresources tocontinuetheforeseeable inbusinessfor future. Furthermore, management isnotaware ofany material The Company’s management hasmade anassessmentoftheCompany’s tocontinue asagoing concern and issatisfied ability thatthe Going Concern at fairvalue, andtheCompany shareholders. toredeemable provides astatementofchanges innetassetsattributable participating Flows” oftheCompany’s nottoprepare all flow statementon thebasisthatsubstantially acash investments liquidandcarried are highly The Company has availedoftheexemption availabletoopen-endedinvestment fundsunderFRS 102, 7 Section ofCash “Statement Accounting Practice inIreland). are andfairview those accounting standardsstatements givingatrue issuedby theFinancial Accepted Council(Generally Reporting Regulations.Regulations BankUCITS andtheCentral Accounting accepted inIreland standards generally inpreparingfinancial and inaccordance accepted withaccounting inIreland standards generally andtheprovisions oftheCompanies Act 2014, UCITS financial liabilities heldatfairvaluethrough profit orloss. The financial statementshave beenprepared on agoing concernbasis The financial statements are prepared costconvention underthehistorical asmodified by therevaluation offinancial assetsand Basis ofPreparation Companies Act 2014, Regulations. Regulations BankUCITS andtheCentral UCITS intheUnitedKingdom applicable andRepublicofIreland” Standard Reporting the (“FRS102”)andIrishstatutecomprising The financial thefinancial statements for year ended31March 2021have beenprepared in accordance withFRS Financial 102 “The Statement ofCompliance stated. shareholders unlessotherwise participating are setoutbelow. references All tonetassetsthroughout thefinancial toredeemable statementsrefer tonetassets attributable The significantaccounting policies andestimation adopted techniques by theCompany inthepreparation ofthefinancial statements 2. SignificantAccountingPolicies Equity Fund,European Equity Pan-European Lazard Cap Fund, Small ConcentratedFund, USEquity Lazard JapaneseStrategic Lazard Volatility Fund, Global Lazard Thematic Fund, Global Lazard Thematic Focus Fund, Franchise GlobalEquity Lazard Fund, Lazard Fund, Fund), Select Equity GlobalSustainable Lazard Fund Equity GlobalSustainable GlobalManaged (formerly Lazard Lazard Equity The Company hassixteenFunds currently inexistenceasat31March 2021asfollows: GlobalListedInfrastructure Lazard representing Fund aseparate oftheCompany. an umbrella fundinthattheshare oftheCompany ofshares capital maywithone bedividedintodifferentormore classes classes Investment in Transferable Regulations"). RegulationsBankUCITS 2019(the"Central Securities) The Company as isstructured Collective for andEnforcement) Act48(1))(Undertakings 2013(Section Regulations”) Bank(Supervision andtheCentral “UCITS the European Collective CommunitiesInvestment for in (Undertakings Transferable Regulations, Securities) 2011 (asamended) (the Bank of Ireland (the Bank”) “Central Collective Investment for in as an Undertaking Transferable pursuant to (“UCITS”) Securities the and collectively “Funds”) organisedunderthelawsofIreland. The Company qualifies inIreland andisauthorised by theCentral referred toasthe asanumbrella between itssubfunds(individually structured fundandwithsegregated capital liability variable “Fund” GlobalActiveLazard Funds on 1996asanopen-endedinvestment 10April company plc(the wasincorporated with “Company”) 1. General Notes totheFinancialStatements Lazard Global ActiveFundsplc Fund, Fund, EmergingMarkets Equity Lazard EmergingMarkets Fund, Core Lazard Equity EmergingMarkets Lazard Financial year ended31March 2021

61 LAZARD GLOBAL ACTIVE FUNDS PLC 62 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc year andprevious financial year, theCompany appliedFair Value Adjustment Factors Funds. certain for on ofsecurities themarket price where and mid-market price the investment where is a fixed security price the investment income is an equity security. the financial During 11and12 ofFRSSections 102. Accordingly, thefairvaluation bothfinancial inpututilisedfor assetsandfinancial liabilitiesisthelasttraded 39 “Financial Instruments: Recognition andMeasurement” asadopteduseintheEuropean for requirements Union andthedisclosure of In accordance withFRS 102, theCompany hasappliedtherecognition andmeasurement provisions ofInternationalAccounting Standards (iv) FairValue Estimation ofComprehensivepresented intheStatement Income inthefinancial year arise. they inwhich changes in the fair value of the financial assets or financial are liabilities at fair value through profit from arising or loss category recognition, financial all assetsandfinancial liabilitiesatfairvaluethrough profit orlossare measured atfairvalue. Gainsandlosses Financial assets and financial liabilitiesatfair value through profit recognised orlossare atfairvalue. initially toinitial Subsequent (iii) Measurement andrewards risks of ownership.expired all ortheCompany hastransferred substantially profit orlossare expensedasincurred. theinvestments have Investments are derecognised toreceive flows whentherights from cash theasset.sell Investments recognised are atfairvalue, initially atfairvaluethrough financial andtransaction all costsfor assetscarried Regular-way purchases andsales ofinvestments are recognised on tradedate, thedateonCompany which commits topurchase or (ii) RecognitionandDerecognition a fairvaluebasistogether withotherrelated financial information. Company’s the relevant Investment is for Manager about thesefinancial and the policy Directors the information assets on to evaluate on afairvaluebasisinaccordance evaluated withtheCompany’smanaged andtheirperformance documentedinvestment strategy. The loss atinception. Financial assetsandfinancial liabilitiesdesignatedatfairvaluethrough profit orlossatinception are thosethatare financial assets and financial tradingordesignatedby liabilitiesare asheldfor theDirectors classified atfairvaluethrough profit or asfinancialThe Company itsfinancial assetsorfinancial classifies instruments liabilitiesatfairvaluethrough profit orloss. These (i) Classification Financial Instruments thoseestimates. Actual results from coulddiffer assets andliabilitiesatthedateoffinancial thefinancial amounts ofincome statementsandthereported andexpensesduring year. ofcontingentmanagement amountsofassetsandliabilitiesdisclosure tomakeestimatesandassumptions thereported thataffect The preparation ofthe financial statements, inaccordance accepted withaccounting inIreland, standards generally requires Accounting EstimatesandJudgements foreignexchange innetrealised currency contracts aregainsandlosseson investments included andforeignon currency. settledforward between thetransaction andsettlementdatesondenominatedlosses arising purchasesinthenon-base orsalesofsecurities currencies and innetmovement inunrealisedunrealised gainsandlosseson investments gainorlossisincluded andforeign currency. Realisedgainsand exchange contractsare which outstandingatthefinancial year rates. endare valuedatthefinancial year endforward The resulting innetmovement inunrealised gainsandlosseson investmentsliabilities isincluded andforeign currency. Forward foreign currency atthedatesoftransactions.exchange ruling rates andotherassets The resultingon translation ofsecurities gainorlossarising atthefinancial yearat theexchangeruling rate end. Transactions inforeign currencies are intothefunctionalat translated currency (b) Assets and liabilities other than those denominated in the functional of each Fund currency are into the functional translated currency financial year. This isanotionalhasnoimpact amountwhich on theresults oftheindividualFunds. of Changes inNet toRedeemableParticipating AssetsAttributable reflects Shareholders the themovement inexchangefor rates The foreign translation adjustment currency ofUSD191,377,045(31March 2020: intheStatement USD(80,932,441))included oneffect thenetassetvaluepershare totheindividualFunds. attributable inNote exchange are 7. All rates disclosed thefinancial have toUSDusinganaverage for Shareholders beentranslated rate year asanapproximation actual for rates. This hasno ofComprehensive ofChangesin theStatement inNet IncometoRedeemableParticipating andtheStatement AssetsAttributable financial liabilitiesinthefinancial statementshave toUSDattheexchange atthefinancial beentranslated rate year end. The amounts For of combining the financial the purpose statements of each Fund at the aggregated to arrive figures Financial year ended31March 2021

(continued) Comprehensive Income inthefinancial year arise. they inwhich of in thefairvalueoffinancial intheStatement assetsandfinancial are liabilitiesatfair valuethrough included profit orlosscategory Realised gainsandlossesare basedon anaverage calculated cost basis. changes Realisedandunrealised from gainsandlossesarising Realised andUnrealised GainsandLossesonInvestments cost. at amortised gains taxon appreciated andexpensespayable. securities measuredThese amountsare atfairvalueandsubsequently recognised initially income ofinvestmentsAccrued andexpensescomprise income receivable, otherassets, payable, distribution foreign capital accrued Accrued Position, respectively. cost. measuredThese amountsare atamortised atfairvalueandsubsequently recognised initially purchased/redeemablesecurities shares redeemed thathave beencontractedbutnotyet ofFinancial for settledon theStatement Receivables andpayables awaitingsettlementrepresent sold/redeemable receivables securities shares for issuedandpayable for Receivables andPayables Bank overdrafts, ifany, ofFinancial intheStatement are shown separately Position. Cash at bank is valued at face value, with interest where at relevant valuation point onaccrued applicable the relevant business day. Cash atBank P-Notes security. are valuedby reference oftheunderlying tothemarket price (ii) ParticipatoryNotes(“P-Notes”) ofComprehensivegains andlossesare otherforeigngainsandlossesintheStatement withall currency Income. reported ofFinancial exchangecurrency contracts intheStatement isreported Position ofComprehensive andtheStatement Income. Realised outthe contract as atthefinancial year to close rate end.the contracted andtheforward rate foreign Unrealised gainorlosson forward foreignexchangeby currency contracts iscalculated referenceThe unrealised tothedifference gain orlosson between openforward (i) Forward Foreign Currency ExchangeContracts subjecttotheconditionsinvestment andwithinthelimitslaiddown purposes by theProspectus Bankandtheseare andtheCentral asfollows: Each oftheFunds may management employ and/or efficient for investment portfolio andfinancial techniques instruments derivative FixedGlobal Sustainable Income Fund. of theNAV. Fair Value Adjustment Factors were Funds, appliedtoall ConcentratedFund USEquity exceptLazard for Lazard and are atthevaluation point andwhat the samesecurities estimatedtobeworth prices divergence exchange closing pricing between local ofnon-UStoUSexchanges. exchangesthe closure prior ofFairThe application Value Adjustment Factors provides anestimateofthe Fair Value Adjustment Factors were applied, where applicable, ofpotentialmarket basistomanage timingdueto therisk on adaily Valuations by theDirectors undertaken inthePortfolio asat31March 2021are disclosed ofInvestments. relevant brokers. aretraded securities valuedingood faithby including third theDirectors parties basedon quotations received from analysis, usedby modelsandothervaluationcommonly option techniques pricing market participants. andthinly Unlistedsecurities Financial Position date. Valuation theuseofcomparable recent arm’s usedinclude techniques lengthtransactions, flow discountedcash ofmethodsandmakesassumptions thatareCompany basedon market of usesavariety conditions existing ateachStatement thatareThe fairvalueoffinancial nottraded inanactive instruments market by isdetermined usingvaluation techniques. The with care andingood faithby thecompetent person whohasbeenappointedby theDirectors andapproved by theDepositary. not, intheopinion oftheDirectors, reflect theirfairvalueorare notavailable, betheprobable thevalueshall realisable valueestimated securities. market such market constitutes for which theprincipal does specificormid-market Iffor price assetsthelasttradedprice andwhere theinvestment isafixed security investment income isanequity security, exchange onor atthemid-market thestock price listed on a recognised exchange or traded on stock anySecurities other organised market are where valued at the last traded price the (iv) FairValue Estimation Financial Instruments(continued) 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Income andExpenses Financial year ended31March 2021 (continued)

63 LAZARD GLOBAL ACTIVE FUNDS PLC 64 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc innetrealised gainsandlosseson ofComprehensive investmentsincluded andforeignintheStatement currency IncomeeachFund. for oftheinvestment identifiable.price andare notseparately Transaction costson thepurchase andsale ofequitiesandinvestment fundsare foreign exchange inthepurchase currency contracts andsale areon thepurchase included andsaleoffixed andforward income securities loss plustransaction totheacquisition coststhatare attributable orissueofthefinancial directly assetorfinancial liability. Transaction costs instrument. a financial is recognised asset or financial initially, liability When measure shall it at its fairvaluethrough anentity profit or liability. An incremental costisone thatwould nothave had beenincurred notacquired, iftheentity issuedordisposedofthefinancial Transaction costs are incremental totheacquisition, coststhatare attributable directly issueordisposalofafinancial assetorfinancial Transaction Costs ofChanges inNettransactions toRedeemable Participating in theStatement AssetsAttributable Shareholders. the Funds asaresult ofshareholder transactions. share inthemovement innetassetsresulting Anti-dilutionare from levies included the cost related within to the associated purchase or sale of is securities paid to the FundsThe anti-dilution levy and is used to defray Anti-Dilution Levy netincome.undistributed ofComprehensive intheStatement Income indistributions Income. equalisation amountsare included arrangements have on noeffect theNet Asset Value of any share class. ofequalisationThe calculation isbasedon totalaccumulated by isnotaffected inrespect changes inthenumberofsharesperiod. period distributed ofthedistribution inissueduring The toeachFund.Income equalisation arrangements apply The arrangements are intendedtoensure thattheincome pershare is which Equalisation thefinancialduring years ended31March 2021and31March 2020. reflected inthe Net Asset Value oftherelevantaccumulating share class. refer toNote detailsofanypaid 12for distributions Please accumulating beaccumulated, will share class reinvested intherelevant Fund be andwill on behalfoftheshareholders ofthatclass ofshare notbepaidinrespect isan accumulatingDividends will which ofany class class. Income andprofits, ifany, toan attributable thefinancial ofComprehensive withanex-dateduring year asafinanceDistributions costintheStatement are Income. included Distributions, ifdeclared, bepaidoutofaFund’s only will netinvestment income return. Distributions simultaneously.settle theliability the recognised to amounts offset and there enforceable right is an intention to settle ona legally a net basis or realise the asset and Financial ofFinancial assetsandfinancial intheStatement andthenetamountreported liabilitiesare offset Position where there is Offsetting FinancialInstruments Expenses are basis. accounted on for anaccruals Expenses of any non-recoverable withholdingtaxes, ofComprehensive intheStatement Income. separately are which disclosed Dividend income ofComprehensive isrecognised intheStatement Income on anex-dividendbasis. Dividendincome isshown gross Dividend Income the financial instrument, where period appropriate, orashorter amountofthefinancial assetorfinancial liability. tothenetcarrying orreceipts discountsestimatedfuture payments throughoutThe effective interest thatexactly cash of istherate theexpectedlife rate tax, ofComprehensive intheStatement Income, separately isdisclosed which andnetofany taxcredits. interest income orinterest expenseover therelevant financial year. Bond interest income gross isreported ofirrecoverable withholding the costofafinancial andofallocating assetorfinancialThe effective interest theamortised liability methodisaofcalculating interest method. Interest income andexpenseare ofComprehensive usingtheeffective recognised intheStatement debtinstruments Incomeall for Interest IncomeandExpense 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Financial year ended31March 2021

(continued) A Acc CHFHedged *** Effective23June2020, waschangedfrom1.00% to0.85%. feerate management ** Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelectto SustainableEquityFund. * Effective13May2020, waschangedfrom1.00%to0.85%. feerate management Class The Manager isentitledtoacharge perannumoftheNet Asset Value shares respectively toeach ofthefollowing classes: attributable andcontrol oftheDirectors. supervision subject totheoverall The Managerthemanagement hasresponsibilityfor andadministration oftheCompany’s oftheshares, affairsandthedistribution Management Fees 3. Fees incurred by each Fund thefinancial during years ended31MarchinNote 2021and31March 3. 2020are disclosed in Note 3. as disclosed fees in Depositary costs are included identifiableThese costs are transaction costs and the separately total costs identifiable brokeragecosts include charges, commissions, transaction related taxes andothermarket charges. transaction Depositary andthesub-custodian. transaction costspaidtotheDepositary transaction costsinclude andsalestransaction Purchases Depositary Transaction Costs(continued) 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc A Acc EUR A Acc A Acc EURHedged A Acc GBP A Acc A Acc USD A Acc A Acc USDHedged A DistEUR A DistEURHedged A DistGBP A DistUSD A DistUSDHedged B Acc CHFHedged B Acc EURHedged B Acc GBP B Acc B Acc USDHedged B DistUSDHedged BP Acc USD BP Acc BP Acc USDHedged BP DistUSD BP DistUSDHedged C Acc EURHedged C DistEURHedged C Acc GBP C Acc C DistGBP C DistUSDHedged E Acc GBP E Acc E Acc USD E Acc E DistGBP E DistUSD EA Acc EUR EA Acc EA Acc GBP EA Acc EA Acc USD EA Acc EA DistGBP Listed Infrastructure Lazard Global Equity Fund 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 1.75% 1.75% 1.75% 1.75% 1.75% 2.00% 2.00% 2.00% 2.00% 0.85% 0.85% 0.85% 0.85% ------

Lazard Global Equity Fund** Sustainable 0.85%*** 0.85%*** 1.75% 1.75% 0.75% 0.75% 0.50% 0.50% 0.50% ------

Global Managed Volatility Fund Lazard 0.65% 0.65% 0.65% 0.65% 0.55% ------

Thematic Fund Lazard Global Financial year ended31March 2021 0.85% 0.85% 0.85% 0.75% ------Global Thematic Focus Fund (continued) 1.00%* 1.00%* 1.00%* 1.00%* Lazard 0.85% 0.50% 0.50% ------

65 LAZARD GLOBAL ACTIVE FUNDS PLC 66 LAZARD GLOBAL ACTIVE FUNDS PLC Class **** Effective23June2020, was changedfrom1.00%to0.85%. feerate management *** Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. ** Effective13May2020, waschangedfrom1.00%to0.85%. feerate management feeisupto1%. * Management EA DistGBP EA DistEUR EA Acc USD EA Acc EA Acc GBP EA Acc EA Acc EUR EA Acc E Acc GBP E Acc C DistUSD C DistGBPHedged C DistGBP C Acc USD C Acc C Acc GBP C Acc C Acc EURHedged C Acc EUR C Acc BP DistUSDHedged BP DistUSD BP Acc USDHedged BP Acc USD BP Acc B DistUSD B DistEUR B Acc USD B Acc B Acc GBP B Acc C DistGBP B Acc EURHedged C Acc GBP C Acc B Acc EUR B Acc C Acc EUR C Acc AP Acc EUR AP Acc BP DistUSD A DistUSDHedged BP Acc USD BP Acc A DistUSD B Acc USD B Acc A DistEURHedged B Acc EURHedged A DistEUR A DistUSD A Acc USDHedged A DistEURHedged A Acc USD A Acc A DistEUR A Acc JPY A Acc A Acc USD A Acc A Acc GBP A Acc A Acc GBP A Acc A Acc EURHedged A Acc EUR A Acc A Acc EUR A Acc Lazard Global ActiveFundsplc Class Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard GlobalEquity Emerging Markets Franchise Fund Equity Fund Lazard 0.50% 0.50% 0.50% 0.50% 0.75% 0.75% 0.75% 1.75% 1.50% 1.50% 1.00% 1.75% 1.75% 1.50% 0.85% 1.50% 1.00% 1.00% 0.85% 1.00% 1.00% 0.85% 1.00% 0.85% 1.00% 0.85% ------

European EquityFund Emerging Markets Core EquityFund Lazard Lazard 0.75% 0.75% 1.75% 1.75% 1.50% 0.75% 1.75% 1.75% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% ------

Lazard Pan-European Lazard Emerging Advantage Fund Small CapFund Markets Equity 0.75% 0.60% 1.50% 1.00% 0.70% 1.00% ------

Financial year ended31March 2021 Concentrated Fund Markets Managed Lazard USEquity Lazard Emerging Volatility Fund 1.00%*

0.50% 0.50% 0.50% 0.75% 0.75% 0.75% 0.75% 0.75% 2.00% 2.00% 1.50% 1.50% 1.50% 1.00% 0.75% 0.75% 0.70% 0.75% (continued) ------

Strategic EquityFund Lazard Japanese 0.85% 1.75% 1.75% 1.75% 1.75% 0.85% 0.85% 0.85% 0.85% 0.85% ------

** Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. feeisupto1%. * Management C DistUSD C DistGBP BP DistUSD USD BP Acc B DistUSD B Acc EURHedged A DistUSD A DistEUR USD A Acc GBP A Acc A Acc EURHedged EUR A Acc Class SA Acc EUR SA Acc S DistUSD S DistGBP S DistEUR S Acc USD S Acc S Acc GBP S Acc S Acc EUR S Acc I Acc CHF I Acc EA Acc USD EA Acc EA Acc GBP EA Acc charged, USD2,839,636(31March ofwhich 2020: USD5,646,159)remained payable atthefinancial year end. its fee. For thefinancial year ended31March 2021, managementofUSD31,842,503(31March fees 2020: USD37,490,997) were Managers. The Manager isresponsible andexpensesoftheInvestment thefees outof discharging Managers for andtheDistributors oftheinvestment managementThe Manager function hasdelegatedtheperformance inrespect oftheFunds totheInvestment the precedingdisclosure. rate fee time to time. has therefore The in annual management on fee the M Class (Management been excluded Class) is nil and this class tootherFundsavailable only managed oradvised by Affiliate otherpersons aLazard orto such astheManager mayfrom determine Agreement andtheInvestment between themselves Affiliate. Manager oraLazard intheMClass(Management Shares Class)are withregard besubjecttoafee will totheirinvestment intheclass intheFundsShareholders basedon theInvestment Management on theirbehalf. services outinvestmentindirect management ownership) oradvisory are appointedas theInvestment Manager tocarry ultimate parent ofthe Investment Manager asitsultimate parent, oracompany thatcompany inwhich hasatleast50%direct or AffiliateInvestors where ora Lazard (meansacompany has the to hold units in theX areshare Lazard which permitted only class Funds itsreasonable for expenses. out-of-pocket inarrears. bepayable andshall monthly daily accrue shall The above fees The Manageralsobeentitledtoreimbursed shall by the EA Acc EURHedged Class Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Markets EquityFund Lazard Developing Emerging Markets Equity Fund 1.00%* Lazard 0.85% 0.85% 1.75% 1.75% 1.00% 1.00% 1.00% 1.00% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% ------

Emerging Markets Sustainable Fixed Core EquityFund noe Fund ** Income Lazard Global Lazard 1.50% 1.50% 0.75% 0.75% 1.00% 1.00% 0.75% 0.75% 0.50% 0.50% ------

Lazard Emerging Advantage Fund Markets Equity 0.40% 0.40% 0.40% ------Financial year ended31March 2021 Markets Managed Lazard Emerging Volatility Fund 1.00%* (continued) ------

67 LAZARD GLOBAL ACTIVE FUNDS PLC 68 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc payable at thefinancial year end(31March 2020: USD192,857). expensesandare of out-of-pocket exclusive VAT. include These fees Auditors’ remuneration thefinancial for year wasUSD 150,992(31March 2020: USD157,077), USD193,011remained ofwhich financial year ended31March 2021and 31 March 2020. provided by PricwaterhouseCoopers (Ireland) andexpensespaid in respectno fees or non-audit of otherassurance the services for provided by (Ireland) PricewaterhouseCoopers the financial for year ended31March 2021(31March 2020: USDNil). There were of thefinancial statementsoftheCompany. There services were andexpensesofUSD88,558paidinrespect fees oftaxadvisory Fees auditors, andexpensespaidtothestatutory (Ireland), PricewaterhouseCoopers inrespect ofthefinancial year, relate totheaudit Auditors’ Fees USD 21,602(31March 2020: USD20,316)remained payable atthefinancial year end. Directors’ thefinancial paidduring year fees ended31March 2021were USD113,914(31March 2020: USD120,448), ofwhich Directors’ Fees 1,636,393) remained payable atthefinancial year end. expenses)amountedtoUSD5,807,562(31March 2020:pocket USD5,853,636), USD1,927,961(31March ofwhich 2020: USD The administration, the financial out-of- charged during year fees ended31 March 2021 (including and depositary agency transfer commercial alsobeatnormal charges ofanyshall sub-custodian(which rates), together withitsreasonable expenses. out-of-pocket the Funds transaction fees, commercial beatnormal shall which rates, andtobereimbursed by theFunds andtransactions thefees for Funds’ Net Asset Value. inarrears. bepayable andshall monthly daily accrue shall fees Such isalsoentitled tocharge The Depositary isentitledtobepaidby functions ofupto0.0225%the theFunds ofitstrustee The Depositary theperformance for anannualfee transaction charges, commercial beatnormal shall which rates). be charged at USD 20 perinvestor will holding at Fund of services per annum (exclusive level agency and transfer Shareholder expenses. out-of-pocket inarrears. bepayable andshall monthly daily accrue theFundsThe Administrator alsobeentitledtorecoveritsreasonable shall from The Administrator payable isentitledtoanannualfee by theFunds ofupto0.07%theFunds’ Net Asset Value. shall fees Such Administration, Transfer AgencyandDepositaryFees USD 482,812), USD26,157(31 March ofwhich 2020: USD221,456)remained receivable atthefinancial year end. reimbursedThe fees by thefinancial theManager during year ended31March 2021amountedtoUSD139,434(31March 2020: totherelevantshare class. exclusively beattributable shall not beresponsible oftheFunds, exposure thecostsofhedgingcurrency benefit share for ofany class particular costs which Fund,Equity inthecap. custodialandsub-custodialtransactions charges are included For theavoidance ofdoubt, theManager will Franchise Fund, Pan-European Lazard CapFund, Small ConcentratedFund USEquity EmergingMarkets Lazard Core andLazard brokerage expenses, custodial and sub-custodial transaction charges, stampdutiesand otherrelevanttaxes). For GlobalEquity Lazard anyexpensesinexcess for such ofthislimitwiththeexception anddisposingofinvestments oftheexpensesacquiring (including GlobalManaged Lazard for Volatility Fund EmergingMarkets Managed andLazard Volatility Fund.The Managerberesponsible will Global Fixed Income Fund). thefinancial year ended31March 2020, During Funds inexpenseswasusedall theabove cap except Fund, EmergingMarkets Managed Lazard Volatility Fund Fixed GlobalSustainable andLazard Lazard Income Fund (formerly Concentrated Fund, USEquity Lazard EmergingMarkets Fund, Core Lazard Equity Advantage EmergingMarkets Equity Lazard Fund, Equity GlobalListedInfrastructure Lazard GlobalManagedfor Lazard Volatility Fund, Franchise GlobalEquity Lazard Fund, Cap Fund is0.20%. thecap thefinancial year ended31March 2021, During Funds inexpenseswasusedall theabove cap except AdvantageEquity Fund, Franchise Global Equity of Lazard Fund is 0.23% and in the case the cap Pan-European andLazard Small per annumoftheNet Asset Value oftheFunds. GlobalManaged ofLazard Inthecase Volatility Fund EmergingMarkets andLazard heading Expenses”“Other inthesection oftheProspectus entitled “Fees andExpenses”), on expensesof0.30% cap subjecttoanoverall ofshares ofeach FundEach class oftheotherexpensesCompany portion (assetoutindetailunderthe bearitsattributable shall Reimbursement from Manager 3. Fees(continued) Notes totheFinancialStatements Financial year ended31March 2021

(continued) ** Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. * Effective23June2020, FundnamechangedfromtoLazardGlobalSustainableEquitySelectFund. Lazard GlobalSustainableFixed IncomeFund Lazard DevelopingMarketsEquityFund Lazard Emerging Markets Managed Lazard EmergingMarketsManaged Volatility Fund Lazard EmergingMarketsEquity Fund Advantage Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard Japanese Strategic EquityFund Strategic Lazard Japanese Lazard US Equity Concentrated Fund Lazard USEquityConcentrated Lazard Pan-European Fund SmallCap Lazard EuropeanEquityFund Lazard GlobalEquityFranchise Fund Lazard Global FocusThematic Fund Lazard Global Fund Thematic Lazard Global Managed Lazard GlobalManaged Volatility Fund Lazard GlobalSustainableEquitySelectFund Lazard GlobalListedInfrastructureEquityFund 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 were thefinancial during year nochargeable events underreview. In the absence of an appropriate declaration, the Company be liableto Irish will Tax on the occurrence of a chargeable event. There tothateffect. provided theCompany witharelevantdeclaration notoccurinrespect will A chargeable event ofshareholders whoare resident neitherresident inIreland norordinarily andwhohave A chargeable event doesnotinclude: A chargeableevent relevant period. acquisition oftheshares thepreceding by theshareholders ofeightyearsafter andeach subsequentperiod beginningimmediately cancellation, ofshares transfer oron theending of a ‘relevant period’, a ‘relevant period’ beinganeightyear beginningwiththe period other thanon theoccurrence ofachargeable event. on any arises distribution, achargeableevent Generally redemption, repurchase, Consolidation Act, 1997, as amended. On that basis the Company not be liable to taxation will in respect of its income and gains, Under current Irish lawandpractice, theCompany qualifies asdefined739Bofthe asaninvestment inSection undertaking Taxes 4. Taxation financial years ended31March 2021and31March 2020: transactioneachFund costsfor the during depositary the amountsfor tableshowsThe following thetotal transaction costsincluding inthisnote. separately identified. beseparately cannot oftheinvestment, inthepurchase andsaleprice areThey included andtherefore are notdisclosed Commission/brokerage foreignexchange currency contracts costson thepurchase andsaleoffixed andforward income securities the financial assetorfinancial liability. Transaction costsdetailedbelow are thetransaction costson thepurchase andsaleofequities. inNote 2,As disclosed transaction costsare incremental totheacquisition, coststhatare attributable directly issueordisposalof Transaction Costs 3. Fees(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc d)  c)  b)  a) an exchange amalgamation of shares on orreconstruction aqualifying ofaFund arising withanotherFund; or of Ireland; or any transactions asdesignatedby inrelation system order Commissioners toshares oftheRevenue heldinarecognised clearing an exchange of shares representing aFund another Fund; for or certain exchanges ofshares spouses. certain between spousesandformer * ** Currency USD USD USD USD USD USD USD USD USD USD USD USD GBP EUR EUR JPY 31 March2021 1,011,110 1,542,739 847,917 194,219 492,328 565,091 211,424 921,839 49,142 37,814 84,882 35,029 97,485 14,091 9,094 - 31 March2020 1,863,077 3,013,756 1,048,717 332,002 466,059 154,614 224,082 450,637 269,197 14,102 94,957 83,605 76,547 20,341 66,184 34,809 Financial year ended31March 2021 (continued)

69 LAZARD GLOBAL ACTIVE FUNDS PLC 70 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc the tablebelow: The activities on RedeemableParticipating thefinancial for Shares years ended31March 2021and31March 2020are detailedin of Financial Position dateiftheshareholders exercised toputtheshares totheCompany. their rights back thepresent for toafinancial valueoftheredemption give rise liability amountthatwould instruments bepayablesuch attheStatement value proportionate to the investors share in each Fund’s net assets at the redemption date. In accordance 22 of FRS with Section 102, RedeemableParticipatingAll issuedby Shares theCompany provide theinvestors torequire withtheright redemptionatthe cash for of FRS 102, theRedeemableParticipating are Shares redeemable attheshareholder's option andareasfinancial classified liabilities. assets thatmay bedeclared. The holderoftheshare isentitledtoone vote eachon apoll. 22 UnderSection andEquity”“Liabilities to a proportionate share the right inthe assets of the FundsRedeemable Participating and toany innet distributions carry Shares ofChanges inNet toRedeemable Participatingin theStatement AssetsAttributable Shareholders. as outlinedintheFunds’ totheProspectus. Supplement The valueofshares issuedandredeemedthefinancial during year issetout at therequest of theshareholder. RedeemableParticipating are andredemption Shares subscription availablefor on eachdealingday Participating ineach oftheCompany’s Shares Funds ("RedeemableParticipating Shares”). mayThey beredeemed by theCompany paid The Company share of500,000,000,000shares are has anauthorised capital ofnoparvaluewhich issueasfully available for Redeemable ParticipatingShares ofthenetassetvalueCompany. sharepart The subscriber doesnotform shareThere 1subscriber inissueandthatisheldby iscurrently theManager. shares"),GBP 1each("Equity were redeemed. which subsequently On incorporation, shareoftheCompanyshares theauthorised capital wasGBP40,000dividedinsubscriber ofparvalue Management Shares The Companyshare hasavariable capital. 5. CapitalandReserves ended 31March 2020. haveThese refunds oftheFunds apositive would impact generally on theperformance received which them. Fund MarketsDeveloping Income Equity relateaction Other which toreceiptsettlementreceived for thefinancial ofclass during year the Net Asset Value of the Funds and are recorded of Comprehensive in the Statement Income as Income”“Other exceptLazard for around theirrecoverability. recognised duetouncertainty not previously Upon receipt oftheserefunds, in theseamountsare included thefinancial years ended31March 2021and31March 2020, During Withholding Tax Refunds 4. Taxation (continued) Notes totheFinancialStatements Lazard GlobalListedInfrastructureEquityFund - A DistUSD - B Acc CHFHedged - A DistUSDHedged Hedged USD - AAcc - A DistGBP GBP - AAcc Hedged CHF - AAcc - A DistEURHedged - B Acc USDHedged - BDistUSDHedged - B Acc GBP Hedged EUR - AAcc - B Acc EURHedged - X Acc JPYHedged sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear 764,094,381 60,767,153 73,673,766 46,833,541 11,159,751 12,897,126 1,042,832 1,151,576 746,820 239,738 321,819 271,057 Shares 45,096 37,964 11,366 anumberofFunds received withholdingtaxrefunds were which 31 March2021 Value ofShare Transactions 147,974,348 114,656,006 11,287,914 89,428,338 19,076,102 26,819,066 2,236,857 7,581,193 2,713,565 3,574,554 291,318 319,283 307,708 101,782 Financial year ended31March 2021 GBP 718,042,353 116,309,519 46,142,827 63,312,408 19,290,534 7,534,691 1,385,980 9,516,433 140,698 196,922 117,256 Shares

35,324 63,441 49,745 37,720 (continued) 31 March2020 Value ofShare Transactions 115,151,607 191,367,667 128,788,467 17,025,978 13,755,055 40,928,315 17,451,145 1,602,133 217,343 269,059 964,628 638,658 596,868 421,054 GBP - BP Acc USD USD - AAcc Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalListedInfrastructureEquityFund(continued) - CDistGBP - C Acc EURHedged - M Acc USD - BPDistUSDHedged - BPDistUSD - BP Acc USDHedged Redeemable participating sharesissuedduringthefinancialyear(continued) Redeemable participating - CDistEURHedged - CDistGBP - C Acc EURHedged - M Acc USD - BPDistUSDHedged - BPDistUSD - BP Acc USDHedged USD - AAcc - A DistUSD - B Acc CHFHedged - A DistUSDHedged Hedged USD - AAcc - A DistGBP GBP - AAcc Hedged CHF - AAcc - A DistEURHedged - B Acc USDHedged - BDistUSDHedged - B Acc GBP Hedged EUR - AAcc - B Acc EURHedged - X Acc JPYHedged sharesredeemedduringthefinancialyear Redeemable participating - CDistUSDHedged Redeemable participatingsharesinissueatendoffinancialyear - CDistUSDHedged - A DistUSD - EA Acc USD USD - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalSustainableEquityFund - EA Acc GBP - M Acc USD - BP Acc USD - EADistGBP - CDistGBP - C Acc GBP * (256,608,246) (110,869,386) (27,850,309) (76,615,579) (24,726,900) (11,308,634) 212,952,978 720,439,113 (1,813,506) 1,128,514 (918,901) (186,524) (732,290) (753,104) (153,140) (328,860) 141,135 (36,548) (34,134) (49,642) (79,639) (95,735) 405,533 197,126 815,027 (35,628) 970,424 Shares Shares 33,688 (7,000) (3,844) (8,943) 39,392 19,956 48,092 84,612 21,337 77,453 2,578 1,120 1,996 4,123 314 157 157 157 31 March2021 31 March2021 – Value ofShare Value ofShare (486,380,958) (172,604,848) (147,227,989) Transactions Transactions (66,129,788) (42,491,649) (23,352,560) 460,084,220 (2,961,273) (3,872,823) (7,916,581) (1,414,044) (5,909,245) (7,271,914) (1,565,275) (1,045,754) 11,255,457 16,061,046 1,103,220 3,444,965 2,039,165 1,484,722 6,532,745 7,138,425 7,615,266 5,314,558 2,527,077 (277,121) (250,618) (449,705) (904,192) (345,669) (252,336) 261,962 (70,061) (67,513) 280,600 174,925 157,000 342,870 44,323 19,984 19,984 19,984 Financial year ended31March 2021 GBP USD – (219,947,035) (37,477,415) (92,507,708) (45,848,121) (12,231,596) (27,467,755) 265,999,063 764,094,381 (2,976,523) 1,255,768 (357,938) (188,828) (242,961) (238,492) (100,635) (50,062) (41,153) (50,751) (75,181) (87,536) 121,538 375,079 Shares Shares (continued) 52,244 (2,459) (1,857) 11,469 49,467 11,457 90,127 22,295 6,413 3,848 (32) (32) 577 31 March2020 31 March2020 – – – – – – – – – – – Value ofShare Value ofShare (439,828,255) (154,476,078) Transactions Transactions (93,966,933) (90,694,151) (22,430,390) (56,847,949) 553,895,938 (2,015,044) (6,859,049) (2,987,274) (1,443,464) (2,415,872) (2,422,370) (1,132,669) 11,257,065 8,415,394 1,024,554 3,206,426 1,978,272 6,014,252 8,437,196 (431,645) (363,594) (505,325) (729,438) 413,166 (15,268) (91,229) 401,356 363,223 81,449 (253) (260) GBP USD – – – – – – – – – – –

71 LAZARD GLOBAL ACTIVE FUNDS PLC 72 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc - A DistUSD - EA Acc USD USD - AAcc sharesredeemedduringthefinancialyear Redeemable participating Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard GlobalSustainableEquityFund - BP Acc USD - A DistEUR EUR - AAcc sharesredeemedduringthefinancialyear Redeemable participating - M Acc USD - C Acc EURHedged GBP - AAcc - A DistUSD USD - AAcc - A DistEUR EUR - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalManagedVolatility Fund * Effective23June2020, FundnamechangedfromtoLazardGlobalSustainableEquitySelectFund. Redeemable participatingsharesinissueatendoffinancialyear - EA Acc GBP - M Acc USD Redeemable participatingsharesinissueatendoffinancialyear - M Acc USD - C Acc EURHedged GBP - AAcc - A DistUSD USD - AAcc - C Acc EURHedged - M Acc USD - A DistUSD USD - AAcc - A DistGBP sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalThematicFund * (continued) 1,119,998 (526,986) (324,110) (14,378) (97,960) (98,727) 147,687 657,308 Shares Shares Shares (1,120) (3,993) (7,698) (3,880) (1,536) (2,309) 64,296 22,407 40,958 79,109 6,144 2,834 3,003 (27) 901 243 31 March2021 31 March2021 31 March2021 (4) 30 64 – – – – – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (90,407,447) (12,316,776) (62,845,349) (12,434,738) (4,260,278) (1,397,869) (2,051,364) (2,283,126) 11,157,023 4,315,338 5,906,952 4,560,108 3,748,812 (165,416) (642,208) (527,458) 924,623 735,192 (2,797) 10,110 17,614 58,490 (624) Financial year ended31March 2021 USD USD USD – – – – – – 1,416,612 1,119,998 (438,046) (218,000) (136,044) (27,810) (10,489) (16,079) (20,079) (61,863) 141,432 244,119 Shares Shares Shares

(1,242) (1,521) 18,000 90,726 19,523 84,612 12,000 59,817 30,179 10,667 (continued) 2,288 6,357 4,418 6,167 (539) 120 804 31 March2020 31 March2020 31 March2020 – – – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (60,415,049) (12,827,363) (26,217,104) (16,807,980) (5,430,799) (1,421,710) (2,724,638) (2,956,406) (1,284,451) (1,528,637) 30,671,053 18,827,889 15,052,196 2,123,709 2,885,959 5,940,124 2,926,099 3,302,069 2,590,900 6,035,453 (77,559) 328,441 547,589 197,675 17,342 USD USD USD – – – – Redeemable participatingsharesinissueatendoffinancialyear - C Acc EURHedged - M Acc USD - A DistUSD USD - AAcc - A DistGBP sharesredeemedduringthefinancialyear Redeemable participating Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalThematicFund(continued) - EA Acc EUR - E Acc GBP - EA Acc GBP - EDistUSD - EDistGBP - M Acc USD USD - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalThematicFocusFund - A Acc USD - AAcc sharesredeemedduringthefinancialyear Redeemable participating - E Acc USD - M Acc USD - EA Acc GBP - EDistGBP Redeemable participatingsharesinissueatendoffinancialyear - EA Acc EUR - E Acc GBP - C Acc EUR - A DistEURHedged Hedged EUR - AAcc - EADistEUR - CDistGBP - C Acc GBP - B Acc GBP - EADistGBP - EA Acc USD - EA Acc GBP USD - AAcc GBP - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalEquityFranchiseFund 3,252,577 (12,321) (85,500) 166,621 614,925 875,221 (26,644) (38,293) 883,645 359,981 368,536 Shares Shares Shares (5,739) (1,944) (2,566) (1,970) (1,758) 72,932 39,113 50,439 93,924 (8,871) (9,687) 48,291 13,292 51,467 15,086 49,507 3,523 2,688 1,947 7,634 (102) (247) 300 300 31 March2021 31 March2021 31 March2021 – – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (20,050,070) 116,518,574 (4,489,439) (2,566,400) 21,763,147 83,183,090 (9,342,001) (4,116,437) (1,504,306) (4,827,595) 50,678,383 47,734,745 4,299,220 6,633,826 5,383,186 1,844,560 7,914,302 1,995,558 7,341,611 1,500,525 (616,742) (712,176) (565,289) (218,538) (28,832) 564,249 (41,193) 320,267 270,056 41,818 33,224 Financial year ended31March 2021 USD USD USD – – – 2,095,458 (224,827) (165,363) (24,440) (19,689) (13,633) 133,244 129,642 319,828 870,772 Shares Shares Shares (continued) (1,702) 79,109 16,642 65,312 94,695 93,924 27,147 13,071 60,519 64,355 16,734 2,000 9,669 4,251 3,913 (771) (231) (540) 922 150 490 31 March2020 31 March2020 31 March2020 – – – – – – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (55,589,368) (42,796,518) 131,629,993 (1,801,829) (2,652,416) (4,983,501) (3,355,104) 20,293,756 13,761,444 18,218,483 41,242,384 2,037,078 8,127,614 9,799,999 3,191,188 1,875,330 8,698,548 9,667,181 3,481,348 (76,873) 200,000 114,065 (24,517) (52,356) 512,585 525,751 15,000 54,208 USD USD USD – – – – – –

73 LAZARD GLOBAL ACTIVE FUNDS PLC 74 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc - A DistEURHedged - B Acc EURHedged Hedged EUR - AAcc - EADistEUR - CDistGBP - C Acc GBP - B Acc GBP - EADistGBP - EA Acc USD - EA Acc GBP USD - AAcc GBP - AAcc sharesredeemedduringthefinancialyear Redeemable participating - BP Acc USD - M Acc USD EUR - AAcc Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Redeemable participating sharesissuedduringthefinancialyear(continued) Redeemable participating Lazard GlobalEquityFranchiseFund(continued) - A Acc EUR - AAcc - C Acc EUR Redeemable participatingsharesinissueatendoffinancialyear - BP Acc USD - M Acc USD Lazard EuropeanEquityFund - A DistUSD USD - AAcc - CDistGBP - C Acc GBP - BDistEUR EUR - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear - A Acc EUR - AAcc sharesredeemedduringthefinancialyear Redeemable participating - M Acc USD - BPDistUSD - BP Acc USD - CDistGBP - C Acc GBP - BDistEUR Redeemable participatingsharesinissue atendoffinancialyear - M Acc USD - BPDistUSD - BP Acc USD - A DistUSD - A DistEUR USD - AAcc (2,458,448) (8,043,555) (1,200,284) (7,731,949) 12,432,370 1,082,604 1,876,733 4,508,856 (111,966) (260,912) (115,286) (655,919) (208,076) (19,079) (13,981) (24,004) (22,503) 162,532 (20,757) 120,041 (98,040) Shares Shares (6,979) (4,636) (1,837) (2,222) (2,001) 85,795 23,091 (1,267) 1,531 8,671 1,619 (190) (104) (11) 112 860 31 March2021 31 March2021 – – – – – – – 5 Value ofShare Value ofShare (333,504,434) (172,232,817) Transactions Transactions (24,114,944) (15,988,561) (34,397,668) (18,281,275) (75,744,882) 140,439,578 (22,167,866) (2,478,383) (1,914,213) (4,988,381) (2,450,281) 13,877,741 (1,923,422) (1,969,964) (1,255,525) 1,564,744 1,791,607 1,565,642 (623,057) (477,214) (540,263) (138,393) (19,874) (13,498) 127,805 13,900 (6,007) (6,890) 63,966 31,239 2,916 (944) Financial year ended31March 2021 USD EUR 39 – – – – – – – (2,138,702) (1,087,096) 14,048,006 12,432,370 1,906,911 3,252,577 (749,792) (458,746) (101,024) (898,542) (47,663) (44,660) (49,714) (57,038) (43,827) (14,006) 257,891 262,370 155,367 523,066 (15,751) (15,049) (15,802) Shares Shares

(9,750) (7,849) (9,177) (6,480) (4,648) 93,270 (continued) 4,448 2,914 2,243 2,760 2,226 1,550 (342) (540) (790) 606 366 31 March2020 31 March2020 – – – – – Value ofShare Value ofShare (104,071,585) Transactions Transactions (62,259,454) 262,052,392 (5,210,381) (5,483,716) (6,554,316) (1,249,893) (7,231,997) (8,012,463) (6,467,533) (1,123,038) (1,326,647) (3,055,912) 25,147,073 (3,186,270) (1,137,240) 3,978,019 3,388,720 2,325,747 (746,672) (522,620) (729,643) (102,862) (37,324) (15,071) 293,972 458,366 259,892 (13,149) (12,858) (13,288) 68,857 13,586 13,397 12,858 9,928 USD EUR 974 – – – – – Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard Pan-European SmallCapFund Redeemable participatingsharesinissueatendoffinancialyear EUR - AAcc - B Acc EUR EUR - APAcc - AP DistEUR sharesredeemedduringthefinancialyear Redeemable participating EUR - AAcc - B Acc EUR EUR - APAcc - AP DistEUR sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear - A Acc EUR - AAcc - C Acc EUR - A DistUSD USD - AAcc - BPDistUSD - BP Acc USD - B Acc EURHedged - C Acc EURHedged - B Acc USD - CDistUSD - C Acc GBP - BDistUSD - C Acc USD sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard USEquityConcentratedFund - E Acc GBP - C Acc USD sharesredeemedduringthefinancialyear Redeemable participating EUR - APAcc - BPDistUSD - BP Acc USD - B Acc EURHedged - C Acc EURHedged - B Acc USD - CDistUSD - EA Acc USD - EA Acc GBP - C Acc GBP - BDistUSD - EA Acc EUR - A Acc EUR - AAcc - C Acc EUR - A DistUSD USD - AAcc 2,809,612 2,385,974 (125,090) (726,346) (266,865) (61,335) (62,551) 621,656 108,090 638,656 508,416 414,566 287,060 556,992 254,599 (83,925) (61,303) (33,673) (29,470) (71,627) 152,758 (59,957) (65,473) (41,636) (57,146) Shares Shares (1,204) 99,943 59,957 19,138 16,199 20,923 (2,785) (4,209) (3,112) 82,089 8,020 3,401 6,682 3,185 (183) 127 31 March2021 31 March2021 (9) – – 9 Value ofShare Value ofShare (116,181,683) Transactions Transactions (16,112,692) (11,479,413) (51,680,353) (10,258,498) (10,065,292) 356,716,159 (7,549,558) (8,395,593) 11,344,073 10,344,007 79,025,434 54,466,835 39,080,690 98,075,944 38,540,329 (9,660,729) (7,535,987) (4,165,946) 21,962,181 (7,966,087) (5,105,443) (6,885,950) 6,514,041 2,218,726 2,397,349 2,859,355 9,843,195 (167,541) (391,112) (591,184) (542,128) 987,718 414,227 828,506 488,474 (23,018) 12,348 (885) Financial year ended31March 2021 USD EUR 873 – – 2,505,745 1,039,720 (511,368) (214,430) (266,292) (412,191) (139,858) (30,646) 638,656 522,557 627,467 511,902 183,009 563,311 (77,553) (19,042) (11,114) (20,329) (13,450) (23,073) (10,343) Shares Shares (continued) 17,011 67,022 70,642 52,046 32,124 17,310 10,528 22,810 (3,370) (4,331) 9,902 1,678 2,229 (118) (241) (840) 483 270 31 March2020 31 March2020 – – – – – – Value ofShare Value ofShare Transactions Transactions (57,592,389) (23,855,363) (30,194,376) (10,549,084) (51,282,579) (23,597,999) 136,070,174 (3,542,650) 59,808,270 58,570,825 22,851,818 11,838,456 75,611,040 (1,391,830) (2,230,778) (2,062,991) (4,797,665) (2,801,174) (1,215,119) 1,150,774 2,165,246 5,720,875 6,845,668 4,000,832 2,236,463 1,302,000 3,051,909 (457,394) (111,638) (515,775) 196,168 249,699 (10,006) (31,000) 55,542 31,129 USD EUR – – – – – –

75 LAZARD GLOBAL ACTIVE FUNDS PLC 76 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Redeemable participatingsharesinissueatendoffinancialyear - E Acc GBP Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Redeemable participating sharesredeemedduringthefinancialyear(continued) Redeemable participating Lazard USEquityConcentratedFund(continued) Lazard JapaneseStrategicEquityFund - CDistGBPHedged JPY - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear - A DistUSD Hedged USD - AAcc - A DistUSDHedged - BPDistUSD - M Acc USD - BPDistUSDHedged Redeemable participatingsharesinissueatendoffinancialyear - M Acc USD Hedged USD - AAcc - CDistGBPHedged JPY - AAcc sharesredeemedduringthefinancialyear Redeemable participating - SA Acc EUR Hedged EUR - AAcc - C Acc EUR - S Acc EUR - A DistEURHedged - BPDistUSD - BP Acc USD - SDistEUR - B Acc EURHedged EUR - AAcc - B Acc USD - SDistUSD - S Acc USD - A DistUSD - SDistGBP - S Acc GBP GBP - AAcc USD - AAcc - A DistEUR sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard EmergingMarketsEquityFund 619,076,377 (1,596,251) 50,680,328 24,430,242 12,365,189 3,599,335 5,834,675 5,238,129 1,590,210 8,130,530 2,181,652 (607,238) (602,986) (88,532) 921,918 135,560 233,523 217,503 246,535 114,207 106,789 Shares Shares Shares (1,034) (3,196) 10,692 8,517 1,143 4,631 1,541 (22) 999 281 31 March2021 31 March2021 31 March2021 27 17 – – – 2 2 1 1 Value ofShare Value ofShare Value ofShare (255,494,533) (292,539,371) (145,281,420) (105,136,678) Transactions Transactions Transactions (12,960,825) (41,543,945) 142,619,820 161,118,501 16,583,096 88,321,233 24,633,363 24,501,374 13,046,943 10,389,391 1,153,103 1,043,722 1,851,072 9,058,016 2,640,167 (577,328) 716,830 147,486 199,093 328,798 191,380 240,346 18,076 17,424 49,744 5,265 4,887 Financial year ended31March 2021 USD USD JPY 128 210 – – – (13,704,880) (13,691,166) 523,006,610 826,784,749 356,172,182 19,473,606 91,449,360 43,967,023 12,244,802 2,809,612 5,834,675 1,413,674 2,779,498 3,714,321 6,176,844 2,037,937 1,649,168 (735,853) (12,930) 160,681 435,195 291,761 386,950 115,027 Shares Shares Shares

60,469 65,949 (continued) 3,395 2,079 1,951 1,500 8,232 (776) 504 31 March2020 31 March2020 31 March2020 (8) – – 2 1 2 1 (1,821,869,124) (1,583,516,974) Value ofShare Value ofShare Value ofShare (101,055,032) (153,734,167) Transactions Transactions Transactions (84,480,912) 223,589,730 267,055,488 581,595,207 363,440,518 35,562,174 97,222,796 40,090,277 32,403,730 13,577,890 12,781,582 7,855,444 1,591,952 3,030,317 3,332,838 6,827,801 2,045,667 2,607,499 1,305,041 (137,071) 176,559 461,724 670,360 18,672 18,217 13,737 14,346 5,997 5,254 USD USD JPY 573 – – - A DistEUR sharesredeemedduringthefinancialyear Redeemable participating Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Redeemable participatingsharesinissueatendoffinancialyear - SA Acc EUR Hedged EUR - AAcc - C Acc EUR - S Acc EUR - A DistEURHedged - BPDistUSD - BP Acc USD - SDistEUR EUR - AAcc - B Acc USD - SDistUSD - S Acc USD - A DistUSD - SDistGBP - S Acc GBP GBP - AAcc USD - AAcc Lazard EmergingMarketsEquityFund(continued) - CDistGBP - EA Acc USD USD - AAcc - EA Acc GBP sharesredeemedduringthefinancialyear Redeemable participating - M Acc USD - BPDistUSD - A DistUSD - EA Acc USD USD - AAcc - EA Acc GBP sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard EmergingMarketsCoreEquityFund Redeemable participatingsharesinissueatendoffinancialyear - M Acc USD - CDistGBP - C Acc GBP - EA Acc USD shares issuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissue atbeginningoffinancialyear Lazard EmergingMarketsEquityAdvantage Fund (537,389,536) (474,695,191) (19,359,542) (15,355,859) (14,288,065) 132,367,169 (2,388,350) (1,003,575) (2,615,087) (2,692,217) (2,211,539) (1,000,448) 1,394,964 (570,797) (970,296) (218,540) (588,082) (498,305) (64,284) 585,764 260,001 810,769 Shares Shares Shares (2,745) (6,896) (1,298) 64,704 36,426 18,838 79,671 1,588 7,747 (14) 105 31 March2021 31 March2021 31 March2021 – – – – – – Value ofShare Value ofShare Value ofShare (661,145,750) (101,498,378) (106,242,051) (420,712,768) Transactions Transactions Transactions (21,731,683) (19,442,980) (16,027,836) (63,899,637) (82,259,901) (16,951,502) (2,082,997) (2,460,488) (2,614,028) (3,028,554) (1,519,033) (1,477,990) 12,170,595 42,015,341 96,287,762 1,755,006 4,979,329 1,141,540 4,284,893 (832,901) (205,982) (344,812) (807,022) (1,963) 9,827 Financial year ended31March 2021 USD USD USD – – – – – – (730,714,982) (390,112,493) (245,297,359) (38,371,911) (22,624,466) (12,930,148) 619,076,377 (7,891,539) (1,413,674) (5,846,893) (2,492,011) (2,645,088) (131,794) (312,516) (465,897) (108,628) (80,689) (15,578) (15,000) (39,766) (60,316) (15,133) 107,630 558,823 585,764 722,487 Shares Shares Shares (continued) (4,340) 82,771 16,583 83,262 34,459 2,811 5,462 (221) (900) 215 31 March2020 31 March2020 31 March2020 – 1 2 (1,033,502,456) Value ofShare Value ofShare Value ofShare (361,187,717) (242,502,971) (306,424,320) Transactions Transactions Transactions (11,090,937) (16,576,682) (37,848,722) (25,030,316) (12,587,493) (14,355,188) (1,395,433) (6,388,676) (2,589,291) (5,378,552) (7,608,678) (1,757,184) 16,374,877 93,062,947 2,586,370 9,866,365 3,328,951 9,000,000 (343,152) (749,196) (116,577) (847,171) (877,904) (13,545) (14,346) 592,907 28,179 (279) USD USD USD 112 172 –

77 LAZARD GLOBAL ACTIVE FUNDS PLC 78 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc - X Acc EUR - EA Acc GBP Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Redeemable participating sharesissuedduringthefinancialyear(continued) Redeemable participating Lazard EmergingMarketsEquityAdvantage Fund(continued) Redeemable participatingsharesinissueatendoffinancialyear - X Acc EUR - EA Acc GBP - CDistGBP - C Acc GBP - BP Acc EURHedged - EA Acc USD - EA Acc EUR - EA Acc EURHedged sharesredeemedduringthefinancialyear Redeemable participating USD - AAcc - I Acc CHF sharesredeemedduringthefinancialyear Redeemable participating USD - AAcc - I Acc CHF sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard EmergingMarketsManagedVolatility Fund Redeemable participatingsharesinissueatendoffinancialyear - A DistUSD USD - AAcc GBP - AAcc - A DistEUR sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard DevelopingMarketsEquityFund - BP Acc USD - BPDistUSD - A Acc GBP - AAcc - A DistEUR sharesredeemedduringthefinancialyear Redeemable participating - M Acc USD Redeemable participatingsharesinissue atendoffinancialyear - M Acc USD - CDistGBP - CDistUSD USD - AAcc 2,579,319 1,887,369 1,723,921 1,144,634 1,997,796 1,840,847 (703,014) (659,000) (349,192) (299,865) (399,109) (659,000) (267,659) 154,749 606,240 128,670 (73,391) 192,243 Shares Shares Shares (3,395) 55,610 79,713 79,713 26,347 34,985 (1,272) (6,470) 1,942 (645) (400) 299 31 March2021 31 March2021 31 March2021 – – – – – – – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (93,913,674) (68,088,127) (38,236,061) (55,067,356) (68,088,127) 232,639,344 (8,106,959) 25,816,564 61,707,139 (5,587,624) (1,569,976) 6,812,538 8,515,158 8,515,158 1,312,144 4,657,171 2,544,502 (530,257) (104,300) (838,665) (80,000) 330,072 463,404 (6,394) 7,049 Financial year ended31March 2021 USD USD USD – – – – – – – – 1,394,964 1,439,845 1,723,921 1,723,421 1,723,921 2,681,556 1,997,796 (701,660) (548,800) (142,882) (79,340) (45,631) 633,881 Shares Shares Shares

(8,555) (7,168) (8,554) (8,555) 13,931 (5,514) (3,580) 17,900 (continued) 3,165 (662) (215) (884) 500 390 400 31 March2020 31 March2020 31 March2020 10 – – – – – – – – 4 Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions 181,933,331 170,202,096 170,152,096 (9,199,921) (9,236,380) (5,619,964) 79,842,205 (6,869,144) (1,357,489) 3,102,666 2,950,135 (881,315) (706,994) (986,250) (894,845) (892,379) (83,476) (27,077) 139,761 (79,628) (37,740) 50,000 6,897 5,742 USD USD USD 92 39 – – – – – – – - BP Acc USD USD - AAcc - A DistUSD - B Acc CHFHedged - A DistUSDHedged Hedged USD - AAcc - A DistGBP GBP - AAcc Hedged CHF - AAcc - A DistEURHedged - B Acc USDHedged - BDistUSDHedged - B Acc GBP Hedged EUR - AAcc - B Acc EURHedged - X Acc JPYHedged Lazard GlobalListedInfrastructureEquityFund value andnetassetpershare tablesare inthefollowing oftherelevantclass. statedinthecurrency total numberofRedeemableParticipating inissueasat31March Shares 2021, 31March 2020and31March 2019. The netasset by isdetermined dividingthevalueofnetassetsFund ofsharesThe netassetvaluepershare inaportfolio ofany class by the 6. NetAssetValue Note onandtermination datesoftheabove share information thelaunch 13for classes. See Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc - BDistUSD USD - AAcc Hedged EUR - AAcc sharesredeemedduringthefinancialyear Redeemable participating - A Acc EUR - AAcc - M Acc USD - B Acc EURHedged - BPDistUSD - BP Acc USD - A DistUSD - BDistUSD USD - AAcc Hedged EUR - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalSustainableFixedIncomeFund - B Acc EURHedged * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. Redeemable participatingsharesinissueatendoffinancialyear EUR - AAcc - M Acc USD ¥4,072,623,804 CHF50,402,113 CHF4,224,575 $376,880,880 £531,953,040 £318,859,009 €102,976,116 $29,240,237 $17,023,027 €68,562,363 * $1,757,351 $1,733,008 £4,395,457 €5,435,340 Net Asset 31 March $382,996 $553,819 Value at 2021

Participating Redeemable 114,609,995 324,815,169 156,344,899 March 2021 issue at 25,783,686 51,282,241 27,867,942 ubr of Number Shares in 9,856,423 4,030,036 1,199,427 156,474 420,001 138,412 365,937 419,743 35,188 52,973 31

March 2021 Share at CHF10.0585 CHF12.5066 ¥157.9535 Net Asset Value per $11.2309 $12.5207 $10.8842 $10.4546 $14.1926 $2.9666 $3.2884 £12.01 €12.95 €2.01 €2.46 £1.64 £2.04 (45,235) (22,088) 197,094 (11,754) 170,976 Shares 19,117 10,342 (9,851) 7,664 1,100 31 (192) (951) (399)

31 March2021 ¥3,460,707,972 CHF39,122,517 – – – 1 2 8 CHF3,418,946 $228,467,973 £521,220,743 £324,534,233 €115,045,522 $27,554,009 €55,609,456 $7,375,721 $1,950,672 £2,132,824 €2,176,284 Net Asset 31 March $449,479 $348,317 Value at $12,723 Value ofShare Transactions (14,871,778) (10,925,376) 2020 (2,337,661) 10,157,940 (1,386,724) 8,500,614 1,490,000 (145,229) (24,149) (52,639) 166,000

1,006 Financial year ended31March 2021 USD Participating 221 Redeemable 362,010,790 186,126,936 March 2020 99 issue at 10,627,097 81,693,151 64,849,390 26,279,450 25,841,489 ubr of Number – – – Shares in 3,631,564 390,980 605,747 176,687 205,839 193,659 51,887 42,012 1,500 31

(76,121) (51,346) 177,840 (11,921) 197,094 Shares (continued) (7,837) 95,375 23,675 23,593 42,748 (5,017) March 2020 Share at CHF10.7729 1,842 1,081 2,423 CHF8.7446 ¥133.9206 Net Asset Value per $12.1762 $11.0402 $8.4821 $8.6626 $8.2909 $2.5928 $2.7967 31 March2020 10 £10.36 €11.24 – – 1 2 €1.77 €2.12 £1.44 £1.74 31

Value ofShare ¥3,738,159,686 CHF29,648,848 Transactions CHF4,514,357 (14,616,374) $219,637,957 £551,050,323 £321,604,352 €136,713,180 $17,508,556 €80,338,652 (7,072,091) 31,737,655 23,965,180 (1,381,965) (5,359,227) $9,296,661 $2,032,763 £2,935,624 €2,888,194 2,681,243 4,377,714 (803,091) Net Asset 31 March 250,000 122,366 339,514 Value at $14,767 $14,919 $65,960 1,195 USD 2019 164 279 – –

March 2019 Share at CHF11.9141 CHF9.7597 ¥145.2722 Net Asset Value per $13.2141 $12.3951 $9.8443 $9.9457 $9.8150 $2.8849 $3.0076 £11.43 €12.50 £1.63 £1.91 €2.02 €2.33 31

79 LAZARD GLOBAL ACTIVE FUNDS PLC 80 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc - EA Acc GBP GBP - AAcc Lazard GlobalEquityFranchiseFund - E Acc USD - EA Acc EUR - E Acc GBP - EA Acc GBP - EDistUSD - EDistGBP - M Acc USD USD - AAcc Lazard GlobalThematicFocusFund - C Acc EURHedged - M Acc USD - A DistUSD - A DistGBP Lazard GlobalThematicFund GBP - AAcc - A DistUSD EUR - AAcc Lazard GlobalManagedVolatility Fund - C Acc GBP - CDistGBP - EADistGBP - EA Acc GBP - M Acc USD - BPDistUSD - BP Acc USD - A DistUSD - EA Acc USD USD - AAcc Lazard GlobalSustainableEquityFund - CDistUSDHedged - CDistEURHedged - CDistGBP - C Acc EURHedged - BPDistUSD - BP Acc USDHedged Lazard GlobalListedInfrastructureEquityFund(continued) 6. NetAssetValue (continued) Notes totheFinancialStatements - A Acc USD - AAcc - M Acc USD - C Acc EURHedged USD - AAcc - A DistEUR - M Acc USD - BPDistUSDHedged - EADistGBP - EA Acc USD USD - AAcc * *** £22,071,155 £20,663,305 £80,089,468 £12,777,989 €31,861,496 $11,022,878 $14,687,296 £11,688,281 $88,185,683 £56,315,792 $13,974,619 $65,395,063 £5,256,131 $1,079,095 $6,776,292 $7,756,924 $4,806,305 $3,832,404 $7,840,987 $9,856,527 €3,876,916 $4,633,525 $3,696,911 $8,832,487 Net Asset 31 March €118,313 £511,881 €207,595 $925,189 €282,967 $873,858 Value at $38,925 $64,559 £12,182 £18,864 £18,864 £18,902 £37,442 $21,426 $21,925 $22,782 2021 – – –

Participating Redeemable March 2021 issue at ubr of Number Shares in 1,121,515 934,796 384,463 418,163 159,833 380,084 173,035 653,362 408,578 242,874 481,023 26,828 78,755 33,265 19,956 83,590 90,340 82,841 27,953 50,682 14,444 53,067 7,759 4,198 5,355 7,744 3,428 2,317 157 310 150 150 300 820 450 798 111 156 157 31 66 – – –

$1,351.6331 $1,420.6355 $1,448.3498 $1,140.5981 $1,078.2845 March 2021 Share at $345.6651 $142.8415 $145.7336 $129.7510 $143.4638 $142.8516 $186.4939 $235.7118 $168.6923 $172.0543 $133.7037 $332.7515 $215.8356 Net Asset Value per $10.5440 $10.4541 $10.2412 $11.0807 £120.75 £120.71 €144.28 £109.88 £120.51 £120.51 £121.95 £138.09 £188.04 £119.42 £122.58 £240.79 €131.19 €122.11 £117.08 €10.40 €10.08 £10.42 31 – – –

$123,359,339 $132,039,577 £21,352,148 $71,135,170 €10,617,319 €23,102,029 £31,291,229 $4,656,892 $4,116,957 $5,873,070 €7,788,973 $7,852,933 $3,197,129 £5,731,391 £1,287,744 £5,356,482 $7,851,280 $4,053,905 $2,955,189 £8,970,719 $4,168,896 €8,738,828 Net Asset 31 March $508,324 $418,267 $162,009 €488,405 $431,112 $674,766 Value at $13,820 $14,019 £75,406 $13,004 £10,880 2020 – – – – – – – – – –

Financial year ended31March 2021 Participating Redeemable March 2020 issue at ubr of Number Shares in 1,268,039 897,831 335,426 225,612 667,468 710,281 100,248 205,795 381,954 34,656 38,968 72,988 50,948 44,322 16,102 65,081 14,007 52,926 98,727 5,171 5,517 9,010 9,669 2,000 5,739 4,465 1,972 4,836 150 150 922 150 111 31 – – – – – – – – – –

March 2020 Share at (continued) $900.5130 $871.6205 $812.0008 $908.0266 $218.5693 $862.0654 $118.7968 $150.7156 $210.9777 $106.5747 $173.6768 $104.1290 Net Asset Value per $92.1361 $93.1812 $86.6923 $92.1327 $81.0045 $9.2449 $8.2097 £129.31 £169.50 $9.5315 €105.91 €112.26 £81.79 £98.13 €85.11 £79.97 £82.30 €88.52 £94.64 £81.92 €8.68 31 – – – – – – – – – –

$137,460,957 $136,143,256 £32,582,197 £24,366,845 $35,976,026 $39,033,126 £11,652,217 €31,710,700 $16,287,345 €11,986,642 €26,431,027 $5,831,459 $7,272,555 £6,777,649 $2,310,321 Net Asset 31 March $171,558 Value at $15,415 $15,519 $14,766 $15,564 £57,654 $15,563 2019 – – – – – – – – – – – – – – – – – – – – –

March 2019 Share at $140.8384 $231.3721 $239.1290 $123.7397 $201.7279 $102.7656 $102.7655 $103.3886 $130.8452 $166.8414 $137.1208 Net Asset Value per $10.3759 $10.2947 £118.81 £162.95 £177.21 €106.15 £108.68 €122.36 €128.09 $9.7616 £105.32 31 – – – – – – – – – – – – – – – – – – – – –

- AP Acc EUR - APAcc - E Acc GBP - C Acc EUR - A DistUSD USD - AAcc - BPDistUSD - BP Acc USD - B Acc EURHedged - C Acc EURHedged - X Acc USD - B Acc USD - CDistUSD - EA Acc USD - EA Acc GBP - C Acc GBP - BDistUSD - EA Acc EUR - C Acc USD Lazard USEquityConcentratedFund EUR - AAcc - B Acc EUR EUR - APAcc - AP DistEUR - C Acc EUR Lazard Pan-European SmallCapFund - M Acc USD - BPDistUSD - BP Acc USD - A DistUSD - A DistEUR USD - AAcc - CDistGBP - C Acc GBP - BDistEUR EUR - AAcc Lazard EuropeanEquityFund - BP Acc USD - M Acc USD EUR - AAcc - C Acc EUR - A DistEURHedged - B Acc EURHedged Hedged EUR - AAcc - EADistEUR - CDistGBP - C Acc GBP - B Acc GBP Lazard GlobalEquityFranchiseFund(continued) 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc $211,433,168 €10,028,727 €66,366,854 $62,086,054 €70,022,119 $19,212,461 £98,876,482 €75,160,659 €10,354,104 €11,250,960 $43,443,658 €17,590,046 £18,822,283 £7,462,370 $2,838,674 €7,160,526 $3,784,395 $5,493,536 $4,416,649 $2,986,966 €1,061,497 $4,356,297 £1,674,593 £2,313,716 Net Asset 31 March $338,973 $702,090 €330,397 $699,766 £451,213 €193,895 €684,104 Value at €13,352 $17,002 $16,998 $17,377 £47,840 €70,707 2021 – – – – – – –

Participating Redeemable March 2021 issue at ubr of Number Shares in 1,182,288 3,339,295 623,010 550,510 285,722 397,433 151,078 313,906 399,667 152,552 148,440 462,134 420,261 505,741 33,663 98,945 25,922 71,046 14,513 14,104 18,728 82,089 64,227 19,355 49,891 24,502 2,322 1,536 1,500 1,551 3,603 1,800 5,491 2,379 4,928 100 614 31 – – – – – – –

$1,286.2874 $1,209.1800 March 2021 Share at $163.1918 $194.1731 $170.3827 $146.6609 $142.4708 $142.4806 $154.4558 $147.7321 $108.6997 $178.8339 Net Asset Value per $11.0714 $11.3323 $11.2060 €133.52 €115.16 €145.74 €107.72 €124.59 £118.73 £123.54 €122.17 £116.19 €143.52 £158.71 €136.53 $1.7607 €115.31 £126.80 €143.61 €138.45 £3.30 €1.16 £2.99 €3.38 €3.37 31 – – – – – – –

$197,319,826 €26,871,113 $17,520,279 £18,203,232 €28,551,296 $13,186,424 £39,141,757 €43,482,790 €11,443,304 €1,266,084 $2,902,744 €9,619,473 £1,656,990 £2,630,481 €1,956,537 $4,105,844 $6,192,956 €9,224,342 $2,138,860 $1,850,198 £4,714,837 $5,978,225 €8,340,392 $1,694,010 Net Asset 31 March $486,709 £341,674 €137,977 €525,482 €621,143 $228,953 $164,522 €237,720 Value at £19,322 €45,981 €97,209 $11,555 $11,553 $11,722 €8,286 €731 2020 – – – –

Financial year ended31March 2021 Participating Redeemable March 2020 issue at 11,048,153 ubr of Number Shares in 1,654,035 409,678 152,439 521,982 257,891 126,764 208,939 302,606 102,057 332,884 511,902 125,577 285,722 19,891 30,763 19,192 41,853 62,841 94,995 20,604 16,949 33,673 52,207 71,627 7,844 3,909 1,990 6,979 7,439 2,379 1,710 1,077 1,970 1,536 1,500 1,546 606 100 31 11 – – – –

(continued) March 2020 Share at $742.6892 $103.8059 $109.1642 $114.5104 $859.7299 $129.2065 $119.2960 Net Asset Value per $98.1010 $98.5487 $96.2294 $96.2360 $67.9368 €101.95 £140.02 €116.44 $7.5245 $7.7017 $7.5825 $1.1880 £117.58 €75.86 €69.84 €82.86 €69.33 €75.29 €83.50 £83.30 £85.51 €97.10 €90.24 €75.89 £87.12 €94.35 €84.94 €91.13 £2.46 £2.24 €2.43 €0.83 €2.43 31 – – – –

$151,262,127 €33,606,171 £21,725,697 €56,282,555 $16,156,691 £48,929,412 €11,228,382 €16,274,710 €23,565,364 €30,331,538 $1,421,336 €1,168,845 €2,825,076 €1,432,760 £1,575,404 £3,906,802 €7,995,570 $2,681,705 £8,202,080 $4,103,235 Net Asset 31 March £377,796 €144,352 €328,664 $791,388 €370,169 Value at £25,520 €33,808 $16,044 $16,044 $15,865 $15,866 €10,038 $13,323 $13,323 $13,412 2019 $13 – – – – – – – –

March 2019 Share at $106.7624 $106.9575 $105.7669 $105.7750 $115.3211 $113.5188 $118.7923 $139.8771 $125.2250 $129.4745 Net Asset Value per $1.3590 €102.74 €110.74 £107.40 £109.65 £108.44 €108.80 €105.84 €108.07 £144.54 £121.68 €123.84 €111.23 €109.59 €114.02 €100.38 $0.8846 $0.8882 $0.8879 €96.23 €95.83 £2.48 £2.66 €2.81 €2.73 €0.96 31 – – – – – – – –

81 LAZARD GLOBAL ACTIVE FUNDS PLC 82 LAZARD GLOBAL ACTIVE FUNDS PLC - C Acc GBP - BP Acc EURHedged - EA Acc EUR - EA Acc EURHedged Lazard EmergingMarketsEquityAdvantage Fund - M Acc USD - A DistEUR Lazard EmergingMarketsEquityFund - A Acc USD - AAcc - X Acc EUR - EA Acc GBP - A DistEURHedged - BPDistUSD - BP Acc USD - SDistEUR - B Acc EURHedged EUR - AAcc - B Acc USD - SDistUSD - S Acc USD - A DistUSD - SDistGBP - S Acc GBP GBP - AAcc USD - AAcc - M Acc USD - BPDistUSDHedged - EA Acc USD GBP - AAcc - BPDistUSD - EA Acc GBP Lazard EmergingMarketsCoreEquityFund - SA Acc EUR - C Acc EUR - S Acc EUR - BP Acc USD - CDistGBP - A DistUSD - EA Acc USD USD - AAcc - BP Acc USDHedged - A DistUSDHedged - BPDistUSD Lazard Global ActiveFundsplc - BP Acc USD - A DistUSD USD - AAcc - CDistGBPHedged JPY - AAcc Lazard JapaneseStrategicEquityFund 6. NetAssetValue (continued) Notes totheFinancialStatements - A Acc USD Hedged USD - AAcc $119,582,225 ¥942,931,571 £66,110,105 €64,595,862 $70,648,333 £58,386,517 €25,228,002 $73,664,205 €97,231,231 $2,745,006 €6,532,600 $2,926,382 $4,909,813 £2,570,590 £1,207,153 £2,663,977 $3,710,200 $2,004,486 £1,178,143 €1,065,844 €3,363,530 $9,830,815 $1,626,023 Net Asset 31 March €317,058 $166,934 $555,474 Value at €62,274 €12,427 $15,426 $67,653 €11,743 $18,398 £12,739 $17,201 $17,201 $29,403 $18,397 $18,883 $17,362 $17,361 $17,821 $17,819 £2,138 £5,301 2021 – –

Participating Redeemable March 2021 issue at 90,673,167 23,210,680 ubr of Number Shares in 3,902,070 2,057,131 3,246,593 1,000,550 3,101,012 2,649,397 5,231,956 606,240 488,103 537,748 560,705 894,515 296,241 587,406 866,251 162,432 52,215 20,749 13,379 11,720 59,250 11,288 1,413 2,200 6,244 1,555 6,131 3,670 498 111 151 153 150 155 150 258 151 150 155 150 17 28 31 – –

$1,418.7605 $1,247.5693 March 2021 Share at $121.5790 $112.7175 $116.5352 $122.6481 $122.1232 $133.6838 $114.6765 $113.9006 $125.4059 $114.6010 $115.7367 $165.9212 $144.0496 $115.0787 $118.7902 $151.3671 ¥180.2254 Net Asset Value per $11.0339 €125.02 £114.90 €125.11 £119.62 £122.94 £122.02 £128.39 €115.20 £188.68 $9.9195 $1.0277 $1.2583 $1.1428 £186.09 $1.1045 €0.93 €1.00 €1.07 £1.25 £1.39 €1.07 €1.08 €1.07 €1.09 31 – –

$354,898,552 €118,994,318 ¥656,673,932 £52,810,584 £58,132,373 €22,643,098 $81,927,041 $54,377,102 €64,780,531 €12,966,273 $1,181,684 $7,082,368 $1,491,309 £3,806,311 £1,805,774 £2,086,371 £6,825,451 €1,864,525 $3,966,494 $3,697,272 Net Asset 31 March €167,537 €116,624 $642,296 $950,169 $552,108 Value at €39,641 $11,546 $11,546 $10,953 $10,953 $10,364 $11,120 $11,745 $11,110 $11,280 $11,280 $11,474 $11,475 € 8,392 £8,936 £2,726 £2,838 2020 – – – –

Financial year ended31March 2021 Participating Redeemable 465,576,595 March 2020 issue at 85,602,467 16,866,661 29,368,215 ubr of Number Shares in 4,022,135 1,752,492 1,424,212 5,264,485 4,412,635 2,466,982 5,826,425 633,219 676,856 230,260 160,681 932,484 957,985 521,129 84,391 21,952 10,437 51,690 13,098 1,303 1,910 1,538 1,500 5,866 498 111 151 150 152 150 152 151 153 150 153 150 32 31 24 – – – –

March 2020 Share at (continued) $907.0004 $780.6793 $104.3448 ¥112.7062 Net Asset Value per $76.6131 $76.9748 $83.9234 $72.0114 $73.0195 $76.9823 $74.7949 $72.5079 $85.5202 $75.2031 $91.0422 $75.1471 $76.4977 $94.1114 $6.7383 $7.4137 $0.6888 $0.7623 £132.04 $0.7534 $0.8379 £118.14 €79.58 £80.60 £86.25 £83.40 £85.89 £95.04 €83.55 €0.73 €0.73 £0.95 £1.03 €0.64 €0.76 €0.76 €0.77 €0.77 31 – – – –

¥2,438,095,895 $354,854,871 €158,607,142 $315,311,216 $379,841,598 £12,415,435 €35,912,363 $42,034,809 $16,241,633 $65,364,939 €13,121,788 £2,357,799 £6,362,202 £6,237,723 €2,193,801 $2,311,252 $1,578,087 Net Asset 31 March €824,765 $828,696 €888,093 €880,942 Value at £10,754 $12,673 $12,673 $13,934 $13,934 €11,284 $13,704 $14,705 $12,774 $14,027 $12,295 $12,295 $12,393 $12,393 £3,321 £4,192 2019 – – – – – – – – –

March 2019 Share at $114.7103 $131.0776 $114.9458 $102.4648 ¥125.3061 Net Asset Value per $99.8692 $92.3804 $84.3961 $92.8915 $84.4855 $92.7168 $84.7923 $81.8710 $81.9638 $82.2473 $82.6215 €103.82 $0.9036 $0.9804 $0.9085 $1.0105 $1.0980 £118.95 $1.0004 €110.07 £105.06 £158.13 £132.23 €96.41 €97.31 £97.00 €0.96 €0.99 £1.21 £1.29 €0.99 €0.88 31 – – – – – – – – –

to translate financialto translate assetsandfinancial liabilitiesinothercurrencies toUSD: Fund Equity isprepared which inGBP).Global ListedInfrastructure financialThe following year endexchangehave rates beenused prepared in JPY, European Lazard Equity The financial Fund statementsare Equity prepared is which JapaneseStrategic inUSD(exceptthefinancial for Lazard statements for 7. ExchangeRates **** Effective12May2021, FundnamechangedfromLazardGlobalFixed Income FundtoLazardGlobalSustainableFixed IncomeFund. *** Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. ** Fundlaunchedon19February 2020. * Fundlaunchedon19December2019. EUR - AAcc - M Acc USD - B Acc EURHedged - BPDistUSD - BP Acc USD - A DistUSD - BDistUSD USD - AAcc Hedged EUR - AAcc Lazard GlobalSustainableFixedIncomeFund - M Acc USD - BPDistUSD - BP Acc USD - A DistUSD - CDistGBP - CDistUSD USD - AAcc GBP - AAcc - A DistEUR Lazard DevelopingMarketsEquityFund USD - AAcc - I Acc CHF Lazard EmergingMarketsManagedVolatility Fund 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Indonesian Rupiah Indian Rupee Colombian Peso Chinese Yuan Chilean Peso Canadian Dollar Brazilian Real Australian Dollar Hungarian Forint Hong Kong Dollar Euro PoundEgyptian Danish Krone Czech Koruna Exchange RatesagainstUSD CHF127,466,495 $18,040,399 €10,234,922 $14,213,252 **** $1,747,470 $3,575,241 $4,134,772 €9,512,840 Net Asset 31 March €112,216 $441,337 $469,414 $360,226 £613,292 Value at $16,033 $16,385 $19,291 $12,374 $57,838 ** 2021 Fund Pan-European and Lazard Cap Fund Small are which prepared in – –

Participating Redeemable March 2021 issue at ubr of Number Shares in 1,089,496 1,144,134 109,256 634,200 16,389 12,576 28,477 36,485 27,869 47,486 1,083 2,957 2,951 1,511 118 120 849 500 31 – –

CHF111.4087 $1,401.2140 $1,100.7671 March 2021 Share at $135.8860 $136.4033 $115.6758 $149.2690 $138.9510 $125.5489 Net Asset Value per $14.5746 $12.7682 $12.8660 $12.9259 $13.0457 €103.66 €93.68 £12.92 €15.00 31 – –

CHF126,021,907 31 March2021 €11,900,776 $19,390,711 14,525.00073 $3,485,590 $1,856,251 $7,915,899 £3,052,740 €5,955,168 €1,219,769 3,661.70042 Net Asset 31 March $400,418 £454,738 €148,901 $298,867 308.81731 720.43504 Value at $11,404 $11,404 $11,567 $37,394 $15,434 $15,655 73.11374 15.71750 22.25635 $7,275 6.56498 1.25671 5.62865 1.31655 7.77408 0.85271 6.34321 2020

Financial year ended31March 2021 Participating Redeemable March 2020 issue at ubr of Number Shares in 1,034,218 1,723,421 131,345 267,360 634,600 28,661 53,956 11,754 18,576 2,808 2,281 1,511 1,500 1,521 1,481 2,234 31 March2020 849 500 117 118 16,310.00242 31 4,062.00048

327.09267 855.90013 75.65124 15.74000 24.85673 7.09311 1.40729 5.19608 1.62575 7.75276 0.90669 6.76906 (continued) $1,043.8717 March 2020 Share at CHF73.1231 $131.6308 $132.1293 $142.6169 $813.9439 $133.7560 $121.6151 Net Asset Value per $74.7881 $8.5684 $7.5476 $7.6024 $7.6027 €100.53 €103.77 $7.6540 €90.61 £11.42 €9.38 £8.43 31

$10,800,604 €13,323,659 $3,439,052 $7,149,956 €8,750,775 £3,525,074 Net Asset 31 March £582,937 Value at $13,940 $13,940 $14,033 $46,317 €40,368 $15,071 $51,249 $15,172 EUR and Lazard 2019 – – – – –

March 2019 Share at $120.0326 $138.2160 $129.9239 $130.6124 $130.4051 Net Asset Value per $10.4576 $9.2528 $9.2932 $9.2857 $9.2855 €100.92 €90.74 £13.20 €11.26 £9.80 31 – – – – –

83 LAZARD GLOBAL ACTIVE FUNDS PLC 84 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc 7. ExchangeRates(continued) Notes totheFinancialStatements to GBP: financialThe following year endexchange have financial rates beenusedtotranslate assetsandfinancial liabilitiesinothercurrencies to EUR: financialThe following year endexchange have financial rates beenusedtotranslate assetsandfinancial liabilitiesinothercurrencies Exchange RatesagainstUSD US Dollar Swiss Franc Japanese YenJapanese Hong Kong Dollar Euro Canadian Dollar Australian Dollar Canadian Dollar Exchange RatesagainstGBP US Dollar Turkish Lira Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Danish Krone Exchange RatesagainstEUR UAE Dirham Turkish Lira Thai Baht Taiwan Dollar Swiss Franc Swedish Krona Korean WonSouth Rand South African Dollar Singapore Riyal Saudi Arabian Russian Ruble Romanian Leu Riyal Qatari Pound Sterling Polish Zloty Philippine Peso Peruvian Sol Pakistan Rupee Omani Rial Norwegian Krone New ZealandDollar Mexican Peso Malaysian Ringgit Kuwaiti Dinar YenJapanese Israeli Shekel 31 March2021 31 March2021 31 March2021 1,131.75000 152.64550 110.72501 10.71735 10.24201 10.03045 31.25000 28.53300 14.76001 75.61000 48.53750 20.43950 1.37860 1.30300 1.17555 1.73250 1.81500 1.17273 1.10842 0.85067 7.43886 3.67315 8.25725 0.94516 8.73350 1.34521 3.75029 4.19509 0.72537 3.95191 3.74351 8.55310 1.43185 4.14653 0.30234 3.34310 n/a n/a n/a n/a n/a Financial year ended31March 2021 31 March2020 31 March2020 31 March2020 1,217.35005 133.55680 107.52500 166.10003 10.39647 10.91063 11.46639 32.81753 30.24149 17.88552 78.54001 50.86000 23.72249 1.24210 1.19550 9.62970 1.12620 1.74800 2.01935 1.55212 1.10291 1.06153 0.88794 7.46568 3.67317 6.61328 0.96248 9.89256 1.42134 3.75698 0.80588 4.13662 3.43205 1.67587 4.32002 0.31298 3.54150 7.29386 3.64101 0.38523

(continued) n/a consistent with the risks thatexisted asat31Marchconsistent 2020. withtherisks outlineprocedures paragraphs tomanageThe following themarket, undertaken oftheFunds. risks credit andliquidity These are management processin therisk since31March 2020. Funds expectations are andtheirlegalconstitutional managed regulations. inlinewithclient There updates have beennomaterial remain consistent with theirstatedgoals andobjectives ofproduct interms characteristics, meaningthatthe andrisk performance management theInvestmentis thecentral bodyfor Managers’ investment platform. and monitorsFunds all Itreviews toensure they not available, AssetManagement LLC. Lazard Committee.The Head intotheOversight ofRiskreports Committee The Oversight ofoperationtherelevantInvestment Manager orwhereManagement isdelegatedtotherespective teamineitherthecountry risk There isaRiskManagement Team responsible management process overseeing therisk for oftheInvestment Managers. Risk theFunds. for andoversight ofrisk monitoring guidelines andlimits. The Directors delegatetotheManager delegatestotheInvestment whointurn Managersthe responsibilityfor guidelines andlimitssetoutintheProspectus aswell aseachInvestment Manager’s andSupplements owninvestment internal The Investment Managers are alsoresponsible thattheFunds ensuring for are managedof eachFund’s withintheterms investment as required inrelation totheFunds’ profile. andrisk performance Management K.K. AssetManagement Pacific andLazard Co. basisandmore (the frequently “Investment Managers”) on aquarterly AssetManagement Limited, Lazard from The Directorsreporting AssetManagement review LLC, Lazard JapanAsset Lazard should refer totheProspectus amore for inherent detaileddiscussion oftherisks ininvesting andSupplements intheFunds. invest.markets they in which andinvestors risks ofall isnotintended tobeacomprehensive information The following summary The Funds’ are which and associatedwiththefinancial ofrisk instruments investment types activities exposethemtothevarious 9. RiskManagementPoliciesandProcedures of therelevant Funds asat31March 2021and31March 2020. Company, are deemedassetsoftheCompany. accountsThe balancesonare thesecash reflectedofFinancial on theStatement Position accounts,These cash ofredemptions andpayment collection ofsubscriptions the for anddividendsfor heldwiththe Depositary Regulations”), 2016. 1July tookfrom which effect Providersand Enforcement) Act 48(i))Investor 2013(Section MoneyRegulationsFund 2015for (“Investor Money Service the requirements relating andredemption tothesubscription collection accountsBankofIreland pursuanttotheCentral (Supervision Cash account arrangements have beenputinplace inrespect oftheCompany andtheFunds asaconsequence oftheintroduction of banks. Asat31March 2021and31March 2020, heldby cash theFunds isdepositedwiththeDepositary. (ifany) asat31 March with 2021and31March ofcurrentCash atbankandoverdrafts 2020comprise depositsandoverdrafts 8. CashatBank Net toRedeemableParticipating AssetsAttributable balancesinothercurrencies Shareholders toUSD: ofComprehensive average ofChangesThe following exchangehave Statement in rates beenusedtotranslate Income andStatement to JPY: financialThe following year endexchange have financial rates beenusedtotranslate assetsandfinancial liabilitiesinothercurrencies 7. ExchangeRates(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Pound Sterling YenJapanese Euro Euro Average ExchangeRatesagainstUSD US Dollar Pound Sterling Exchange RatesagainstJPY 31 March2021 31 March2021 106.03591 0.76586 0.85819 0.00903 0.00655 n/a Financial year ended31March 2021 31 March2020 31 March2020 108.74500 0.78695 0.89985 0.00930 0.00749 0.00843 (continued)

85 LAZARD GLOBAL ACTIVE FUNDS PLC 86 LAZARD GLOBAL ACTIVE FUNDS PLC 31 March2020 Market For ofcomparison, thepurpose usingvaluations andBETA thetablebelow shows anequivalentanalysis estimatesasat31March 2020: Lazard EmergingMarketsManaged Volatility Fund Lazard Global ActiveFundsplc 31 March2021 Market changesare provided: monetary Fund ismanaged. Basedon theBETA values(predicted by Axioma’s models)andFund risk valuations asat31March 2021, estimated The other factors). 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 were derivatives) designatedatfairvaluethrough (excluding profitof thesecurities orlossatthefinancial year end. 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 iscontrolled. The Investment Managers manage theFunds’ market itsinvestments in securities. from arising risk theportfolio,exposed tomarket Bydiversifying price change ofa thataprice therisk oritsissuer,the individualfinancial instrument tradedinthemarket. orfactorssimilarfinancial affecting instruments The Funds are risk), orcurrency interest risk rate from whetherthosechanges areby (otherthanthosearising market caused factors prices specific to ofchangesin fluctuatebecause thatthefairvalueorfutureflows will ofafinancial istherisk cash instrument risk Market price (i) MarketPriceRisk movements. interest movements. rate Itrepresents thepotentiallossFunds through mightsuffer holdingmarket positions intheface ofmarket price, from aboutfuture heldspecifically and valuesoffinancial currency instruments uncertainty from mainly arises Market risk Market Risk 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard DevelopingMarketsEquityFund Lazard US Equity Concentrated Fund Lazard USEquityConcentrated Lazard Pan-European Fund SmallCap Lazard EuropeanEquityFund Lazard GlobalEquityFranchise Fund Lazard Global FocusThematic Fund Lazard Global Fund Thematic Lazard GlobalManaged Volatility Fund Lazard GlobalSustainableEquityFund Lazard GlobalListedInfrastructureEquityFund Lazard EmergingMarketsEquity Fund Advantage Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund EquityFund Strategic Lazard Japanese Fund Lazard USEquityConcentrated Lazard Pan-European Fund SmallCap Lazard EuropeanEquityFund Lazard GlobalEquityFranchise Fund Lazard Global FocusThematic Fund Lazard Global Fund Thematic Lazard GlobalManaged Volatility Fund Lazard GlobalSustainableEquityFund Lazard GlobalListedInfrastructureEquityFund following tablepresentsanalysis,following ascenario each a+30%changeisappliedtoeachofthebenchmarks againstwhich inwhich prices riseby30% prices riseby30% * * Currency Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP EUR EUR EUR EUR JPY 0.99 0.69 0.97 1.18 0.92 1.06 0.96 0.88 1.00 0.94 1.00 0.96 0.73 0.93 0.76 Beta Beta 1.02 0.96 0.98 1.08 0.97 0.96 0.85 0.95 0.79 Initial Value Initial Value 1,241,148 1,417,891 1,293,822 134,920 369,596 319,300 637,010 286,074 147,701 129,596 338,660 336,119 174,369 31,211 16,129 85,082 16,417 30,202 37,557 55,032 30,790 16,221 19,121 15,183 (‘000) (‘000) Financial year ended31March 2021 New Value New Value 1,635,139 1,741,223 1,600,762 162,656 477,483 407,411 820,280 107,502 366,794 192,165 158,150 441,923 445,295 218,895 40,449 21,851 21,327 38,855 48,018 70,870 39,797 20,920 24,620 19,490 (‘000) (‘000)

(continued) # # 107,887 393,991 183,270 323,332 103,263 109,176 306,940 27,736 10,461 88,111 22,420 80,720 44,464 28,554 15,838 44,526 9,238 5,722 4,910 8,653 (‘000) (‘000) 9,007 4,699 5,499 4,307 Gain Gain # # Lazard EmergingMarketsEquity Fund Advantage Lazard EmergingMarketsCoreEquityFund calculation includes both monetary and non-monetary assets andliabilities. andnon-monetary bothmonetary includes calculation investment funds. liabilities. otheramountsrepresented assets and monetary All below relate tomonetary analysis sensitivity The equities, include assetswhich Investments relate amountsrepresented to non-monetary below fixed primarily and income securities by strengtheningcurrency instantaneously 5%(relative othercurrencies) toall asat31March 2021and31March 2020. provide theexposure todifferentThe tablesoverleaf currencies, thatshows theimpact scenario ofthebase andacurrency-shock Concentrated Fund) denominated oftheportfolio, inthebasecurrency invest insecurities only risk. sobearnosignificantcurrency As at31March 2021and31March 2020, Fund two oftheFunds Equity USEquity andLazard JapaneseStrategic (Lazard of return, exposures are managed relative totheappropriatebenchmark. For otherportfolios, there management isnoexplicitcurrency policy. exposure. currency tozero) exchange contracts (orclose tomaintainzero source 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 foreign exchange currency contractsthepurpose for may invest inforward The Funds may invest denominated in currencies in securities other than its functional (or, currency indeed, of the the currency (ii) Foreign Currency Risk uses thecommitment approach tomeasure globalexposure foreignexchange theFunds currency contracts. for holdforward which foreign exchange currency contracts inthePortfolio heldasat31March 2021are included of forward ofInvestments. The Company hedgingandinvestment andshare purposes. class of theFunds foreignexchange currency contracts portfolio for useforward Details management purposes.The Company efficient for use does financial not portfolio currently instruments derivative However, a number A -5%change would have anequalbutoppositeeffect. Fund as at31March 2021and31March 2020, impacts are provided: estimatedmonetary FixedSustainable Income Fund ismanaged. Basedon theBETA Fixed GlobalSustainable valuesandLazard Income Fund valuations The tablebelow presents analysis, ascenario Global Lazard a+5%changeisappliedtothebenchmark againstwhich inwhich A -30%change would have anequalbutoppositeeffect. Lazard EmergingMarketsManaged Volatility Fund Lazard EmergingMarketsEquityFund EquityFund Strategic Lazard Japanese 31 March2020(continued) Market (i) MarketPriceRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalSustainableFixed IncomeFund # Estimation basedonBETA# Estimation only, ignoringallotherfactors * Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. Lazard DevelopingMarketsEquityFund * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. prices riseby30% * Currency USD Calculation asat Currency 31 March2021 Relevant Beta USD USD USD USD USD JPY 1.11

5% relevant market Estimated Portfolio return basedon 31 March2021 increase asat Beta 0.95 1.04 1.00 1.00 1.06 0.85 5.55%

Initial Value 144,928 699,055 852,118 130,972 Estimated 1,951,903 65,344 20,738 monetary monetary (‘000) change Financial year ended31March 2021

Calculation asat 31 March2020 New Value Relevant Beta 1,107,450 186,426 909,571 164,355 85,720 27,344 (‘000) (continued) 1.10 #

5% relevant market Estimated Portfolio return basedon 31 March2020 increase asat 210,516 255,332 41,498 20,376 33,383 (‘000) 6,606 Gain 5.50% #

1,976,353 Estimated monetary monetary change

87 LAZARD GLOBAL ACTIVE FUNDS PLC 88 LAZARD GLOBAL ACTIVE FUNDS PLC Taiwan Dollar Swiss Franc Swedish Krona South African Rand South African Pound Sterling Norwegian Krone Japanese YenJapanese Hong Kong Dollar Euro Danish Krone Canadian Dollar Lazard GlobalSustainableEquityFund Brazilian Real 31 March2021 US Dollar Swiss Franc Hong Kong Dollar Euro Canadian Dollar Australian Dollar Lazard GlobalListedInfrastructureEquityFund 31 March2020 US Dollar Swiss Franc Hong Kong Dollar Euro Canadian Dollar Australian Dollar Lazard GlobalListedInfrastructureEquityFund Lazard Global ActiveFundsplc 31 March2021 foreign exchange currency contracts provides exposures abetterrepresentation risk oftheFunds. currency forward ofthetrue hedging.exchange ofshare contracts entered class the purposes intofor ofthesehedge The Manager thattheexclusion believes foreign currency exposures risk related currency toforward inthetablesbelow donotinclude exposures risk disclosed The currency (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements * 1,019,937,998 Investments Investments Investments 877,094,393 219,215,013 526,409,527 185,525,123 629,603,955 141,362,539 14,244,604 49,778,610 76,298,312 57,621,234 1,268,398 1,059,840 1,443,848 1,288,363 1,294,910 5,487,941 1,154,931 5,392,931 5,825,147 645,517 600,856 USD GBP GBP – – – – – Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Exchange Contracts Exchange Contracts Exchange Contracts (821,469,467) (952,739,863) (213,072,385) (513,633,321) (169,180,720) (600,587,099) (133,202,029) (20,258,344) (69,836,570) (53,383,653) (4,668,847) 3,613,638 USD GBP GBP – – – – – – – – – – – – – – – Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ (Liabilities) (Liabilities) (4,479,807) (Liabilities) (2,690,884) (3,868,864) 2,295,728 (260,960) (291,341) 521,024 747,906 26,175 45,169 15,438 46,945 3,807 7,670 8,846 3,628 2,072 USD GBP GBP 645 570 978 22 – – 2 7 4 4 Financial year ended31March 2021 14,270,779 51,145,119 29,259,306 15,071,934 67,719,159 16,346,475 29,032,294 1,272,205 1,067,510 1,443,848 1,288,385 1,303,756 5,491,569 1,155,501 3,451,744 2,592,878 3,946,240 9,485,730 8,908,416 645,519 600,856 769,253

(continued) Total Total Total USD GBP GBP 645 978 7 4 4 Movement Movement Movement Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,462,965 1,451,615 274,578 172,587 753,597 129,644 817,324 197,312 474,287 445,421 Impact Impact Impact 63,610 53,376 72,192 32,276 64,419 65,188 30,043 57,775 38,463 USD GBP GBP 32 49 – – – 31 March2021 Swiss Franc Swedish Krona Singapore Dollar Singapore Pound Sterling Norwegian Krone New ZealandDollar Japanese YenJapanese Israeli Shekel Euro Danish Krone Canadian Dollar Australian Dollar Lazard GlobalManagedVolatility Fund 31 March2020 Swiss Franc Swedish Krona Singapore Dollar Singapore Pound Sterling Norwegian Krone New ZealandDollar Japanese YenJapanese Israeli Shekel Hong Kong Dollar Euro Danish Krone Canadian Dollar Australian Dollar Lazard GlobalManagedVolatility Fund 31 March2021 *Effective 23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. Taiwan Dollar Swiss Franc Swedish Krona South African Rand South African Pound Sterling Norwegian Krone Japanese YenJapanese Hong Kong Dollar Euro Danish Krone Canadian Dollar Lazard GlobalSustainableEquityFund Brazilian Real 31 March2020 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc * Investments Investments Investments 82,096,067 24,973,508 20,248,707 52,521,839 21,102,904 9,804,595 1,899,741 1,617,009 2,543,766 1,854,237 7,050,226 2,632,434 8,478,075 4,177,596 1,800,661 4,330,220 2,341,544 2,233,906 5,778,398 2,152,467 5,210,174 1,766,787 5,285,681 1,284,111 656,139 337,630 366,234 931,697 329,251 303,485 974,198 469,858 511,215 537,196 759,886 298,587 147,145 USD USD USD – – – Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Exchange Contracts Exchange Contracts Exchange Contracts USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ (Liabilities) (Liabilities) (Liabilities) 692,453 149,331 346,059 675,835 190,383 319,100 (1,701) 23,901 35,424 50,620 82,094 17,072 22,680 33,370 47,811 16,005 29,414 12,373 5,714 1,011 2,220 4,848 2,062 1,676 USD USD USD 531 534 474 20 – – – – – – – – – – 1 7 Financial year ended31March 2021 82,788,520 25,319,567 20,299,327 53,197,674 21,422,004 9,804,595 1,898,040 1,617,009 2,549,480 2,003,568 7,074,127 2,667,858 8,560,169 4,177,596 1,817,733 4,352,900 2,531,927 2,233,906 5,811,768 2,200,278 5,226,179 1,796,201 5,298,054 1,285,787 656,139 338,641 366,234 931,697 329,251 305,705 979,046 469,858 511,216 537,216 761,948 298,587 147,619 (continued) Total Total Total USD USD USD 531 534 7 Movement Movement Movement Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,265,978 1,014,966 1,071,100 490,230 127,474 100,178 353,706 133,393 428,008 208,880 217,645 126,596 111,695 290,588 110,014 261,309 Impact Impact Impact 94,902 80,850 32,807 16,932 90,887 18,312 46,585 16,463 89,810 15,285 48,952 23,493 25,561 26,861 38,097 14,929 64,289 7,381 USD USD USD 27 27 –

89 LAZARD GLOBAL ACTIVE FUNDS PLC 90 LAZARD GLOBAL ACTIVE FUNDS PLC Pound Sterling Japanese YenJapanese Indonesian Rupiah Hong Kong Dollar Euro Lazard GlobalThematicFocusFund 31 March2020 Swedish Krona Singapore Dollar Singapore Pound Sterling Japanese YenJapanese Indonesian Rupiah Hong Kong Dollar Euro Lazard GlobalThematicFocusFund 31 March2021 Swiss Franc Swedish Krona Singapore Dollar Singapore Pound Sterling Norwegian Krone Japanese YenJapanese Indonesian Rupiah Hong Kong Dollar Euro Danish Krone Canadian Dollar Lazard GlobalThematicFund 31 March2020 Swiss Franc Swedish Krona Singapore Dollar Singapore Pound Sterling Norwegian Krone Japanese YenJapanese Indonesian Rupiah Hong Kong Dollar Euro Danish Krone Canadian Dollar Lazard GlobalThematicFund Lazard Global ActiveFundsplc (i) MarketPriceRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments Investments 53,095,660 22,006,517 12,447,445 1,062,640 2,584,776 5,867,003 1,048,715 8,121,646 4,714,061 2,979,567 8,358,151 8,118,859 1,602,146 1,370,840 3,096,716 2,447,298 1,768,526 4,827,477 675,469 294,420 221,910 424,465 163,440 152,924 641,564 127,070 263,868 286,214 684,702 120,932 329,701 350,560 946,691 348,229 337,115 91,300 53,916 USD USD USD USD Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Exchange Contracts Exchange Contracts Exchange Contracts Exchange Contracts USD USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ (Liabilities) (1,034,339) (Liabilities) (Liabilities) (Liabilities) (1,050,298) (113,577) (99,424) 403,034 228,458 15,938 11,911 52,024 61,700 20,316 6,518 6,351 3,889 8,036 1,581 3,657 5,111 5,541 6,051 1,786 USD USD USD USD 775 21 – – – – – – – – – – – – – – Financial year ended31March 2021 52,061,321 22,006,538 12,348,021 1,062,640 2,584,776 5,867,003 1,048,715 7,071,348 4,729,999 2,979,567 8,358,151 8,521,893 1,654,170 1,432,540 3,325,174 2,333,721 1,774,577 4,829,263 681,987 294,420 228,261 436,376 167,329 160,960 661,880 130,727 268,979 286,214 684,702 120,932 335,242 350,560 946,691 348,229 337,890

91,300 55,497 (continued) Total Total Total Total USD USD USD USD Movement Movement Movement Sensitivity Movement Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,100,327 129,239 293,350 353,567 236,500 148,978 417,908 166,259 116,686 241,463 Impact Impact Impact Impact 34,099 14,721 53,132 52,436 11,413 21,819 82,709 71,627 33,094 13,449 14,311 34,235 16,762 88,729 17,528 47,335 17,411 16,895 4,565 8,366 8,048 2,775 6,536 6,047 USD USD USD USD Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Danish Krone Lazard Pan-European SmallCapFund 31 March2021 US Dollar Swiss Franc Swedish Krona Norwegian Krone Danish Krone Lazard EuropeanEquityFund 31 March2020 US Dollar Swiss Franc Swedish Krona Norwegian Krone Danish Krone Lazard EuropeanEquityFund 31 March2021 Euro Lazard GlobalEquityFranchiseFund 31 March2020 Pound Sterling Euro Australian Dollar Lazard GlobalEquityFranchiseFund 31 March2021 Swedish Krona (continued) Lazard GlobalThematicFocusFund Singapore Dollar Singapore 31 March2020 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments Investments Investments Investments 123,150,229 40,551,837 26,290,412 77,367,674 77,367,674 25,473,778 91,937,872 3,160,949 8,381,967 1,479,316 1,239,193 7,268,348 4,614,323 1,647,739 3,806,016 2,074,873 5,738,579 5,673,108 731,056 275,230 678,822 117,315 935,006 713,459 251,044 USD USD USD EUR EUR EUR – – Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Exchange Contracts Exchange Contracts Exchange Contracts Exchange Contracts Exchange Contracts Exchange Contracts USD USD USD EUR EUR EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ (Liabilities) (Liabilities) (Liabilities) (Liabilities) (Liabilities) (7,584,264) (Liabilities) (2,500,736) (7,584,264) (2,501,162) 75,828 18,831 20,925 12,249 23,823 (3,500) 78,011 24,125 39,610 17,776 87,992 23,868 45,280 18,800 6,518 USD USD USD EUR EUR EUR 426 44 – – – – – – Financial year ended31March 2021 120,649,493 40,627,665 26,311,337 69,783,410 69,783,410 25,474,204 89,436,710 3,160,949 8,400,798 1,491,565 1,263,016 7,346,359 4,638,448 1,665,515 3,894,008 2,098,741 5,738,579 5,679,626 731,056 314,840 678,822 162,595 953,806 713,459 251,044 (continued) (3,500) Total Total Total Total Total Total USD USD USD EUR EUR EUR 44 Movement Movement Movement Movement Movement Movement Sensitivity Sensitivity Sensitivity Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,315,567 3,489,171 1,273,710 4,471,836 158,047 420,040 231,922 104,937 286,929 Impact Impact Impact Impact Impact Impact 74,578 63,151 36,553 15,742 83,276 33,941 47,690 35,673 12,552 8,130 (175) USD USD USD EUR EUR EUR 2

91 LAZARD GLOBAL ACTIVE FUNDS PLC 92 LAZARD GLOBAL ACTIVE FUNDS PLC Turkish Lira Thai Baht Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Pakistani Rupee Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Brazilian Real Lazard EmergingMarketsEquityFund 31 March2020 Turkish Lira Thai Baht Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Brazilian Real Lazard EmergingMarketsEquityFund 31 March2021 Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Danish Krone Lazard Pan-European SmallCapFund Lazard Global ActiveFundsplc 31 March2020 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments 511,579,915 104,002,590 141,087,075 251,117,767 14,486,188 10,122,556 35,186,168 34,419,351 12,825,862 15,253,240 65,296,770 12,557,285 15,700,817 35,965,872 28,501,115 48,860,505 19,489,589 12,089,986 27,786,077 56,657,757 11,076,822 18,522,223 26,166,501 15,727,512 9,117,901 3,775,692 1,782,548 8,119,165 6,203,311 7,507,541 6,303,675 1,497,807 7,130,377 1,535,117 275,688 USD USD EUR – 1 Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Exchange Contracts Exchange Contracts Exchange Contracts USD USD EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ (Liabilities) (Liabilities) (Liabilities) 3,243,016 2,506,145 3,259,249 1,802,403 (939,353) (331,677) (84,922) 624,902 106,683 871,428 429,844 144,104 207,266 267,338 502,603 59,913 61,203 75,346 47,631 48,852 60,872 41,629 72,830 62,651 8,111 2,068 USD USD EUR (13) (2) 68 – – – – – – – 2 Financial year ended31March 2021 514,822,931 106,508,735 141,087,143 254,377,016 14,486,188 10,122,556 35,101,246 35,044,253 12,494,185 15,253,238 66,168,198 12,557,285 15,700,804 36,395,716 28,576,461 50,662,908 19,633,693 12,089,986 28,053,415 57,160,360 11,137,694 18,563,852 26,239,331 15,790,163 8,178,548 3,835,605 1,889,231 8,180,368 6,250,942 7,714,807 6,352,527 1,497,807 7,130,377 1,537,185 283,799

(continued) Total Total Total USD USD EUR 1 2 Movement Movement Movement Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,755,062 5,325,437 1,752,213 3,308,410 7,054,357 1,819,786 1,428,823 2,533,145 1,402,671 2,858,018 724,309 506,128 408,927 191,780 624,709 762,662 627,864 785,040 409,018 981,685 312,547 604,499 385,740 317,626 556,885 928,193 356,519 789,508 Impact Impact Impact 94,462 74,890 14,190 76,859 USD USD EUR – – Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Chinese Yuan Chilean Peso Brazilian Real Advantage Fund Lazard EmergingMarketsEquity 31 March2021 Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Philippine Peso Mexican Peso Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Chinese Yuan Canadian Dollar Brazilian Real Lazard EmergingMarketsCoreEquityFund 31 March2020 Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Philippine Peso Mexican Peso Indonesian Rupiah Indian Rupee Hong Kong Dollar Euro Chinese Yuan Canadian Dollar Brazilian Real Lazard EmergingMarketsCoreEquityFund 31 March2021 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments 23,438,829 86,508,269 22,834,448 10,585,515 40,855,092 17,909,925 6,679,975 4,294,345 3,489,298 5,182,718 2,987,963 1,005,988 2,447,855 6,880,825 1,287,542 1,285,595 1,389,328 2,215,693 3,087,509 9,811,404 2,114,784 3,378,266 853,195 726,039 580,587 416,115 908,513 412,287 454,084 800,333 152,281 274,056 326,542 127,201 294,034 117,383 855,213 480,651 129,980 686,314 74,366 USD USD USD Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Exchange Contracts Exchange Contracts Exchange Contracts USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ (Liabilities) (Liabilities) (Liabilities) 24,559,339 10,475,986 2,368,432 6,723,793 1,029,257 2,626,664 360,350 520,622 167,197 265,989 (79,325) 477,968 402,847 391,799 96,450 13,454 31,635 24,146 18,734 12,311 11,911 19,271 20,038 32,632 13,075 11,283 11,698 (2,259) 33,690 8,688 5,953 2,895 5,286 USD USD USD – – – – – – – 2 Financial year ended31March 2021 23,470,464 86,508,269 22,834,448 10,945,865 41,375,714 18,175,914 34,370,743 13,854,252 6,776,425 4,307,799 3,489,298 5,182,718 2,987,963 1,005,988 2,472,001 7,048,022 1,306,276 1,304,866 1,409,366 2,248,325 3,008,184 3,168,765 8,838,577 1,355,799 3,481,877 865,506 737,950 589,275 422,068 921,588 412,289 454,084 630,249 285,339 530,048 305,732 509,182 478,392 135,266 720,004 (continued) 77,261 Total Total Total USD USD USD Movement Movement Sensitivity Movement Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,173,523 4,325,413 1,141,722 338,821 215,390 174,465 259,136 149,398 547,293 123,600 352,401 112,416 908,796 150,409 158,438 441,929 174,094 692,713 Impact Impact Impact 50,299 65,314 43,275 36,898 65,243 70,468 29,464 21,103 46,079 20,614 22,704 31,512 14,267 67,790 26,502 15,287 25,459 23,920 36,000 3,863 6,763 USD USD USD

93 LAZARD GLOBAL ACTIVE FUNDS PLC 94 LAZARD GLOBAL ACTIVE FUNDS PLC Philippine Peso Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Chinese Yuan Chilean Peso Brazilian Real Volatility Fund Lazard EmergingMarketsManaged 31 March2021 Turkish Lira Thai Baht Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Philippine Peso Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Chinese Yuan Chilean Peso Brazilian Real Advantage Fund Lazard EmergingMarketsEquity 31 March2020 UAE Dirham Turkish Lira Thai Baht Taiwan Dollar South Korean WonSouth South African Rand South African Saudi Arabian Riyal Saudi Arabian Pound Sterling Polish Zloty Advantage Fund(continued) Lazard EmergingMarketsEquity Lazard Global ActiveFundsplc Philippine Peso 31 March2021 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments 265,256,075 21,030,431 22,242,955 99,436,850 12,481,271 34,166,953 11,597,100 29,611,457 42,994,603 1,653,175 5,220,573 5,482,720 1,321,783 5,661,608 2,831,691 1,335,148 3,254,362 1,977,565 2,289,035 9,549,470 3,995,525 1,420,883 1,506,990 1,443,192 2,614,872 8,017,167 1,288,255 4,888,873 2,988,411 4,534,773 9,057,721 3,496,656 3,612,484 1,523,145 677,596 685,784 901,363 612,552 429,477 USD USD USD – – Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Exchange Contracts Exchange Contracts Exchange Contracts USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ (Liabilities) (1,078,147) (Liabilities) (Liabilities) (1,013,261) 1,580,772 1,518,562 (133,670) (528,878) (434,544) (355,910) (740,328) (381,313) (241,838) 474,232 217,658 332,640 661,653 299,753 18,724 32,914 31,565 12,354 37,756 8,028 8,332 USD USD USD 210 667 419 59 65 – – – – – – – – – – – – – Financial year ended31March 2021 266,774,637 21,030,431 22,242,955 98,358,703 10,023,702 12,046,727 35,747,725 10,583,839 29,612,124 43,656,256 1,671,899 5,086,903 5,515,634 1,321,783 5,661,608 2,831,691 1,335,148 3,285,927 1,977,565 1,760,157 4,213,183 1,421,093 1,506,990 1,087,282 2,947,512 7,276,839 1,288,255 4,647,035 2,988,411 4,572,529 9,065,749 3,796,409 3,612,903 1,531,477 677,596 698,138 520,050 612,552 429,477

(continued) Total Total Total USD USD USD 59 65 Movement Movement Sensitivity Movement Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,051,522 1,112,148 1,787,386 1,480,606 2,182,813 254,345 275,782 283,080 141,585 164,296 501,185 602,336 210,659 147,376 363,842 529,192 232,352 149,421 228,626 453,287 189,820 180,645 Impact Impact Impact 83,595 66,089 66,757 33,880 98,878 88,008 71,055 34,907 75,350 54,364 26,003 64,413 30,628 21,474 76,574 USD USD USD 3 3 Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Philippine Peso Mexican Peso Indonesian Rupiah Indian Rupee Hong Kong Dollar Euro Chinese Yuan Canadian Dollar Brazilian Real Lazard DevelopingMarketsEquityFund 31 March2021 Turkish Lira Thai Baht Taiwan Dollar South Korean WonSouth South African Rand South African Polish Zloty Philippine Peso Mexican Peso Malaysian Ringgit Indonesian Rupiah Hungarian Forint Hong Kong Dollar Euro Czech Koruna Chinese Yuan Chilean Peso Brazilian Real Volatility Fund Lazard EmergingMarketsManaged 31 March2020 Turkish Lira Thai Baht Taiwan Dollar South Korean WonSouth South African Rand South African Saudi Arabian Riyal Saudi Arabian Pound Sterling Volatility Fund(continued) Lazard EmergingMarketsManaged Polish Zloty 31 March2021 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments 111,512,234 119,312,401 21,064,780 16,552,869 16,214,358 11,226,274 29,595,113 28,436,434 4,419,217 4,414,388 1,019,496 1,345,029 5,112,574 1,229,598 4,487,451 3,107,191 1,130,081 2,157,254 6,975,853 9,351,004 2,936,969 2,624,919 1,698,747 1,663,493 2,903,219 1,269,780 9,626,340 2,800,156 2,760,876 167,316 516,972 657,654 844,800 185,370 486,124 666,242 650,334 571,053 569,271 284,002 519,552 USD USD USD – Forward ForeignCurrency Forward ForeignCurrency Forward ForeignCurrency Exchange Contracts Exchange Contracts Exchange Contracts USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Net OtherAssets/ Net OtherAssets/ Net OtherAssets/ (Liabilities) (5,022,180) (Liabilities) (Liabilities) (1,074,138) (2,901,323) (5,782,312) 2,581,553 1,286,917 (148,614) (186,952) (707,720) 429,935 210,789 681,346 528,657 289,953 276,701 64,898 52,595 (3,533) 31,322 28,360 26,875 26,257 3,422 9,586 2,821 8,452 2,135 USD USD USD – – – – – – – – – 5 – 2 – – – Financial year ended31March 2021 106,490,054 119,602,354 21,129,678 16,404,255 18,795,911 23,812,801 28,444,886 4,422,639 4,466,983 1,019,496 1,345,034 5,112,576 1,229,598 4,917,386 3,138,513 1,340,870 1,970,302 1,331,680 7,004,213 8,276,866 4,223,886 2,624,919 8,324,951 1,698,747 1,097,928 2,903,219 1,296,655 9,903,041 2,802,291 2,787,133 167,316 519,793 657,654 844,800 185,370 486,124 662,709 571,053 955,773 284,002 519,552 (continued) 9,586 Total Total Total USD USD USD Movement Movement Movement Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,190,640 1,422,244 221,132 223,349 255,629 245,869 156,926 820,213 939,796 350,211 413,843 211,194 131,246 416,248 145,161 495,152 140,115 139,357 Impact Impact Impact 50,975 25,990 32,883 42,240 67,252 61,480 24,306 33,135 67,044 98,515 66,584 84,937 28,553 54,896 47,789 64,833 14,200 25,978 8,366 9,269 USD USD USD 479

95 LAZARD GLOBAL ACTIVE FUNDS PLC 96 LAZARD GLOBAL ACTIVE FUNDS PLC * Effective12May2021, FundnamechangedfromLazardGlobal Fixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. Thai Baht Swiss Franc Swedish Krona South Korean WonSouth Singapore Dollar Singapore Russian Rouble Romanian NewLeu Pound Sterling Polish Zloty Philippine Peso Peru NuevoSol Norwegian Krone New ZealandDollar Mexican Peso Japanese YenJapanese Indonesian Rupiah Indian Rupee Hungarian Forint Euro Czech Koruna Colombian Peso Chinese Yuan Chilean Peso Canadian Dollar Lazard GlobalSustainableFixedIncomeFund Australian Dollar 31 March2021 Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Philippine Peso Mexican Peso Indonesian Rupiah Indian Rupee Hong Kong Dollar Chinese Yuan Canadian Dollar Brazilian Real Lazard DevelopingMarketsEquityFund Lazard Global ActiveFundsplc 31 March2020 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments 17,719,776 13,516,744 * 1,052,361 1,534,112 1,079,732 1,015,918 2,195,175 1,053,133 1,068,147 2,628,304 2,489,573 2,393,752 2,453,284 1,030,305 3,827,590 356,444 729,284 210,155 485,881 842,966 356,246 374,677 247,668 571,606 325,252 481,493 216,341 330,551 791,541 233,715 861,314 USD USD – – – – – – – – – Forward ForeignCurrency Forward ForeignCurrency Exchange Contracts Exchange Contracts (1,045,259) (1,052,577) (1,585,972) (1,971,004) 3,343,748 4,891,035 4,933,369 2,634,287 (314,109) (499,446) (680,748) (467,538) (787,203) (134,139) (877,294) (957,766) (195,024) 127,381 364,743 176,193 360,462 213,830 (64,080) 181,445 93,162 USD USD – – – – – – – – – – – – – – – Net OtherAssets/ Net OtherAssets/ (Liabilities) (Liabilities) 168,007 (29,899) 16,722 15,698 13,780 17,674 14,923 13,350 12,081 12,469 22,098 9,056 2,797 3,673 9,906 7,800 1,388 9,967 9,915 8,380 6,970 9,158 4,140 USD USD 877 20 – – – – – – – – – – – – – – 2 Financial year ended31March 2021 21,231,531 13,529,213 1,764,664 4,891,035 7,146,218 2,634,307 1,055,682 2,400,722 2,475,382 1,030,305 3,827,592 127,381 364,743 176,193 360,462 561,971 212,952 229,907 311,985 181,445 148,591 105,282 530,650 571,606 325,252 485,633 216,341 330,551 791,541 233,715 831,415

43,212 93,162 64,234 22,016 44,379 69,543 67,567 23,950 (continued) 9,158 Total Total USD USD Movement Movement Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 244,552 357,311 131,715 120,036 123,769 191,380 Impact Impact 18,237 18,023 28,099 88,233 10,648 11,495 15,599 52,784 26,533 28,580 16,263 24,282 10,817 16,528 51,515 39,577 11,686 41,571 6,369 8,810 2,161 4,658 3,212 1,101 2,219 3,477 9,072 7,430 5,264 3,378 1,198 USD USD 458 * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. Swiss Franc Swedish Krona South Korean WonSouth Singapore Dollar Singapore Romanian NewLeu Pound Sterling Polish Zloty Philippine Peso Peru NuevoSol Norwegian Krone New ZealandDollar Mexican Peso Japanese YenJapanese Indonesian Rupiah Hungarian Forint Euro Czech Koruna Colombian Peso Chinese Yuan Chilean Peso Canadian Dollar Australian Dollar Lazard GlobalSustainableFixedIncomeFund * 31 March2021 A inunison). moving (interestmaturities ofall rates curve oftheyield shift isbasedonparallel asmall analysis interest risk. rate ofa1%increase Alsoshown inthetableis theestimatedimpact ininterest on theportfolio rates. The sensitivity The value, theminussign)inportfolio (excluding associatedwitha1%increase ininterest rates. A bond’s beexpressed tointerest ofmodified can interms rates duration, sensitivity gives which theestimatedpercentage change the Funds’ investment objectives, policiesandcore philosophy. of interest held within bond Funds. The Investment Managers manage theFunds’ basisinaccordance on interestadaily 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 hypothetical, through movements. potentiallossesthatcouldbecaused currency toillustrate andprovided only numbers shown in the previous tables, remain on other variables constant. the basis that all used in this section areThe scenarios A 5%weakening (againsttheothercurrencies) ofthebasecurrency would beexpectedtohave anequal andoppositeimpact on the 31 March2020 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalSustainableFixed IncomeFund * Effective12May2021, FundnamechangedfromLazardGlobal Fixed IncomeFundtoLazardGlobal SustainableFixed Income Fund. 1% decrease would have anequalbutoppositeeffect. following tablesprovidefollowing modified durationnumbers asat31March 2021and31MarcheachoftheFunds 2020for thatbear * Investments 15,625,186 1,650,281 1,013,053 1,146,481 1,075,781 3,692,853 1,244,614 881,411 353,123 369,124 880,756 431,474 228,707 985,171 973,978 199,181 499,198 USD – – – – – – Forward ForeignCurrency Currency Exchange Contracts USD (2,753,327) 6,049,641 5,972,868 6,320,345 (149,013) (297,771) (284,035) (328,882) (853,013) (746,649) (155,515) (991,434) (236,296) (477,821) (449,920) 178,631 121,747 295,756 181,327 436,198 257,429 Portfolio Value 9,016 USD – 35,971 (‘000) Net OtherAssets/ (Liabilities) 128,112 12,420 19,701 15,566 13,452 12,586 8,882 6,120 4,317 2,871 8,773 9,846 7,929 4,761 -6.30% USD Interest RatesRiseby1% 867 18 (%) – – – – – – 3 Financial year ended31March 2021 Return expected if Monetary (‘000) Monetary 21,802,939 2,092,599 5,972,868 7,411,692 (2,266) 178,631 121,747 295,756 181,327 741,280 727,702 419,533 275,962 229,574 (23,663) 990,923 257,447 952,112 799,455 (continued) 73,405 43,113 36,516 21,377 3,583 Total USD

New Value Movement Sensitivity 33,705 (‘000) 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 104,630 298,643 370,585 Impact 14,788 37,064 36,385 20,977 13,798 11,479 (1,183) 49,546 12,872 47,606 39,973 8,932 6,087 9,066 3,670 2,156 1,826 1,069 USD 179

97 LAZARD GLOBAL ACTIVE FUNDS PLC 98 LAZARD GLOBAL ACTIVE FUNDS PLC securities have beenreceivedsecurities by thebroker. failstomeettheirobligations. failifeitherparty The tradewill minimal, made sold onceis only the broker of securities has received as delivery payment. Payment is made on a purchase once the usingapproved brokers. are securities settled upon delivery transactions transferable All involving ofdefaultisconsideredThe risk it hasentered intowitheach Fund. The Company isexposedtocredit viatheFunds risk thatinvest infixed income securities. failtodischargeanobligation will orcommitment orissuertoafinancial that instrument thatthecounterparty Credit istherisk risk Credit Risk For inmarket risk, thetablesincluded information. sensitivitiesare all basedon historical shareholders Net assetsattributabletoredeemableparticipating shareholders Net assetsattributabletoredeemableparticipating Lazard Global ActiveFundsplc 31 March2020 (iii) Interest RateRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements 31 March2021 follows: The interest profile rate ofthefinancial assetsandfinancial liabilitiesoftheFunds asat31March 2021and31March 2020are as movements inbond yields. andnotintendedtobepredictive. ishypothetical analysis This sensitivity havewill additional impacts on assetprices. Furthermore, tobeusedestimatetheimpact ofsmall isintendedonly thisanalysis This isasimplisticapproximation factor, ofanimportant alsolikely, curve withchangesinsteepnesstheyield andtwists which * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. Lazard GlobalSustainableFixed IncomeFund * Lazard GlobalSustainableFixedIncomeFund Lazard GlobalSustainableFixedIncomeFund * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. 31 March2020 Financial fairvaluethroughprofitorloss assetsat Financial fairvaluethroughprofitorloss assetsat Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss liabilitiesat Other netreceivables Other netreceivables * * Less than1year Less than1year Currency 5,365,593 2,573,888 2,607,521 2,758,072 1,672,202 USD 901,686 USD USD – – Portfolio Value 1 to5years 1 to5years 16,916,799 10,112,855 16,916,799 10,112,855 37,514 (‘000) USD USD – – – – 5 to10years 5 to10years 10,442,021 17,250,649 10,442,021 17,250,649 -4.20% Interest RatesRiseby1% (%) USD USD Financial year ended31March 2021 – – – – Return expected if Monetary (‘000) Monetary Greater than Greater than 5,967,347 6,904,234 5,967,347 6,904,234 10 years 10 years (1,559)

(continued) USD USD

– – – –

Non interest Non interest New Value (450,049) (870,386) (878,705) (899,931) (388,191) (320,501) 816,847 350,046 bearing bearing 35,955 (‘000) USD USD 38,241,711 35,971,240 36,750,535 35,519,470 2,369,881 1,351,701 (878,705) (899,931) Total Total USD USD * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. Total NA Cash B BB BBB A AA AAA in the following manner: in thefollowing sectors. ongoingThe Investment ofthislist. monitoring Managers perform ismonitored risk on anongoing basis Counterparty/issuer The Investment Managers’ andrecognised rated dealersintheir limited tothemosthighly isgenerally approved listofcounterparties orissuerexposure management program withintheInvestment ismonitoredrisk Managers. andmanaged by counterparty aformal The Funds ofsettlement default. beartherisk withwhom trade andwill are they exposedtoacreditparties risk Counterparty/issuer Counterparty/Issuer Risk the Funds’ ofFinancial Statement Position. There were nopastdueorimpaired assetsasat31March 2021 or31March 2020. The extent of the Funds’ value as recorded exposure to credit in respect in risk of the financial statementsapproximates thecarrying deposits. term short 31 Marchlong depositsandA-1+for 2020isAA-for term thattheFunds use.Depositary &Poor’sThe Standard asat31March 2021and credit oftheparent rating company oftheDepositary tobedelayed orlimited.Depositary The Funds by andfinancial monitor thecredit theirrisk monitoring position quality ofthe the Funds’ may cause by theDepositary or insolvency Bankruptcy held by with respectandthe securities the rights tothecash risk. reducesand protected counterparty and thisfurther to those securities, are preserved. of the Depositary, or bankruptcy of insolvency Thus in the event the Funds’ are securities segregated The Funds’ identified on theaccounting separately records are securities always oftheDepositary, therefore therights, withrespect markets. behigherthaninorganisedsecurities holding investments markets generally insuch will Depositary, or improper registration of title. retroactive of legislation application and fraud byThe costs borne a Fund ininvesting and to recover some ofitsassets. any circumstances acts oromissions may include ortheliquidation, Such ofthe orinsolvency bankruptcy developed, there involved markets. isatransaction indealingsuch andcustodyrisk circumstances, Incertain aFund may notbeable againstthirdits rights parties. In addition, astheFunds may invest inmarkets whereare custodialand/orsettlementsystems notfully cases,all be able to establish title to investments made and may losses as a result. suffer The Funds may find it impossible to enforce orregistrar, oftheDepositary In circumstances astheinsolvency such orretro-active oflegislation, application theFunds may not, in of thefinancial institution inrelation holdingsoftheFunds. tocash institution where isdeposited. cash ofthefinancial institution, ofinsolvency Intheevent theFunds betreated will asageneralcreditor is identifiable as belonging to the Funds, held by cash the Depositary While theFunds beexposedto the credit of the financial will risk inthePortfolio asdisclosed ofInvestments. arewhich heldwiththecounterparties held in theFunds andsecurities ofthecash all are heldvia the Depositary,Substantially exceptthefinancial for instruments derivative 31 March 2021and31March 2020. The tablebelow detailsthePortfolio theFunds for ofInvestments invest which by infixed category rating asat income securities Credit Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Rating • enforceable arrangementsandstanding in thefinancial community. ofthebroker's areview creditworthiness, process review thatincludes a formal financial strength, toenterintolegally ability Approved trading withapproved broker permits brokers. only selection -the tradingsystem Newbrokers are added, subjectto Lazard GlobalSustainable Fixed IncomeFund 31 March2021 100.00% 22.14% 32.55% 16.27% 19.80% 1.04% 3.11% 5.09% * -

Lazard GlobalSustainable Fixed IncomeFund 31 March2020 100.00% 19.03% 23.95% 14.72% 30.86% 1.21% 5.58% 0.45% 4.20% *

Financial year ended31March 2021 (continued)

99 LAZARD GLOBAL ACTIVE FUNDS PLC 100 LAZARD GLOBAL ACTIVE FUNDS PLC The ratings for counterparties holding forward foreign exchange currency contracts andP-Notes are listedbelow. holdingforward counterparties for The ratings underlying security.the underlying However, doesnotreceive asitwould votingowned ifitdirectly the rights theholderofaP-Note typically isincreased totheextentofany dividendspaidinconnection generally with security underlying P-Note thatislinked toaparticular ormarket. security equity underlying ofaparticular notesthatare designedtoreplicate theperformance The returnpromissory on a Regulations exposure BankUCITS Central limitsasdetailedabove. are P-Notes issuedby generally banksorbroker-dealers andare defaultresult market inthelossoffull valueoftheequity.of counterparty ismanaged tothe This exposure tocounterparties default, ofcounterparty butalsototherisk may equity which intheevent tomovements inthevalueofunderlying not only not allowed. Investment inP-Notes may involve anOTC transaction withathird party. Investing inP-Notes may exposetheFunds thatmay beusedbyinstruments theFunds investment market toobtainexposure where inalocal toanequity direct ownership is A numberoftheFunds Notes bealsoexposedtocreditviatheirinvestment (“P-Notes”). can risk inParticipatory P-Notes are financial 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 Regulations namely: BankUCITS assetoutintheCentral criteria theirobligations andthatsettlementoftransactions may notoccur.not perform must meetthefollowing OTC All counterparties A Fund withwhom it trades, is exposed to a credit on counterparties the over-the-counter (“OTC”) risk may thatthese counterparties Counterparty The BankofNew York Mellon StreetGlobalMarketsCorp. State MarketsLLC RBC Capital Morgan Stanley Merrill Lynch International JPMorgan ChaseBankN.A. HSBC BankUSA Citigroup GlobalMarketsInc BNP Paribas SecuritiesCorp Lazard Global ActiveFundsplc toensure toborrow term settlement.the ability inshort No borrowings thecurrentfinancial such during orprior year. have arisen tothenextdealingdayinaccordance andeffected withtheConstitution ondealing day(s). thefollowing forward carried The Funds have that dealingdaynotexceed shall 10%of theNet Asset Value ofthatFund. Any redemption request orswitching soreduced be shall at thediscretion oftheDirectors, bereduced pro sothatthetotalnumber ofshares rata Fund of such redemption for on orswitching any Fund exceed 10%oftheNet Asset Value ofthatFund, eachredemption request orswitching inrespect ofshares Fund insuch may, business day subjecttorestrictions setoutintheProspectus. Iftotalrequests redemption for on and/orswitching any dealingday for of any shares thatinvestors wishtosell. torequire have Shareholders theright theFunds toredeem theirshares intheFunds on any The Funds’ be readily sold. can of realisable which securities mainly assets comprise of the FundsThe main liability is the redemption Liquidity Risk Counterparty/Issuer Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements (ii) (i)  •  • Measurement and monitoring of counterparty or issuer trade exposure - a daily review ofoutstandingpositions isperformed. review orissuertradeexposure -adaily Measurement ofcounterparty andmonitoring financial statements. ofongoing activities, throughBroker avariety filings -performed and monitoring regulatory theassessmentofcertain including rating ofA2orequivalent. rating Have aminimum credit ofA2orequivalent, rating orintheopinion oftheInvestment Managers, animpliedcredit minimum A credit institution inaccordance Regulations, BankUCITS withtheCentral or security. At 31March 2021, none oftheFunds heldP-Notes. 31 March Standard &Poor’s Long Term Rating 2021 AA- AA- AA- n/a A+ A+ A+ A+ A+

31 March 2020 AA- AA- AA- AA- A+ A+ A+ A+ A+

Financial year ended31March 2021

(continued) Lazard GlobalSustainableEquityFund the below points: orindirectly.either directly Fair through valueisdetermined theuseofmodelsorothervaluation methodologies. 2inputsinclude Level theassetorliability, for 1thatare withinlevel 2inputsareinactive observable inputsotherthanquotedprices markets included Level on andvolume information anongoing toprovide pricing basis. with sufficient frequency access at thevaluation date. occur An isamarket transactionstheassetorliability active inwhich for market theassetorliability for to hastheability 1inputsare entity inactive assetsorliabilitiesthatthereporting unadjusted quotedprices markets identical for Level making themeasurements. The fairvalue hierarchy levels: hasthe following The Companyfairvaluemeasurements hasclassified usingafairvaluehierarchy thatreflects thesignificanceof inputsusedin Fair Value Measurement year are asfollows: The numberofinvestors thatheldmore than20%ofthenetassetsattrading valuation oftheFunds atthe endoftherelevantfinancial The Funds may when a shareholder be exposed to concentration of the issued share of the risk Fund. holds a significant portion capital Concentration Risk orforeign oremergingmarketsecurities securities, ofilliquidity, periods have experienced which all risks. subjecttoliquidity maybe thatismostbeneficialprice tothatFund. Funds company small thatinvest securities, incertain bonds, high-yield mortgage-backed atthetimeand asecurity sell gainsifitcannot capital thataFund earning is thepossibility may losemoneyorbeprevented from would like. AFund may longer have toholdthesesecurities thanitwould likeandmay forego otherinvestment opportunities. There heldby securities aFundCertain may therelevantInvestment bedifficult atthetimeandprice Manager (orimpossible)tosell gainstaxon appreciated capital for securities. There isnofinal maturity foreignexchange currency contracts are which outlinedinthePortfoliosexcept theforward for ofInvestments asat31March 2021. relevant, ofFinancial intheStatement befound can Position. There are nootherfinancial duewithin three liabilitiesthatfall months redemptions payable, interest. payableofexpensesandbankoverdraft distribution andpayment Detailsoftheseamountswhere The Funds’ financialwithinthree payment liabilitiesduefor months relate, inthemostpart, toinvestment purchased payable, Liquidity Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard Global Managed Lazard GlobalManaged Volatility Fund Lazard Global Fund Thematic Lazard Global FocusThematic Fund Lazard GlobalEquityFranchise Fund Lazard EuropeanEquityFund Lazard Pan-European Fund SmallCap Lazard US Equity Concentrated Fund Lazard USEquityConcentrated Lazard Japanese Strategic EquityFund Strategic Lazard Japanese Lazard EmergingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquity Fund Advantage Lazard Emerging Markets Managed Lazard EmergingMarketsManaged Volatility Fund Lazard DevelopingMarketsEquityFund Lazard GlobalSustainableFixed IncomeFund ** Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. * Effective23June2020, FundnamechangedfromtoLazardGlobalSustainableEquitySelectFund. b) similarassetsorliabilitiesinactive for markets. prices a) Quoted market makers, isreleased littleinformation orinwhich publicly. transactions theassetor liability, for are theprices notcurrent, eitherover time oramong substantially quotations vary orprice orsimilarassetsliabilitiesinmarkets thatare identical for notactive, prices Quoted thatis, markets there inwhich are few * ** shareholders significant Number of 1 3 1 1 2 1 1 1 1 1 1 2 1 2 1 31 March2021 Shareholding as a %oftheFund Aggregate 30.47% 94.33% 66.18% 89.01% 41.54% 37.85% 69.97% 29.33% 99.88% 46.56% 61.76% 58.18% 99.96% 87.58% 63.90% shareholders significant Number of Financial year ended31March 2021 2 2 1 1 1 2 1 1 1 2 1 2 1 2 1 31 March2020 Shareholding as a %oftheFund Aggregate (continued) 66.64% 68.42% 60.83% 83.40% 38.10% 68.43% 67.63% 33.60% 99.86% 75.41% 94.70% 65.95% 99.97% 82.35% 72.60% 101 LAZARD GLOBAL ACTIVE FUNDS PLC 102 LAZARD GLOBAL ACTIVE FUNDS PLC Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Rights Financial assetsatfair value throughprofitorloss Lazard GlobalEquityFranchiseFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofit orloss Lazard GlobalThematicFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard GlobalManagedVolatility Fund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Rights Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalListedInfrastructureEquityFund 31 March 2021and31March 2020: eachFund for financialAll instruments are 1, level listedbelow are thefinancial which 2asat level instruments from apart inputtothefairvaluemeasurement requiressignificance ofaparticular judgement andisspecific totheinvestment. the fairvaluehierarchy isbasedon thelowest ofinputthatissignificanttothefairvaluemeasurement. level The assessmentofthe use anumberofdifferentinto ofthefairvaluehierarchy. inputsthatfall levels cases, Insuch aninvestment’s within level 1, aslevel categorised An investment isalways 2or3initsentirety. cases, In certain thefairvaluemeasurement aninvestment for may Company’s own data. available inthecircumstances, sourcesthe independentoftheCompany andmightinclude otherthanmarket dataobtainedfrom would beexpectedtovaluetheassetorliability.market participants inputsare based on developed thebestinformation Unobservable the asset or liability. inputs for 3 inputs are unobservable Level inputs reflect the Company’s Unobservable own assumptions about how Lazard Global ActiveFundsplc Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements d) c) Inputs that are derived principally from or corroborated by observable market data by correlation orcorroborated by orothermeans. observable from Inputsthatare principally derived commonly quotedintervals,commonly volatilities, prepayment speeds, lossseverities, creditanddefaultrates). risks (e.g. at theassetorliability for thatare observable Inputs otherthanquotedprices observable curves interest andyield rate 31 March2021 31 March2021 31 March2021 31 March2021 (3,152,015) (3,152,015) 7,550,078 7,528,336 (57,475) (57,475) Level 2 Level 2 Level 2 Level 2 (3,262) (3,262) 71,210 71,210 21,742 1,700 1,631 USD USD USD USD USD USD GBP GBP 69 – – – – – % ofNAV % ofNAV % ofNAV % ofNAV Financial year ended31March 2021 (0.00) (0.04) (0.22) (0.00) (0.04) (0.22) 0.00 0.00 0.00 0.05 0.05 0.53 0.53 0.00 – – – – –

(continued) 31 March2020 31 March2020 31 March2020 31 March2020 (10,577,451) (10,577,451) 66,040,390 48,306,472 17,733,918 (516,358) (516,358) (49,467) (92,900) (49,467) (92,900) Level 2 Level 2 Level 2 Level 2 25,387 25,387 50,504 50,504 6,089 6,089 USD USD USD USD USD USD GBP GBP – – % ofNAV % ofNAV % ofNAV % ofNAV (0.01) (0.48) (0.30) (0.82) (0.01) (0.48) (0.30) (0.82) 0.00 0.00 0.13 0.13 0.03 0.03 5.11 3.74 1.37 – –

* Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Bonds Financial assetsatfair value throughprofitorloss Lazard GlobalSustainableFixedIncomeFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard EmergingMarketsEquityAdvantage Fund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard EmergingMarketsEquityFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard JapaneseStrategicEquityFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard USEquityConcentratedFund currency exchangecurrency contracts. 2, inputsare withinlevel classified by observable common stock, theseinclude bonds, P-Notes, foreign andforward unlisted rights do nothave but are quotedmarket prices valuedbased on market prices, sources dealerquotations oralternative pricing supported listed equitiesandinvestment funds. The Funds theseinstruments. for donotadjust thequotedprice Financial that instruments Investments, whosevalues are basedon inactive quotedmarket prices markets, andtherefore 1, withinlevel classified active include Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc * 31 March2021 31 March2021 31 March2021 31 March2021 31 March2021 (1,140,240) 35,519,470 35,169,424 (1,140,240) 1,282,231 1,282,231 (899,931) (899,931) (36,609) 350,046 (36,609) Level 2 Level 2 Level 2 Level 2 Level 2 (4,903) (4,903) 25,568 25,568 (932) (932) USD USD USD USD USD USD USD USD JPY JPY 132 132 37 37 % ofNAV % ofNAV % ofNAV % ofNAV % ofNAV Financial year ended31March 2021 (2.50) (0.00) (0.00) (0.00) (0.18) (2.50) 98.74 97.77 (0.00) (0.00) (0.00) (0.18) 0.97 0.00 0.00 0.00 0.00 0.10 0.10 0.01 0.01 (continued) 31 March2020 31 March2020 31 March2020 31 March2020 31 March2020 (1,977,624) 36,750,535 35,933,688 (1,977,624) 2,573,291 2,573,291 (878,705) (432,037) (878,705) (432,037) (60,295) 816,847 (60,295) 474,297 474,297 Level 2 Level 2 Level 2 Level 2 Level 2 (2,005) (2,005) 36,113 36,113 USD USD USD USD USD USD USD USD JPY JPY 406 406 % ofNAV % ofNAV % ofNAV % ofNAV % ofNAV (2.30) (0.00) (0.01) (0.05) (0.58) (2.30) 96.10 93.96 (0.00) (0.01) (0.05) (0.58) 2.14 0.00 0.00 0.01 0.01 0.30 0.30 0.14 0.14 103 LAZARD GLOBAL ACTIVE FUNDS PLC 104 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard GlobalEquityFranchise Fund Lazard Global FocusThematic Fund Lazard Global Fund Thematic Lazard Global Managed Lazard GlobalManaged Volatility Fund Lazard GlobalSustainableEquityFund* Lazard Global ActiveFundsplc Fund investors by tabledetailstherelatedThe following Fund party as at 31March 2021and31March 2020: shareThere 1subscriber inissueandthatisheldby iscurrently theManager. refer toNote 3tothefinancial detailsofarrangements between theFundsPlease statementsfor andtheInvestment Managers. In theopinion oftheDirectors, theInvestment Managers are underFRS related 102, parties 33 Section Party “Related Transaction”. financial year ended31March 2021(31March 2020: USD606,666). the amountingtoUSD373,102for Fry andtheSecretary under theCompanies Act paidto 2014inlegalandsecretarial fees William and accordingly, Limited (the Secretarial Fry own “Secretary”) of Wilton partners William had a beneficial Daniel Morrissey interest Fry (theCompany’s isaDirector of oftheCompanyDaniel Morrissey legaladvisers andisalsoapartner William astoIrishlaw). The DirectorsAll oftheCompany are alsoDirectors oftheManager. and Jeremy Taylor are notentitledtoany Directors’ theCompany. from fees Andreas Hübner andJeremy Taylor are timeexecutives Group full oftheLazard aswell asDirectors oftheCompany. Andreas Hübner transactions withtheManager andDirectors inNote related are 3tothefinancial material party included statements. All 11. RelatedPartyTransactions are satisfied thatthesearrangements are ofbenefit totheFunds. theFunds, including Investment Managersendeavour timestoobtainbestexecution will clients atall transactionsall on 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 arrangementswithbrokers whereby ofthedealingcommissions paidtothemare part usedtodischargethecostofinvestment The Investment ManagerstheCompany, for inaccordance withcommon market investment practice for managers entered into 10. SoftCommissionArrangements year ended31March 2020. Transfers are deemedtooccurattheendoffinancial year. 1. 2toLevel Level Fund Equity transferredfrom There thefinancial were during between levels notransfers Listed Infrastructure During Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard GlobalListedInfrastructureEquityFund the financial year ended31March 2021, investment inREN Nacionais -RedesEnergeticas SGPSSAheldby Global Lazard Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Investor Name Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP 31 March2021 Financial year ended31March 2021 2,973,537 2,431,249 3,655,906 1,036,700 2,615,471 1,999,885 1,231,432 3,442,935 3,848,151 5,779,070 1,164,911 4,639,170 1,308,831 1,245,029 365,808 901,635 21,740 32,356 16,794 72,233

% ofNAV (continued) 12.10% 10.25% 15.39% 0.01% 1.01% 0.82% 0.12% 0.02% 3.43% 8.66% 0.01% 1.54% 0.95% 0.70% 9.17% 3.10% 0.01% 0.33% 0.09% 0.09% 31 March2020 1,820,940 1,895,613 7,242,242 2,579,485 1,163,357 2,583,217 1,234,447 2,132,992 1,700,712 2,490,798 4,751,532 1,078,052 143,608 311,063 704,654 465,382 794,480 12,320 13,514 64,428 % ofNAV 44.23% 13.49% 14.05% 11.20% 16.41% 0.00% 0.54% 0.56% 0.04% 1.63% 6.08% 0.01% 1.48% 0.71% 0.40% 3.07% 0.00% 0.37% 0.06% 0.08% Lazard GlobalSustainableFixed IncomeFund Lazard DevelopingMarketsEquityFund Lazard Emerging Markets Managed Lazard EmergingMarketsManaged Volatility Fund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard Japanese Strategic EquityFund Strategic Lazard Japanese Lazard US Equity Concentrated Fund Lazard USEquityConcentrated Class During thefinancial years ended31March 2021and31March 2020,During ofshares: were distributions paidon class thefollowing 12. Distributions inNoteare 9. disclosed Details ofthesignificantshareholders, investors, thosesignificant related party alsoinclude which asat31March 2021and31March 2020 ** Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. * Effective23June2020, FundnamechangedfromtoLazardGlobalSustainableEquitySelectFund. Lazard EuropeanEquityFund 11. RelatedPartyTransactions (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalListedInfrastructureEquityFund C DistEURHedged BP DistUSDHedged BP DistUSD A DistUSD A DistUSDHedged A DistGBP A DistEURHedged B DistUSDHedged BP DistUSDHedged BP DistUSD A DistUSD A DistUSDHedged A DistGBP A DistEURHedged B DistUSDHedged C DistGBP C DistUSDHedged ** Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Share Class Currency of USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP EUR EUR EUR 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 Date USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD EUR EUR EUR EUR JPY JPY JPY JPY 31 March2021 Currency) 9,830,146 1,870,126 5,362,253 1,092,295 513,645 262,242 Amount 101,169,650 141,719,120 38,242 12,196 31,884 18,576 30,639 (Class 13,955,904 40,562,796 1,415 7,866 6,434 4,319 3,831 4,002 Financial year ended31March 2021 8,846,393 2,513,869 7,081,750 1,614,176 1,270,364 1,714,815 1,177,508 1,211,179 1,201,262 914,474 330,611 112,413 436,737 48,452 58,312 57,838 69,544 46,551 43,810 Distribution per Share 0.0801 0.1570 0.0483 0.0262 0.0314 0.0881 0.0848 0.0854 0.0246 0.0148 0.0170 0.1718 0.1550 0.2051 0.1051 0.1231 0.0252 (continued) 24.59% 19.69% 10.78% 11.42% 0.13% 6.99% 0.19% 5.17% 4.07% 2.93% 0.04% 0.44% 7.40% 2.08% 0.01% 1.12% 8.15% 3.27% 0.02% 0.27% 7.38% 7.32% 2.66% 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 Date - - - 31 March2020 9,942,659 3,817,876 6,026,828 1,080,473 6,283,196 12,493,325 756,662 695,314 404,275 546,121 188,838 762,734 539,753 237,858 717,737 764,241 371,745 Currency) 3,051,932 6,917,395 1,733,187 46,522 34,374 37,394 44,115 30,741 80,347 31,580 660,560 216,878 Amount 40,310 25,241 (Class 4,594 564 334 312 43 44 - - - Distribution per Share 26.00% 15.76% 0.0623 0.0287 0.0289 0.0357 0.2092 0.0447 0.0839 0.0205 0.0257 0.0366 0.2204 0.2056 0.2674 0.1539 0.12% 9.98% 0.17% 3.65% 3.35% 1.95% 0.03% 0.07% 1.65% 0.84% 0.29% 0.00% 0.01% 0.09% 0.06% 0.03% 1.86% 0.10% 2.33% 2.48% 1.21% - - - 105 LAZARD GLOBAL ACTIVE FUNDS PLC 106 LAZARD GLOBAL ACTIVE FUNDS PLC Class Lazard Global ActiveFundsplc 12. Distributions(continued) Notes totheFinancialStatements Lazard GlobalSustainableEquityFund Lazard GlobalThematicFund Lazard GlobalManagedVolatility Fund Lazard GlobalThematicFocusFund Lazard USEquityConcentratedFund Lazard Pan-European SmallCapFund Lazard EuropeanEquityFund Lazard GlobalEquityFranchiseFund A DistGBP A DistEUR A DistUSD A DistEUR A DistUSD A DistUSD A DistUSD A DistUSD A DistGBP A DistUSD C DistUSD A DistUSD C DistUSD AP DistEUR BP DistUSD A DistUSD A DistEUR B DistEUR C DistGBP C DistGBP EA DistEUR A DistEURHedged C DistGBP EA DistGBP EA DistEUR A DistEURHedged C DistGBP EA DistGBP E DistUSD E DistGBP E DistUSD E DistGBP * ** Share Class 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 EUR EUR EUR EUR EUR EUR EUR EUR EUR 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 Date - - - - - 31 March2021 Currency) 328,954 334,163 125,886 Amount 21,417 72,615 17,607 12,192 (Class 1,646 6,245 2,202 6,473 4,248 4,248 6,855 3,008 1,764 3,990 1,390 8,127 6,638 1,440 Financial year ended31March 2021 182 875 46 50 76 2 - - - - - Distribution per Share 0.4047 0.7148 0.7244 0.4459 0.1583 0.1221 0.1203 0.1475 0.1638 0.1775 0.0117 0.0012 0.8582 0.6983 0.8785 0.8616 0.8924 0.7239 0.8909 0.8757 0.3014 0.0155 0.0296 0.0031 0.0020 0.3309 0.0012

- - - - - (continued) 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 Date ------31 March2020 Currency) 103,424 305,811 292,441 690,134 619,743 Amount 72,196 53,126 99,635 25,805 14,500 14,923 35,763 (Class 2,407 1,861 1,322 8,197 2,238 6,624 9,986 392 262 316 31 28 84 5 ------Distribution per Share 1.0558 0.5485 0.5423 0.0364 0.2071 0.5756 0.4661 0.1864 0.0006 1.0403 1.0091 0.9886 0.1135 0.1267 0.1985 1.7594 1.4918 0.2613 1.4929 0.0605 1.7174 1.7505 0.0232 0.0655 0.0174 0.0209 ------Class Lazard JapaneseStrategicEquityFund 12. Distributions(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalSustainableFixedIncomeFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund *** Effective12May2021, FundnamechangedfromLazardGlobal Fixed Income FundtoLazardGlobalSustainableFixed IncomeFund. ** Effective23June2020, FundnamechangedfromtoLazardGlobal SustainableEquitySelectFundtoLazardGlobalFund. * Fundlaunchedon19December2019, thereforetherearenocomparatives. C DistGBPHedged C DistUSD C DistGBP BP DistUSD A DistUSD A DistEUR BP DistUSD C DistGBP A DistUSD C DistGBP A DistUSD A DistEURHedged BP DistUSD S DistEUR S DistUSD A DistUSD S DistGBP A DistEUR A DistEURHedged BP DistUSD S DistEUR S DistUSD A DistUSD S DistGBP A DistEUR BP DistUSDHedged A DistUSDHedged BP DistUSD A DistUSD C DistGBPHedged BP DistUSDHedged A DistUSDHedged BP DistUSD A DistUSD BP DistUSD A DistUSD B DistUSD BP DistUSD A DistUSD B DistUSD *** Share Class Currency of USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 Date - - - 31 March2021 Currency) 1,052,726 921,958 660,617 724,928 Amount 39,017 37,412 21,919 43,252 34,069 17,005 22,964 (Class 2,054 1,648 Financial year ended31March 2021 110 112 163 119 113 636 123 63 72 15 46 49 35 45 47 15 52 56 10 63 36 98 5 5 - - - Distribution per Share 2.6254 0.0393 0.1674 0.0314 1.2830 1.1790 0.0055 0.0098 0.0072 0.0074 0.7567 0.0093 0.7392 0.3027 0.7230 0.3259 0.7329 0.0415 0.0295 0.0345 0.3101 0.8457 0.6357 0.0090 0.0733 0.0108 0.0119 0.0144 0.3358 0.3645 0.4624 0.5377 1.0364 0.3039 0.8228 0.5972 0.8012 (continued) - - - 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Oct-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 Date - 31 March2020 Currency) 2,381,728 2,707,398 1,760,583 225,334 734,627 223,186 212,688 Amount 11,806 66,643 48,194 14,549 24,996 29,441 (Class 4,503 100 112 166 188 174 148 131 50 13 40 99 43 65 39 91 46 67 12 70 14 92 72 5 6 8 - Distribution per Share 0.0039 0.0009 0.0052 0.0054 0.0065 0.5098 0.2641 0.6562 0.2831 0.0757 0.1668 0.0408 1.8905 1.8683 0.5317 0.6646 0.0520 0.0761 0.0258 0.0605 0.0760 0.7440 1.4440 1.0961 0.0146 0.0115 0.0170 0.0174 0.0220 0.4413 0.0781 0.4601 0.6027 0.7968 1.2749 0.6138 1.1161 0.8723 1.0276 - 107 LAZARD GLOBAL ACTIVE FUNDS PLC 108 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc thefinancial year ended31March 2021,During were share thefollowing launched: classes 13. SignificantEventsDuringtheFinancialYear Notes totheFinancialStatements impact aPortfolio andits investments. above,described orwould will last, butthere couldbeaprolonged ofglobaleconomic period slowdown, may which beexpectedto negative impacts, on markets worldwide. It is not known how long impacts, such orany future impacts of other significant events of,well astheclosure oroperational changes tomany retail andotherbusiness, hashad negative impactssevere andinmany cases imposed by parties, private borders, closing including restrictingtravel andimposingprolonged orsimilarrestrictions, quarantines as The coronavirus disease2019(COVID-19) globalpandemic andtheaggressive response takenby many governments orvoluntarily ofcompanies involvedto thesecurities inthemanufacture orproduction ofweapons orlandmines. ofmassdestruction was inrelation that theFund section totheinvestment beingupdatedwithwording policy notinvest toclarify will inorseekexposure Fund inrelation EmergingMarketsAn Equity updated Supplement toLazard 2020. wasissuedon 24September The mainupdate appears inthemainProspectus initsplace. oftheCompany wasinserted statemententitled Market therisk Risk”.of theSupplement “Equity Across-reference factor statement towhererisk thatidentical the mainProspectus inrespect associatedwithinvestment wasdeleted. ofrisks inRussia (iii)deletion withintheRiskFactors section Securities”).or traded on the Moscow Exchange (“Russian Also, in the cross-reference included to the disclosures in the Supplement Fund’s NAV were inrelation GlobalManagedAn updatedSupplement toLazard Volatility Fund 2020. wasissuedon 1September The mainupdates 1.00%to0.85%. ofAAccand thechange inthemanagementrate fee USDandADistfrom Fund Fund Equity Select GlobalSustainable Equity toLazard GlobalSustainable Lazard amendments were thechangeinnamefrom An launched. relation share tonew classes An * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. Lazard GlobalManaged Volatility Lazard Pan-European Fund SmallCap Lazard GlobalEquityFranchise Fund Lazard DevelopingMarketsEquityFund Fund Lazard USEquityConcentrated Fund Lazard USEquityConcentrated Fund Lazard USEquityConcentrated Lazard Global Fund Thematic Lazard GlobalEquityFranchise Fund Lazard GlobalSustainableFixed IncomeFund Fund Name thefinancial year ended31March 2021,During redeemed: were share thefollowing fully classes Lazard EmergingMarketsEquity Fund Advantage Lazard EmergingMarketsEquity Fund Advantage Fund Lazard USEquityConcentrated Lazard GlobalListedInfrastructureEquityFund Fund Lazard USEquityConcentrated Lazard Global FocusThematic Fund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalSustainableEquityFund Lazard GlobalSustainableEquityFund Lazard GlobalSustainableEquityFund Lazard GlobalSustainableEquityFund Lazard GlobalListedInfrastructureEquityFund Fund Lazard USEquityConcentrated Lazard Global FocusThematic Fund Fund Name updated Supplement in relation to Lazard US Equity Concentrated Fund inrelation USEquity updatedSupplement toLazard wasissuedon 22May 2020. The mainupdateswere in updated Supplement in relation to the Lazard Global Sustainable Equity Fund Equity inrelation GlobalSustainable wasissuedon 23June2020.updated Supplement totheLazard The mostsignificant inrelation ofinvestment to(i)achangeintheanticipatedlevel by notexceeding theFund 30%ofthe inasingleindustry/sector ; (ii) update to the investment policy to remove the flexibility toinvest toremove (ii)updatetotheinvestment upto5%oftheFund’s theflexibility policy NAV listed insecurities * C Acc EURHedged EUR AP Acc A Acc EURHedged GBP A Acc GBP EA Acc EUR A Acc EUR EA Acc C Acc EURHedged B Acc EURHedged EUR A Acc Share Class USD A Acc EUR X Acc EUR AP Acc C DistUSDHedged GBP E Acc USD E Acc C DistEURHedged GBP C Acc C DistGBP EA DistGBP GBP EA Acc C DistGBP EUR A Acc EUR EA Acc Share Class Termination Date Launch Date 10-Aug-20 11-Mar-21 10-Mar-21 14-Sep-20 24-Sep-20 11-Sep-20 11-Nov-20 09-Nov-20 17-Jun-20 22-Jun-20 10-Jun-20 10-Jun-20 10-Jun-20 10-Jun-20 01-Jun-20 09-Feb-21 09-Oct-20 13-Oct-20 21-Apr-20 14-Apr-20 02-Jul-20 21-Jul-20 13-Jul-20 10-Jul-20 Financial year ended31March 2021

(continued) Lazard GlobalSustainableFixedIncomeFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard JapaneseStrategicEquityFund Lazard USEquityConcentratedFund Lazard EuropeanEquityFund Lazard GlobalEquityFranchiseFund Lazard GlobalThematicFocusFund Lazard GlobalThematicFund Lazard GlobalManagedVolatility Fund Lazard GlobalListedInfrastructureEquityFund Class Post financial year were enddividenddistributions on2021asfollows: 1April declared 14. SignificantEventsSincetheFinancialYear End Notes totheFinancialStatements Lazard Global ActiveFundsplc BP DistUSD A DistUSD B DistUSD C DistGBP A DistEURHedged BP DistUSD S DistEUR S DistUSD A DistUSD S DistGBP A DistEUR BP DistUSDHedged A DistUSDHedged BP DistUSD A DistUSD C DistGBPHedged A DistUSD C DistUSD BP DistUSD A DistUSD A DistEUR C DistGBP B DistEUR EA DistEUR A DistEURHedged C DistGBP EA DistGBP E DistUSD E DistGBP A DistGBP A DistUSD A DistEUR C DistUSDHedged C DistGBP C DistEURHedged BP DistUSDHedged BP DistUSD A DistUSD A DistUSDHedged A DistGBP A DistEURHedged B DistUSDHedged Share Class Currency of USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 01-Apr-21 Date Amount (Class Currency) 4,943,103 310,178 272,011 273,484 180,520 275,137 994,624 108,613 Financial year ended31March 2021 17,620 14,340 12,596 90,243 22,763 68,085 91,025 16,465 3,326 3,412 5,179 3,319 8,137 1,814 1,967 8,054 8,626 5,150 102 132 126 416 117 180 905 38 53 12 58 60 54 39 18 2 Distribution per Share (continued) 0.3182 0.8473 0.6188 0.0928 0.0039 0.0074 0.0049 0.0054 0.5280 0.0061 0.4851 0.3962 0.8552 0.3572 0.8125 1.3742 0.0215 0.0988 0.0761 0.1159 0.0119 0.0343 0.0270 0.6045 0.5030 0.5769 0.5686 0.0389 0.0348 3.4018 4.7137 0.7828 0.0958 0.0985 0.0963 0.0955 0.0972 0.0278 0.0194 0.0968 0.0152 0.1190

109 LAZARD GLOBAL ACTIVE FUNDS PLC 110 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Fund, share ofthefollowing andthechange inthemanagementrates classes: fee theintroduction risks ofsustainability GlobalFixed Lazard significant amendmentswere Income Fund thechange innamefrom Fixed GlobalSustainable toLazard Income Fixed inrelation GlobalSustainable An updatedSupplement totheLazard Income Fund wasissuedon 12May 2021. The most amortised. been fully sub-fundi.e."establishment expenses"where isnolonger toaparticular thedisclosure applicable where establishmentexpenseshave to to1.00%”;“Up (c)updatetothedealingcut-offtimeinrespect Automations oftheLazard andRoboticsFund; and(d)removal of Franchise sub-funds; GlobalEquity 1.00% of certain inLazard Fund (b)achangetothemanagementofJshare fee classes from An updatedProspectus oftheCompany wasissuedon 12May 2021. details (a)amendmentstotheshare class The updatesinclude 14. SignificantEventsSincetheFinancialYear End(continued) Notes totheFinancialStatements The financial statements were approved by theDirectors on 30June2021. 15. Approval oftheFinancial Statements Effective 23June2021, CapFund GlobalSmall Lazard wasapproved by BankasaSub-Fund theCentral oftheCompany. Effective 13May 2021, were mechanism swingpricing implementedtotheFunds oftheCompany. A DistUSD USD A Acc A Acc EURHedged EUR A Acc Share Class Previous Rates 0.75% 0.75% 0.75% 0.75% Current Rates 0.50% 0.50% 0.50% 0.50% Financial year ended31March 2021

(continued) Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalListedInfrastructure EquityFund Portfolios ofInvestments Italy -26.88%(31March2020:24.24%) Luxembourg -1.96%(31March2020:1.76%) United Kingdom-20.73%(31March2020:18.90%) Spain -7.95%(31March2020:5.48%) Portugal -1.23%(31March2020:1.37%) United States-13.09%(31March2020:16.94%) Total Investments-(CostGBP1,302,577,562) Total Rights-(CostGBP–) Italy -0.00%(31March2020:0.00%) Rights -0.00%(31March2020:0.00%) Total CommonStock-(CostGBP1,302,577,562) Common Stock-92.66%(31March2020:86.70%) Hong Kong-4.06%(31March2020:3.85%) France -6.38%(31March2020:6.09%) Canada -0.41%(31March2020:0.42%) Australia -9.97%(31March2020:5.90%) Shares 17,408,243 29,144,128 12,894,509 13,639,398 29,144,128 30,151,090 12,284,609 8,893,000 8,821,356 4,765,035 1,175,512 4,820,435 7,141,370 2,497,616 5,348,613 5,957,037 8,625,138 4,524,500 3,170,374 8,824,949 498,100 223,932 953,699 844,300 840,955 241,900 CK InfrastructureHoldingsLtd Power Assets HoldingsLtd Terna ReteElettricaNazionaleSpA Snam SpA Italgas SpA Hera SpA Atlantia SpA ASTM SpA SES SAReceipt-Class A United UtilitiesGroupPlc Severn TrentPlc Pennon GroupPlc GridPlc National Ferrovial SA REN -RedesEnergeticasNacionaisSGPSSA Norfolk SouthernCorp CSX Corp EdisonInc Consolidated Ameren Corp Snam SpARights07/04/2021 Vinci SA Atco Ltd/Canada Eutelsat Communications SA Communications Eutelsat Transurban Group Spark InfrastructureGroup Ltd Atlas Arteria 1,313,820,126 1,313,798,384 381,159,224 117,383,761 293,882,128 117,994,760 112,671,080 185,525,123 141,362,539 19,515,359 57,621,235 38,105,876 95,510,280 41,615,601 35,950,622 64,850,260 25,848,700 27,775,231 66,127,365 57,603,779 52,156,224 17,470,433 43,616,873 66,702,203 45,809,981 29,396,066 90,506,244 62,514,480 27,991,764 64,924,362 36,098,181 40,339,996 Fair Value 5,825,147 21,742 21,742 GBP

26.88 20.73 92.66 92.66 13.09 % of 4.06 2.69 1.37 6.74 8.28 2.93 2.54 4.57 1.82 1.96 4.67 4.06 3.68 8.32 7.95 1.23 3.08 4.71 3.23 2.07 0.00 0.00 6.38 4.41 0.41 1.97 9.97 4.58 2.55 2.84 NAV

15/04/21 Open forwardforeigncurrency exchange contracts-0.31%(31March2020:2.92%) Date Maturity - The BankofNew York Mellon StreetGlobalMarketsCorp. - State MarketsLLC - RBCCapital - JPMorganChaseBankN.A. - HSBCBankUSA - CitigroupGlobalMarketsInc - BNPParibas SecuritiesCorp The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedgainonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 24/06/21 15/04/21 15/04/21 15/04/21 15/04/21 15/04/21 15/04/21 15/04/21 15/04/21 15/04/21

CHF 56,098,174 Amount USD 15,707,119 GBP 37,311,792 GBP 27,877,002 GBP 30,219,082 GBP 29,452,518 GBP 25,647,187 GBP 39,477,442 GBP 20,461,729 GBP 16,016,811 GBP 16,696,665 GBP 76,572,753 GBP 84,779,356 GBP 126,853,367 GBP 89,867,962 GBP 78,574,219 GBP 76,276,676 GBP 71,807,528 GBP 2,745,847 GBP 2,423,179 GBP 589,486 GBP 27,381,415 GBP 29,250,094 GBP 25,887,084 GBP 23,442,444 GBP 29,137,719 USD 14,181,341 USD 434,307,514 JPY 4,124,656,044 GBP 7,097,136 GBP 121,410 GBP 458,614 GBP 4,392,236 GBP 1,306,105 EUR 185,469,141 Bought Financial year ended31March 2021

Sold GBP 43,366,092 GBP 11,450,098 USD 51,700,599 USD 38,621,496 USD 41,875,459 USD 40,809,703 USD 35,541,615 USD 54,705,707 HKD 220,185,635 HKD 172,339,763 HKD 179,649,937 EUR 89,323,713 EUR 98,812,742 EUR 147,832,757 EUR 104,736,332 EUR 91,579,305 EUR 88,949,155 EUR 83,703,074 CAD 4,762,592 CAD 4,203,416 CAD 1,017,302 AUD 48,986,720 AUD 52,347,313 AUD 46,323,643 AUD 41,945,092 AUD 52,139,267 GBP 10,318,711 GBP 313,586,944 GBP 27,319,833 USD 9,862,565 USD 166,193 JPY 69,271,179 EUR 5,122,775 CHF 1,684,051 GBP 159,086,666 Amount

1,417,891,412 1,318,196,447 Gain/(Loss) (3,152,015) (1,275,498) 99,694,965 Unrealised 4,376,321 7,528,336 1,432,256 (297,381) (180,258) (130,392) (148,008) (141,712) (126,750) (193,841) (295,657) (59,668) (81,473) (62,397) (64,578) (32,464) (56,543) 471,394 593,604 903,903 635,474 551,158 494,430 494,799 389,293 406,255 362,342 330,322 408,515 (2,718) (2,677) 33,390 13,192 2,385 4,759 GBP 865

100.00 (0.22) (0.02) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) (0.08) 92.97 % of 0.31 0.53 7.03 0.00 0.00 0.03 0.04 0.06 0.05 0.04 0.04 0.04 0.03 0.03 0.03 0.02 0.03 0.09 0.00 0.00 0.00 NAV

111 LAZARD GLOBAL ACTIVE FUNDS PLC 112 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalListedInfrastructure EquityFund(continued) Portfolios ofInvestments Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(Unaudited) % ofTotal Assets 100.00 92.15 7.32 0.53 (continued) Financial year ended31March 2021 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalSustainableEquityFund Portfolios ofInvestments Switzerland -2.82%(31March2020:6.42%) Sweden -3.84%(31March2020:3.09%) Spain -1.86%(31March2020:0.00%) South Africa-1.72%(31March2020:3.37%) Poland -0.72%(31March2020:0.00%) Netherlands -2.24%(31March2020:2.23%) Japan -3.45%(31March2020:5.00%) Italy -1.00%(31March2020:0.00%) Israel -1.51%(31March2020:2.16%) India -2.16%(31March2020:1.70%) Hong Kong-1.60%(31March2020:1.97%) Common Stock-98.37%(31March2020:96.87%) Shares Germany -5.33%(31March2020:4.18%) Germany France -1.44%(31March2020:0.00%) Denmark -3.07%(31March2020:0.00%) Brazil -1.38%(31March2020:0.00%) 110,529 13,942 18,068 39,602 16,463 32,365 10,420 49,390 10,300 15,785 9,081 6,881 8,496 9,064 9,683 4,100 5,068 3,408 6,093 5,827 4,176 899 Merck KGaA Alcon Inc ABB Ltd SA Siemens GamesaRenewableEnergy Clicks GroupLtd InPost SA Technogym SpA'144A' HDFC BankLtd ADR AIA GroupLtd TeamViewer'144A' AG MIPS AB AB Hexagon Wolters KluwerNV SMS CoLtd Shimano Inc Check Point Software Technologies Ltd Banco BradescoSA ADR Infineon Technologies AG HelloFresh SE Legrand SA Systems A/S Vestas Wind Genmab A/S Fair Value 1,059,840 2,000,883 1,443,848 1,294,910 1,154,931 582,727 635,804 424,036 699,500 645,517 269,636 376,344 809,530 600,856 294,027 607,960 835,888 841,747 315,602 979,308 567,464 519,486 669,463 454,666 542,158 859,460 295,471 USD

% of 1.55 2.82 1.69 1.13 1.86 1.72 0.72 1.00 2.16 1.60 5.33 0.79 3.84 1.62 2.22 2.24 3.45 0.84 2.61 1.51 1.38 1.78 1.21 1.44 3.07 2.29 0.78 NAV

United States-55.40%(31March2020:58.20%) United Kingdom-5.45%(31March2020:4.80%) Taiwan -3.38%(31March2020:2.00%) Select FundtoLazardGlobalSustainableEquity Fund * Effective23June2020, FundnamechangedfromLazardGlobal SustainableEquity Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD28,319,558) Total CommonStock-(CostUSD28,319,558) Common Stock-98.37%(31March2020:96.87%)(continued) Shares (continued) 30,157 77,805 10,820 28,974 61,000 12,337 18,549 4,022 1,404 7,740 3,139 5,159 2,340 2,621 1,611 3,774 4,172 6,988 4,453 4,157 6,047 3,780 3,031 2,731 3,697 6,309 8,392 6,934 4,398 * RELX Plc Polypipe Groupplc Halma Plc GB GroupPlc Taiwan SemiconductorManufacturingCoLtd Accenture Plc-Class A Adobe Inc Microsoft Corp Corpof Laboratory America Holdings IQVIA HoldingsInc Intuit Inc Ecolab Inc Deere &Co Danaher Corp Colgate-Palmolive Co Boston ScientificCorp Ball Corp Agilent TechnologiesInc MSA SafetyInc Rockwell Automation Inc Rockwell Automation PTC Inc Prologis Inc(REIT) S&P GlobalInc Thermo Fisher ScientificInc Trane TechnologiesPlc Zoetis Inc Xylem Inc/NY Class A Watts Water Technologies- Inc Visa Inc-Class A Financial year ended31March 2021 37,556,605 36,946,202 36,946,202 20,805,118 Fair Value 2,046,036 1,268,398 1,111,077 1,824,860 1,103,434 1,069,549 1,246,374 757,673 595,336 354,196 338,831 667,419 800,539 996,409 896,360 561,077 602,740 849,452 972,526 716,919 353,535 888,454 668,039 832,370 400,680 612,075 610,403 993,541 882,671 823,829 931,189 % ofTotal Assets USD

100.00 100.00 98.22 98.37 98.37 55.40 % of 5.45 2.02 1.59 0.94 0.90 3.38 2.96 1.78 2.13 2.65 2.39 1.49 1.60 2.26 2.59 1.91 0.94 2.37 4.86 1.78 2.22 1.07 2.94 2.85 3.32 1.78 1.63 1.63 2.64 2.35 2.19 2.48 NAV

113 LAZARD GLOBAL ACTIVE FUNDS PLC 114 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalManagedVolatility Fund Portfolios ofInvestments Japan -16.28%(31March2020:14.32%) Israel -0.26%(31March2020:0.19%) Hong Kong-1.94%(31March2020:0.26%) Common Stock-98.09%(31March2020:96.62%) Shares Australia -1.57%(31March2020:4.86%) France -1.38%(31March2020:0.32%) Finland -0.22%(31March2020:0.00%) Denmark -1.66%(31March2020:1.51%) Canada -4.02%(31March2020:11.50%) Brazil -0.29%(31March2020:0.00%) Belgium -0.96%(31March2020:0.72%) 307,524 54,000 19,200 32,100 90,500 86,000 58,317 11,568 16,399 99,026 10,694 24,182 19,809 37,126 12,497 18,644 46,370 15,104 10,019 4,200 8,219 3,537 2,532 2,981 2,350 4,795 3,450 7,083 2,212 274 823 361 76 Cie GeneraledesEtablissementsMichelinSCA Activia PropertiesInc(REIT) Bezeq The Israeli Telecommunication CorpLtd CLP HoldingsLtd Benesse HoldingsInc Ajinomoto CoInc Advance ResidenceInvestmentCorp(REIT) Sun HungKaiPropertiesLtd HoldingsLtd Jardine Matheson Hysan DevelopmentCoLtd Sartorius StedimBiotech Orange SA La Francaise desJeuxSAEM'144A' Ansell Ltd Rio Tinto Plc Rio Tinto Ltd Rio Tinto Fortescue MetalsGroupLtd CSL Ltd Charter HallLong Wale REIT(Units)(REIT) (Units) (REIT) Investment Allied PropertiesRealEstate Trust Elisa Oyj Nordisk A/S Novo Coloplast A/S Inc Rogers Communications Quebecor Inc Metro Inc/CN Hydro OneLtd'144A' Empire CoLtd SoftwareInc/Canada Constellation Yara ASA International Proximus SADP Etablissements Franz ColruytNV Cofinimmo SA(REIT) Fair Value 2,508,780 1,372,806 1,781,939 2,037,374 2,152,467 1,633,067 5,210,174 1,445,661 1,248,738 404,396 658,409 859,766 334,097 329,251 274,874 336,464 524,636 338,948 717,864 373,246 351,881 270,587 214,143 250,350 600,720 355,885 345,689 287,696 519,400 913,442 996,755 570,102 434,237 504,150 345,827 368,439 328,823 597,615 322,300 USD

% of 0.31 0.51 0.66 0.26 0.26 1.94 1.06 0.21 0.26 0.41 1.38 0.26 0.56 0.29 0.27 1.57 0.21 0.17 0.19 0.46 0.27 0.27 0.22 1.66 1.26 0.40 4.02 0.70 0.77 0.44 0.33 1.12 0.39 0.27 0.29 0.96 0.25 0.46 0.25 NAV

Japan -16.28%(31March2020:14.32%)(continued) Netherlands -1.46%(31March2020:0.95%) New Zealand-0.72%(31March2020:0.38%) Norway -1.52%(31March2020:1.06%) Singapore -0.28%(31March2020:0.93%) Spain -0.44%(31March2020:0.41%) Common Stock-98.09%(31March2020:96.62%)(continued) Shares (continued) 140,300 104,700 177,300 102,200 107,396 26,200 17,000 71,500 40,900 22,800 18,600 61,800 52,900 10,300 32,600 10,500 24,400 34,900 34,300 11,900 10,600 64,400 12,500 13,900 47,000 35,076 41,494 52,256 49,300 36,030 8,100 5,600 1,000 1,300 8,300 7,620 6,851 2,100 589 246 106 Daiwa SecuritiesLivingInvestmentsCorp(REIT) Chubu ElectricPower CoInc Daito Trust ConstructionCoLtd Dai-ichi LifeHoldingsInc DCM HoldingsCoLtd Electric Power DevelopmentCoLtd Hitachi ZosenCorp Hachijuni BankLtd/The FUJIFILM HoldingsCorp Fuji MediaHoldingsInc Japan PostJapan Bank CoLtd LogisticsFundInc(REIT) Japan ITOCHU Corp Japan Real Estate InvestmentCorp(REIT) RealEstate Japan PostJapan HoldingsCoLtd Kansai ElectricPower CoInc/The KDDI Corp K's HoldingsCorp Kyudenko Corp McDonald's Holdings Co Japan Ltd McDonald's HoldingsCoJapan Nintendo CoLtd Osaka GasCoLtd Rengo CoLtd Sankyo CoLtd Shimano Inc Seven &iHoldingsCoLtd Sumitomo Mitsui Trust HoldingsInc Shimizu Corp Sumitomo OsakaCementCoLtd Tohoku ElectricPower CoInc Teijin Ltd Tokyo GasCoLtd Flow TradersFlow '144A' Wolters KluwerNV Koninklijke Ahold DelhaizeNV Fisher &Paykel HealthcareCorpLtd Orkla ASA Telenor ASA Singapore ExchangeLtd Singapore Corp Financiera Alba SA Iberdrola SA Financial year ended31March 2021 21,102,904 Fair Value 1,132,549 1,701,723 1,124,604 1,044,620 1,891,227 1,052,987 1,973,106 338,192 942,315 294,212 578,411 748,548 716,046 380,634 333,536 279,994 692,823 604,701 626,309 552,803 574,176 316,490 448,987 401,411 559,747 682,354 298,316 315,124 310,512 428,370 288,915 523,362 399,287 967,680 239,485 318,635 595,560 977,032 931,697 920,119 366,234 104,268 568,797 464,529 USD

16.28 % of 0.26 0.73 0.23 0.45 0.58 0.55 0.29 0.26 0.22 0.87 0.53 0.47 1.31 0.48 0.43 0.44 0.24 0.35 0.31 0.87 0.43 0.53 0.23 0.24 0.24 0.33 0.22 0.40 0.31 0.75 0.18 0.81 0.25 0.46 0.75 1.46 0.72 0.81 0.71 1.52 0.28 0.08 0.44 0.36 NAV

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-98.09%(31March2020:96.62%)(continued) United States-57.35%(31March2020:49.19%) United Kingdom-3.13%(31March2020:1.30%) Switzerland -3.22%(31March2020:5.62%) Sweden -1.39%(31March2020:1.09%) Shares 150,168 294,849 157,787 11,764 14,445 18,307 35,526 20,855 82,873 20,799 64,271 20,804 26,472 15,590 35,478 27,399 64,754 4,650 3,392 9,619 4,293 3,243 2,550 1,894 7,079 6,437 6,930 4,115 1,654 5,624 3,052 2,809 1,797 5,451 2,723 1,782 3,161 3,300 9,157 4,884 2,981 6,703 3,091 2,255 3,363 265 Apartment Investment and Management Co(REIT) InvestmentandManagement Apartment Centene Corp Cboe GlobalMarketsInc Campbell SoupCo Bristol-Myers SquibbCo Booz Allen HamiltonHoldingCorp-Class A Best BuyCoInc Inc-ClassB Berkshire Hathaway Bank ofNew York MellonCorp/The DennisonCorp Avery AutoZone Inc ProcessingInc Data Automatic Corp Atmos Energy AT&T Inc Inc AptarGroup Vodafone GroupPlc Standard CharteredPlc Plc J Sainsbury Imperial BrandsPlc HSBC HoldingsPlc GlaxoSmithKline Plc Genus Plc BT GroupPlc DevelopmentsPlc Barratt Group AG UBS Swisscom AG Holding AG Roche Kuehne International +Nagel AG Credit SuisseGroup AG Thule Group AB '144A' Telefonaktiebolaget LMEricsson-ClassB Axfood AB Aon Plc Amgen Inc AmerisourceBergen Corp-Class A Inc Co American Water Works American Tower Corp(REIT) Ameren Corp Amdocs Ltd Altria GroupInc Corp/The Allstate Agilent TechnologiesInc Aflac Inc Activision BlizzardInc Accenture Plc-Class A 3M Co Fair Value 1,334,179 4,059,633 4,177,596 1,817,877 1,800,661 397,590 297,182 334,756 483,547 271,017 947,355 372,329 651,449 683,104 347,833 372,140 636,297 554,153 981,773 273,274 244,438 985,908 429,063 483,394 369,186 275,631 336,811 661,928 322,110 887,282 870,846 279,481 676,430 469,292 654,939 646,379 447,112 643,600 408,232 426,005 257,179 231,495 468,472 561,172 379,004 343,060 287,463 622,944 647,983 USD

% of 0.31 0.23 0.26 0.37 0.21 0.73 0.29 0.50 0.53 0.27 0.29 1.03 0.49 0.43 0.76 3.13 0.21 0.19 0.76 0.33 0.37 0.29 0.21 0.26 0.51 3.22 0.25 0.68 1.40 0.67 0.22 1.39 0.52 0.36 0.51 0.50 0.34 0.50 0.31 0.33 0.20 0.18 0.36 0.43 0.29 0.26 0.22 0.48 0.50 NAV

United States-57.35%(31March2020:49.19%)(continued) Common Stock-98.09%(31March2020:96.62%)(continued) Shares (continued) 19,945 18,110 12,606 20,259 10,598 15,748 16,359 11,341 17,657 12,824 7,446 4,121 1,392 4,873 7,653 4,858 1,765 4,460 2,628 4,034 2,713 4,562 1,589 1,438 5,382 6,308 3,939 7,883 8,040 9,893 2,312 2,238 3,742 6,110 3,567 5,533 2,412 2,149 3,753 2,106 1,133 4,913 1,704 1,083 1,927 1,200 415 890 730 806 953 305 MYR GroupInc Colgate-Palmolive Co Clorox Co/The Cisco SystemsInc/Delaware Cigna Corp Chubb Ltd Inc Charter Communications Comcast Corp Dollar GeneralCorp Inc-Class Dolby Laboratories A CVS HealthCorp Corp Costco Wholesale Dominion Energy Inc Dominion Energy Kellogg Co Johnson & JB Hunt Transport Inc Services & Jack Henry Inc Associates J MSmuckerCo/The Intuit Inc Intel Corp Illumina Inc Inc IDEXX Laboratories Humana Inc Hormel Foods Corp Home DepotInc/The Hershey Co/The Hartford FinancialGroupInc/The Services Hanover InsuranceGroupInc/The Graco Inc Gilead SciencesInc General MillsInc FTI ConsultingInc Inc(REIT) Extra SpaceStorage HoldingsInc ExlService Inc Evergy Eli LillyandCo Corp Duke Energy Co DTE Energy Domino's PizzaInc Kroger Co/The Kimberly-Clark Corp Keysight TechnologiesInc Merck &CoInc MDU ResourcesGroupInc McKesson Corp McDonald's Corp Inc Martin MariettaMaterials Mettler-Toledo Inc International Motorola SolutionsInc Corp Moody's ModivCare Inc Microsoft Corp Financial year ended31March 2021 Fair Value 1,572,264 1,436,184 1,550,651 1,282,395 1,741,781 1,576,966 1,361,178 352,115 936,468 996,211 219,894 256,063 263,678 479,582 948,349 622,127 338,782 441,688 612,038 343,276 340,923 291,968 610,271 357,196 337,916 752,439 438,950 851,217 421,311 509,943 564,580 519,625 606,639 323,934 296,647 337,379 363,728 666,387 534,100 321,134 790,381 588,760 538,180 405,367 410,754 253,951 320,036 352,485 320,437 323,395 285,427 282,924 USD

% of 0.27 0.72 0.77 0.17 0.20 1.21 1.11 0.20 0.37 0.73 0.48 1.20 0.26 0.34 0.47 0.26 0.26 0.23 0.47 0.28 0.26 0.58 0.34 0.66 0.32 0.39 0.44 0.40 0.47 0.25 0.23 0.26 0.28 0.51 0.41 0.25 0.61 0.99 1.34 0.45 0.42 1.22 0.31 0.32 0.20 0.25 1.05 0.27 0.25 0.25 0.22 0.22 NAV

115 LAZARD GLOBAL ACTIVE FUNDS PLC 116 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-98.09%(31March2020:96.62%)(continued) Shares United States-57.35%(31March2020:49.19%)(continued) Total Investments-(CostUSD115,758,779) Total CommonStock-(CostUSD115,758,779) 11,396 14,337 32,682 15,424 54,451 19,859 15,399 12,023 13,178 23,184 4,505 6,646 1,757 6,390 9,994 1,720 1,530 5,675 1,000 1,992 2,971 2,040 1,678 7,907 2,213 2,528 1,257 1,998 1,427 5,017 3,567 6,472 2,314 4,043 6,432 6,922 8,040 5,885 7,909 997 577 Zoetis Inc Inc Xcel Energy West Inc PharmaceuticalServices Werner EnterprisesInc GroupInc WEC Energy WD-40 Co Waters Corp Waste Inc Management Walmart Inc Inc Viatris Verizon Inc Communications UnitedHealth GroupInc Corp United Therapeutics Tractor SupplyCo Thermo Fisher ScientificInc Texas InstrumentsInc Target Corp Synopsys Inc STERIS Plc Stepan Co Southwest GasHoldingsInc Sirius XMHoldingsInc CorpInternational/US Service Corp(REIT)-Class SBA Communications A S&P GlobalInc ResMed Inc Inc-Class Republic Services A Realty IncomeCorp(REIT) Inc Quest Diagnostics Inc Quanta Services QUALCOMM Inc (REIT) Public Storage Procter &GambleCo/The Portland GeneralElectricCo Inc Philip MorrisInternational PepsiCo Inc Paychex Inc Inc O'Reilly Automotive Oracle Corp Corp Old RepublicInternational Newmont Corp 127,121,195 127,121,195 74,324,482 Fair Value 1,547,919 1,900,458 1,566,140 1,059,783 1,013,802 1,529,891 1,628,275 1,137,258 709,447 442,025 495,087 301,416 935,338 526,630 434,780 732,189 200,288 372,070 333,202 526,105 931,015 317,125 247,037 421,532 321,334 331,607 348,880 705,034 276,867 318,580 457,789 569,407 306,813 997,651 305,327 614,258 576,848 292,683 924,700 506,339 476,675 USD

98.09 98.09 57.35 % of 0.55 0.34 0.38 0.23 0.72 0.41 0.34 0.56 1.19 0.15 1.47 0.29 0.26 0.41 0.72 0.24 1.21 0.19 0.32 0.25 0.82 0.26 0.78 0.27 0.54 0.21 1.18 0.25 0.35 0.44 0.24 0.77 1.26 0.24 0.47 0.88 0.44 0.23 0.71 0.39 0.37 NAV

Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedgainonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/04/21 15/04/21 Open forwardforeigncurrency exchange contracts-0.01%(31March2020:(0.27)%) Date Maturity (continued)

USD 4,153,214 EUR 3,479,742 Amount Bought Financial year ended31March 2021

EUR 3,479,742 USD 4,139,479 Sold Amount

129,596,090 127,134,930 Gain/(Loss) Unrealised 2,461,160 (57,475) (57,475) 13,735 71,210 71,210 % ofTotal Assets USD

100.00 100.00 (0.04) (0.04) 98.10 97.91 % of 1.90 0.01 0.05 0.05 NAV 2.04 0.05

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalThematicFund Portfolios ofInvestments Common Stock-97.31%(31March2020:95.63%) Shares Netherlands -2.56%(31March2020:3.08%) Japan -5.85%(31March2020:7.17%) Indonesia -1.16%(31March2020:0.28%) India -2.01%(31March2020:1.26%) Hong Kong-0.96%(31March2020:1.08%) -3.82%(31March2020:4.19%) Germany France -5.19%(31March2020:4.95%) Denmark -1.15%(31March2020:0.67%) China -3.15%(31March2020:3.33%) Canada -2.99%(31March2020:4.15%) 579,600 81,500 23,800 10,500 14,045 24,000 3,157 8,721 2,800 3,200 4,700 7,700 2,200 1,100 4,939 5,932 2,104 7,022 2,615 2,434 1,263 1,640 1,766 1,692 4,700 1,295 5,923 5,503 7,650 3,722 536 552 527 Bank Rakyat IndonesiaPersero Bank Rakyat Tbk PT PT Central AsiaTbk Bank AIA GroupLtd Wolters KluwerNV DutchShellPlc Royal ASML HoldingNV Sysmex Corp GroupCorp Sony Seven &iHoldingsCoLtd Nexon CoLtd Kao Corp Kansai Paint CoLtd FANUC Corp ICICI BankLtd ADR HDFC BankLtd ADR Siemens Healthineers AG '144A' SAP SE Infineon Technologies AG Beiersdorf AG Schneider ElectricSE Remy CointreauSA Pernod RicardSA LVMH MoetHennessyLouis Vuitton SE EssilorLuxottica SA Systems A/S Vestas Wind Tencent HoldingsLtd Ping An InsuranceGroupCoofChinaLtd'H' Alibaba GroupHoldingLtd ADR Nutrien Ltd Kirkland LakeGoldLtd Barrick GoldCorp MinesLtd(Units) Agnico Eagle MinesLtd Agnico Eagle Fair Value 1,768,525 1,152,957 1,568,558 350,560 175,888 174,672 289,540 772,434 274,439 171,060 326,935 302,528 336,900 189,937 250,371 145,741 281,264 261,784 608,852 225,141 383,711 321,156 257,692 297,812 276,297 371,889 233,314 307,871 367,857 287,627 348,229 950,767 370,535 286,617 293,615 902,135 319,190 185,840 151,470 215,169 30,466 USD

% of 1.16 0.58 0.58 0.96 2.56 0.91 0.57 1.08 5.85 1.00 1.11 0.63 0.83 0.48 0.93 0.87 2.01 0.74 1.27 3.82 1.06 0.85 0.99 0.92 5.19 1.23 0.77 1.02 1.22 0.95 1.15 3.15 1.23 0.95 0.97 2.99 1.06 0.62 0.50 0.71 0.10 NAV

United Kingdom-9.34%(31March2020:9.59%) United States-50.15%(31March2020:47.75%) Common Stock-97.31%(31March2020:95.63%)(continued) Singapore -0.40%(31March2020:0.86%) Norway -1.09%(31March2020:0.80%) Switzerland -0.95%(31March2020:1.16%) Sweden -2.27%(31March2020:2.22%) Spain -3.18%(31March2020:2.76%) Taiwan -1.09%(31March2020:0.00%) Shares (continued) 47,853 12,124 16,788 76,528 16,883 11,701 24,434 5,979 3,073 1,333 7,746 4,866 1,242 1,257 1,481 2,532 5,452 2,093 8,304 9,094 1,017 1,644 2,759 3,315 1,372 2,312 3,219 3,781 9,135 8,843 5,606 2,568 2,775 895 147 150 680 89 Taiwan SemiconductorManufacturingCoLtd ADR Unilever Plc Rentokil InitialPlc RELX Plc Reckitt BenckiserGroupPlc Prudential Plc Linde Plc Plc Diageo BP Plc AVEVA GroupPlc Accenture Plc-Class A Ecolab Inc Deere &Co Danaher Corp Colgate-Palmolive Co Coca-Cola Co/The Chevron Corp Boston ScientificCorp Bank of America Corp Autodesk Inc Plc Aptiv Inc Materials Applied Inc Apple Aon Plc Analog DevicesInc Amazon.com Inc Alphabet Inc-Class A Alphabet Inc Adobe Inc Activision BlizzardInc Equinor ASA Hexagon AB Hexagon AB Assa Abloy SA Siemens GamesaRenewableEnergy Industria deDiseno Textil SA Iberdrola SA DBS GroupHoldingsLtd Nestle SA Financial year ended31March 2021 Fair Value 2,820,644 328,227 333,667 319,629 304,153 275,313 355,898 373,346 318,561 310,486 229,591 343,102 269,086 334,855 333,343 199,598 287,375 219,325 320,950 351,847 281,862 226,708 368,602 404,927 315,711 358,545 275,373 303,190 310,294 323,252 299,367 329,701 684,702 348,686 336,016 960,183 353,660 291,499 315,024 120,932 286,214 USD

% of 1.09 9.34 1.10 1.06 1.01 0.91 1.18 1.24 1.05 1.03 0.76 1.14 0.89 1.11 1.10 0.66 0.95 0.73 1.06 1.17 0.93 0.75 1.22 1.34 1.05 1.19 0.91 1.00 1.03 1.07 0.99 1.09 2.27 1.16 1.11 3.18 1.17 0.97 1.04 0.40 0.95 NAV

117 LAZARD GLOBAL ACTIVE FUNDS PLC 118 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalThematicFund(continued) Portfolios ofInvestments Common Stock-97.31%(31March2020:95.63%)(continued) United States-50.15%(31March2020:47.75%)(continued) Shares Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD19,612,674) Total CommonStock-(CostUSD19,612,674) 1,683 2,385 2,137 1,346 4,955 2,883 2,195 2,089 1,303 1,361 1,162 2,383 2,215 1,792 3,687 2,512 2,375 2,642 1,464 1,694 6,619 1,871 1,782 2,809 1,929 711 747 821 789 Zoetis Inc Waste Inc Management Walt DisneyCo/The Visa Inc-Class A US Bancorp UnitedHealth GroupInc Truist Financial Corp Thermo Fisher ScientificInc Texas InstrumentsInc TE ConnectivityLtd Corp Stryker salesforce.com Inc Inc Rockwell Automation PTC Inc PPG IndustriesInc PNC Financial GroupInc/The Services Inc NextEra Energy Newmont Corp Microsoft Corp Medtronic Plc Mastercard Inc Corpof Laboratory America Holdings Keysight TechnologiesInc plc Johnson ControlsInternational Johnson & IQVIA HoldingsInc Intuit Inc Intercontinental ExchangeInc Inc Services Fidelity Information National 30,201,747 29,388,606 29,388,606 15,145,446 Fair Value 265,039 307,713 394,319 284,989 274,061 264,542 168,137 340,916 414,833 269,711 317,385 288,355 308,441 328,020 332,826 314,335 278,774 151,274 559,954 312,099 292,317 373,364 242,920 394,956 307,499 344,175 302,234 313,709 271,237 813,141 % ofTotal Assets USD

100.00 100.00 96.71 97.31 97.31 50.15 % of 0.88 1.02 1.31 0.94 0.91 0.88 0.56 1.13 1.37 0.89 1.05 0.95 1.02 1.09 1.10 1.04 0.92 0.50 1.85 1.03 0.97 1.24 0.80 1.31 1.02 1.14 1.00 1.04 0.90 3.29 2.69 NAV

(continued) Financial year ended31March 2021 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalThematicFocusFund Portfolios ofInvestments United Kingdom-5.50%(31March2020:4.13%) Common Stock-97.35%(31March2020:96.01%) Shares Taiwan -2.04%(31March2020:0.00%) Sweden -3.97%(31March2020:4.36%) Spain -1.71%(31March2020:2.11%) Singapore -0.71%(31March2020:1.53%) Netherlands -3.70%(31March2020:4.61%) Japan -5.33%(31March2020:6.32%) Indonesia -2.02%(31March2020:0.56%) India -3.49%(31March2020:2.32%) Hong Kong-1.77%(31March2020:2.14%) -3.33%(31March2020:3.38%) Germany France -6.16%(31March2020:5.68%) China -5.64%(31March2020:6.46%) 4,924,900 110,717 154,340 104,258 692,900 131,500 215,269 202,000 43,918 25,508 31,154 76,444 48,615 29,811 65,200 10,900 39,214 18,330 62,988 21,826 15,837 42,200 11,413 28,297 4,781 4,935 Taiwan SemiconductorManufacturingCoLtd ADR RELX Plc Prudential Plc AVEVA Group Plc Hexagon AB Hexagon AB Assa Abloy Industria deDiseno Textil SA DBS GroupHoldingsLtd GroupCorp Sony ADR Nexon CoLtd FANUC Corp IndonesiaPersero Bank Rakyat Tbk PT PT Central AsiaTbk Bank ICICI BankLtd ADR HDFC BankLtd ADR AIA GroupLtd SAP SE Infineon Technologies AG Schneider ElectricSE LVMH MoetHennessyLouis Vuitton SE EssilorLuxottica SA Tencent HoldingsLtd Ping An InsuranceGroupCoofChinaLtd'H' Alibaba GroupHoldingLtd ADR Wolters KluwerNV ASML HoldingNV Fair Value 8,121,646 2,777,542 3,271,935 2,072,169 3,017,086 5,867,003 2,873,043 2,993,960 2,519,887 1,048,715 7,874,325 3,160,264 2,120,023 2,594,038 2,979,567 1,494,530 1,485,037 5,154,481 2,107,945 3,046,536 2,618,861 4,916,407 2,245,002 2,671,405 9,100,235 3,334,780 3,186,093 2,579,362 8,326,959 3,326,928 2,412,361 2,587,670 5,469,988 2,459,869 3,010,119 USD

% of 5.50 1.88 2.22 1.40 2.04 3.97 1.94 2.03 1.71 0.71 5.33 2.14 1.43 1.76 2.02 1.01 1.01 3.49 1.43 2.06 1.77 3.33 1.52 1.81 6.16 2.26 2.16 1.74 5.64 2.25 1.64 1.75 3.70 1.66 2.04 NAV

United States-51.98%(31March2020:51.75%) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD115,999,284) Total CommonStock-(CostUSD115,999,284) Common Stock-97.35%(31March2020:96.01%)(continued) Shares (continued) 27,121 10,647 14,293 25,713 25,927 12,778 20,695 25,640 17,589 14,657 59,358 18,475 12,270 18,278 17,744 12,301 10,254 22,188 18,916 5,994 2,497 8,777 8,267 6,676 7,314 753 Activision BlizzardInc Accenture Plc-Class A Adobe Inc Alphabet Inc-Class A Aptiv Plc Aptiv Inc Materials Applied Inc Apple Aon Plc Analog DevicesInc Amazon.com Inc Autodesk Inc Intercontinental ExchangeInc Inc Services Fidelity Information National Deere &Co Keysight TechnologiesInc plc Johnson ControlsInternational Intuit Inc Walt DisneyCo/The Visa Inc-Class A Texas InstrumentsInc TE ConnectivityLtd salesforce.com Inc Inc Rockwell Automation PTC Inc Microsoft Corp Mastercard Inc Financial year ended31March 2021 147,701,072 143,792,589 143,792,589 76,777,429 Fair Value 2,522,253 2,941,234 2,849,368 5,150,112 1,971,005 3,435,257 3,166,983 2,940,346 3,209,381 2,329,842 2,432,545 2,863,475 2,473,189 3,093,015 2,101,814 3,541,892 2,557,309 3,908,483 3,409,007 2,597,927 3,454,359 2,290,928 2,606,213 2,721,822 3,054,178 4,459,825 2,604,150 % ofTotal Assets USD

100.00 100.00 96.45 97.35 97.35 51.98 % of 1.71 1.99 1.93 3.49 1.33 2.33 2.14 1.99 2.17 1.58 1.65 1.94 1.67 2.09 1.42 2.40 1.73 3.55 2.65 2.31 1.76 2.34 1.55 1.77 1.84 2.07 3.02 1.76 NAV

119 LAZARD GLOBAL ACTIVE FUNDS PLC 120 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalEquityFranchiseFund Portfolios ofInvestments Common Stock-92.31%(31March2020:97.40%) Australia -1.94%(31March2020:0.00%) Shares United States-50.66%(31March2020:74.39%) United Kingdom-8.62%(31March2020:0.00%) Spain -3.82%(31March2020:4.34%) Luxembourg -3.82%(31March2020:5.70%) Italy -6.88%(31March2020:1.80%) -5.49%(31March2020:6.28%) Germany France -8.22%(31March2020:2.06%) Belgium -2.86%(31March2020:2.83%) Total Investments-(CostUSD250,796,480) Total Rights-(CostUSD–) Italy -0.00%(31March2020:0.00%) Rights -0.00%(31March2020:0.00%) Total CommonStock-(CostUSD250,796,480) 1,421,012 1,585,321 1,585,321 565,810 668,970 296,437 163,510 950,549 432,904 293,298 220,840 303,947 134,194 128,746 190,177 700,453 337,993 446,413 838,741 238,940 800,278 82,385 76,851 67,860 81,757 82,631 80,104 72,345 75,619 48,535 Transurban Group United UtilitiesGroupPlc Smith &NephewPlc Cisco SystemsInc/Delaware GridPlc National Ferrovial SA SES SAReceipt-Class A Snam SpA Atlantia SpA Fresenius MedicalCare AG &CoKGaA SA Bureau Veritas Anheuser-Busch InBevSA/NV Tapestry Inc Stericycle Inc Oracle Corp Omnicom GroupInc Nielsen HoldingsPlc Medtronic Plc MEDNAX Inc McKesson Corp Game International Technology Plc ScheinInc Henry H&R BlockInc CVS HealthCorp EdisonInc Consolidated Cognizant Technology SolutionsCorp Terna ReteElettricaNazionaleSpA Vinci SA EssilorLuxottica SA Snam SpARights09/04/2021 149,793,737 272,943,966 272,942,335 25,473,778 11,336,534 11,287,871 11,287,752 16,234,161 14,101,625 17,616,393 15,945,885 18,284,554 17,975,456 20,358,598 24,307,325 Fair Value 8,539,739 5,597,505 5,738,579 5,305,623 5,561,811 5,392,635 8,016,302 8,608,682 7,164,929 5,721,370 5,991,779 5,651,591 8,455,102 6,053,051 8,802,630 5,502,917 7,749,560 7,904,866 8,652,899 8,460,534 1,631 1,631 USD

92.31 92.31 50.66 % of 8.62 2.89 1.89 3.84 3.82 3.82 5.49 1.94 1.80 1.88 1.82 4.77 5.96 2.71 2.91 5.39 2.42 1.94 6.18 6.08 2.03 1.91 2.86 6.88 2.05 2.97 1.86 8.22 2.62 2.67 2.93 2.86 0.00 0.00 NAV

Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/04/21 15/04/21 Open forwardforeigncurrency exchange contracts-(0.00)%(31March2020:(0.01)%) Date Maturity (continued)

USD 5,663 EUR 197,781 Amount Bought Financial year ended31March 2021

EUR 4,768 USD 235,275 Sold Amount

295,667,573 272,940,773 Gain/(Loss) 22,726,800 Unrealised (3,193) (3,262) (3,262) % ofTotal Assets USD 69 69

100.00 100.00 (0.00) (0.00) (0.00) 90.65 92.31 % of 9.35 0.00 7.69 0.00 0.00 NAV

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard European EquityFund Portfolios ofInvestments Common Stock-95.11%(31March2020:97.05%) Shares Netherlands -6.52%(31March2020:6.80%) Italy -4.18%(31March2020:5.16%) Ireland -2.80%(31March2020:0.79%) -15.80%(31March2020:19.24%) Germany France -24.70%(31March2020:22.55%) Finland -0.76%(31March2020:1.93%) Denmark -5.70%(31March2020:5.35%) China -1.24%(31March2020:2.13%) Austria -1.29%(31March2020:1.16%) 56,683 32,412 14,917 13,331 12,826 18,326 32,236 20,540 3,534 2,248 6,133 3,638 1,896 1,981 1,237 1,432 3,118 8,524 4,176 1,757 1,337 7,009 6,191 1,870 2,612 1,303 7,611 2,470 5,368 2,186 2,847 2,133 4,824 683 602 317 635 Enel SpA BFF BankSpA'144A' Bank Abp Nordea ASML HoldingNV Akzo NobelNV HoldingsPlc Ryanair GroupPlc Kerry Vonovia SE TeamViewer'144A' AG Class A - Symrise AG '144A' Scout24 AG Engines AG MTU Aero Knorr-Bremse AG Group AG KION SE Deutsche Wohnen '144A' Covestro AG Continental AG adidas AG Vivendi SE SPIE SA Sanofi Pernod RicardSA Orange SA LVMH MoetHennessyLouis Vuitton SE Kering SA Eurazeo SE Engie SA SE Capgemini BNP Paribas SA AXA SA Amundi SA'144A' Alstom SA Systems A/S Vestas Wind Genmab A/S Carlsberg AS Prosus NV BAWAG Group AG '144A' Fair Value 2,593,793 4,054,194 686,589 482,944 203,645 125,186 355,239 336,775 460,318 220,427 239,891 341,602 132,557 196,026 128,177 248,267 152,312 262,561 339,076 239,441 197,882 355,892 359,201 143,172 521,792 299,343 192,361 342,089 186,643 169,406 390,331 189,123 394,342 469,594 168,485 228,312 935,006 383,635 177,964 373,407 202,788 212,529 EUR

15.80 24.70 % of 4.18 2.94 1.24 0.76 2.16 2.05 2.80 1.34 1.46 2.08 0.81 1.19 0.78 1.51 0.93 1.60 2.07 1.46 1.20 2.17 2.19 0.87 3.18 1.82 1.17 2.09 1.14 1.03 2.38 1.15 2.40 2.86 1.03 1.39 5.70 2.34 1.08 2.28 1.24 1.29 NAV

Common Stock-95.11%(31March2020:97.05%)(continued) Netherlands -6.52%(31March2020:6.80%)(continued) Norway -0.71%(31March2020:0.89%) Saudi Arabia-0.61%(31March2020:0.00%) Portugal -3.34%(31March2020:2.59%) Poland -1.13%(31March2020:0.00%) Sweden -3.37%(31March2020:1.51%) Spain -3.11%(31March2020:3.57%) United Kingdom-7.21%(31March2020:7.70%) Switzerland -12.64%(31March2020:14.99%) Germany -3.65%(31March2020:1.61%) Germany Preferred Stock-3.65%(31March2020:1.61%) Total CommonStock-(CostEUR13,609,946) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) Net Assets Net Assets Other Total Investments-(CostEUR14,036,110) Total PreferredStock-(CostEUR426,164) Shares (continued) 40,616 29,746 13,290 10,075 78,554 18,546 13,095 10,490 2,624 7,045 3,160 6,224 9,474 1,620 6,719 1,131 5,260 6,637 903 345 37 Koninklijke DSMNV Galp EnergiaSGPSSA EDP -EnergiasdePortugal SA InPost SA Equinor ASA Industria deDiseno Textil SA Banco SantanderSA HeroSE'144A' Delivery ABB Ltd Sandvik AB AB Hexagon Unilever Plc RELX Plc Linde Plc Coca-Cola EuropeanPartners Plc VAT Group AG '144A' Holding AG Roche Novartis AG Givaudan SA Alcon Inc Porsche Automobil HoldingSE-Preference Financial year ended31March 2021 15,613,731 16,417,051 16,213,960 Fair Value 1,070,636 1,182,971 2,074,872 378,622 547,619 402,540 145,079 185,608 117,315 510,877 283,195 227,682 480,984 553,636 305,141 248,495 296,138 202,969 386,900 296,964 311,734 764,094 121,570 314,035 203,091 600,229 600,229 99,794 82,455 % ofTotal Assets EUR

100.00 100.00 12.64 95.11 98.76 96.99 % of 6.52 2.31 3.34 2.45 0.89 1.13 0.71 3.11 1.72 1.39 0.61 2.93 3.37 1.86 1.51 7.21 1.80 1.24 2.36 1.81 0.50 1.90 4.66 0.74 1.91 3.01 1.24 3.65 3.65 NAV

121 LAZARD GLOBAL ACTIVE FUNDS PLC 122 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard Pan-European SmallCapFund Portfolios ofInvestments Common Stock-97.56%(31March2020:96.13%) Shares Austria -1.36%(31March2020:1.33%) Germany -17.38%(31March2020:15.49%) Germany France -1.64%(31March2020:3.48%) Finland -2.92%(31March2020:2.85%) Denmark -1.45%(31March2020:2.79%) Belgium -4.46%(31March2020:6.23%) Ireland -1.32%(31March2020:1.84%) Jersey -1.71%(31March2020:2.50%) Italy -8.29%(31March2020:6.33%) 191,139 267,107 200,767 218,829 26,484 73,527 13,894 41,890 25,378 16,520 11,744 39,669 35,111 24,073 24,629 27,300 22,495 11,140 18,065 46,594 71,592 29,212 22,289 45,175 31,467 64,866 90,070 27,136 23,757 8,510 8,964 8,319 9,901 7,901 BAWAG Group AG '144A' Aroundtown SA Aroundtown Altia Oyj Unibrew A/S Royal Barco NV TeamViewer'144A' AG Stabilus SA '144A' Scout24 AG PATRIZIA AG SE Nagarro LEG ImmobilienSE '144A' JOST Werke AG Friedrich Vorwerk GroupSE AG flatexDEGIRO AG Encavis HoldingSE Dermapharm '144A' Covestro AG CompuGroup MedicalSE&CoKgaA Rubis SCA Gaztransport Et Technigaz SA Kojamo Oyj Kemira Oyj SA Shurgard SelfStorage Kinepolis GroupNV Fagron Dalata HotelGroupPlc Dalata JTC Plc'144A' Banca GeneraliSpA Tinexta Spa Sesa SpA Italgas SpA Illimity BankSpA El.En. SpA De' LonghiSpA 14,866,224 Fair Value 1,166,795 1,005,375 1,896,212 1,898,994 1,665,794 1,289,807 1,160,161 1,403,380 2,498,024 1,239,193 3,813,166 1,134,690 1,128,628 1,458,948 7,088,783 1,468,342 1,213,576 924,690 991,211 759,873 856,827 796,536 419,694 398,374 802,676 729,981 673,399 777,469 937,983 782,572 985,578 854,948 837,950 824,517 864,383 951,266 819,255 947,444 EUR

17.38 % of 1.36 1.08 1.16 0.89 1.00 0.93 1.17 2.22 0.49 2.22 0.46 1.95 1.51 0.94 1.36 1.64 0.85 0.79 2.92 0.91 1.10 0.91 1.45 4.46 1.33 1.15 1.00 0.98 1.32 1.71 8.29 1.72 0.96 1.42 1.01 1.11 0.96 1.11 NAV

Common Stock-97.56%(31March2020:96.13%)(continued) Netherlands -9.00%(31March2020:5.96%) Norway -1.06%(31March2020:0.50%) Portugal -0.91%(31March2020:1.27%) Spain -3.53%(31March2020:3.80%) Sweden -9.80%(31March2020:12.96%) Switzerland -3.70%(31March2020:2.72%) United Kingdom-29.03%(31March2020:26.08%) Shares (continued) 116,861 211,076 254,560 160,547 118,559 262,426 167,273 106,278 308,575 117,879 109,392 33,711 49,647 54,436 67,789 76,708 44,075 80,242 92,782 41,927 77,615 48,191 18,722 31,422 60,030 10,611 69,781 27,998 63,840 19,034 32,236 52,269 45,435 83,265 7,097 8,152 1,291 5,303 6,524 Aalberts NV Meltwater HoldingBV Meltwater Euronext NV'144A' NV ASM International Arcadis NV Van LanschotKempenNVDutchCert Crayon GroupHolding ASA '144A' Corticeira Amorim SGPSSA Bankinter SA Fluidra SA Merlin PropertiesSocimiSA(REIT) Arjo AB Getinge AB Karnov Group AB Karnov Hexpol AB Nobina AB '144A' Nobina AB AB International Lindab Nordic EntertainmentGroup AB -ClassB Nordnet AB publ Nordnet AB Stillfront Group AB Stillfront SkiStar AB Siegfried Holding AG Siegfried SA Logitech International Cembra MoneyBank AG Swissquote GroupHoldingSA Ascential Plc 3i GroupPlc Auto Trader GroupPlc'144A' Bellway Plc Bellway Britvic Plc Big Yellow GroupPlc(REIT) ConvaTec GroupPlc'144A' Bytes Technology GroupPlc Electrocomponents Plc Dechra PharmaceuticalsPlc Gamma Communications Plc Gamma Communications GB GroupPlc Greggs Plc IMI Plc Financial year ended31March 2021 Fair Value 1,456,813 2,034,113 1,725,126 7,695,077 1,298,414 1,249,980 1,073,341 3,022,517 1,297,053 1,148,024 8,381,967 3,160,949 1,167,841 1,037,958 1,090,483 1,120,289 1,046,262 1,277,280 1,198,499 1,305,965 570,880 609,731 908,436 776,881 699,196 589,377 992,061 746,273 830,374 710,474 432,581 934,658 701,092 906,690 473,964 612,454 946,502 835,765 711,401 553,459 767,595 621,393 521,220 EUR

% of 1.70 0.67 0.71 2.38 2.02 9.00 1.52 1.06 0.91 1.46 1.25 0.82 3.53 0.69 1.16 0.87 1.52 0.97 1.34 0.83 0.51 1.09 0.82 9.80 1.06 0.55 0.72 3.70 1.37 1.11 1.21 1.27 1.31 0.98 1.22 0.83 0.65 0.90 1.49 0.73 0.61 1.40 1.53 NAV

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard Pan-European SmallCapFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) Net Assets Net Assets Other Total Investments-(CostEUR66,974,284) Total CommonStock-(CostEUR66,974,284) United Kingdom-29.03%(31March2020:26.08%)(continued) Common Stock-97.56%(31March2020:96.13%)(continued) Shares 503,082 269,146 148,904 191,603 102,553 218,522 108,049 50,812 64,558 Weir GroupPlc/The Volution GroupPlc Synthomer Plc Smart MeteringSystemsPlc Polypipe Groupplc Pennon GroupPlc On theBeachGroupPlc'144A' JET2 Plc JD SportsFashion Plc 85,528,114 83,440,431 83,440,431 24,831,463 Fair Value 1,061,059 2,336,094 1,468,401 1,452,770 1,250,143 1,175,586 1,043,119 1,047,749 2,087,683 962,471 % ofTotal Assets EUR

100.00 100.00 97.35 97.56 97.56 29.03 % of 1.24 2.73 1.72 1.70 1.46 1.37 1.22 1.13 1.22 2.65 2.44 NAV

(continued) Financial year ended31March 2021 123 LAZARD GLOBAL ACTIVE FUNDS PLC 124 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard USEquityConcentratedFund Portfolios ofInvestments Common Stock-98.45%(31March2020:97.32%) Shares Semiconductors -10.36%(31March2020: 9.26%) Retail -13.59%(31March2020:12.03%) REITS -11.32%(31March2020:11.89%) Office/Business Equipment-2.33%(31March2020:1.50%) Leisure Time -0.35%(31March2020:1.48%) Internet -9.34%(31March2020:6.06%) -1.74%(31March2020:0.00%) Healthcare-Services Healthcare-Products -12.16%(31March2020:12.14%) Food -2.54%(31March2020:0.00%) Environmental Control-5.04%(31March2020:2.68%) -7.81%(31March2020:9.30%) Diversified FinancialServices Distribution/Wholesale -2.22%(31March2020:0.00%) -3.75%(31March2020:4.42%) Commercial Services Building Materials-6.74%(31March2020:8.42%) 144,159 117,841 116,964 135,528 137,041 105,445 433,311 102,205 135,002 254,864 189,106 157,856 444,691 311,281 205,221 248,965 251,368 334,620 223,537 38,517 70,743 30,566 23,653 19,458 67,733 Skyworks SolutionsInc Starbucks Corp McDonald's Corp CosInc Lowe's (REIT) Public Storage Prologis Inc(REIT) VeriSign Inc CDW Corp/DE Medtronic Plc Visa Inc-Class A Vulcan Co Materials Analog DevicesInc Dollar TreeInc Corp(REIT) CastleInternational Crown Zebra TechnologiesCorp Corp/DE Brunswick Alphabet Inc-Class A Sotera HealthCo Inc Baxter International Sysco Corp Waste Inc Management Intercontinental ExchangeInc LKQ Corp S&P GlobalInc Armstrong World IndustriesInc 65,974,602 26,450,293 39,524,309 86,512,585 12,876,486 26,216,311 25,774,715 21,645,073 72,165,160 33,816,237 11,177,170 27,171,753 14,830,012 59,513,805 11,725,652 40,132,514 11,099,487 77,440,468 51,187,028 26,253,440 16,159,102 32,121,464 49,712,643 21,639,865 28,072,778 14,164,464 23,900,944 42,920,036 22,781,588 20,138,448 Fair Value 7,655,639 2,255,787 USD

10.36 13.59 11.32 12.16 % of 4.15 6.21 2.02 4.12 4.05 3.40 5.31 1.75 4.26 2.33 9.34 1.20 1.84 6.30 1.74 8.04 4.12 2.54 5.04 7.81 3.40 4.41 2.22 3.75 6.74 3.58 3.16 0.35 NAV

Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) Common Stock-98.45%(31March2020:97.32%)(continued) Total Assets Other assets Financial instruments derivative market traded onaregulated 15/04/21 - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/04/21 15/04/21 15/04/21 Open forwardforeigncurrency exchange contracts-(0.17)%(31March2020:(0.44)%) Date Maturity Software -7.28%(31March2020:8.35%) Transportation -1.88%(31March2020: 2.57%) Total Investments-(CostUSD459,182,277) Total CommonStock-(CostUSD459,182,277) (continued) 353,713 31,626 44,597

Electronic Arts Inc Electronic Arts Fiserv Inc Norfolk SouthernCorp EUR 31,332 USD 266,498 USD 1,485,261 EUR 79,226,341 Amount Bought Financial year ended31March 2021

Sold USD 36,727 EUR 227,347 EUR 1,244,352 USD 94,078,615 Amount

627,132,953 627,132,953 637,010,175 626,018,281 46,387,207 42,105,995 11,975,187 Gain/(Loss) (1,114,672) (1,140,240) Fair Value (1,140,043) 10,991,894 4,281,212 Unrealised 25,568 25,541

% ofTotal Assets USD (197) USD 27

100.00 100.00 (0.17) (0.18) (0.18) (0.00) 97.96 98.28 98.45 98.45 % of % of 2.04 0.00 0.00 1.72 0.01 0.01 0.67 7.28 6.61 1.88 NAV NAV

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard JapaneseStrategicEquityFund Portfolios ofInvestments Common Stock-98.06%(31March2020:89.42%) Shares Packaging &Containers-1.84%(31March2020:2.28%) Oil &Gas-3.18%(31March2020:0.00%) -2.97%(31 March2020:3.10%) Machinery-Diversified &Mining -9.25%(31March2020:7.89%) Machinery-Construction Iron/Steel -3.08%(31March2020:0.00%) Insurance -3.10%(31March2020:2.98%) Home Furnishings-4.98%(31March2020:4.37%) Home Builders-2.86%(31March2020:2.73%) Hand/Machine Tools -5.71%(31March2020:9.13%) Electric -2.06%(31March2020:2.56%) -6.10%(31March2020:5.42%) Diversified FinancialServices Distribution/Wholesale -3.67%(31March2020:3.74%) Chemicals -7.98%(31March2020:5.09%) Banks -9.35%(31March2020:10.03%) Auto Parts &Equipment-3.99%(31March 2020:0.00%) Auto Manufacturers -3.21%(31March2020:0.00%) 108,100 23,700 52,300 16,500 11,600 20,300 20,100 10,900 21,300 24,700 50,200 14,500 32,640 12,800 1,400 5,300 6,800 1,100 2,000 3,300 6,700 7,900 Rengo CoLtd Inpex Corp Komatsu Ltd Hitachi Ltd Nippon SteelCorp Dai-ichi LifeHoldingsInc CoLtd Daiwa HouseIndustry Kansai ElectricPower CoInc/The ORIX Corp Nomura HoldingsInc Mitsubishi Corp Mizuho Financial GroupInc Mitsubishi UFJFinancial GroupInc FANUC Corp GroupCorp Sony Makita Corp Disco Corp Ube IndustriesLtd Shin-Etsu ChemicalCoLtd Nitto DenkoCorp Denso Corp Suzuki MotorCorp 114,789,667 115,990,240 22,823,187 39,517,923 56,443,399 58,346,268 38,277,185 38,517,079 35,463,898 25,598,520 75,693,282 46,310,870 29,382,412 45,573,529 52,121,111 63,869,129 36,891,272 61,783,628 70,915,791 32,326,660 38,589,131 98,961,695 30,174,311 37,417,415 31,369,969 49,520,397 39,831,439 Fair Value JPY

% of 1.84 3.18 9.25 4.55 4.70 3.08 3.10 2.86 2.06 6.10 3.73 2.37 3.67 9.35 4.20 5.15 2.97 4.98 5.71 2.60 3.11 7.98 2.43 3.02 2.53 3.99 3.21 NAV

Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) Common Stock-98.06%(31March2020:89.42%)(continued) Pharmaceuticals -2.61%(31March2020:2.76%) Shares Open forwardforeigncurrency exchange contracts-0.10%(31March2020:0.25%) Date Maturity Private Equity-3.99%(31March2020:3.63%) Retail -1.67%(31March2020:3.29%) Real Estate-6.14%(31March2020:7.11%) Semiconductors -3.82%(31March2020:2.63%) Telecommunications -4.01%(31March2020:3.60%) Toys/Games/Hobbies -2.49%(31March2020:5.37%) Total Investments-(CostJPY915,853,861) Total CommonStock-(CostJPY915,853,861) - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedgainonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/04/21 15/04/21 15/04/21 15/04/21 (continued) 54,800 30,600 8,100 7,500 5,100 1,000 5,300

500 Takeda PharmaceuticalCoLtd Tokyu FudosanHoldingsCorp Hulic CoLtd JAFCO GroupColtd Sundrug CoLtd Tokyo ElectronLtd SoftBank GroupCorp Nintendo CoLtd Amount USD JPY 2,264,898 JPY 27,627 GBP 5,595 Bought 644,673 Financial year ended31March 2021

Sold JPY USD 20,784 GBP 185 JPY 843,687 Amount 70,097,830

1,217,131,385 1,217,131,385 1,241,148,153 1,218,377,007 32,406,775 76,206,016 36,100,426 40,105,590 49,517,790 20,699,760 47,406,739 49,756,573 30,989,000 Gain/(Loss) Fair Value 22,771,146 Unrealised 1,245,622 1,282,231 1,271,843 (36,609) (36,037) 10,388 % ofTotal Assets (572) JPY JPY

100.00 100.00 (0.00) (0.00) (0.00) 98.06 98.06 98.16 97.74 % of % of 2.61 6.14 2.91 3.23 3.99 1.67 3.82 4.01 2.49 0.10 0.10 0.10 1.84 0.00 NAV NAV 2.16 0.10

125 LAZARD GLOBAL ACTIVE FUNDS PLC 126 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsEquityFund Portfolios ofInvestments Greece -0.68%(31March2020:0.00%) Mexico -6.52%(31March2020:4.17%) Indonesia -3.90%(31March2020:3.66%) India -9.17%(31March2020:10.71%) -1.97%(31March2020:1.80%) Hungary Hong Kong-0.90%(31March2020:1.29%) Common Stock-93.47%(31March2020:95.96%) Shares Brazil -5.80%(31March2020:5.60%) China -16.85%(31March2020:25.83%) Egypt -1.06%(31March2020:1.26%) Egypt 12,151,064 13,688,419 6,447,300 2,075,726 1,191,806 1,956,564 1,060,476 1,192,000 1,953,453 1,031,300 2,518,651 159,925 445,805 446,292 147,555 223,100 687,174 209,374 555,520 823,010 851,804 371,341 712,000 252,200 841,824 360,046 943,844 463,500 756,500 826,500 785,747 948,731 52,650 80,197 47,001 38,766 Commercial International Bank Egypt SAEGDR BankEgypt Commercial International OPAP SA America MovilSABdeCV ADR Astra International Tbk PT GasCorpLtd Oil &Natural Coal IndiaLtd Axis BankLtd OTP BankNyrt ASM Pacific Technology Ltd Grupo Financiero BanorteSABdeCV Telkom IndonesiaPersero Tbk PT ADR Bank MandiriPersero Tbk PT UPL Ltd Tata Consultancy Ltd Services Power GridCorpofIndiaLtd Ltd ADR Infosys Indus TowersLtd Hero MotoCorpLtd PetroleumBharat CorpLtd Ltd Bajaj Auto CCR SA Banco doBrasilSA Petrobras DistribuidoraSA Engie BrasilEnergiaSA BB SeguridadeParticipacoes SA Tingyi CaymanIslandsHoldingCorp Sinopharm GroupCoLtd'H' China Vanke CoLtd'H' CoLtd'H' China ShenhuaEnergy AAC Technologies HoldingsInc Weichai Power CoLtd'H' Ping An InsuranceGroup CoofChinaLtd'H' GroupCoLtd Hengan International China MerchantsBankCoLtd'H' China ConstructionBankCorp'H' Anhui ConchCementCoLtd'H' 12,457,142 29,287,365 18,522,223 53,799,515 11,509,303 Fair Value 3,382,039 2,160,959 3,870,659 6,054,032 4,949,601 5,154,776 2,352,765 4,894,393 2,291,622 2,430,434 2,901,149 1,501,288 2,865,981 1,875,093 2,128,535 2,176,932 1,948,624 4,273,314 6,303,675 2,858,243 2,793,027 1,874,257 4,491,100 3,626,847 5,736,992 2,347,506 2,192,532 4,732,242 5,535,295 4,971,135 4,044,225 5,201,508 6,324,321 5,116,262 1,825,186 USD

16.85 % of 1.06 0.68 1.21 1.90 3.90 1.55 1.61 0.74 9.17 1.53 0.72 0.76 0.91 0.47 0.90 0.59 0.66 0.68 0.61 1.34 1.97 0.90 5.80 0.87 0.59 1.41 1.13 1.80 0.74 0.69 1.48 1.73 1.56 1.27 1.63 1.98 3.60 1.60 0.57 NAV

Mexico -6.52%(31March2020:4.17%)(continued) Russia -9.01%(31March2020:8.34%) Portugal -1.09%(31March2020:0.80%) South Africa-7.30%(31March2020:5.34%) South Korea-15.30%(31March2020:14.88%) Taiwan -8.93%(31March2020:5.03%) United Kingdom-2.45%(31March2020: 2.34%) Thailand -2.54%(31March2020:1.45%) Common Stock-93.47%(31March2020:95.96%)(continued) Shares (continued) 1,277,100 1,148,240 3,017,877 1,979,022 1,971,080 1,336,540 382,230 299,330 580,606 239,716 295,059 267,140 577,355 440,665 269,806 122,285 142,132 741,000 341,000 120,000 289,000 553,000 107,541 150,142 182,204 362,050 751,500 69,193 81,705 83,653 60,110 97,733 59,334 18,351 52,708 92,000 93,051 97,437 Kimberly-Clark deMexicoSABCV Grupo MexicoSABdeCV TerniumSA ADR Gazprom PJSC ADR Gazprom Alrosa PJSC Galp EnergiaSGPSSA LUKOIL PJSC ADR LUKOIL Magnit PJSCGDR Magnit Sberbank ofRussiaPJSC Mobile TeleSystemsPJSC ADR X5 RetailGroupNVGDR Anglo American Plc Anglo American Vodacom GroupLtd Standard BankGroupLtd Shoprite HoldingsLtd(Units) Sanlam Ltd Nedbank GroupLtd Life HealthcareGroupHoldingsLtd Bidvest GroupLtd/The Coway CoLtd Coway Hyundai MobisCoLtd KB Financial GroupInc KT&G Corp Taiwan SemiconductorManufacturingCoLtd Quanta ComputerInc MicroelectronicsCorp Novatek CoLtd Hon HaiPrecisionIndustry CoLtd Globalwafers Catcher Technology CoLtd ASE Technology HoldingCoLtd SK HynixInc Shinhan Financial GroupCoLtd Samsung ElectronicsCoLtd Wiwynn Corp Siam CementPCL/The(Foreign Market) Kasikornbank PCL(Foreign Market) Mondi Plc Unilever Plc Financial year ended31March 2021 20,831,474 28,751,072 23,318,887 48,860,505 12,663,762 13,160,800 28,501,115 Fair Value 2,182,494 6,036,833 2,687,456 2,280,634 4,225,975 3,479,036 6,609,309 1,256,151 7,596,033 4,842,254 1,940,716 3,829,298 2,050,807 2,504,629 2,844,086 2,328,127 4,177,912 2,470,955 3,113,073 3,438,487 4,765,026 6,060,576 3,793,647 2,955,409 2,548,382 6,948,275 5,862,279 3,190,967 2,147,469 2,108,495 4,978,207 2,739,839 8,119,165 4,622,654 3,496,511 2,374,014 7,810,841 5,436,827 USD

15.30 % of 0.68 1.89 6.52 0.84 0.72 1.32 1.09 2.07 0.39 2.38 1.52 9.01 0.61 1.20 7.30 0.64 0.78 0.89 0.73 1.31 0.77 0.98 1.08 1.49 1.90 1.19 3.96 4.12 0.92 0.80 2.18 1.84 1.00 0.67 0.66 1.56 8.93 0.86 2.54 1.45 1.09 0.75 2.45 1.70 NAV

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsEquityFund(continued) Portfolios ofInvestments Total Investments-(CostUSD289,443,466) - (CostUSD10,301,904) Total InvestmentinExchangeTraded InvestmentFunds - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: exchangelisting ofprimary * Classifiedbasedoncountry Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/04/21 15/04/21 Common Stock-93.47%(31March2020:95.96%)(continued) Total Assets Other assets Financial instruments derivative Investment funds market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) Open forwardforeigncurrency exchange contracts-(0.00)%(31March2020:(0.00)%) Date Maturity United Kingdom-5.02%(31March2020:0.00%) Investment inExchangeTraded Investment Funds-5.02%(31March2020:0.00%)* Total CommonStock-(CostUSD279,141,562) Shares 113,267 218,353

ETF - Vanguard FTSEEmergingMarketsUCITS iShares CoreMSCIEMIMIUCITSETF- USD 13,619 EUR 339,897 Amount Bought

Sold EUR 11,496 USD 403,629 Amount

314,484,068 298,443,256 Gain/(Loss) 319,300,467 314,479,297 16,040,812 16,040,812 Unrealised Fair Value 7,990,137 8,050,675 4,821,170 (4,771) (4,903) (4,903) % ofTotal Assets USD USD 132 132

100.00 100.00 (0.00) (0.00) (0.00) 98.49 98.49 93.47 92.67 % of % of 5.02 5.02 2.50 1.51 0.00 0.00 2.52 NAV NAV 2.35 0.00 4.98

(continued) Financial year ended31March 2021 127 LAZARD GLOBAL ACTIVE FUNDS PLC 128 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsCore EquityFund Portfolios ofInvestments India -10.27%(31March2020:7.58%) Hong Kong-1.89%(31March2020:1.29%) Common Stock-97.89%(31March2020:98.27%) Argentina -0.89%(31March2020:0.00%) Shares China -35.51%(31March2020:39.35%) Canada -0.82%(31March2020:0.69%) Brazil -5.81%(31March2020:6.25%) 110,610 613,772 172,000 17,500 50,358 11,000 14,400 11,228 12,600 29,000 12,722 28,000 40,300 10,070 30,236 38,474 13,795 19,001 22,000 22,200 6,879 2,603 9,500 5,300 4,635 1,529 3,500 7,500 2,779 1,600 2,657 1,403 3,182 3,100 7,031 7,289 9,702 3,221 667 400 96 Inc ADR & New OrientalEducation Technology Group Techtronic IndustriesCoLtd Hindalco IndustriesLtd HDFC BankLtd ADR Yum ChinaHoldings Inc Wuxi LeadIntelligentEquipmentCoLtd'A' Wuxi BiologicsCaymanInc'144A' Wuliangye Yibin CoLtd'A' Tencent MusicEntertainmentGroup ADR Tencent HoldingsLtd GroupHoldingsLtd Shenzhou International CoLtd'A' Shenzhen SunwayCommunication Prosus NV Ping An InsuranceGroup CoofChinaLtd'H' PICC Property&CasualtyCoLtd'H' MercadoLibre Inc NetEase Inc ADR NetEase NetEase Inc Midea GroupCoLtd'A' Kuaishou Technology'144A' Kingsoft CloudHoldingsLtd ADR ChinaCoLtd'H''144A' Joinn Laboratories Inc ADR JD.com Industrial &CommercialBankofChinaLtd'H' CoLtd'H' BuildingMaterial China National China GasHoldingsLtd Budweiser BrewingCo APAC Ltd'144A' Inc ADR Bilibili Alibaba GroupHoldingLtd ADR Alibaba GroupHoldingLtd 21Vianet GroupInc ADR Parex ResourcesInc Telefonica BrasilSA ADR Rumo SA Pet CenterComercioeParticipacoes SA Lojas RennerSA Itau UnibancoHoldingSA ADR CCR SA Banco doBrasilSA Banco BTGPactual SA(Units) SA ADR Azul Fair Value 5,649,638 1,135,255 226,038 534,430 300,829 154,124 114,948 138,754 217,051 233,389 346,329 178,108 141,325 157,885 109,270 224,065 441,284 249,526 114,704 120,446 150,205 721,455 227,101 129,979 924,842 108,779 135,272 104,382 120,098 167,284 94,971 54,659 74,366 96,137 72,336 93,993 13,892 27,661 87,724 79,251 94,245 50,499 65,032 USD

35.51 % of 1.42 3.36 1.89 0.97 0.72 0.87 1.36 0.60 7.14 1.47 0.34 0.47 2.18 0.60 1.12 0.89 0.99 0.46 0.59 0.09 0.69 0.17 1.41 2.77 1.57 0.72 0.76 0.94 4.53 0.55 1.43 0.82 5.81 0.50 0.68 0.85 0.66 0.59 0.32 0.75 1.05 0.41 NAV

India -10.27%(31March2020:7.58%)(continued) Mexico -3.77%(31March2020:2.58%) Indonesia -1.24%(31March2020:1.63%) Philippines -0.80%(31March2020:1.97%) Russia -5.21%(31March2020:5.03%) Poland -2.05%(31March2020:1.11%) Taiwan -12.34%(31March2020:10.81%) South Korea-13.29%(31March2020:10.53%) South Africa-1.45%(31March2020:1.97%) Common Stock-97.89%(31March2020:98.27%)(continued) Shares (continued) 276,700 13,022 35,583 23,282 17,690 18,481 60,510 17,748 10,000 13,678 25,000 21,000 1,227 7,653 3,416 8,692 5,187 4,519 8,251 5,744 1,039 1,712 1,739 1,993 1,000 2,953 9,839 989 971 297 388 152 635 214 Grupo Aeroportuario delPacifico SABdeCV ADR Taiwan SemiconductorManufacturingCoLtd ADR Maruti SuzukiIndiaLtd Ltd ADR Infosys Reliance IndustriesLtd Motherson SumiSystemsLtd UPL Ltd Telkom IndonesiaPersero Tbk PT ADR Bank MandiriPersero Tbk PT Gruma SABdeCV Arca ContinentalSABdeCV TerniumSA ADR Grupo Financiero BanorteSABdeCV BDO UnibankInc LUKOIL PJSC ADR LUKOIL Fix PriceGroupLtdGDR KGHM Polska MiedzSA CD ProjektSA Yandex NV-Class A Sberbank ofRussiaPJSC ADR Orion Corp/RepublicofKorea NCSoft Corp NAVER Corp LG ChemLtd DB InsuranceCoLtd Naspers Ltd Plc Anglo American Largan PrecisionCoLtd Accton TechnologyCorp SK HynixInc Samsung SDICoLtd Samsung ElectronicsCoLtd Micro-Star International Co Ltd Micro-Star International Taiwan SemiconductorManufacturingCoLtd Financial year ended31March 2021 Fair Value 1,633,415 2,114,784 1,964,090 1,163,757 115,347 243,772 210,350 205,125 198,137 117,383 102,652 104,033 599,530 201,463 104,098 127,201 365,552 326,542 276,452 829,278 109,671 273,525 112,778 229,833 129,776 108,670 230,370 152,282 112,941 347,738 125,407 987,977 153,887 436,662 98,353 80,754 87,284 80,530 50,090 72,605 78,088 96,843 USD

10.27 13.29 12.34 % of 0.73 1.53 0.62 1.32 1.29 1.24 0.50 0.74 0.55 0.65 0.65 3.77 1.27 0.65 0.80 0.50 0.31 2.30 2.05 1.74 5.21 0.69 1.72 0.46 0.49 0.71 1.44 0.82 0.68 1.45 0.96 0.61 0.71 2.18 0.79 6.21 0.97 2.74 7.31 NAV

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsCore EquityFund(continued) Portfolios ofInvestments Common Stock-97.89%(31March2020:98.27%)(continued) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD10,524,066) Total CommonStock-(CostUSD10,524,066) United Kingdom-2.55%(31March2020:3.61%) Shares 3,750 7,681 Unilever Plc ADR Unilever Mondi Plc 15,910,346 15,575,290 15,575,290 Fair Value 335,056 405,330 209,362 195,968 % ofTotal Assets USD

100.00 100.00 75.92 24.08 97.89 97.89 % of 2.11 2.55 1.32 1.23 NAV

(continued) Financial year ended31March 2021 129 LAZARD GLOBAL ACTIVE FUNDS PLC 130 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsEquityAdvantageFund Portfolios ofInvestments China -38.69%(31March2020:40.86%) Chile -0.45%(31March2020:0.42%) Common Stock-98.12%(31March2020:95.70%) Shares Brazil -3.53%(31March2020:2.80%) 10,131,000 2,522,006 4,522,000 2,308,000 4,657,677 1,988,000 4,742,000 1,779,000 2,514,000 1,040,900 3,754,000 1,919,500 5,284,000 1,118,300 1,883,840 934,000 188,400 314,000 231,500 224,000 539,000 875,000 302,000 483,000 183,100 477,300 328,960 184,900 190,244 139,400 256,600 204,000 381,100 698,500 444,200 196,500 112,100 421,800 180,991 38,996 82,800 22,000 13,797 88,194 37,117 62,100 67,800 50,600 Guangdong Baolihua New Energy StockCoLtd'A' Guangdong BaolihuaNewEnergy Focus MediaInformation Technology CoLtd'A' Co Ltd'A' Chinese UniversePublishingandMediaGroup CVC BrasilOperadorae Agencia de SA Viagens China Tower CorpLtd'H''144A' HoldingsLtd China ModernDairy China MinshengBankingCorpLtd'A' China EverbrightBankCoLtd'H' China ConstructionBankCorp'H' China CITICBankCorpLtd'H' HoldingsLtd Bosideng International Bank ofJiangsuCoLtd'A' Bank ofChinaLtd'H' Bank ofBeijingCoLtd'A' Agricultural BankofChinaLtd'H' Agile GroupHoldingsLtd CAP SA China Vanke CoLtd'H' CoLtd'H' China ShenhuaEnergy China Pacific InsuranceGroupCo Ltd'A' China MerchantsBankCoLtd'H' China Meidong Auto HoldingsLtd China MedicalSystemHoldingsLtd Power GroupCorpLtd'H' China Longyuan Ltd'144A' China Literature China HongqiaoGroupLtd BYD CoLtd'H' CoLtd'H' Bank ofCommunications Inc ADR Baidu Anhui Yingjia CoLtd'A' Distillery Anhui Guangxin Agrochemical CoLtd'A' Alibaba GroupHoldingLtd ADR Engie EnergiaChileSA UnidasSA Cia Cervecerias ADR WEG SA Vale SA Petroleo BrasileiroSA ADR Marfrig GlobalFoods SA CSPC PharmaceuticalGroupLtd HBIS ResourcesCoLtd'A' Hansoh PharmaceuticalGroupCoLtd'144A' HoldingsLtd ENN Energy COSCO SHIPPINGHoldingsCoLtd'H' Ambev SA Cia SiderurgicaNacionalSA Banco SantanderBrasilSA Banco BradescoSA ADR B3 SA-BrasilBolsaBalcao 19,996,226 13,049,441 3,585,204 1,771,422 1,039,480 1,071,325 1,196,047 3,003,577 3,987,101 1,132,770 1,025,570 6,455,947 1,429,193 1,404,218 3,001,537 2,263,247 2,115,160 1,533,256 1,661,846 3,218,297 1,613,269 1,183,693 1,089,150 2,285,509 4,062,379 2,967,549 1,206,653 Fair Value 738,807 670,701 648,471 478,544 554,922 649,346 868,600 904,049 471,288 985,492 374,418 655,858 631,570 822,609 436,132 688,439 540,437 911,225 978,652 904,679 754,816 850,658 491,019 USD

% of 0.20 0.18 0.18 0.13 0.15 0.97 0.48 0.28 0.29 0.32 0.81 0.18 0.24 1.08 0.24 0.13 0.31 0.28 1.75 0.39 0.38 0.81 0.27 0.61 5.41 0.57 0.42 0.45 0.10 0.18 0.17 3.53 0.22 0.87 0.44 0.12 0.19 0.15 0.25 0.26 0.32 0.29 0.62 0.24 1.10 0.20 0.80 0.23 0.13 0.33 NAV

China -38.69%(31March2020:40.86%)(continued) India -9.90%(31March2020:8.32%) -1.40%(31March2020:0.62%) Hungary Hong Kong-0.66%(31March2020:0.57%) Greece -0.81%(31March2020:0.89%) Common Stock-98.12%(31March2020:95.70%)(continued) Shares (continued) 2,238,000 3,268,700 6,656,000 6,592,000 353,000 562,000 137,700 132,100 289,900 414,500 494,000 620,000 262,200 147,086 116,091 240,000 532,000 186,191 227,720 453,800 362,496 550,000 33,300 37,287 22,900 76,920 41,800 74,000 10,000 65,936 59,900 40,105 46,398 85,000 46,277 36,995 91,543 70,601 32,546 94,100 12,503 33,900 7,358 Co Ltd'A' Shanghai BairunInvestmentHoldingGroup Inc ADR & New OrientalEducation Technology Group Industrial &CommercialBankofChinaLtd'H' Intco Medical Technology CoLtd'A' JD.com Inc ADR JD.com Li NingCoLtd KWG LivingGroupHoldingsLtd JiuGui LiquorCoLtd'A' Meituan '144A' New ChinaLifeInsuranceCoLtd'H' Inc ADR NetEase Shanghai LiangxinElectricalCoLtd'A' Shenzhen Inovance Technology CoLtd'A' Shenzhou International GroupHoldingsLtd Shenzhou International Sinotruk HongKong Ltd Corp Silergy Tian DiScience& Technology CoLtd'A' HoldingsLtd'144A' Sunac Services Vipshop HoldingsLtd ADR Optical Sunny Technology GroupCoLtd Yuexiu PropertyCoLtd Yadea GroupHoldingsLtd'144A' Tencent HoldingsLtd Yum ChinaHoldingsInc Richter GedeonNyrt MOL HungarianOil&GasPlc HoldingsLtd Vinda International Paper HoldingsLtd Nine Dragons CP Pokphand CoLtd Hellenic Telecommunications SA Organization Apollo TyresApollo Ltd Ltd Amara RajaBatteries Zhuzhou KibingGroupCoLtd'A' Zhongsheng GroupHoldingsLtd Aurobindo PharmaLtd Bajaj Auto Ltd Bajaj Auto Bharat ElectronicsLtd Bharat Container CorpOfIndiaLtd Escorts Ltd NIO Inc ADR NIO Pharmaron BeijingCoLtd'H''144A' Pinduoduo Inc ADR Pinduoduo Ping An InsuranceGroup CoofChinaLtd'H' Financial year ended31March 2021 142,984,281 20,671,101 1,609,056 3,144,413 2,306,161 5,304,804 1,358,951 1,538,186 1,244,506 1,674,742 1,570,437 1,968,849 1,383,188 1,510,440 1,383,583 2,374,617 5,182,718 4,341,724 2,442,899 2,987,963 1,859,603 1,245,314 1,076,880 1,268,643 1,790,063 1,673,902 6,568,311 Fair Value 822,103 574,095 531,995 512,768 759,787 564,174 545,660 819,610 840,994 811,831 781,962 849,106 698,181 542,430 896,815 599,217 558,451 622,341 750,087 USD

38.69 % of 0.44 0.22 0.85 0.16 0.14 0.62 1.44 0.14 0.21 0.15 0.37 0.15 0.42 0.22 0.34 0.45 0.43 0.53 0.37 5.59 0.41 0.37 0.64 0.23 0.22 0.21 0.23 1.40 1.17 0.66 0.81 0.19 0.15 0.24 0.16 0.15 0.50 0.17 0.20 0.34 0.29 0.34 0.48 0.45 1.78 NAV

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsEquityAdvantageFund(continued) Portfolios ofInvestments Russia -2.95%(31March2020:3.97%) Common Stock-98.12%(31March2020:95.70%)(continued) Poland -0.98%(31March2020:0.98%) Philippines -0.41%(31March2020:0.47%) Mexico -1.81%(31March2020:2.16%) Malaysia -1.16%(31March2020:1.00%) Indonesia -0.94%(31March2020:1.80%) India -9.90%(31March2020:8.32%)(continued) Shares 15,544,300 2,231,500 1,728,200 1,059,600 1,957,748 168,022 147,313 999,390 243,770 771,000 121,900 546,800 285,300 231,700 421,000 235,700 167,300 358,800 242,400 231,177 130,076 159,077 492,554 351,441 108,775 277,752 161,606 139,923 20,308 38,007 59,277 36,412 37,841 42,016 45,424 80,396 32,199 43,056 19,773 76,497 Powszechna KasaOszczednosciBankPolski SA Rosneft OilCoPJSCGDR MMC NorilskNickelPJSC ADR PJSC ADR LUKOIL PJSC ADR Gazprom Metropolitan Bank& Trust Co Container International Terminal Inc Services Wal-Mart deMexicoSABCV Qualitas ControladoraSABdeCV Kimberly-Clark deMexicoSABCV Grupo MexicoSABdeCV Arca ContinentalSABdeCV UWC BHD Petronas ChemicalsGroupBhd Bhd Inari Amertron Hong LeongFinancial GroupBhd Hartalega HoldingsBhd Vale Indonesia Tbk PT Kalbe Farma Tbk PT Pulp&Paper Indah Kiat Tbk PT PT Central AsiaTbk Bank Ltd ADR Wipro Ltd ADR Vedanta Tata MotorsLtd ADR Tata Consultancy Ltd Services Shriram Transport Finance CoLtd Reliance IndustriesLtdGDR'144A' GasCorpLtd Oil &Natural NMDC Ltd Muthoot Finance Ltd LIC HousingFinance Ltd JB Chemicals&PharmaceuticalsLtd Ltd ADR Infosys ICICI BankLtd Housing DevelopmentFinance CorpLtd Hindalco IndustriesLtd Hero MotoCorpLtd HDFC BankLtd ADR HCL TechnologiesLtd Polskie Gornictwo Naftowe i Gazownictwo SA Polskie iGazownictwo GornictwoNaftowe 36,600,089 1,269,308 3,074,475 3,612,484 1,523,145 6,679,975 2,431,878 1,499,955 1,143,225 4,294,345 1,771,494 3,489,298 1,681,073 1,465,662 1,635,055 1,232,369 6,923,919 2,092,492 5,199,517 1,104,207 1,717,708 1,536,164 1,883,686 2,979,789 Fair Value 633,486 878,966 632,695 914,886 608,259 670,466 934,451 595,815 454,965 700,451 771,620 523,239 765,470 519,516 710,870 688,421 652,923 694,129 638,372 780,506 642,293 725,389 USD

% of 0.34 0.17 0.83 0.24 0.98 0.17 0.41 0.25 0.16 1.81 0.66 0.18 0.25 0.41 0.31 1.16 0.16 0.12 0.48 0.19 0.21 0.94 0.14 0.45 0.21 0.14 9.90 0.40 0.44 0.33 1.87 0.19 0.57 0.19 0.18 0.19 0.17 0.21 1.41 0.17 0.30 0.20 0.46 0.41 0.51 0.81 NAV

Saudi Arabia-0.95%(31March2020:0.00%) Russia -2.95%(31March2020:3.97%)(continued) South Africa-2.45%(31March2020:2.76%) South Korea-13.80%(31March2020:12.01%) Taiwan -15.07%(31March2020:12.49%) Common Stock-98.12%(31March2020:95.70%)(continued) Shares (continued) 3,085,000 282,846 247,990 133,175 149,490 254,222 253,907 199,568 138,552 172,830 109,000 412,000 737,000 622,000 28,033 34,359 10,956 33,607 16,053 45,850 66,954 27,755 35,507 15,113 56,796 38,628 49,069 26,000 30,000 17,015 19,733 5,968 1,942 3,768 6,814 4,032 2,726 4,394 3,828 1,039 9,779 5,840 952 78 Dr Sulaiman GroupCo Al HabibMedicalServices Al RajhiBank Yandex NV-Class A Sberbank ofRussiaPJSC ADR African Rainbow MineralsLtd African Rainbow Co MedicalServices Mouwasat Saudi Arabia Mobile TelecommunicationsCo HMM CoLtd Hankook Tire & Technology CoLtd Hana Financial GroupInc DongKook PharmaceuticalCoLtd Celltrion Inc BNK Financial GroupInc Vodacom GroupLtd Ltd Stillwater Sibanye Ltd Northam Platinum Naspers Ltd Anglo Ltd American Platinum Hyosung TNC Corp Hyosung TNC Mirae Asset DaewooCo Ltd LOTTE Fine ChemicalCoLtd LG Household&HealthCareLtd LG ElectronicsInc KT Corp Korean ReinsuranceCo Korea ElectricPower Corp Hyundai MobisCoLtd Hyundai GlovisCoLtd NAVER Corp Samsung ElectronicsCoLtdGDR Samsung ElectronicsCoLtd POSCO NCSoft Corp SK HynixInc eMemory TechnologyeMemory Inc Elan MicroelectronicsCorp E.Sun Financial HoldingCoLtd Delta ElectronicsInc China LifeInsuranceCoLtd/Taiwan FinancialCathay HoldingCoLtd Alchip TechnologiesLtd Webzen Inc SNT MotivCoLtd CoLtd SK Innovation Financial year ended31March 2021 10,917,192 12,483,706 51,014,645 4,359,116 3,496,656 1,181,639 2,915,027 5,024,581 9,057,722 2,174,908 1,129,440 3,624,298 1,746,389 2,954,213 1,323,356 1,036,879 1,006,708 1,769,325 8,020,042 1,097,026 1,151,551 2,824,369 4,197,606 1,051,324 1,086,877 1,139,590 Fair Value 905,264 701,841 635,237 672,140 992,247 927,005 688,369 898,007 619,277 874,562 989,129 502,112 965,243 671,307 911,779 804,030 814,555 751,897 666,935 959,284 625,287 22,473 USD

13.80 % of 0.25 2.95 0.19 1.18 0.95 0.17 0.18 0.27 0.25 0.19 0.00 0.24 0.17 0.24 0.32 0.79 1.36 2.45 0.59 0.30 0.98 0.27 0.13 0.26 0.18 0.47 0.80 0.36 0.28 0.27 0.48 0.25 3.38 0.22 2.17 0.30 0.31 0.22 0.20 0.18 0.26 0.17 0.76 1.14 0.28 0.29 0.31 NAV

131 LAZARD GLOBAL ACTIVE FUNDS PLC 132 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsEquityAdvantageFund(continued) Portfolios ofInvestments Turkey -0.81%(31March2020:1.36%) Total Investments-(CostUSD321,038,857) Total CommonStock-(CostUSD321,038,857) United ArabEmirates-0.12%(31March2020:0.00%) Common Stock-98.12%(31March2020:95.70%)(continued) Thailand -1.23%(31March2020:1.58%) Taiwan -15.07%(31March2020:12.49%) (continued) Shares Open forwardforeigncurrency exchange contracts-(0.00)%(31March2020:(0.00)%) Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/04/21 15/04/21 Date Maturity 5,284,280 1,278,000 9,917,200 285,299 276,095 713,185 401,180 967,000 528,100 705,600 227,553 105,000 423,000 210,000 311,000 30,253 85,746 46,200 83,000 73,000 55,000 19,000 Market) &ProductionPCL(ForeignPTT Exploration Ltd ADR Taiwan SemiconductorManufacturingCo Anadolu EfesBiracilik Ve MaltSanayii AS Turkcell IletisimHizmetleri AS Turk Telekomunikasyon AS Isletmeleri AS Koza Altin BIM BirlesikMagazalar AS Aramex PJSC Yuanta Financial HoldingCoLtd Wan HaiLinesLtd United MicroelectronicsCorp Chularat HospitalPCLNVDR Chularat Hana MicroelectronicsPCLNVDR Delta Electronics Thailand PCLNVDR Foxsemicon Integrated Technology Inc Novatek MicroelectronicsCorp Novatek Nien MadeEnterpriseCoLtd CoLtd Nantex Industry CoLtd Micro-Star International Lotes CoLtd GamesSystemCoLtd International Gigabyte Technology CoLtd USD 3,079 EUR 64,632 Bought Amount EUR 2,593 USD 76,750 Sold Amount 362,654,176 362,654,176 369,595,594 362,653,281 55,706,816 26,914,969 Gain/(Loss) 4,534,773 1,926,509 2,988,411 4,173,462 2,486,651 1,727,220 1,251,601 1,487,461 1,466,464 1,632,848 1,292,651 1,094,519 Unrealised Fair Value 6,942,313 500,342 588,322 436,259 735,470 728,018 429,477 429,252 927,411 969,541 509,555 685,505 (895) (932) (932) USD USD 37 37

100.00 (0.00) (0.00) (0.00) 98.12 98.12 15.07 98.12 % of % of 1.23 0.52 0.81 0.13 0.16 0.12 0.20 0.20 0.12 1.13 0.67 0.47 7.28 0.34 0.12 0.25 0.40 0.40 0.44 0.35 0.26 0.14 0.30 0.19 1.88 0.00 0.00 NAV NAV

Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(Unaudited) - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Receipt NVDR -Non-votingDepositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary (continued) Financial year ended31March 2021 % ofTotal Assets 100.00 97.50 2.50 0.00 Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsManagedVolatility Fund Lazard Global ActiveFundsplc Portfolios ofInvestments Common Stock-97.35%(31March2020:96.65%) Shares China -35.67%(31March2020:35.13%) Chile -0.50%(31March2020:0.43%) Brazil -2.41%(31March2020:1.04%) 1,314,000 1,571,000 1,361,000 1,799,480 2,713,000 5,784,000 3,714,000 1,705,405 841,000 101,500 203,100 356,700 116,400 464,000 368,200 128,000 470,000 710,000 972,660 390,000 154,900 384,000 684,000 453,200 194,700 520,000 609,300 224,700 657,800 338,000 183,978 269,100 106,000 63,330 51,700 37,160 15,800 22,800 98,300 41,500 11,282 55,200 91,300 7,591 9,300 7,387 Postal BankofChinaCoLtd'H''144A' Savings Da An GeneCoLtdofSun Yat-Sen University'A' China SouthPublishing&MediaGroupCoLtd'A' CoLtd'A' Beijing-Shanghai HighSpeedRailway Sany Heavy Industry CoLtd'A' Industry Heavy Sany Ping An InsuranceGroupCoofChinaLtd'H' Oppein HomeGroupInc'A' Offcn Education Technology CoLtd'A' Inc ADR NetEase NanJi E-CommerceCoLtd'A' PharmaceuticalGroupCoLtd'A' Jointown Jiangsu HengruiMedicineCoLtd'A' CoLtd'H' Jiangsu Expressway Huafa IndustrialCoLtdZhuhai'A' CorpLtd'H' Huadian Power International Hansoh PharmaceuticalGroupCoLtd'144A' Co Ltd'A' Guangzhou ShiyuanElectronic Technology Guangdong InvestmentLtd G-bits Network Technology XiamenCoLtd'A' Fu Shou Yuan GroupLtd International CoLtd'H' China ShenhuaEnergy Pharmaceutical CoLtd'A' China ResourcesDoubleCrane China ResourcesCementHoldingsLtd China MinshengBankingCorpLtd'H' Technology HoldingsCoLtd'A' Network& China MerchantsExpressway China ConstructionBankCorp'H' China CITICBankCorpLtd'H' Blue SailMedicalCoLtd'A' BGI GenomicsCoLtd'A' Cinda Real Estate CoLtd'A' Cinda RealEstate Co Ltd'A' Chinese UniversePublishingandMediaGroup China Vanke CoLtd'H' Bank ofJiangsuCoLtd'A' CoLtd'H' Bank ofCommunications Bank ofChinaLtd'H' Anhui ConchCementCoLtd'H' Alibaba GroupHoldingLtd ADR Agricultural BankofChinaLtd'H' Agile GroupHoldingsLtd Inc ADR 51job SA Enel Americas Cencosud SA Telefonica BrasilSA Engie BrasilEnergiaSA EDP -EnergiasdoBrasilSA Cia deSaneamentodoParana (Units) 1,212,152 1,243,604 1,320,906 1,555,658 1,772,977 1,728,851 2,202,038 1,674,854 1,486,696 3,254,362 2,114,593 Fair Value 330,853 628,878 873,488 783,847 498,592 319,995 522,550 578,406 345,696 406,191 614,056 313,574 765,640 528,194 729,098 455,514 805,426 276,791 432,077 397,374 542,462 691,631 572,183 429,284 586,719 304,498 981,444 881,157 270,220 554,862 706,253 677,596 284,299 393,297 410,226 372,690 356,853 USD

% of 0.25 0.47 0.90 0.92 0.65 0.58 0.37 0.24 0.39 0.43 0.26 0.30 0.45 0.23 0.57 0.39 0.54 0.34 0.60 0.20 0.32 0.29 0.40 0.98 0.51 0.42 0.32 0.43 0.23 0.73 0.65 1.15 1.31 1.28 1.63 0.20 1.24 1.10 0.41 0.52 0.50 0.21 0.29 2.41 1.57 0.30 0.28 0.26 NAV

China -35.67%(31March2020:35.13%)(continued) Malaysia -4.06%(31March2020:7.14%) Indonesia -0.98%(31March2020:2.24%) India -7.26%(31March2020:3.20%) -2.10%(31March2020:2.00%) Hungary Hong Kong-0.29%(31March2020:0.74%) Greece -0.99%(31March2020:1.30%) Common Stock-97.35%(31March2020:96.65%)(continued) Shares (continued) 1,027,682 1,307,100 2,440,100 2,696,000 2,308,604 3,777,258 1,999,300 505,500 680,600 499,800 102,200 238,000 244,700 138,300 407,200 597,100 228,782 143,576 100,365 147,346 115,000 185,000 97,000 23,665 84,100 13,109 15,600 47,915 24,731 13,334 16,590 59,769 83,198 45,500 70,659 37,034 8,500 1,852 Co Ltd'A' Shenzhen MindrayBio-MedicalElectronics Ltd 'A' Zhejiang Weixing Co NewBuildingMaterials Shenzhen International HoldingsLtd Shenzhen International Shanghai PharmaceuticalsHoldingCoLtd'H' Shanghai IndustrialDevelopmentCoLtd'A' Shandong Hi-speedCoLtd'A' Seazen HoldingsCoLtd'A' Inari Amertron Bhd Inari Amertron Hong LeongBankBhd Hartalega HoldingsBhd Bursa MalaysiaBhd Unilever Indonesia Tbk PT Yum ChinaHoldingsInc Yuexiu PropertyCoLtd Youngor GroupCoLtd'A' Network Technology Group CoLtd'A' Wuhu SanqiInteractiveEntertainment Winning Health Technology GroupCoLtd'A' Vipshop HoldingsLtd ADR Tian DiScience& Technology CoLtd'A' Tencent HoldingsLtd TangShan Port GroupCoLtd'A' Kalbe Farma Tbk PT Ltd ADR Wipro Tata Consultancy Ltd Services Nestle IndiaLtd Multi CommodityExchangeofIndiaLtd Ltd ADR Infosys Hindustan UnileverLtd HCL TechnologiesLtd Ltd Bajaj Auto Richter GedeonNyrt MOL HungarianOil&GasPlc HoldingsLtd Vinda International Hellenic Telecommunications SA Organization Zhongsheng GroupHoldingsLtd Zhende MedicalCoLtd'A' HoldingsLtd'144A' Sunac Services Inc ADR Sogou Financial year ended31March 2021 48,121,584 1,337,781 1,037,652 1,321,783 1,105,564 1,401,205 2,858,414 1,019,247 1,229,860 1,582,585 9,799,829 1,450,478 2,085,528 2,687,743 1,351,144 2,831,691 1,764,278 1,067,413 1,335,148 Fair Value 847,454 366,140 986,123 722,551 461,460 511,833 528,049 611,801 281,252 391,435 305,928 518,704 216,219 435,154 511,933 443,931 833,918 389,003 320,757 614,622 588,119 279,607 533,310 USD

35.67 % of 0.63 0.27 0.73 0.54 0.99 0.34 0.38 0.39 0.45 0.21 0.29 0.23 0.77 0.98 0.82 1.04 2.12 0.76 0.91 1.17 0.38 0.16 0.32 0.38 0.33 0.62 0.29 0.24 0.46 0.44 0.21 7.26 1.07 1.55 1.99 1.00 2.10 1.31 0.79 0.99 0.40 NAV

133 LAZARD GLOBAL ACTIVE FUNDS PLC 134 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-97.35%(31March2020:96.65%)(continued) Malaysia -4.06%(31March2020:7.14%)(continued) Shares South Korea-7.13%(31March2020:12.38%) South Africa-2.08%(31March2020:0.59%) Saudi Arabia-2.05%(31March2020:0.00%) Russia -2.18%(31March2020:2.80%) Poland -0.38%(31March2020:1.65%) Philippines -1.23%(31March2020:0.50%) Mexico -3.87%(31March2020:5.33%) 1,062,000 338,800 149,100 231,000 364,900 288,600 311,781 582,600 280,314 152,444 382,600 234,300 868,600 273,400 286,000 205,800 46,031 18,139 21,344 33,631 47,348 24,236 10,245 27,872 14,518 36,554 58,469 14,510 18,575 4,122 9,010 5,768 2,566 3,261 3,444 8,390 614 843 Sime DarbyBhd BankingBhd Malayan Tenaga NasionalBhd Telekom MalaysiaBhd RHB BankBhd MISC Bhd MultiChoice Group Jarir MarketingCo Orange Polska SA America MovilSABdeCV S-1 Corp NCSoft Corp LG Household&HealthCareLtd KT&G Corp KT Corp Korean ReinsuranceCo &EngineeringCoLtd KEPCO PlantService Hana Financial GroupInc GS RetailCoLtd CoLtd Coway CJ LogisticsCorp Vodacom GroupLtd United ElectronicsCo Saudi TelecomCo Saudi Arabia Mobile TelecommunicationsCo X5 RetailGroupNVGDR Sberbank ofRussiaPJSC ADR Polyus PJSCGDR Polymetal Plc International PJSC ADR LUKOIL SM PrimeHoldingsInc PLDT Inc Container International Terminal Inc Services Globe TelecomInc Wal-Mart deMexicoSABCV Kimberly-Clark deMexicoSABCV Grupo BimboSABdeCV Arca ContinentalSABdeCV 5,482,720 1,171,838 1,536,230 2,800,156 2,398,129 2,760,876 2,943,962 1,180,185 1,653,175 5,220,573 2,739,726 1,015,432 Fair Value 364,214 341,816 615,068 473,023 475,130 674,475 297,440 475,144 840,377 354,337 674,142 339,940 345,911 334,263 415,537 402,027 780,199 490,418 609,953 880,306 901,102 300,080 284,002 278,593 519,552 275,993 467,589 584,629 324,964 467,226 600,279 397,910 USD

% of 4.06 0.27 0.25 0.46 0.35 0.35 0.50 0.22 0.35 0.87 1.14 0.62 0.26 0.50 0.25 0.26 0.25 0.31 2.08 1.78 0.30 2.05 0.58 0.37 0.45 0.65 2.18 0.87 0.67 0.22 0.21 0.21 0.38 1.23 0.21 0.35 0.43 0.24 3.87 2.03 0.35 0.44 0.75 0.30 NAV

South Korea-7.13%(31March2020:12.38%)(continued) Taiwan -21.08%(31March2020:12.64%) NVDR - Non-voting Depositary Receipt NVDR -Non-votingDepositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD118,789,220) Total PreferredStock-(CostUSD400,121) Russia -0.29%(31March2020:0.00%) Preferred Stock-0.29%(31March2020:0.23%) Total CommonStock-(CostUSD118,389,099) Turkey -2.15%(31March2020:3.43%) Thailand -0.94%(31March2020:2.37%) Common Stock-97.35%(31March2020:96.65%)(continued) Shares (continued) 1,858,000 1,287,000 3,491,920 3,977,000 1,212,000 128,000 347,000 445,000 649,000 141,000 704,000 699,254 268,455 164,920 601,300 210,300 155,100 180,200 206,000 400,000 114,000 664,000 266,000 496,000 106,000 120,000 152,000 27,539 52,000 97,000 74,000 3,498 202 SK Telecom CoLtd Samsung ElectronicsCoLtd Delta ElectronicsInc Chipbond TechnologyCorp China LifeInsuranceCoLtd/Taiwan ElectronicsCoLtd Chicony Cheng LoongCorp FinancialCathay HoldingCoLtd Asustek ComputerInc Asia CementCorp Feng TAY EnterpriseCoLtd Transneft PJSC-Preference Turkcell IletisimHizmetleri AS Turk Telekomunikasyon AS BIM BirlesikMagazalar AS Thai UnionGroupPCLNVDR Sri Trang PCL(ForeignAgro-Industry Market) PCLNVDR Muangthai Capital Hana MicroelectronicsPCLNVDR Yuanta Financial HoldingCoLtd Uni-President EnterprisesCorp Teco CoLtd ElectricandMachinery Taiwan SemiconductorManufacturingCoLtd Synnex Technology Corp International Standard Foods Corp SinoPac Financial HoldingsCoLtd Lite-On TechnologyCorp CoLtd Hon HaiPrecisionIndustry Gigabyte Technology CoLtd Fubon Financial HoldingCoLtd Formosa PlasticsCorp President ChainStoreCorp Makalot IndustrialCoLtd Financial year ended31March 2021 134,919,933 131,739,780 131,347,783 28,436,434 9,626,340 1,989,173 1,304,111 1,681,363 1,588,111 2,175,328 1,849,118 1,180,398 3,180,153 2,903,219 1,267,195 1,414,570 1,269,780 2,757,877 2,370,449 1,269,638 1,793,961 1,096,894 2,418,359 1,449,920 Fair Value 852,008 947,381 796,469 355,754 391,997 391,997 221,454 283,380 314,609 352,150 319,641 528,807 453,538 546,994 464,933 422,323 343,818 640,890 USD

100.00 97.64 97.35 21.08 % of 0.63 7.13 1.47 0.70 0.59 0.97 1.25 1.18 1.61 1.37 0.88 0.26 0.29 0.29 0.16 0.21 0.23 0.26 0.24 0.39 0.34 0.41 0.34 0.31 0.26 2.36 2.15 0.94 1.05 0.94 2.04 1.76 0.94 1.33 0.81 1.79 0.48 1.07 NAV

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard EmergingMarketsManagedVolatility Fund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(Unaudited) % ofTotal Assets 100.00 97.45 2.55 (continued) Financial year ended31March 2021 135 LAZARD GLOBAL ACTIVE FUNDS PLC 136 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard DevelopingMarketsEquityFund Portfolios ofInvestments Macau -1.53%(31March2020:1.01%) Kazakhstan -0.54%(31March2020:1.57%) Indonesia -2.71%(31March2020:1.59%) India -9.45%(31March2020:8.28%) Hong Kong-1.25%(31March2020:1.26%) Colombia -1.92%(31March2020:1.19%) Common Stock-95.97%(31March2020:97.22%) Brazil -3.81%(31March2020:5.79%) Shares China -30.15%(31March2020:37.96%) 1,643,965 365,000 161,400 149,500 108,856 112,000 13,992 22,694 18,709 45,258 15,656 77,026 59,146 43,500 16,304 36,388 27,332 27,000 46,913 59,552 82,716 10,828 47,700 35,200 60,900 78,800 82,550 19,739 6,770 9,937 8,470 7,510 4,080 3,614 5,985 8,000 Inc ADR & New OrientalEducation Technology Group SJM HoldingsLtd KAZ MineralsPlc IndonesiaPersero Bank Rakyat Tbk PT PT Central AsiaTbk Bank Techtronic IndustriesCoLtd SA ADR Bancolombia UPL Ltd Shriram Transport Finance Co Ltd Reliance IndustriesLtd Mphasis Ltd Motherson SumiSystemsLtd ICICI BankLtd ADR HDFC BankLtd ADR Zhongsheng GroupHoldingsLtd Holdings CoLtd'144A' China Management Xiabuxiabu Catering Corp ADR Weibo Trip.com GroupLtd ADR Tencent MusicEntertainmentGroup ADR Tencent HoldingsLtd CoLtd'A' Shenzhen SunwayCommunication Ping An InsuranceGroup CoofChinaLtd'H' Banco BradescoSA ADR Rumo SA Pagseguro Digital Ltd-Class A SA Duratex NetEase Inc ADR NetEase Monalisa GroupCoLtd'A' Minth GroupLtd JSCLtd'A' Jiangsu King'sLuckBrewery Chow Tai CoLtd'A' SengJewellery China GasHoldingsLtd Beijing Thunisoft CorpLtd'A' Anhui ConchCementCoLtd'H' Alibaba GroupHoldingLtd ADR Group Airtac International Fair Value 2,951,173 9,409,698 2,154,777 1,189,435 1,356,979 478,903 167,316 844,800 498,884 345,916 398,744 305,651 186,080 241,650 212,903 948,111 658,034 390,115 598,501 306,658 303,416 378,955 646,128 745,590 117,126 560,253 151,592 214,248 188,904 274,660 511,623 373,182 284,984 467,116 262,843 325,518 322,809 239,127 128,527 284,118 USD

30.15 % of 1.53 0.54 2.71 1.60 1.11 9.45 1.28 0.98 0.59 0.77 0.68 3.04 2.11 1.25 1.92 0.98 0.97 1.21 2.07 2.39 6.90 0.38 1.80 0.49 3.81 0.69 0.60 0.88 1.64 1.20 0.91 1.50 0.84 1.04 1.03 0.77 0.41 4.35 0.91 NAV

Philippines -1.66%(31March2020:2.32%) Peru -1.35%(31March2020:1.69%) Mexico -2.11%(31March2020:1.04%) Poland -0.59%(31March2020:0.00%) Russia -5.40%(31March2020:4.34%) South Africa-3.27%(31March2020:2.76%) South Korea-14.14%(31March2020:11.83%) Taiwan -14.53%(31March2020:13.46%) Zambia -1.56%(31March2020:1.13%) Brazil -0.57%(31March2020:0.67%) Preferred Stock-0.57%(31March2020:0.67%) Total CommonStock-(CostUSD21,449,871) Net Assets Net Assets Other Total Investments-(CostUSD21,663,606) Total PreferredStock-(CostUSD213,735) Common Stock-95.97%(31March2020:97.22%)(continued) Shares (continued) 147,965 116,756 181,316 142,769 82,529 11,318 23,316 15,759 53,686 26,295 15,082 43,000 69,000 48,886 19,000 49,527 25,508 44,640 3,080 5,860 2,753 1,132 1,957 7,939 8,000 2,639 6,750 254 522 BDO UnibankInc Credicorp Ltd Grupo Financiero BanorteSABdeCV International Container International Terminal Inc Services InPost SA Fix PriceGroupLtdGDR Capitec BankHoldingsLtd Capitec Yandex NV-Class A Sberbank ofRussiaPJSC PJSCGDR Novatek Mail.Ru GroupLtdGDR Standard BankGroupLtd Samsung BiologicsCoLtd'144A' NCSoft Corp CJ LogisticsCorp SK HynixInc Samsung ElectronicsCoLtd ASE Technology HoldingCoLtd WONIK IPSCoLtd Bizlink HoldingInc Chroma ATEInc MediaTek Inc Largan PrecisionCoLtd Hiwin TechnologiesCorp Silicon Motion TechnologyCorp ADR Silicon RichWave TechnologyCorp Taiwan SemiconductorManufacturingCoLtd First QuantumMineralsLtd Lojas Americanas SA-Preference Financial year ended31March 2021 29,952,036 31,210,785 30,129,370 Fair Value 1,685,474 1,019,496 1,899,318 4,414,388 4,535,981 1,029,816 1,081,415 311,044 420,636 657,654 516,972 205,928 185,370 227,564 563,779 176,357 696,897 223,680 360,976 455,717 168,388 403,949 316,916 934,877 544,354 690,940 402,688 460,384 274,950 298,051 697,324 400,883 427,531 486,124 177,334 177,334 USD

100.00 14.14 14.53 95.97 96.54 % of 1.00 1.35 2.11 1.66 0.66 0.59 0.73 1.81 0.56 2.23 0.72 1.16 5.40 1.46 3.27 0.54 1.29 1.02 2.99 6.09 1.74 2.21 1.29 1.48 0.88 0.96 2.23 1.28 1.37 3.30 1.56 0.57 0.57 3.46 NAV

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard DevelopingMarketsEquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(Unaudited) Receipt GDR -GlobalDepositary ADR - Receipt American Depositary % ofTotal Assets 100.00 96.20 3.80 (continued) Financial year ended31March 2021 137 LAZARD GLOBAL ACTIVE FUNDS PLC 138 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 Lazard GlobalSustainableFixedIncomeFund * Portfolios ofInvestments Colombia -0.69%(31March2020:0.52%) Chile -4.06%(31March2020:1.31%) Croatia -1.22%(31March2020:1.09%) France -1.02%(31March2020:3.18%) Czech Republic-2.93%(31March2020:2.55%) Germany -3.07%(31March2020:1.12%) Germany Hungary -3.35%(31March2020:3.44%) Hungary Amount Principal Bonds -97.77%(31March2020:93.96%) Australia -3.79%(31March2020:1.29%) Bahamas -1.18%(31March2020:1.17%) Bermuda -2.95%(31March2020:1.99%) Canada -5.89%(31March2020:6.20%) 107,270,000 106,460,000 731,000,000 525,000,000 240,000,000 86,600,000 23,690,000 1,080,000 325,000 425,000 725,000 390,000 225,000 150,000 400,000 355,000 145,000 540,000 300,000 330,000 200,000 530,000 260,000 525,000 427,000 580,000

Rogers Communications Inc Rogers Communications Province ofQuebecCanada Province ofQuebecCanada of Vancouver City Bond GovernmentInternational Hungary Hungary GovernmentBond Hungary GovernmentBond Hungary GovernmentBond Hungary Bond Colombia GovernmentInternational Bond Chile GovernmentInternational Republica enpesos'144A' Bonos dela Tesoreria dela Republica enpesos Bonos dela Tesoreria dela Canadian ImperialBankofCommerce Bond 'REGS' GovernmentInternational Croatia Czech RepublicGovernmentBond Schneider ElectricSE'REGS' BMW Finance NV'EMTN' Kreditanstalt fuer Wiederaufbau Kreditanstalt 'EMTN' Daimler AG Telstra CorpLtd'MTN' Telstra CorpLtd'MTN' Queensland Treasury Corp'144A' South Wales TreasuryNew Corp South Wales TreasuryNew Corp Bond 'REGS' Bahamas GovernmentInternational Bond 'REGS' Bermuda GovernmentInternational Coupon Coupon 0.830 2.300 4.500 0.950 3.250 1.850 2.500 2.900 1.750 3.000 2.750 2.500 9.850 2.000 5.500 2.950 0.875 1.750 0.750 4.000 2.900 1.250 2.000 1.250 6.950 2.375 Rate Rate % 02/07/31 01/10/28 01/03/26 23/10/25 01/05/29 13/02/27 20/04/26 20/11/25 05/06/35 27/10/27 22/12/26 24/10/24 28/06/27 13/10/33 04/04/23 27/09/22 16/08/22 14/09/29 10/09/30 16/09/22 19/04/21 10/03/31 08/03/33 20/11/30 20/11/29 20/08/30 Maturity Date 1,460,952 2,119,167 1,204,128 1,053,133 1,102,240 1,362,214 1,061,100 392,805 697,019 371,128 569,206 350,025 590,175 416,877 192,884 188,210 296,081 362,340 357,497 247,668 438,778 367,346 200,911 542,409 358,920 263,766 152,059 376,200 192,309 377,880 425,719 Value USD Fair

% of 4.06 1.09 1.94 1.03 1.58 5.89 0.97 1.64 1.16 0.54 3.35 0.52 0.82 1.01 1.00 0.69 2.93 1.22 1.02 0.56 3.07 1.51 1.00 3.79 0.74 0.42 1.05 0.53 1.05 1.18 2.95 NAV 5,190,000,000 Multi-National -8.85%(31March2020:10.66%) Morocco -1.04%(31March2020:1.17%) Mexico -1.58%(31March2020:1.69%) Japan -1.14%(31March2020:0.56%) Italy -1.72%(31March2020:0.72%) Amount Principal Bonds -97.77%(31March2020:93.96%)(continued) Peru -1.35%(31March2020:0.96%) Panama -0.98%(31March2020:1.96%) Norway -3.00%(31March2020:3.35%) New Zealand-2.34%(31March2020:0.89%) Netherlands -1.09%(31March2020:2.03%) 6,830,000 1,677,000 3,000,000 6,000,000 (continued) 215,000 338,000 245,000 100,000 250,000 133,000 200,000 200,000 215,000 300,000 260,000 675,000 255,000 270,000 830,000 400,000 500,000 445,000 485,000

& Development European BankforReconstruction Asian DevelopmentBank'GMTN' African DevelopmentBank Bond 'REGS' Morocco GovernmentInternational Bond 'REGS' Morocco GovernmentInternational Bond 'GMTN' Mexico GovernmentInternational Mexican Bonos Agency Cooperation International Japan Cooperation BankforInternational Japan Bond International Republic ofItalyGovernment '144A' Italy BuoniPoliennali Del Tesoro Reconstruction &Development Bankfor International Reconstruction &Development Bankfor International Inter-American Development Bank & Development'MTN' BankforReconstruction International Peru GovernmentBond Bond Panama GovernmentInternational City ofOsloNorwayFRN City ofOsloNorway Bond Funding Agency New ZealandLocalGovernment Bond Funding Agency New ZealandLocalGovernment NV 'REGS' Nederlandse Waterschapsbank FinanceInternational Corp'MTN' FinanceInternational Corp'GMTN' Financial year ended31March 2021 Coupon Coupon 1.450 1.625 2.125 0.750 1.500 4.250 6.750 7.500 2.125 0.625 6.875 1.900 2.500 7.875 6.150 8.875 0.920 2.350 2.000 4.500 0.500 1.500 2.125 2.900 Rate Rate % 01/03/36 27/09/24 19/03/25 03/04/23 27/11/31 11/12/22 06/02/24 03/06/27 20/10/26 22/05/23 27/09/23 16/01/25 03/08/23 14/03/23 12/08/32 30/09/27 06/05/26 04/09/24 15/04/37 15/04/27 02/12/25 15/04/35 07/04/26 26/11/25 Maturity Date 1,079,732 3,184,241 370,643 222,796 357,197 247,443 372,469 110,384 262,085 569,789 213,543 356,246 410,179 209,020 201,159 617,801 247,158 214,354 562,496 374,677 485,881 352,856 354,205 725,527 842,966 166,661 676,305 391,512 333,682 469,493 402,103 Value USD Fair

% of 1.03 0.62 0.99 0.69 1.04 0.31 0.73 1.58 0.59 0.99 1.14 0.58 0.56 1.72 0.69 0.60 1.56 1.04 1.35 0.98 0.98 2.02 2.34 0.46 1.88 1.09 0.93 1.30 3.00 8.85 NAV 1.12 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 (continued) Lazard GlobalSustainableFixedIncomeFund * Portfolios ofInvestments Poland -2.03%(31March2020:2.65%) Philippines -0.59%(31March2020:0.92%) Amount Principal Romania -4.05%(31March2020:3.18%) United States-30.45%(31March2020:34.74%) United Kingdom-4.69%(31March2020:3.46%) Switzerland -0.08%(31March2020:0.65%) Spain -1.03%(31March2020:0.00%) Singapore -0.99%(31March2020:0.00%) Bonds -97.77%(31March2020:93.96%)(continued) 10,000,000 1,320,000 1,305,000 1,485,000 2,690,000 260,000 355,000 245,000 425,000 175,000 425,000 160,000 430,000 280,000 385,000 240,000 280,000 515,000 195,000 335,000 170,000 345,000 330,000 365,000 400,000 395,000 123,000 280,000 385,000 365,000 200,000 302,000 415,000 320,000 25,000

PepsiCo Inc Morgan Stanley Microsoft Corp McDonald's Corp Kimberly-Clark Corp JPMorgan Chase&CoFRN Johnson & John DeereFinancial Inc Home DepotInc/The Goldman SachsGroupInc/TheFRN 'REGS' LLC/EMCCorp Dell International BrandsInc Constellation Citigroup IncFRN Bank of America Corp'MTN'FRN Bank of America Corp'MTN' Ball Corp Inc Apple American ExpressCreditCorp'MTN' International Bond International Philippine Government Bond Republic ofPoland Government Bond Republic ofPoland Government Romania GovernmentBond Amazon.com Inc Alphabet Inc Adobe Inc United KingdomGilt United KingdomGilt Corp Unilever Capital Plc 'EMTN' Tesco Corporate Treasury Services Inc'REGS' Ashtead Capital ABB Finance USAInc Spain GovernmentBond'144A' GovernmentBond Singapore Bond'REGS' International Romanian Government Romania GovernmentBond Coupon Coupon 2.875 3.625 3.500 3.125 3.200 3.540 3.625 2.410 5.875 1.992 5.300 4.250 1.560 1.486 3.248 4.875 3.000 3.300 3.900 2.750 2.500 4.000 3.150 1.100 2.300 1.500 1.750 1.375 2.750 4.125 4.375 1.200 3.375 2.375 4.750 Rate Rate % 15/10/49 20/01/27 15/11/42 04/03/25 25/04/29 01/05/28 03/03/37 14/01/25 16/12/36 27/01/32 01/10/29 01/05/23 04/05/21 19/05/24 21/10/27 15/03/26 20/06/27 03/05/27 26/11/22 25/10/29 25/07/27 27/10/21 22/08/27 15/08/30 01/02/30 22/07/47 07/09/37 14/09/30 27/04/30 15/08/25 08/05/42 31/10/40 01/09/33 19/04/27 24/02/25 Maturity Date 1,686,854 1,457,841 251,274 389,633 269,345 361,344 189,151 462,811 180,823 357,027 387,947 364,377 280,764 300,476 391,574 198,315 360,159 190,397 373,503 361,579 210,155 729,284 370,524 358,760 358,053 399,492 367,884 399,499 173,841 414,495 361,529 531,323 205,666 368,732 356,445 405,480 694,308 30,196 Value USD Fair

% of 0.70 1.08 0.75 1.00 0.53 1.29 0.50 0.99 1.08 1.01 0.78 0.84 1.09 0.55 1.00 0.53 1.04 1.00 0.59 2.03 1.03 1.00 0.99 1.11 1.02 1.11 4.69 0.49 1.15 1.00 1.48 0.57 0.08 1.03 0.99 4.05 1.13 1.93 NAV 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 16/04/21 15/04/21 15/04/21 13/04/21 13/04/21 Total Investments-(CostUSD35,025,331) Total Bonds-(CostUSD35,025,331) Vietnam -0.62%(31March2020:0.51%) United States-30.45%(31March2020:34.74%)(continued) Amount Principal Open forwardforeigncurrency exchange contracts-(1.53)%(31March2020:(0.16)%) Date Maturity Bonds -97.77%(31March2020:93.96%)(continued) 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 (continued) 200,000 415,000 405,000 518,000 200,000 365,000 130,000 225,000 295,000 200,000 180,000 415,000 200,000 360,000

Bond 'REGS' Vietnam GovernmentInternational Verizon Inc Communications United States Treasury Note/Bond United States Treasury Note/Bond United RentalsNorth America Inc Toyota MotorCreditCorp'MTN' ofCalifornia State ofCalifornia State Starbucks Corp CorpInternational/US Service Sealed Air Corp'REGS' Prologis LP Procter &GambleCo/The Pfizer Inc CZK 2,521,917 CNH 13,184,516 CHF 390,787 CAD 223,448 CAD 1,817,512 AUD 1,021,753 INR 13,309,184 USD 129,746 EUR 10,532,611 USD 78,300 IDR 1,345,319,400 Amount USD 2,901,114 USD 278,683 USD 2,797,221 THB 3,981,000 SGD 48,276 SEK 1,964,112 7,059,180 RUB RON 1,223,233 PLN 300,630 NZD 133,161 MXN 792,048 JPY 614,647,957 HUF 32,523,098 GBP 304,777 GBP 346,706 EUR 6,378,742 Bought Financial year ended31March 2021

USD 116,147 USD 2,028,877 USD 439,047 USD 179,600 USD 1,436,759 USD 793,190 USD 180,371 EUR 109,943 USD 12,528,750 IDR 1,125,249,300 USD 93,555 Sold CAD 3,686,685 CAD 347,288 AUD 3,616,429 USD 132,541 USD 36,328 USD 234,782 USD 95,014 USD 297,489 USD 79,787 USD 96,863 USD 38,143 USD 5,882,932 USD 107,525 USD 423,905 USD 471,245 USD 7,701,350 Amount Coupon Coupon

4.800 3.875 0.625 2.875 4.875 2.150 7.550 4.500 4.450 4.625 4.875 1.250 1.200 2.625 Rate Rate % 19/11/24 08/02/29 15/08/30 15/08/28 15/01/28 13/02/30 01/04/39 01/04/33 15/08/49 15/12/27 01/12/22 15/10/30 29/10/30 01/04/30 Maturity Gain/(Loss) Unrealised Date (173,190) (330,604) (217,856) (23,624) (25,358) (17,030) (32,623) 35,169,424 35,169,424 10,955,982 (2,832) (1,788) (1,222) (5,160) (9,845) (1,852) (6,204) (3,708) (3,867) (2,238) (3,710) 50,059 9,555 1,074 1,071 2,323 6,756 (444) USD 224,064 462,005 366,841 569,314 210,924 362,541 210,254 260,949 341,848 211,125 187,537 376,600 185,108 373,562 774 524 Value USD

Fair

(0.01) (0.07) (0.06) (0.01) (0.05) (0.00) (0.49) (0.09) (0.01) (0.03) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.93) (0.60) 97.77 97.77 30.45 % of % of 0.62 0.03 0.00 0.00 0.00 1.28 1.02 1.58 0.59 1.01 0.58 0.73 0.95 0.59 0.52 1.05 0.51 1.04 0.01 0.01 0.14 0.00 NAV NAV

139 LAZARD GLOBAL ACTIVE FUNDS PLC 140 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2021 (continued) Lazard GlobalSustainableFixedIncomeFund * Portfolios ofInvestments 20/04/21 (continued) Open forwardforeigncurrency exchange contracts-(1.53)%(31March2020:(0.16)%) Date Maturity Lazard GlobalSustainableFixed IncomeFund. * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundto Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) - The BankofNew York Mellon - MorganStanley - JPMorganChaseBankN.A. - HSBCBankUSA - CitigroupGlobalMarketsInc The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 30/06/21 04/06/21 20/05/21 20/05/21 14/05/21 14/05/21 14/05/21 14/05/21 14/05/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21 20/04/21

USD 50,900 Amount USD 80,100 CNH 6,477,507 USD 62,600 476,532,720 KRW USD 478,323 USD 198,589 USD 852,104 USD 345,684 CLP 110,614,651 USD 61,747 USD 292,507 USD 50,200 USD 821,010 USD 792,853 USD 901,970 USD 75,200 USD 970,063 USD 97,038 USD 75,947 USD 687,300 USD 1,019,574 USD 689,019 USD 2,603,564 USD 1,101,948 USD 356,400 Bought

Sold CHF 46,236 IDR 1,168,258,500 USD 993,909 70,032,498 KRW USD 429,645 PEN 1,750,470 COP 714,771,358 CLP 624,751,065 CLP 243,960,487 USD 152,175 SGD 83,164 SGD 387,695 SEK 425,626 RON 3,320,616 PLN 2,990,643 NZD 1,260,350 NOK 645,713 NOK 8,294,398 MXN 2,026,155 MXN 1,513,568 JPY 73,205,697 HUF 303,520,423 GBP 496,388 EUR 2,173,660 CZK 23,837,692 CNH 2,319,355 Amount

Gain/(Loss) 35,971,240 34,619,539 Unrealised 1,351,701 (549,885) (899,931) (12,122) (15,330) 350,046 (7,083) (1,877) 10,785 30,279 36,027 21,773 26,008 36,994 53,439 30,865 1,954 3,565 6,957 1,408 4,331 1,456 2,056 4,652 3,646 % ofTotal Assets (295) USD (69) 916 499 300

100.00 100.00 (1.53) (2.50) (0.00) (0.03) (0.02) (0.04) (0.00) (0.00) 96.24 93.80 % of 0.01 3.76 0.97 0.00 0.00 0.03 0.09 0.11 0.06 0.00 0.07 0.10 0.15 0.09 0.01 0.02 0.00 0.01 0.00 0.01 0.01 0.01 NAV 5.27 0.93

(continued) Financial year ended31March 2021 Statement of Major Changes in Investments (unaudited)

In accordance with the Central Bank UCITS Regulations, a statement of largest changes in the composition of the Portfolios of Investments during the reporting year is provided to ensure that shareholders can identify changes in the investments held by the Funds. These are defined as the aggregate purchases and sales of an investment (including maturities but excluding repurchase agreements, overnight discount notes and time deposits, which are employed chiefly as a means of seeking to ensure efficient portfolio management) exceeding 1.00% of the total value of purchases and sales for the financial year. At a minimum, the largest 20 purchases and sales are listed. If the Fund entered into less than 20 purchases or sales during the reporting year, then all transactions are presented. Lazard Global Listed Infrastructure Equity Fund

ACQUISITIONS COST ALL DISPOSALS PROCEEDS

GBP GBP Consolidated Edison Inc 54,192,312 Norfolk Southern Corp 97,229,695 CSX Corp 50,911,530 CSX Corp 78,424,884 Ferrovial SA 47,442,240 Union Pacific Corp 68,671,305 Transurban Group 43,067,199 Southwest Gas Holdings Inc 36,961,788 Snam SpA 40,888,852 Atlantia SpA 32,482,357 Severn Trent Plc 36,980,923 Vinci SA 28,789,920 Southwest Gas Holdings Inc 35,467,766 Fraport AG Frankfurt Airport Services Worldwide 25,404,423 National Grid Plc 34,797,468 Power Assets Holdings Ltd 17,401,231 Vinci SA 29,499,064 Terna Rete Elettrica Nazionale SpA 16,268,644 Ameren Corp 27,254,707 Kansas City Southern 15,853,473 Atlantia SpA 19,287,238 Transurban Group 7,582,062 CK Infrastructure Holdings Ltd 17,282,987 Consolidated Edison Inc 7,545,660 Norfolk Southern Corp 11,503,768 United Utilities Group Plc 7,433,028 United Utilities Group Plc 10,132,663 National Grid Plc 6,274,507 Atlas Arteria Ltd 8,537,548 Severn Trent Plc 3,736,403 Power Assets Holdings Ltd 7,860,432 Spark Infrastructure Group 25,407 Terna Rete Elettrica Nazionale SpA 6,133,578 Union Pacific Corp 5,719,128 Hera SpA 4,987,947 Italgas SpA 3,297,585 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 141 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Global Sustainable Equity Fund *

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Colgate-Palmolive Co 939,197 Aon Plc 1,006,313 Vestas Wind Systems A/S 734,215 Motorola Solutions Inc 680,513 Microsoft Corp 705,657 EMS-Chemie Holding AG 625,038 Adobe Inc 621,734 Symrise AG - Class A 506,778 Banco Bradesco SA ADR 568,896 Cisco Systems Inc/Delaware 446,980 Siemens Gamesa Renewable Energy SA 539,102 Fidelity National Information Services Inc 382,237 Thermo Fisher Scientific Inc 523,923 Canadian National Railway Co 372,962 Taiwan Semiconductor Manufacturing Co Ltd 517,292 Yamaha Corp 334,568 Wolters Kluwer NV 466,070 Vestas Wind Systems A/S 324,580 IQVIA Holdings Inc 457,830 Geberit AG 308,934 Legrand SA 455,513 Sanlam Ltd 308,695 S&P Global Inc 440,642 Siemens Gamesa Renewable Energy SA 282,914 Zoetis Inc 423,319 Assa Abloy AB 278,896 Rockwell Automation Inc 417,578 Compass Group Plc 249,697 RELX Plc 413,821 Microsoft Corp 139,509 TeamViewer AG '144A' 413,225 SMS Co Ltd 94,801 Shimano Inc 399,790 Thermo Fisher Scientific Inc 92,444 Accenture Plc - Class A 394,483 Taiwan Semiconductor Manufacturing Co Ltd 87,861 Xylem Inc/NY 386,679 S&P Global Inc 83,442 Watts Water Technologies Inc - Class A 385,229 Shimano Inc 83,320 HelloFresh SE 380,303 Visa Inc - Class A 373,661 InPost SA 371,464 Genmab A/S 369,824 Danaher Corp 363,490 PTC Inc 353,484 Aon Plc 352,626 Halma Plc 344,662 MIPS AB 341,030 GB Group Plc 338,061 Intuit Inc 337,773 Agilent Technologies Inc 318,080 Trane Technologies Plc 316,644 Technogym SpA '144A' 299,642 Hexagon AB 297,537 Polypipe Group plc 293,981 Boston Scientific Corp 290,961 Laboratory Corp of America Holdings 286,719 HDFC Bank Ltd ADR 277,279 MSA Safety Inc 268,199 Clicks Group Ltd 264,349 Check Point Software Technologies Ltd 255,245 Alcon Inc 244,961 Ecolab Inc 223,765 Merck KGaA 221,034 Motorola Solutions Inc 214,839 Infineon Technologies AG 208,766 Prologis Inc (REIT) 208,632 AIA Group Ltd 208,120

* Effective 23 June 2020, Fund name changed from Lazard Global Sustainable Equity Select Fund to Lazard Global Sustainable Equity Fund. LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 142 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Global Managed Volatility Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Ameren Corp 3,748,859 Ameren Corp 3,428,300 General Mills Inc 2,774,542 NTT DOCOMO Inc 3,197,609 WEC Energy Group Inc 2,652,665 3M Co 3,147,277 Silgan Holdings Inc 2,618,722 Novartis AG 3,135,242 3M Co 2,580,543 ASX Ltd 2,938,621 Kellogg Co 2,574,704 TJX Cos Inc/The 2,863,275 ASX Ltd 2,521,791 Silgan Holdings Inc 2,834,031 Hormel Foods Corp 2,452,430 Lockheed Martin Corp 2,806,155 RELX Plc 2,304,266 Fortis Inc/Canada 2,782,497 Mizuho Financial Group Inc 2,279,102 Rogers Communications Inc 2,620,957 Republic Services Inc - Class A 2,146,735 Aon Plc 2,599,612 Dollar General Corp 2,133,436 RELX Plc 2,491,978 Accenture Plc - Class A 2,022,460 Procter & Gamble Co/The 2,463,098 Colgate-Palmolive Co 1,945,285 Roche Holding AG 2,423,701 Citrix Systems Inc 1,884,744 Comcast Corp 2,405,560 Cisco Systems Inc/Delaware 1,884,149 Hershey Co/The 2,359,402 Orkla ASA 1,800,778 Coloplast A/S 2,353,862 Campbell Soup Co 1,730,215 NIKE Inc 2,340,821 Motorola Solutions Inc 1,709,094 General Mills Inc 2,305,152 Japan Post Bank Co Ltd 1,675,257 Accenture Plc - Class A 2,202,749 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 143 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Global Thematic Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Waste Management Inc 279,242 Honeywell International Inc 334,611 Applied Materials Inc 273,741 Safran SA 267,232 Intuit Inc 260,869 Oracle Corp 257,398 UnitedHealth Group Inc 244,925 Apple Inc 209,774 NextEra Energy Inc 244,432 Deere & Co 205,022 AVEVA Group Plc 228,661 Barrick Gold Corp 186,171 Taiwan Semiconductor Manufacturing Co Ltd ADR 223,113 Siemens Gamesa Renewable Energy SA 184,517 Keysight Technologies Inc 211,190 PTC Inc 180,461 Bank Central Asia Tbk PT 193,510 Applied Materials Inc 172,370 Pernod Ricard SA 171,940 M&T Bank Corp 164,793 BP Plc 171,166 Compass Group Plc 162,950 Bank of America Corp 117,671 ASML Holding NV 150,852 ICICI Bank Ltd ADR 113,272 Nexon Co Ltd 140,007 Equinor ASA 109,152 Hexagon AB 128,273 Bank Rakyat Indonesia Persero Tbk PT 98,505 Vestas Wind Systems A/S 117,067 Siemens Gamesa Renewable Energy SA 97,144 Pioneer Natural Resources Co 112,680 Unilever Plc 96,945 Thermo Fisher Scientific Inc 111,469 Coca-Cola Co/The 94,357 Autodesk Inc 111,112 Alibaba Group Holding Ltd ADR 94,168 Taiwan Semiconductor Manufacturing Co Ltd ADR 107,844 Boston Scientific Corp 91,720 Sysmex Corp 104,719 Walt Disney Co/The 87,638 Adobe Inc 102,412 Adobe Inc 87,216 DBS Group Holdings Ltd 101,235 TE Connectivity Ltd 86,760 Agnico Eagle Mines Ltd 99,660 Vestas Wind Systems A/S 85,098 Zoetis Inc 92,764 LVMH Moet Hennessy Louis Vuitton SE 84,327 Microsoft Corp 91,187 Iberdrola SA 82,624 Bank of America Corp 90,876 Prudential Plc 77,507 Truist Financial Corp 84,635 Microsoft Corp 73,857 Sony Group Corp 84,362 Nestle SA 73,298 EOG Resources Inc 84,098 Danaher Corp 79,597 FANUC Corp 72,296 Rockwell Automation Inc 70,276 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 144 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Global Thematic Focus Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Microsoft Corp 3,771,608 FANUC Corp ADR 2,774,532 Alphabet Inc - Class A 3,615,641 Oracle Corp 1,928,123 Apple Inc 3,026,471 Apple Inc 1,363,763 FANUC Corp 2,707,739 PTC Inc 1,363,433 Tencent Holdings Ltd 2,663,907 Deere & Co 1,275,392 Adobe Inc 2,593,416 Applied Materials Inc 1,037,459 Alibaba Group Holding Ltd ADR 2,573,901 Hexagon AB 1,035,989 PTC Inc 2,481,341 ASML Holding NV 808,594 Applied Materials Inc 2,475,086 Microsoft Corp 733,540 RELX Plc 2,417,839 Nexon Co Ltd 708,666 Aon Plc 2,391,089 Autodesk Inc 593,999 Intercontinental Exchange Inc 2,378,921 Taiwan Semiconductor Manufacturing Co Ltd ADR 580,041 Schneider Electric SE 2,376,335 Adobe Inc 533,311 Hexagon AB 2,374,750 Credicorp Ltd 435,284 Analog Devices Inc 2,333,460 Amazon.com Inc 409,204 Texas Instruments Inc 2,325,198 Alphabet Inc - Class A 401,990 Prudential Plc 2,323,767 Rockwell Automation Inc 385,912 Taiwan Semiconductor Manufacturing Co Ltd ADR 2,321,788 DBS Group Holdings Ltd 381,892 Intuit Inc 2,310,114 Accenture Plc - Class A 308,203 Walt Disney Co/The 2,303,008 Sony Group Corp ADR 306,081 SAP SE 2,290,881 Tencent Holdings Ltd 286,102 salesforce.com Inc 2,265,506 SAP SE 285,892 Fidelity National Information Services Inc 2,262,400 salesforce.com Inc 285,441 Visa Inc - Class A 2,239,918 Aon Plc 285,065 LVMH Moet Hennessy Louis Vuitton SE 2,204,877 Analog Devices Inc 276,948 Johnson Controls International plc 2,191,923 Texas Instruments Inc 274,034 Sony Group Corp ADR 2,186,954 Schneider Electric SE 271,651 Assa Abloy AB 2,179,087 Mastercard Inc 259,390 Accenture Plc - Class A 2,131,343 Alibaba Group Holding Ltd ADR 258,241 Mastercard Inc 2,104,186 Assa Abloy AB 257,718 Rockwell Automation Inc 2,103,874 Fidelity National Information Services Inc 251,458 Deere & Co 2,102,788 Wolters Kluwer NV 249,375 ASML Holding NV 2,096,622 Intercontinental Exchange Inc 248,231 Wolters Kluwer NV 2,078,035 Johnson Controls International plc 246,739 Amazon.com Inc 2,073,614 RELX Plc 245,739 AIA Group Ltd 2,066,567 AVEVA Group Plc 2,063,715 Autodesk Inc 2,062,092 Industria de Diseno Textil SA 2,059,849 Ping An Insurance Group Co of China Ltd 'H' 2,059,586 EssilorLuxottica SA 2,006,199 Activision Blizzard Inc 1,965,371 HDFC Bank Ltd ADR 1,961,953 Keysight Technologies Inc 1,873,348 Nexon Co Ltd 1,764,482 Bank Central Asia Tbk PT 1,651,103 TE Connectivity Ltd 1,631,218 ICICI Bank Ltd ADR 1,621,339 Infineon Technologies AG 1,601,504 FANUC Corp ADR 1,563,694 Oracle Corp 1,451,326 Bank Rakyat Indonesia Persero Tbk PT 1,325,732 Aptiv Plc 1,231,183 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 145 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Global Equity Franchise Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD National Grid Plc 18,782,749 Stericycle Inc 30,785,602 Intel Corp 17,818,815 Tapestry Inc 28,584,322 McKesson Corp 16,144,747 Intel Corp 21,794,698 United Utilities Group Plc 11,870,397 Cognizant Technology Solutions Corp 20,720,780 Stericycle Inc 11,602,036 SES SA Receipt - Class A 20,073,924 Ferrovial SA 11,556,729 Cisco Systems Inc/Delaware 19,921,677 Snam SpA 11,354,686 International Game Technology Plc 19,436,432 Fresenius Medical Care AG & Co KGaA 11,091,835 Fresenius Medical Care AG & Co KGaA 19,391,495 Vinci SA 11,036,064 Oracle Corp 17,395,505 Cisco Systems Inc/Delaware 11,021,932 Nielsen Holdings Plc 17,058,943 EssilorLuxottica SA 10,188,023 Ferrovial SA 15,844,280 CVS Health Corp 9,736,584 Booking Holdings Inc 15,592,820 Bureau Veritas SA 7,579,933 H&R Block Inc 15,498,579 Omnicom Group Inc 7,540,623 IPG Photonics Corp 13,907,499 H&R Block Inc 7,058,076 MEDNAX Inc 13,657,047 Terna Rete Elettrica Nazionale SpA 5,901,651 Omnicom Group Inc 13,650,365 Smith & Nephew Plc 5,806,197 Norfolk Southern Corp 13,610,189 Transurban Group 5,712,178 Lowe's Cos Inc 12,967,582 Consolidated Edison Inc 5,657,816 CSX Corp 12,883,229 Nielsen Holdings Plc 5,495,370 Union Pacific Corp 12,264,055 Oracle Corp 5,085,227 Bureau Veritas SA 10,779,907 Anheuser-Busch InBev SA/NV 4,892,927 Medtronic Plc 10,407,695 Medtronic Plc 4,726,762 CVS Health Corp 10,293,194 SES SA Receipt - Class A 4,668,937 Anheuser-Busch InBev SA/NV 9,597,620 Tapestry Inc 4,311,222 National Grid Plc 7,739,831 Atlantia SpA 3,549,042 Henry Schein Inc 7,667,620 MEDNAX Inc 2,407,585 Atlantia SpA 6,192,545 Alphabet Inc 4,706,830 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 146 Statement of Major Changes in Investments (unaudited) (continued)

Lazard European Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR Kerry Group Plc 616,619 SAP SE 1,508,461 AXA SA 500,856 Novartis AG 1,269,520 Alstom SA 412,808 LVMH Moet Hennessy Louis Vuitton SE 1,265,486 Pernod Ricard SA 400,844 ASML Holding NV 1,116,194 Sandvik AB 397,588 Sanofi 1,044,779 Coca-Cola European Partners Plc 368,725 Vonovia SE 1,017,493 Akzo Nobel NV 368,495 Koninklijke DSM NV 959,517 Amundi SA '144A' 367,777 Vivendi SE 943,296 Roche Holding AG 345,460 Prosus NV 899,982 Covestro AG '144A' 332,625 Enel SpA 801,283 UniCredit SpA 317,051 Atos SE 795,872 Givaudan SA 304,117 ABB Ltd 785,188 JDE Peet's NV 301,580 Roche Holding AG 760,815 KION Group AG 286,715 Unilever NV 731,219 adidas AG 279,162 Symrise AG - Class A 729,217 Kering SA 272,796 Scout24 AG '144A' 712,218 MTU Aero Engines AG 267,764 Linde Plc 710,502 Banco Santander SA 261,151 Banco Santander SA 654,020 InPost SA 260,559 Safran SA 626,581 Continental AG 259,599 Vestas Wind Systems A/S 619,056 Vivendi SE 258,676 Engie SA 589,424 Deutsche Boerse AG 253,463 Genmab A/S 573,225 Safran SA 252,322 Alcon Inc 562,572 Puma SE 242,761 Porsche Automobil Holding SE - Preference 550,891 Euronext NV '144A' 234,036 Sampo Oyj - Class A 541,939 Anheuser-Busch InBev SA/NV 220,765 Carlsberg AS 504,190 Porsche Automobil Holding SE - Preference 218,101 UniCredit SpA 487,394 Galp Energia SGPS SA 215,150 Flughafen Zurich AG 479,661 Alcon Inc 204,005 Deutsche Post AG 477,459 Unilever NV 195,204 AXA SA 475,246 Capgemini SE 191,863 VAT Group AG '144A' 467,589 ASML Holding NV 191,208 RELX Plc 456,263 Eurazeo SE 190,852 Galp Energia SGPS SA 418,421 Deutsche Wohnen SE 189,120 BNP Paribas SA 401,543 TeamViewer AG '144A' 186,573 BAWAG Group AG '144A' 390,971 Vonovia SE 184,845 Beiersdorf AG 385,890 Bayer AG 182,916 Cie de Saint-Gobain 379,534 Industria de Diseno Textil SA 182,207 Deutsche Wohnen SE 372,858 VAT Group AG '144A' 177,570 Kerry Group Plc 359,044 EDP - Energias de Portugal SA 177,108 Prosus NV 176,270 Sampo Oyj - Class A 158,232 BFF Bank SpA '144A' 147,569 Engie SA 138,986 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 147 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Pan-European Small Cap Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR Covestro AG '144A' 1,117,539 Recipharm AB 1,631,763 JET2 Plc 1,057,098 flatexDEGIRO AG 1,409,068 Britvic Plc 978,190 Entra ASA '144A' 1,350,021 Greggs Plc 976,854 Fastighets AB Balder - Class B 1,154,604 Bankinter SA 972,068 Kardex Holding AG 1,122,642 Kemira Oyj 959,321 Netcompany Group A/S '144A' 1,094,938 Gaztransport Et Technigaz SA 925,447 Lifco AB 1,068,058 Entra ASA '144A' 889,274 Future Plc 964,846 Fluidra SA 885,072 Kaufman & Broad SA 924,894 JD Sports Fashion Plc 879,928 ASM International NV 894,000 Swissquote Group Holding SA 849,710 Granges AB 880,932 De' Longhi SpA 841,352 Chargeurs SA 872,535 Getinge AB 830,954 Rentokil Initial Plc 726,484 Crayon Group Holding ASA '144A' 801,201 Lindab International AB 708,504 Siegfried Holding AG 800,419 Indra Sistemas SA 696,522 3i Group Plc 779,059 Volution Group Plc 673,813 Future Plc 755,681 Cerved Group SpA 648,624 Sesa SpA 748,195 JTC Plc '144A' 638,579 Scout24 AG '144A' 725,649 Sabre Insurance Group Plc '144A' 633,734 SkiStar AB 719,614 Rightmove Plc 623,451 ConvaTec Group Plc '144A' 677,083 Weir Group Plc/The 610,420 Meltwater Holding BV 554,615 Reply SpA 610,031 LINK Mobility Group Holding ASA 530,140 Arjo AB 590,847 Shop Apotheke Europe NV '144A' 527,793 Dermapharm Holding SE 583,173 Allgeier SE 522,990 Glenveagh Properties Plc '144A' 531,415 Reply SpA 477,990 Construcciones y Auxiliar de Ferrocarriles SA 515,204 Logitech International SA 452,048 Applus Services SA 496,653 Gamma Communications Plc 445,715 LINK Mobility Group Holding ASA 484,569 Netcompany Group A/S '144A' 444,213 Hunting Plc 478,312 Dalata Hotel Group Plc 429,775 Shop Apotheke Europe NV '144A' 444,013 Weir Group Plc/The 424,884 Secure Income REIT Plc (REIT) 440,213 Italgas SpA 423,615 El.En. SpA 427,723 Bytes Technology Group Plc 396,189 Tinexta Spa 415,527 ROCKWOOL International A/S 382,166 Friedrich Vorwerk Group SE 374,355 Encavis AG 370,528 Aalberts NV 366,981 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 148 Statement of Major Changes in Investments (unaudited) (continued)

Lazard US Equity Concentrated Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Dollar Tree Inc 18,732,839 Apple Inc 24,933,880 Medtronic Plc 18,569,311 Motorola Solutions Inc 14,755,616 Waste Management Inc 17,688,972 Brunswick Corp/DE 12,912,706 Sysco Corp 14,929,719 Starbucks Corp 9,806,832 Public Storage (REIT) 13,641,993 Prologis Inc (REIT) 7,074,347 Baxter International Inc 12,648,980 Lowe's Cos Inc 6,254,724 Crown Castle International Corp (REIT) 12,452,817 Skyworks Solutions Inc 5,370,672 Fiserv Inc 11,606,884 Medtronic Plc 5,119,547 Sotera Health Co 11,301,272 Alphabet Inc - Class A 4,222,048 LKQ Corp 11,260,626 Norfolk Southern Corp 3,623,319 Analog Devices Inc 10,164,600 Intercontinental Exchange Inc 2,983,755 CDW Corp/DE 7,856,891 McDonald's Corp 2,751,864 VeriSign Inc 7,439,849 Analog Devices Inc 1,993,335 Starbucks Corp 6,929,148 Fiserv Inc 1,836,474 Alphabet Inc - Class A 6,512,467 Armstrong World Industries Inc 1,828,392 Visa Inc - Class A 6,313,322 Electronic Arts Inc 1,818,253 Armstrong World Industries Inc 4,077,651 Public Storage (REIT) 1,412,641 Intercontinental Exchange Inc 3,795,850 Aptiv Plc 1,310,686 McDonald's Corp 3,553,341 Waste Management Inc 1,170,673 S&P Global Inc 3,216,257 Crown Castle International Corp (REIT) 1,154,986 Lowe's Cos Inc 3,128,901 Skyworks Solutions Inc 2,869,575 Apple Inc 2,650,283 Vulcan Materials Co 2,525,928 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 149 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Japanese Strategic Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

JPY JPY Denso Corp 39,940,837 SoftBank Group Corp 40,194,584 Suzuki Motor Corp 39,665,407 Nintendo Co Ltd 38,146,896 Inpex Corp 38,085,357 JAFCO Group Co ltd 33,561,641 Nippon Steel Corp 35,313,465 Sumitomo Mitsui Trust Holdings Inc 33,167,230 Mizuho Financial Group Inc 33,868,368 Disco Corp 26,595,440 Shin-Etsu Chemical Co Ltd 29,851,670 Makita Corp 23,373,306 Mitsubishi UFJ Financial Group Inc 24,947,686 Sony Group Corp 22,728,125 Nomura Holdings Inc 15,218,988 FANUC Corp 21,904,732 Sony Group Corp 13,558,483 Amada Co Ltd 20,122,425 Daiwa House Industry Co Ltd 13,253,627 Nitto Denko Corp 18,626,701 Hitachi Ltd 12,664,887 Komatsu Ltd 17,766,985 SoftBank Group Corp 12,439,765 Izumi Co Ltd 16,836,099 Takeda Pharmaceutical Co Ltd 11,251,423 Nidec Corp 14,827,681 Komatsu Ltd 11,202,509 Hitachi Ltd 14,130,932 ORIX Corp 10,667,953 Mitsubishi UFJ Financial Group Inc 14,071,272 JAFCO Group Co ltd 10,636,399 Tokyo Electron Ltd 13,264,173 Mitsubishi Corp 10,625,474 Mizuho Financial Group Inc 10,935,482 Disco Corp 10,390,573 Square Enix Holdings Co Ltd 10,797,532 Square Enix Holdings Co Ltd 9,661,517 Mitsubishi Corp 10,660,869 Makita Corp 9,651,294 ORIX Corp 10,636,081 Hulic Co Ltd 9,557,768 Dai-ichi Life Holdings Inc 9,383,609 Kansai Electric Power Co Inc/The 9,490,814 Suzuki Motor Corp 9,198,699 FANUC Corp 8,980,420 Hulic Co Ltd 9,189,206 Dai-ichi Life Holdings Inc 8,461,364 Tokyu Fudosan Holdings Corp 9,035,781 Tokyu Fudosan Holdings Corp 8,422,307 Denso Corp 8,881,358 Nitto Denko Corp 7,336,563 Shizuoka Bank Ltd/The 8,878,559 Ube Industries Ltd 6,873,832 Shin-Etsu Chemical Co Ltd 8,717,638 Sumitomo Mitsui Trust Holdings Inc 6,496,619 Inpex Corp 8,673,562 Tokyo Electron Ltd 6,236,977 Daiwa House Industry Co Ltd 7,728,700 Rengo Co Ltd 5,885,844 Takeda Pharmaceutical Co Ltd 7,714,942 Sundrug Co Ltd 5,315,745 Nomura Holdings Inc 7,226,792 Ube Industries Ltd 7,031,085 Nippon Steel Corp 5,838,479 Kansai Electric Power Co Inc/The 5,744,747 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 150 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD iShares Core MSCI EM IMI UCITS ETF - ETF 17,502,677 Samsung Electronics Co Ltd 31,368,919 Vanguard FTSE Emerging Markets UCITS ETF - ETF 17,469,861 China Construction Bank Corp 'H' 26,308,482 Ping An Insurance Group Co of China Ltd 'H' 6,396,977 SK Hynix Inc 25,750,136 CRRC Corp Ltd 6,216,799 Taiwan Semiconductor Manufacturing Co Ltd 25,275,853 China Vanke Co Ltd 'H' 5,997,287 China Mobile Ltd ADR 23,808,716 Sinopharm Group Co Ltd 'H' 5,280,109 Sberbank of Russia PJSC 17,835,652 Globalwafers Co Ltd 5,198,068 NetEase Inc ADR 16,501,919 Grupo Financiero Banorte SAB de CV 5,153,392 HCL Technologies Ltd 16,301,700 China Shenhua Energy Co Ltd 'H' 4,685,649 Infosys Ltd ADR 16,183,853 Petrobras Distribuidora SA 4,556,710 Weichai Power Co Ltd 'H' 15,873,466 Novatek Microelectronics Corp 4,449,467 Baidu Inc ADR 15,667,804 LUKOIL PJSC ADR 4,295,617 iShares Core MSCI EM IMI UCITS ETF - ETF 15,263,960 Siam Cement PCL/The (Foreign Market) 4,155,243 Tata Consultancy Services Ltd 14,679,108 Wiwynn Corp 4,041,665 Vanguard FTSE Emerging Markets UCITS ETF - ETF 14,593,164 Banco do Brasil SA 3,819,017 CNOOC Ltd 14,011,495 Hengan International Group Co Ltd 3,727,559 America Movil SAB de CV ADR 12,788,497 Nedbank Group Ltd 3,635,241 OTP Bank Nyrt 12,695,601 Anglo American Plc 3,517,091 Anhui Conch Cement Co Ltd 'H' 12,265,579 Gazprom PJSC ADR 3,499,768 LUKOIL PJSC ADR 11,551,479 X5 Retail Group NV GDR 3,433,158 China Merchants Bank Co Ltd 'H' 11,470,817 China Construction Bank Corp 'H' 3,338,794 Banco do Brasil SA 11,184,709 Power Grid Corp of India Ltd 3,278,918 Grupo Mexico SAB de CV 9,495,706 Engie Brasil Energia SA 3,194,685 Hengan International Group Co Ltd 9,396,914 Galp Energia SGPS SA 3,147,562 Hon Hai Precision Industry Co Ltd 9,214,877 CCR SA 2,861,754 Shinhan Financial Group Co Ltd 9,200,962 Unilever NV 2,754,220 Bank Mandiri Persero Tbk PT 9,162,349 KT&G Corp 2,700,972 Telkom Indonesia Persero Tbk PT ADR 9,147,048 Quanta Computer Inc 2,494,607 KB Financial Group Inc 8,987,980 BB Seguridade Participacoes SA 2,487,947 ENN Energy Holdings Ltd 8,463,647 Tingyi Cayman Islands Holding Corp 2,381,107 Hyundai Mobis Co Ltd 8,407,244 Telkom Indonesia Persero Tbk PT ADR 2,348,678 ASM Pacific Technology Ltd 8,385,897 OTP Bank Nyrt 2,276,563 Turkiye Petrol Rafinerileri AS 7,852,783 Mobile TeleSystems PJSC ADR 2,122,439 Axis Bank Ltd 7,837,824 ASE Technology Holding Co Ltd 2,076,210 Mobile TeleSystems PJSC ADR 7,813,454 OPAP SA 2,045,020 Alrosa PJSC 7,711,508 IRB Brasil Resseguros S/A 2,002,792 Hero MotoCorp Ltd 7,648,054 Coway Co Ltd 1,978,334 Gazprom PJSC ADR 7,528,722 Commercial International Bank Egypt SAE GDR 7,461,256 KOC Holding AS 7,441,645 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 151 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Core Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Taiwan Semiconductor Manufacturing Co Ltd 2,035,188 Taiwan Semiconductor Manufacturing Co Ltd ADR 9,306,971 KGHM Polska Miedz SA 1,671,602 Tencent Holdings Ltd 7,789,868 21Vianet Group Inc ADR 1,203,414 Samsung Electronics Co Ltd 6,410,451 JD.com Inc ADR 1,137,785 Alibaba Group Holding Ltd ADR 5,022,386 Reliance Industries Ltd 1,126,113 HDFC Bank Ltd ADR 3,598,040 NAVER Corp 903,888 Industrial & Commercial Bank of China Ltd 'H' 2,830,004 Pet Center Comercio e Participacoes SA 888,987 Taiwan Semiconductor Manufacturing Co Ltd 2,497,571 Yandex NV - Class A 881,930 LUKOIL PJSC ADR 2,465,002 Orion Corp/Republic of Korea 856,867 Ping An Insurance Group Co of China Ltd 'H' 2,326,505 Turkiye Garanti Bankasi AS 790,518 SK Hynix Inc 2,282,278 Yum China Holdings Inc 783,966 Techtronic Industries Co Ltd 1,890,834 Wuliangye Yibin Co Ltd 'A' 766,479 New Oriental Education & Technology Group Inc ADR 1,878,434 Samsung SDI Co Ltd 750,883 Sberbank of Russia PJSC ADR 1,877,286 Shenzhen Sunway Communication Co Ltd 'A' 740,936 China National Building Material Co Ltd 'H' 1,774,581 LG Chem Ltd 736,343 KGHM Polska Miedz SA 1,671,593 Wuxi Lead Intelligent Equipment Co Ltd 'A' 686,548 NetEase Inc ADR 1,633,598 Lojas Renner SA 685,286 Infosys Ltd ADR 1,580,320 MercadoLibre Inc 641,428 Ternium SA ADR 1,564,341 Kingsoft Cloud Holdings Ltd ADR 633,298 NCSoft Corp 1,517,728 Fix Price Group Ltd GDR 453,602 Shenzhou International Group Holdings Ltd 1,503,739 NetEase Inc 423,300 21Vianet Group Inc ADR 1,452,303 Anglo American Plc 400,053 Hindalco Industries Ltd 1,445,585 Itau Unibanco Holding SA ADR 380,903 Wuliangye Yibin Co Ltd 'A' 1,414,699 Bilibili Inc ADR 360,577 Reliance Industries Ltd 1,407,759 Tencent Holdings Ltd 267,670 Unilever Plc ADR 1,325,746 Mondi Plc 1,293,563 UPL Ltd 1,236,436 Wuxi Biologics Cayman Inc '144A' 1,193,283 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 152 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Equity Advantage Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Alibaba Group Holding Ltd ADR 15,432,396 Taiwan Semiconductor Manufacturing Co Ltd ADR 6,327,180 Taiwan Semiconductor Manufacturing Co Ltd ADR 14,676,455 Samsung Electronics Co Ltd GDR 6,283,209 Tencent Holdings Ltd 13,080,293 Tencent Holdings Ltd 5,638,696 Samsung Electronics Co Ltd GDR 6,093,102 Alibaba Group Holding Ltd ADR 5,582,529 Samsung Electronics Co Ltd 5,763,986 Kia Corp 4,526,994 Bank of Communications Co Ltd 'H' 5,436,665 KB Financial Group Inc 4,147,268 Meituan '144A' 5,291,522 Vale SA 3,533,463 Ping An Insurance Group Co of China Ltd 'H' 4,310,999 Great Wall Motor Co Ltd 3,260,396 Tata Consultancy Services Ltd 4,245,524 CSC Financial Co Ltd '144A' 3,244,326 Chinese Universe Publishing and Media Group Co Ltd 'A' 3,930,216 Tencent Music Entertainment Group ADR 3,030,052 China Minsheng Banking Corp Ltd 'A' 3,607,609 Anhui Conch Cement Co Ltd 2,907,507 Yuanta Financial Holding Co Ltd 3,561,513 Ping An Insurance Group Co of China Ltd 'H' 2,824,993 Delta Electronics Inc 3,533,654 JD.com Inc ADR 2,627,201 Richter Gedeon Nyrt 3,515,248 Vipshop Holdings Ltd ADR 2,567,448 Polskie Gornictwo Naftowe i Gazownictwo SA 3,292,388 Delta Electronics Thailand PCL NVDR 2,562,461 E.Sun Financial Holding Co Ltd 3,268,501 Bank Mandiri Persero Tbk PT 2,337,893 CSC Financial Co Ltd '144A' 3,206,911 China Mobile Ltd 2,220,509 Hana Financial Group Inc 3,178,581 Hindustan Unilever Ltd 2,068,629 Banco Santander Brasil SA 3,088,891 China Feihe Ltd '144A' 1,994,233 Vipshop Holdings Ltd ADR 3,043,401 International Games System Co Ltd 1,987,956 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 153 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Managed Volatility Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD China Mobile Ltd 3,426,532 United Microelectronics Corp 6,393,560 Lao Feng Xiang Co Ltd 3,143,435 Top Glove Corp Bhd 4,795,784 Chicony Electronics Co Ltd 2,902,168 Hartalega Holdings Bhd 3,488,830 China Minsheng Banking Corp Ltd 'H' 2,830,792 Lao Feng Xiang Co Ltd 3,392,220 Vodacom Group Ltd 2,548,830 Luxshare Precision Industry Co Ltd 3,203,934 Fubon Financial Holding Co Ltd 2,411,292 Taiwan Semiconductor Manufacturing Co Ltd 3,200,885 Bank of Jiangsu Co Ltd 'A' 2,367,974 Jiangsu Hengrui Medicine Co Ltd 'A' 3,057,532 Unilever Indonesia Tbk PT 2,288,524 China Mobile Ltd 2,916,614 Bank of China Ltd 'H' 2,276,576 LG Electronics Inc 2,676,347 Telefonica Brasil SA 2,252,672 SK Telecom Co Ltd 2,605,557 Cathay Financial Holding Co Ltd 2,186,683 International Games System Co Ltd 2,604,238 Sberbank of Russia PJSC ADR 2,184,056 Tencent Holdings Ltd 2,464,042 Synnex Technology International Corp 2,132,885 Country Garden Services Holdings Co Ltd 2,403,348 Jiangsu Hengrui Medicine Co Ltd 'A' 2,132,783 Kossan Rubber Industries 2,402,532 TangShan Port Group Co Ltd 'A' 2,107,378 Kia Corp 2,356,667 Tencent Holdings Ltd 2,087,285 Sberbank of Russia PJSC ADR 2,260,663 China United Network Communications Ltd 2,070,810 Bank of Nanjing Co Ltd 2,251,439 Tata Consultancy Services Ltd 2,031,918 Synnex Technology International Corp 2,245,478 Bank of Nanjing Co Ltd 1,995,564 Autohome Inc ADR 2,165,995 China South Publishing & Media Group Co Ltd 'A' 1,911,661 Shinhan Financial Group Co Ltd 2,152,684 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 154 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Developing Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD SK Hynix Inc 720,160 Wuliangye Yibin Co Ltd 861,039 Tencent Music Entertainment Group ADR 652,414 Alibaba Group Holding Ltd ADR 850,443 Banco Bradesco SA ADR 575,641 Airtac International Group 678,835 Minth Group Ltd 512,323 Petroleo Brasileiro SA - Preference 596,274 Weibo Corp ADR 435,541 New Oriental Education & Technology Group Inc ADR 568,605 Sberbank of Russia PJSC 434,484 ZTO Express Cayman Inc ADR 568,064 Alibaba Group Holding Ltd ADR 432,337 Shenzhen Inovance Technology Co Ltd 528,861 Petroleo Brasileiro SA - Preference 423,027 KAZ Minerals Plc 515,753 Bank Central Asia Tbk PT 419,813 Tencent Holdings Ltd 479,909 Bancolombia SA ADR 404,628 NetEase Inc ADR 471,808 Credicorp Ltd 397,026 Yandex NV - Class A 461,638 Hiwin Technologies Corp 392,095 Samsung Biologics Co Ltd '144A' 460,188 ICICI Bank Ltd ADR 389,044 Reliance Industries Ltd 447,259 Trip.com Group Ltd ADR 384,681 StoneCo Ltd - Class A 394,543 ASE Technology Holding Co Ltd 363,130 Banco Bradesco SA ADR 378,483 CJ Logistics Corp 347,885 NCSoft Corp 362,471 Beijing Thunisoft Corp Ltd 'A' 337,695 CNOOC Ltd 360,457 QIWI plc ADR 337,439 First Quantum Minerals Ltd 354,778 SJM Holdings Ltd 333,041 Samsung Electronics Co Ltd 339,781 Mail.Ru Group Ltd GDR 278,203 Mail.Ru Group Ltd GDR 320,593 Monalisa Group Co Ltd 'A' 274,323 Weibo Corp ADR 312,822 Grupo Financiero Banorte SAB de CV 268,387 Momo Inc ADR 310,735 Xiabuxiabu Catering Management China Holdings Co Ltd '144A' 268,168 Notre Dame Intermedica Participacoes SA 310,483 RichWave Technology Corp 248,528 Rumo SA 284,356 Jiangsu King's Luck Brewery JSC Ltd 'A' 245,909 Silicon Motion Technology Corp ADR 281,413 Fix Price Group Ltd GDR 226,968 Catcher Technology Co Ltd 273,627 Lojas Americanas SA - Preference 221,456 Beijing Enterprises Water Group Ltd 258,082 CNOOC Ltd 221,091 HDFC Bank Ltd ADR 257,635 InPost SA 211,291 ASE Technology Holding Co Ltd 253,000 Chow Tai Seng Jewellery Co Ltd 'A' 203,458 Motherson Sumi Systems Ltd 239,988 Shenzhen Sunway Communication Co Ltd 'A' 192,189 Xiabuxiabu Catering Management China Holdings Co Ltd '144A' 237,836 Standard Bank Group Ltd 181,269 Minth Group Ltd 236,408 Samsung Electronics Co Ltd 167,998 Credicorp Ltd 230,263 HDFC Bank Ltd ADR 167,909 S-Oil Corp 227,221 UPL Ltd 155,250 Zhongsheng Group Holdings Ltd 225,780 NCSoft Corp 148,253 MediaTek Inc 224,374 Ping An Insurance Group Co of China Ltd 'H' 146,234 China State Construction International Holdings Ltd 218,060 QIWI plc ADR 211,564 UPL Ltd 199,350 Techtronic Industries Co Ltd 190,059 ICICI Bank Ltd ADR 188,113 Focused Photonics Hangzhou Inc 188,093 Bizlink Holding Inc 186,535 Taiwan Semiconductor Manufacturing Co Ltd 184,553 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 155 Statement of Major Changes in Investments (unaudited) (continued)

Lazard Global Sustainable Fixed Income Fund *

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Czech Republic Government Bond, 2.000% due 13/10/2033 1,212,580 United States Treasury Note/Bond, 1.750% due 15/05/2023 1,813,587 Bermuda Government International Bond 'REGS', 2.375% due 20/08/2030 1,084,666 Republic of Poland Government Bond FRN, 0.690% due 25/05/2028 1,117,577 United States Treasury Note/Bond, 0.625% due 15/08/2030 785,917 Czech Republic Government Bond FRN, 0.270% due 19/11/2027 1,055,000 Bonos de la Tesoreria de la Republica en pesos '144A', 0.000% 712,398 French Republic Government Bond OAT '144A', 1.750% due 25/06/2039 847,240 due 01/10/2028 Bermuda Government International Bond 'REGS', 4.854% due 06/02/2024 826,541 Province of Quebec Canada, 1.850% due 13/02/2027 649,419 Panama Government International Bond, 4.000% due 22/09/2024 796,189 Canadian Imperial Bank of Commerce, 0.950% due 23/10/2025 641,411 United States Treasury Note/Bond, 2.125% due 15/05/2025 720,405 Kreditanstalt fuer Wiederaufbau, 1.750% due 14/09/2029 544,424 Apple Inc, 3.850% due 04/05/2043 612,601 Tesco Corporate Treasury Services Plc 'EMTN', 2.750% due 27/04/2030 540,980 Export Development Canada, 1.800% due 01/09/2022 584,266 JPMorgan Chase & Co FRN, 3.540% due 01/05/2028 526,714 Province of Quebec Canada, 1.650% due 03/03/2022 576,123 Province of British Columbia Canada, 4.700% due 18/06/2037 520,980 Province of British Columbia Canada, 4.700% due 18/06/2037 549,328 New Zealand Local Government Funding Agency Bond, 4.500% 513,600 due 15/04/2027 Microsoft Corp, 4.450% due 03/11/2045 533,639 New South Wales Treasury Corp, 1.250% due 20/11/2030 441,680 International Finance Corp 'GMTN', 2.700% due 15/03/2023 487,516 Queensland Treasury Corp '144A', 1.250% due 10/03/2031 440,785 American Express Co, 3.000% due 30/10/2024 477,355 Prologis LP, 1.250% due 15/10/2030 439,803 Bank of America Corp 'MTN' FRN, 3.499% due 17/05/2022 472,013 Alphabet Inc, 1.100% due 15/08/2030 433,612 Microsoft Corp, 2.525% due 01/06/2050 445,777 Singapore Government Bond, 3.375% due 01/09/2033 429,461 Nederlandse Waterschapsbank NV 'REGS', 3.125% due 05/12/2022 444,252 Apple Inc, 3.000% due 20/06/2027 426,092 New South Wales Treasury Corp, 3.000% due 20/02/2030 441,648 Republic of Poland Government Bond, 2.750% due 25/10/2029 421,803 Mexico Cetes (Zero Coupon), 0.000% due 23/04/2020 414,816 Italy Buoni Poliennali Del Tesoro '144A', 1.450% due 01/03/2036 419,684 Canadian Imperial Bank of Commerce, 2.900% due 14/09/2021 406,440 Mexican Bonos, 7.500% due 03/06/2027 419,679 Kommunalbanken AS 'REGS', 1.375% due 26/10/2020 400,840 Toyota Motor Credit Corp 'MTN', 2.150% due 13/02/2030 419,521 United States Treasury Note/Bond, 1.750% due 15/11/2029 400,245 Microsoft Corp, 3.500% due 15/11/2042 411,276 United States Treasury Note/Bond, 0.625% due 15/08/2030 392,303 Nederlandse Waterschapsbank NV 'REGS', 0.500% due 02/12/2025 399,442 Goldman Sachs Group Inc/The, 3.625% due 22/01/2023 381,370 Republic of Poland Government Bond, 2.500% due 25/07/2027 398,225 United States Treasury Note/Bond, 3.125% due 15/11/2041 376,803 Spain Government Bond '144A', 1.200% due 31/10/2040 395,668 John Deere Canada Funding Inc 'MTN', 2.050% due 17/09/2020 376,656 New South Wales Treasury Corp, 3.000% due 20/02/2030 370,471 Unilever Capital Corp, 3.250% due 07/03/2024 366,013 Microsoft Corp, 2.525% due 01/06/2050 368,488 JPMorgan Chase & Co, 4.500% due 24/01/2022 365,010 Panama Government International Bond, 8.875% due 30/09/2027 366,678 Daimler AG 'EMTN' FRN, 0.000% due 03/07/2024 362,493 Unilever Capital Corp, 1.375% due 14/09/2030 364,614 PepsiCo Inc, 2.875% due 15/10/2049 358,844 Goldman Sachs Group Inc/The FRN, 1.992% due 27/01/2032 363,259 United States Treasury Note/Bond, 2.875% due 15/08/2028 355,996 American Express Credit Corp 'MTN', 3.300% due 03/05/2027 362,990 Asian Development Bank 'GMTN', 1.000% due 15/12/2022 355,133 Daimler AG 'EMTN', 0.750% due 10/09/2030 362,424 BNG Bank NV 'EMTN', 5.000% due 16/09/2020 354,570 John Deere Financial Inc, 2.410% due 14/01/2025 360,752 African Development Bank, 0.750% due 03/04/2023 333,503 Bank of America Corp 'MTN', 3.248% due 21/10/2027 360,410 Procter & Gamble Co/The, 2.450% due 25/03/2025 331,207 Chile Government International Bond, 0.830% due 02/07/2031 351,496 Hungary Government International Bond, 6.375% due 29/03/2021 329,280 International Finance Corp 'MTN', 1.500% due 15/04/2035 342,462 Starbucks Corp, 4.450% due 15/08/2049 306,856 Daimler AG 'EMTN' FRN, 0.107% due 03/07/2024 324,949 International Finance Corp 'MTN', 3.625% due 20/05/2020 306,202 Dell International LLC / EMC Corp 'REGS', 5.300% due 01/10/2029 304,749 European Investment Bank 'REGS', 1.125% due 16/09/2021 293,884 Morocco Government International Bond 'REGS', 1.500% due 27/11/2031 294,026 Bonos de la Tesoreria de la Republica en pesos, 0.000% due 01/03/2026 271,779 International Bank for Reconstruction & Development 'MTN', 2.900% Hungary Government International Bond, 5.750% due 22/11/2023 269,365 276,354 due 26/11/2025 Hungary Government International Bond, 5.750% due 22/11/2023 271,872

* Effective 12 May 2021, Fund name changed from Lazard Global Fixed Income Fund to Lazard Global Sustainable Fixed Income Fund. LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 156 UCITS V Remuneration Policy (unaudited)

As a result of the implementation of the UCITS V Directive in March 2016, all authorised UCITS Management Companies must make certain disclosures in relation to the remuneration of ‘UCITS Code Staff ’ (broadly defined as those staff whose professional activities have a material impact on the risk profiles of the funds managed by that UCITS Management Company).

Lazard Global Active Funds plc (the “Fund”) is managed by Lazard Fund Managers (Ireland) Limited (the “Manager”), which is a subsidiary of the Lazard Asset Management Group (“LAM Group”).

The table below provides an overview of the following;

• Aggregate total remuneration paid by the Manager to its staff; and • Aggregate total remuneration paid by the Manager to its UCITS Code Staff for activities in respect of the Fund.

Headcount Total Remuneration Remuneration paid to staff of the Manager 105 7,473,222 of which Fixed remuneration 105 1,597,337 Variable remuneration Performance Fees 105 5,875,885

Aggregate Remuneration paid to UCITS Remuneration Code Staff 97 7,473,222 of which Senior Management 9 965,468 Other code staff/risk takers 88 6,507,754

1) ‘UCITS Remuneration Code Staff ’ relates to the total number of UCITS Code Staff who are employed by the Manager, including directors and similar. It also includes employees of other entities within the LAM Group to whom certain functions in respect of the Fund (in particular investment management) have been delegated. 2) Please note, because of the global way in which LAM operates, the majority of these staff members provide services to more than one LAM Group entity. 3) The remuneration disclosed above only relates to the provision of services by these employees to the Fund (on a pro rata basis) rather than the total remuneration paid to those employees in the year. Remuneration is pro-rated on the basis of assets under management within the Fund.

Remuneration is made up of fixed pay (i.e. salary and benefits such as pension contributions) and performance- related pay (annual and long-term incentives). Annual incentives are designed to reward performance in line with the business strategy, objectives, values and long-term interests of the Manager and LAM. The annual incentive earned by an individual is dependent on the achievement of financial and non-financial objectives, including adherence to effective risk management practices. The Manager provides long-term incentives which are designed to link reward with long-term success and recognise the responsibility participants have in driving future success and delivering value. The structure of remuneration packages is such that the fixed element is sufficiently large to enable a flexible incentive policy to be operated.

Employees are eligible for an annual incentive based on their individual performance, and depending on their role, the performance of their business unit and/or the LAM Group. These incentives are managed within a strict risk framework. The LAM Group actively manages risks associated with delivering and measuring performance. Employee activities are carefully managed within the LAM risk management framework, and individual incentive outcomes are reviewed and may be reduced in light of any associated risk management issues.

LAM’s Remuneration Committee operates on a global basis, across the Lazard Group as a whole. It reports to the Board of the Lazard Group. This Committee reviews risk and compliance issues in relation to remuneration (including deferred awards) for all employees.

These remuneration processes and oversight arrangements apply to all entities within the LAM Group, including those to which investment management of UCITS funds has been delegated. Those delegates are subject to contractual arrangements to ensure that policies which are regarded as equivalent are applied.

The general principles of the applicable remuneration policies, and the implementation of the remuneration policies is reviewed at least annually. LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Financial year ended 31 March 2021 157 158 LAZARD GLOBAL ACTIVE FUNDS PLC -M Acc USD -M Acc -A DistUSD USD -A Acc -A DistGBP Lazard GlobalThematicFund USD -M Acc GBP -A Acc USD -A Acc -A DistEUR EUR -A Acc Lazard GlobalManagedVolatility Fund * Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. GBP -C Acc -C DistGBP -EA DistGBP GBP -EA Acc USD -M Acc -BP DistUSD USD -BP Acc -A DistUSD USD -EA Acc USD -A Acc Lazard GlobalSustainableEquityFund -C DistUSDHedged -C DistEURHedged -C DistGBP -C Acc EURHedged USD -M Acc -BP DistUSDHedged -BP DistUSD -BP Acc USDHedged USD -BP Acc USD -A Acc -A DistUSD -B Acc CHFHedged -A DistUSDHedged -A Acc USDHedged -A DistGBP GBP -A Acc -A Acc CHFHedged -A DistEURHedged -B Acc USDHedged -B DistUSDHedged GBP -B Acc -A Acc EURHedged -B Acc EURHedged -X Acc JPYHedged Lazard GlobalListedInfrastructureEquityFund Lazard Global ActiveFundsplc The Total asat31March 2021were: ExpenseRatios Total ExpenseRatio Appendix 1:AdditionalinformationfortheInvestorinSwitzerland * 31 March2021 0.38% 1.23% 1.27% 1.23% 0.19% 0.84% 0.84% 0.83% 0.84% 1.07% 1.07% 0.82% 0.80% 0.35% 2.10% 2.07% 1.13% 0.81% 1.19% 1.07% 1.06% 1.01% 1.05% 0.15% 2.20% 2.16% 2.20% 2.16% 1.01% 1.00% 1.95% 1.05% 1.05% 1.00% 1.00% 1.05% 1.05% 1.96% 1.95% 1.91% 1.05% 1.96% 0.20% TER Financial year ended31March 2021

(unaudited) -AP Acc EUR -AP Acc GBP -E Acc EUR -C Acc -A DistUSD USD -A Acc -BP DistUSD USD -BP Acc -B Acc EURHedged -C Acc EURHedged USD -B Acc -C DistUSD USD -EA Acc GBP -C Acc -B DistUSD USD -C Acc Lazard USEquityConcentratedFund EUR -A Acc EUR -B Acc EUR -C Acc Lazard Pan-European SmallCapFund USD -M Acc -BP DistUSD USD -BP Acc -A DistUSD -A DistEUR USD -A Acc -C DistGBP GBP -C Acc -B DistEUR EUR -A Acc Lazard EuropeanEquityFund USD -BP Acc USD -M Acc EUR -A Acc EUR -C Acc -A DistEURHedged -EA DistEUR -C DistGBP GBP -C Acc GBP -B Acc -EA DistGBP USD -EA Acc GBP -EA Acc USD -A Acc GBP -A Acc Lazard GlobalEquityFranchiseFund USD -E Acc EUR -EA Acc GBP -E Acc GBP -EA Acc -E DistUSD -E DistGBP USD -M Acc USD -A Acc Lazard GlobalThematicFocusFund Total ExpenseRatio(continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland Lazard Global ActiveFundsplc 31 March2021 1.14% 0.63% 0.87% 0.89% 0.88% 2.14% 2.14% 1.69% 0.94% 1.64% 0.89% 0.64% 0.89% 1.64% 0.89% 1.20% 1.70% 0.95% 0.38% 2.13% 2.13% 1.38% 1.38% 1.38% 1.13% 1.12% 1.88% 1.38% 1.92% 0.17% 1.02% 0.92% 1.08% 0.67% 0.92% 0.92% 1.67% 0.67% 0.67% 0.67% 1.02% 1.02% 0.57% 0.69% 0.54% 0.77% 0.55% 0.55% 0.20% 1.19% TER Financial year ended31March 2021

(unaudited) (continued) 159 LAZARD GLOBAL ACTIVE FUNDS PLC 160 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc USD -A Acc CHF -I Acc Lazard EmergingMarketsManagedVolatility Fund USD -A Acc EUR -X Acc GBP -EA Acc GBP -C Acc USD -EA Acc -EA Acc EURHedged Lazard EmergingMarketsEquityAdvantage Fund USD -M Acc GBP -A Acc -BP DistUSD USD -BP Acc -C DistGBP -A DistUSD USD -EA Acc USD -A Acc GBP -EA Acc Lazard EmergingMarketsCoreEquityFund EUR -SA Acc EUR -C Acc EUR -S Acc -A DistEURHedged -BP DistUSD USD -BP Acc -S DistEUR -B Acc EURHedged EUR -A Acc USD -B Acc -S DistUSD USD -S Acc -A DistUSD -S DistGBP GBP -S Acc GBP -A Acc USD -A Acc -A DistEUR Lazard EmergingMarketsEquityFund USD -M Acc -BP DistUSDHedged -BP Acc USDHedged -A DistUSDHedged -BP DistUSD USD -BP Acc -A DistUSD USD -A Acc -A Acc USDHedged -C DistGBPHedged JPY -A Acc Lazard JapaneseStrategicEquityFund Total ExpenseRatio(continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland 31 March2021 0.94% 0.58% 1.00% 0.30% 0.69% 0.89% 0.69% 0.75% 0.26% 1.26% 2.01% 2.01% 1.01% 1.27% 0.76% 1.27% 0.76% 0.69% 1.12% 1.07% 1.24% 1.94% 1.86% 1.10% 1.72% 1.20% 1.73% 1.06% 1.03% 1.20% 1.06% 1.06% 1.19% 1.22% 1.21% 0.37% 2.18% 2.18% 1.28% 2.13% 2.13% 1.23% 1.23% 1.28% 1.27% 1.23% TER Financial year ended31March 2021

(unaudited) (continued) -C DistUSDHedged* -C DistEURHedged* -C DistGBP* -C Acc EURHedged USD -M Acc -BP DistUSDHedged -BP DistUSD -BP Acc USDHedged USD -BP Acc USD -A Acc -A DistUSD -B Acc CHFHedged -A DistUSDHedged -A Acc USDHedged -A DistGBP GBP -A Acc -A Acc CHFHedged -A DistEURHedged -B Acc USDHedged -B DistUSDHedged GBP -B Acc -A Acc EURHedged -B Acc EURHedged -X Acc JPYHedged Lazard GlobalListedInfrastructureEquityFund The performance figuresThe performance were asfollows: Performance Figures Association (SFAMA). ofthe and disclosure Total ofcollective investment (TER) ExpenseRatio schemes” Funds oftheSwiss &AssetManagement basedon ofthe theversion wascalculated (TER) applicable currently The totalexpenseratio on thecalculation“Guidelines * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. USD -M Acc -B Acc EURHedged -BP DistUSD USD -BP Acc -A DistUSD -B DistUSD USD -A Acc -A Acc EURHedged Lazard GlobalSustainableFixedIncomeFund USD -M Acc -BP DistUSD USD -BP Acc -A DistUSD -C DistGBP -C DistUSD USD -A Acc -A DistEUR Lazard DevelopingMarketsEquityFund Total ExpenseRatio(continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland Lazard Global ActiveFundsplc * 31 March2021 31 December2020 1 January 2020- 1 January 0.31% 1.37% 1.81% 1.79% 1.06% 1.31% 1.06% 1.10% 0.42% 2.17% 1.84% 1.25% 1.27% 1.27% 1.42% 1.42% TER (6.99%) (2.98%) (6.90%) (4.92%) (6.90%) (4.87%) (3.88%) (3.84%) (8.00%) (5.81%) (5.83%) (6.77%) (6.77%) (7.14%) (6.98%) (6.64%) (6.65%) (7.61%) (6.98%) (7.82%) (5.17%) 1.95% 0.77% 0.77% Financial year ended31March 2021

(unaudited) (continued) 161 LAZARD GLOBAL ACTIVE FUNDS PLC 162 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc -C DistGBP GBP -C Acc -B DistEUR EUR -A Acc Lazard EuropeanEquityFund USD -BP Acc USD -M Acc EUR -A Acc EUR -C Acc -A DistEURHedged -EA DistEUR -C DistGBP GBP -C Acc GBP -B Acc -EA DistGBP USD -EA Acc GBP -EA Acc USD -A Acc GBP -A Acc Lazard GlobalEquityFranchiseFund USD* -E Acc EUR* -EA Acc GBP* -E Acc GBP* -EA Acc -E DistUSD* -E DistGBP* USD -M Acc USD -A Acc Lazard GlobalThematicFocusFund USD -M Acc -A DistUSD USD -A Acc -A DistGBP Lazard GlobalThematicFund USD -M Acc GBP -A Acc USD -A Acc -A DistEUR EUR -A Acc Lazard GlobalManagedVolatility Fund GBP* -C Acc -C DistGBP* -EA DistGBP* GBP* -EA Acc USD -M Acc -BP DistUSD USD -BP Acc -A DistUSD USD -EA Acc USD -A Acc Lazard GlobalSustainableEquityFund Performance Figures (continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland 31 December2020 1 January 2020- 1 January (13.37%) (13.37%) (0.33%) (7.59%) (7.54%) (1.92%) (7.35%) (2.58%) (2.51%) (3.23%) (2.30%) (2.27%) (2.61%) (2.63%) (5.09%) (8.65%) (5.70%) 22.43% 30.76% 42.06% 41.69% 26.93% 25.86% 22.47% 21.07% 21.40% 17.25% 19.09% 19.09% 19.26% 19.22% 26.79% 24.59% 24.61% 25.65% 26.17% 25.65% 9.31% 9.28% 2.83% 3.42% 1.43% 0.92% 0.57% 8.63% Financial year ended31March 2021

(unaudited) (continued) Lazard EuropeanEquityFund(continued) -S DistEUR -B Acc EURHedged EUR -A Acc USD -B Acc -S DistUSD USD -S Acc -A DistUSD -S DistGBP GBP -S Acc GBP -A Acc USD -A Acc -A DistEUR Lazard EmergingMarketsEquityFund USD -M Acc -BP DistUSDHedged -BP Acc USDHedged -A DistUSDHedged -BP DistUSD USD -BP Acc -A DistUSD USD -A Acc -A Acc USDHedged -C DistGBPHedged JPY -A Acc Lazard JapaneseStrategicEquityFund EUR* -AP Acc GBP* -E Acc EUR -C Acc -A DistUSD USD -A Acc -BP DistUSD USD -BP Acc -B Acc EURHedged -C Acc EURHedged USD -B Acc -C DistUSD USD -EA Acc GBP -C Acc -B DistUSD USD -C Acc Lazard USEquityConcentratedFund EUR -A Acc EUR -B Acc EUR -C Acc Lazard Pan-European SmallCapFund USD -M Acc -BP DistUSD USD -BP Acc -A DistUSD -A DistEUR USD -A Acc Performance Figures (continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland Lazard Global ActiveFundsplc 31 December2020 1 January 2020- 1 January (10.71%) (8.58%) (0.97%) (0.32%) (0.32%) (0.47%) (3.49%) (3.49%) (3.62%) (0.46%) (8.56%) 15.34% 13.51% 13.50% 14.55% 14.53% 10.97% 10.97% 10.14% 10.97% 11.25% 10.14% 10.97% 13.64% 11.72% 11.71% 12.56% 12.52% 2.61% 8.77% 8.76% 9.76% 9.75% 9.39% 8.82% 8.32% 8.08% 1.89% 9.59% 9.59% 8.54% 9.35% 7.42% 6.05% 5.52% 6.32% 3.42% Financial year ended31March 2021

(unaudited) (continued) 163 LAZARD GLOBAL ACTIVE FUNDS PLC 164 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard EmergingMarketsEquityFund(continued) Lazard Global ActiveFundsplc ** Effective12May2021, FundnamechangedfromLazardGlobal Fixed IncomeFundtoLazardGlobal SustainableFixed Income Fund. * Classlaunchedduringtheyear. USD -M Acc -B Acc EURHedged -BP DistUSD USD -BP Acc -A DistUSD -B DistUSD USD -A Acc -A Acc EURHedged Lazard GlobalSustainableFixedIncomeFund** USD -M Acc -BP DistUSD USD -BP Acc -A DistUSD -C DistGBP -C DistUSD USD -A Acc -A DistEUR Lazard DevelopingMarketsEquityFund USD -A Acc CHF -I Acc Lazard EmergingMarketsManagedVolatility Fund USD* -A Acc EUR* -X Acc GBP -EA Acc GBP -C Acc USD -EA Acc -EA Acc EURHedged Lazard EmergingMarketsEquityAdvantage Fund USD -M Acc GBP -A Acc -BP DistUSD USD -BP Acc -C DistGBP -A DistUSD USD -EA Acc USD -A Acc GBP -EA Acc Lazard EmergingMarketsCoreEquityFund EUR -SA Acc EUR -C Acc EUR -S Acc -A DistEURHedged -BP DistUSD USD -BP Acc Performance Figures (continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland 31 December2020 1 January 2020- 1 January (1.35%) (8.15%) (8.60%) (8.41%) (1.61%) (1.21%) (1.21%) 10.16% 21.06% 18.95% 18.95% 19.85% 16.26% 20.03% 19.85% 10.12% 11.19% 14.40% 14.06% 13.85% 17.83% 16.01% 11.23% 11.23% 12.07% 12.63% 12.07% 7.01% 8.52% 8.52% 9.34% 9.06% 9.34% 7.29% 9.44% 8.57% 8.82% 9.10% Financial year ended31March 2021

(unaudited) (continued) -M Acc USD -M Acc -A Acc USD -A Acc Lazard GlobalThematicFocusFund -C Acc EURHedged -M Acc USD -M Acc -A DistUSD -A Acc USD -A Acc -A DistGBP Lazard GlobalThematicFund - M Acc USD - C Acc EURHedged - A Acc GBP - AAcc - A DistUSD - A Acc USD - AAcc - A Acc GBP Hedged GBP - AAcc - A DistEUR - A Acc EUR - AAcc Lazard GlobalManagedVolatility Fund - M Acc USD - BPDistUSD - BP Acc USD - A DistUSD - EA Acc USD - A Acc USD - AAcc Lazard GlobalSustainableEquityFund - C Acc EURHedged - M Acc USD - BPDistUSDHedged - BPDistUSD - BP Acc USDHedged - BP Acc USD - A Acc USD - AAcc - A DistUSD - B Acc CHFHedged - A DistUSDHedged - A Acc USD Hedged USD - AAcc - A DistGBP - A Acc GBP - AAcc - A Acc CHF Hedged CHF - AAcc - A DistEURHedged - B Acc USDHedged - BDistUSDHedged - B Acc GBP - A Acc EUR Hedged EUR - AAcc - B Acc EURHedged - X Acc JPYHedged Lazard GlobalListedInfrastructureEquityFund The performance figures thelastthreeyearsThe performance for calendar were asfollows: Performance Figures (continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland Lazard Global ActiveFundsplc 31 December2019 1 January 2019- 1 January 13.17% 24.27% 29.27% 29.58% 17.66% 16.60% 21.32% 22.01% 23.51% 23.76% 23.75% 24.40% 25.31% 24.68% 12.55% 18.06% 20.78% 20.78% 23.71% 25.10% 21.25% 17.29% 18.14% 22.24% 16.25% 20.30% 18.31% 14.73% 21.14% 33.61% 19.23% 18.76% 17.66% 19.94% 0.41% 0.38% 7.96% 8.61% 9.63% 5.03% n/a n/a

31 December2018 1 January 2018- 1 January (1.07%) (6.85%) (6.63%) 11.78% 11.03% 10.37% 11.53% 4.21% 0.42% 8.91% 7.76% 4.38% 3.14% 8.97% 8.97% 8.58% 7.46% 7.92% 5.19% 4.44% 7.38% 6.91% 3.72% 8.46% 5.29% 6.64% 9.51% 4.60% 7.77% 6.15% 6.38% 7.21% 5.15% n/a n/a n/a n/a n/a n/a n/a n/a n/a

31 December2017 1 January 2017- 1 January 12.00% 22.63% 24.43% 18.21% 19.64% 18.16% 28.74% 28.10% (2.24%) 17.65% 21.11% 16.59% 19.98% 18.18% 15.61% 20.08% 16.53% 12.59% 18.92% 17.88% 20.31% 3.74% 5.04% Financial year ended31March 2021 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

(unaudited) (continued) 165 LAZARD GLOBAL ACTIVE FUNDS PLC 166 LAZARD GLOBAL ACTIVE FUNDS PLC - BP Acc USD - BPDistUSD - A Acc USD - AAcc - A DistUSD - C Acc EUR - B Acc EURHedged - C Acc EURHedged - X Acc USD - B Acc USD - CDistUSD - EA Acc USD - EA Acc GBP - C Acc GBP - BDistUSD - EA Acc EUR - C Acc USD - A Acc EUR - AAcc - C Acc JPY Lazard USEquityConcentratedFund - C Acc GBP - B Acc EUR - C Acc EUR - AP Acc EUR - APAcc - A DistUSD - AP DistEUR Lazard Pan-European SmallCapFund - M Acc USD - BPDistUSD - BP Acc USD - A DistEUR - A Acc USD - AAcc - CDistGBP - C Acc GBP - BDistEUR - B Acc EURHedged Hedged EUR - AAcc - C Acc EUR - A DistEURHedged - A Acc EUR - AAcc Lazard EuropeanEquityFund - BP Acc USD - M Acc USD EUR - AAcc - EADistEUR - CDistGBP - C Acc GBP - B Acc GBP - EADistGBP - EA Acc USD - EA Acc GBP Lazard Global ActiveFundsplc USD - AAcc GBP - AAcc Lazard GlobalEquityFranchiseFund Performance Figures (continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland 31 December2019 1 January 2019- 1 January 32.27% 32.26% 33.93% 33.56% 36.23% 28.98% 29.99% 32.92% 33.57% 34.25% 29.03% 28.72% 32.92% 36.69% 33.92% 18.75% 29.12% 15.77% 29.77% 23.18% 11.67% 22.70% 25.10% 25.62% 26.15% 18.88% 21.81% 25.29% 15.56% 13.04% 10.95% 28.56% 10.28% 10.92% 19.46% 12.66% 15.41% 14.56% 12.99% 20.38% 15.73% 19.96% 15.28% 4.09% 1.32% n/a n/a n/a n/a

31 December2018 1 January 2018- 1 January 11.06% 10.34% 20.61% 20.21% 19.85% 20.98% 20.00% 19.68% 16.67% 19.50% 15.66% 14.70% 16.87% 15.69% (0.10%) (0.35%) 8.99% 8.99% 8.24% 8.42% 8.30% 6.88% 8.27% 7.96% 7.34% 1.59% 1.85% 8.27% 2.68% 7.57% 9.14% 2.75% 2.09% 0.66% 1.70% 5.49% 5.82% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a –

31 December2017 1 January 2017- 1 January 10.73% 17.51% 16.34% 17.21% 13.10% 18.40% 22.36% 21.84% 21.87% 31.44% 17.04% 19.89% 13.26% 15.80% 22.78% 11.95% 22.34% 11.61% 3.11% 4.23% 5.89% 6.36% 7.31% 7.05% 3.20% 1.69% 5.01% 5.35% 5.20% 5.00% 2.82% Financial year ended31March 2021 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

(unaudited) (continued) - EA Acc GBP - C Acc GBP - BP Acc EURHedged - EA Acc USD - EA Acc EUR - EA Acc EURHedged Lazard EmergingMarketsEquityAdvantage Fund - M Acc USD GBP - AAcc - BPDistUSD - BP Acc USD - CDistGBP - A DistUSD - EA Acc USD - A Acc USD - AAcc - EA Acc GBP - BP Acc USD - BPDistUSD - A Acc EUR - AAcc Lazard EmergingMarketsCoreEquityFund - SA Acc EUR - C Acc EUR Hedged EUR - AAcc - S Acc EUR - A DistEURHedged - C Acc USD - SDistEUR - B Acc EURHedged - A Acc EUR - AAcc - B Acc USD - SDistUSD - S Acc USD - A DistUSD - SDistGBP - S Acc GBP - A Acc GBP - AAcc - A Acc USD - AAcc - A DistEUR Lazard EmergingMarketsEquityFund - M Acc USD - BPDistUSDHedged - BP Acc USDHedged - A DistUSDHedged - BPDistUSD - BP Acc USD - A DistUSD USD - AAcc - A Acc USD Hedged USD - AAcc - CDistGBPHedged - A Acc JPY - AAcc Lazard JapaneseStrategicEquityFund Performance Figures (continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland Lazard Global ActiveFundsplc 31 December2019 1 January 2019- 1 January 20.81% 17.16% 17.12% 19.90% 20.91% 15.70% 20.28% 22.43% 21.82% 17.69% 16.57% 14.95% 10.74% 11.39% 17.02% 19.47% 16.88% 14.94% 17.63% 14.92% 10.55% 13.06% 12.91% 17.45% 17.05% 13.28% 23.02% 23.47% 23.03% 21.03% 21.55% 21.03% 22.65% 24.52% 21.75% 21.49% 0.82% 3.86% 7.74% 6.96% 6.90% 8.69% n/a n/a n/a n/a n/a

31 December2018 1 January 2018- 1 January 12.58% 10.47% 12.03% 10.73% 16.75% 16.29% 14.71% 16.60% 18.18% 18.59% 15.46% 13.12% 17.11% 15.56% 13.97% 18.33% 19.40% 17.80% 19.39% 14.42% 12.76% 12.89% 17.92% 15.33% 21.36% 21.28% 21.16% 22.53% 22.44% 22.34% 21.99% 24.76% 26.57% 26.20% 8.58% 8.28% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

31 December2017 1 January 2017- 1 January 13.30% 40.10% 39.41% 27.95% 12.59% 12.02% 26.84% 25.57% 27.68% 25.56% 14.67% 16.61% 16.41% 13.83% 10.28% 30.37% 28.33% 28.91% 3.85% 4.17% 6.12% Financial year ended31March 2021 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

(unaudited) (continued) 167 LAZARD GLOBAL ACTIVE FUNDS PLC 168 LAZARD GLOBAL ACTIVE FUNDS PLC * Effective12May2021, FundnamechangedfromLazardGlobalFixed IncomeFundtoLazardGlobalSustainableFixed IncomeFund. EUR - AAcc - M Acc USD - B Acc EURHedged - BPDistUSD - BP Acc USD - A DistUSD - BDistUSD - A Acc USD - AAcc - A DistUSD - A Acc EUR Hedged EUR - AAcc Lazard GlobalSustainableFixedIncomeFund* - M Acc USD - BP Acc USD - CDistGBP - CDistUSD - A Acc USD - AAcc - C Acc GBP - A Acc GBP - AAcc - BPDistUSD Lazard Global ActiveFundsplc Switzerland CH-8024 Zürich P.O. Box Limmatquai 1/amBellevue NeueNPB Privat BankAG Paying AgentinSwitzerland: E-Mail: Homepage: Tel.: +41443969696, Fax: +41443969699 Switzerland CH-8050 Zürich 50 Leutschenbachstrasse ACOLIN AG Fund Services address: thelatteratfollowing ofchargefrom beobtainedfree can report sales andtheAnnual orSemi-Annual Management Regulations, Investor (Key Documentation), Information the KIID Prospectus, the Sales the statement of purchases and ACOLIN AG, Fund Services representative information, istheauthorised inSwitzerland. Zürich necessary All asthe such costs incurred on theissueandredemption ofunits. Past ofcurrent isnoindication orfuture performance. performance datadonottakeaccount ofthecommissions and The performance - A DistEUR Lazard DevelopingMarketsEquityFund USD -A Acc CHF -I Acc Lazard EmergingMarketsManagedVolatility Fund Performance Figures (continued) Appendix 1:AdditionalinformationfortheInvestorinSwitzerland [email protected] www.acolin.com 31 December2019 1 January 2019- 1 January 30.82% 12.68% 30.73% 25.90% 30.92% 31.71% 26.63% 30.35% 33.19% 3.41% 5.58% 2.93% 4.93% 6.06% 4.93% 4.93% 6.86% 3.62% n/a n/a n/a

31 December2018 1 January 2018- 1 January (27.35%) (28.03%) (27.59%) 19.35% 19.14% 16.96% 21.80% 21.13% 16.30% 19.49% 17.91% 4.47% 2.60% 5.53% n/a n/a n/a n/a n/a n/a n/a

31 December2017 1 January 2017- 1 January (0.37%) 41.11% 41.62% 29.34% 23.80% 5.47% 7.67% 5.28% 4.86% Financial year ended31March 2021 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

(unaudited) (continued)