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Lazard Fund Managers Limited Lazard Investment Funds Interim Report & Financial Statements For the period ended 31 March 2021 Lazard Investment Funds - Interim Report and Financial Statements March 2021

Contents

Company Information and Director’s Report* 3

Notes to the Financial Statements of all Sub-funds 5

Lazard Developing Markets Fund 6

Lazard Emerging Markets Fund 13

Lazard European Alpha Fund 20

Lazard European Smaller Companies Fund 27

Lazard Global Equity Income Fund 34

Lazard Managed Balanced Fund 41

Lazard Managed Equity Fund 50

Lazard Multicap UK Income Fund 58

Lazard UK Omega Fund 66

Lazard UK Smaller Companies Fund 74

Management and Professional Services* 82

* Collectively these pages together with the Investment Manager’s Reports, Portfolio Statements and Fund Facts of the individual Sub-funds comprisetheAuthorised Corporate Directors’ Report. Information specific to each Sub-fund is detailed within its respective section.

2 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Company Information and Director’s Report

Company Lazard Investment Funds Registered Number IC42

Registered Office 50 Stratton Street London W1J 8LL

Director The Authorised Corporate Director (‘ACD’) is Lazard Fund Managers Limited which is the sole director.

Board of Directors of the ACD Nicholas Ian Emmins Nathan Paul John Reinsberg Jeremy Taylor Hemen Victor Tseayo

Director’s Report The Director presents its report and financial statements of the Lazard Investment Funds (’the Company’) for the period ended 31 March 2021.

Incorporation The Company is an open-ended investment company (OEIC) with variable capital incorporated in England under registration number IC42. The Company is authorised by the Financial Conduct Authority (FCA) as a UCITS Scheme as defined in the Collective Investment Schemes Sourcebook (COLL), with ten constituent parts; Lazard Developing Markets Fund, Lazard Emerging Markets Fund, Lazard European Alpha Fund, Lazard European Smaller Companies Fund, Lazard Global Equity Income Fund, Lazard Managed Balanced Fund, Lazard Managed Equity Fund, Lazard Multicap UK Income Fund, Lazard UK Omega Fund, and Lazard UK Smaller Companies Fund. All of these Sub-funds have their own investment objective and policy. The Company’s investment and borrowing powers and restrictions are prescribed by the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) and the COLL as issued and amended by the FCA. Each Sub-fund can have several share classes with different characteristics. As a consequence each share class has a different price. There is a single price for buying, selling and switching shares in each share class of the Sub-funds. This price is derived from the net asset value of each Sub-fund attributable to the relevant share class. The financial statements have been prepared to cover the period from 1 October 2020 to 31 March 2021. The shareholders are not liable for the debts of the Company. Each Sub-fund would, if it were a separate investment company with variable capital, be a securities scheme.

Principal Activities The Company’s principal activity is to carry on business as an open-ended investment company. The Company is structured as an umbrella company so that the Scheme Property of the Company may be divided among two or more Sub-funds. The assets of a Sub-fund belong exclusively to that Sub-fund and cannot be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Company or any other Sub-fund, and shall not be available for any such purpose. New Sub-funds may be established from time to time by the ACD with the approval of the FCA and the agreement of the Depositary. If a new Sub-fund is introduced, a new prospectus will be prepared to set out the required information in relation to that Sub-fund.

(Environmental, Social and Governance (؆ESG؆ ESG considerations, including a company’s governance policies and board structure, environmental practices and labour policies can affect a security’s valuation and financial performance. We aim to invest in enterprises that financially prosper while protecting and preserving human and natural capital. As such, relevant investment professionals integrate ESG analysis into their research and decision-making processes. Our strong sense of fiduciary duty and a robust set of ESG principles drives the engagement we have with the companies we invest in on behalf of our clients. As an investment manager with a diverse range of investment strategies, the implementation and incorporation of ESG issues into our investment processes is reflected differently across asset classes and strategies. The continued integration of ESG considerations into each of our Funds’ investment philosophies is therefore an evolving process. For further information please refer to the Lazard Sustainable Investment Report 2020.

3 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Company Information and Director’s Report

Changes to the Prospectus The prospectus was updated in March 2021. The Company’s policy to charge a dilution levy in certain circumstances and, in accordance with the FCA regulations was changed in favour of applying a new pricing methodology called Љswing pricingЉ on a fund-by-fund basis. This came into effect on the 24 March 2021. For more information refer to the latest prospectus section 17.1 ЉDilution and Swing PricingЉ on the company website www.lazardassetmanagement.com.

Securities Financing Transactions Regulation The Securities Financing Transactions Regulation, as published by the European Securities and Markets Authority, aims to improve the transparency of the securities financing markets. During the period to 31 March 2021 and at the balance sheet date, the Company did not use SFTs or total return swaps, as such no disclosure is required.

Holdings in other Sub-funds of the Company As at 31 March 2021, no Sub-funds held shares in any other Sub-fund of the Company.

Results The results for each Sub-fund are set out in detail in the relevant section of this report.

On behalf of the ACD Jeremy Taylor 26 May 2021

4 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Notes to the Financial Statements of all Sub-funds

Accounting policies Basis of accounting The financial statements of the Company comprise the financial statements of each of the Sub-funds and have been prepared on a going concern basis in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP) and the Statement of Recommended Practice “Financial Statements of UK Authorised Funds” issued by the Investment Management Association (now known as the Investment Association) in May 2014 (the “SORP”). In applying UK GAAP, the financial statements have been prepared in compliance with Financial Reporting Standard 102 (FRS 102). All accounting policies used to prepare the interim financial statements are as per the audited financial statements for the year ended 30 September 2020.

5 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Developing Markets Fund

Investment Manager’s Report Investment Objective The objective of the Lazard Developing Markets Fund (the “Sub-fund”) is to achieve capital growth over at least 5 years.

Investment Policy The Sub-fund will invest at least 70% in equity and equity-related securities of, or relating to, companies domiciled, incorporated, listed in, or which have a significant portion of their business in Developing Market Countries. “Developing Market Countries” includes all countries not represented in the MSCI US Index or the MSCI EAFE Index. Such securities may include exchange traded and over-the-counter common and preferred stocks, warrants, rights (which are issued by a company to allow holders to subscribe for additional securities issued by that company), depositary receipts and preference shares. The Sub-fund is actively managed and may invest in any industry sector.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 17.71% in sterling terms, against the MSCI Emerging Markets Index, which returned 14.72%(1).

Market Review Despite the coronavirus pandemic’s worldwide impact on global economic growth, emerging markets recorded a significant rise in the six months to March 31, 2021. The MSCI EM Index rose by 14.72% over the period with slightly higher returns witnessed in Eastern Europe and Latin America than in Asia as investors began to visualise a more normalised world. This was mostly caused by announcements made by Pfizer, Moderna and other pharmaceutical corporations of highly efficacious vaccines beginning in November. In Asia, this resulted in a moderate aversion to share prices in Chinese internet-related company shares, such as Alibaba and Tencent. In other leadership markets, like South Korea and Taiwan, strong semiconductor prices and industry consolidation, helped ongoing strong performance. In other markets, optimism about expected improving economic growth following vaccinations, helped equity prices in India and Thailand. Latin American markets witnessed another strange period in which some countries appeared to make progress while others did not. Continuing volatility in Brazilian politics, including the overturning of Socialist former President Luis Ignacio Lula da Silva’s prison term as well as the replacement of Petrobras’s CEO after an oil price rise, unsettled the market. Political poll success of a socialist presidential candidate in Peru coupled with an unsuccessful COVID-19 and vaccination program also harmed the market. In Chile and Mexico, relatively successful vaccination programs and better economic tone, helped performance. The optimism over economic possibilities following the vaccine announcements helped several countries in Europe, the Middle East and Africa. Oil producing countries such as Saudi Arabia, the United Arab Emirates and Russia all recorded strong equity returns. Rising metals prices aided the rand and the South African market. Some EU countries like Poland and Greece did not fare as well as a third wave of COVID-19 infections hit Europe and the vaccination program began slowly. The Egyptian market was affected by a large ship which became wedged in the Suez Canal and threatened revenue to the country. By sector, Materials, Information Technology and Financials witnessed the highest returns. The lowest returns were in Consumer Discretionary shares.

All data contained herein is sourced by Lazard Asset Management unless otherwise noted as at 31 March 2021. (1) Source: Lazard Asset Management, NAV to NAV Price, net income reinvested in sterling, A Accumulation share class net of fees, to 31 March 2021. Figures refer to past performance which is not a reliable indicator of future results.

6 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Developing Markets Fund continued

Portfolio Review What contributed to Returns • Stock selection within the financials sector as well as in India and Taiwan helped performance. The underweight exposure within the consumer discretionary and consumer staples sectors as well as to China also added value • Samsung Electronics, a South Korean technology company moved higher on the back of rising memory prices • First Quantum, a global copper miner with assets in Zambia, rose as copper prices surged on the back of rising demand from green economy-related companies What detracted from Returns • Stock selection within the consumer discretionary and information technology sectors as well as to Russia and China detracted value • Alibaba, a Chinese ecommerce and platform company, underperformed on concerns of heightened regulatory oversight on the industry • Qiwi, a Russian digital wallet and payments company, dropped after the central bank imposed restrictions on its payments business creating a headwind to growth and the possibility of more regulatory interference

Outlook Our outlook for emerging markets equities remains positive, although interest rates remain a factor to watch. When bond yields rise gradually due to strong growth, emerging markets equities can outperform, particularly traditional value securities. Should yields rise sharply and suddenly, the asset class may weaken, as we witnessed in March. Fund Manager: James Donald and team Figures refer to past performance which is not a reliable indicator of future results.

7 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Developing Markets Fund continued

Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (95.83%) 43,925 97.08 Brazil (5.96%) 2,020 4.46 Banco Bradesco 222,895 759 1.68 Duratex 168,286 404 0.89 Lojas Americanas pref. 90,451 259 0.57 Pagseguro Digital 8,272 278 0.61 Rumo 123,058 320 0.71 Canada (1.26%) 724 1.60 First Quantum Minerals 52,542 724 1.60 China (36.39%) 13,206 29.19 Airtac International 16,000 413 0.91 Alibaba 12,343 2,029 4.48 Anhui Conch Cement 39,000 184 0.41 Beijing Thunisoft 168,179 353 0.78 Chow Tai Seng Jewellery 117,500 455 1.01 Jiangsu King’s Luck Brewery JSC 71,900 389 0.86 Minth 232,000 700 1.55 Monalisa 94,100 408 0.90 NetEase 7,213 540 1.19 New Oriental Education & Technology 21,706 220 0.49 Ping An Insurance of China 93,500 809 1.79 Shenzhen Sunway Communication 52,800 166 0.37 Tencent 53,700 3,071 6.79 Tencent Music Entertainment 71,596 1,063 2.35 Trip.com 33,481 961 2.12 Weibo 14,987 548 1.21 Xiabuxiabu Catering Management China 307,500 452 1.00 Zhongsheng 87,000 445 0.98 Colombia (0.89%) 886 1.96 Bancolombia 38,310 886 1.96 Cyprus (1.09%) —— Hong Kong (5.26%) 1,737 3.84 China Gas 155,600 460 1.02 SJM 751,000 713 1.57 Techtronic Industries 45,259 564 1.25 India (9.65%) 4,292 9.48 HDFC Bank 16,995 957 2.12 ICICI Bank 118,030 1,371 3.03 Motherson Sumi Systems 157,086 314 0.69 Mphasis 20,741 370 0.82 Reliance Industries 13,475 269 0.59 Shriram Transport Finance 30,701 435 0.96 UPL 90,552 576 1.27 Indonesia (2.55%) 1,239 2.74 Bank Central Asia 335,500 521 1.15 Bank Rakyat Indonesia Persero 3,265,900 718 1.59 Mexico (1.26%) 965 2.13 Grupo Financiero Banorte 236,300 965 2.13 Peru (1.41%) 621 1.37 Credicorp 6,275 621 1.37 Philippines (1.83%) 768 1.70 BDO Unibank 310,140 474 1.05 International Container Terminal Services 161,901 294 0.65 Poland (0.00%) 274 0.61 InPost 23,065 274 0.61 Russia (3.81%) 2,481 5.48 Fix Price 49,749 352 0.78 Mail.Ru 31,106 515 1.14 Novatek 2,184 313 0.69 Sberbank of Russia 371,266 1,037 2.29 Yandex 5,698 264 0.58

8 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Developing Markets Fund continued

Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets South Africa (2.52%) 1,531 3.38 Capitec Bank 12,402 864 1.91 Standard Bank 108,326 667 1.47 South Korea (10.53%) 6,402 14.15 CJ Logistics 3,983 468 1.03 NCSoft 1,082 607 1.34 Samsung Biologics 515 248 0.55 Samsung Electronics 52,233 2,736 6.05 SK Hynix 15,912 1,356 3.00 WONIK IPS 29,712 987 2.18 Taiwan (9.12%) 5,926 13.10 ASE Technology 293,220 812 1.79 Chroma ATE 134,000 645 1.43 Hiwin Technologies 98,679 1,020 2.25 Largan Precision 4,328 356 0.79 MediaTek 16,000 399 0.88 RichWave Technology 38,000 620 1.37 Silicon Motion Technology 13,855 596 1.32 Taiwan Semiconductor Manufacturing 98,000 1,478 3.27 United Kingdom (0.92%) 247 0.55 KAZ Minerals 28,534 247 0.55 United States (1.38%) 606 1.34 Bizlink 89,000 606 1.34 Portfolio of investments (95.83%) 43,925 97.08 Net other assets (4.17%) 1,322 2.92 Net assets attributable to Shareholders 45,247 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20.

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Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 7,121 (7,515) Revenue 247 212 Expenses (282) (213) Interest payable and similar charges ——

Net expense before taxation (35) (1) Taxation (67) (12) Net expense after taxation (102) (13)

Total return before distributions 7,019 (7,528) Change in net assets attributable to Shareholders from investment activities 7,019 (7,528)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 41,830 63,195 Amounts received on issue of shares 4,500 3,987 Amounts paid on redemption of shares (8,114) (30,597) (3,614) (26,610) Dilution adjustment 12 —

Change in net assets attributable to Shareholders from investment activities 7,019 (7,528) Closing net assets attributable to Shareholders 45,247 29,057

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 43,925 40,084 Current assets Debtors 1,311 297 Cash and bank balances 965 1,658 Total other assets 2,276 1,955 Total assets 46,201 42,039 Liabilities Creditors Bank overdrafts (5) — Other creditors (949) (209) Total other liabilities (954) (209) Total liabilities (954) (209) Net assets attributable to Shareholders 45,247 41,830

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Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 AIncome 1.21% A Accumulation 1.21% BIncome 1.71% B Accumulation 1.71% CIncome 1.06% C Accumulation 1.06% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

123456 7

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 AIncome 14,562 14,764 12,037 A Accumulation 27,613,512 28,581,017 47,306,513 BIncome 38,912 38,912 45,086 B Accumulation 82,208 109,519 100,645 CIncome 74,682 60,285 200,507 C Accumulation 894,901 2,322,686 1,335,585

11 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Developing Markets Fund continued

Fund Facts continued as at 31 March 2021

Distribution Information

A Income shares A shortfall for A Income shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021. A Accumulation shares A shortfall for A Accumulation shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021. B Income shares A shortfall for B Income shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021. B Accumulation shares A shortfall for B Accumulation shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021. C Income shares A shortfall for C Income shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021. C Accumulation shares A shortfall for C Accumulation shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021.

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Income Opening net asset value per share 128.34 123.71 114.39 Closing net asset value per share 150.49 98.88 119.70 % Change in net asset value per share 17.26% -20.07% 4.64%

A Accumulation Opening net asset value per share 134.40 129.01 118.55 Closing net asset value per share 157.60 103.11 124.05 % Change in net asset value per share 17.26% -20.08% 4.64%

B Income Opening net asset value per share 126.18 121.71 112.62 Closing net asset value per share 147.59 97.04 117.55 % Change in net asset value per share 16.97% -20.27% 4.38%

B Accumulation Opening net asset value per share 128.10 123.57 114.12 Closing net asset value per share 149.85 98.52 119.11 % Change in net asset value per share 16.98% -20.27% 4.37%

C Income Opening net asset value per share 125.94 121.40 112.28 Closing net asset value per share 147.80 97.09 117.59 % Change in net asset value per share 17.36% -20.02% 4.73%

C Accumulation Opening net asset value per share 134.88 129.26 118.60 Closing net asset value per share 158.25 103.40 124.19 % Change in net asset value per share 17.33% -20.01% 4.71%

Risk warning It is important to remember that past performance is not a guide to the future. The value of shares and the income from them can go down as well as up. An investor may get back less than their original investment.

12 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Emerging Markets Fund

Investment Manager’s Report Investment Objective The objective of the Lazard Emerging Markets Fund (the “Sub-fund”) is to seek capital growth over at least 5 years.

Investment Policy The Sub-fund will invest at least 70% in the equity and equity-related securities of, or relating to, companies domiciled, incorporated, listed in, or which have a significant portion of their business in Emerging Market Countries . “Emerging Market Countries” include all countries represented in the MSCI Emerging Markets Index and any countries (i) having an “emerging stock market” as defined by the International Finance Corporation; (ii) countries with low to middle income economies according to the World Bank; or (iii) countries identified in World Bank publications as developing. Such securities may include exchange traded and over-the-counter common and preferred stocks, warrants, rights (which are issued by a company to allow holders to subscribe for additional securities issued by that company), depositary receipts and preference shares. The Sub-fund is actively managed and may invest in any industry sector.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 22.23% in sterling terms, against the MSCI Emerging Markets Index, which returned 14.72%(1).

Market Review Despite the COVID-19 pandemic’s worldwide impact on global economic growth, emerging markets recorded a significant rise in the six months ended 31 March 2021. The MSCI Emerging Markets Index rose by 14.72%, in pound terms, over the period. Eastern Europe and Latin America recorded higher returns than Asia as investors began to visualise a more normalised world. This was mostly caused by announcements made by Pfizer, Moderna, and other pharmaceutical corporations of highly efficacious vaccines beginning in November. In Asia, this resulted in a moderate aversion to share prices in Chinese internet-related company shares, such as Alibaba and Tencent. In other leadership markets, like South Korea and Taiwan, strong semiconductor prices and industry consolidation, helped ongoing strong performance. Latin American markets witnessed another strange period in which some countries appeared to make progress, while others did not. Continuing volatility in Brazilian politics weighed on the Brazilian equity market. Political poll success of a socialist presidential candidate in Peru coupled with an unsuccessful COVID-19 and vaccination program also harmed the market. In Chile and Mexico, relatively successful vaccination programs and better economic tone, helped performance. The optimism over economic possibilities following the vaccine announcements helped several countries in Europe, the Middle East, and Africa. Oil producing countries such as Saudi Arabia, the United Arab Emirates, and Russia all recorded strong equity returns. Rising metals prices aided the rand and the South African market. Some EU countries like Poland and Greece did not fare as well as a third wave of COVID-19 infections hit Europe and the vaccination program began slowly. The Egyptian market was affected by a large ship, which became wedged in the Suez Canal and threatened revenue to the country. By sector, materials, information technology, and financials witnessed the highest returns. The lowest returns were in consumer discretionary shares.

13 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Emerging Markets Fund continued

Portfolio Review What contributed to Returns • Stock selection within the financials and information technology sectors, and within Taiwan, China and India helped performance • SK hynix, a South Korean semiconductor company, benefitted from rising memory prices • Not owning Chinese tech company Alibaba helped performance as regulatory pressure weighed on the share price What detracted from Returns • Stock selection within the consumer staples sector and within Brazil detracted from relative performance • Coway, a South Korean manufacturer and distributor of air and water purifiers, underperformed after posting results in line with expectations but guided for flattish operating margins due to rising labour costs and increasing IT investments • Hengan International, a Chinese manufacturer and distributor of personal hygiene products, was weak along with the consumer discretionary sector, as vaccine news resulted in a market rotation to more cyclical areas of the market

Outlook Our outlook for emerging markets equities remains positive, although interest rates remain a factor to watch. When bond yields rise gradually due to strong growth, emerging markets equities can outperform, particularly traditional value securities. Should yields rise sharply and suddenly, the asset class may weaken, as we witnessed in March. Fund Manager: James Donald and team. Figures refer to past performance which is not a reliable indicator of future results.

14 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Emerging Markets Fund continued

Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (93.53%) 528,125 93.44 Brazil (4.00%) 32,757 5.80 Banco do Brasil 2,597,262 10,155 1.80 BB Seguridade Participacoes 2,061,800 6,419 1.14 CCR 4,792,210 7,940 1.40 Engie Brasil Energia 617,100 3,316 0.59 Petrobras Distribuidora 1,743,800 4,927 0.87 China (18.79%) 95,426 16.88 AAC Technologies 881,162 3,212 0.57 Anhui Conch Cement 1,929,269 9,109 1.61 China Construction Bank 33,527,103 20,415 3.61 China Merchants Bank 2,024,393 11,201 1.98 China Shenhua Energy 6,168,827 9,228 1.63 China Vanke 2,532,100 7,191 1.27 Hengan International 1,852,500 8,817 1.56 Ping An Insurance of China 1,135,500 9,831 1.74 Sinopharm 4,795,755 8,414 1.49 Tingyi Cayman Islands 2,906,000 3,869 0.69 Weichai Power 2,312,588 4,139 0.73 Egypt (1.23%) 6,004 1.06 Commercial International Bank Egypt 2,323,685 6,004 1.06 Greece (0.00%) 2,714 0.48 OPAP 275,843 2,714 0.48 Hong Kong (3.08%) 5,046 0.89 ASM Pacific Technology 546,400 5,046 0.89 Hungary (1.71%) 11,227 1.99 OTP Bank Nyrt 361,399 11,227 1.99 India (14.46%) 51,947 9.19 Axis Bank 1,093,083 7,566 1.34 Bajaj Auto 94,948 3,468 0.61 Bharat Petroleum 908,815 3,853 0.68 Coal India 2,919,039 3,765 0.67 Hero MotoCorp 115,118 3,326 0.59 Indus Towers 2,095,865 5,094 0.90 Infosys 197,147 2,672 0.47 Oil & Natural Gas 5,080,098 5,144 0.91 Power Grid of India 2,014,222 4,303 0.76 Tata Consultancy Services 129,263 4,073 0.72 UPL 1,363,881 8,683 1.54 Indonesia (3.84%) 22,064 3.90 Astra International 15,791,000 4,157 0.73 Bank Mandiri Persero 29,761,110 9,132 1.62 Telkom Indonesia Persero 512,812 8,775 1.55 Luxembourg (0.81%) 4,781 0.84 Ternium 169,879 4,781 0.84 Mexico (4.06%) 32,217 5.70 America Movil 1,091,890 10,747 1.90 Grupo Financiero Banorte 1,683,227 6,871 1.22 Grupo Mexico 2,819,048 10,735 1.90 Kimberly-Clark de Mexico 3,127,800 3,864 0.68 Portugal (0.91%) 6,195 1.10 Galp Energia SGPS 733,137 6,195 1.10 Russia (8.35%) 51,136 9.05 Alrosa 7,391,596 7,540 1.33 Gazprom 936,179 4,047 0.72 LUKOIL 200,116 11,728 2.08 Magnit 204,887 2,226 0.39 Mobile TeleSystems 1,425,437 8,606 1.52 Sberbank of Russia 4,847,134 13,537 2.40 X5 Retail 147,722 3,452 0.61 South Africa (5.24%) 34,563 6.11 Bidvest 660,320 5,522 0.98

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Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets South Africa (continued) Life Healthcare 4,827,681 4,374 0.77 Nedbank 1,079,301 7,417 1.31 Sanlam 1,413,009 4,127 0.73 Shoprite 653,793 5,041 0.89 Standard Bank 722,123 4,446 0.79 Vodacom 586,677 3,636 0.64 South Korea (15.21%) 86,637 15.33 Coway 145,323 6,118 1.08 Hyundai Mobis 44,947 8,405 1.49 KB Financial 299,278 10,752 1.90 KT&G 129,095 6,726 1.19 Samsung Electronics 446,264 23,378 4.14 Shinhan Financial 367,737 8,820 1.56 SK Hynix 263,394 22,438 3.97 Taiwan (6.80%) 50,334 8.91 ASE Technology 1,346,000 3,728 0.66 Catcher Technology 706,000 3,784 0.67 Globalwafers 295,000 5,620 0.99 Hon Hai Precision Industry 3,274,368 10,430 1.85 Novatek Microelectronics 835,000 12,196 2.16 Quanta Computer 1,814,000 4,516 0.80 Taiwan Semiconductor Manufacturing 348,889 5,263 0.93 Wiwynn 224,000 4,797 0.85 Thailand (1.24%) 14,390 2.55 Kasikornbank 1,839,100 6,185 1.10 Siam Cement PCL/The 886,650 8,205 1.45 United Kingdom (3.80%) 20,687 3.66 Anglo American 239,190 6,799 1.20 Mondi 227,902 4,215 0.75 Unilever 238,649 9,673 1.71 Mutual Funds (5.14%) 27,837 4.93 Collective Investment Schemes (5.14%) 27,837 4.93 iShares Core MSCI EM IMI UCITS ETF 523,286 13,976 2.48 Vanguard FTSE Emerging Markets UCITS ETF 271,296 13,861 2.45 Portfolio of investments (98.67%) 555,962 98.37 Net other assets (1.33%) 9,209 1.63 Net assets attributable to Shareholders 565,171 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20.

16 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Emerging Markets Fund continued

Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 104,858 (167,809) Revenue 6,892 11,009 Expenses (2,913) (4,113) Interest payable and similar charges ——

Net revenue before taxation 3,979 6,896 Taxation (2,074) (459) Net revenue after taxation 1,905 6,437

Total return before distributions 106,763 (161,372)

Distributions (2,907) (5,734) Change in net assets attributable to Shareholders from investment activities 103,856 (167,106)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000

Opening net assets attributable to Shareholders 491,470 885,587 Amounts received on issue of shares 31,364 116,504 Amounts paid on redemption of shares (63,688) (271,550) (32,324) (155,046) Dilution adjustment 13 —

Change in net assets attributable to Shareholders from investment activities 103,856 (167,106) Retained distribution on accumulation shares 2,156 3,633 Closing net assets attributable to Shareholders 565,171 567,068

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 555,962 484,923 Current assets Debtors 4,341 2,924 Cash and bank balances 7,937 7,564 Total other assets 12,278 10,488 Total assets 568,240 495,411 Liabilities Creditors Bank overdrafts —(2) Distribution payable (681) (1,880) Other creditors (2,388) (2,059) Total other liabilities (3,069) (3,941) Total liabilities (3,069) (3,941) Net assets attributable to Shareholders 565,171 491,470

17 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Emerging Markets Fund continued

Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 AIncome 1.10% A Accumulation 1.10% BIncome 1.60% B Accumulation 1.60% SIncome 0.95% S Accumulation 0.95% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

123456 7

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 AIncome 20,659,235 26,852,681 36,062,131 A Accumulation 80,213,231 85,812,547 104,530,176 BIncome 3,381,993 3,782,648 6,585,742 B Accumulation 4,694,414 5,123,557 7,633,901 SIncome 55,878,240 59,080,482 238,752,042 S Accumulation 81,970,352 75,073,865 71,668,140

18 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Emerging Markets Fund continued

Fund Facts continued as at 31 March 2021

Distribution Information

A Income shares The distribution payable on 31 May 2021 is 1.4095p net per share. A Accumulation shares The distribution payable on 31 May 2021 is 1.8490p net per share. B Income shares The distribution payable on 31 May 2021 is 0.7359p net per share. B Accumulation shares The distribution payable on 31 May 2021 is 0.9053p net per share. S Income shares The distribution payable on 31 May 2021 is 0.6544p net per share. S Accumulation shares The distribution payable on 31 May 2021 is 0.7693p net per share.

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Income Opening net asset value per share 235.23 280.76 271.48 Closing net asset value per share 286.65 216.22 274.23 % Change in net asset value per share 21.86% -22.99% 1.01%

A Accumulation Opening net asset value per share 307.95 358.90 339.27 Closing net asset value per share 377.00 278.94 344.46 % Change in net asset value per share 22.42% -22.28% 1.53%

B Income Opening net asset value per share 236.54 282.12 272.83 Closing net asset value per share 288.19 217.40 275.57 % Change in net asset value per share 21.84% -22.94% 1.00%

B Accumulation Opening net asset value per share 290.93 340.80 323.78 Closing net asset value per share 355.28 264.19 327.91 % Change in net asset value per share 22.12% -22.48% 1.28%

S Income Opening net asset value per share 95.18 113.64 109.88 Closing net asset value per share 115.99 87.50 110.99 % Change in net asset value per share 21.86% -23.00% 1.01%

S Accumulation Opening net asset value per share 111.83 130.11 122.81 Closing net asset value per share 137.01 101.21 124.79 % Change in net asset value per share 22.52% -22.21% 1.61%

19 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Alpha Fund

Investment Manager’s Report Investment Objective The objective of the Lazard European Alpha Fund (the “Sub-fund”) is to achieve capital growth, net of fees, in excess of the FTSE World Europe ex. UK Index, measured in sterling, over at least 5 years.

Investment Policy The Sub-fund will invest at least 80% in equities and equity-related securities (namely, shares, common and preferred stock, warrants and rights). The Sub-fund will typically consist of between 45 to 60 holdings in European companies. The Sub- fund is actively managed and may invest in companies in any industry sector and of any market capitalisation.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 9.18% in sterling terms, against the FTSE World Europe ex UK Index, which returned 11.65%(1).

All data contained herein is sourced by Lazard Asset Management unless otherwise noted as at 31 March 2021. (1) Source: Lazard Asset Management, NAV to NAV Price, net income reinvested in sterling, A Income share class net of fees, to 31 March 2021. Figures refer to past performance which is not a reliable indicator of future results.

20 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Alpha Fund continued

Portfolio Review What contributed to Returns • Stock selection in consumer staples and underweight to health care • Porsche contributed positively to after good full-year results from Volkswagen (of which Porsche is a holding company) supported the share price, and there was also speculation about a potential IPO of the Porsche business which was well received • Not owning Nestle helped performance as bond proxy stocks underperformed in the first quarter of 2021 What detracted from Returns • Stock selection in basic materials, energy, and real estate • Pharmaceuticals business Novartis delivered fourth quarter results with revenues ahead of expectations but profits disappointed • SAP management guidance on the shift to cloud negatively surprised the market

Outlook Huge disparities in rates of recovery have emerged across countries and regions within Europe due to policy differences, COVID-19 vaccination rates and virus mutations. Within equities, a wide dispersion of valuation between the highest and lowest valued stocks could mean that a very different set of stocks outperform this year and in coming years. With the ECB needing to continue quantitative easing for longer, concerns about rising inflation will require careful monitoring. Political considerations also bear scrutiny, from domestic elections, Brexit frictions, and vaccine nationalism all emerging as other potential disruptions. With the widening dispersion of returns and valuations that we foresaw at the end of 2020 emerging, now is the time to be selective, rather than react to the market at a global level. A focus on fundamentals and active management will be critical to navigate the risks and opportunities of the cyclical and COVID-19 recoveries. Fund Manager: Aaron Barnfather and Paul Selvey-Clinton Figures refer to past performance which is not a reliable indicator of future results.

21 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Alpha Fund continued

Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (99.61%) 78,942 99.55 Austria (1.41%) 1,038 1.31 BAWAG 27,519 1,038 1.31 Denmark (6.28%) 4,569 5.76 Carlsberg 16,383 1,832 2.31 Genmab 3,606 866 1.09 Vestas Wind Systems 12,579 1,871 2.36 Finland (0.67%) 599 0.76 Nordea Bank 83,775 599 0.76 France (20.49%) 19,669 24.80 Alstom 30,545 1,106 1.39 Amundi 14,059 817 1.03 AXA 118,168 2,304 2.91 BNP Paribas 43,224 1,910 2.41 Capgemini 7,402 915 1.15 Engie 183,828 1,896 2.39 Eurazeo 14,745 815 1.03 Kering 1,823 914 1.15 LVMH Moet Hennessy Louis Vuitton 3,417 1,654 2.09 Orange 104,094 931 1.17 Pernod Ricard 10,555 1,439 1.81 Sanofi 35,193 2,526 3.19 SPIE 40,271 697 0.88 Vivendi 73,210 1,745 2.20 Germany (21.31%) 16,191 20.42 adidas 7,629 1,725 2.17 Continental 10,044 963 1.21 Covestro 23,666 1,162 1.47 Delivery Hero 5,241 493 0.62 Deutsche Wohnen 48,628 1,653 2.08 KION 17,729 1,274 1.61 Knorr-Bremse 8,114 737 0.93 MTU Aero Engines 7,098 1,217 1.53 Porsche Automobil pref. 39,945 3,089 3.90 Scout24 11,187 615 0.78 Symrise 10,852 956 1.21 TeamViewer 20,766 645 0.81 Vonovia 34,993 1,662 2.10 Italy (5.40%) 3,333 4.20 BFF Bank 184,392 985 1.24 Enel 324,535 2,348 2.96 Netherlands (9.06%) 6,114 7.71 Akzo Nobel 19,548 1,587 2.00 ASML 3,857 1,698 2.14 Koninklijke DSM 15,011 1,845 2.33 Prosus 12,177 984 1.24 Norway (0.58%) 566 0.71 Equinor 39,849 566 0.71 Poland (0.00%) 904 1.14 InPost 75,988 904 1.14 Portugal (2.03%) 2,678 3.38 EDP - Energias de Portugal 173,295 719 0.91 Galp Energia SGPS 231,839 1,959 2.47 Republic of Ireland (2.48%) 2,271 2.86 Kerry 12,711 1,155 1.45 Ryanair 13,386 1,116 1.41 Spain (3.01%) 2,486 3.14 Banco Santander 448,148 1,106 1.40 Industria de Diseno Textil 57,684 1,380 1.74 Sweden (3.12%) 2,672 3.37 Hexagon 17,910 1,196 1.51 Sandvik 74,420 1,476 1.86

22 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Alpha Fund continued

Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Switzerland (15.60%) 10,097 12.73 ABB 105,363 2,317 2.92 Alcon 29,813 1,519 1.92 Givaudan 217 609 0.77 Novartis 59,857 3,723 4.69 Roche 6,502 1,530 1.93 VAT 1,958 399 0.50 United Kingdom (8.17%) 5,755 7.26 Coca-Cola European Partners 38,230 1,438 1.81 Linde 9,365 1,903 2.40 RELX 53,829 982 1.24 Unilever 35,345 1,432 1.81 Portfolio of investments (99.61%) 78,942 99.55 Net other assets (0.39%) 356 0.45 Net assets attributable to Shareholders 79,298 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20.

23 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Alpha Fund continued

Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 6,620 (12,796) Revenue 701 528 Expenses (370) (367) Interest payable and similar charges ——

Net revenue before taxation 331 161 Taxation (120) (106) Net revenue after taxation 211 55

Total return before distributions 6,831 (12,741)

Distributions (214) (79) Change in net assets attributable to Shareholders from investment activities 6,617 (12,820)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000

Opening net assets attributable to Shareholders 74,466 80,067 Amounts received on issue of shares 2,509 742 Amounts paid on redemption of shares (4,438) (3,920) (1,929) (3,178)

Change in net assets attributable to Shareholders from investment activities 6,617 (12,820) Retained distribution on accumulation shares 143 56 Unclaimed distributions 11 Closing net assets attributable to Shareholders 79,298 64,126

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 78,942 74,178 Current assets Debtors 804 662 Cash and bank balances 749 814 Total other assets 1,553 1,476 Total assets 80,495 75,654 Liabilities Creditors Distribution payable (69) (162) Other creditors (1,128) (1,026) Total other liabilities (1,197) (1,188) Total liabilities (1,197) (1,188) Net assets attributable to Shareholders 79,298 74,466

24 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Alpha Fund continued

Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 AIncome 1.09% A Accumulation 1.09% BIncome 1.59% B Accumulation 1.59% CIncome 0.84% C Accumulation 0.84% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

123456 7

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 AIncome 818,485 836,925 600,574 A Accumulation 4,477,946 4,480,312 4,772,986 BIncome 766,968 787,658 1,141,036 B Accumulation 117,317 124,447 155,589 CIncome 2,073,366 2,042,464 2,253,919 C Accumulation 4,048,809 4,228,020 4,623,343

25 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Alpha Fund continued

Fund Facts continued as at 31 March 2021

Distribution Information

A Income shares The distribution payable on 31 May 2021 is 1.6614p net per share. A Accumulation shares The distribution payable on 31 May 2021 is 0.2202p net per share. B Income shares A shortfall for B Income shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021. B Accumulation shares A shortfall for B Accumulation shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021. C Income shares The distribution payable on 31 May 2021 is 2.6784p net per share. C Accumulation shares The distribution payable on 31 May 2021 is 3.2838p net per share.

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Income Opening net asset value per share 780.67 772.04 770.28 Closing net asset value per share 850.87 644.43 722.93 % Change in net asset value per share 8.99% -16.53% -6.15%

A Accumulation Opening net asset value per share 103.42 101.65 99.69 Closing net asset value per share 112.92 84.85 93.56 % Change in net asset value per share 9.19% -16.53% -6.15%

B Income Opening net asset value per share 782.42 773.87 772.25 Closing net asset value per share 852.26 644.42 722.99 % Change in net asset value per share 8.93% -16.73% -6.38%

B Accumulation Opening net asset value per share 895.53 884.68 872.08 Closing net asset value per share 975.44 736.64 816.41 % Change in net asset value per share 8.92% -16.73% -6.38%

C Income Opening net asset value per share 775.18 766.82 765.09 Closing net asset value per share 844.92 639.92 718.03 % Change in net asset value per share 9.00% -16.55% -6.15%

C Accumulation Opening net asset value per share 950.55 931.98 911.83 Closing net asset value per share 1,039.26 778.99 856.81 % Change in net asset value per share 9.33% -16.42% -6.03%

26 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Smaller Companies Fund

Investment Manager’s Report Investment Objective The objective of the Lazard European Smaller Companies Fund (the “Sub-fund”) is to achieve capital growth over at least 5 years.

Investment Policy The Sub-fund will invest at least 70% in equity and equity-related securities (namely, common and preferred stock, convertible securities, warrants and rights) of European smaller companies, being generally companies within the market capitalisation range of the MSCI Europe Small Cap Index. The Sub-fund is actively managed and, at the discretion of the ACD, the Sub-fund may retain its investments in companies which were within that bracket at the time of acquisition but which grow beyond it in the course of time. The Sub-fund uses the index as a measure of market capitalisation of companies, but is not constrained to invest in companies within the Index. The Sub-fund may invest in any industry sector. The Sub-fund may also invest in units or shares of other collective investment schemes (which may also include exchange traded funds and listed closed-end funds), cash and near cash. The Sub-fund may invest in shares or units of collective investment schemes which are managed or operated by the ACD or an associate of the ACD. The Sub-fund may use derivatives and forward transactions for the purposes of efficient portfolio management. The ACD considers that the use of derivatives for this purpose is not likely to affect the volatility or risk profile of the Sub-fund.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 21.75% in sterling terms, against the MSCI Europe Small Cap Index, which returned 20.10%(1).

27 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Smaller Companies Fund continued

Portfolio Review What contributed to Returns • Stock selection in the health care and industrials sectors, as well as within the UK and Netherlands • UK-domiciled Volution, a leading international supplier of ventilation products, posted excellent results for the first half of its fiscal year (announced in March). Management already exceeded its promise to reach a 20% profit margin by the end of the current financial year, and top line growth is very strong with new product penetration and attractive pricing • FlatexDeGiro was a key contributor to strategy performance for the six months ending 31 March 2021. In late February, the group announced preliminary figures for 2020, reflecting an almost-doubling of revenues versus 2019-driven by strong organic customer growth and above-average trading activity per customer What detracted from Returns • Stock selection in communication services, energy and consumer staples sectors, as well as within France • Stillfront, a Sweden-listed digital games developer, detracted from relative performance in the period. The company announced a mixed set of results during the period as customer acquisition costs were somewhat higher than expected and foreign exchange impacts were unfavourable • TeamViewer, a German-listed software solutions provider that enables full remote access and control functionality for connected devices, detracted from performance in the period. During the period, the company announced two marketing partnerships that will positively impact the business in the long term, but negatively impact profitability in the near term

Outlook Huge disparities in rates of recovery have emerged across countries and regions within Europe due to policy differences, COVID-19 vaccination rates and virus mutations. Within equities, a wide dispersion of valuation between the highest and lowest valued stocks could mean that a very different set of stocks outperform this year and in coming years. With the ECB needing to continue quantitative easing for longer, concerns about rising inflation will require careful monitoring. Political considerations also bear scrutiny, from domestic elections, Brexit frictions, and vaccine nationalism all emerging as other potential disruptions. With the widening dispersion of returns and valuations that we foresaw at the end of 2020 emerging, now is the time to be selective, rather than react to the market at a global level. A focus on fundamentals and active management will be critical to navigate the risks and opportunities of the cyclical and COVID-19 recoveries. Fund Manager: Ed Rosenfeld and team. Figures refer to past performance which is not a reliable indicator of future results.

28 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Smaller Companies Fund continued

Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (97.83%) 245,340 99.33 Austria (1.35%) 3,412 1.38 BAWAG 90,500 3,412 1.38 Belgium (3.74%) 7,992 3.24 Barco 146,733 2,501 1.02 Fagron 161,266 2,599 1.05 Kinepolis 76,877 2,892 1.17 Denmark (3.26%) 3,645 1.48 Royal Unibrew 47,957 3,645 1.48 Finland (3.26%) 7,340 2.97 Altia 257,273 2,332 0.94 Kemira 247,188 2,759 1.12 Kojamo 158,686 2,249 0.91 France (2.11%) 4,220 1.71 Gaztransport Et Technigaz 33,685 1,950 0.79 Rubis 65,974 2,270 0.92 Germany (13.20%) 37,603 15.22 CompuGroup Medical & 37,841 2,329 0.94 Covestro 76,942 3,777 1.53 Dermapharm 93,082 4,848 1.96 Encavis 86,803 1,193 0.48 flatexDEGIRO 84,097 5,645 2.29 Friedrich Vorwerk 28,403 1,226 0.50 JOST Werke 126,769 5,831 2.36 LEG Immobilien 30,752 2,943 1.19 Nagarro 29,405 2,345 0.95 PATRIZIA 139,661 2,570 1.04 Scout24 40,100 2,205 0.89 TeamViewer 86,622 2,691 1.09 Italy (7.78%) 20,797 8.42 Banca Generali 113,681 2,907 1.18 De’ Longhi 81,116 2,378 0.96 El.En. 94,428 2,811 1.14 Illimity Bank 304,951 2,476 1.00 Italgas 734,413 3,463 1.40 Sesa 27,855 2,473 1.00 Tinexta 224,756 4,289 1.74 Jersey (1.89%) 3,938 1.59 JTC 641,448 3,938 1.59 Luxembourg (4.19%) 9,849 3.99 Aroundtown 673,132 3,491 1.41 Shurgard Self Storage 99,814 3,303 1.34 Stabilus 59,665 3,055 1.24 Netherlands (7.81%) 22,640 9.17 Aalberts 115,496 4,250 1.72 Arcadis 171,944 5,092 2.06 ASM International 27,795 5,872 2.38 Euronext 24,177 1,768 0.72 Meltwater 399,337 1,662 0.67 Van Lanschot Kempen 197,112 3,996 1.62 Norway (1.34%) 2,705 1.09 Crayon 237,741 2,705 1.09 Portugal (1.11%) 2,110 0.85 Corticeira Amorim SGPS 244,743 2,110 0.85 Republic of Ireland (1.00%) 3,332 1.35 Dalata Hotel 925,700 3,332 1.35 Spain (1.53%) 8,747 3.54 Bankinter 676,293 3,411 1.38 Fluidra 154,522 3,205 1.30 Merlin Properties Socimi 286,949 2,131 0.86

29 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Smaller Companies Fund continued

Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Sweden (13.84%) 24,862 10.07 Arjo 316,345 1,707 0.69 Getinge 143,188 2,878 1.17 Hexpol 276,391 2,271 0.92 Karnov 919,559 3,969 1.61 Lindab International 169,416 2,482 1.01 Nobina 573,106 3,493 1.41 Nordic Entertainment 63,400 2,053 0.83 Nordnet publ 108,165 1,267 0.51 SkiStar 205,577 2,038 0.83 Stillfront 402,719 2,704 1.09 Switzerland (3.81%) 9,207 3.73 Cembra Money Bank 22,350 1,790 0.72 Logitech International 18,080 1,380 0.56 Siegfried 4,390 2,632 1.07 Swissquote 36,240 3,405 1.38 United Kingdom (26.61%) 72,941 29.53 3i 237,655 2,741 1.11 Ascential 863,089 2,900 1.18 Auto Trader 583,065 3,233 1.31 Bellway 93,079 3,167 1.28 Big Yellow 224,296 2,501 1.01 Britvic 360,936 3,019 1.22 Bytes Technology 402,455 1,607 0.65 ConvaTec 1,050,463 2,060 0.83 Dechra Pharmaceuticals 65,212 2,237 0.91 Electrocomponents 394,602 3,918 1.59 Gamma Communications 113,741 1,860 0.75 GB 179,078 1,518 0.62 Genuit 673,090 3,736 1.51 Greggs 156,677 3,516 1.42 IMI 297,108 3,960 1.60 JD Sports Fashion 369,560 3,047 1.23 Jet2 220,812 2,795 1.13 On the Beach 761,401 3,087 1.25 Pennon 351,554 3,427 1.39 Smart Metering Systems 516,496 4,287 1.73 Synthomer 955,079 4,432 1.80 Volution 1,722,849 6,805 2.76 Weir 173,796 3,088 1.25 Portfolio of investments (97.83%) 245,340 99.33 Net other assets (2.17%) 1,652 0.67 Net assets attributable to Shareholders 246,992 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20.

30 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Smaller Companies Fund continued

Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 44,803 (44,401) Revenue 1,091 1,076 Expenses (1,200) (1,217) Interest payable and similar charges ——

Net expense before taxation (109) (141) Taxation (6) (21) Net expense after taxation (115) (162)

Total return before distributions 44,688 (44,563)

Distributions (33) (19) Change in net assets attributable to Shareholders from investment activities 44,655 (44,582)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000

Opening net assets attributable to Shareholders 223,952 246,650 Amounts received on issue of shares 8,764 9,450 Amounts paid on redemption of shares (30,401) (19,022) (21,637) (9,572) Dilution adjustment —21

Change in net assets attributable to Shareholders from investment activities 44,655 (44,582) Retained distribution on accumulation shares 22 17 Closing net assets attributable to Shareholders 246,992 192,534

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 245,340 219,101 Current assets Debtors 1,064 1,478 Cash and bank balances 1,291 4,311 Total other assets 2,355 5,789 Total assets 247,695 224,890 Liabilities Creditors Bank overdrafts — (28) Other creditors (703) (910) Total other liabilities (703) (938) Total liabilities (703) (938) Net assets attributable to Shareholders 246,992 223,952

31 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Smaller Companies Fund continued

Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 A Accumulation 1.06% B Accumulation 1.56% C Accumulation 0.81% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

123456 7

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 A Accumulation 24,229,802 25,010,741 27,821,693 B Accumulation 340,300 386,020 550,338 C Accumulation 6,172,338 8,306,830 10,533,551

32 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard European Smaller Companies Fund continued

Fund Facts continued as at 31 March 2021

Distribution Information

A Accumulation shares A shortfall for A Accumulation shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021. B Accumulation shares A shortfall for B Accumulation shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021 C Accumulation shares The distribution payable on 31 May 2021 is 0.3568p net per share.

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Accumulation Opening net asset value per share 669.42 639.63 687.07 Closing net asset value per share 808.23 519.38 612.72 % Change in net asset value per share 20.74% -18.80% -10.82%

B Accumulation Opening net asset value per share 615.22 590.79 637.80 Closing net asset value per share 740.95 478.51 567.35 % Change in net asset value per share 20.44% -19.01% -11.05%

C Accumulation Opening net asset value per share 651.88 621.28 665.71 Closing net asset value per share 788.01 505.13 594.41 % Change in net asset value per share 20.88% -18.70% -10.71%

33 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Global Equity Income Fund

Investment Manager’s Report Investment Objective The objective of the Lazard Global Equity Income Fund (the “Sub-fund”) is to seek to generate substantial income as well as long term capital growth.

Investment Policy The Sub-fund will invest at least 70% in global equities and equity related securities, including common and preferred stock and depositary receipts.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 23.16% in sterling terms, against the MSCI All Country World Value Index, which returned 18.97%(1).

Market Review For the trailing six-month period that ended 31 March 2021, global equity markets rose sharply, as encouraging global developments buoyed risk appetite. The period was marked by the discovery of a coronavirus vaccine in November. The news was greeted enthusiastically by investors, who bet that the vaccine’s successful, widespread deployment—coupled with the current ultra-low interest rate environment—would provide a pathway for the world economy to normalize in 2021. However, coronavirus risk remained top of mind for investors even with this positive development, as a bumpy, uneven rollout of vaccines worldwide collided with a resurgence in virus cases. In Europe, concerns grew about the eurozone’s economic outlook when another wave of infections swept through the common currency bloc in March, resulting in several prominent countries imposing national lockdowns. However, market concerns were allayed by news that the European Central Bank (ECB) would speed up its stimulus program to ease the economic duress on the eurozone brought about by the pandemic. Developments in the US had an outsize role in stock market behaviour. With the deployment of coronavirus vaccines accelerating and the enactment of additional fiscal relief measures in March, investors grew increasingly confident of strong domestic economic growth in the second half of 2021, and with it, higher inflation. Concerns about inflation prompted a sell- off in the government bond market that drove the yield on the benchmark 10-year US Treasury note to some of its highest levels since before the pandemic. While some market participants speculate that inflation may provide a headwind to certain companies, many businesses are nonetheless expected to benefit from normalised demand trends across end- markets. Stock markets in both the developed and developing world gained in the period, with the latter outperforming the former. In the US, the stock market was bolstered by the country’s brightening economic outlook and an exceptionally strong fourth-quarter corporate earnings season. Across the Atlantic, Europe’s equity markets advanced despite worries about the resurgence of the coronavirus, as encouraging fourth-quarter corporate results suggested an earnings recovery in 2021. In Japan, positive sentiment about Japanese corporate earnings growth potential and the belief that the country is well positioned to benefit from a global economic recovery buoyed the stock market there. Meanwhile, in the developing world, China’s stock market advanced but underperformed the broader market index, as investors pulled back in the latter part of the period on concerns about corporate earnings growth potential and stretched stock valuations.

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Portfolio Review What contributed to Returns • Stock selection in technology, consumer discretionary and financials • Shares of chipmaker Applied Materials rose amid expectations for increased demand for its equipment, as a key customer announced plans to expand production. We continue to own Applied Materials as we believe the company should see further share gains as demand trends normalise • JNBY Design a high-end Chinese design and clothing retailer helped performance as shares rose sharply as the company reported better than expected earnings driven by robust same store sales growth What detracted from Returns • The underweight position and stock selection in the energy sector detracted from performance, as did stock selection in communication services • Shares of Gaztransport decline following weaker than expected earnings. We continue to like Gaztransport due to its key technology in containment systems for the LNG industry, strong balance sheet and order backlog and cash flow • Video game maker Nintendo lagged following strong performance earlier in the year on concern whether they can maintain earnings growth as stay-at-home tailwind fades. We believe Nintendo can maintain higher margins and earnings and, as a result, should no longer be as volatile as it once was, rising and collapsing with the console cycle

Outlook Economies are at a crossroads in their recoveries. Advanced economies, led by the US, are on the verge of rapid growth both because of vaccination rollouts and because of fiscal stimuli that have prepped these economies for reopening once herd immunity is predicted to be reached towards the end of the second quarter of 2021. The US continues to vaccinate almost 3 million people per day, and the EU approximately 1.5 million per day. While advanced economies have a long way to go - particularly on their labour markets and ensuring an equitable recovery. International Monetary Fund (IMF) estimates suggest that advanced economies are well positioned for economic recoveries. Even though Europe, China and Japan have lagged behind rapid US vaccine deployment, they continue to progress at a pace far outstripping emerging markets. Notably, the IMF estimates that many emerging markets will not return to pre-pandemic levels of economic activity until 2023. 2021 could see bumper growth beginning in the second quarter. The resulting inflation in advanced economies may cause portfolio concerns, but we believe investors should stay focused on the intermediate- to long-term. Core personal consumption expenditure inflation in the United States has not been sustained above 3% since 1991. It will take more than one or two years of 2-3% inflation to de-anchor expectations created by a lifetime of actual experience. As such, we believe investors should prepare themselves to take advantage of opportunities that might arise on the occasion when markets overreact to short-lived inflation fears. Fund Manager: Jimmie Bork and Nicholas Sordoni. Figures refer to past performance which is not a reliable indicator of future results

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Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (98.57%) 82,894 98.62 Australia (1.18%) —— Brazil (1.12%) 913 1.09 Banco Bradesco 268,138 913 1.09 Canada (3.19%) 851 1.01 Toromont Industries 15,400 851 1.01 China (3.47%) 4,370 5.20 China Longyuan Power 2,003,000 1,968 2.34 JNBY Design 1,222,500 1,566 1.86 Ping An Insurance of China 96,500 836 1.00 Denmark (0.00%) 861 1.02 Tryg 50,291 861 1.02 France (3.15%) 2,063 2.45 Engie 117,794 1,215 1.44 Gaztransport Et Technigaz 14,656 848 1.01 Germany (3.57%) 1,270 1.51 Allianz 6,867 1,270 1.51 Greece (1.91%) —— Hong Kong (1.59%) —— Italy (3.94%) 3,583 4.26 BFF Bank 523,519 2,796 3.33 Enel 108,790 787 0.93 Japan (3.20%) 2,897 3.45 BayCurrent Consulting 8,200 1,370 1.63 Hitachi 22,800 754 0.90 Nintendo 1,900 773 0.92 Mexico (2.35%) 2,348 2.79 Arca Continental 436,800 1,554 1.85 Grupo Aeroportuario del Centro Norte 175,000 794 0.94 Netherlands (0.00%) 1,258 1.50 Akzo Nobel 15,505 1,258 1.50 Norway (0.96%) 1,121 1.33 Gjensidige Forsikring 65,836 1,121 1.33 Portugal (0.69%) —— Republic of Ireland (3.95%) 3,182 3.79 Accenture 7,331 1,468 1.75 Medtronic 20,010 1,714 2.04 Russia (3.09%) 4,450 5.29 Fix Price 117,419 831 0.99 LUKOIL 16,741 981 1.16 Moscow Exchange MICEX-RTS 567,823 948 1.13 Sberbank of Russia 151,377 1,690 2.01 Singapore (1.95%) 1,492 1.78 NetLink NBN Trust 2,925,900 1,492 1.78 South Korea (3.11%) 2,983 3.55 Samsung Electronics 18,920 991 1.18 SK Hynix 23,383 1,992 2.37 Spain (0.97%) —— Switzerland (4.66%) 1,621 1.93 ABB 73,687 1,621 1.93 Taiwan (2.12%) 2,121 2.52 Taiwan Semiconductor Manufacturing 24,756 2,121 2.52 United Kingdom (3.64%) 6,989 8.32 3i 104,981 1,211 1.44 ITV 682,506 820 0.98 National Grid 130,830 1,130 1.35 Paragon Banking 188,800 864 1.03

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Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets United Kingdom (continued) RELX 66,542 1,214 1.44 Rio Tinto 16,319 906 1.08 Unilever 20,804 844 1.00 United States (44.76%) 38,521 45.83 Allstate 18,243 1,519 1.81 American Express 17,242 1,769 2.11 Analog Devices 7,153 804 0.96 Anthem 6,651 1,731 2.06 Applied Materials 15,527 1,503 1.79 Bank of America 100,758 2,828 3.36 Bristol-Myers Squibb 23,856 1,092 1.30 Coca-Cola 33,698 1,288 1.53 FedEx 9,256 1,906 2.27 Fidelity National Information Services 10,441 1,064 1.27 Fifth Third Bancorp 71,198 1,933 2.30 Gaming and Leisure Properties 67,903 2,088 2.48 Hasbro 24,399 1,700 2.02 Johnson & Johnson 16,400 1,952 2.32 JPMorgan Chase & 9,855 1,088 1.29 Leggett & Platt 19,818 656 0.78 McDonald’s 5,171 840 1.00 MetLife 34,388 1,515 1.80 Microsoft 6,755 1,154 1.37 Mondelez International 25,024 1,062 1.26 Norfolk Southern 3,456 673 0.80 Pfizer 34,900 916 1.09 PNC Financial Services 16,233 2,064 2.46 PotlatchDeltic 19,516 748 0.89 Prologis 17,636 1,355 1.61 Valero Energy 19,899 1,033 1.23 Verizon Communications 37,038 1,560 1.86 Watsco 3,597 680 0.81 Portfolio of investments (98.57%) 82,894 98.62 Net other assets (1.43%) 1,160 1.38 Net assets attributable to Shareholders 84,054 100.00 Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20.

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Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 16,381 (21,552) Revenue 1,112 1,677 Expenses (392) (428) Interest payable and similar charges ——

Net revenue before taxation 720 1,249 Taxation (28) (126) Net revenue after taxation 692 1,123

Total return before distributions 17,073 (20,429)

Distributions (1,021) (1,487) Change in net assets attributable to Shareholders from investment activities 16,052 (21,916)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000

Opening net assets attributable to Shareholders 78,972 101,925 Amounts received on issue of shares 1,826 1,651 Amounts paid on redemption of shares (13,077) (7,551) (11,251) (5,900)

Change in net assets attributable to Shareholders from investment activities 16,052 (21,916) Retained distribution on accumulation shares 280 379 Unclaimed distributions 12 Closing net assets attributable to Shareholders 84,054 74,490

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 82,894 77,846 Current assets Debtors 569 607 Cash and bank balances 1,547 1,196 Total other assets 2,116 1,803 Total assets 85,010 79,649 Liabilities Creditors Distribution payable (271) (454) Other creditors (685) (223) Total other liabilities (956) (677) Total liabilities (956) (677) Net assets attributable to Shareholders 84,054 78,972

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Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 AIncome 1.14% A Accumulation 1.14% BIncome 1.64% B Accumulation 1.64% CIncome 0.89% C Accumulation 0.89% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

123456 7

The risk and reward category is calculated using historic data and may not be a reliable indicator of the Sub-fund’s future risk profile. The risk and reward category may shift over time and is not a target or guarantee. The lowest category (i.e. category 1) does not mean “risk free”. The risk rating of this share class is calculated on the basis of historic volatility – i.e. how much the value of the underlying assets of the Sub-fund has fluctuated over the last 5 years. This share class has been placed in the risk category stated above, because based on the simulated historic data, the underlying assets within the Sub-fund have shown high volatility. Please note, there are other risks that may not be reflected in the risk and reward categories above. Some of these risks are summarised below. There is no capital guarantee or protection of the value of the Sub-fund. The value of your investment and the income from it can go down as well as up and you may not get back the amount you originally invested. The Sub-fund’s high yielding assets may carry a greater risk of capital values falling or have limited prospects of capital growth or recovery. This Sub-fund may invest in the securities of emerging markets. These markets may be less developed than others and so there is a greater risk that the Sub-fund may experience greater volatility, delays in buying, selling and claiming ownership of its investments. Emerging markets may also have less developed political, economic and legal systems and there is a higher risk that the Sub-fund may not get back its money. The Sub-fund may invest in units or shares of other investment funds. Such other funds may themselves be subject to their own fees and expenses. The annual management charge is deducted from the capital of the Sub-fund. This may increase the amount of income available for distribution from the Sub-fund but may constrain or erode potential for capital growth. The returns from your investment may be affected by changes in the exchange rate between the Sub-fund’s base currency, the currency of the Sub-fund’s investments, your share class and your home currency. See ЉRisk FactorsЉ in the UCITS’ Prospectus for more information about risks.

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Fund Facts continued as at 31 March 2021

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 AIncome 2,514,681 2,690,822 6,014,002 A Accumulation 205,864 229,372 249,152 BIncome 1,604,988 1,606,577 2,066,018 B Accumulation 1,602,789 1,608,597 1,947,903 CIncome 46,046,671 55,260,026 61,554,854 C Accumulation 9,616,990 9,978,701 11,525,443

Distribution Information

A Income shares The distribution payable on 31 May 2021 is 0.5423p net per share. A Accumulation shares The distribution payable on 31 May 2021 is 1.0178p net per share. B Income shares The distribution payable on 31 May 2021 is 0.5071p net per share. B Accumulation shares The distribution payable on 31 May 2021 is 0.9475p net per share. C Income shares The distribution payable on 31 May 2021 is 0.5400p net per share. C Accumulation shares The distribution payable on 31 May 2021 is 1.0096p net per share.

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Income Opening net asset value per share 97.73 109.28 109.38 Closing net asset value per share 118.30 84.61 104.29 % Change in net asset value per share 21.05% -22.58% -4.65% A Accumulation Opening net asset value per share 182.18 196.84 187.89 Closing net asset value per share 223.05 155.10 182.67 % Change in net asset value per share 22.43% -21.21% -2.78% B Income Opening net asset value per share 91.57 102.88 103.49 Closing net asset value per share 110.56 79.46 98.43 % Change in net asset value per share 20.74% -22.76% -4.89% B Accumulation Opening net asset value per share 169.93 184.52 177.01 Closing net asset value per share 207.54 145.03 171.67 % Change in net asset value per share 22.13% -21.40% -3.02% C Income Opening net asset value per share 97.19 108.39 108.22 Closing net asset value per share 117.78 84.04 103.31 % Change in net asset value per share 21.19% -22.47% -4.54% C Accumulation Opening net asset value per share 180.52 194.57 185.26 Closing net asset value per share 221.30 153.50 180.33 % Change in net asset value per share 22.59% -21.11% -2.66%

40 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Balanced Fund

Investment Manager’s Report Investment Objective The objective of the Lazard Managed Balanced Fund (the “Sub-fund”) is to achieve capital growth whilst maintaining a reasonable yield.

Investment Policy The Sub-fund will invest in a diversified portfolio of equities and bonds. The Sub-fund will typically invest between 40% - 85% in equities. The portfolio of the Sub-fund consists of three core components: UK Equity Diversified, Global Equity Select and UK Aggregate Bond.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 11.84% in sterling terms, against the composite benchmark of the 50% FTSE All-Share Index, 25% MSCI All Countries World Index and 25% FTSE UK Government All Stocks Index, which returned 10.41%(1).

Market Review For most of the period under review, the pandemic was a key driver of market behaviour. Amid growing anxiety about spikes in cases globally, as well as the emergence of a new, more infectious strains, news of the discovery of a vaccine was greeted enthusiastically by investors in the final months of the year. With key central banks and fiscal policymakers supplying aggressive stimulus measures throughout 2020, investors have been betting that a successful, widespread deployment of the recently developed coronavirus vaccines will provide a pathway for the world economy to normalise in 2021. The signing of a trade deal between the UK and European Union in December 2020 was also met with enthusiasm by markets, ending months of deadlocked negotiations and uncertainty over the trading relationship. Efforts to reopen the UK economy have been supported by a successful vaccination roll-out, and the government announced a “one-way journey” out of lockdowns, bolstering hopes for a strong recovery in the second half of the year and improved growth forecasts. Global equities exhibited similar behaviour, buoyed by accommodative central bank policies and better-than-expected economic data. In the US, growing optimism about the domestic economic outlook and an exceptionally strong fourth- quarter corporate earnings season led the S&P 500 Index—the bellwether of the US equity market—to outperform the broader global market benchmark by a healthy margin in Q1 2021. Across the Atlantic, Europe’s stock markets gained on encouraging corporate fourth-quarter earnings results and news that the European Central Bank would speed up its stimulus program to ease the economic duress on the euro zone brought about by the pandemic. In Japan, the stock market continued to rally on solid corporate earnings and encouraging domestic data that suggested that the country’s economy was on track to return to pre-pandemic levels by next year. For the fixed income component of the portfolio, 10-year UK government bond yields have risen sharply from a low of 0.17% towards 0.85% at the end of the reporting period. Credit spreads tightened strongly following the announcements of encouraging vaccine trial results, thereby at least partially mitigating the rising yields environment. Especially bonds from travel and leisure exposed names performed strongly. However, from a total return perspective, fixed income markets were strongly under pressure due to the extraordinary economic growth outlook and fears that this might lead to inflation strongly above central bank’s target rates.

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What detracted from Returns • In the United Kingdom, the underweight to and stock selection in energy, as well as the overweight exposure to consumer staples • Internationally, the underweight position and stock selection in the energy sector detracted from performance, as did stock selection in communication services • In the fixed income component, exposure in longer-dated UK Gilts detracted from performance

Outlook Economies are at a crossroads in their recoveries. Advanced economies, led by the US, are on the verge of rapid growth both because of vaccination rollouts and because of fiscal stimuli that have prepped these economies for reopening once herd immunity is predicted to be reached towards the end of the second quarter of 2021. The US continues to vaccinate almost 3 million people per day, and the EU approximately 1.5 million per day. While advanced economies have a long way to go - particularly on their labour markets and ensuring an equitable recovery. International Monetary Fund (IMF) estimates suggest that advanced economies are well positioned for economic recoveries. Even though Europe, China and Japan have lagged behind rapid US vaccine deployment, they continue to progress at a pace far outstripping emerging markets. Notably, the IMF estimates that many emerging markets will not return to pre-pandemic levels of economic activity until 2023. 2021 could see bumper growth beginning in the second quarter. The resulting inflation in advanced economies may cause portfolio concerns, but we believe investors should stay focused on the intermediate- to long-term. Core personal consumption expenditure inflation in the United States has not been sustained above 3% since 1991. It will take more than one or two years of 2-3% inflation to de-anchor expectations created by a lifetime of actual experience. As such, we believe investors should prepare themselves to take advantage of opportunities that might arise on the occasion when markets overreact to short-lived inflation fears Fund Manager: Alan Custis and team Figures refer to past performance which is not a reliable indicator of future results.

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Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (71.74%) 28,118 81.87 Bermuda (0.35%) 190 0.55 Hiscox 22,059 190 0.55 Brazil (0.00%) 114 0.33 Banco Bradesco 33,400 114 0.33 Canada (1.78%) 718 2.09 BRP 1,909 120 0.35 CAE 6,055 125 0.36 Canadian National Railway 1,628 137 0.40 Dollarama 4,655 147 0.43 National Bank of Canada 3,851 189 0.55 China (1.71%) 555 1.62 Alibaba 1,531 252 0.74 Tencent 5,300 303 0.88 Denmark (0.56%) 241 0.70 Carlsberg 1,093 122 0.35 Vestas Wind Systems 796 119 0.35 France (0.00%) 287 0.84 LVMH Moet Hennessy Louis Vuitton 326 157 0.46 Pernod Ricard 952 130 0.38 Germany (1.35%) 211 0.61 Merck 913 113 0.33 TeamViewer 3,143 98 0.28 Hong Kong (1.36%) 422 1.23 AIA 24,600 217 0.63 China Gas 69,400 205 0.60 Israel (0.28%) —— Japan (1.78%) 588 1.71 BayCurrent Consulting 1,100 183 0.53 Kansai Paint 5,300 103 0.30 Nintendo 400 163 0.47 Shimano 800 139 0.41 Jersey (0.20%) —— Macau (0.33%) 159 0.46 Sands China 44,000 159 0.46 Netherlands (2.67%) 937 2.73 NXP Semiconductors 1,292 189 0.55 Royal Dutch Shell 30,197 403 1.17 Wolters Kluwer 5,463 345 1.01 Republic of Ireland (0.86%) 681 1.98 Accenture 1,461 293 0.85 Flutter Entertainment 1,058 164 0.48 Smurfit Kappa 6,590 224 0.65 South Africa (0.13%) —— South Korea (0.49%) 153 0.44 LG Household & Health Care 152 153 0.44 Spain (0.00%) 120 0.35 Industria de Diseno Textil 5,006 120 0.35 Sweden (1.45%) 573 1.67 Assa Abloy 5,931 124 0.36 Epiroc 15,757 259 0.76 Hexagon 2,841 190 0.55 Switzerland (1.83%) 577 1.68 ABB 7,713 170 0.49 Coca-Cola HBC 10,113 233 0.68 Partners 187 174 0.51 Taiwan (0.72%) 292 0.85 Taiwan Semiconductor Manufacturing 3,413 292 0.85

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Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets United Kingdom (35.31%) 15,652 45.58 Advertising (0.77%) WPP 25,191 232 0.67 Aerospace & Defence (0.24%) Meggitt 28,461 136 0.40 Agriculture (1.26%) British American Tobacco 18,569 515 1.50 Airlines (0.21%) JET2 12,575 159 0.46 Apparel (0.38%) Burberry 10,337 196 0.57 Banks (2.12%) Barclays 281,605 523 1.52 HSBC 58,094 246 0.72 Lloyds Banking 700,803 298 0.87 Paragon Banking 35,880 164 0.48 Standard Chartered 63,055 315 0.92 Virgin Money UK 78,727 149 0.43 Beverages (2.12%) Britvic 14,349 120 0.35 Coca-Cola European Partners 3,701 140 0.41 Diageo 25,125 751 2.18 Chemicals (0.35%) Johnson Matthey 6,425 193 0.56 Synthomer 36,398 169 0.49 Commercial Services (1.17%) Intertek 3,048 171 0.50 RELX 24,324 443 1.29 Rentokil Initial 33,746 163 0.47 Computers (0.27%) Serco 127,723 176 0.51 Cosmetics & Personal Care (2.69%) Unilever 21,343 866 2.52 Distribution & Wholesale (1.19%) Ferguson 3,475 301 0.88 Diversified Financial Services (1.36%) Foresight 30,091 128 0.37 IG 12,970 117 0.34 London Stock Exchange 2,260 157 0.46 Man 140,518 226 0.66 Electricity (0.00%) Drax 19,768 83 0.24 Food Producers (2.64%) Associated British Foods 8,470 205 0.60 Greggs 6,568 147 0.43 SSP 27,386 102 0.30 Tesco 129,585 297 0.86 Healthcare Products (0.47%) ConvaTec 82,560 162 0.47 Home Builders (0.44%) Persimmon 7,450 219 0.64 Household Products (0.85%) Insurance (1.91%) Direct Line Insurance 47,001 147 0.43 Prudential 39,848 614 1.79

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Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets United Kingdom (continued) Internet (0.46%) Investment Companies (0.18%) Leisure Time (0.32%) Lodging (0.38%) Whitbread 6,628 227 0.66 Machinery Construction & Mining (0.30%) Weir 10,590 188 0.55 Machinery Diversified (0.51%) IMI 16,884 225 0.66 Vesuvius 21,167 114 0.33 Media (0.39%) ITV 198,866 239 0.70 Mining (2.32%) Anglo American 14,235 405 1.18 Rio Tinto 13,176 731 2.13 Miscellaneous Manufacturing (0.43%) Volution 62,630 247 0.72 Oil & Gas Producers (1.64%) BP 209,375 617 1.80 Cairn Energy 70,850 121 0.35 Oil & Gas Services (0.26%) John Wood 37,669 102 0.30 Pharmaceuticals (3.93%) AstraZeneca 12,273 890 2.59 GlaxoSmithKline 23,714 305 0.89 Private Equity (0.68%) 3i 23,870 276 0.80 Draper Esprit 20,701 167 0.49 Real Estate Investment & Services (0.27%) Helical 31,949 131 0.38 Real Estate Investment Trusts (0.51%) Derwent London 4,251 137 0.40 Shaftesbury 20,768 133 0.39 Retail (1.01%) DFS Furniture 71,039 192 0.56 Dunelm 9,155 119 0.34 JD Sports Fashion 23,249 192 0.56 Mitchells & Butlers 56,266 181 0.53 Restaurant 143,599 176 0.51 Software (0.00%) AVEVA 2,832 97 0.28 Telecommunications (0.92%) Vodafone 310,724 410 1.19 Water (0.36%) United States (18.58%) 5,648 16.45 Alphabet 275 411 1.20 AmerisourceBergen 2,215 190 0.55 Aon 1,853 309 0.90 Boston Scientific 5,093 143 0.42 Charles Schwab 3,923 185 0.54 Coca-Cola 6,562 251 0.73 Dollar General 1,412 207 0.60 Intercontinental Exchange 2,967 240 0.70 IQVIA 2,341 328 0.95 Johnson & Johnson 2,248 268 0.78

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Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets United States (continued) Lowe’s Cos 1,540 212 0.62 McDonald’s 1,183 192 0.56 Microsoft 2,371 405 1.18 Motorola Solutions 1,606 219 0.64 Palo Alto Networks 523 122 0.36 Procter & Gamble 1,933 190 0.55 PTC 2,016 201 0.59 Rockwell Automation 925 178 0.52 S&P Global 783 200 0.58 Texas Instruments 1,671 229 0.67 Thermo Fisher Scientific 1,155 382 1.11 Visa 1,572 242 0.70 Warner Music 3,103 77 0.22 Zoetis 2,337 267 0.78 Fixed Interest (26.56%) 5,701 16.60 Government Stocks (10.76%) 1,909 5.56 United Kingdom Gilt 1.75% 07/9/2037 £230,000 247 0.72 United Kingdom Gilt 3.25% 22/1/2044 £680,000 929 2.71 United Kingdom Gilt 4.5% 07/12/2042 £460,000 733 2.13 Corporate Bonds (15.80%) 3,792 11.04 Abertis Infraestructuras 3.375% 27/11/2026 £100,000 107 0.31 APT Pipelines 2.5% 15/3/2036 £200,000 196 0.57 AT&T 2.9% 04/12/2026 £100,000 108 0.31 Aviva 5.125% 04/6/2050 £100,000 118 0.34 Banco Santander 1.75% 17/2/2027 £100,000 100 0.29 Barclays 3.25% 17/1/2033 £100,000 110 0.32 BHP Billiton Finance 6.5% 22/10/2077 £100,000 108 0.31 BNP Paribas 1.25% 13/7/2031 £100,000 92 0.27 Bunzl Finance 1.5% 30/10/2030 £100,000 96 0.28 Comcast 5.5% 23/11/2029 £50,000 65 0.19 Commerzbank 1.75% 22/1/2025 £100,000 101 0.29 Danske Bank 2.25% 14/1/2028 £100,000 102 0.30 Deutsche Bank 1.875% 22/12/2028 £100,000 98 0.28 DS Smith 2.875% 26/7/2029 £100,000 105 0.31 Gatwick Funding 3.25% 26/2/2048 £100,000 99 0.29 Glencore Finance Europe 3.125% 26/3/2026 £100,000 107 0.31 Go-Ahead 2.5% 06/7/2024 £100,000 102 0.30 Goldman Sachs 3.125% 25/7/2029 £50,000 55 0.16 HBOS Sterling Finance Jersey LP 7.881% Perpetual £80,000 131 0.38 Heathrow Funding 2.625% 16/3/2028 £100,000 99 0.29 Heathrow Funding 2.75% 09/8/2051 £100,000 95 0.28 Koninklijke KPN 5% 18/11/2026 £100,000 116 0.34 Legal & General 4.5% 01/11/2050 £100,000 111 0.32 Logicor Financing Sarl 2.75% 15/1/2030 £100,000 103 0.30 National Grid Electricity Transmission 2% 17/4/2040 £100,000 94 0.27 National Grid Gas 1.625% 14/1/2043 £100,000 85 0.25 Orange 5.375% 22/11/2050 £100,000 157 0.46 Scottish Hydro Electric Transmission 2.125% 24/3/2036 £200,000 198 0.58 Shell International Finance 1.75% 10/9/2052 £100,000 83 0.24 Tesco Corporate Treasury Services 2.75% 27/4/2030 £100,000 105 0.31 Verizon Communications 1.125% 03/11/2028 £100,000 96 0.28 Verizon Communications 4.75% 17/2/2034 £100,000 129 0.37 Vodafone 3.375% 08/8/2049 £100,000 110 0.32 Volkswagen Financial Services 4.25% 09/10/2025 £100,000 112 0.33 Whitbread 2.375% 31/5/2027 £100,000 99 0.29 Mutual Funds (0.28%) 116 0.34 Trian Investors 1 Fund 97,901 116 0.34 Portfolio of investments (98.58%) 33,935 98.81 Net other assets (1.42%) 405 1.19 Net assets attributable to Shareholders 34,340 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20.

46 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Balanced Fund continued

Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 3,484 (5,170) Revenue 363 379 Expenses (153) (153) Interest payable and similar charges ——

Net revenue before taxation 210 226 Taxation (11) (13) Net revenue after taxation 199 213

Total return before distributions 3,683 (4,957)

Distributions (261) (279) Change in net assets attributable to Shareholders from investment activities 3,422 (5,236)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000

Opening net assets attributable to Shareholders 32,653 36,074 Amounts received on issue of shares 830 3,222 Amounts paid on redemption of shares (2,775) (3,629) (1,945) (407)

Change in net assets attributable to Shareholders from investment activities 3,422 (5,236) Retained distribution on accumulation shares 210 219 Closing net assets attributable to Shareholders 34,340 30,650

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 33,935 32,190 Current assets Debtors 263 154 Cash and bank balances 399 511 Total other assets 662 665 Total assets 34,597 32,855 Liabilities Creditors Distribution payable (46) (44) Other creditors (211) (158) Total other liabilities (257) (202) Total liabilities (257) (202) Net assets attributable to Shareholders 34,340 32,653

47 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Balanced Fund continued

Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 AIncome 0.93% A Accumulation 0.93% BIncome 1.43% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

12345 67

The risk and reward categories above are calculated using historic data and may not be a reliable indicator of the Sub-fund’s future risk profile. The risk and reward category may shift over time and is not a target or guarantee. The lowest category (i.e. category 1) does not mean Љrisk freeЉ. The risk rating of this share class is calculated on the basis of historic volatility – i.e. how much the value of the underlying assets of the Sub-fund has fluctuated over the last 5 years. This share class has been placed in the risk category stated above, because based on the simulated historic data, the underlying assets within the Sub-fund have shown moderately high volatility. Please note, there are other risks that may not be reflected in the risk and reward categories above. Some of these risks are summarised below. There is no capital guarantee or protection of the value of the Sub-fund. The value of your investment and the income from it can go down as well as up and you may not get back the amount you originally invested. There is a risk that the other side to certain contracts that the Sub-fund may enter into may not be able to meet obligations. For example, this may arise in the Sub-fund where an investment is made using a debt instrument (such as a bond), and the other side to the debt agreement becomes insolvent, or is otherwise unable to meet its obligations. In such a case, the Sub-fund may incur loss. This Sub-fund may invest in the securities of emerging markets. These markets may be less developed than others and so there is a greater risk that the Sub-fund may experience greater volatility, delays in buying, selling and claiming ownership of its investments. Emerging markets may also have less developed political, economic and legal systems and there is a higher risk that the Sub-fund may not get back its money. Investment in lower rated bonds increases the risk of default on repayment and the risk to capital of the Sub-fund. The Sub-fund may invest in units or shares of other investment funds. Such other funds may themselves be subject to their own fees and expenses. 50% of the annual management charge is deducted from the capital of the Sub-fund. This may increase the amount of income available for distribution but may constrain or erode potential for capital growth. The returns from your investment may be affected by changes in the exchange rate between the Sub-fund’s base currency, the currency of the Sub-fund’s investments, your share class and your home currency. See ЉRisk FactorsЉ in the UCITS’ Prospectus for more information about risks.

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 AIncome 2,809,084 2,985,784 3,310,498 A Accumulation 10,683,543 11,318,577 12,253,631 BIncome 373,318 391,513 284,072

48 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Balanced Fund continued

Fund Facts continued as at 31 March 2021

Distribution Information

A Income shares The distribution payable on 31 May 2021 is 1.4852p net per share. A Accumulation shares The distribution payable on 31 May 2021 is 1.9612p net per share. B Income shares The distribution payable on 31 May 2021 is 1.1919p net per share.

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Income Opening net asset value per share 178.32 184.98 176.31 Closing net asset value per share 197.54 158.29 174.58 % Change in net asset value per share 10.78% -14.43% -0.98%

A Accumulation Opening net asset value per share 235.54 240.30 224.30 Closing net asset value per share 262.88 207.51 224.22 % Change in net asset value per share 11.61% -13.65% -0.04%

B Income Opening net asset value per share 170.76 177.54 169.66 Closing net asset value per share 188.93 151.77 167.78 % Change in net asset value per share 10.64% -14.52% -1.11%

49 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Equity Fund

Investment Manager’s Report Investment Objective The objective of the Lazard Managed Equity Fund (the “Sub-fund”) is to achieve capital growth.

Investment Policy The Sub-fund is actively managed and will invest in a diversified portfolio of global equities, with at least 50% of the scheme property invested in the shares of UK companies and will consist of two core components: UK Equity Alpha and Global Equity Select.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 16.67% in sterling terms, against the composite benchmark of 50% FTSE All-Share Index and 50% FTSE World ex-UK Index, which returned 15.67%(1).

Market Review For most of the period under review, the pandemic was a key driver of market behaviour. Amid growing anxiety about spikes in cases globally, as well as the emergence of a new, more infectious strains, news of the discovery of a vaccine was greeted enthusiastically by investors in the final months of the year. With key central banks and fiscal policymakers supplying aggressive stimulus measures throughout 2020, investors have been betting that a successful, widespread deployment of the recently developed coronavirus vaccines will provide a pathway for the world economy to normalise in 2021. The signing of a trade deal between the UK and European Union in December 2020 was also met with enthusiasm by markets, ending months of deadlocked negotiations and uncertainty over the trading relationship. Without the significant measures put in place by central banks and governments across the world, economies would undoubtedly be in a far worse state today. The effect of all this additional money supply has been a general upward trend in global markets, which ended the period up overall, despite being in the grips of one of the worst recessions for 100 years. Efforts to reopen the UK economy have been met with subsequent rises in COVID-19 cases, which in turn has triggered the reinstatement of restrictions, resulting in a stop-start scenario for business activity and trade for most of the period, hampering the recovery. However, with a successful vaccination roll-out in the UK, the government announced a “one-way journey” out of lockdowns, which bolstered hopes for a strong recovery in the second half of the year and raised growth forecasts. Global equities exhibited similar behaviour, buoyed by accommodative central bank policies and better-than-expected economic data. In the US, growing optimism about the domestic economic outlook and an exceptionally strong fourth- quarter corporate earnings season led the S&P 500 Index—the bellwether of the US equity market—to outperform the broader global market benchmark by a healthy margin in Q1 2021. Across the Atlantic, Europe’s stock markets gained on encouraging corporate fourth-quarter earnings results and news that the European Central Bank would speed up its stimulus program to ease the economic duress on the euro zone brought about by the pandemic. In Japan, the stock market continued to rally on solid corporate earnings and encouraging domestic data that suggested that the country’s economy was on track to return to pre-pandemic levels by next year.

50 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Equity Fund continued

Portfolio Review What contributed to Returns • In the United Kingdom, stock selection in financials and consumer staples, as well as the overweight to consumer discretionary • Internationally, stock selection in technology, consumer discretionary and financials • The position in UK bank Barclays helped performance as stronger than expected economic growth data has brought forward expectations of central bank rate rises, and rising yields were supportive for the broader financials sector What detracted from Returns • In the United Kingdom, the underweight to and stock selection in energy, as well as the overweight exposure to consumer staples • Internationally, the underweight position and stock selection in the energy sector detracted from performance, as did stock selection in communication services • A notable detractor was the overweight in Unilever, as the market rotated from growth to value and it underperformed the wider market

Outlook Economies are at a crossroads in their recoveries. Advanced economies, led by the US, are on the verge of rapid growth both because of vaccination rollouts and because of fiscal stimuli that have prepped these economies for reopening once herd immunity is predicted to be reached towards the end of the second quarter of 2021. The US continues to vaccinate almost 3 million people per day, and the EU approximately 1.5 million per day. While advanced economies have a long way to go – particularly on their labour markets and ensuring an equitable recovery – International Monetary Fund (IMF) estimates suggest that advanced economies are well positioned for economic recoveries. Even though Europe, China and Japan have lagged behind rapid US vaccine deployment, they continue to progress at a pace far outstripping emerging markets. Notably, the IMF estimates that many emerging markets will not return to pre-pandemic levels of economic activity until 2023. 2021 could see bumper growth beginning in the second quarter. The resulting inflation in advanced economies may cause portfolio concerns, but we believe investors should stay focused on the intermediate- to long-term. Core personal consumption expenditure inflation in the United States has not been sustained above 3% since 1991. It will take more than one or two years of 2-3% inflation to de-anchor expectations created by a lifetime of actual experience. As such, we believe investors should prepare themselves to take advantage of opportunities that might arise on the occasion when markets overreact to short-lived inflation fears. Fund Manager: Pat Ryan, Alan Custis and teams. Figures refer to past performance which is not a reliable indicator of future results.

51 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Equity Fund continued

Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (97.27%) 80,199 98.65 Bermuda (0.33%) 519 0.64 Hiscox 60,337 519 0.64 Canada (2.81%) 2,666 3.28 BRP 5,873 368 0.45 CAE 18,633 384 0.47 Canadian National Railway 7,919 665 0.82 Dollarama 15,181 482 0.59 National Bank of Canada 15,593 767 0.95 Denmark (0.72%) 748 0.92 Carlsberg 3,352 375 0.46 Vestas Wind Systems 2,511 373 0.46 France (0.00%) 1,195 1.47 LVMH Moet Hennessy Louis Vuitton 1,032 499 0.61 Pernod Ricard 5,104 696 0.86 Germany (1.86%) 693 0.85 Merck 3,006 374 0.46 TeamViewer 10,273 319 0.39 Hong Kong (1.51%) 893 1.10 AIA 101,200 893 1.10 Israel (0.45%) —— Japan (2.47%) 1,883 2.32 BayCurrent Consulting 3,200 534 0.66 Kansai Paint 19,500 380 0.47 Nintendo 1,400 570 0.70 Shimano 2,300 399 0.49 Macau (0.43%) 700 0.86 Sands China 193,600 700 0.86 Netherlands (3.82%) 2,683 3.30 NXP Semiconductors 4,295 627 0.77 Royal Dutch Shell 57,078 762 0.94 Wolters Kluwer 20,504 1,294 1.59 Republic of Ireland (1.36%) 2,548 3.13 Accenture 5,655 1,132 1.39 Flutter Entertainment 4,113 638 0.78 Smurfit Kappa 22,862 778 0.96 Spain (0.00%) 378 0.46 Industria de Diseno Textil 15,790 378 0.46 Sweden (2.37%) 2,297 2.83 Assa Abloy 27,809 580 0.71 Epiroc 55,968 922 1.14 Hexagon 11,889 795 0.98 Switzerland (2.61%) 2,017 2.48 ABB 24,692 543 0.67 Coca-Cola HBC 37,879 875 1.07 Partners 644 599 0.74 United Kingdom (48.46%) 40,828 50.22 3i 96,585 1,114 1.37 Anglo American 44,429 1,263 1.56 Associated British Foods 32,088 775 0.95 AstraZeneca 34,634 2,510 3.09 AVEVA 9,797 335 0.41 Barclays 891,702 1,658 2.04 BP 699,385 2,061 2.53 British American Tobacco 48,970 1,358 1.67 Britvic 65,425 547 0.67 Burberry 36,961 702 0.86 Cairn Energy 276,774 471 0.58 Coca-Cola European Partners 17,806 672 0.83 DFS Furniture 251,878 683 0.84 Diageo 48,460 1,449 1.78

52 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Equity Fund continued

Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets United Kingdom (continued) Direct Line Insurance 163,914 514 0.63 Drax 53,458 224 0.28 Dunelm 33,020 429 0.53 Ferguson 14,245 1,235 1.52 GlaxoSmithKline 66,516 857 1.05 HSBC 199,753 845 1.04 IG 40,346 363 0.45 IMI 51,164 682 0.84 Intertek 11,084 621 0.76 ITV 627,934 754 0.93 JD Sports Fashion 91,753 756 0.93 Jet2 47,508 601 0.74 John Wood 153,313 415 0.51 Johnson Matthey 21,666 653 0.80 Lloyds Banking 2,664,598 1,133 1.39 Man Group 297,855 480 0.59 Mitchells & Butlers 178,228 574 0.70 Paragon Banking 129,459 592 0.73 Persimmon 21,793 641 0.79 Prudential 87,264 1,344 1.66 RELX 45,227 823 1.01 Rentokil Initial 96,872 469 0.58 Restaurant 609,319 746 0.92 Rio Tinto 34,310 1,904 2.34 SSP 88,263 329 0.40 Standard Chartered 227,139 1,135 1.40 Synthomer 139,092 645 0.80 Tesco 424,818 972 1.20 Unilever 38,495 1,561 1.92 Vodafone 914,926 1,207 1.48 Whitbread 21,345 731 0.90 WPP 108,065 995 1.22 United States (28.07%) 20,151 24.79 Alphabet 1,142 1,707 2.10 AmerisourceBergen 8,879 760 0.94 Boston Scientific 17,606 493 0.61 Charles Schwab 12,473 589 0.72 Coca-Cola 33,025 1,262 1.55 Dollar General 5,840 857 1.05 Intercontinental Exchange 12,151 984 1.21 IQVIA 9,098 1,274 1.57 Johnson & Johnson 9,160 1,090 1.34 Lowe’s Cos 6,358 876 1.08 McDonald’s 4,152 675 0.83 Microsoft 8,984 1,535 1.89 Motorola Solutions 6,387 870 1.07 Palo Alto Networks 1,650 386 0.47 Procter & Gamble 9,559 939 1.16 PTC 6,359 634 0.78 Rockwell Automation 3,652 703 0.86 S&P Global 2,748 702 0.86 Texas Instruments 5,455 747 0.92 Thermo Fisher Scientific 3,668 1,214 1.49 Visa 4,958 763 0.94 Warner Music 10,016 249 0.31 Zoetis 7,372 842 1.04

53 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Equity Fund continued

Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets United States (continued) Mutual Funds (0.76%) 546 0.67 Collective Investment Schemes (0.76%) 546 0.67 Trian Investors 1 Fund 462,758 546 0.67 Portfolio of investments (98.03%) 80,745 99.32 Net other assets (1.97%) 555 0.68 Net assets attributable to Shareholders 81,300 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20.

54 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Equity Fund continued

Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 11,427 (14,806) Revenue 911 946 Expenses (424) (409) Interest payable and similar charges ——

Net revenue before taxation 487 537 Taxation (31) (41) Net revenue after taxation 456 496

Total return before distributions 11,883 (14,310)

Distributions (454) (496) Change in net assets attributable to Shareholders from investment activities 11,429 (14,806)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000

Opening net assets attributable to Shareholders 74,547 79,574 Amounts received on issue of shares 2,400 10,654 Amounts paid on redemption of shares (7,520) (7,575) (5,120) 3,079

Change in net assets attributable to Shareholders from investment activities 11,429 (14,806) Retained distribution on accumulation shares 444 530 Closing net assets attributable to Shareholders 81,300 68,377

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 80,745 73,078 Current assets Debtors 327 1,166 Cash and bank balances 1,084 1,409 Total other assets 1,411 2,575 Total assets 82,156 75,653 Liabilities Creditors Bank overdrafts —(1) Other creditors (856) (1,105) Total other liabilities (856) (1,106) Total liabilities (856) (1,106) Net assets attributable to Shareholders 81,300 74,547

55 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Equity Fund continued

Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 A Accumulation 1.09% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

12345 67

The risk and reward category is calculated using historic data and may not be a reliable indicator of the Sub-fund’s future risk profile. The risk and reward category may shift over time and is not a target or guarantee. The lowest category (i.e. category 1) does not mean “risk free”. The risk rating of this share class is calculated on the basis of historic volatility – i.e. how much the value of the underlying assets of the Sub-fund has fluctuated over the last 5 years. This share class has been placed in the risk category stated above, because based on the historic data, the underlying assets within the Sub-fund have shown moderately high volatility. Please note, there are other risks that may not be reflected in the risk and reward categories above. Some of these risks are summarised below. There is no capital guarantee or protection of the value of the Sub-fund. The value of your investment and the income from it can go down as well as up and you may not get back the amount you originally invested. This Sub-fund may invest in the securities of emerging markets. These markets may be less developed than others and so there is a greater risk that the Sub-fund may experience greater volatility, delays in buying, selling and claiming ownership of its investments. Emerging markets may also have less developed political, economic and legal systems and there is a higher risk that the Sub-fund may not get back its money. The Sub-fund may invest in units or shares of other investment funds. Such other funds may themselves be subject to their own fees and expenses. The returns from your investment may be affected by changes in the exchange rate between the Sub-fund’s base currency, the currency of the Sub-fund’s investments, your share class and your home currency. See ЉRisk FactorsЉ in the UCITS’ Prospectus for more information about risks.

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 A Accumulation 19,280,775 20,566,431 20,777,783

56 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Managed Equity Fund continued

Fund Facts continued as at 31 March 2021

Distribution Information

A Accumulation shares The distribution payable on 31 May 2021 is 2.3052p net per share.

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Accumulation Opening net asset value per share 362.47 382.97 365.44 Closing net asset value per share 421.66 313.45 357.52 % Change in net asset value per share 16.33% -18.15% -2.17%

57 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Multicap UK Income Fund

Investment Manager’s Report Investment Objective The objective of the Lazard Multicap UK Income Fund (the “Sub-fund”) is to achieve a reasonable level of income combined with capital growth from a portfolio of securities primarily made up of equity investments listed in the United Kingdom.

Investment Policy The Sub-fund will invest at least 70% in the shares of UK companies, being those which are incorporated, domiciled or conduct a significant portion of their business in the UK. The Sub-fund will not be restricted in respect of choice of investments by company size or industry. The Sub-fund may also invest in companies which are listed, quoted or traded in the UK. Up to a maximum of 20% of the Sub-fund may be invested in equities listed outside the United Kingdom and in other securities, either listed in the United Kingdom or listed on other exchanges outside the United Kingdom, including but not limited to preference shares, convertibles, fixed income or shares in listed open and closed end funds.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 24.87% in sterling, against the FTSE All-Share Index, which returned 18.47%(1).

58 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Multicap UK Income Fund continued

Portfolio Review What contributed to Returns • Stock selection in financials, industrials and consumer discretionary • The position in UK bank Barclays helped performance as stronger than expected economic growth data has brought forward expectations of central bank rate rises, and rising yields were supportive for the broader financials sector • The holding in mining group Anglo American contributed positively as commodity prices rose in 2021 What detracted from Returns • Stock selection in energy, health care, and overweight to consumer staples and health care • Not owning mining business Glencore detracted as January and February were strong months for most growth-linked commodities, with iron ore and copper rising strongly • The overweight Unilever detracted from return, as the market rotated from growth to value and it underperformed the wider market

Outlook Overall, there remains a wide disparity of performance between industries and individual companies, reaffirming the importance of company-specific, rigorous analysis as the UK economy bounces back from this crisis. Those businesses that have used the pandemic as an opportunity to strengthen their balance sheets, as well as adapted to a post-Brexit trading environment, are likely to rebound strongly as consumer demand returns. Although the UK enacted a strong vaccine roll-out strategy, the removal of restrictions and resumption of travel will present a higher risk of virus cases rising again, as well as the possibility of new variants, which could trigger a slowing of the “roadmap” out of lockdowns. However, the transition into a warmer weather period and the better preparedness of businesses should also help. Fund Manager: Alan Clifford Figures refer to past performance which is not a reliable indicator of future results.

59 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Multicap UK Income Fund continued

Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (99.29%) 62,429 98.32 Advertising (1.37%) 636 1.00 WPP 69,106 636 1.00 Aerospace & Defence (0.83%) 544 0.86 Meggitt 113,851 544 0.86 Agriculture (4.71%) 2,350 3.70 British American Tobacco 84,725 2,350 3.70 Airlines (0.48%) 495 0.78 easyJet 50,586 495 0.78 Banks (6.58%) 5,781 9.11 Barclays 1,261,450 2,345 3.69 HSBC 431,492 1,826 2.88 Paragon Banking 131,658 602 0.95 Standard Chartered 201,718 1,008 1.59 Beverages (3.38%) 2,492 3.93 Britvic 57,941 485 0.77 Coca-Cola HBC 28,292 654 1.03 Diageo 45,270 1,353 2.13 Building Materials (1.56%) 491 0.77 Norcros 183,741 491 0.77 Chemicals (1.65%) 649 1.02 Synthomer 139,846 649 1.02 Commercial Services (2.91%) 3,508 5.53 Gateley 272,786 469 0.74 Intertek 7,866 441 0.70 Redde Northgate 158,645 489 0.77 RELX 71,571 1,302 2.05 SThree 123,092 474 0.75 XPS Pensions 277,805 333 0.52 Computers (1.58%) 795 1.25 Computacenter 20,738 492 0.77 FDM 30,061 303 0.48 Cosmetics & Personal Care (5.40%) 3,099 4.88 Unilever 76,405 3,099 4.88 Distribution & Wholesale (1.36%) 796 1.25 Ferguson 9,185 796 1.25 Diversified Financial Services (1.67%) 1,120 1.76 Brewin Dolphin 194,423 603 0.95 IG 57,402 517 0.81 Electrical Components & Equipment (0.00%) 296 0.47 Supreme 168,988 296 0.47 Electricity (2.84%) 1,379 2.17 National Grid 159,570 1,379 2.17 Electronics (0.62%) 339 0.53 DiscoverIE 50,625 339 0.53 Engineering & Construction (2.36%) 884 1.39 Headlam 113,615 514 0.81 Sureserve 492,931 370 0.58 Food Producers (3.10%) 1,922 3.03 Associated British Foods 21,483 519 0.82 Tesco 613,320 1,403 2.21 Forest Products & Paper (0.00%) 597 0.94 Smurfit Kappa 17,540 597 0.94 Healthcare Products (1.41%) 738 1.16 Smith & Nephew 53,561 738 1.16 Home Builders (2.02%) 1,324 2.09 Bellway 24,670 839 1.32 Taylor Wimpey 268,509 485 0.77

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Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Household Products (2.00%) 649 1.02 Reckitt Benckiser 9,985 649 1.02 Insurance (8.78%) 4,598 7.24 Direct Line Insurance 188,985 592 0.93 Legal & General 469,627 1,311 2.07 Phoenix 143,921 1,056 1.66 Prudential 83,158 1,281 2.02 Randall & Quilter Investment 210,671 358 0.56 Internet (0.39%) 314 0.49 THG 50,332 314 0.49 Lodging (0.00%) 700 1.10 Whitbread 20,428 700 1.10 Machinery Construction & Mining (1.13%) —— Machinery Diversified (0.00%) 799 1.26 IMI 59,949 799 1.26 Media (0.86%) 632 1.00 ITV 526,186 632 1.00 Mining (8.72%) 5,395 8.50 Anglo American 80,260 2,282 3.60 Rio Tinto 56,097 3,113 4.90 Oil & Gas Producers (6.39%) 4,682 7.37 BP 1,177,390 3,469 5.46 Diversified Gas & Oil 463,507 514 0.81 Galp Energia SGPS 82,700 699 1.10 Oil & Gas Services (0.75%) 401 0.63 John Wood 148,356 401 0.63 Packaging & Containers (0.76%) 404 0.64 Essentra 139,167 404 0.64 Pharmaceuticals (10.64%) 5,090 8.02 AstraZeneca 40,217 2,915 4.59 GlaxoSmithKline 133,668 1,721 2.71 Sanofi 6,327 454 0.72 Private Equity (2.51%) 1,462 2.30 3i 85,963 992 1.56 Intermediate Capital 25,546 470 0.74 Real Estate Investment & Services (0.67%) 780 1.23 Belvoir 229,706 450 0.71 Helical 80,538 330 0.52 Real Estate Investment Trusts (1.87%) 928 1.46 Land Securities 90,897 627 0.99 Workspace 37,675 301 0.47 Retail (3.69%) 2,497 3.93 DFS Furniture 194,238 526 0.83 Dixons Carphone 357,999 511 0.81 Industria de Diseno Textil 20,738 496 0.78 Pets at Home 123,749 511 0.80 Restaurant 369,478 453 0.71 Software (0.81%) 863 1.36 AVEVA 9,411 322 0.51 Blue Prism 11,947 152 0.24 Hostelworld 268,102 208 0.33 Vianet 206,214 181 0.28 Telecommunications (3.49%) 2,000 3.15 Vodafone 1,516,735 2,000 3.15

61 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Multicap UK Income Fund continued

Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Software (continued) Mutual Funds (0.52%) 305 0.48 Collective Investment Schemes (0.52%) 305 0.48 Hipgnosis Songs Fund 244,461 305 0.48 Portfolio of investments (99.81%) 62,734 98.80 Net other assets (0.19%) 761 1.20 Net assets attributable to Shareholders 63,495 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20.

62 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Multicap UK Income Fund continued

Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 12,086 (18,076) Revenue 1,058 1,208 Expenses (341) (380) Interest payable and similar charges ——

Net revenue before taxation 717 828 Taxation (7) — Net revenue after taxation 710 828

Total return before distributions 12,796 (17,248)

Distributions (1,022) (1,182) Change in net assets attributable to Shareholders from investment activities 11,774 (18,430)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000

Opening net assets attributable to Shareholders 54,310 67,946 Amounts received on issue of shares 719 5,221 Amounts paid on redemption of shares (3,928) (2,621) (3,209) 2,600

Change in net assets attributable to Shareholders from investment activities 11,774 (18,430) Retained distribution on accumulation shares 619 743 Unclaimed distributions 12 Closing net assets attributable to Shareholders 63,495 52,861

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 62,734 54,207 Current assets Debtors 905 139 Cash and bank balances 595 325 Total other assets 1,500 464 Total assets 64,234 54,671 Liabilities Creditors Bank overdrafts —(2) Distribution payable (221) (196) Other creditors (518) (163) Total other liabilities (739) (361) Total liabilities (739) (361) Net assets attributable to Shareholders 63,495 54,310

63 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Multicap UK Income Fund continued

Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 AIncome 0.86% A Accumulation 0.86% BIncome 1.36% B Accumulation 1.36% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

123456 7

The risk and reward category is calculated using historic data and may not be a reliable indicator of the Sub-fund’s future risk profile. The risk and reward category may shift over time and is not a target or guarantee. The lowest category (i.e. category 1) does not mean “risk free”. The Sub-fund appears in the higher risk category on the risk and reward indicator. The risk rating of this share class is calculated on the basis of historic volatility – i.e. how much the value of the underlying assets of the Fund has fluctuated over the last 5 years. This share class has been placed in the risk category stated above, because based on the simulated historic data, the underlying assets within the Fund have shown high volatility. The returns from your investment may be affected by changes in the exchange rate between the Sub-fund’s base currency, and the currency of the Sub- fund’s investments, your share class and your home currency. High yielding assets may carry a greater risk of capital values falling or have limited prospects of capital growth or recovery. The Sub-fund may invest in units or shares of other investment funds. Such other funds may themselves be subject to their own fees and expenses. The annual management charge is deducted from the capital of the Sub-fund. This will increase the income from the Sub-fund but may constrain or erode potential for capital growth. There is no capital guarantee or protection of the value of the Sub-fund. The value of your investment and the income from it can go down as well as up and you may not get back the amount you originally invested. See “Risk Factors” in the UCITS Prospectus for more information about risks.

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 AIncome 3,384,396 3,538,288 2,614,249 A Accumulation 601,667 697,155 635,399 BIncome 600,715 651,488 1,203,157 B Accumulation 2,217,585 2,290,631 2,489,896

64 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard Multicap UK Income Fund continued

Fund Facts continued as at 31 March 2021

Distribution Information

A Income shares The distribution payable on 31 May 2021 is 5.6118p net per share. A Accumulation shares The distribution payable on 31 May 2021 is 10.2058p net per share. B Income shares The distribution payable on 31 May 2021 is 5.1015p net per share. B Accumulation shares The distribution payable on 31 May 2021 is 13.0210p net per share.

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Income Opening net asset value per share 508.55 654.53 677.12 Closing net asset value per share 621.08 484.73 649.24 % Change in net asset value per share 22.13% -25.94% -4.12%

A Accumulation Opening net asset value per share 918.51 1,137.77 1,120.69 Closing net asset value per share 1,139.69 859.49 1,099.26 % Change in net asset value per share 24.08% -24.46% -1.91%

B Income Opening net asset value per share 463.16 599.18 622.99 Closing net asset value per share 564.25 442.61 595.84 % Change in net asset value per share 21.83% -26.13% -4.36%

B Accumulation Opening net asset value per share 1,174.15 1,461.75 1,447.02 Closing net asset value per share 1,453.32 1,101.46 1,415.81 % Change in net asset value per share 23.78% -24.65% -2.16%

65 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard UK Omega Fund

Investment Manager’s Report Investment Objective The objective of the Lazard UK Omega Fund (the “Sub-fund”) is to achieve long-term capital growth through a portfolio of primarily UK listed stocks.

Investment Policy The Sub-fund will invest at least 70% in equity and equity-related securities (namely, common and preferred stock, including securities subject to an initial public offering, convertible securities, warrants and rights) (“Securities”) of companies that are domiciled, incorporated, or which have a significant portion of their business primarily in the UK. The Sub-fund is actively managed and will typically hold a concentrated portfolio of between 25 and 35 Securities. The Sub- fund may invest in any industry sector and in companies of any market capitalisation. The Sub-fund may also invest in companies which are listed, quoted or traded in the UK and in units or shares of other collective investment schemes (which may also include exchange traded funds and listed closed-end funds), cash and near cash. The Sub-fund may invest in shares or units of collective investment schemes which are managed or operated by the ACD or an associate of the ACD. The Sub-fund may use derivatives and forward transactions for the purposes of efficient portfolio management. The ACD considers that the use of derivatives for this purpose is not likely to affect the volatility or risk profile of the Sub-fund.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 23.94% in sterling, against the FTSE All-Share Index, which returned 18.47%(1).

All data contained herein is sourced by Lazard Asset Management unless otherwise noted as at 31 March 2021. (1) Source: Lazard Asset Management, NAV to NAV Price, net income reinvested in sterling, C Accumulation share class net of fees, to 31 March 2021. Figures refer to past performance which is not a reliable indicator of future results.

66 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard UK Omega Fund continued

Portfolio Review What contributed to Returns • Stock selection in financials and consumer staples, as well as the overweight to consumer discretionary • The holding in broadcaster ITV added value as improving advertising trends for the fourth quarter have been particularly supportive, helping to offset the continued impact of COVID-19 on capacity in its ITV Studios business • The position in UK bank Barclays helped performance as stronger than expected economic growth data has brought forward expectations of central bank rate rises, and rising yields were supportive for the broader financials sector What detracted from Returns • The underweight to and stock selection in energy, as well as the overweight exposure to consumer staples • Expectations of higher rates and rising yields meant that our lack of exposure to HSBC was the largest detractor from relative returns • Another notable detractor was retailer JD Sports. Despite issuing a strong trading update on January 11, the share price retreated soon after, as the board confirmed it was exploring additional funding options to invest in future opportunities

Outlook Overall, there remains a wide disparity of performance between industries and individual companies, reaffirming the importance of company-specific, rigorous analysis as the UK economy bounces back from this crisis. Those businesses that have used the pandemic as an opportunity to strengthen their balance sheets, as well as adapted to a post-Brexit trading environment, are likely to rebound strongly as consumer demand returns. Although the UK enacted a strong vaccine roll-out strategy, the removal of restrictions and resumption of travel will present a higher risk of virus cases rising again, as well as the possibility of new variants, which could trigger a slowing of the “roadmap” out of lockdowns. However, the transition into a warmer weather period and the better preparedness of businesses should also help. Fund Manager: Alan Custis and team. Figures refer to past performance which is not a reliable indicator of future results.

67 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard UK Omega Fund continued

Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (97.43%) 274,156 98.15 Advertising (2.29%) 6,749 2.42 WPP 733,321 6,749 2.42 Aerospace & Defence (2.01%) —— Agriculture (4.36%) 10,356 3.71 British American Tobacco 373,390 10,356 3.71 Airlines (0.00%) 5,680 2.03 JET2 448,624 5,680 2.03 Apparel (2.30%) 7,136 2.55 Burberry 375,870 7,136 2.55 Banks (6.03%) 32,718 11.71 Barclays 7,732,090 14,375 5.14 Lloyds Banking 22,766,414 9,684 3.47 Standard Chartered 1,733,529 8,659 3.10 Beverages (4.54%) 23,458 8.40 Britvic 685,276 5,732 2.05 Coca-Cola HBC 318,961 7,368 2.64 Diageo 346,461 10,358 3.71 Chemicals (2.12%) 6,401 2.29 Synthomer 1,379,543 6,401 2.29 Commercial Services (1.96%) 12,240 4.38 Intertek 112,771 6,317 2.26 RELX 325,605 5,923 2.12 Cosmetics & Personal Care (5.70%) 5,716 2.05 Unilever 140,925 5,716 2.05 Distribution & Wholesale (5.90%) 8,530 3.05 Ferguson 98,428 8,530 3.05 Diversified Financial Services (2.47%) —— Food Producers (8.43%) 15,452 5.53 Associated British Foods 259,823 6,275 2.25 Tesco 4,010,096 9,177 3.28 Forest Products & Paper (0.00%) 6,394 2.29 Smurfit Kappa 187,844 6,394 2.29 Home Builders (2.34%) 6,093 2.18 Persimmon 207,331 6,093 2.18 Household Products (0.00%) 7,449 2.67 Reckitt Benckiser 114,640 7,449 2.67 Insurance (5.14%) 13,750 4.92 Direct Line Insurance 1,745,556 5,469 1.96 Prudential 537,566 8,281 2.96 Lodging (2.04%) 6,864 2.46 Whitbread 200,347 6,864 2.46 Machinery Diversified (2.57%) 6,834 2.45 IMI 512,680 6,834 2.45 Media (2.64%) 5,727 2.05 ITV 4,766,125 5,727 2.05 Mining (7.10%) 13,589 4.86 Rio Tinto 244,844 13,589 4.86 Oil & Gas Producers (4.70%) 20,712 7.42 BP 7,029,414 20,712 7.42 Pharmaceuticals (9.66%) 18,025 6.45 AstraZeneca 248,725 18,025 6.45 Private Equity (3.32%) 8,682 3.11 3i 752,639 8,682 3.11

68 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard UK Omega Fund continued

Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Real Estate Investment Trusts (1.94%) —— Retail (5.07%) 13,948 4.99 JD Sports Fashion 939,136 7,742 2.77 Restaurant 5,066,259 6,206 2.22 Software (0.00%) 2,864 1.03 AVEVA 83,686 2,864 1.03 Telecommunications (2.80%) 8,789 3.15 Vodafone 6,664,366 8,789 3.15 Mutual Funds (2.06%) 5,497 1.97 Trian Investors 1 Fund 4,658,647 5,497 1.97 Portfolio of investments (99.49%) 279,653 100.12 Net other liabilities (0.51%) (342) (0.12) Net assets attributable to Shareholders 279,311 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20.

69 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard UK Omega Fund continued

Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 46,335 (49,456) Revenue 4,107 3,023 Expenses (886) (727) Interest payable and similar charges ——

Net revenue before taxation 3,221 2,296 Taxation —— Net revenue after taxation 3,221 2,296

Total return before distributions 49,556 (47,160)

Distributions (3,221) (2,297) Change in net assets attributable to Shareholders from investment activities 46,335 (49,457)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000

Opening net assets attributable to Shareholders 208,192 196,579 Amounts received on issue of shares 48,424 15,191 Amounts paid on redemption of shares (25,727) (13,773) 22,697 1,418 Dilution adjustment 15 8

Change in net assets attributable to Shareholders from investment activities 46,335 (49,457) Retained distribution on accumulation shares 2,069 1,486 Unclaimed distributions 36 Closing net assets attributable to Shareholders 279,311 150,040

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 279,653 207,137 Current assets Debtors 2,896 1,057 Cash and bank balances 4,444 2,234 Total other assets 7,340 3,291 Total assets 286,993 210,428 Liabilities Creditors Distribution payable (1,301) (516) Other creditors (6,381) (1,720) Total other liabilities (7,682) (2,236) Total liabilities (7,682) (2,236) Net assets attributable to Shareholders 279,311 208,192

70 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard UK Omega Fund continued

Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 AIncome 1.05% A Accumulation 1.05% BIncome 1.55% B Accumulation 1.55% CIncome 0.80% C Accumulation 0.80% EA Income 0.55% EA Accumulation 0.55% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

123456 7

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 AIncome 4,277,245 4,383,780 3,145,922 A Accumulation 2,836,960 2,991,419 3,344,975 BIncome 2,793,257 2,896,947 4,764,244 B Accumulation 356,891 344,903 421,653 CIncome 8,681,598 9,382,485 12,120,898 C Accumulation 28,831,247 31,830,013 23,973,500 EA Income 66,792,544 35,002,794 28,381,835 EA Accumulation 65,390,511 65,095,528 37,918,074

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Fund Facts continued as at 31 March 2021

Distribution Information

A Income shares The distribution payable on 31 May 2021 is 2.2864p net per share. A Accumulation shares The distribution payable on 31 May 2021 is 2.8603p net per share. B Income shares The distribution payable on 31 May 2021 is 1.7692p net per share. B Accumulation shares The distribution payable on 31 May 2021 is 2.0641p net per share. C Income shares The distribution payable on 31 May 2021 is 2.5466p net per share. C Accumulation shares The distribution payable on 31 May 2021 is 3.1842p net per share. EA Income shares The distribution payable on 31 May 2021 is 1.3964p net per share. EA Accumulation shares The distribution payable on 31 May 2021 is 1.6252p net per share.

72 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard UK Omega Fund continued

Fund Facts continued as at 31 March 2021

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Income Opening net asset value per share 179.71 219.66 235.13 Closing net asset value per share 218.34 164.11 219.04 % Change in net asset value per share 21.50% -25.29% -6.84%

A Accumulation Opening net asset value per share 224.97 269.23 279.39 Closing net asset value per share 276.18 203.92 263.53 % Change in net asset value per share 22.76% -24.26% -5.68%

B Income Opening net asset value per share 179.50 219.21 234.66 Closing net asset value per share 218.04 163.89 218.59 % Change in net asset value per share 21.47% -25.24% -6.85%

B Accumulation Opening net asset value per share 209.04 251.41 262.25 Closing net asset value per share 256.01 189.96 246.71 % Change in net asset value per share 22.47% -24.44% -5.93%

C Income Opening net asset value per share 179.92 220.02 235.50 Closing net asset value per share 218.62 164.32 219.40 % Change in net asset value per share 21.51% -25.32% -6.84%

C Accumulation Opening net asset value per share 225.09 268.67 278.11 Closing net asset value per share 276.67 203.76 262.65 % Change in net asset value per share 22.92% -24.16% -5.56%

EA Income Opening net asset value per share 89.28 109.23 116.90 Closing net asset value per share 108.50 81.55 108.91 % Change in net asset value per share 21.53% -25.34% -6.83%

EA Accumulation Opening net asset value per share 104.28 124.16 128.21 Closing net asset value per share 128.33 94.28 121.23 % Change in net asset value per share 23.06% -24.07% -5.44%

73 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard UK Smaller Companies Fund

Investment Manager’s Report Investment Objective The objective of the Lazard UK Smaller Companies Fund (the ЉSub-fundЉ) is to achieve capital growth at a rate greater than that of the Numis Smaller Companies Index.

Investment Policy The Sub-fund will invest at least 80% in equity and equity-related securities (namely, common and preferred stock - including securities subject to an initial public offering - convertible securities, warrants and rights) of companies that are domiciled, incorporated or have a significant portion of their business in the UK. The Sub-fund will invest at least 80% of its assets in UK companies which form part of the bottom 10% - by market capitalisation - of the UK market. The portfolio construction process uses fundamental bottom-up company analysis to develop an in-depth understanding of the fundamentals of each company coming within the investment universe (for example, through detailed consideration of their financial statements, quality and depth of management, competitive position and sensitivity to economic/market cycles) in order to identify securities with the potential to demonstrate sustainably high or improving financial returns (such as returns on equity, for example) and which, given that potential, are assessed by the Investment Manager as being (when compared with other stocks within the investment universe) attractively priced or undervalued at the time of purchase. The Sub-fund may also invest in the units or shares of other open ended collective investment schemes (which may also include exchange traded funds), which provide equity exposure consistent with the investment policy of the Sub-fund. In addition, the Sub-fund will be permitted to invest in units or shares of listed closed-end funds which provide equity exposure consistent with the Sub-fund’s investment policy and which are eligible for UCITS investment purposes. The collective investment schemes in which the Sub-fund invests may include those managed or operated by the ACD or an associate of the ACD.

Investment Review Over the six-month period ending 31 March 2021, the Sub-fund returned 36.73% in sterling terms, against the NSCI ex- Investment Companies Index, which returned 33.60%(1).

All data contained herein is sourced by Lazard Asset Management unless otherwise noted as at 31 March 2021. (1) Source: Lazard Asset Management, NAV to NAV Price, net income reinvested in sterling, A Income share class net of fees, to 31 March 2021. Figures refer to past performance which is not a reliable indicator of future results.

74 Lazard Investment Funds - Interim Report and Financial Statements March 2021 Lazard UK Smaller Companies Fund continued

Portfolio Review What contributed to Returns • Stock selection in industrials, basic materials, and financials • Ventilation products specialist Volution Group rose strongly over the period, supported by March’s strong interim results and raised guidance • Homebuilder Vistry performed very well over the period after Management guided for full-year profits to be at the top of the expected range and the board confirmed it intends to resume dividend payments sooner than previously expected What detracted from Returns • Stock selection in technology, consumer discretionary and energy • Computacenter lagged the market and was subject to profit taking after a period of strong performance • Not owning online appliance retailer AO World detracted as its shares rose strongly over the period

Outlook Overall, there remains a wide disparity of performance between industries and individual companies, reaffirming the importance of company-specific, rigorous fundamental analysis as the UK economy bounces back from this crisis. Those businesses that have used the pandemic as an opportunity to strengthen their balance sheets, as well as adapted to a post- Brexit trading environment, are likely to rebound strongly as consumer demand returns. Although the UK enacted a strong vaccine roll-out strategy, the removal of restrictions and resumption of travel will present a higher risk of virus cases rising again, as well as the possibility of new variants, which could trigger a slowing of the “roadmap” out of lockdowns. However, the transition into a warmer weather period and the better-preparedness of businesses should also help. Fund Manager: Alan Clifford and team. Figures refer to past performance which is not a reliable indicator of future results.

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Portfolio statement as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Equities (99.73%) 10,443 96.73 Advertising (3.45%) 178 1.65 Pebble 76,181 103 0.95 S4 Capital 14,920 75 0.70 Aerospace & Defence (0.51%) 92 0.85 Meggitt 19,330 92 0.85 Agriculture (1.31%) 72 0.67 Genus 1,476 72 0.67 Airlines (0.00%) 149 1.38 Jet2 11,793 149 1.38 Apparel (0.53%) 63 0.58 boohoo 18,576 63 0.58 Automobile Manufacturers (0.00%) —— Banks (1.64%) 185 1.71 Paragon Banking 40,469 185 1.71 Biotechnology (0.90%) 118 1.09 PureTech Health 29,507 118 1.09 Building Materials (3.36%) 501 4.64 Genuit 37,602 208 1.93 Norcros 68,529 183 1.69 Topps Tiles 166,773 110 1.02 Chemicals (3.37%) 164 1.52 Synthomer 35,226 164 1.52 Commercial Services (7.53%) 1,080 10.00 Alpha Financial Markets Consulting 49,308 124 1.15 Clipper Logistics 17,717 105 0.97 Gateley 70,926 122 1.13 Redde Northgate 58,520 180 1.67 RWS 25,878 158 1.46 Savills 12,750 146 1.35 SThree 39,076 150 1.39 XPS Pensions 78,787 95 0.88 Computers (7.07%) 748 6.93 Bytes Technology 24,136 96 0.89 Computacenter 5,805 138 1.28 Equiniti 36,394 47 0.44 FDM 10,835 109 1.01 GB 16,972 144 1.33 RM 23,609 51 0.47 Serco 118,209 163 1.51 Diversified Financial Services (6.83%) 443 4.10 Brewin Dolphin 54,629 169 1.56 Liontrust Asset Management 8,688 124 1.15 Sanne 22,921 150 1.39 Electrical Components & Equipment (0.47%) 134 1.24 Supreme 57,116 100 0.93 Tekmar 55,017 34 0.31 Electronics (4.10%) 405 3.75 Dialight 19,888 52 0.48 DiscoverIE 20,102 135 1.25 Smart Metering Systems 16,814 139 1.29 TT Electronics 34,241 79 0.73 Engineering & Construction (4.19%) 468 4.34 Headlam 53,786 244 2.26 Keller 14,595 117 1.09 Sureserve 143,143 107 0.99 Entertainment (0.62%) 168 1.56 888 27,636 109 1.01 Cineworld 60,609 59 0.55

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Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Environmental Control (1.56%) 186 1.72 Biffa 69,993 186 1.72 Home Builders (0.86%) 186 1.72 Vistry 17,051 186 1.72 Insurance (1.49%) 137 1.27 Randall & Quilter Investment 80,678 137 1.27 Internet (3.20%) 207 1.92 Future 8,076 155 1.44 Trustpilot 19,677 52 0.48 Iron & Steel (0.99%) 110 1.02 Ferrexpo 29,334 110 1.02 Leisure Time (1.84%) 242 2.24 Goals Soccer Centres* 198,204 - 0.00 Gym 64,396 152 1.41 Saga 26,522 90 0.83 Metal & Hardware (0.96%) 111 1.03 Bodycote 13,488 111 1.03 Mining (3.50%) 220 2.03 Centamin 108,366 113 1.04 Kenmare Resources 26,635 107 0.99 Miscellaneous Manufacturing (3.51%) 450 4.17 Morgan Advanced Materials 55,249 172 1.59 Volution 70,372 278 2.58 Oil & Gas Producers (1.68%) 351 3.25 Cairn Energy 87,455 149 1.38 Diversified Gas & Oil 99,659 111 1.03 Energean 10,749 91 0.84 Oil & Gas Services (0.00%) 124 1.15 Hunting 48,505 124 1.15 Packaging & Containers (1.22%) 147 1.36 Essentra 50,725 147 1.36 Pharmaceuticals (3.35%) 312 2.89 Allergy Therapeutics 185,179 37 0.34 Clinigen 13,363 104 0.96 Indivior 52,779 67 0.62 Vectura 90,084 104 0.97 Private Equity (1.80%) 127 1.18 IP 101,998 127 1.18 Real Estate Investment & Services (4.51%) 576 5.34 Belvoir 76,263 149 1.38 Helical 52,957 217 2.01 LSL Property Services 68,796 210 1.95 Real Estate Investment Trusts (0.87%) 107 0.99 Workspace 13,349 107 0.99 Retail (5.98%) 998 9.24 DFS Furniture 67,494 183 1.69 Dixons Carphone 89,800 128 1.19 J D Wetherspoon 9,444 128 1.19 Mitchells & Butlers 39,226 126 1.17 Pets at Home 24,643 102 0.94 Restaurant 115,154 141 1.31 Superdry 13,229 34 0.31 Watches of Switzerland 23,572 156 1.44 Semiconductors (0.67%) 47 0.44 IQE 80,576 47 0.44 Software (5.23%) 510 4.73 Alfa Financial Software 57,148 77 0.71 Blue Prism 6,456 82 0.76 Boku 65,817 114 1.06

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Portfolio statement continued as at 31 March 2021 Market Value %ofNet Holding £’000 Assets Software (continued) Hostelworld 105,560 82 0.76 Team17 12,984 97 0.90 Vianet 65,371 58 0.54 Storage & Warehousing (1.02%) —— Telecommunications (1.55%) 94 0.87 Spirent Communications 39,231 94 0.87 Transportation (0.93%) 233 2.16 Braemar Shipping Services 49,290 98 0.91 National Express 43,803 135 1.25 Portfolio of investments (99.73%) 10,443 96.73 Net other assets (0.27%) 353 3.27 Net assets attributable to Shareholders 10,796 100.00

Unless otherwise stated, all holdings are quoted in ordinary shares and listed on a recognised exchange. The percentages in brackets show the equivalent comparative holdings as at 30.09.20. * Suspended security.

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Statement of total return for the period ended 31 March 2021 31.03.21 31.03.20 £’000 £’000 £’000 £’000 Income Net capital gains/(losses) 3,155 (2,105) Revenue 84 273 Expenses (66) (164) Interest payable and similar charges ——

Net revenue before taxation 18 109 Taxation (8) (2) Net revenue after taxation 10 107

Total return before distributions 3,165 (1,998)

Distributions (14) (107) Change in net assets attributable to Shareholders from investment activities 3,151 (2,105)

Statement of change in net assets attributable to Shareholders for the period ended 31 March 2021

31.03.21 31.03.20 £’000 £’000 £’000 £’000

Opening net assets attributable to Shareholders 9,104 39,857 Amounts received on issue of shares 302 470 Amounts paid on redemption of shares (1,761) (24,629) (1,459) (24,159) Dilution adjustment —238

Change in net assets attributable to Shareholders from investment activities 3,151 (2,105) Closing net assets attributable to Shareholders 10,796 13,831

The difference between the opening net assets and the comparative closing net assets is the second half of the year.

Balance sheet as at 31 March 2021

31.03.21 30.09.20 £’000 £’000 £’000 £’000 Assets Fixed assets Investments 10,443 9,072 Current assets Debtors 109 91 Cash and bank balances 278 71 Total other assets 387 162 Total assets 10,830 9,234 Liabilities Creditors Bank overdrafts —(1) Distribution payable (12) (10) Other creditors (22) (119) Total other liabilities (34) (130) Total liabilities (34) (130) Net assets attributable to Shareholders 10,796 9,104

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Notes to the Financial Statements Accounting policies The accounting policies for the Sub-fund are those disclosed in the notes to the financial statements of all Sub-funds on page 5.

Fund Facts as at 31 March 2021 Operating Charges (OC)

March 2021 AIncome 1.27% BIncome 1.77% CIncome 1.02% The OC represent the annual operating expenses of the Sub-fund expressed as a percentage of average net assets - it does not include initial charges or performance fees. The OC includes the annual management charge and also the following charges which are deducted directly from the Sub-fund: Registration fees, Depositary fees, Safe Custody fees, Audit fee, FCA fee, Distribution fees, Issuance fees, Non-audit fees, and Custodial transaction fees where applicable. The OC is expressed as an annual percentage rate.

Synthetic Risk and Reward Indicator (SRRI)

123456 7

Number of Shares in Circulation Shares in circulation at period end March 2021 September 2020 September 2019 AIncome 143,933 191,242 1,695,320 BIncome 115,701 121,908 145,784 CIncome 189,545 202,825 237,227

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Fund Facts continued as at 31 March 2021

Distribution Information

A Income shares The distribution payable on 31 May 2021 is 2.0005p net per share. B Income shares A shortfall for B Income shares arose because expenses exceeded the revenue of the class. This being the case there is no distribution payable on 31 May 2021. C Income shares The distribution payable on 31 May 2021 is 4.6875p net per share.

Net Asset Value (pence per share)

For the six month period ended March 2021 March 2020 March 2019 A Income Opening net asset value per share 1,765.47 1,917.85 2,145.79 Closing net asset value per share 2,405.39 1,481.56 1,877.77 % Change in net asset value per share 36.25% -22.75% -12.49%

B Income Opening net asset value per share 1,762.72 1,916.14 2,143.89 Closing net asset value per share 2,398.28 1,481.49 1,876.09 % Change in net asset value per share 36.06% -22.68% -12.49%

C Income Opening net asset value per share 1,764.63 1,917.84 2,145.76 Closing net asset value per share 2,405.01 1,480.86 1,877.77 % Change in net asset value per share 36.29% -22.79% -12.49%

81 Lazard Investment Funds - Interim Report and Financial Statements March 2021

Management & Professional Services

Authorised Lazard Fund Managers Limited Corporate 50 Stratton Street Director (ACD) London W1J 8LL Telephone 020 7588 2721 Dealing 0370 606 6408 [email protected] www.lazardassetmanagement.com (Authorised and regulated by the Financial Conduct Authority) (Member of The IA)

Investment Lazard Asset Management Limited Adviser 50 Stratton Street London W1J 8LL www.lazardassetmanagement.com (Authorised and regulated by the Financial Conduct Authority) (Member of The IA)

Depositary The Bank of New York Mellon (International) Limited One Canada Square London E14 5AL (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority)

Independent PricewaterhouseCoopers LLP Auditors Atria One, 144 Morrison Street Edinburgh EH3 8EX

Registrar The Bank of New York Mellon (International) Limited Capital House, 2 Festival Square Edinburgh EH3 9SU (Authorised and regulated by the Financial Conduct Authority)

Prospectus Copies of the latest Prospectus are available free of charge from the ACD at the above address or you can e-mail [email protected].

Key Investor Copies of Key Investor Information Documents are available on the Information website www.lazardassetmanagement.com. Documents (KIIDs)