Lazard Global Investment Funds plc

Interim Report and Unaudited Financial Statements For the financial period ended 30 September 2020

Statements ofMajorChangesinInvestments...... Portfolios ofInvestments...... Notes totheFinancialStatements...... Participating Shareholders...... Statement ofChangesinNetAssetsAttributabletoRedeemable Statement ofFinancialPosition...... Statement ofComprehensive Income...... Investment Manager’s Report...... Directors andOtherInformation...... Contents Lazard Global InvestmentFundsplc Financial period ended30September 2020 135 79 35 31 27 23 6 4

3 LAZARD GLOBAL INVESTMENT FUNDS PLC 4 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc on 17August*** Launched 2020. ** Not yet seeded. investors.* Closedtonew Ireland D02 HD32 2 Dublin John Rogerson’s78 Sir Quay (Ireland) Fund Limited Street State Services Administrator, Registrar andTransfer Agent Ireland D02 HD32 2 Dublin John Rogerson’s78 Sir Quay (Ireland) Limited CustodialServices Street State Depositary Germany 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard USA NY 10112-6300 New York Plaza 30 Rockefeller AssetManagement LLCLazard Investment Managers Ireland D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor FundLazard Managers (Ireland) Limited Manager Number: 467074 Registration Ireland D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Registered Office Directors andOtherInformation Lazard European HighLazard FundYield BondFund High Scandinavian Quality Lazard Global Hexagon FundLazard Equity Fund Opportunities Lazard USFundamentalLazard Alternative Fund Alternative Fund Rathmore Lazard European AlternativeLazard Fund Fund Return Diversified Lazard CommoditiesLazard Fund Markets Emerging CorporateLazard Fund Debt BlendFund Markets Unrestricted Emerging Debt Lazard Markets BlendFund Emerging Debt Lazard Markets Emerging Lazard Total Fund Debt Return Markets Emerging Local Fund Debt Lazard Markets Emerging BondFundLazard Fund Global Convertibles Recovery Lazard * ** * *** * United Arab Emirates United Arab P.O. Box 506644 Dubai International FinancialDubai Centre 2,Level Office 206 1 Gate Village Limited Gulf Lazard Netherlands 1096 BCAmsterdam 26th Floor Amstelplein 54 TowerMondriaan FundLazard Managers (Ireland) Limited, Branch Dutch Belgium 1050 Brussels Avenue 326 Louise FundLazard Managers (Ireland) Limited, BelgianBranch Spain 28046 Madrid Paseo 140 delaCastellana FundLazard Managers (Ireland) Limited, Branch Spanish France 75008 Paris deCourcelles 25 Rue FrèresLazard Gestion Hong Kong Street, 1 Harbour View Central, Unit 7, 20 Level AssetManagement (HongLazard Kong) Limited 048616 Singapore #15-02, Place OneRaffles Tower 1 Place 1 Raffles AssetManagement Pte. (Singapore) Lazard Limited Switzerland CH-8001 Zurich 9 Usteristrasse AG AssetManagement Schweiz Lazard USA NY 10112-6300 Plaza 30 Rockefeller LLC AssetManagement Securities Lazard Germany 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard United Kingdom 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Distributors Financial period ended30September 2020 with thelawsofIreland. and Accounts,the Report andAccounts, regardless ofthelanguage oftheReport begoverned by shall inaccordance andconstrued than English, andAccounts action thelanguage on such prevail. oftheReport which isbasedshall Any of disputesastotheterms law ofany where jurisdiction theshares are sold, andAccounts thatinanaction inalanguage ina Report other basedupon disclosure language, andAccounts prevail, theEnglishlanguage will Report totheextent)thatitisrequired except totheextent(and only by the extent that there and andAccountsAccounts between the English language is any in and another the Report Report inconsistency and Accounts. contain andhave thesameinformation thesamemeaningasEnglishlanguage only Report translation shall such To andUnauditedFinancial andAccounts") Report mayintootherlanguages.This Interim (the"Reports betranslated Statements Any Ireland D01 X9R7 1 Dublin WallNorth Quay Dock One Spencer AccountantsChartered andRegistered Auditors PricewaterhouseCoopers Independent Auditors Ireland D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Limited Secretarial Wilton Secretary DirectorsAll oftheCompany are alsoDirectors oftheManager. DirectorsAll are Non-Executive. Committee. theAudit ** Members of * Independent Directors. Jeremy Taylor(British)** (Irish)*/** Daniel Morrissey Andreas Hübner (German) Gavin Caldwell (Irish)*/** Directors Switzerland CH-8022 Zürich P.O. Box Limmatquai 1/amBellevue NeueNPB Privat BankAG Paying AgentinSwitzerland Directors andOtherInformation Lazard Global InvestmentFundsplc United Kingdom E145HJ London 20 Churchill Place BankEurope Street Limited State Currency Manager Switzerland CH -8050Zürich 50 Leutschenbachstrasse ACOLIN AG Fund Services Authorised Representative inSwitzerland United Kingdom EC4A1LTLondon 20 CursitorStreet MacFarlanes LLP Legal AdvisersastoEnglishLaw Ireland D02 A342 2 Dublin CanalSquare 2 Grand Fry William Legal AdvisersastoIrishLaw Financial period ended30September 2020 (continued)

5 LAZARD GLOBAL INVESTMENT FUNDS PLC 6 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc companies. orevent as tourism environment,the current work-from-home andthecompanies that haveimpacted by been negatively theCOVID-19 pandemicsuch pronounced computing and e-commerce, between companiesespecially involved incloud aswell asthose thathave benefited from continue, will recovery we thattheequity believe ofsectorrotations.While we cycles expectintermittent These rotations be will thecoming months. during and/or credit recovery standpointandexpectacontinued equity impairment,of capital thankstotheirbond component. Currently, anequity convertible bonds from many undervalued we observe areduced chance bonds market have investors inrebounds whilebenefiting thepotential tooffer away intheequity from toparticipate We volatile times. ahighconvexity withintheassetclass, relevant during observe currently makesitparticularly which Convertible Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review UK mightleave theEuropean Union withoutatradeagreement inplaceweighed sentiment. all on risk the continent, theEuropean Bank, Central ofcredit aboutthefuture from availability thatthe uncertainty andtherenewed possibility the benchmark since2009. Across theAtlantic, across numberofcoronavirus cases astherising markets back European pulled equity the month, for performance thesolidgainrecorded by quarterly marked theS&P500Indexinthird thebestback-to-back quarter fivewere consecutive that after also worried months of gains, had grown prices US stock too expensive. Despite the market in sell-off presidential impedethe enactment election will ofanothercoronavirus relief resultdysfunction bill. andsignsthatpolitical Investors In the US, proved to be avolatile, September month, risk-off of a contested togrowingabout the possibility due largely anxiety markets sinceMarch. global equity buoyed market confidence. InSeptember, however, setofworries, withanew investors were confronted for leading tothefirst decline combined withthemassive amountsoffiscalstimulus suppliedby governments, economy and theworld for asabackstop have served thecoronavirus. for and avaccine befound will stancesadopted by banks, central policy key The ultra-accommodative monetary beyond developments andinstead on discouraging focused themonths ahead, recover will earnings hopedthatcorporate whenthey economic headwinds, markets have stock trended upward world sinceMarch, ofinvestors tothewillingness tolook thankslargely 2020, inception toSeptember Since markets receded, global equity asinvestor optimism wavered uncertainties. dueto new Despite Market Review returned terms -1.10%inUSdollar inception 17August2020, 2020to30September Fund from theperiod GlobalConvertibles Recovery (the theLazard Over “Fund”) Investment Review Lazard GlobalConvertiblesRecoveryFund Investment Manager’s Report •  • • • •  • 2021 remain on asolidfooting sector,The positions in the transportation operators, cruise in particular as booking for the period during positively contributed Finally, theexposure toenergy, toUSOilandGas, andinparticular globally declined detractedasoilprices sector weakness exposure toindustrials,Our inEurope, inparticular duetoamixofcompany specificandoverall detracted toperformance news video space intensified positions inthecommunication sectordetracted,Our inChinawere inparticular competition inthesocialnetwork and short theperiod during wasadditive, selection America inNorth Our USequitiesprices on thebackdrop ofdeclining generatingpositive performance assome dataonproducts exposure issuerspublishedencouraging key pipeline tohealthcare added toperformance Our 1 . Financial period ended30September 2020 Lazard AssetManagement LLC onThe fundwaslaunched 17August 2020, andhasreached $171.58mnAUM 2020. asof30September Addition Information convex), very are usually ofcoupon andattractive atissueinterms andpremium. terms asawhole. benefitsThis greatly theassetclass potentialinvestments, active new environment issuesisbringing ofnew this very interms issued bonds increased convexity (thenewly thisyear tomake2020arecord ison track issuancevolumes. issuesthatwe year observe ofnew ofnew interms The highlevel Overall, Outlook (continued) Lazard GlobalConvertiblesRecoveryFund(continued) Investment Manager’s Report Lazard Global InvestmentFundsplc Figures refer topastperformancewhichisnotareliable indicatoroffuture results. BrilloisandEmmanuelNaar.Fund Manager:Arnaud 30 September2020. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. Source: Lazard, NAV toNAV Price,gross incomereinvested inUSD,‘AAccUSD’accumulationshare classnetoffees,to Financial period ended30September 2020 (continued)

7 LAZARD GLOBAL INVESTMENT FUNDS PLC 8 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagementLLC investment for grade.significant risk Accordingly, we have reduced exposure tolonger-dated investment grade credits. are 185bps, currently rangeof155–215 bps. ofthenormal inthemiddle precisely Additionally, US we seerising Treasury asa yields Nevertheless, around for 100bpsofadditional spreads. calls tighteninginhighyield ourbasecase Incontrast, investment gradespreads spreads themacro should reflect averages because apremium outlook andfundamentalsare ismore tohistorical weaker. uncertain 750 bps, compared tothe “normal” ofbetween 400and630bps. range over thepasttwo decades Undoubtedly, inthecurrent climate, ofover 8%.yields Additionally, appreciation we capital spread seepotentialfor through further tightening. Spreadsare around currently fixed in negative-yielding $14trillion income, withroughly In aworld attractive emergingmarkets sovereign highyield very debtoffers inoilmarkets tolead dynamics toamore stableenvironmentsupply-demand prices. commodity for issues,mitigated potentialliquidity thegaptobettergrowth bridge in2021. helpingcountries Additionally, we expectimproved next year, deteriorate, andfiscalbalanceswill Fund’s buttheInternational Monetary lendingfacilities have (IMF)emergency largely years, have solid balance sheets, most countries increase and we do not expect a material in credit events. rise will Debt-to-GDP ratios conditions bankpoliciesacross and central the globe remain supportive. fundamentalshave weakened relative tothelastseveral While towiden, andthegrowth differential world to rise withthedeveloped factoremergingmarkets for outperformance. acritical Financial expect a V-shaped inglobalgrowth, recovery withAsiaandEurope leading theway. Moreover, we expectgrowth inemergingmarkets We remain around and are positive two-thirds running on the asset class of the portfolio’s budget. risk From a macro standpoint, we Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review bps tighterthantheyear-to-date peakinMarch oftheyear. andaround 150bpswiderthanthestart aversion. Intheend, spreads at432bpsover US tightened194bpsandendedtheperiod Treasuries. Indexspreads are now around 350 butretraced somespreads September ofthesegainsamidabroad-based reached increase around inrisk 400basispoints(bps)inearly 2020, ending30September six-monthIn thetrailing period hard emergingmarkets currency debtreturned 14.86%. credit Sovereign Market Review terms,US dollar againsttheJ.P. MorganEMBI GlobalDiversified Index, returned which 14.86% 2020, ending30September thesix-month period Over EmergingMarkets Bond theLazard Fund (the returned“Fund”) 14.90%in Investment Review Lazard EmergingMarketsBondFund Investment Manager’s Report Figures refer topast performancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. • • • • •  • Source: Lazard. NAV toNAV price,netincomereinvested inUSdollars.‘A’ accumulationshare classnetoffees,to30September2020. The overweight toKenya alsoweighed on returns The overweight process restructuring developments inthecountry’s The fund’s position in Venezuela overweight detracted as bonds continued to trade downofmeaningful despitealack stateoilproducerThe fund’s position inMexican PEMEX overweight alsohelped underperformed amidthebroad-based increaseaversion inrisk late intheperiod underperformed detracted asthesemarkets andAzerbaijan asBelarus European such Eastern positions countries inselecthighyield Overweight restructuring andbondholder-friendly Ecuador asthegovernment executed wasanotablecontributor aswift Overweight investment by theperiod grade countries over 7%during outperformed countries From atop-down perspective, torelative contributed thefund’s inhighyield performance. general overweight Highyield Financial period ended30September 2020 (continued) 1 . Lazard AssetManagementLLC correlated withcorebe highly Europe andrealare yields among thelowest inemergingmarkets. the lower countries, yielding withreal inexcess rates of2%. againstPoland, are heldprimarily These overweights where tendto rates premiums yield provide attractivelocal compensation risk. for We alsohave along duration position inPeru, standsoutamong which Indonesia, Africa, as South such Russia, Mexico, and Brazil, where are inflation risks benign due to large negative gaps and output in easingorder tomaintainpositive real rates. Inrates, across opportunities anumberofhighyielders we seeattractive idiosyncratic ruble. astheRussian such opportunities idiosyncratic andhasbeenlessaggressive hasbeentransparent in itspolicy The BankofRussia duetoaggressive easing. mountingfiscal concerns anddiminishedcarry from suffer However, generally which we continue tosee of theportfolio’s active exposure toAsianandCEE currencies. exposure limitedcurrency tohighyielders, hasvery The portfolio emerging markets currencies. At thisstage, we weakness and, thinkapauseindollar ismore likely asaresult, we have reduced some In recent months, were views ourcurrency predicatedmore on weakness USdollar thanon asustainable, in broad-based rally that thesetwo factors toimprove are in2021andare likely positioned accordingly. to come. Second, growth continues todisappointand, insome cases, depends on unsustainablefiscalspending. We remain optimistic banksremain central dovish, islowextremely because carry and thoughrecent tighteningby Hungary Turkey may beasignofmore rebounded, andvaluations thatare asattractive asever. However, asimpediments. factors continue toserve important two very First, remains anelusive quest. Factors positioning, infavour clean ofemergingmarkets currencies include more flows astrade has supportive markets currencies have beenslow torebound andwere down still over 11%on theyear; however, aninflectionperformance incurrency months, thepastseveral Over we have increasedusage, ourrisk between currencies allocation andrates. withabalancedrisk Emerging Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review 90bpslower thanwhere begantheperiod. they nearly Meanwhile, currencies local appreciated markets currencies. at4.50%, off theselevels low anall-time of4.35%inAugust touched slightly yields andendedtheperiod Local terms).dollar andmodestappreciation yields ofemerging inlocal by driven thedecline wasprimarily The return intheassetclass 2020, ending 30 September six-monthIn the trailing period emerging markets currency debt returned 10.49% (measured local in US Market Review terms,in USdollar againsttheJ.P. MorganGBI-EM GlobalDiversified Index, returned which 10.49% 2020, ending30September thesix-month period DebtFundOver EmergingMarkets (the Local theLazard returned“Fund”) 10.96% Investment Review Lazard EmergingMarketsLocalDebtFund Investment Manager’s Report Lazard Global InvestmentFundsplc Figures refer topast performancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. •  • • • •  •  Source: Lazard. NAV toNAV Price,netincomereinvested inUSdollars.‘A’ accumulationshare class,to30September2020. The fund’s duration underweights in some of the lowest yielding countries such asPoland such The fund’s insome ofthelowest countries yielding duration underweights and Thailand detracted budget, more thancompensatestheserisks for andwe therealpremium believe ofthecurve yield inthe5-year part We lateintheperiod. position rates inBrazilian on moved toanoverweight concernsaround soldoffsignificantly the Yields In currencies, detracted ruble position intheRussian anoverweight contributed Korean koruna won andCzech In currencies, positions across diversified AsianandCEE overweight theChineseyuan, currencies including ringgit, Malaysian andMexicowere notablecontributors In rates, Africa positions inSouth overweight key wasthemaincontributor,Bottom-up rates positioning inlocal positioningtoalesserextent thoughcurrency contributed Financial period ended30September 2020 (continued) nearly 4%againsttheUSdollar.nearly 1 .

9 LAZARD GLOBAL INVESTMENT FUNDS PLC 10 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagementLLC environment, well inamore uncertain tocontinue toperform allow theportfolio while alsoprotecting againstfuture boutsofvolatility. attractive returns risk-adjusted and avoiding downside significant risks. afforded byThe flexibility our Total approach Return should In thecurrent environment, selection, among boththedifferent segmentsofthemarket andindividualcountries, tocapturing bekey will duration,local Africa. aposition inSouth asidefrom given solidfundamentals,we seeas undervalued andIndianrupee. ruble astheRussian such littleexposure to hasvery The portfolio addition tothe aforementioned exposure currency implementedthrough options, we exposure alsohave outright inselectcurrencies tightening. Along these lines, we are high conviction emphasizing several credits as PEMEX, such Angola, Nigeria and Ukraine. In sovereign in high yield credit, returnrisk-adjusted opportunities spread further and ample scope for attractive offers yields which Treasury yields, wipeoutannualcarry. where aslightincrease couldcompletely only inyields Meanwhile, we continue toseeexcellent inUS littlecushion againstapotentialrise very rangesandoffer historical Investment gradespreads totheirtypical have reverted to favour hard debt; currency however, littlevalue intheinvestment gradesegmentandtherefore we have seevery limitedexposure. ahead,Looking we continue toseesignificant valueinemergingmarkets debt, thoughwe expectadichotomous market. We continue Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review againsttheUSdollar.also appreciated slightly at4.50%, offthese levels August slightly andendedtheperiod 90bpslower thanwhere begantheperiod. they nearly currencies Local date peakinMarch ofthe year. and around 150 bps widerthan the start Meanwhile, low anall-time of 4.35% in touched yields local at432bpsover US tightened 194bpsandendedtheperiod Treasuries. Indexspreads are now around 350bpstighterthantheyear-to- butretraced some September ofthesegainsamidabroad-based increaseaversion. inrisk points (bps)inearly Intheend, spreads as hard debtreturned currency 14.86%, debtreturned currency 10.49%. whilelocal credit Sovereign spreads reached around 400basis 2020, ending30September six-monthIn thetrailing period emergingmarkets debtreturned 12.67%(measured terms), inUSdollar Market Review terms 12.00% inUSdollar 2020, ending30September thesix-month period Over EmergingMarkets theLazard Total DebtFund Return (the returned“Fund”) Investment Review Lazard EmergingMarketsTotal DebtFund Return Investment Manager’s Report Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. • • • •  Source: Lazard. NAV toNAV Price,netincomereinvested inUSdollars.‘A’ accumulationshare class,to30September2020. There were no notable detractors from absolute returns during theperiod absolutereturns during There were nonotabledetractors from The fund’s sovereign Israel, exposure credits tohigherquality including UAE andIndonesia were notablecontributors absolute returns PEMEX, issuersincluding positions inanumberofhighyield Long Nigeria, to significantly alsocontributed Iraq and Ukraine intheperiod Hard ofpositive debtwasthemaindriver performance currency 1 . Financial period ended30September 2020 (continued) highly correlated withcorehighly Europe andreal are yields among the lowest inemergingmarkets. lower countries, yielding withreal inexcess of2%. rates againstPoland, are heldprimarily These overweights where tendtobe rates premiumsyield provide attractive compensation risk. for We alsohave along durationposition inPeru, standsoutamong which the Indonesia, Africa, as South Russia, Mexico, and Brazil, where are inflation risks benign due to large negative gaps and local output dueto aggressive easing.diminished carry In rates, across such opportunities we anumberofhighyielders see attractive idiosyncratic recovery. mountingfiscalconcerns and exposure limitedcurrency tohighyielders, hasvery from suffer The portfolio generally which currencies,In local we have maintainedexposure toAsianandCEE currencies continue thatwe will tolead believe theglobalgrowth government support, full widepremium tothesovereign.from yet tradesatahistorically improvements thatare reflectedstructural notyet invaluations. fully We oilcompany alsofavour PEMEX, Mexican benefits which positive reform momentum and credits,BB andBrated thatbenefit from asUkraine such positions incountries overweight withkey years. over thepastseveral toitshighestlevel sovereignsin highyield isclose We have takenadiversified approach across anumberof see across the assetclass. We and, debt should continue external tooutperform highyield believe accordingly, theportfolio’s overweight debtandare budget andlocal instead inthenumerous between we external deploying therisk bottom-upasset allocation opportunities We are deploying currently around two-thirds oftheportfolio’s budget. risk March, early Since we have neutral maintainedaroughly Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review againsttheUSdollar.also appreciated slightly at4.50%, offthese levels August slightly andendedtheperiod 90bpslower thanwhere begantheperiod. they nearly currencies Local date peakinMarch ofthe year. and around 150bps wider than the start Meanwhile, low anall-time of 4.35% in touched yields local at432bpsover US tightened 194bpsandendedtheperiod Treasuries. Indexspreads are now around 350bpstighterthantheyear-to- butretraced some September ofthesegainsamidabroad-based increaseaversion. inrisk points (bps)inearly Intheend, spreads as hard debtreturned currency 14.86%, debtreturned currency 10.49%. whilelocal credit Sovereign spreads reached around 400basis 2020, ending30September six-monthIn thetrailing period emergingmarkets debtreturned 12.67%(measured terms), inUSdollar Market Review Index, returned which 12.18% terms,in USdollar againstthe50%J.P. MorganEMBI GlobalDiversified exCCC/50% J.P. MorganGBI-EM GlobalDiversified 2020, ending30September thesix-month period Over EmergingMarkets DebtBlendFund theLazard (the returned“Fund”) 13.14% Investment Review Lazard EmergingMarketsDebtBlendFund Investment Manager’s Report Lazard Global InvestmentFundsplc • •  • • •  • Russia has been transparent in its policy andmaintainedpositive real hasbeentransparent initspolicy rates Russia also detracted. ruble position intheRussian An overweight We astheBankof inthe currency continue to see opportunities debt,In local position across inBrazil detracted andthecurrency bothrates anoverweight relative performance detractedfrom In sovereign andCostaRica credit, ElSalvador including countries positions inselecthighyield overweight balances, debtstock, arising bankindependencecontinuedinvestor ofcentral tofeed andalack concern debt,In local in underweight Turkey was beneficial. Both Turkish underperformed, andthecurrency rates reserve as declining In sovereign credit, stateoilproducer position inMexican PEMEX anoverweight wasanotablecontributor sourcesAll ofbottom-up alpha –sovereign credit, credit, corporate tooutperformance –contributed currency andlocal rates local 1 . Financial period ended30September 2020 (continued)

11 LAZARD GLOBAL INVESTMENT FUNDS PLC 12 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagement LLC Lazard EmergingMarketsDebtBlendFund(continued) Investment Manager’s Report Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. Source: Lazard, NAV toNAV Price,gross incomereinvested inUSdollars,‘A’ accumulationshare classnetoffees,to30September 2020. Financial period ended30September 2020 (continued) highly correlated withcorehighly Europe andreal are yields among thelowest inemergingmarkets. lower countries, yielding withreal inexcess of2%. rates against Poland, are heldprimarily These overweights where tendtobe rates premiumsyield provide attractive compensation risk. for We alsohave along durationposition inPeru, standsoutamong which the Indonesia, Africa, as South Russia, Mexico, and Brazil, where are inflation risks benign due to large negative gaps and local output dueto aggressive easing.diminished carry Inrates, across such opportunities weanumberofhighyielders see attractive idiosyncratic recovery. mountingfiscalconcerns and exposure limitedcurrency tohighyielders, hasvery from suffer The portfolio generally which currencies,In local we have maintainedexposure toAsianandCEE currencies continue thatwe will tolead believe theglobalgrowth Argentina andEcuador. our investment played have because theseswill largely outas expected in todecline exposure islikely todistressed opportunities PEMEX, government support, full widepremium benefits tothesovereign. which from yet trades atahistorically The portfolio’s improvements thatarereform momentum reflected andstructural notyet invaluations. fully We oilcompany alsofavour Mexican positive credits, a numberofBBandBrated andAngola thatbenefit asUkraine from such positions incountries overweight withkey years. over the to past its several highest level sovereigns in high yield is close overweight We have taken a diversified approach across we seeacross theassetclass. We and, debt shouldcontinue external tooutperform highyield believe accordingly, theportfolio’s debtandare budget andlocal instead inthenumerous between external deploying therisk bottom-upasset allocation opportunities We are deploying currently around two-thirds oftheportfolio’s budget. risk March, early Since we have neutral maintainedaroughly Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review againsttheUSdollar.also appreciated slightly at4.50%, offthese levels August slightly andendedtheperiod 90bpslower thanwhere begantheperiod. they nearly currencies Local date peakinMarch ofthe year. and around 150 bps widerthan the start Meanwhile, low anall-time of 4.35% in touched yields local at432bpsover US tightened 194bpsandendedtheperiod Treasuries. Indexspreads are now around 350bpstighterthantheyear-to- butretraced some September ofthesegainsamidabroad-based increaseaversion. inrisk points (bps)inearly Intheend, spreads as hard debtreturned currency 14.86%, debtreturned currency 10.49%. whilelocal credit Sovereign spreads reached around 400basis 2020, ending30September sixmonthIn thetrailing period emergingmarkets debtreturned 12.67%(measured terms), inUSdollar Market Review returnedwhich 12.67% terms,in US dollar against the 50% J.P. Morgan EMBI Global Diversified Index/50% J.P. Morgan GBI-EM Global Diversified Index, 2020, ending 30 September thesix-month period Over Emerging Markets Debt Unrestricted Blend Fund the Lazard returned 13.54% Investment Review Lazard EmergingMarketsDebtUnrestricted Blend Fund Investment Manager’s Report Lazard Global InvestmentFundsplc • •  • • • • Russia has been transparent in its policy andmaintainedpositive real hasbeentransparent initspolicy rates Russia also detracted. ruble position intheRussian An overweight We astheBankof inthe currency continue to see opportunities debt,In local position across inBrazil detracted andthecurrency bothrates anoverweight and ithascontinued totrade down onofprogress alack process in the restructuring In sovereign credit, detracted. position inLebanon anoverweight We purchased thisposition thedefaultannouncement following balances, debtstock, arising bankindependencecontinuedinvestor ofcentral tofeed andalack concern debt,In local in underweight Turkey was beneficial. Both Turkish underperformed, andthecurrency rates reserve as declining agreementstheperiod during theirrestructuring finalized asbothcountries relative performance In sovereign credit, Ecuador andArgentinato contributed positions including inselectdistressed opportunities overweight sourcesAll ofbottom-up alpha –sovereign credit, credit, corporate tooutperformance –contributed currency andlocal rates local 1 . Financial period ended30September 2020 (continued)

13 LAZARD GLOBAL INVESTMENT FUNDS PLC 14 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagement LLC Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Investment Manager’s Report Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. Source: Lazard. NAV toNAV price,netincomereinvested inUSdollars,‘A’ accumulationshare class,to30September2020. Financial period ended30September 2020 (continued) Lazard AssetManagementLLC inportfolios. carry source ofhigh-quality spread available, retracement afull towhere back spread begantheyear, levels appreciation absentcapital even from asanexcellent thisyear,of heightenedvolatility provided which some cushion toaccommodate theshock. Inthiscontext, theincremental we view default rates,underwritten. Lower andexpected, bothrealized reflect inemergingmarkets lower likely heading leverage intotheperiod Compared totheirUScredit counterparts, bonds inemergingmarkets therisk continue compelling valuefor tooffer corporate Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review volumes sincetheonset oftheCOVID-19 pandemic. prices.in commodity Ontheotherendofspectrum, lagged inpassenger withareturn of4.9%reflecting transport thedecline thesectorrebounded. for prices output 23.7% advance after Metalsandminingnamesfollowed witha22.7%return on therebound 19%. wideatnearly although thespread andpapersetthepace sectorswasvery witha Pulp between thebestandworst performing environment, investment gradeby theperiod. positive, over 7%during outperformed highyield wasuniformly performance Sector 300 bps tighter than the year-to-date peak in March and around of the year. 100 bps wider than the start Consistent with this market aversion. Intheend, spreads at370bpsover US tightened229bpsandendedtheperiod Treasuries. Indexspreads are now around September,reached around 345basispoints (bps) in early butretraced some ofthesegainsamidabroad-based increase inrisk 2020, ending30September In thesix-month period debtreturned 14.20%. emergingmarkets corporate credit spreads Corporate Market Review terms,dollar againsttheJ.P. MorganCEMBI Broad Diversified Index, returned which 14.20% 2020, ending30September thesix-month period DebtFundOver EmergingMarkets Corporate theLazard returned 19.45%inUS Investment Review Lazard EmergingMarketsCorporateDebtFund Investment Manager’s Report Lazard Global InvestmentFundsplc Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. • • •  •  • Source: Lazard. NAV toNAV Price,netincomereinvested inUSdollarterms,‘A’ accumulationshare classnetoffees,to30September2020. continued situation towork throughliquidity achallenging producer detracted.The fund’s position inaColombian energy overweight The company’s underpressure bonds came asit andconcernsover amarked increaseshock indefaultsabated issuers,The fund’s tohighyield overweight asthemarket narrative moved beyond significantly contributed theinitialliquidity announced asuspension tocreditors ofpayments An off-benchmark exposure tooff-indexissuerResorts World alsodetractedasone oftheparent company’s subsidiaries Issuer selection ofrelative wasthemaindriver performance, intheoilandgasutilitiessectors particularly From asectorperspective, tofinancials andreal estatewere underweights alsobeneficial Financial period ended30September 2020 (continued) 1 .

15 LAZARD GLOBAL INVESTMENT FUNDS PLC 16 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagement(Deutschland)GmbH return perspective environment. arisk inalow yield fixed income markets Scandinavian arethe highrated attractive still from outbreak. We normalization. lead expectthat a vaccinebe availablenext year to a further will can which In thiscontext, investments in rose recently. Authorities andhealthcareofficials have more today knowledge sowe expecttargeted aboutthevirus measures toany and economic consequences are notassevere asexpectedin spring. Nevertheless, COVID-19 withusandinfectionnumbers isstill The global COVID-19 markets. pandemic remains global capital the main topic for is underway It seems like the economic recovery Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review last sixmonths. sector isunder pressure).tourism Covered Bonds, covered bonds Danish callable recovered especially the theirMarch lossesduring policy. through fiscal andmonetary support Spreads are by widerthanpre-COVID still sector(e.g. significantly Corporate andvary marginally, rose rates somewhat. whereas SEK free risk Onthecredit side, spreads ineconomic and tightenedwiththeupturn activity Volatility Fixed in the Scandinavian Income markets decreased compared to March. NOK, DKK, fell rates free and EUR risk isunderway.the recovery dramatically. May whenrestrictions were lifted. that indicating upfrom bouncedback Economicpicked Indicators activity Leading theNordicto othercountries economies weathered theeconomic relatively well. shock GDPfell second quarter Nevertheless tookon itstoll economic policy growth andmarkets. monetary fiscalspendingmeasuresby andexpansionary historical Compared months. theforthcoming bewithusfor and will ofrestrictions accompanied andsubsequentlifting strategies lockdown Differing 2020wasdominated by toSeptember theglobalCOVID-19The six-month period of2020 inthefirst quarter pandemicthatstruck Market Review 2.33% ineuro terms Bond Fund 2020, ended30September thesix-month (the period HighQuality Over returned“Fund”) Scandinavian theLazard Investment Review Lazard ScandinavianHighQualityBondFund Investment Manager’s Report Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:MichaelA.Weidner andteam. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. •  • • • • Source: Lazard, NAV to NAV Price, gross income reinvested in Euro, ‘EA’ distribution share class net of fees, to 30 September 2020. as interest rates fell in most Scandinavian countries aswell asintheeuro countries zone inmostScandinavian as interest fell rates approach towards duration, inducedaconservative The strategy i.e. costs positioning interestledtoopportunity risk rate ourshort last sixmonths contributor. bonds wasthesecond largestThe positioning performance incorporate within the Spreads tightenedsignificantly SEK rose rates anddetracted marginally somewhat bondshigh rated Covered Bonds and SSAs saw some spread tightening in NOK, SEK and EUR. in these our allocation The fund profited from whereasarepre levels positive yields still crisis bonds exposure were period. toDanishcallable thereporting thelargest positive during contributor Our Spreads have approached 1 . Financial period ended30September 2020 (continued) Lazard AssetManagementLLC tocommodities. provides toremainwhich atailwind capped on islikely theUS dollar andfiscal stimulus, we consider themassive amount ofmonetary When intheUS, especially we remain convinced thatupsidepressure beproduced will continuedown. andinventories will todraw commoditiestrade for aslesssupply producers. commodity for formation capital for barriers further We requirements more believe capital stringent setupascarcity will onReturn Invested Capital(ROIC), environmental, social, andgovernance (ESG) andsustainableinvesting, continue will tocreate already elevated, isbeingreinforced duetosignificant demand-related uncertainty. term, around Longer we expectinvestor frustration months,to the next six to twelve concerns around a second wave of the outbreak remain elevated. supplierdiscipline Commodity global economy entered, exited, partially andsubsequently duetotheCOVID-19 significant lockdowns pandemic. Aswe look forward andbroader 2020wasmarked by inthecommodity markets. ending30September significantvolatility The sixmonth period The Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review markets begantorecover.and commodity to refineriesmake gasoline and diesel. stopped demanding crude As economies began to reopen, logistics began to normalize supply ofanegative event oilprice.market alsowitnessedahistorical were Aslockdowns beingenforced, travel wasalmostnon-existent, to non-dollardenominated consumers andmore expensive tonon-dollardenominated producers. thisperiod, During thecommodity lessexpensive demandascommodities significant amountofpressure became commodity for created on which thedollar atailwind March through August. and at one point was down the period by5% during almost 7% from and fiscal stimulus created a Monetary entered and then began to reopen lockdown as the pandemic appeared to be held at bay. decreased by over Index (DXY) The Dollar andfiscalstimulus aseconomies 2020waswitnesstomassive amountsofbothmonetary ended30September The sixmonth period Market Review against theBloomberg Commodity Total Index (BCOMTR), Return returned which 14.62% 2020, to30September thesix-month period Over Commodities Fund theLazard (the returned terms,“Fund”) 12.83%inUSdollar Investment Review Lazard CommoditiesFund Investment Manager’s Report Lazard Global InvestmentFundsplc Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:Terence Brennan andteam. terms, ‘A’ accumulationshare classnetoffees,to30September2020. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. •  •  •  •  •  •  Source: Lazard Asset Management Limited. Performance data are on a NAV to NAV Price, net income reinvested in US dollar Agriculture: position incoffee The overweight Agriculture: oilandgasoline incrude performance, ourunderweight detractedthemostfrom primarily inenergy underweight Our Energy: the endofperiod wherePrecious we toward added toperformance toprecious tosilver positively metals:ourallocation metalsalsocontributed performance to positively sector contributed materials gases and construction to the industrial our allocation Unlisted Commodities: position inleanhogstoward theendofperiod anunderweight where tolivestock we ourallocation closed Livestock: our underweight allocation, primarily the underweight positionswheat allocation, incotton andKansas theunderweight our underweight primarily Financial period ended30September 2020 (continued) 1 .

17 LAZARD GLOBAL INVESTMENT FUNDS PLC 18 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc vaccine hasnumerous promising candidates. congregation have improved. are tocontain more Restrictions the virus targeted, healthoutcomes have improved, a and theracefor of areturn ofMarch tothechallenges andApril. and andtoadjust toconstraintson tolive ourmobility withthevirus ability Our validate popularconcernsabout another resurgence. Fortunately, have reduced greatly andingenuity thechances humanadaptability The continuing spread ofCOVID-19, whetherthrough institutions asschools, ortheresumptionsuch large gatherings ofcritical Despite recent improvements inthe globaleconomic outlook, persistswithregards tothebehaviourofvirus. significantuncertainty Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review differential against, renewed perception ofacoronavirus resurgence, andmassive deficits intheUScompared toothercountries. Most currencies were stronger versus intheperiod, theUSdollar given thecompression oftherate anddisappearance ofUSrates markets faltered equity amidsignsof position strongly. adjustments across assetsthathad after performed riskier inSeptember rallied areas oftheworld, combined withincreased bond supply. tosteepen. andcurves torise rates This caused Bonds changedcourseand pandemic. InAugust, therallies, interest took rates abreak from duetomixed butmore economic encouraging rebounds inmany around theworld, thecoronavirus reacted asthey surrounding relief toongoing atimelinefor from economic malaiseanduncertainty of the benchmark 10-year changes in the yield US marginal overall Treasury note. astrong month bond was generally for markets July June,during however, triggered abond rally. Ontheotherhand, globalbond markets were volatile inthethird quarter, despite theCOVID-19-lockdown.plans toreopen theeconomy from across incases An manyandwestern states unexpectedrise southern inApril, fell May inconjunction higherduring initially withstrongerUS rates markets andnationwide equity todrift andthenstarted In fixed income, Japan, from across globalinterest apart rallied rates mostcountries China, Sweden, andAustralia inthesecond quarter. undercut sentiment, risk markets totheirfirst losssinceMarch. equity monthly leading world and a vaccine the coronavirus. would for be found However, investor arose confidence that uncertainties wavered as new in September would earnings recoverto look andinstead on beyond focused themonths news aheadhopedthatcorporate discouraging whenthey the macro outlook improve will inthecoming months flow. despitethemixed news andAugust, InJuly investors appeared willing measuresinvestor helpedcalm fears.government fiscalpolicy Inthethird quarter, markets jumpedon investor equity optimismthat lower thanthefirst quarter’s record asthecoordinated levels stimulus measures putinplace by banksalong globalcentral withother over theperiod.terms sell-off, February/March thesharp After remained volatility highinthesecond quarter, althoughitwasmarkedly 2020, in the six months andendedSeptember impressive experienced recovery stocks Global developed gaining over 28% inUSD Market Review terms dollar 2020, ending30September thesix-month period Over Diversified theLazard Fund Return (the returned“Fund”) -0.33%inUS Investment Review Lazard Fund DiversifiedReturn Investment Manager’s Report •  • • • • • Within fixed income,Within exposure tobonds intheEurozone underweight theDiversifiers allocation,Within globalthematichighconviction basketandconvertibles exposure toJapan,underweight theUKandChina fixed income,Within exposure tobonds intheUS, overweight Australia, New Zealand, Canada, Chile, andRomania; Czech and exposure tofinancials equities,Within selection inthefinancials stock sector, andwithinSpain, Australia andSingapore, aswell asunderweight Currency managementCurrency withinfixed income, exposure toCNH exposure toMXNandunderweight modestoverweight US, JapanandIsrael selection technology, intheinformation Stock industrials, sectors, healthcare andcommunication services aswell aswithinthe 1 . Financial period ended30September 2020 (continued) Lazard AssetManagement LLC oftheenvironment.particularly Overall, inthemediumterm. ourstanceisbecoming more on constructive growth recovery andeventual to finance theseprograms. There highertaxes isthepotentialfor on andcorporations, highearners aswell asincreased regulation, COVID-19 thefederal including response, foreign relations andtrade, fiscalprograms (bothspendingandinvestment) andthemeans to2021andbeyond.The USelection uncertainty introduces further There arechangeson anumberofissues, prospects policy for toanyvulnerable slowing, doublehit, oravirus-induced toglobaldemand. given theirhighersensitivity employment. on service-sector demandfor heavy impact of the virus Europe, Japan, and many emergingmarkets could be particularly questionA key iswhethertherecent improvement inhouseholdincome andconsumptionbesustained, can given theunusually Outlook (continued) Lazard Fund(continued) DiversifiedReturn Investment Manager’s Report Lazard Global InvestmentFundsplc Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:JaiJacobandteam. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. Source: NAV toNAV price,netincomereinvested inUSdollars.‘EA’ Accumulationshare class,to30September2020. Financial period ended30September 2020 (continued)

19 LAZARD GLOBAL INVESTMENT FUNDS PLC 20 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagementLLC interconnectedness totherest oftheworld. surprising.not entirely Europe remains themostexposed region toCOVID-19 intheworld and (andtoavaccine) given itsdensity Recent discussions withsome CEOsshowed somereach doubtthatthemoneywill years, theeconomy inthenextfew is which In Europe, tobedelayed thegreen ofdisagreements dealislikely because on itsimplementation and tensions withHungary. situation before second halfof2021attheearliest, have still and we sixmonths probably ofrestrictive will socialpoliciesahead ofus. challenges.and distribution Insummary, likeitisnotreasonable feels itincreasingly toexpectanormalisation oftheCOVID-19 limited due to production to bein a rangeof 50-60% and their availability vaccines not be any is likely will panacea as their efficacy appearsthatvaccinesIt increasingly tobeapproved are ofnextyear, before unlikely thestart andithasbecome more apparent thatthese Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review months, were many countries alsoforced toreintroduce theresurgence restrictions tocurb ofthevirus. wasfaltering.negotiations questions raised over whethertheeconomic recovery Inareversal ofthetrend thesummer seenduring end oftheperiod, mixed economic data, COVID-19 inFrance rising across cases andSpain), Europe (particularly Brexit andstalled efforts. would packagewhich see€750bn infundingbecome availabletoaidpost-pandemicrecovery recovery However, towards the intheeuro helpedstimulate zone. economicfiscal support recovery alandmark for coronavirus adealinJuly EUleaders alsostruck restrictions andgovernment oflockdown asthelifting European underreview markets strongly inthesix-month bouncedback period Market Review terms 2020, ending 30 September the six-month period Over European the Lazard Alternative Fund (the returned“Fund”) 2.60% in euro Investment Review Lazard European Fund Alternative Investment Manager’s Report 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. •  •  •  •  •  •  Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:LeopoldArminjonandteam. Source: Lazard. NAV toNAV price,netincomereinvested ineuro. ‘C’Accumulationshare class,asof30September2020. Rational, goods company, acapital weighed on relative returns By country, exposure toGermanyandtheUSdetractedmost Index hedges wasthelargest detractor group businessservices integrated Teleperformance anddigitally Puma brand Sportswear By country, France wasthelargest contributor theconsumer discretionary,Notable from gainscame andhealthcare sectors industrials 1 . Financial period ended30September 2020 (continued) What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review intheconvertibles space,opportunities andexpandedthe numberofpotentialspecialsituations. and 50%in March, recovered. have largely although several The year-to-date surge inissuancehasproduced asignificantnumber of growth companies, intheretail, particularly leisure, industries. andservice The equitiesofmanybetween 40% ofthesecompanies fell mandated lockdowns, stressed which balancedsheets, andmid-cap andassociatedchangesinconsumer hitsmall behaviorwhich billion. To putthisintocontext, issuancein2019and2018totaledapproximately $85billion. Government- included Catalysts 1.Issuance ofconvertible bonds hassoared sinceJanuary 2020,Through September $125 globalconvertible issuancehassurpassed belowmarket $2.5billion. caps issuerswith10,000orlessemployees, corporate tomid-size small grade debtandtoprovide loanandcredit-facility debtfor term and markets were by theexpansion supported ofthe Fed’s lendingprogram, topurchase selectnon-investment gave which ittheability of theendSeptember. 30th. endingSeptember Indexreturned thesix-month 15%for period The ICEBofAHigh Yield Credit 875bpsattheendofMarch,Credit spreads markets withtheUSHigh tighteningfrom improved significantly Yield to545bpsas between 20and40,mostly below theMarch highof83. significantly up 31%, providing thelargest stocks gains. andtechnology withdiscretionary volatility, Equity asmeasured by the VIX, oscillated COVID highsinthepastsixmonths, itslargest period. return over aconsecutive including fifty-day The S&P500endedtheperiod stocks, Apple, Amazon, Google, andMicrosoft, up 83%, 62%, 26%, and 34%, respectively. The S&P 500 also reached numerous post the became “new normal.” The NASDAQ Composite hitnumerous Index(which highs)returned all-time 46%, with “Big Tech” Europe, tostimulate aneconomic inaneffort recovery. Technology ledtheway asworking stocks andsocialdistancing remotely advancements in the development of a COVID-19 vaccine, and in the United States and fiscal policy and the loosening of monetary to reopen theireconomies by amidst theshutdown caused theglobalCOVID-19 pandemic. thesegainswere positive Supporting Following drawdowns inMarch historic 2020, began over thepastsixmonths ascountries recovery arapid markets experienced equity Market Review 2020, ending30September thesix-month period Over RathmoreAlternative Fund theLazard (the returned“Fund”) 15.46% Investment Review Lazard Rathmore Fund Alternative Investment Manager’s Report Lazard Global InvestmentFundsplc • • • • •  • the impact ofCOVID-19 on restaurants andhotels ’s Warehouse returns.The Chef (CHEF) detractedfrom CHEF recorded were disappointing Q2salesnumberswhich by caused thehaltonfollowing internationaltravel The position inGolLinhasAereas Inteligentes added toreturns over thepastsixmonths, credits begantorecover asairline lockdown relatedlockdown toCOVID-19 theglobal following returns significantbasisweakening asthebond immediately experienced 0%detracted from Pinduoduo six-months a markets experienced returnsV-shaped astheequity Portfolio over thepast hedges Marco detractedfrom (equity) recovery agreed topay apremium Pharmaceuticals toholdersofits5.25%bonds itsbalancesheet tode-lever Lexicon bonds exchange whereby agreedCarnival todebt-for-equity thecompany paidasignificantpremium toholdersofthe5.75%convertible Financial period ended30September 2020 (continued) 1 .

21 LAZARD GLOBAL INVESTMENT FUNDS PLC 22 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagement LLC ofcontinued strengthsupportive inthebasis, inourview. valuations, secondary cheap flows intotheproduct, capital low interestfundingcosts), (cheaper rates levels, andattractive carry are all thecurrentwell suitedfor environment. Inaddition, theyear), market hasalready$125billionfor (which surpassed astrong primary periods. We ourcurrent duration, believe positioning –short credits andprofiles higher quality withattractive convexity profiles –is risks, geopolitical rising andapotentialsecond wave ofthevirus, ascompared result ofvolatility inhigherlevels likely torecent will As economic growth resumes, regarding thespeedofapotentialeconomic we uncertainty recovery, believe multiples, equity elevated Outlook Lazard Rathmore Fund(continued) Alternative Investment Manager’s Report Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:SeanReynoldsandteam. net offees,to30September2020. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat30September2020. Source: Lazard Asset Management Limited, NAV to NAV Price, net income reinvested in US dollars, ‘A’ accumulation share class Financial period ended30September 2020 (continued) therefore there are nocomparatives thisFund. for 17August 2020, Fund 2020to30September * GlobalConvertibles Recovery isfrom Lazard above for included The information ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement Financial Statements Lazard Global InvestmentFundsplc (Loss)/profit forthefinancialperiodbeforetax (Loss)/profit forthefinancialperiodaftertax Statement ofComprehensive Income Bond Income Investment Income Total Investment(Expense)/Income redeemable participatingsharesfromoperations innetassetattributabletoholders of Net movement Withholding Tax Dividend Income Management FeesManagement Expenses Capital gains Tax Capital Bank Interest Performance Fees Net realised(losses)/gainsoninvestmentsandforeigncurrency Administration, Transfer Agency Fees and Depositary foreign currency Net movementinunrealised(losses)/gainsoninvestmentsand Legal Fees Directors’ Fees Organisational FeesOrganisational Currency Fees Manager's Tax ReportingFees Dividend Expense Other Expenses Total Expenses Reimbursement fromManager Net Investment(Expense)/Income Distributions Finance Costs Interest Expense Bank Interest Total FinanceCosts Note 14 4 3 Lazard Global Convertibles 30/09/2020 (1,231,177) (1,182,998) (1,062,605) (1,231,177) (1,182,440) (1,104,340) (120,282) Recovery Recovery (289,047) (48,179) 330,782 (36,532) (12,956) (60,000) (1,973) (3,166) (4,426) Fund* (558) (247) (982) (558) USD 447 (Unaudited) – – – – – – – 30/09/2020 2,036,175 2,036,175 2,093,915 2,036,175 1,872,715 2,036,175 (101,649) (80,949) 322,849 (37,027) (17,994) (11,798) (3,794) (1,072) (9,075) 23,209 Markets BondFund (189) USD Lazard Emerging – – – – – – – – – – – Financial period ended30September 2020 30/09/2019 (222,871) (77,731) 249,243 249,243 365,592 307,063 (37,032) 249,243 (16,805) 162,954 (12,896) 249,243 (2,724) (7,488) 19,911 1,388 (154) (632) USD – – – – – – – – – – 124,189,140 126,131,581 133,467,752 124,189,140 (48,066,318) 129,638,295 30/09/2020 151,429,775 Markets LocalDebtFund (3,829,457) (3,506,714) 30,068,831 (2,846,570) (1,066,178) (3,506,714) (876,263) (782,358) (79,063) (19,005) (24,420) (21,499) (56,542) 35,464 USD Lazard Emerging – – – – – – – (25,759,254) 30/09/2019 (4,652,698) (4,131,521) 51,233,994 (1,130,723) 57,085,277 58,468,365 41,703,672 67,252,584 (3,667,189) 57,085,277 (4,111,033) 62,599,886 (252,365) (802,021) (71,929) (19,222) (20,238) (18,187) (53,912) (20,488) 74,172 USD – – – – – –

30/09/2020 (1,099,728) (1,120,816) 11,535,537 20,227,453 20,227,453 22,429,496 20,227,453 (1,120,340) 21,348,269 Total ReturnDebtFund 2,816,953 8,077,006 (808,769) (146,279) (49,606) (29,854) (38,362) (17,504) (7,541) (1,813) 18,501 Emerging Markets (476) USD – – – – – – – 30/09/2019 (3,255,326) (3,161,575) (3,255,326) (1,370,682) (2,191,474) (1,121,630) (3,369,220) (2,175,316) 4,091,931 (970,101) (382,002) (170,415) (72,159) 400,581 (21,592) (36,182) (14,411) (19,604) (16,158) Lazard 59,872 (5,900) (2,540) USD – – – – – –

23 LAZARD GLOBAL INVESTMENT FUNDS PLC 24 LAZARD GLOBAL INVESTMENT FUNDS PLC 2019, therefore thecomparatives thisFund for areperiod. afull notfor 2019to 30 September 3September DebtFund** Emerging Markets Corporate Lazard above for is from included The information ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement Lazard Global InvestmentFundsplc Financial Statements Profit/(loss) forthefinancialperiodaftertax Profit/(loss) forthefinancialperiodbeforetax Bond Income Investment Income Statement ofComprehensive Income participating sharesfromoperations innetassetattributabletoholders ofredeemable Net movement Withholding Tax Distributions Finance Costs Management FeesManagement Expenses Net movementinunrealisedgains/(losses)oninvestmentsandforeigncurrency Capital gains Tax Capital Interest Expense Dividend Income Bank Interest Performance Fees Total InvestmentIncome/(Expense) Bank Interest Total FinanceCosts Administration, Transfer Agency Fees andDepositary Net realised(losses)/gainsoninvestmentsandforeigncurrency Legal Fees Directors’ Fees Organisational FeesOrganisational Currency Fees Manager's Tax ReportingFees Dividend Expense Other Expenses Total Expenses Reimbursement fromManager Net InvestmentIncome/(Expense) Note 14 4 3 (Unaudited)(continued) (11,003,706) 30/09/2020 11,592,547 11,631,640 11,592,547 22,232,550 13,063,935 12,623,148 1,831,290 (991,508) (505,958) (991,508) (267,503) (184,429) (32,997) (14,045) (19,897) (6,096) (8,627) (2,073) (9,384) 65,171 3,801 Emerging Markets USD Debt BlendFund – – – – – – Financial period ended30September 2020 30/09/2019 (1,946,688) (1,498,729) 10,803,994 (8,658,520) 11,575,521 9,397,200 9,325,104 9,325,104 9,569,164 9,628,833 (174,662) (328,327) (59,669) (57,378) (69,398) (11,627) (64,316) (13,620) (25,368) Lazard (2,291) 32,847 (4,701) USD – – – – – –

(11,462,597) 30/09/2020 (3,053,945) 82,395,316 82,395,316 82,705,772 82,705,772 (2,510,139) 85,759,717 21,694,421 75,511,677 Unrestricted BlendFund (241,220) (443,845) Emerging (69,236) (43,523) (10,462) (36,069) 16,216 (1,066) (8,841) USD – – – – – – – – – Markets Debt (15,231,985) 30/09/2019 (3,315,039) 38,424,407 38,424,407 39,172,363 39,175,691 (2,633,034) 42,490,730 29,914,596 27,778,410 (403,074) (344,882) (552,537) (44,319) (14,121) (21,901) (39,231) (3,328) Lazard (3,328) 29,709 (9,896) USD – – – – – – –

30/09/2020 1,817,458 1,817,458 1,817,458 1,817,458 1,831,631 1,464,278 (24,623) 287,842 (10,091) Corporate DebtFund** 79,504 (9,087) (1,003) (3,325) 10,450 (405) (161) (551) USD Emerging Markets – – – – – – – – – – 7 30/09/2019 (38,768) (33,200) (4,837) (4,837) (4,799) (4,799) Lazard (3,644) 29,603 30,119 (1,569) (2,416) 3,128 4,366 (536) (946) USD (38) (61) (40) – – – – – – – – – –

balances, are they nolonger ofComprehensive beingshown on theStatement Income. 18 August USFundamental 2017andLazard Alternative Fund redeemed2018, on 13September wasfully astheseFunds have Nil Fund Opportunities redeemedLazard on 7November was fully 2016, Fund GlobalHexagon Lazard Equity redeemed on wasfully ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement Financial Statements Lazard Global InvestmentFundsplc Profit/(loss) forthefinancialperiodbeforetax Profit/(loss) forthefinancialperiodaftertax Bond Income Investment Income Statement ofComprehensive Income participating sharesfromoperations innetassetattributabletoholdersofredeemable Net movement Withholding Tax Dividend Income Capital gains Tax Capital Bank Interest Net realised(losses)/gainsoninvestmentsandforeigncurrency Net movementinunrealisedgains/(losses)oninvestmentsandforeigncurrency Total InvestmentIncome/(Expense) Management FeesManagement Expenses Performance Fees Administration, Transfer Agency Fees andDepositary Legal Fees Directors’ Fees Organisational FeesOrganisational Currency Fees Manager's Tax ReportingFees Dividend Expense Other Expenses Total Expenses Reimbursement fromManager Net InvestmentIncome/(Expense) Distributions Finance Costs Interest Expense Bank Interest Total FinanceCosts Note 14 4 3 (Unaudited)(continued) 30/09/2020 (1,155,734) High QualityBondFund 6,128,186 6,128,186 2,296,018 6,128,186 6,493,560 7,633,844 6,981,627 (652,217) (853,441) (346,899) (211,639) (803,106) (26,667) (26,466) (21,641) (50,335) Lazard Scandinavian (6,410) (6,017) (6,478) EUR – – – – – – – – Financial period ended30September 2020 30/09/2019 2,405,722 2,405,731 2,405,722 2,392,255 2,866,091 2,543,383 (322,708) (137,652) (213,759) (197,913) 687,595 (90,541) (10,984) (93,591) (44,061) (6,134) (1,428) (6,083) (5,186) (4,439) EUR (9) – – – – – – –

30/09/2020 (4,556,228) 4,419,522 4,422,172 4,419,522 8,695,148 4,483,563 4,422,172 (116,549) 325,212 (35,494) (52,395) (10,027) (11,843) (2,650) 17,086 (2,518) (3,739) 55,158 2,345 USD (507) Commodities Fund (26) – – – – – – – 30/09/2019 (1,406,514) (945,856) (939,402) (945,856) (869,373) (102,339) (935,067) 476,576 (36,896) (38,455) (10,136) Lazard (4,335) (6,454) 45,848 12,000 (1,926) (4,708) (9,670) 36,645 (4,335) 2,717 USD (516) (32) – – – – –

30/09/2020 (1,487,676) 1,069,873 1,084,058 1,069,873 2,059,061 1,157,110 1,092,017 (117,048) (13,999) 501,681 (15,661) (53,871) (19,062) (12,503) (7,959) 84,044 (6,017) (8,976) 51,955 (7,706) (186) USD (307) (417) (234) (253) Lazard Diversified – – – Return Fund 30/09/2019 1,020,574 (182,013) (12,296) (32,665) 867,438 901,188 259,141 213,662 867,438 494,008 (33,276) (84,698) (10,499) (30,143) (13,579) 913,484 (12,296) (1,085) 14,114 39,649 (2,623) (6,083) 74,923 USD (555) (557) – – –

25 LAZARD GLOBAL INVESTMENT FUNDS PLC 26 LAZARD GLOBAL INVESTMENT FUNDS PLC The accompanying notes are an integral part ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement Lazard Global InvestmentFundsplc Financial Statements Profit/(loss) forthefinancialperiodaftertax Profit/(loss) forthefinancialperiodbeforetax Bond Income Investment Income Statement ofComprehensive Income participating sharesfromoperations innetassetattributabletoholders ofredeemable Net movement Withholding Tax Dividend Income Capital gains Tax Capital Bank Interest Net realised(losses)/gainsoninvestmentsandforeigncurrency Net movementinunrealisedgains/(losses)oninvestmentsandforeigncurrency Total InvestmentIncome/(Expense) Management FeesManagement Expenses Performance Fees Administration, Transfer Agency Fees andDepositary Legal Fees Directors’ Fees Organisational FeesOrganisational Currency Fees Manager's Tax ReportingFees Dividend Expense Other Expenses Total Expenses Reimbursement fromManager Net InvestmentIncome/(Expense) Distributions Finance Costs Interest Expense Bank Interest Total FinanceCosts Note 14 4 3 (Unaudited)(continued) 30/09/2020 (2,859,263) 10,760,001 12,238,435 (1,462,544) (1,055,110) 8,244,067 8,387,918 8,244,067 2,196,272 9,379,172 (991,254) (143,851) (730,104) (246,134) (830,964) (160,290) (23,642) (10,027) (24,326) (27,296) 12,266 (3,310) (5,682) (1,192) EUR Lazard European Alternative Fund – – – – Financial period ended30September 2020 30/09/2019 (2,609,569) (2,095,026) (2,609,569) (5,365,675) (1,504,135) (6,435,611) (2,996,567) (1,897,827) 7,397,504 2,823,729 3,861,531 (590,891) (514,543) (332,784) (415,594) (175,297) (20,300) (36,629) (10,592) (10,136) (19,693) (39,029) 75,909 (2,118) EUR – – – 9

(10,743,807) 30/09/2020 (5,415,224) 74,889,054 74,896,705 74,889,054 26,581,547 56,577,112 91,055,736 (1,879,233) (7,491,897) 80,311,929 (5,406,979) 7,567,388 (261,587) (942,545) 329,689 (31,590) (10,021) (83,718) (15,293) (22,733) (7,651) (5,190) (8,245) USD Lazard Rathmore Alternative Fund – – – – 30/09/2019 (3,338,985) (3,337,583) (3,338,985) (1,944,062) (1,359,438) (1,978,145) (3,306,839) (1,978,145) 1,273,390 1,847,295 (793,637) (643,488) (149,264) (276,428) 759,977 584,624 (10,131) (38,022) (13,388) (1,402) 10,801 (7,887) (2,063) (9,754) USD – – – –

(23,678,629) (13,136,903) 337,418,571 339,946,528 337,418,571 (44,369,994) 349,557,625 376,537,169 (10,491,439) 353,083,431 30/09/2020 (1,359,360) (1,168,597) 68,367,646 (7,545,261) (2,484,472) (2,159,383) (6,530,260) (6,358,006) 2,924,059 (237,051) (107,603) (184,338) (156,332) (258,959) (248,637) (53,791) 224,891 57,833 USD Global Investment Funds plcTotal (20,045,947) 101,205,733 (49,195,810) 130,318,317 (13,424,538) 110,408,225 30/09/2019 (9,202,492) (2,401,540) 98,114,871 89,306,308 98,114,871 10,450,450 79,522,466 (2,621,559) (2,447,130) (6,453,623) (2,501,454) (689,322) (666,384) (197,703) (190,118) (116,727) (246,476) (247,415) 234,903 (57,469) (77,843) 135,855 Lazard USD

Financial Statements Lazard Global InvestmentFundsplc * Lazard Global Convertibles Recovery Fund on GlobalConvertibles Recovery launched 17August* Lazard 2020, therefore there are nocomparatives thisFund. for ofthefinancialThe accompanying notesare statements. part anintegral participating shareholders Net Assetsattributabletoredeemable Total CurrentLiabilities Total CurrentAssets Expenses Payable Investments PurchasedPayable Other Assets Redemptions Payable Investment IncomeReceivable Payable forshareholders Investments SoldReceivable Margin Cash Subscriptions Receivable derivative instruments derivative Broker Cashduetocounterpartiesforfinancial Margin Cash derivative instruments derivative forfinancial Broker Cashheldascollateral Bank Overdraft Cash at Bank Cash at Current Liabilities Financial Liabilitiesandfairvaluethroughprofitorloss Financial fairvaluethroughprofitorloss Assets at Current Assets Statement ofFinancialPositionasatSeptember2020 Note 8, 9 8, 8, 9 8, 8 8 8 8 Lazard Global Convertibles 171,518,289 176,417,153 167,955,120 30/09/2020 (4,898,864) (4,144,455) 2,904,793 4,232,939 Recovery Recovery (118,372) (633,923) 720,620 599,173 (2,114) Fund* 4,508 USD – – – – – – 30/09/2020 8,191,623 8,263,503 7,785,131 (Unaudited)(continued) (71,880) (52,272) 108,897 (19,608) 353,730 10,730 5,015 USD Markets BondFund – – Lazard Emerging – – – – – – – 31/03/2020 10,980,906 11,242,992 10,021,779 (262,086) (204,687) (57,399) 145,128 777,119 269,501 18,235 11,230 Financial period ended30September 2020 USD – – – – – – – – 1,151,121,894 1,179,710,533 1,076,476,579 (28,588,639) (15,401,242) 30/09/2020 (1,538,182) (5,456,141) (5,437,404) 18,936,995 18,118,753 63,801,383 Markets LocalDebtFund 2,374,259 (385,670) (370,000) 2,564 USD Lazard Emerging – – – – 1,063,618,427 1,163,796,050 1,089,827,210 (73,968,840) (60,490,704) 31/03/2020 (1,230,544) (3,102,619) 17,014,896 (1,154,973) (7,990,000) 42,030,016 39,450,472 1,055,721 623,953 2,565 USD – – – –

123,791,296 153,038,009 143,719,675 30/09/2020 (9,318,334) (1,662,767) (1,927,330) (4,300,749) 15,834,791 1,434,665 2,950,014 8,820,906 (477,488) (950,000) Total ReturnDebtFund 202,600 3,737 USD Emerging Markets – – – – (22,921,250) (12,468,967) 108,892,881 133,215,892 110,294,642 31/03/2020 (8,327,606) (1,740,000) 12,890,383 3,183,278 6,923,545 (321,388) (63,289) 842,862 433,963 Lazard 46,558 2,422 USD – – –

27 LAZARD GLOBAL INVESTMENT FUNDS PLC 28 LAZARD GLOBAL INVESTMENT FUNDS PLC The accompanying notes are an integral part ofthefinancialThe accompanying notesare statements. part anintegral Lazard Global InvestmentFundsplc Financial Statements Net Assetsattributabletoredeemableparticipatingshareholders Current Liabilities Total CurrentLiabilities Total CurrentAssets Expenses Payable Other Assets Investments PurchasedPayable Investment IncomeReceivable Redemptions Payable Investments SoldReceivable Subscriptions Receivable Payable forshareholders Margin Cash Margin Cash Broker Cash due to counterparties for financial derivative instruments Broker Cashduetocounterpartiesforfinancialderivative Broker Cash held as collateral for financial derivative instruments forfinancialderivative Broker Cashheldascollateral Bank Overdraft Cash at Bank Cash at Financial Liabilitiesandfairvaluethroughprofitorloss Financial fairvaluethroughprofitorloss Assets at Current Assets Statement ofFinancialPositionasatSeptember2020 Note 8, 9 8, 8, 9 8, 8 8 8 8 30/09/2020 (1,006,496) 42,537,696 43,544,192 37,387,852 4,895,292 (Unaudited)(continued) (235,801) (196,549) (499,788) (29,836) 592,932 407,991 (44,522) 220,436 39,689 USD Emerging Markets Debt BlendFund – – – – – (21,744,296) 138,276,797 160,021,093 139,724,156 31/03/2020 (3,772,184) (7,431,617) (9,427,521) 13,718,963 2,204,850 3,364,143 (366,818) (126,156) (620,000) 453,467 551,614 Lazard Financial period ended30September 2020 3,900 USD – – –

(20,834,816) 705,162,706 725,997,522 (15,102,979) 657,011,466 30/09/2020 (1,240,819) (4,354,497) 49,642,183 9,379,620 5,397,097 4,513,241 (110,000) (26,521) Unrestricted BlendFund Emerging 49,980 3,935 USD – – – – Markets Debt (34,635,759) 605,261,378 639,897,137 (16,449,232) (15,797,783) 577,828,346 31/03/2020 (1,570,000) 10,110,835 42,241,103 9,441,187 (818,744) 227,925 Lazard 26,937 16,868 3,936 USD – – – –

30/09/2020 10,764,851 10,997,898 10,242,786 (233,047) (196,858) (36,189) 155,100 565,172 34,840 USD Markets Corporate – – – – – – – – – – Lazard Emerging 31/03/2020 Debt Fund 8,947,393 9,020,705 8,661,480 (73,312) (73,312) 166,326 177,803 15,096 USD – – – – – – – – – – –

Financial Statements Lazard Global InvestmentFundsplc balances, are they nolonger ofFinancial beingshown on theStatement Position. 18 August USFundamental 2017andLazard Alternative Fund Opportunities redeemedLazard on 7November wasfully 2016, Fund GlobalHexagon Lazard Equity redeemed on wasfully ofthefinancialThe accompanying notesare statements. part anintegral Net Assetsattributabletoredeemableparticipatingshareholders Total CurrentLiabilities Current Liabilities Expenses Payable Investments PurchasedPayable Total CurrentAssets Redemptions Payable Other Assets Payable forshareholders Investment IncomeReceivable Investments SoldReceivable Margin Cash Subscriptions Receivable Broker Cash due to counterparties for financial derivative instruments Broker Cashduetocounterpartiesforfinancialderivative Margin Cash Broker Cash held as collateral for financial derivative instruments forfinancialderivative Broker Cashheldascollateral Bank Overdraft Cash at Bank Cash at Financial fairvaluethroughprofitorloss Assets at Current Assets Statement ofFinancialPositionasatSeptember2020 Financial Liabilitiesandfairvaluethroughprofitorloss Note 8, 9 8, 8, 9 8, 8 8 8 8 Fund redeemed2018, on 13September wasfully astheseFunds have Nil 505,685,161 506,122,953 503,014,459 30/09/2020 1,692,071 1,395,282 (Unaudited)(continued) (437,792) (257,425) (156,889) High QualityBondFund (23,274) 21,141 Lazard Scandinavian (204) EUR – – – – – – – – 375,940,073 384,900,468 369,489,084 31/03/2020 (8,960,395) (7,226,306) (1,469,240) 1,435,749 5,169,908 2,525,861 6,203,911 (249,043) (15,806) 65,976 Financial period ended30September 2020 9,979 EUR – – – – –

30/09/2020 (2,281,390) 37,750,238 40,031,628 (2,080,000) 37,036,807 2,847,456 (98,674) (25,026) (77,690) 73,984 73,381 USD Commodities Fund – – – – – – – – 31/03/2020 (7,127,819) 30,397,833 37,525,652 (6,914,810) 30,363,284 6,520,000 (165,003) (48,006) 141,177 382,948 Lazard 32,309 85,719 USD 215 – – – – – –

30/09/2020 (1,187,266) 23,410,771 24,598,037 21,554,737 1,553,742 (717,685) (411,672) (57,909) 637,887 720,360 35,399 95,912 USD Lazard Diversified – – – – – – – Return Fund 31/03/2020 24,309,182 24,707,986 20,575,871 3,819,603 (398,804) (130,384) (221,136) (47,284) 154,496 62,470 95,416 USD 130 – – – – – – –

29 LAZARD GLOBAL INVESTMENT FUNDS PLC 30 LAZARD GLOBAL INVESTMENT FUNDS PLC The accompanying notes are an integral part ofthefinancialThe accompanying notesare statements. part anintegral Lazard Global InvestmentFundsplc Financial Statements Current Liabilities Total CurrentAssets Total CurrentLiabilities Other Assets Expenses Payable Investment IncomeReceivable Investments PurchasedPayable Investments SoldReceivable Redemptions Payable Subscriptions Receivable Payable forshareholders Margin Cash Margin Cash instruments forfinancialderivative Broker Cashheldascollateral Broker Cash due to counterparties for financial derivative instruments Broker Cashduetocounterpartiesforfinancialderivative Cash at Bank Cash at Net Assetsattributabletoredeemableparticipatingshareholders Bank Overdraft Financial Liabilitiesandfairvaluethroughprofitorloss Financial fairvaluethroughprofitorloss Assets at Current Assets Statement ofFinancialPositionasatSeptember2020 Note 8, 9 8, 8, 9 8, 8 8 8 8 (21,577,544) 345,097,733 323,520,189 313,695,305 30/09/2020 (7,465,119) (5,650,398) 11,294,945 (7,618,917) 9,746,540 9,937,685 (Unaudited)(continued) (843,110) 208,525 207,925 6,808 EUR – – – – – Lazard European Alternative Fund (18,823,433) 371,870,090 (10,464,258) 353,046,657 311,091,048 31/03/2020 (2,134,019) (5,283,125) 12,082,898 27,169,048 20,868,107 (942,031) 548,337 16,833 93,819 Financial period ended30September 2020 EUR – – – – –

(122,786,473) (109,501,948) 603,741,008 480,954,535 573,775,294 30/09/2020 (9,227,035) (3,553,738) 16,317,858 1,290,389 5,725,058 2,709,531 1,865,776 2,000,000 (503,752) 57,102 USD – – – – Lazard Rathmore Alternative Fund (137,592,407) (100,266,293) 432,794,626 (26,953,916) 295,202,219 392,692,986 31/03/2020 (1,649,188) (8,723,010) 27,947,402 7,487,054 3,985,971 141,020 509,831 30,362 USD – – – – –

3,961,368,776 3,744,344,187 3,667,575,403 (217,024,589) (144,319,805) (14,373,338) (39,618,804) (14,718,636) 170,865,087 30/09/2020 34,943,959 18,255,698 13,905,495 (3,510,000) 21,850,534 33,673,336 (456,713) 299,264 (27,293) USD Global Investment – Funds plcTotal 3,439,973,211 3,110,739,874 3,096,504,964 (329,233,337) (218,886,528) (65,821,307) (25,183,058) (11,920,000) 170,625,873 31/03/2020 (6,119,745) 32,229,038 28,310,403 (1,281,129) 39,924,837 68,948,539 3,184,706 244,851 (21,570) Lazard USD –

therefore there are nocomparatives thisFund. for 17August 2020, Fund 2020to30September * GlobalConvertibles Recovery isfrom Lazard above for included The information ofthefinancialThe accompanying notesare statements. part anintegral Financial Statements Lazard Global InvestmentFundsplc period participating shareholdersatendofthefinancial Net assetsattributabletoredeemable Foreign currency adjustment translation sharesfromoperations redeemable particpating toholdersof Net movementinnetassetattributable Anti-Dilution Levy Payments sharesredeemed forredeemableparticipating financial period participating shareholdersatbeginningofthe Net assetsattributabletoredeemable Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable Proceeds from redeemable particpating sharesissued Proceeds fromredeemableparticpating Note 5 5 Lazard Global Convertibles 171,518,289 178,108,518 30/09/2020 (1,231,177) (5,359,052) Recovery Recovery Fund* USD – – – 30/09/2020 (5,241,930) 10,980,906 8,191,623 2,036,175 (Unaudited)(continued) 416,472 USD Markets BondFund Lazard Emerging – – 30/09/2019 (2,662,255) 10,357,192 12,087,185 249,243 683,019 Financial period ended30September 2020 USD – – 1,151,121,894 1,089,827,210 (204,412,740) 124,189,140 141,518,284 30/09/2020 Markets LocalDebtFund USD Lazard Emerging – – 1,385,817,401 1,316,835,330 (81,774,242) 30/09/2019 57,085,277 93,671,036 USD – –

(13,487,243) 143,719,675 110,294,642 30/09/2020 20,227,453 26,684,806 Total ReturnDebtFund USD Emerging Markets 17 – (61,369,018) 153,338,938 195,573,182 30/09/2019 (3,255,326) 22,356,801 Lazard 33,299 USD –

31 LAZARD GLOBAL INVESTMENT FUNDS PLC 32 LAZARD GLOBAL INVESTMENT FUNDS PLC 2019, therefore thecomparatives thisFund for areperiod. afull notfor 2019to 30 September 3September DebtFund** Emerging Markets Corporate Lazard above for is from included The information ofthefinancialThe accompanying notesare statements. part anintegral Lazard Global InvestmentFundsplc Financial Statements Anti-Dilution Levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticpating shareholders atbeginningofthefinancialperiod Net assetsattributabletoredeemableparticipating shareholders atendofthefinancialperiod Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation sharesfromoperations particpating toholdersofredeemable Net movementinnetassetattributable Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable Note 5 5 (110,063,617) 138,276,797 30/09/2020 42,537,696 11,592,547 2,473,963 258,006 (Unaudited)(continued) USD Emerging Markets – Debt BlendFund (71,846,020) 317,113,983 365,122,892 30/09/2019 14,512,007 9,325,104 Lazard USD Financial period ended30September 2020 – –

705,162,706 605,261,378 30/09/2020 (1,094,352) 18,600,364 82,395,316 Unrestricted BlendFund Emerging USD – – 1,056,360,600 Markets Debt (345,301,311) 750,664,976 30/09/2019 38,424,407 1,181,280 Lazard USD – –

31/03/2020 10,764,851 8,947,393 1,817,458 USD Markets Corporate – – – – Lazard Emerging Debt Fund** 30/09/2019 10,000,000 9,995,163 (4,837) USD – – – –

Financial Statements Lazard Global InvestmentFundsplc they arethey nolonger ofChanges beingshowninNet ontoRedeemableParticipating theStatement AssetsAttributable Shareholders. 18 August US Fundamental 2017 and Lazard Alternative Fund redeemed 2018, on was 13 fully September as these Funds have Nil balances, Fund Opportunities redeemedLazard on 7November wasfully 2016, Fund GlobalHexagon Lazard Equity redeemed on wasfully ofthefinancialThe accompanying notesare statements. part anintegral shareholders atbeginningofthefinancialperiod Net assetsattributabletoredeemableparticipating Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable Proceeds from redeemable particpating sharesissued Proceeds fromredeemableparticpating Anti-Dilution Levy Payments sharesredeemed forredeemableparticipating Foreign currency adjustment translation sharesfromoperations particpating toholdersofredeemable Net movementinnetassetattributable shareholders atendofthefinancialperiod Net assetsattributabletoredeemableparticipating Note 5 5 (14,598,627) 138,215,529 375,940,073 505,685,161 30/09/2020 6,128,186 High QualityBondFund (Unaudited)(continued) Lazard Scandinavian EUR – – (69,656,176) 222,920,014 201,434,968 30/09/2019 45,765,408 2,405,722 Financial period ended30September 2020 EUR – –

30/09/2020 (2,497,743) 30,397,833 37,750,238 5,430,626 4,419,522 USD Commodities Fund – – 30/09/2019 (3,904,657) 36,528,662 36,440,710 4,762,561 (945,856) Lazard USD – –

30/09/2020 (1,986,504) 24,309,182 23,410,771 1,069,873 18,220 USD Lazard Diversified – – Return Fund (38,035,904) 30/09/2019 20,300,983 44,604,629 27,741,881 867,438 4,735 USD –

33 LAZARD GLOBAL INVESTMENT FUNDS PLC 34 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc ofthefinancialThe accompanying notesare statements. part anintegral Financial Statements Anti-Dilution Levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticpating shareholders atbeginningofthefinancialperiod Net assetsattributabletoredeemableparticipating shareholders atendofthefinancialperiod Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation sharesfromoperations particpating toholdersofredeemable Net movementinnetassetattributable Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable Note 5 5 (106,934,879) 323,520,189 353,046,657 30/09/2020 69,164,344 8,244,067 (Unaudited)(continued) EUR – – Lazard European Alternative Fund (298,711,542) 507,526,255 148,367,526 660,479,840 30/09/2019 (2,609,569) Financial period ended30September 2020 EUR – –

(68,435,173) 480,954,535 179,298,435 295,202,219 30/09/2020 74,889,054 USD – – Lazard Rathmore Alternative Fund (19,675,529) 236,304,079 144,615,426 114,703,167 30/09/2019 (3,338,985) USD – –

3,744,344,187 3,110,739,874 (550,544,951) 337,418,571 787,750,325 30/09/2020 58,722,345 258,023 USD Global Investment Funds plcTotal (1,030,926,256) 3,697,105,880 3,928,691,749 (23,161,218) 724,348,700 30/09/2019 98,114,871 Lazard 38,034 USD

at fairvalue, andtheCompany ofChanges inNet provides toRedeemable Participating aStatement AssetsAttributable Shareholders. Flows” oftheCompany’s notto prepare all flow statement on thebasisthatsubstantially acash investments liquid andcarried are highly The Company hasavailedoftheexemption availabletoopen-ended investment fundsunderFRS 102, 7 Section ofCash “Statement financial statementscontinue tobeprepared on agoing concernbasis. significant doubtupon thatmay theCompany’s cast uncertainties to continue asagoingmaterial concern. ability Therefore, the the Company hastheresources tocontinue theforeseeable inbusiness for future. Furthermore, themanagement isnotaware ofany The Company’s management hasmade anassessmentoftheCompany’s tocontinue asagoing concern andissatisfied ability that Council. Reporting in Ireland, inpreparing financial andfairview statements, thatgive atrue are thoseaccounting standards issuedby theFinancial in Ireland andtheprovisions oftheIrishCompanies Act, Regulations. 2014 andtheUCITS Accounting accepted standards generally The financial statementshave beenprepared on agoing concernbasisandinaccordance accepted withaccounting standards generally financial liabilitiesheldatfairvaluethrough profit orloss. The financial statements are prepared costconvention underthehistorical asmodified by therevaluation offinancial assetsand Basis ofpreparation audited financial thefinancial statementsfor year ended31March 2020wasunqualified. andfinancial report statementsareThis interim unaudited. We auditor’s notethatthestatutory intheCompany's report annual ended 31March 2020. financial statements aswere appliedin the preparation oftheCompany's annualaudited financial thefinancial statementsfor year The sameaccounting policies, presentation andmethodsofcomputation and report have beenfollowed inthisunauditedinterim Kingdom andthe RepublicofIreland’’ (“FRS 102”)andIrish statute. 31 March 2020, have which beenprepared inaccordance withFRS 102: Financial intheUnited applicable Standard “The Reporting The condensed financial statementsshouldberead inconjunction withtheauditedfinancial thefinancial statementsfor year ended Regulations. and theUCITS (“FRS”) 104: Standard Reporting Financial“Interim Reporting” theCompanies andIrishstatutecomprising Act 2014(asamended) 2020haveThe condensed beenprepared financial thefinancial ended30September statementsfor period inaccordance withFinancial Statement ofcompliance stated. Redeemable Participating unlessotherwise Shares are setoutbelow. references All tonetassetsthroughout thefinancial toholdersof statementsrefer tonetassetsattributable The significantaccounting policies andestimation adopted techniques by theCompany inthepreparation ofthefinancial statements 2. SignificantAccountingPolicies was notedby Bankbutithasnotyet theCentral launched. on 18 August US Fundamental 2017 and Lazard Alternative Fund 2018. on 13 September closed Fund European Lazard High Yield theFunds. for Supplements Fund Opportunities on 7November Lazard 2016, closed Fund GlobalHexagon Lazard Equity closed Alternative Fund Bond Fund, Commodities Fund, Lazard Diversified Lazard Fund, Return European Lazard Alternative Fund Rathmore andLazard Markets DebtUnrestricted BlendFund, DebtFund, EmergingMarkets Corporate Lazard HighQuality Scandinavian Lazard Debt Fund, Emerging Markets Lazard Total Debt Fund, Return Emerging Markets Debt Blend Fund, Lazard Emerging Lazard Fund onConvertibles Recovery (launched 17August 2020), EmergingMarkets Bond Lazard Fund, EmergingMarkets Local Lazard The Company has sixteen Fundscurrently in existence, are of which twelve active. 2020, As at 30 September Global Lazard representing withonethe Company ofShares ormore Fund may classes aseparate bedividedintodifferent classes oftheCompany. (as amended), Regulations"). BankUCITS (the"Central The Company asanumbrella isstructured fundinthattheshareof capital Regulations") Bank’s andtheCentral "UCITS andEnforcement) Act Regulations 2013(section2019 48(1))UCITS (Supervision European Collective Investment Communities for in (Undertakings Transferable Regulations, Securities) 2011(asamended)(the BankofIrelandthe Central (the Bank”) Collective Investment“Central for in asanUndertaking Transferable underthe Securities the “Fund” the andcollectively “Funds”) organisedunderthelawsofIreland. The Company qualifiesinIreland andisauthorised by referred toas asanumbrella between itssub-funds(individually structured fundandwithsegregated capital liability with variable GlobalInvestmentLazard Funds 2009asanopen-endedinvestment on 3February company plc(the wasincorporated “Company”) 1. General Notes totheFinancialStatements Lazard Global InvestmentFundsplc were funded. The investment objectives of each Fund within the Company are set out in the Prospectus and relevant Financial period ended30September 2020

(Unaudited)

35 LAZARD GLOBAL INVESTMENT FUNDS PLC 36 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc - A DistUSD - A DistGBPHedged - A DistEURHedged USD - AAcc Hedged EUR - AAcc EUR - AAcc Hedged CHF - AAcc Lazard EmergingMarketsLocalDebtFund - B Acc EURHedged USD - AAcc Hedged EUR - AAcc Lazard EmergingMarketsBondFund - EADistEURHedged - EA Acc USD - EA Acc EURHedged - EA Acc CHFHedged - A DistEURHedged EUR - AAcc USD - AAcc Fund* Lazard GlobalConvertiblesRecovery by theFunds itsreasonable for expenses. out-of-pocket inarrears. andbepayable monthly daily asdetailedbelow accrue fees shall Such The Manageralsobeentitledto reimbursed shall The Manager isentitledtoachargeperannumoftheNAV classes. Share respectively toeachofthefollowing attributable andcontrol oftheDirectors. supervision subject totheoverall The Manager themanagement hasresponsibilityfor andadministration oftheCompany’s oftheShares, affairsandthedistribution Management Fees 3. Fees foreign exchange innetrealised currency contracts aregainsandlosseson investments/currency. included forward between thetransaction andsettlementdatesondenominated purchases inthenon-base orsalesofsecurities currencies andon settled in net movement in unrealised gains and losses ongain or loss is included investments/currency. Realised gains and losses arising rates.contracts are which outstanding atthefinancial endare period valuedatfinancialendforward period The resulting unrealised innetmovement inunrealised gainsandlosseson investments/currency.and otherassetsliabilitiesisincluded Forward currency at the dates of the transactions. at the exchange ruling currency rates The resulting on translation of securities gain or loss arising atthefinancialend. period attheexchangeruling currency rate Transactions inforeign currencies are intothefunctional translated (b) Assets and liabilities other than those denominated in the functional of each Fund currency are into the functional translated financial period. This isanotional hasnoimpact amountwhich on theresults oftheindividualFunds. of Changes inNet toRedeemableParticipating AssetsAttributable Shareholders” reflects the themovement inexchangefor rates 2019:The foreign translation adjustment inthe currency ofUSD58,722,345(30September USD(23,161,218))included “Statement oneffect theNAV totheindividualFund. attributable perShare inNote exchangeare 7. All rates disclosed thefinancial asanapproximation have toUSDusinganaverage for Shareholders beentranslated rate period actual. for This hasno of Comprehensive ofChangesin theStatement inNet Income toRedeemableParticipating and in the Statement AssetsAttributable financial 2020. liabilitiesinthefinancial statementshave toUSDattheexchangeat 30September beentranslated rate The amounts For ofcombining thefinancial thepurpose statementsofeachFund attheconsolidated toarrive figures, thefinancial assetsand adopted asthepresentation atFund currency andatCompany level level, USDisthepresentational currency. the functionalofeachFund currency asthepresentation thesefinancial for currency statements. The functional hasbeen currency Bond Fund isEuro which European ("EUR"). Alternative HighQuality Fund Scandinavian andLazard The Company hasadopted economic environment (the it operates in which the primary “functional currency”). ("USD") except Lazard This is US Dollar for (a) Functional intheCompany’s andpresentation Itemsincluded currency: financial statementsare measured of usingthecurrency Foreign ExchangeTranslation 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements 0.45% 0.45% 0.45% 0.45% 0.85% 0.85% 0.85% 0.75 0.75 0.75 0.75 0.75 0.75 0.75 1.25 0.65 0.65 % % % Financial period ended30September 2020

(Unaudited) (continued) - BP Acc EUR - A DistEUR Hedged CHF - AAcc Lazard ScandinavianHighQualityBondFund - M Acc USD USD - AAcc Lazard EmergingMarketsCorporateDebtFund - X Acc USD - X Acc EURHedged - K Acc GBP - K Acc EUR USD - AAcc EUR - AAcc Hedged CHF - AAcc Lazard EmergingMarketsDebtUnrestrictedBlendFund - KDistEUR - K Acc EUR - EDistUSD - EDistGBP - E Acc USD - E Acc EURHedged - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBPHedged - A DistGBP USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Hedged CHF - AAcc Lazard EmergingMarketsDebtBlendFund - XDistGBPHedged - MDist AUD Hedged - M Acc USD - DDistEURHedged - D Acc USD - C Acc EURHedged - BP Acc EURHedged - B Acc USD - B Acc GBPHedged - B Acc EURHedged - A DistEURHedged USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Lazard EmergingMarketsTotal ReturnDebt Fund - PDistUSD - P Acc USD - I Acc CHF - B Acc USD - B Acc EURHedged Lazard EmergingMarketsLocalDebtFund(continued) Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc up to0.75 up to0.75 up to0.75 up to0.75 up to1.00 0.75 0.40 0.40 0.80 0.80 0.80 0.80 0.50 0.50 0.50 0.50 1.50 1.50 0.80 0.80 0.80 0.80 0.80 0.80 0.80 1.75 1.75 0.70 1.50 1.25 1.25 1.25 0.75 0.75 0.75 0.75 0.40 0.40 1.25 1.25 N/A N/A N/A N/A N/A N/A % % % % % % Financial period ended30September 2020

(Unaudited) (continued)

37 LAZARD GLOBAL INVESTMENT FUNDS PLC 38 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc - C Acc EURHedged - BP Acc EURHedged USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Hedged CHF - AAcc Lazard RathmoreAlternativeFund - S Acc EUR - M Acc USDHedged - M Acc USD - M Acc EUR - EA Acc USDHedged - EA Acc EUR - CDistUSDHedged - CDistGBPHedged - CDistEUR - C Acc USDHedged - C Acc USD - C Acc GBPHedged - C Acc GBP - C Acc EUR - C Acc CHFHedged - BP Acc EUR - BDistEUR - B Acc EUR - AP DistEUR Hedged USD - APAcc Hedged GBP - APAcc EUR - APAcc Lazard EuropeanAlternativeFund - M Acc USD - EA Acc USD - EA Acc EURHedged - C Acc USD - BP Acc USD - BP Acc EURHedged USD - APAcc Hedged EUR - APAcc Lazard DiversifiedReturnFund - M Acc USD - FDistGBP - EADistGBP - EA Acc EURHedged - C Acc GBPHedged - C Acc GBP USD - AAcc Lazard CommoditiesFund - X Acc CHFHedged - GDistEUR - EADistEUR - EA Acc CHFHedged - C Acc EUR Lazard ScandinavianHighQualityBondFund(continued) Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements up to0.80 up to0.60 1.25 2.50 1.25 1.25 1.25 1.25 0.75 0.75 0.75 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.90 2.25 1.65 1.65 1.15 1.15 1.15 1.15 0.20 0.20 0.75 2.00 2.00 1.00 1.00 0.35 0.35 0.75 0.75 0.80 0.25 0.25 0.35 N/A N/A N/A N/A N/A N/A % % % % % Financial period ended30September 2020

(Unaudited) (continued) * Please refer to Note 16 Significant Events Since refer Events toNote Since 16Significant * Please The Financial Period End. Performance Period, class’ thefirst ofthatShare Business Day closure following Period. Initial Offer last BusinessDay ofthepreviousmonth or(ii)thelastBusinessDay thataPerformance Fee waspayable or, class’ aShare for initial A Performance Period of (i) the end of the end on month begin on will the last Business Day and will the earlier of each calendar Performance Period conditions below are met: A Performance Fee thatbothofthe andbecome intheevent dueandpayable accrue only shall inrespect class ofeachrelevant Share Period (the “Performance Fee”). No Performance Fee becharged tothe assetsoftheDClasses, shall theXClassesorMClasses. Fund, theDClasses, excluding theXClassesandMClasses, equalto20%oftheNet Gain, ifany, therelevantPerformance during The Manager fee, isentitledtoreceive aperformance andpayable monthly, daily accrued inthe inrespect classes ofeachtheShare Lazard EmergingMarkets Total DebtFund* Return eachFund. for of how iscalculated thisfee respect USFundamental ofLazard Alternative Fund, thisFund redeemed2018. on 13September wasfully Below isadescription European Alternative Fund RathmoreAlternative Fund. andLazard inThe Manager fee wasentitledtoreceive aperformance inrespect EmergingMarketsThe Manager fee isentitledtoreceive ofLazard aperformance Total DebtFund, Return Lazard Performance Fees USD 13,424,538)were USD3,732,363(31March charged ofwhich 2020: USD1,808,675)remained payable atthefinancialend. period outofitsfee.Distributor For 2020, thefinancialended30September period 2019: management ofUSD10,491,439(30September fees Managers. The Managerberesponsible andexpensesoftheInvestment will thefees discharging Managers, for thePromoter andthe oftheinvestment managementThe Manager function hasdelegatedtheperformance inrespect oftheFunds totheInvestment timetotime. the Manager may from determine affiliate.Lazard intheMClassesare tootherFunds Shares availableonly managed oradvised by anaffiliate otherpersons ortosuch as their investment in theFund based on the Investment Management Agreement andtheinvestment between themselves managers or a on theirbehalf. services outinvestment withregard besubjecttoafee management will oradvisory to intheclass Shareholders carry oranaffiliate where are Lazard Investors class appointedastheinvestment toholdunitsintheXShare are permitted managers to only classes. Noteonandterminationdatesoftheabove Share information thelaunch 15for See Fund on GlobalConvertibles Recovery launched 17August* Lazard 2020. - SDistGBPHedged - S Acc USD - S Acc GBPHedged - S Acc GBP - M Acc USD - EADistUSD - EADistGBPHedged - EADistEURHedged - EA Acc USD - EA Acc GBPHedged - EA Acc EURHedged - EA Acc CHFHedged - C Acc USD Lazard RathmoreAlternativeFund(continued) Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc • theEndingNAV Performance theapplicable for perShare Period exceeds theHigh Water Mark. • theEndingNAV any for Performance perShare Period NAV hasexceeded theHurdle theperiod during perShare; and 1.00 1.00 1.00 1.00 0.75 0.75 0.75 0.75 0.75 0.75 0.75 1.25 N/A % Financial period ended30September 2020

(Unaudited) (continued)

39 LAZARD GLOBAL INVESTMENT FUNDS PLC 40 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc therelevant Performance inissuefor oftherelevant class Period.number ofShares NAVhigher of(1)theHurdle and(2)theHigh perShare Water Mark. “Net Gain” istheNet multiplied GainperShare by theclosing respect class, toeach relevantShare With the “Net GainperShare” isthedifference between theEndingNAV andthe perShare Net Gain is denominated andtheFund BaseCurrency. "Prevailing therelevantUnhedged Class inwhich Share meanstheexchangeprevailing asbetween thecurrency Exchangerate Rate" The High Water Mark beadjusted any will for appropriate dividendpaid. usingthePrevailingBase Currency on Exchange therelevant date. Rate respect toeachUnhedged Class, Share With theHigh Water Mark isthegreater of(i)or(ii)above each asexpressed intheFund class. oftherelevantShare per Share last Valuation Point any for previous Performance Period aPerformance which for Fee waspayable; Price or(ii)theInitialOffer NAV deductionPerformance ofany applicable (after Fee class oftherelevant Share perShare dividend)on andany the applicable theUnhedgedClasses, Share from apart ofShares theHigh respect toeachclass WaterWith Mark isthegreater of: (i)thehighest High Water Mark Fund usingthePrevailing BaseCurrency ineachinstanceon Exchange therelevantdate. Rate may be)are, as thecase oftherelevantclass per Share NAV theHurdle ofcalculating thepurpose for perShare, converted intothe preceding exceptvalues(i.e. paragraph thatall manner assetoutintheimmediately Price theInitialOffer ortheNAV for perShare ineachinstanceon therelevantdate.Rate For UnhedgedClasses, all Share NAV theHurdle inthesame iscalculated perShare are, NAV theHurdle ofcalculating thepurpose for perShare, converted intotheFund usingthePrevailing BaseCurrency Exchange exceptvalues(i.e.paragraph thatall Price theInitialOffer orNAV for perShare may be) asthecase oftherelevantclass perShare For UnhedgedClasses, all Share NAV theHurdle preceding inthesamemannerassetoutimmediately iscalculated perShare case, NAV theHurdle year. therelevantcalendar beadjustedany will for dividendspaidduring perShare Point year (i.e. calendar by Rate oftheprior theHurdle 5%asdefined above) andadding theresult NAV tosuch perShare. Ineach bytheNAV multiplying withrespect class becalculated tothatShare will Share on thelast Valuation oftherelevantclass perShare of therelevant class. For first issued, eachsubsequentyear theyear class following therelevantShare inwhich NAV theHurdle per year)Period untiltheendofrelevantcalendar andadding theresult Price totheInitialOffer class perShare therelevantShare for theremainderfor oftheyear (i.e., 5%dividedby 365andmultiplied oftheInitialOffer by theclosure following thenumberofdays Rate by ofHurdle apro Price portion by theInitialOffer ofthatclass rata perShare becalculated multiplying Classes)will Share For isfirst issued, year class aShare thecalendar inwhich NAV theHurdle theUnhedged from (apart oftherelevantclass perShare NAVThe Hurdle of5%(the rate Rate”). usinganannualisedhurdle withrespect“Hurdle class iscalculated toeach Share perShare Hurdle NAV perShare preceding paragraph, but expressed in the Fund using the Prevailing as calculated Base Currency on Exchange the relevant date. Rate respect toeachUnhedgedclass, Share With theEndingNAV istheNAV perShare inthe asdescribed oftherelevantclass perShare Point thecurrent for Performance Period. relevant class, Performance ofany applicable totheaccrual prior Fee anddeduction dividend, ofany applicable asatthelast Valuation the Unhedged classes, Share from the EndingNAV apart of Shares respect to each class With is the NAV per Share of the per Share Ending NAV perShare Lazard EmergingMarketsTotal DebtFund(continued) Return Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Financial period ended30September 2020

(Unaudited) (continued) preceding paragraph, but expressed in the Fund using the Prevailing as calculated Base Currency on Exchange the relevant date. Rate respect toeachUnhedgedClass, Share With theEnding NAV istheNAV perShare inthe asdescribed oftherelevantclass perShare redeemed iscalculated). Point therelevantPerformance for on Period thedateby are therelevantShares referenceatwhich theprice towhich (orotherwise relevant class, Performance ofany applicable totheaccrual prior Fee anddeduction dividend, ofany applicable asatthelast Valuation theUnhedged Classes, Share from apart ofShares theEndingNAV respect toeachclass With istheNAV perShare ofthe perShare Ending NAV perShare on thedateby reference year thelastNAV towhich calendar (orotherwise following iscalculated). class therelevantShare for Period Performance on the end oftheprior commence shall immediately Period andendon thelast Valuation Point ofthenext PeriodInitial Offer andendon thelast Valuation thatclass for Point year. ofthethencurrent calendar EachsubsequentPerformance The first "Performance Period" commence shall asofthefirst BusinessDaytheclosure following class eachrelevantShare for Performance Period Lazard European FundandLazard Alternative Rathmore Fund Alternative thatbothoftheconditions intheevent below only are met: relevant class the assetsofMClassandXClass. APerformance Fee andbecome dueandpayable accrue inrespect shall ofany ofShares EA Classesequalto15%oftheNet Gain, ifany, therelevantPerformance during Period. No Performance Fee bechargedto shall a Performance Fee, on redemption oftherelevantShares), (orotherwise andpayable annually daily accrued inrespect ofeachthe the XClass), equalto20%oftheNet Gain, ifany, therelevantPerformance during Period. The Manager isalsoentitledtoreceive redemption oftherelevantShares), intheFund inrespect theEAClasses, classes ofeachtheShare (excluding theMClassesand (the The Manager fee isentitledtoreceive aperformance “Performance Fee”), on (orotherwise andpayable annually daily accrued Lazard Rathmore Fund Alternative thatbothoftheconditions intheevent below only are met: relevant class the assetsofMClassandXClass. APerformance Fee andbecome dueandpayable accrue inrespect shall ofany ofShares EA Classesequalto10%oftheNet Gain, ifany, therelevantPerformance during Period. No Performance Fee bechargedto shall a Performance Fee, on redemption oftherelevantShares), (orotherwise andpayable annually daily accrued inrespect ofeachthe the XClass), equalto20%oftheNet Gain, ifany, therelevantPerformance during Period. The Manager isalsoentitledtoreceive redemption oftherelevantShares), intheFund inrespect theEAClasses, classes ofeachtheShare (excluding theM Classand (the The Manager fee isentitledtoreceive aperformance “Performance Fee”), on (orotherwise andpayable annually daily accrued Lazard European Fund Alternative 2019:(30 September USDNil) were charged andUSD20,158(31March 2020: USDNil) were payable atthefinancialend. period timetotime.and theInvestment Managers from For 2020, thefinancialended30September period ofUSD49,606 fees performance Fee bedividedbetween theManager will andtheInvestment beagreed Managers proportions asshall insuch between the Manager Period. The Performance Fee by independently theAdministrator andverified becalculated by shall theDepositary. The Performance payable atthepointofredemption. The Performance Fee andpayable asoftheendrelevantPerformance daily beaccrued will figure by 20%. Any Performance Fee inrespect redeemed aPerformance accrued ofShares during Period berealised shall andbecome Performance Period, theresultant inissueandmultiplying oftherelevantclass numberofShares thisby andmultiplying theclosing For class, eachShare thePerformance Fee theapplicable for by becalculated takingtheNet will oftherelevantclass GainperShare General Lazard EmergingMarketsTotal DebtFund(continued) Return Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc • • theEndingNAV any for Performance perShare Period NAV hasexceeded theHurdle perShare; and • • theEndingNAV any for Performance perShare Period NAV hasexceeded theHurdle perShare; and the High Water Mark. the EndingNAV Performance theapplicable for perShare Period are (orasatthedaterelevant Shares redeemed) exceeds the High Water Mark. the EndingNAV Performance theapplicable for perShare Period are (orasatthedaterelevant Shares redeemed) exceeds Financial period ended30September 2020

(Unaudited) (continued)

41 LAZARD GLOBAL INVESTMENT FUNDS PLC 42 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc 2019: EUR20,300) were charged andEUR2,608 (31March 2020: EUR343,324)were payable atthefinancialend. period EuropeanLazard Alternative Fund, 2020, thefinancial ended30September for period ofEUR3,310(30September fees performance byindependently theAdministrator andverified by theDepositary. a Performance Period berealised shall andbecome payable atthepointofredemption. The Performance Fee be calculated shall be payablewill as of the end ofthe relevant Performance Period. Any Performance Fee in respect redeemed accrued of Shares during in respect oftherelevantclass. The Performance Fee and, daily beaccrued will provided have therelevant Shares notbeenredeemed, Rathmore Alternative Fundand Lazard respectively. bearitspro-rataofthePerformance shall Share Each Share Fee, ifany, payable Performance theapplicable for Period theresultant figure andmultiplying European by Lazard Alternative Fund 10%and15%for Alternative Fund. For eachoftheEAClassesPerformance Fee by becalculated takingtheNet will therelevantEAClass Gainfor theresultant figure inissueandmultiplying European bythe relevantclass Lazard Alternative Fund 20%for Rathmore andLazard Performance theapplicable for PeriodNet class therelevantShare Gainfor thisby andmultiplying theaverage of numberofShares For the EA Classes, (excluding class each Share theM Classes and the X Class) the Performance Fee by be calculated takingthe will General the relevant period. Period date. beganandendingon theaccrual The average may numberofShares beadjusted totakeaccount ofredemptions during commencing on theperiod thedateonthencurrent which inissueduring Performance oftherelevantclass number ofShares NAVhigher of(1)theHurdle and(2)theHigh perShare Water Mark. “Net Gain” istheNet multiplied GainperShare by theaverage respect ofeachrelevant class, totheShares With theNet isthedifference GainperShare between theEndingNAV andthe perShare Net Gain is denominated andtheFund BaseCurrency. "Prevailing therelevantUnhedged Class inwhich Share meanstheexchangeprevailing asbetween thecurrency Exchange rate Rate" The High Water Mark beadjustedany will for appropriate dividendpaid. as expressed in the Fund usingthePrevailing BaseCurrency on Exchange therelevant date. Rate class.of therelevant Share respect toeachUnhedged Class, Share With theHigh Water Mark isthegreater of(i)or (ii)above each Valuation Point any for previousPerformance Period aPerformance which for Fee waspayable; Price or(ii)theInitialOffer perShare NAV deduction Performance of any applicable (after Fee class of the relevant Share per Share dividend) on and any the last applicable theUnhedged Classes, Share from apart ofShares theHigh respect toeachclass WaterWith Mark isthegreater of: (i)thehighest High Water Mark beprorated Performance will for Rate The Hurdle Periods lessthanone year. (using thePrevailing on Exchange therelevant date). Rate question isanUnhedged Class, Share asexpressed intheFund Price theInitialOffer class oftherelevant perShare BaseCurrency may be, betheOpeningNAV being, price (such Pricetherelevant class ortheInitialOffer for perShare in where theclass prevailing at the relevant time is a negativerate the 3 month number, Euribor Where NAV the Hurdle shall, per Share as the case ofthePerformance of5%)asatthedateaccrual and subjecttoacap Fee to: (the Rate”) “Hurdle EuropeanLazard Alternative Fund Rathmore Alternative Fund andLazard isnotanegative respectively (providedrate number such NAVThe Hurdle for and3month Liborrate rate USDollar theprevailing3month Euribor by iscalculated applying perShare Hurdle NAV perShare Lazard European FundandLazard Alternative Rathmore Fund(continued) Alternative Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements (ii) (i) in theFund (usingthePrevailing BaseCurrency on Exchange therelevantdate)(the Rate “Opening NAV perShare”), or Unhedged Class, Share totheopeningNAV thethencurrent for Performance oftherelevantclass perShare Period asexpressed the openingNAV thethencurrent for Performance oftherelevantclass perShare Period or, isan where therelevantclass relevant Shares asexpressedrelevant Shares intheFund (usingthePrevailing BaseCurrency on Exchangetherelevantdate). Rate or, therelevant Shares for isanUnhedged Class, Share where therelevantclass Pricethe totheInitialOffer for perShare where the current Performance Period is thefirst Performance Period therelevantclass, for Price totheInitialOffer perShare Financial period ended30September 2020

(Unaudited) (continued) USD 190,118)were USD105,693(31March chargedofwhich 2020: USD175,627)were payable atthefinancial end. period in issueperFund. For 2020, thefinancial ended30September period 2019: Manager's ofUSD184,338(30September Currency fees fee, inarrears,service and payable quarterly daily andaccrued calculated ofUSD75,000charged pro relevanthedgedclasses toall Share rata inrespect itisincurred. ofwhich class Share The foregoing Manager issubjecttotheCurrency beingentitledtoaminimum fee annual inarrears,quarterly not inexcess of0.05%perannumtheNAV inissue, ofeachhedgedclass Share tothehedged solely toaccrue fee such The Funds BankEurope Street Manager") Limited(the"Currency an annualfee, pay shall State andpayable daily andaccrued calculated Currency Manager’s Fees thiscap,from expenses, asare relevant outofpocket all whetherpayable totheDepositary, Administrator orotherthird party. of18.5basispoints. besubjecttoacap shall services related Custodialfees andrelated tosafekeeping transaction costsare excluded ofeach Fund, thedateoflaunch For months twelve from provision for Street ofAdministration payable andDepositary fees toState 2019: USD2,621,559)were USD1,331,637(31March charged ofwhich 2020: USD1,711,117)were payable atthefinancialend. period For 2020, thefinancialended30September period administration, ofUSD 2,484,472 (30September fees anddepositary agency transfer commercial alsobeatnormal shall rates), together withitsreasonable, expenses. out-of-pocket commercialbe at normal rates, and to be reimbursed by the Funds and transactions the fees charges of any for sub-custodian (which andbepaidbydaily theFunds inarrears. monthly isalsoentitledtochargetheFunds transactionThe Depositary costs, shall which payable fee by theFund isentitledtoanannualdepositary ofupto0.02%theFunds'The Depositary NAV. accrue shall fees Such thathasissuedintheFunds class each Share oftransaction4,000 for charges, (exclusive commercial beatnormal shall which rates). becharged atcommercial will which subjecttoaminimum fees rates ofUSD annualfee services agency andtransfer Shareholder expenses. out-of-pocket inarrears. andbepayable monthly daily accrue shall theFundsThe Administrator alsobeentitledtorecoveritsreasonable shall from The Administrator isentitledtoanannualadministration payable fee by theFunds ofupto0.065%theFunds' NAV. fees Such Administration, Transfer AgencyandDepositaryFees USD 135,855)were USD81,809(31March chargedofwhich 2020: USD182,421) were receivable atthefinancialend. period class. For 2020, thefinancialended30September 2019: period theManager wasUSD224,891(30September reimbursement from oftheFund,exposure class thebenefit Share for ofany particular totherelevantShare exclusively beattributable costs shall which inthecap.are included For theavoidance ofdoubt, theManager notberesponsible will thecostsofhedgingcurrency for For Diversified Lazard Fund Return European andLazard Alternative Fund, thecustodialandsub-custodialtransactions charges brokerageInvestments expenses, (including custodialandsub-custodialtransaction charges, stampdutiesandotherrelevanttaxes). beresponsiblewill anyexpensesinexcess for such ofthislimitwiththeexception anddisposingof oftheexpensesacquiring Bond Fund, High Quality Scandinavian European Lazard Alternative Fund RathmoreAlternative Fund. andLazard DebtFund,Funds EmergingMarkets Local exceptLazard for EmergingMarkets DebtUnrestrictedBlendFund, Lazard Lazard Commodities Fund,Lazard is0.15%. thecap 2020, Asatthe30 September on expensesare the above caps onofthe ineffect all Fund,Recovery European Lazard Alternative Fund RathmoreAlternative Fund, andLazard of is0.30%andinthecase thecap Bond Fund.Quality Diversified ofLazard Fund, Return Inthecase is0.25%, thecap GlobalConvertibles ofLazard inthecase Emerging Market DebtUnrestricted BlendFund, High DebtFund EmergingMarkets Corporate Lazard Scandinavian andLazard DebtFund,Local Emerging Markets Lazard Total DebtFund, Return EmergingMarkets DebtBlendFund, Lazard Lazard of 0.23%perannumtheNAV oftheFunds withrespectEmergingMarkets Bond toLazard Fund, EmergingMarkets Lazard the heading Expenses”“Other inthesection oftheProspectus entitled “Fees andExpenses”), on expenses cap subjecttoanoverall ofeachFund ofShares oftheotherexpensesCompany, portion Each class bearitsattributable shall (assetoutindetailunder Reimbursement from Manager chargedinrelation fee There toany oftheotherFunds. isnoperformance financial end. period 2019:(30 September USD643,488)were chargedandUSD7,378,667(31March 2020: USD19,999)were payable atthe Rathmore Alternative Fund,Lazard 2020, thefinancial ended30September for period ofUSD7,491,897 fees performance General (continued) Lazard European FundandLazard Altern Lazard Global InvestmentFundsplc Financial period ended30September 2020

(Unaudited) (continued) The Manager The

43 LAZARD GLOBAL INVESTMENT FUNDS PLC 44 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc ofFinancialamount thatispayable attheStatement Position totheFund. dateiftheholderexercises back toputtheShare the right equal to a proportionate shareat any cash of time the for Fund’s NAV. at the redemptionThe RedeemableParticipating is carried Share redeemable at the holder’s option and are as financial classified liabilities. Redeemable Participating to the Fund be put back can Shares in Net toRedeemableParticipating AssetsAttributable Shareholders. EachFund issuesRedeemableParticipating Shares, are which the request oftheshareholder. issuedandredeemedthefinancialThe valueofShares ofChanges during year issetoutintheStatement shares ineachoftheCompany’sparticipating Funds Participating (“Redeemable Shares”). may They beredeemed by theCompany at paid are ofnoparvaluewhich issue asfully The Companyshareof5,000,000,000,000 Shares availablefor alsohasanauthorised capital Redeemable ParticipatingShares by theManager andthePromoter. oftheNAV part donotform Shares The subscriber oftheCompany. shareoftheCompany sharesThe authorised capital istwo subscriber ofparvalue£1.00each. sharesThe two subscriber are held Management Shares The Companyshare has avariable capital. 5.  not berecoverable by aFund oritsshareholders. Capital gains, dividends and interest taxes receivedand such may of origin may be subject to withholding taxes imposed by the country underreview.were theperiod during nochargeable events In the absence of an appropriate declaration, the Company be liableto Irish will Tax on the occurrence of a chargeable event. There tothateffect. provided theCompany witharelevantdeclaration notoccurinrespect will A chargeable event ofshareholders whoare resident neitherresident inIreland norordinarily andwhohave doesnotinclude: A chargeableevent relevant period. the precedingthe acquisition by oftheShares the shareholdersofeightyearsafter andeachsubsequentperiod beginningimmediately cancellation, oron ofShares theendingofa transfer ‘relevant period’, a ‘relevant period’ beinganeightyear beginningwith period other thanon theoccurrence ofachargeableevent. on any arises distribution, achargeableevent Generally redemption, repurchase, Consolidation Act, 1997, asamended. OnthatbasistheCompany notbeliabletotaxation will inrespect ofitsincome andgains, Under current lawandpractice, theCompany qualifies asdefined739Bofthe asaninvestment inSection undertaking Taxes 4. Taxation (31 March 2020: USD28,189)were 2020. outstandingat30September Directors’ charged over the financial were fees 2019: period USD 53,791 (30 September USD 57,469), USD 31,205 of which Directors’ Fees 3. Fees(continued) Notes totheFinancialStatements d) certain exchanges of Shares between spouses and former spouses. exchangesbetween spousesandformer ofShares d) certain c)  b)  a) Capital andReserves an exchange of Shares arising on a qualifying amalgamation on orreconstruction aqualifying ofaFundan exchange arising ofShares withanotherFund: or of Ireland: or asdesignatedbyany system order transactions Commissioners inrelation oftheRevenue held inarecognised toShares clearing an exchange representing ofShares aFund anotherFund: for or Financial period ended30September 2020

(Unaudited) (continued)

2020 and the financial period ended 30 September 2019isasfollows: 2020 andthefinancialended30September period 2020, on RedeemableParticipatingThe activity thefinancialended30September for Shares period thefinancial year ended31March Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc - EA Acc USD - EA Acc EURHedged - EA Acc CHFHedged - A DistEURHedged EUR - AAcc Subscriptions duringthefinancialperiod Beginning offinancialperiod Fund** Lazard GlobalConvertiblesRecovery - EADisEURHedged USD - AAcc - I Acc CHF - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBPHedged - A DistEURHedged USD - AAcc Hedged EUR - AAcc EUR - AAcc Hedged CHF - AAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard EmergingMarketsLocalDebtFund End offinancialperiod/year/period - B Acc EURHedged USD - AAcc Hedged EUR - AAcc Redemptions duringthefinancialperiod/year/period - B Acc EURHedged Hedged EUR - AAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard EmergingMarketsBondFund End offinancialperiod - EA Acc EURHedged - EA Acc CHFHedged USD - AAcc Redemptions duringthefinancialperiod Capital andReserves(continued) 11,765,078 1,395,210 1,534,290 1,481,347 (32,681) (52,943) (12,926) (18,355) (48,250) 117,771 107,455 (1,400) (3,630) (1,063) 68,725 10,000 48,750 14,435 52,282 82,243 Shares Shares Shares 9,552 1,053 2,720 1,000 6,100 9,364 7,831 2,720 267 - - - - - Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions 163,325,814 178,108,518 (5,241,930) (5,359,052) (2,000,000) (3,075,214) (4,813,372) 12,812,213 12,602,712 30/09/2020 30/09/2020 30/09/2020 7,536,798 1,173,100 4,875,000 (166,716) (429,540) (116,140) 954,281 124,925 972,264 416,472 118,600 684,218 754,024 742,073 416,472 20,445 USD USD USD - - - - Financial period ended30September 2020 13,076,094 (20,686) (13,201) 277,527 128,145 Shares Shares (7,485) 45,700 69,318 82,243 23,370 79,559 57,750 19,870 4,399 3,790 9,370 3,500 4,296 221 - Value ofShare Value ofShare Transactions Transactions (3,122,454) (2,000,000) (1,122,454) 31,324,534 13,049,090 31/03/2020 31/03/2020 3,368,071 8,193,675 3,365,628 6,736,296 2,974,087 432,007 413,836 872,538 391,541 381,977 23,098

USD USD (Unaudited) - 13,076,094 (17,406) (13,201) (4,205) 42,700 33,220 67,523 79,559 69,494 20,470 Shares Shares 5,370 2,500 3,500 2,750 7,175 1,870 213 808 - - (continued) Value ofShare Value ofShare Transactions Transactions (2,662,255) (2,000,000) 30/09/2019 30/09/2019 3,144,618 3,882,496 7,772,217 1,997,973 (662,255) 683,019 222,355 391,540 298,128 782,945 291,479 22,324 72,045 USD USD - -

45 LAZARD GLOBAL INVESTMENT FUNDS PLC 46 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc End offinancialperiod/year/period - XDistGBPHedged - MDist AUD Hedged - M Acc USD - D Acc USD - B Acc USD - B Acc GBPHedged - B Acc EURHedged - A DistEURHedged USD - AAcc Hedged EUR - AAcc Redemptions duringthefinancialperiod/year/period - XDistGBPHedged - MDist AUD Hedged - M Acc USD - B Acc EURHedged - A DistEURHedged USD - AAcc Hedged EUR - AAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard EmergingMarketsTotal ReturnDebtFund End offinancialperiod/year/period - PDistUSD - P Acc USD - I Acc CHF - B Acc EURHedged - A DistUSD - A DistGBPHedged - A DistEURHedged USD - AAcc Hedged EUR - AAcc EUR - AAcc Hedged CHF - AAcc Redemptions duringthefinancialperiod/year/period - PDistUSD - P Acc USD Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Subscriptions duringthefinancialperiod/year/period(continued) (continued) Lazard EmergingMarketsLocalDebtFund Capital andReserves(continued) (1,977,166) (1,255,551) 11,142,345 1,354,433 1,193,856 1,117,898 1,050,826 (106,181) (101,897) (209,059) (293,794) (112,685) (17,000) (15,900) (51,673) (19,991) 182,139 175,931 (1,830) (1,513) 40,384 Shares Shares 4,481 1,246 (788) (294) (650) (722) 469 12 ------Value ofShare Value ofShare (204,412,740) (133,174,926) (13,487,243) Transactions Transactions (12,246,048) (20,524,158) (27,165,362) (13,126,111) 141,518,284 109,095,398 (1,903,572) (1,089,190) (5,496,132) (1,807,655) 26,684,806 22,774,368 30/09/2020 30/09/2020 3,834,937 3,236,432 (566,108) (301,773) (206,079) (125,634) (77,496) (89,739) 515,866 156,779 1,361 USD USD ------Financial period ended30September 2020 (1,052,303) (3,627,725) (1,295,395) (1,323,382) 11,765,078 2,316,709 1,117,898 2,079,829 1,554,333 (244,158) (316,281) (334,835) (649,608) (206,800) (79,989) (32,369) (36,120) (35,516) (13,100) (87,790) (13,225) 161,860 Shares Shares (5,468) (2,359) (1,878) 90,372 12,783 43,265 22,289 2,156 8,921 (922) (245) (580) 934 (8) 24 Value ofShare Value ofShare (375,569,590) (131,191,825) (139,393,217) (99,551,017) Transactions Transactions (18,296,130) (33,667,856) (28,698,484) (67,061,576) (22,115,605) 251,468,799 169,939,472 (4,263,292) (4,008,868) (9,164,164) (9,379,937) (3,781,187) (1,142,729) 16,734,205 25,187,855 15,816,562 31/03/2020 31/03/2020 2,153,630 1,124,442 4,975,994 1,003,242 (965,126) (487,020) (256,035) (952,096) (198,021) (33,041) (63,636) 111,380 2,605 (762)

USD USD (Unaudited) 13,187,666 1,481,504 2,079,829 (674,569) (782,636) (242,141) (215,000) (120,591) (183,092) (200,550) (318,558) (36,120) (26,791) (30,737) (19,989) (38,400) 894,208 628,167 (9,094) (2,051) (5,702) (1,999) (5,200) (1,078) 86,711 76,244 12,783 34,249 21,102 Shares Shares 1,570 5,594 (112) 934 12 - - - (continued) Value ofShare Value ofShare (61,369,018) (81,774,242) Transactions Transactions (16,922,421) (22,866,843) (10,322,951) (18,468,721) (21,373,015) (33,844,031) (4,263,292) (3,021,284) (3,526,008) (2,198,609) (1,054,179) (3,773,916) 93,671,036 22,356,801 14,988,994 66,604,697 30/09/2019 30/09/2019 8,871,238 1,566,684 1,124,442 3,939,491 (114,544) (181,929) (218,787) (372,523) (507,319) (112,888) 111,380 624,499 1,311 USD USD - - - Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc - K Acc EUR - E Acc EURHedged - E Acc CHFHedged USD - AAcc EUR - AAcc Redemptions duringthefinancialperiod/year/period - EDistUSD - EDistGBP - E Acc EURHedged - E Acc CHFHedged USD - AAcc EUR - AAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Blend Fund Lazard EmergingMarketsDebtUnrestricted End offinancialperiod/year/period - K Acc EUR - EDistUSD - EDistGBP - E Acc USD - E Acc EURHedged - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBP USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Hedged CHF - AAcc Redemptions duringthefinancialperiod/year/period - K Acc EUR - EDistUSD - EDistGBP - E Acc USD - E Acc EURHedged - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBP Hedged EUR - AAcc Hedged CHF - AAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard EmergingMarketsDebtBlendFund - A Acc USD - AAcc Hedged GBP - AAcc Capital andReserves(continued) (1,165,196) 5,594,095 1,540,435 (459,651) (397,181) (213,713) (36,926) (34,347) 124,153 152,725 402,404 (7,130) (1,725) (3,065) (8,200) (8,736) (2,179) 13,250 27,165 15,028 Shares Shares 4,986 7,085 2,416 6,448 1,405 1,681 (200) (714) (484) (89) 835 281 925 404 958 35 ------Value ofShare Value ofShare (110,063,617) Transactions Transactions (41,239,988) (39,781,602) (19,292,499) (4,416,272) (3,149,736) 15,401,955 18,600,364 30/09/2020 30/09/2020 1,439,413 2,473,963 1,312,190 (863,886) (195,532) (299,985) (761,275) (812,164) (187,487) (11,102) (23,832) (66,574) (56,035) 503,296 929,780 240,050 574,489 162,295 157,451 85,870 33,215 83,018 50,905 94,925 5,475 USD USD ------Financial period ended30September 2020 (3,443,841) (1,882,928) 8,368,594 1,540,435 1,292,914 3,691,362 (273,252) (687,273) (810,892) (437,894) (146,619) (40,500) (11,433) (21,266) (29,314) (42,477) 556,736 556,736 488,422 442,699 111,715 Shares Shares (6,135) (5,717) (8,322) 48,078 21,992 33,616 17,065 26,306 91,146 6,239 4,738 (344) 866 32 ------Value ofShare Value ofShare (351,337,411) (190,007,557) Transactions Transactions (33,150,338) (90,402,540) (84,221,518) (44,073,370) (14,103,915) 133,304,156 (3,907,986) (1,362,908) (2,185,459) (4,226,971) (1,134,349) (4,560,779) 69,450,690 69,450,690 48,593,441 45,070,578 11,668,899 31/03/2020 31/03/2020 6,208,831 2,239,312 3,369,856 1,712,587 3,825,969 9,352,052 (927,930) (590,028) (34,641) 693,854 450,729 113,478 4,570

USD USD (Unaudited) ------8,368,594 3,126,253 3,691,362 (705,088) (211,482) (687,273) (278,659) (389,146) (17,061) 139,979 (4,428) (2,885) (4,463) (7,451) 12,809 42,946 70,977 Shares Shares 9,779 9,779 3,700 4,145 4,109 (995) 496 766 31 ------(continued) ------Value ofShare Value ofShare (71,846,020) Transactions Transactions (25,419,759) (90,402,540) (28,696,841) (39,012,937) (1,608,338) 14,512,007 30/09/2019 30/09/2019 1,181,280 1,181,280 1,268,927 4,439,495 7,260,763 (665,730) (289,945) (641,754) (128,262) (802,213) 405,531 592,337 389,333 100,005 51,133 4,483 USD USD ------

47 LAZARD GLOBAL INVESTMENT FUNDS PLC 48 LAZARD GLOBAL INVESTMENT FUNDS PLC - A DistEUR EUR - AAcc Hedged CHF - AAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard ScandinavianHighQualityBondFund End offinancialperiod/year/period - M Acc USD USD - AAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard EmergingMarketsCorporateDebtFund* - X Acc CHFHedged - GDistEUR - EADistEUR - EA Acc CHFHedged - C Acc EUR - BP Acc EUR End offinancialperiod/year/period Lazard Global InvestmentFundsplc End offinancialperiod/year/period - GDistEUR - EADistEUR - C Acc EUR - BP Acc EUR - A DistEUR EUR - AAcc Hedged CHF - AAcc Redemptions duringthefinancialperiod/year/period - X Acc USD - X Acc EURHedged - K Acc GBP Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Redemptions duringthefinancialperiod/year/period(continued) Blend Fund(continued) Lazard EmergingMarketsDebtUnrestricted Capital andReserves(continued) 3,932,299 1,313,128 5,737,676 1,486,623 5,272,191 (146,731) (100,000) (33,396) 131,167 (9,144) (6,823) (1,000) (5,500) 15,458 10,900 10,900 14,152 Shares Shares Shares 9,045 3,673 (12) ------Value ofShare Value ofShare Value ofShare (14,598,627) Transactions Transactions Transactions 120,956,456 138,215,529 (1,094,352) (9,977,370) (3,304,353) 13,066,942 30/09/2020 30/09/2020 30/09/2020 1,532,166 1,399,251 (674,716) (541,429) (99,599) 897,899 362,815 (1,160) USD USD EUR ------Financial period ended30September 2020 (3,331,235) (1,070,248) 5,594,095 1,459,120 1,372,741 4,260,110 3,932,299 (780,505) (298,000) (269,160) (150,000) (646,005) (654,457) (24,283) (21,562) (17,500) 150,000 452,694 499,995 290,000 352,711 Shares Shares Shares 23,405 10,900 10,900 21,616 90,522 9,900 1,000 - - Value ofShare Value ofShare Value ofShare (478,067,871) (192,132,921) (77,166,376) Transactions Transactions Transactions (30,028,119) (27,119,560) (13,732,324) (79,058,805) (83,323,267) 132,119,945 138,397,845 409,083,552 (2,421,730) (2,145,234) (1,719,409) 13,814,269 10,000,000 50,017,090 25,730,052 35,377,935 31/03/2020 31/03/2020 31/03/2020 2,340,439 9,900,000 2,162,989 9,122,988 100,000

USD USD EUR (Unaudited) - - (2,276,058) (1,070,248) 6,102,315 1,179,941 2,274,596 2,022,321 (704,969) (298,000) (256,969) (150,000) (307,055) 150,000 452,694 499,995 280,000 149,660 15,000 10,900 10,900 Shares Shares Shares 9,900 1,000 ------(continued) - Value ofShare Value ofShare Value ofShare (345,301,311) (192,132,921) (69,656,176) Transactions Transactions Transactions (30,028,119) (25,895,733) (13,732,324) (37,346,091) 119,012,337 222,920,014 13,814,266 10,000,000 50,017,090 24,817,870 13,732,324 30/09/2019 30/09/2019 30/09/2019 1,526,127 9,900,000 100,000 USD USD EUR ------Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc - BP Acc EURHedged USD - APAcc Hedged EUR - APAcc Redemptions duringthefinancialperiod/year/period - AP Acc EUR - APAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard EuropeanAlternativeFund - EA Acc USD - EA Acc EURHedged - C Acc USD - BP Acc USD - M Acc USD - EA Acc EURHedged - C Acc USD - BP Acc USD USD - APAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard DiversifiedReturnFund - BP Acc EUR - B Acc EUR - AP DistEUR Hedged GBP - APAcc End offinancialperiod/year/period - M Acc USD End offinancialperiod/year/period - M Acc USD - FDistGBP - EADistGBP - C Acc GBPHedged - C Acc GBP Redemptions duringthefinancialperiod/year/period - M Acc USD - FDistGBP - EADistGBP - EA Acc EURHedged - C Acc GBP Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard CommoditiesFund Capital andReserves(continued) 3,438,205 (18,488) (24,151) (13,854) (21,412) 125,045 337,121 307,325 (4,634) (2,293) 94,080 75,762 53,947 50,685 Shares Shares Shares 4,255 2,627 (198) (248) 170 165 340 499 547 88 5 ------Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (1,986,504) (2,497,743) (1,478,967) (2,213,298) 12,670,149 30/09/2020 30/09/2020 30/09/2020 5,430,626 5,101,956 (507,537) (238,131) (20,496) (25,818) 442,187 266,354 18,220 17,762 34,561 60,061 54,149 8,167 458 USD USD EUR ------Financial period ended30September 2020 6,437,005 (377,351) (191,089) (156,596) (44,204) (11,082) (18,822) (23,898) 416,862 210,081 307,325 297,364 Shares Shares Shares (6,705) (1,661) (2,331) (7,870) (1,388) 54,569 16,620 31,407 10,933 53,704 94,080 54,165 45,378 6,033 2,052 1,041 1,865 2,213 4,709 (17) (92) 500 (4) 9 - Value ofShare Value ofShare Value ofShare (40,446,871) Transactions Transactions Transactions (20,920,269) (16,619,955) (5,592,119) (1,035,681) (2,561,525) (2,852,445) 20,466,817 16,619,955 21,606,224 31/03/2020 31/03/2020 31/03/2020 3,140,750 1,061,721 5,412,283 8,173,991 5,476,210 1,859,526 (679,248) (178,148) (249,616) (762,207) (166,664) (11,044) 656,445 211,710 130,261 267,631 570,624 (1,747) 48,737 (441) 930

USD USD EUR (Unaudited) - 6,437,005 (352,420) (191,089) (156,596) (29,736) (18,822) (10,156) 416,862 155,164 117,473 293,068 297,364 (1,288) (2,330) (1,100) 53,031 16,620 31,407 33,572 25,440 19,570 Shares Shares Shares 4,500 7,803 1,660 1,865 1,046 2,959 (713) (17) (45) 500 4 9 - - - - (continued) Value ofShare Value ofShare Value ofShare (38,035,904) Transactions Transactions Transactions (20,920,271) (16,619,954) (3,904,657) (2,561,526) (1,250,693) 20,300,983 16,619,955 15,880,081 30/09/2019 30/09/2019 30/09/2019 3,140,750 3,380,477 4,762,561 2,412,678 1,859,526 (137,568) (249,615) (106,749) (87,000) 491,080 758,678 171,259 127,487 362,870 (1,747) (5,438) 48,737 1,117 461 USD USD EUR - - - -

49 LAZARD GLOBAL INVESTMENT FUNDS PLC 50 LAZARD GLOBAL INVESTMENT FUNDS PLC - EADistUSD - EADistGBPHedged - EADistEURHedged - EA Acc USD - EA Acc GBPHedged - EA Acc EURHedged - EA Acc CHFHedged - E Acc GBPHedged - C Acc USD - C Acc EURHedged - BP Acc EURHedged - A Acc USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc - C Acc USDHedged - C Acc USD - C Acc GBPHedged - C Acc EUR - BP Acc EUR - B Acc EUR - AP DistEUR Lazard Global InvestmentFundsplc Hedged CHF - AAcc Subscriptions duringthefinancialperiod/year/period Beginning offinancialperiod/year/period Lazard RathmoreAlternativeFund End offinancialperiod/year/period - S Acc EUR - M Acc USDHedged - M Acc USD - M Acc EUR - EA Acc USDHedged - EA Acc EUR - CDistUSDHedged - CDistEUR Hedged USD - APAcc Hedged GBP - APAcc EUR - APAcc Redemptions duringthefinancialperiod/year/period - S Acc EUR - M Acc USDHedged - M Acc USD - M Acc EUR - C Acc USDHedged - C Acc USD - C Acc EUR Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Subscriptions duringthefinancialperiod/year/period(continued) Lazard EuropeanAlternativeFund(continued) Capital andReserves(continued) (1,041,361) 2,670,381 3,067,504 (498,757) (403,685) (26,543) (25,984) (29,437) (48,524) 460,388 363,877 670,660 323,544 212,753 (4,229) (1,069) (1,300) (1,531) 19,152 42,869 13,579 85,702 64,623 31,155 37,402 Shares Shares 3,855 2,099 1,941 7,100 3,835 (285) (17) 448 389 ------Value ofShare Value ofShare (106,934,879) Transactions Transactions (51,150,184) (41,185,966) (2,679,604) (2,696,186) (3,082,865) (5,041,844) 10,522,314 58,280,875 41,210,528 69,164,344 33,334,274 21,890,022 30/09/2020 30/09/2020 2,124,980 5,772,292 1,487,651 7,955,195 3,466,230 1,000,970 4,357,263 (421,245) (104,701) (257,150) (133,915) (179,655) 494,332 220,077 210,052 353,249 379,841 (1,564) 55,724 USD EUR ------Financial period ended30September 2020 (6,716,948) (4,479,443) (1,049,364) 1,084,494 3,438,205 3,718,148 1,338,753 2,001,443 (221,586) (224,873) (113,325) (174,730) (288,115) (45,966) (31,905) (25,799) (21,410) (33,028) 166,505 214,308 181,515 110,896 947,503 Shares Shares (3,875) (2,008) (1,473) 86,097 43,182 15,284 73,972 25,487 54,095 39,266 49,661 2,695 6,099 5,906 2,870 2,184 6,160 (48) - - - Value ofShare Value ofShare (688,946,439) (457,426,467) (108,480,308) Transactions Transactions (22,356,971) (22,955,237) (11,009,976) (17,472,638) (29,742,755) 122,600,344 389,289,659 138,057,030 204,345,059 (4,162,093) (3,175,746) (4,230,172) (1,825,851) (2,183,316) (3,314,314) 21,907,614 22,284,335 20,454,104 11,599,180 31/03/2020 31/03/2020 9,025,682 4,872,439 1,805,225 8,244,087 2,555,511 6,915,713 2,558,393 2,183,316 5,498,417 3,491,438 4,733,807 (461,000) (145,103) 296,342 611,275 611,401 (4,492)

USD EUR (Unaudited) - - - (2,934,669) (1,974,538) 4,892,106 1,389,770 1,082,891 (120,067) (578,853) (43,855) (41,164) (50,083) (10,645) (48,270) (25,141) (21,410) (15,434) 119,030 181,632 477,199 947,503 (3,875) 63,648 20,369 82,915 25,128 76,942 24,222 49,415 29,082 23,148 47,139 Shares Shares 1,036 5,074 2,870 2,184 4,248 (516) (191) (579) (48) 3 - - - - (continued) Value ofShare Value ofShare (298,711,542) (200,014,892) Transactions Transactions (12,097,538) (59,385,749) 148,367,526 110,211,441 (4,455,787) (3,724,641) (4,882,203) (1,041,413) (5,069,796) (3,588,861) (2,183,316) (1,524,345) 15,530,895 18,835,050 54,153,159 30/09/2019 30/09/2019 6,633,404 2,315,622 9,380,744 2,820,307 8,054,004 2,423,797 6,293,444 2,558,393 2,183,316 3,809,871 2,596,020 2,333,913 4,482,960 (461,000) (169,280) (52,365) (55,864) 113,334 508,478 (4,492) 321 USD EUR - - - - - A Acc EUR - AAcc Fund** Lazard GlobalConvertiblesRecovery tables are oftherelevant class. statedinthecurrency inaccordance ascalculated the information withtheProspectus (publishedNAV). The NAV andNAV pershare inthefollowing oftheFunds all tablesfor inthefollowing 2020, asat30September disclosed 2019isinline with 31March 2020and30September 2020,number ofRedeemableParticipating inissueat30September Shares 2019. 31March 2020and30September The information The NAV by isdetermined dividingthevalueofnetassetsFund inaportfolio ofShares pershare ofany by class thetotal 6. NetAssetValue Fund on GlobalConvertibles Recovery launched 17August** Lazard 2020, therefore there are nocomparatives thisFund. for period. afull for DebtFund EmergingMarkets 2019, Corporate * Lazard on launched 3September therefore thecomparatives thisFund for are not - EA Acc EURHedged - EA Acc CHFHedged - A DistEURHedged USD - AAcc Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc - EADistEURHedged - EA Acc USD - EA Acc GBPHedged - EA Acc EURHedged - EA Acc CHFHedged - E Acc GBPHedged - C Acc USD - C Acc EURHedged - BP Acc EURHedged USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Hedged CHF - AAcc Redemptions duringthefinancialperiod/year/period - EADistGBPHedged - SDistGBPHedged - S Acc USD End offinancialperiod/year/period - S Acc GBPHedged - S Acc GBP - M Acc USD - EADistUSD - S Acc GBPHedged - S Acc GBP - S Acc EURHedged - M Acc USD Subscriptions duringthefinancialperiod/year/period(continued) Lazard RathmoreAlternativeFund(continued) Capital andReserves(continued) CHF6,713,081 €138,035,916 €1,000,936 September NAV at30 €105,362 $49,451 2020 Participating Redeemable issue at30 September Number of 1,391,580 shares in 10,000 67,662 1,053 2020 1,483,689 3,593,480 500 (560,590) (122,127) (186,388) (11,957) (49,413) (17,763) (79,674) (23,633) (48,735) 188,454 (5,175) (6,834) (2,391) (4,314) 76,599 69,152 11,073 Shares 4,034 (748) (476) (450) (512) 187 Share at30 September - - CHF99.21 NAV per €100.09 €100.09 $98.90 €99.19 2020 Value ofShare (68,435,173) Transactions (15,232,548) (22,485,986) (10,172,022) 179,298,435 (1,726,258) (5,863,227) (1,900,898) (3,144,849) (5,521,358) 21,909,904 30/09/2020 9,423,283 8,787,223 1,394,778 (566,620) (730,410) (263,190) (565,236) (93,718) (47,325) (63,372) (58,156) 404,764 220,000 USD 31 March - - NAV at 2020 - - - - -

Participating Financial period ended30September 2020 Redeemable Number of 2,494,876 2,670,381 (771,998) (114,248) (199,536) 31 March shares in (68,253) (14,298) (70,130) (38,678) (14,209) (92,603) (42,167) (38,910) (33,840) (30,059) 310,299 issue at Shares (5,859) (6,354) (2,605) 20,000 83,633 7,057 3,352 (249) 2020 ------

31 March Share at NAV per Value ofShare (87,822,957) Transactions (12,639,951) (21,224,740) 290,308,597 2020 (8,585,145) (1,455,787) (7,215,017) (4,894,510) (1,605,225) (9,619,100) (5,524,351) (4,557,614) (5,753,002) (3,165,539) 39,401,899 10,470,093 31/03/2020 2,593,099 3,355,625 (588,564) (646,936) (321,558) (25,918) 704,629 - - - - -

USD (Unaudited) - - - September NAV at30 2019 1,244,831 2,028,852 (163,482) - - - - - (18,250) (10,207) (37,728) (11,302) (19,499) (32,261) (10,798) (8,403) (8,619) (5,332) (1,083) 38,336 73,029 Shares Participating Redeemable 3,500 3,353 issue at30 September Number of shares in ------(continued) 2019 - - - - - Value ofShare (19,675,529) Transactions 144,615,426 (2,074,076) (1,141,375) (1,074,074) (4,771,847) (1,277,992) (2,522,086) (4,113,624) (1,130,779) Share at30 30/09/2019 September 4,717,891 9,129,351 3,355,625 (874,070) (559,230) (136,376) 350,000 NAV per 2019 USD ------

51 LAZARD GLOBAL INVESTMENT FUNDS PLC 52 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc - EA Acc USD 6. NetAssetValue (continued) Notes totheFinancialStatements - EDistGBP - E Acc USD - E Acc EURHedged - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBPHedged - A DistGBP USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Hedged CHF - AAcc Lazard EmergingMarketsDebtBlendFund - MDist AUD Hedged - M Acc USD - DDistEURHedged - D Acc USD - C Acc EURHedged - BP Acc EURHedged - B Acc USD - B Acc GBPHedged - B Acc EURHedged - A DistEURHedged USD - AAcc Hedged EUR - AAcc Lazard Eme - PDistUSD - P Acc USD - I Acc CHF - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBPHedged - A DistEURHedged USD - AAcc Hedged EUR - AAcc EUR - AAcc Hedged CHF - AAcc Lazard EmergingMarketsLocalDebtFund - B Acc EURHedged USD - AAcc Hedged EUR - AAcc Lazard EmergingMarketsBondFund - EADistEURHedged - KDistEUR - K Acc EUR - EDistUSD Lazard Global Convertibles Recovery Fund**(continued) Lazard GlobalConvertiblesRecovery rging MarketsTotal ReturnDebtFund CHF100,290,909 AUD21,918,168 CHF3,168,387 CHF3,363,342 $682,818,138 €26,927,104 €68,993,761 €32,098,035 $64,810,747 $46,639,076 $54,135,676 €80,184,648 €75,762,327 $3,916,389 $1,593,324 €2,218,895 $4,348,621 £3,748,165 €1,261,121 $6,040,386 €1,631,087 $939,415 €233,338 $321,075 €414,210 $259,446 $767,113 £125,750 £942,832 $789,867 $418,411 €241,430 €203,422 €14,234 €32,720 £41,103 €13,068 €48,459 €49,918 €98,922 September NAV at30 - - - - 2020 6,488,839 Participating 672,290 692,025 560,822 850,112 771,599 987,938 Redeemable 299,806 810,142 291,183 57,645 14,190 38,382 11,800 39,758 issue at30 September 37,823 27,450 35,175 20,497 34,099 Number of 9,552 1,000 4,499 2,628 2,100 1,806 3,299 4,235 2,530 7,831 1,376 8,689 6,886 1,408 shares in 161 349 400 132 500 483 - - - - 2020 AUD1,069.34 CHF101.52 CHF84.60 $1,131.38 CHF92.92 $157.38 €138.23 $105.23 £102.76 €103.42 €129.21 $102.55 £108.51 $114.71 $103.54 $123.63 €110.23 Share at30 $92.99 €91.85 €96.87 $96.40 $67.40 $96.53 €94.32 €98.19 £65.02 €88.87 September $98.35 €98.92 €88.41 €93.66 €98.81 €96.94 $97.32 €97.80 $97.95 £91.42 €89.82 €85.16 €80.83 NAV per - - - - 2020 AUD16,291,522 CHF96,030,401 CHF3,003,867 CHF4,575,222 $633,686,303 $39,341,003 €40,928,726 €62,526,488 $75,160,186 $43,315,129 $73,667,462 €67,213,544 €73,466,367 $39,722,118 €21,313,398 £3,350,583 $2,463,600 $1,389,031 €2,011,182 $1,230,242 $3,824,895 £3,019,762 €1,178,865 $7,027,604 €2,596,662 €717,344 €103,462 €215,642 €512,582 $295,025 £114,733 £850,189 $894,304 $378,031 €219,985 €298,013 31 March €13,809 £80,677 €11,682 €43,300 NAV at 2020 - - - -

Financial period ended30September 2020 Participating Redeemable 6,693,564 Number of 31 March shares in 447,922 511,838 810,141 840,965 693,490 846,786 784,014 776,828 434,046 217,149 998,838 issue at 36,645 27,899 15,643 27,450 34,651 49,794 14,190 51,308 21,435 16,804 36,278 59,482 8,549 1,121 1,771 5,895 3,244 1,376 8,284 8,716 4,499 2,628 3,500 1,234 2020 161 884 132 500 - - - -

AUD969.52 CHF82.80 CHF76.92 CHF96.14 31 March €121.77 £102.63 $102.60 $110.38 $136.97 €121.14 $996.74 Share at NAV per $88.30 £91.43 €83.91 €92.32 €85.77 £91.27 €88.33 €86.62 €86.95 $90.94 £83.41 $84.02 €83.69 €85.15 $88.79 $87.83 €79.96 €77.18 $89.37 $62.46 $87.00 €85.73 €94.57 €73.27 $91.52 €98.15 £60.65 €83.08 $94.67 2020 - - - -

CHF107,521,549

AUD18,217,252 CHF15,764,921 (Unaudited) CHF5,010,462 €183,061,994 $128,359,826 $197,851,515 $729,177,903 $10,794,132 €66,964,905 $50,852,627 €64,062,872 €82,853,092 €18,976,684 $92,718,279 €26,752,634 €2,928,236 $1,281,594 $1,163,762 £1,310,901 $1,021,438 $4,614,733 £3,885,129 €1,355,539 $8,022,412 €1,793,636 $1,510,981 September NAV at30 £852,726 €144,151 €479,979 £135,365 €255,986 €347,972 £25,116 €16,073 €12,377 €46,053 $9,595 2019 ------Participating Redeemable issue at30 September Number of 1,985,451 1,232,330 1,996,107 6,772,222 shares in 101,281 810,142 698,390 643,782 764,005 241,693 897,510 257,385 165,207 954,513 30,210 12,442 11,334 10,974 40,049 53,829 13,730 51,308 12,715 17,634 56,030 (continued) 8,111 1,469 3,477 1,376 9,516 2,628 3,500 1,458 2019 245 161 132 500 100 ------AUD1,033.06 Share at30 September CHF112.65 $1,036.19 CHF95.43 CHF89.42 NAV per $106.58 £102.51 £105.13 $103.01 $102.68 £119.45 €138.04 $107.34 $104.16 €108.45 $103.31 €103.94 $115.23 $156.36 €141.06 $107.67 €96.93 €99.83 €93.58 €92.13 €98.15 $95.95 £98.41 €97.39 €99.42 €82.66 $72.81 €99.51 €92.04 $99.12 €78.52 £72.18 €98.73 2019 ------BP Acc EURHedged USD - APAcc Lazard DiversifiedReturnFund - M Acc USD - FDistGBP - EADistGBP - EA Acc EURHedged - C Acc GBPHedged - C Acc GBP USD - AAcc Lazard CommoditiesFund - X Acc CHFHedged - GDistEUR - EADistEUR - EA Acc CHFHedged - C Acc EUR - BP Acc EUR - A DistEUR EUR - AAcc Lazard ScandinavianHighQualityBondFund - M Acc USD USD - AAcc Lazard EmergingMarketsCorporateDebtFund* - X Acc USD - X Acc EURHedged - EDistUSD - EDistGBP - E Acc EURHedged - E Acc CHFHedged USD - AAcc Hedged CHF - AAcc Lazard EmergingMarketsDebtUnrestrictedBlendFund 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc - C Acc USDHedged - C Acc USD - C Acc EUR - BP Acc EUR - BDistEUR - B Acc EUR - AP DistEUR Hedged USD - APAcc Hedged GBP - APAcc EUR - APAcc Lazard EuropeanAlternativeFund - M Acc USD - EA Acc USD - EA Acc EURHedged - C Acc USD - BP Acc USD CHF276,501,139 CHF29,052,656 CHF2,968,094 $650,599,735 €153,461,416 €10,192,937 €45,774,892 $49,034,850 €99,098,854 €21,898,328 €12,117,280 $17,099,968 £27,045,420 $10,658,115 $2,010,831 £1,148,581 €3,481,531 €7,580,330 €1,583,928 $3,743,501 $3,814,510 €1,111,776 $3,885,365 September CHF72,839 NAV at30 $896,523 £218,703 $106,736 $486,776 £702,080 €702,543 €271,208 $207,317 €247,728 $124,109 €87,822 $18,794 €13,121 £2,693 2020 - - - - Participating Redeemable issue at30 September Number of 5,287,166 1,526,378 2,772,247 shares in 101,995 455,492 404,003 957,698 215,570 116,565 318,526 290,000 20,325 13,643 34,768 75,448 15,863 33,101 35,676 10,750 35,068 16,620 27,681 1,088 1,018 2,619 1,000 4,986 7,085 6,120 2,788 1,842 2,605 1,144 9,900 2020 227 635 132 25 - - - - Share at30 September CHF114.71 CHF100.18 CHF107.22 $1,028.88 $1,076.58 CHF99.74 NAV per €103.48 £106.21 $880.74 $106.74 €114.79 $112.53 $108.52 €100.50 €100.14 €100.47 $121.37 $123.05 $113.09 $106.92 €101.58 €103.42 €103.95 $110.80 €100.54 €80.72 $82.64 £83.52 $97.62 £99.10 $98.93 £84.19 €99.94 €99.85 €97.28 €99.23 €95.09 £84.91 2020 - - - - CHF142,243,612 CHF28,437,979 CHF2,570,460 €125,437,728 $559,588,064 €153,581,119 €19,815,406 €32,537,382 $43,016,646 €11,634,177 €16,316,063 $16,391,084 £22,626,942 $1,937,177 £1,033,091 €1,495,780 €2,120,491 €6,549,956 $3,669,668 $3,480,466 €3,673,157 $4,220,707 $8,887,401 31 March £109,247 $791,405 £178,902 €576,587 €369,012 $201,111 $118,969 £14,390 €71,976 $16,657 $89,357 €12,833 NAV at 2020 ------

Participating Financial period ended30September 2020 Redeemable Number of 1,243,701 5,163,102 1,556,100 1,459,120 31 March shares in issue at 201,995 331,149 404,003 117,068 160,835 289,253 290,000 20,325 13,310 16,294 21,616 66,414 33,495 35,693 36,394 39,702 16,620 26,990 1,057 1,000 1,018 2,319 1,000 5,905 3,858 1,842 1,139 9,900 2020 198 227 132 ------

31 March CHF98.06 CHF95.24 CHF97.49 Share at NAV per €100.86 £103.35 $777.48 $106.48 $108.38 $109.16 $104.42 $109.56 €100.93 €101.45 $106.31 $986.23 $897.72 £72.74 €71.98 $73.25 £77.15 $89.36 €98.10 $95.31 £77.62 €97.65 €98.26 €95.65 €97.06 €91.80 €98.10 €98.62 €99.38 €98.70 $97.51 £78.23 2020 ------

CHF28,202,877 CHF14,970,090 (Unaudited) CHF2,982,827 €288,687,329 $576,239,935 €139,791,120 €75,109,931 €20,388,558 $89,548,853 €19,999,548 €22,181,293 €59,231,330 $17,121,485 £27,335,734 $3,142,465 £1,198,142 €6,223,691 €1,474,494 €1,541,139 $5,728,588 $2,970,068 $4,413,468 $9,927,636 September NAV at30 $656,998 €619,794 £116,939 $100,218 $990,565 $299,419 $124,271 £18,697 €91,528 $20,934 €13,007 £2,650 2019 ------Participating Redeemable issue at30 September Number of 2,830,054 4,677,915 1,375,491 shares in 654,457 201,995 742,953 198,455 217,020 576,429 277,187 280,000 149,660 31,407 12,235 63,970 15,134 15,175 52,233 30,311 39,702 16,620 26,990 (continued) 6,770 6,705 1,000 1,199 1,000 1,018 2,736 1,135 9,900 2019 202 227 132 25 ------Share at30 September CHF100.72 CHF110.52 CHF100.03 $1,030.18 $1,002.79 NAV per €102.01 €114.77 £104.51 $100.22 $973.13 €100.94 $100.06 $120.53 €101.56 $123.18 $109.45 $109.48 €100.78 €102.21 €102.76 €101.63 $109.67 $111.16 £92.70 $97.05 €92.44 €91.53 $92.05 £97.54 £97.93 €97.29 €97.43 €98.37 $97.99 £98.62 2019 ------

53 LAZARD GLOBAL INVESTMENT FUNDS PLC 54 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc - CDistUSDHedged - CDistEUR 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard EuropeanAlternativeFund(continued) used to translate assetsandliabilitiesinothercurrenciesused totranslate toU.S. Dollars: Bond Fund are which prepared HighQuality inEUR).Scandinavian andyear period endexchange haveThe following rates been The financial statementsare prepared inU.S. (except financialEuropean Dollars for statementsofLazard Alternative Fund andLazard 7.  Note onandtermination datesoftheabove share information thelaunch 15for classes. See Fund on GlobalConvertibles Recovery launched 17August** Lazard 2020, therefore there are nocomparatives thisFund. for period. afull for DebtFund EmergingMarkets 2019, Corporate * Lazard on launched 3September therefore thecomparatives thisFund for are not - SDistGBPHedged - S Acc USD - S Acc GBPHedged - S Acc GBP - S Acc EURHedged - M Acc USD - EADistUSD - EADistGBPHedged - EADistEURHedged - EA Acc USD - EA Acc GBPHedged - EA Acc EURHedged - EA Acc CHFHedged - E Acc GBPHedged - C Acc USD - C Acc EURHedged - BP Acc EURHedged USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Hedged CHF - AAcc Lazard RathmoreAlternativeFund - S Acc EUR - M Acc USDHedged - M Acc USD - M Acc EUR - EA Acc USDHedged - EA Acc EUR Exchange Rates Exchange RatesagainstUSDollar Argentine Peso Australian Dollar Brazilian Real British Pound Canadian Dollar Chilean Peso Chinese Renminbi Chinese Yuan CHF1,045,893 CHF4,742,698 €116,720,572 €111,256,198 £10,649,860 £34,523,618 €19,901,287 $13,483,622 £49,929,562 $16,291,292 €28,521,382 £50,426,463 €14,097,722 €61,931,299 €2,164,640 $1,225,848 £9,416,801 $1,336,110 €8,288,837 £9,296,181 $6,300,882 £2,502,015 $4,583,785 €2,244,252 September NAV at30 $239,161 €258,348 $974,070 $57,068 2020 - Participating Redeemable issue at30 September Number of 1,062,869 1,083,883 shares in 316,908 188,454 114,802 439,113 138,798 255,983 459,641 129,850 580,247 21,350 96,599 11,091 87,787 74,471 81,518 54,663 22,438 43,300 2,181 2,418 1,130 4,255 2,183 9,466 2020 522 917 - Share at30 September CHF110.49 CHF109.53 $1,062.27 $1,182.52 $1,077.24 €1,027.91 NAV per $109.32 $109.66 €106.82 €101.39 £110.25 $110.52 £108.94 £107.27 €105.60 $117.45 £113.71 €111.30 $117.37 £114.04 €111.42 £109.71 €108.57 $115.27 £111.51 €106.73 €109.82 €102.65 30 September2020 2020 - 787.8200 76.1730 CHF5,460,734 €116,380,561 1.3952 5.6365 0.7735 1.3358 6.7863 6.8106 £25,753,818 $14,685,083 £46,901,275 $13,423,749 €28,299,034 €63,376,938 €84,855,007 CHF609,687 €2,238,249 £1,909,169 £7,895,943 €7,338,238 £9,237,151 €6,404,245 $4,141,254 £1,535,518 $4,060,432 €2,177,605 31 March €229,021 $939,515 $677,399 $946,738 $55,283 $22,920 NAV at 2020 - - -

Participating Financial period ended30September 2020 Redeemable Number of 1,164,023 31 March shares in issue at 271,389 144,386 475,919 132,052 292,408 609,683 885,379 22,650 20,000 81,028 75,791 93,475 67,618 41,271 15,788 56,780 2,446 7,057 4,152 2,183 6,410 2020 31 March2020 522 240 917 944 - - -

852.3200 64.3900 $1,024.58 $1,003.26 31 March CHF96.17 CHF95.11 1.6339 5.1866 0.8065 1.4234 7.0882 7.0931 Share at NAV per $105.91 $101.71 $101.65 $100.34 €103.95 $978.04 €997.38 €93.63 $95.51 €98.82 $95.99 £94.90 £98.55 €96.78 £95.46 £97.45 €96.82 £98.82 €94.71 £97.26 €95.84 €99.98 2020 - - -

(Unaudited) CHF6,218,097 $14,944,137 £46,807,236 $19,748,238 €29,609,722 €89,198,379 £14,352,862 €47,417,410 $1,994,552 $1,602,431 €2,267,702 £3,833,320 £7,347,779 $2,619,647 €5,707,931 €2,519,564 $8,114,708 £1,239,070 $3,962,317 €2,188,782 €2,293,889 September CHF51,206 NAV at30 $510,259 €103,283 $349,758 30 September2019 $55,427 2019 - - - 728.2050 Participating 57.5950 Redeemable 1.4827 4.1654 0.8115 1.3240 7.1412 7.1384 issue at30 September Number of shares in 141,198 451,113 186,647 289,806 849,528 138,041 467,414 17,594 22,650 38,336 71,946 55,885 25,128 77,447 12,058 22,632 61,194 (continued) 5,074 1,036 1,575 3,500 2,522 4,057 2,183 2019 522 507 - - - Share at30 September CHF101.61 CHF100.98 $1,017.48 $1,038.91 €1,002.50 NAV per $113.36 $106.18 €100.12 $100.56 $105.84 £103.76 $105.81 €102.17 €105.00 £102.13 €102.14 €100.27 $104.78 £102.76 £103.98 $976.74 €101.45 €101.36 €99.69 £99.99 $99.93 2019 - - - Changes inNet toRedeemableParticipating AssetsAttributable balances inothercurrencies Shareholders toEUR: ofComprehensive average of The following exchange have theStatement rates beenusedtotranslate Income andStatement endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate period/year/period toEUR:The following 7.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc Exchange Rates(continued) Colombian Peso Exchange RatesagainstUSDollar against EUR Average ExchangeRates Exchange RatesagainstEUR Czech Koruna US Dollar British Pound Danish Krone Danish Krone Dominican Peso Norwegian Krone Egyptian PoundEgyptian Swedish Krona Euro Swiss Franc Ghanaian Cedi US Dollar Hong Kong Dollar Hungarian Forint Indian Rupee Indonesian Rupiah Israeli Shekel Japanese YenJapanese Kenyan Shilling Kenyan Malaysian Ringgit Mexican Peso New RomanianLeu New RussianRuble New TaiwanDollar New ZealandDollar Nigerian Naira Norwegian Krone Peruvian NuevoSol Philippine Peso Polish Zloty Qatari Riyal Qatari Saudi Riyal Serbian Dinar Singapore Dollar Singapore South African Rand South African South Korean WonSouth Swedish Krona Swiss Franc Thailand Baht Turkish Lira Ukranian Hryvnia United Dirham Arab Emirates Uruguayan PesoUruguayan 30 September2020 30 September2020 30 September2020 14,880.0000 3,854.3500 1,169.5000 309.7046 105.5300 108.5000 385.5000 100.2850 23.1003 58.4500 10.9720 15.7600 10.4952 73.7800 22.0758 77.6013 28.9620 48.4800 16.6800 31.6875 28.2875 42.4800 1.1352 0.9071 6.3478 7.4437 0.8528 1.0774 5.7900 1.1727 7.7500 3.4203 4.1555 4.1564 1.5129 9.3566 3.5970 3.8664 3.6410 1.3651 8.9500 0.9188 7.7042 - - Financial period ended30September 2020 31 March2020 31 March2020 31 March2020 16,310.0000 4,060.1000 1,217.3500 328.7355 107.9550 105.0500 381.5000 107.0850 24.9684 54.1600 11.5222 15.7400 10.8712 23.4593 78.1338 30.2415 10.5010 50.8600 17.8600 32.8175 27.6225 43.0000 1.1112 0.8849 6.8008 7.4622 0.9114 1.0616 5.7200 1.0973 7.7509 3.5375 4.3200 4.4038 1.6868 3.4386 4.1535 3.6410 1.4239 9.9077 0.9676 6.5903 3.6732 - -

(Unaudited) 30 September2019 30 September2019 30 September2019 14,195.0000 3,478.4550 1,196.1500 307.2510 108.0750 103.8500 361.5000 107.7450 23.6801 52.4000 10.7190 19.7440 64.8825 31.0245 51.8300 15.1625 30.5850 24.1025 36.9000 1.1279 0.8847 6.8486 7.4663 9.9055 0.9173 1.0871 5.4000 1.0902 7.8394 3.4758 4.1870 4.3504 1.5948 9.0860 3.3841 4.0092 3.6410 3.7512 1.3829 9.8322 0.9972 5.6465 (continued) - - -

55 LAZARD GLOBAL INVESTMENT FUNDS PLC 56 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc also usedinBloomberg Alpha. The VaR quantitative usethe following standards: modelwill for Investment system VaR ManagersalsobeusingAlgorithmics will are Algorithmics analyses. andrisk calculations from Analytics valueorapercentage portfolio. oftheoverall themaximuma usefulmeasuresummarise lossinasinglemonetary inthatitcan The sourcesall ofmarket risk. VaR withagiven ofconfidence. themaximum level summarises expectedlossover atarget horizon VaR is measures which, astheGreeks, such metrics unlikemarket risk duration andconvexity, cover andcan assettypes beappliedtoall can and Riskapplication. Bloomberg therequired Alpha all isusedfor for andreporting calculations VaR. VaR ofrisk isacategory Each Fund’s by daily way globalexposure ofanabsolute becalculated will VaR modelusingtheBloomberg Alpha Portfolio Analytics theremaining for Funds. therisk monitoring for Bond Fund, High Quality Scandinavian the Company also uses the commitment approach to measure global exposure. VaR is used market risk. For Commodities Fund, Lazard theCompany usesthecommitment approach tomeasure globalexposure. For Lazard ("VaR")value-at-risk oftheirongoing andcommitment andmanagement approach monitoring oftheFunds' part asanintegral measurement usinganadvancedThe globalexposurerisk approach. becalculated will The investment management teamuse market movements. interest movements. rate Itrepresents thepotentiallossFunds through mightsuffer holdingmarket positions intheface of price, from aboutfuture heldspecifically and valuesoffinancial currency instruments uncertainty from mainly arises Market risk Market Risk 31 March 2020. thatexistedat31Marchconsistent 2020. withtherisks managementThere process updatesintherisk have since beennomaterial outlineprocedures paragraphs tomanageThe following themarket, undertaken oftheFunds. risks credit andliquidity These are legal andconstitutional regulations. ofproductterms characteristics, andrisk, performance meaningthattheFunds expectations are andtheir managed inlinewithclient investment platform. andmonitors Funds all Itreviews toensure remain thatthey consistent withtheirstatedgoals andobjectives in Risk, Committee. intotheOversight reports Committee management theInvestment isthecentral bodyfor Managers’The Oversight There isaRisk Management Team responsible management process overseeing therisk for oftheInvestment Managers. The Head of theFunds. for andmanagingofrisk Managers themonitoring responsibilityfor own investment internal guidelinesandlimits. The Directors delegatetotheManager delegates totheInvestment whointurn of the Funds’terms investment guidelines and limits set out in the Prospectus’ as well as the Investment Managers’ and Supplements Funds’ profile. andrisk performance The Investment Managers are alsoresponsiblethattheFunds ensuring for are managed withinthe asrequired inrelation tothe basisandmore frequently theInvestment Managers on aquarterly from The Directorsreports review should refer totheProspectus amore for inherent detaileddiscussion oftherisks ininvesting andSupplements intheFunds. invest.markets they inwhich andinvestors risks ofall isnotintendedtobeacomprehensive information The following summary The Funds’ are which and associatedwiththefinancial ofrisk instruments investment types activities exposethemtothevarious 9. RiskManagementPoliciesandProcedures Company ofFinancial are deemedassetsof the Company intheStatement andare included Position. accounts,These cash collection ofsubscriptions, for heldwithBankofAmerica ofredemptions payment the anddividendsfor ProvidersAct 48(i))Investor 2013(Section MoneyRegulationsFund 2015for (the Service ‘Investor MoneyRegulations’). andEnforcement) relating andredemption tothesubscription collectionaccountsBankofIreland pursuanttotheCentral (Supervision Cash account arrangements are in place in respect of the Company and the Funds as a consequence of the introduction of the requirements andUBSAG Generale Societe thefinancial at end. period Note 9, (See RiskandCredit Risk). Counterparty/Issuer Lynch, Merrill Bank ofAmerica BankPlc, Barclays BNPParibas, GoldmanSachs, JPMorganChaseandCompany, MorganStanley, Funds withbrokers options, initialmarginpurposes for for openfutures contracts andcontracts difference, for isheldwith thiscash ofthoseentities. risk BankandUBSAGChartered andissubjecttothecounterparty Cashisalsodepositedby oron behalfofthe Bank Plc, Bank, Canadian Imperial GoldmanSachs, HSBCBankPlc, JPMorganChaseandCompany, MorganStanley, Standard global sub-custodian, Bankand Street State Trust Company. Lynch, Merrill isheldwithBankofAmerica Cashcollateral Barclays oftheFunds.more holdingcash sub-custodiansfor are heldwiththeDepositary’s andbankoverdrafts ofthecas • The confidence shouldbe99%; level Financial period ended30September 2020

(Unaudited) (continued) Some limitations of Some VaR are: interest rates, FXandcredit spreads gives mightreact abetterpicture ofhow tosuddenmarket theportfolio moves. market circumstances.given atypical andon anad testingisutilisedmonthly hocbasis. Stress ofthesensitivitiesto monitoring Daily VaRSince possiblescenarios, all incorporate cannot stress changesintheportfolio’s testinghelpscapturesuddenanddramatic value to assesstheimpact oflarger market moves. Valuation withintheFund security andspreads orthesensitivitiestorates are Methodology” used valueevery isusedtotheoretically marketis generated by value, aprojected calculating portfolio basedon achangeinRiskFactors. To generatethemarket value, a “Full usedin stress tests is similar to the one usedin calculating VaR. methodology risk Profit (P&L) or%returnThe portfolio andLoss underabnormal market conditions.Bloomberg inherent Alphastress themarket isusedfor risk intheportfolio testingtoevaluate The The datainthe VaR basisandcontains one modelisupdatedon year’s adaily market data. andasrequired on amonthly basis. beperformed testingwill Stress monthly. testingresults Back berecorded will andanalysed daily may ignore possiblediversification benefits, VaR provide and will aconservative theportfolio. for level Management Team assessthe will VaR thatfigure impact ofthoseholdingsandincorporate asanadd-on tothe VaR. This approach the In case VaR by duetodataerrors holdingsdoesnotget limitation, calculated thesystem ormodelling certain for theRisk absolute 1-day 99% VaR =4.47%. limitis20%/sqrt(20) and 1 day holding period,based on 99% confidence interval down the 20% 20-day according limit isscaled to appropriate factors. The the volatilities andcorrelations by explicitly usingthereal market returns. Asthe VaR generatedby reports Bloomberg Alpha are that thismethodisone ofthemore reliable methodsasitrequires makingtheminimum numberofassumptions. Italsoincorporates return isagood distribution representation assumesthathistorical method which offuture returns. The Investment Managers believe Simulation.Monte Carlo The investment management teamusesthesimpleyet simulation powerful approach ofthehistorical There are three popularapproaches calculating for VaR, Simulation, Historical namely Variance-Covariance analytical methodand Refer tothePortfolioRefer heldon ofInvestments eachFund. detailsofthefairvaluesecurities for were derivatives) designatedatfairvaluethrough (excluding profit 2020and31Marchofthesecurities 2020all 30 September orloss. are limited. where ofdiversifiedconstruction market orindustry) exposures featuresascapitalisation portfolios (such tocertain Asat measurement entailstheactiveperformance management ofreturn, andcost. risk iscontrolled Relative-to-benchmark risk through the basisinaccordanceon adaily withtherespective Fund’s investment objective, policiesandcore philosophy. The core philosophy oftotal investment impact have on will amaterial theFundsparticular is minimised. The Investment Managers manage theFunds’ market risk theirinvestments insecurities. from arising risk theportfolio,exposed tomarket By diversifying price changeofa thataprice therisk oritsissuer,the individualfinancial instrument tradedinthemarket. orfactorssimilarfinancial affecting instruments The Funds are risk), orcurrency interest risk rate from whetherthosechangesareby (otherthanthosearising market caused factors prices specific to ofchangesin fluctuatebecause thatthefairvalueorfutureflows will ofafinancial istherisk cash instrument risk Market price (i) MarketPriceRisk Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc • future market conditions could vary significantly from those experienced inthepast. thoseexperienced from significantly • future market conditions couldvary • isarelative thanaprecise information rather andaccuratenumber; risk estimateofrisk • themarket price • • • shouldbe1trading day; and The holdingperiod for example,for asaresult ofsignificant recentvolatility. changesinprice shouldnotbelessthan1year; period however, observation The historical may beusedifjustified, period observation ashorter the confidence interval chosen);the confidence and interval based methods, as such VaR, dependingon profits toexceed amountwith afrequency andlossesare thereported almostcertain represents information the market outcome price andisnotintendedtobepredictive ahypothetical ofprobability- (inthecase inconditionsbetween markets ofmarket ofmarket andlevels liquidity stress maypatterns; bearnorelation tohistorical takeaccount ofthefact dataandcannot thatfuturethe modelsare movements, market based on price historical correlations Financial period ended30September 2020

(Unaudited) (continued)

57 LAZARD GLOBAL INVESTMENT FUNDS PLC 58 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc course ofbusinessover theassets of theFunds. Corporation,Street isA1(31March 2020: Agency. A1)basedon theMoody'sRating hasageneral lieninthenormal The Depositary thattheFunds use.Depositary andGlobalSub-Custodian,The longcredit term oftheparent rating company oftheDepositary State tobedelayed orlimited.Depositary The Funds by andfinancial monitor thecredit theirrisk monitoring position quality ofthe the Funds’ may cause by theDepositary or insolvency Bankruptcy held by with respect andthe securities the rights tothecash risk. assets are segregated reduces andprotected counterparty andthisfurther the rights, with respect to those securities, are preserved. of the Depositary, orbankruptcy ofinsolvency Thus in the event the Funds’ The Funds’ identified on theaccounting separately records Bankand are Street securities always ofState Trust Company, therefore markets. behigher thaninorganisedsecurities and holdinginvestments markets generally insuch will sub-custodian, orimproper registration oftitle. retroactive oflegislation application andfraud byThe costsborne aFund ininvesting to recover some of its assets. any circumstances acts or omissions may include or the liquidation,Such of a orinsolvency bankruptcy developed, there involved markets. isatransaction indealing insuch andcustodyrisk circumstances, Incertain aFund may notbeable againstthirdtheir rights parties. Inaddition, astheFunds may invest inmarkets where are custodialand/orsettlementsystems notfully cases,all be able to establish title to investments made and may losses as a result. suffer The Funds may find it impossible to enforce ofasub-custodianorregistrar,In circumstances astheinsolvency such orretro-active oflegislation, application theFunds may not, in betreatedwill asageneralcreditor ofthefinancial institution inrelation holdingsoftheFunds. tocash to thecredit ofthefinancial risk institution where isdeposited. cash ofthefinancial institution, ofinsolvency Intheevent theFunds isidentifiable asbelonging totheFunds, heldby cash theglobalsub-custodianandDepositary While theFunds beexposed will theDepositary.for on thePortfolio asdisclosed ofInvestments.counterparties Bankand Street State Trust Company act astheGlobalSub-Custodian heldby andsecurities theFunds ofthecash excepttheFDIthatare all for heldwith are heldvia theDepositary Substantially have beenreceivedsecurities by thebroker. failstomeettheirobligations. failifeitherparty The tradewill minimal, made sold onceis only the broker of securities has received as delivery payment. Payment is made on a purchase once the using approved brokers. are securities settledupon delivery transactions transferable All involving ofdefaultisconsideredThe risk valuesrelating totheabove.Investments on pagesdetailsofthemonetary 79to134for ("FDIs")inadditionbalancesheldattheDepositary.funds andfinancial tocash instruments derivative tothePortfolio Refer of it hasentered into withaFund. The Funds’ anddebtsecurities, tradingequity investment from maincredit concentrations arise risk failtodischargeanobligation will orcommitment orissuertoafinancial that instrument thatthecounterparty Credit istherisk risk Credit Risk basisinaccordancedaily withtherespective Fund’s investment objective, policiesandcore philosophy. interest, heldwithintheFunds andtheirrespective balances. cash The Investment Managers manage theFunds’ on interest a risk rate prevailing interest rates. The Funds are through exposedtointerest risk investments withfixed rate insecurities of andfloatingrates of changes in that the fair value or fluctuate futurebecause flows will is of afinancialthe risk Interest cash risk instrument rate (iii) Interest RateRisk management policy. source ofreturn,critical exposures are managed relative totheappropriate benchmark. For otherFunds, there isnoexplicitcurrency- exposure. currency tozero) exchangecurrency contracts(orclose tomaintainzero For thoseFunds exposure currency which isa for For the Funds is hedged out, risk currency in which is managed by foreign risk the currency regular rebalancing of the forward foreign exchange currency contracts. denominated incurrencies otherthanitsown currency. Currencies lossesonforward may awaycurrency alsomove insuch astocause relative toothercurrencies may changeinamannerthathasanadverse ofaFund's on effect thevalueofportion assetsthat are investment aswell ashedging. views Consequently, theFunds currency are thattheexchange ofitsreporting rate exposedtorisks investor). Furthermore, theFunds ofimplementing foreignexchange currency contractsthepurpose for may invest inforward The Funds may invest denominated in currencies in securities other than its functional (or, currency indeed, of the the currency (ii) Foreign Cur Financial period ended30September 2020

(Unaudited) (continued) includes details of the open forward foreign currency exchange contracts and the counterparties as at the financial period end. period asatthefinancial foreign exchange currency contracts and thecounterparties detailsoftheopenforward includes The Funds have anISDA Annex inplacethecounterparties. agreement with all and/orCredit Support The Portfolio ofInvestments Morgan ChaseandCompany, MorganStanley, andUBSAG Generale Societe respectively. contracts difference, for Lynch, Merrill isheldwithBankofAmerica thiscash BankPlc, Barclays BNPParibas, GoldmanSachs, JP Cash isalsodepositedby oron behalfoftheFunds withbrokers options, initialmarginpurposes for for openfutures contracts and RathmoreAlternative FundLazard respectively). (pleasereferof Investments tothe Portfolio referenceonly for purposes European ofInvestments Lazard Alternative Fund for and transactions”. oftheNAV part doesnotform Non collateral cash oftheFund andisrecorded atthebaseofeach relevantPortfolio isrecognised ofFinancialcollateral on theStatement Position within financial for instrument derivative heldascollateral “Broker cash the ownership of the relevant Fund and are recorded of Financial as an asset on the Statement Position. Cash pledged by a Fund as heldon theFund. financial for instruments derivative of aFund withcounterparties purposes collateral for assetsremain in Such financial for instruments". derivative within "Broker duetocounterparties cash AFund’s assetsmay bedepositedby oron behalf torepaywithin andarelated isdisclosed financial liability thecollateral for instruments" derivative heldascollateral “Broker cash by aFund transactions isrecorded financial for instrument ofFinancial derivative ascollateral asanasseton theStatement Position Bank Plc, JPMorganChaseandCompany, MorganStanley, BankandUBSAG. Chartered Standard received cash Counterparty Lynch, Merrill isheldwithBankofAmerica Cash collateral BankPlc, Barclays Bank, Canadian Imperial GoldmanSachs, HSBC are limitedto10%ofNAVExposures toindividual counterparties of(i)above and5%ofNAV inthecase of(ii)above. inthecase criteria as set out in the UCITS Regulations namely: assetoutintheUCITS criteria theirobligations andthatsettlementoftransactions may not occur.not perform must meetthefollowing OTC All counterparties A Fund withwhom ittrades, isexposedtoacrediton counterparties theover thecounter(“OTC”) risk may thatthesecounterparties manner: in thefollowing sectors. ongoingThe Investment ofthislist. monitoring Managers perform ismonitored risk on anongoing basis Counterparty/issuer The Investment Managers’ andrecognised rated dealersintheir limitedtothemosthighly isgenerally approved listofcounterparties or issuer exposure management is monitoredprogram within the Investmentrisk and managed Managers. by counterparty a formal The Funds ofsettlementdefault. beartherisk withwhomtrade andwill are they exposedtoacreditparties risk Counterparty/issuer Counterparty/Issuer Risk ofFinancialthe Statement Position. There were 2020and31March nopastdueorimpaired 2020. assetsasof30September The extent of the Funds’ value as recorded exposure to credit in respect in risk of the financial statementsapproximates thecarrying Credit Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc (ii) (i) Acredit institution inaccordance Regulations, BankUCITS withCentral or •  • • Measurement and monitoring of counterparty or issuer trade exposure - a daily review ofoutstandingpositions isperformed. review orissuertradeexposure -adaily Measurement ofcounterparty andmonitoring financial statements. ofongoing activities, throughBroker avariety filings -performed and monitoring regulatory theassessmentofcertain including enforceable arrangementsandstandinginthefinancial community. ofthebroker’s areview process review thatincludes a formal creditworthiness, financial strength, toenterintolegally ability Approved tradingwithapproved broker permits brokers. only selection -thetradingsystem Newbrokers are added, subjectto rating ofA2orequivalent. rating Have aminimum credit ofA2orequivalent, rating orintheopinion oftheInvestment Managers, animpliedcredit minimum Financial period ended30September 2020

(Unaudited) (continued)

59 LAZARD GLOBAL INVESTMENT FUNDS PLC 60 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc inputtothefairvaluemeasurement requiressignificance ofaparticular judgmentandisspecific totheinvestment. the fairvaluehierarchy isbasedon thelowest ofinputthatissignificanttothefairvaluemeasurement. level The assessment ofthe use anumberofdifferentinto ofthefairvaluehierarchy. inputsthatfall levels cases, Insuch aninvestment’s within level 1, aslevel categorised An investment isalways 2or3initsentirety. cases, Incertain thefairvaluemeasurement aninvestment for may Company’s own data. available inthecircumstances, sources the independent oftheCompany andmightinclude otherthanmarket dataobtainedfrom would beexpectedtovaluetheassetorliability.market participants inputsare basedon developed the bestinformation Unobservable the asset or liability. inputs for 3 inputs are unobservable Level inputs reflect the Company’s Unobservable own assumptions about how thefollowing: inputs include liability, orindirectly. either directly Fair through value is determined the useofmodelsorother valuation methodologies. 2 Level the asset or for 2 inputs 1 arethat are within level in active inputs other observable than quoted prices markets included Level on andvolume information anongoing toprovide pricing basis. with sufficient frequency access atthevaluation date. occur An isamarket transactionstheassetorliability active inwhich for market theassetorliability for to hastheability 1inputsare entity inactive assetsorliabilitiesthatthereporting unadjusted quotedprices markets identical for Level The Company is requiredfinancial assetsandfinancial toclassify liabilitiesatfairvaluethrough profit orlossasfollows: Fair Value Measurement inNote 12. as disclosed The Funds may whenashareholder oftheissuedshareFunds beexposedtoconcentration risk holds asignificantportion capital Concentration Risk datesare outlinedon thePortfoliosFDIs whosematurity 2020orat31March ofInvestments 2020. at30September relevant, ofFinancial intheStatement befound can Position. There are nofinancial due over 3months liabilitiesthatfall exceptthe for redemptions interest. ofRedeemableParticipating ofexpensesandbankoverdraft andpayment Shares Detailsoftheseamountswhere The Funds’ financial within one payment month liabilities due for relate in the most part, purchases awaiting settlements, to security the financial year ended31March 2020. to ensure term settlement.in the short 2020 or during No borrowings the financial ended 30 September such during period have arisen day tosubsequentredemption andeffected requests orswitching on dealingday(s). thefollowing The Funds toborrow have theability not exceed 10%oftheNAV ofthatFund. tothenextdealing Any redemption forward request orswitching soreduced becarried shall the Directors, bereduced Fund pro ofsuch sothatthetotalnumberofShares rata redemption for on orswitching thatdealingday shall exceed 10%oftheNAV ofthatFund, eachredemption request orswitching inrespectFund insuch ofShares may, atthediscretion of day subjecttorestrictions setoutintheProspectus. Iftotalrequests redemption for on and/orswitching any dealingday any for Fund thatinvestorsShares wishtosell. torequire have Shareholders theright theFunds toredeem intheFunds theirShares on any business The Funds’ bereadily sold. can realisablewhich securities mainly assetscomprise oftheFundsThe mainliability istheredemption ofany Liquidity Risk 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements d) Inputs that are derived principally from or corroborated by observable market databy correlation orcorroborated by orothermeans. observable from d) Inputsthatare principally derived c) b) similarassetsorliabilitiesinactive for markets. prices a) Quoted commonly quotedintervals,commonly volatilities, prepayment speeds, lossseverities, credit anddefaultrates). risks (e.g. at theassetorliability for thatare observable Inputs otherthanquotedprices observable curves interest andyield rate market makers, isreleased littleinformation orinwhich publicly. transactions theassetor liability, for are theprices notcurrent, eitherover timeoramong substantially quotations vary orprice orsimilar assetsorliabilitiesinmarkets thatare identical for notactive, prices Quoted thatis, markets there inwhich are few Financial period ended30September 2020

(Unaudited) (continued)

Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsBondFund 31 March2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsBondFund 30 September2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Unrealisedlossonopenfuturecontracts Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Unrealisedgainonopenfuturecontracts Assets Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Lazard Global Convertibles Recovery Fund* Lazard GlobalConvertiblesRecovery 30 September2020 31 March 2020: tablesprovideThe following abreakdown 2020and ofeachFund ofthefinancial at30September instruments by valuation category Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc 24,501,602 24,489,277 (68,600) (68,600) Level 1 Level 1 Level 1 12,325 USD USD USD ------10,021,779 10,010,979 7,785,131 7,777,614 (204,687) % ofNAV (204,687) (19,608) (19,608) Level 2 Level 2 10,800 (0.04) 7,517 (0.04) 14.29 14.28 Financial period ended30September 2020 0.01 USD USD - - 143,453,518 143,114,356 % ofNAV % ofNAV (565,323) (565,323) 339,162 Level 2 (1.87) (0.23) (1.87) 91.27 91.17 (0.23) 95.04 94.94 0.10 0.10 USD - - 10,021,779 10,010,979

7,785,131 7,777,614 (Unaudited) (204,687) % ofNAV (204,687) (19,608) (19,608) 10,800 (0.33) 7,517 (0.33) 83.64 83.44 Total Total 0.20 USD USD - - 167,955,120 167,603,633 (633,923) (565,323) (68,600) 339,162 12,325 Total USD (continued)

61 LAZARD GLOBAL INVESTMENT FUNDS PLC 62 LAZARD GLOBAL INVESTMENT FUNDS PLC Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsLocalDebtFund 31 March2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Total liabilities Interest Rate Swaps at negative fairvalue negative at Swaps InterestRate Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Total assets Options written at fairvalue Optionswrittenat Lazard EmergingMarketsTotal ReturnDebtFund 30 September2020 Unrealisedgainonforwardforeigncurrency exchangecontracts Credit Default Swaps at negative fairvalue negative at CreditDefaultSwaps Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total liabilities positivefairvalue at Swaps InterestRate Total assets Total assets Unrealisedlossonforwardforeigncurrency exchangecontracts Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Unrealisedgainonforwardforeigncurrency exchangecontracts Unrealisedgainonforwardforeigncurrency exchangecontracts Lazard Global InvestmentFundsplc fairvalue Optionspurchasedat fairvalue negative at Swaps InterestRate Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities positive fairvalue at Swaps InterestRate Lazard EmergingMarketsLocalDebtFund 30 September2020 Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Level 1 Level 1 Level 1 USD USD USD ------1,027,919,132 1,076,476,579 1,063,618,427 1,068,048,845 (15,401,242) (60,490,704) (14,135,667) 122,073,087 (59,993,993) 123,791,296 (4,300,749) (1,265,575) (1,430,290) (2,849,755) 30,673,755 6,532,846 1,894,888 1,562,556 5,025,540 (496,711) (20,704) 155,653 Level 2 Level 2 Level 2 Financial period ended30September 2020 USD USD USD % ofNAV % ofNAV % ofNAV (1.34) (2.99) (5.54) 94.32 (1.23) (0.11) (1.00) (0.01) (1.98) 84.94 93.51 (5.50) (0.04) 97.59 86.13 92.78 0.57 0.16 0.11 2.81 1.08 0.46 1,076,476,579 1,068,048,845 1,063,618,427 1,027,919,132 (15,401,242) (60,490,704) (14,135,667) (59,993,993) 123,791,296 122,073,087 (4,300,749) (1,265,575) (1,430,290) (2,849,755) 30,673,755

6,532,846 1,894,888 1,562,556 5,025,540 (Unaudited) (496,711) (20,704) 155,653 Total Total Total USD USD USD (continued) Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Interest Rate Swaps at negative fairvalue negative at Swaps InterestRate Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Interest Rate Swaps at positivefairvalue at Swaps InterestRate Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsDebtBlendFund 31 March2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Interest Rate Swaps at negative fairvalue negative at Swaps InterestRate Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Interest Rate Swaps at positive fairvalue at Swaps InterestRate Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsDebtBlendFund 30 September2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Credit Default Swaps at negative fairvalue negative at CreditDefaultSwaps Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Unrealisedgainonopenfuturecontracts Options purchased at fairvalue Optionspurchasedat Interest Rate Swaps at positivefairvalue at Swaps InterestRate Assets Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Lazard EmergingMarketsTotal ReturnDebt Fund 31 March2020 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc 214,812 214,812 Level 1 Level 1 Level 1 USD USD USD ------139,724,156 135,692,905 (9,427,521) (9,404,460) 37,387,852 37,209,013 3,629,418 (499,788) % ofNAV (488,792) (23,061) 401,833 (10,996) 121,327 Level 2 Level 2 57,512 Financial period ended30September 2020 0.19 0.19 USD USD ------(12,468,967) 108,678,069 104,302,004 (9,263,441) (3,205,526) 4,236,103 % ofNAV % ofNAV 125,395 Level 2 101.04 14,567 (6.81) (1.18) (6.80) (0.01) 98.13 (1.15) (0.03) 87.90 87.47 2.62 0.29 0.29 0.14 USD - 139,724,156 135,692,905 (9,427,521) (9,404,460) 37,387,852 37,209,013

3,629,418 (Unaudited) (499,788) % ofNAV (488,792) (23,061) 401,833 (10,996) 121,327 (11.30) 57,512 (8.40) (2.90) 98.53 94.57 Total Total 3.84 0.11 0.01 USD USD - (12,468,967) 108,892,881 104,302,004 (9,263,441) (3,205,526) 4,236,103 214,812 125,395 14,567 Total USD (continued)

63 LAZARD GLOBAL INVESTMENT FUNDS PLC 64 LAZARD GLOBAL INVESTMENT FUNDS PLC Total assets Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsCorporateDebtFund 31 March2020 Total assets Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsCorporateDebtFund 30 September2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Interest Rate Swaps at negative fairvalue negative at Swaps InterestRate Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Interest Rate Swaps at positive fairvalue at Swaps InterestRate Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsDebtUnrestrictedBlendFund 31 March2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Interest Rate Swaps at negative fairvalue negative at Swaps InterestRate Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Interest Rate Swaps at positivefairvalue at Swaps InterestRate Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Assets Lazard Global InvestmentFundsplc Lazard EmergingMarketsDebtUnrestrictedBlendFund 30 September2020 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Level 1 Level 1 Level 1 Level 1 USD USD USD USD ------(15,797,783) (15,672,111) 577,828,346 568,785,500 657,011,466 653,909,666 (4,354,497) 10,242,786 10,242,786 (4,226,874) 8,661,480 8,661,480 7,034,266 2,008,580 1,576,383 1,525,417 (125,672) (127,623) Level 2 Level 2 Level 2 Level 2 Financial period ended30September 2020 USD USD USD USD % ofNAV % ofNAV % ofNAV % ofNAV (2.61) (0.62) 96.80 96.80 95.15 95.15 (2.59) (0.02) 95.47 93.97 (0.60) (0.02) 93.17 92.73 1.16 0.34 0.22 0.22 (15,797,783) (15,672,111) 577,828,346 568,785,500 657,011,466 653,909,666 (4,354,497) 10,242,786 10,242,786 (4,226,874)

8,661,480 8,661,480 7,034,266 2,008,580 1,576,383 1,525,417 (Unaudited) (125,672) (127,623) Total Total Total Total USD USD USD USD (continued) Total positivefairvalue at ReturnSwaps Assets Transferable Securities fairvalue: Investmentsat Financial fairvaluethrough profitorloss: assetsat Lazard CommoditiesFund 31 March2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Total fairvalue negative at ReturnSwaps Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Total positivefairvalue at ReturnSwaps Assets Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Lazard CommoditiesFund 30 September2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Unrealisedlossonopenfuturecontracts Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Assets Lazard ScandinavianHighQualityBondFund 31 March2020 Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Unrealisedlossonopenfuturecontracts Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Assets Lazard ScandinavianHighQualityBondFund 30 September2020 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat 1,938,060 1,938,060 (873,710) (873,710) (70,800) 658,601 (70,800) Level 1 Level 1 Level 1 Level 1 USD USD EUR EUR ------% ofNAV % ofNAV % ofNAV % ofNAV (0.23) (0.01) (0.23) (0.01) Financial period ended30September 2020 2.17 5.13 5.13 ------369,489,084 358,124,154 503,014,459 500,184,577 29,435,988 35,098,747 32,895,194 11,364,930 2,203,367 2,829,882 (595,530) (595,530) (77,690) (86,089) 268,221 (76,501) (86,089) Level 2 Level 2 Level 2 Level 2 (1,189) USD USD EUR EUR 186 - -

% ofNAV % ofNAV (Unaudited) % ofNAV % ofNAV (0.20) (0.16) (0.02) (0.00) 96.84 (0.20) 92.97 87.14 (0.16) 98.28 (0.02) 95.26 99.46 98.90 0.88 0.00 5.83 3.02 0.56 - - 369,489,084 358,124,154 503,014,459 500,184,577 (1,469,240) 30,094,589 37,036,807 34,833,254 11,364,930 2,203,367 2,829,882 (156,889) (595,530) (873,710) (77,690) 268,221 (76,501) (86,089) (70,800) (1,189) Total Total Total Total USD USD EUR EUR 186 (continued)

65 LAZARD GLOBAL INVESTMENT FUNDS PLC 66 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard DiversifiedReturnFund 31 March2020 Assets Total liabilities Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Unrealisedlossonforwardforeigncurrency exchangecontracts InvestmentFunds Unrealisedlossoncontractsfordifference Total positivefairvalue at ReturnSwaps Total fairvalue negative at ReturnSwaps Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Unrealisedgainoncontractsfordifference Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Unrealisedgainonforwardforeigncurrency exchangecontracts Unrealisedgainoncontractsfordifference Total assets Total positivefairvalue at ReturnSwaps Unrealisedlossoncontractsfordifference Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities InvestmentFunds Assets Unrealisedlossonforwardforeigncurrency exchangecontracts Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Lazard DiversifiedReturnFund 30 September2020 Total liabilities Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Total fairvalue negative at ReturnSwaps Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Assets Lazard Global InvestmentFundsplc Unrealisedgainonforwardforeigncurrency exchangecontracts Financial fairvaluethroughprofitorloss: assetsat Lazard CommoditiesFund(continued) 31 March2020(continued) Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements 5,117,501 5,117,501 7,183,454 7,183,454 Level 1 658,601 Level 1 Level 1 USD USD USD ------% ofNAV 21.05 21.05 % ofNAV % ofNAV ------30.69 30.69 Financial period ended30September 2020 2.17 10,341,616 15,458,356 ------3,451,656 1,179,170 (221,136) (152,577) 227,675 258,239 (68,559) Level 2 USD (6,914,810) 14,371,283 (6,909,178) 29,704,683 4,240,072 9,851,716 (411,672) (312,301) (33,030) (66,341) 118,524 116,801 Level 2 Level 2 44,170 (5,632) USD USD 474 % ofNAV (0.91) 42.54 14.20 (0.28) (0.63) 63.59 4.86 0.93 1.06

(Unaudited) % ofNAV % ofNAV (22.75) (22.73) (1.76) (0.14) (0.28) (1.34) 61.38 18.11 (0.02) 42.08 97.72 (221,136) (152,577) 0.19 0.50 0.50 0.00 (68,559) Level 3 USD 14 14 - - - - (6,914,810) 21,554,737 17,035,170 (6,909,178) 30,363,284 4,240,072 (411,672) (312,301) (33,030) (66,341) 118,524 116,801 % ofNAV 44,170 (5,632) Total Total USD USD 474 (continued) 0.00 0.00 - - - - 15,459,131 20,575,871 3,451,656 1,179,170 227,675 258,239 Total USD Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Options written at fairvalue Optionswrittenat Unrealisedlossoncontractsfordifference Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Options purchased at fairvalue Optionspurchasedat Unrealisedgainoncontractsfordifference Assets Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Lazard RathmoreAlternativeFund 30 September2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Unrealisedlossonopenfuturecontracts Unrealisedlossoncontractsfordifference Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Unrealisedgainonopenfuturecontracts Unrealisedgainoncontractsfordifference Assets Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Lazard EuropeanAlternativeFund 31 March2020 Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Unrealisedlossoncontractsfordifference Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Unrealisedgainonopenfuturecontracts Unrealisedgainoncontractsfordifference Assets Lazard EuropeanAlternativeFund 30 September2020 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat 138,449,539 138,390,876 197,347,176 194,754,752 (2,208,040) (2,208,040) 2,995,560 2,689,258 2,592,424 (66,850) (66,850) 306,302 Level 1 Level 1 Level 1 58,663 USD EUR EUR ------% ofNAV % ofNAV % ofNAV (0.01) (0.63) (0.01) (0.63) 39.22 39.20 61.00 60.20 Financial period ended30September 2020 0.62 0.06 0.56 0.02 0.80 ------(109,435,098) (106,546,631) 570,779,734 114,912,112 455,578,610 172,641,509 169,852,467 116,348,129 111,419,527 (8,256,218) (7,618,917) (2,888,467) (8,236,842) (7,618,718) 2,560,198 4,902,317 289,012 (19,376) 228,844 Level 2 Level 2 Level 2 26,285 (199) USD EUR EUR - - - - -

% ofNAV (Unaudited) % ofNAV % ofNAV (22.75) (22.15) 118.67 (2.34) (2.35) (0.60) 23.89 94.72 (0.00) (2.34) 48.90 (0.00) 48.11 (2.35) 35.96 34.44 0.06 0.06 0.73 0.01 1.51 - - - - - (109,501,948) (106,546,631) (10,464,258) 573,775,294 114,912,112 458,267,868 311,091,048 308,243,343 313,695,305 306,174,279 (7,618,917) (2,888,467) (2,208,040) (8,236,842) (7,618,718) 2,560,198 2,592,424 4,902,317 (66,850) 289,012 306,302 (19,376) 228,844 58,663 26,285 (199) Total Total Total USD EUR EUR (continued)

67 LAZARD GLOBAL INVESTMENT FUNDS PLC 68 LAZARD GLOBAL INVESTMENT FUNDS PLC Total liabilities Unrealisedlossonforwardforeigncurrency exchangecontracts Options written at fairvalue Optionswrittenat Unrealisedlossoncontractsfordifference Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Unrealisedgainonforwardforeigncurrency exchangecontracts Lazard Rathmore Lazard Rathmore Fund Alternative Unrealisedgainonopenfuturecontracts Lazard European Fund Alternative Options purchased at fairvalue Optionspurchasedat Lazard DiversifiedReturnFund Unrealisedgainoncontractsfordifference Assets Lazard CommoditiesFund Lazard Global InvestmentFundsplc SFTs atthisdateare contracts difference for andtotalreturn swaps, respectively. are which settledtri-party Below is themarket value ofassetsengaged inSFTs 2020and31March 2020. asat30September areThe assetswhich engaged in Regulation (EU) No 648/2012, requires investment UCITS companies on toprovide information theusemade thefollowing ofSFTs. financing 13ofRegulation ofsecurities transactions (EU) 2015/2365on ("SFTs") transparency andofreuseArticle andamending 10. SecuritiesFinancingTransactions Regulation 2, inputsare withinlevel classified by sources observable pricing supported bonds andover-the-counter derivatives. theseinclude Financial thatdonothave butare quotedmarket prices valuedbasedon instruments market prices, dealerquotations oralternative listed equitiesandexchange traded derivatives. The Funds theseinstruments. for donotadjust thequotedprice Investments, whosevalues are basedon inactive quotedmarket prices markets, andtherefore 1, withinlevel classified active include as at31March 2020. inPhilippines,Nil asat31March 2020andcommonincorporated stock Nicolas Corp, AltusSan had which afairvalueofUSD14 Islands, in the Cayman bonds incorporated are 3 securities corporate The level G3 Exploration Ltd, had which a fair value of USD inputs. were they usingunobservable 3because priced 3asat31March 2020were asLevel classified asLevel classified The securities 2020. USD Nil asat30 September inputs. Islands, intheCayman bonds incorporated are 3securities corporate The level G3ExplorationLtd, had which afair valueof were they usingunobservable 3because priced 2020were asLevel 3asat30September classified asLevel classified The securities DiversifiedLazard Fund Return thefinancial during year ended31March 2020. EmergingMarkets DebtFundReturn 2020andLazard thefinancialended30September during period Total DebtFund Return and There were heldon theFunds 3securities nolevel withtheexception EmergingMarkets heldon ofsome Lazard securities Total Fund on GlobalConvertibles Recovery launched 17August* Lazard 2020, therefore there are nocomparatives thisFund. for Transferable Securities fairvalue: Investmentsat Financial fairvaluethroughprofitorloss: assetsat Lazard RathmoreAlternativeFund 31 March2020 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Fund Currency USD USD USD EUR 13,703,988 13,656,724 (18,502) (18,502) Level 1 38,675 8,589 USD (2,716,401) 8,365,481 2,126,866 (143,317) Fair Value 30 September2020 - - - - % ofNAV (0.01) (0.01) % ofNetAssets Financial period ended30September 2020 4.64 0.01 0.00 4.63 - - - - (0.84) (0.62) (100,247,791) (16,423,730) (83,824,061) 378,988,999 309,882,356 1.74 5.63 Value 68,435,063 671,580 Level 2 USD - - - (15,388,998) (5,676,644) (6,640,957) 1,338,286 Fair Value 31 March2020

(Unaudited) % ofNAV (33.96) (28.40) 128.39 104.97 (5.56) 23.19 0.23 - - - % ofNetAssets (100,266,293) (16,423,730) (83,824,061) 392,692,986 323,539,079 68,435,063 (21.85) (5.21) (18,502) 671,580 (1.61) 5.51 Value 38,675 8,589 Total USD (continued) Fund Lazard European Fund Alternative Lazard CommoditiesFund Lazard CommoditiesFund Lazard European Fund Alternative Lazard Rathmore Lazard Rathmore Fund Alternative Lazard CommoditiesFund The following table provides an analysis ofthecurrency, tableprovidesThe following ananalysis 2020and31March 2020. asat30September ofcollateral andquality type Fund tenorofthecontracts difference for andtotalreturn swapsasat31March 2020. ofmaturity tableprovidesThe following ananalysis Fund 2020. tenorofthecontractsdifference for andtotalreturn swapsasat30September ofmaturity tableprovidesThe following ananalysis 2020 and31March 2020. ofcontractsdifference for andtotalreturn swapasat30September eachtype usedfor tabledetailsthecounterparties The following 10. SecuritiesFinancingTransactions Regulation(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Fund 2020. asat30September tenorofthecollateral ofthematurity tableprovidesThe following ananalysis Fund asat31March 2020. tenorofthecollateral ofthematurity tableprovidesThe following ananalysis Lazard European Fund Alternative Lazard European Fund Alternative Lazard DiversifiedReturnFund Fund Lazard DiversifiedReturnFund Lazard DiversifiedReturnFund Lazard Rathmore Lazard Rathmore Fund Alternative Lazard Rathmore Lazard Rathmore Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard Rathmore Lazard Rathmore Fund Alternative Lazard Rathmore Lazard Rathmore Fund Alternative Lazard Rathmore Fund Alternative Currency Currency Currency Currency Currency Currency USD USD USD USD USD USD EUR EUR USD USD USD USD USD USD USD USD EUR EUR EUR EUR EUR CIBC World Markets CIBC World Less than1day Less than1day Government Government Societe Generale Bank of America Bank Morgan Stanley Morgan Stanley Collateral Counterparty Less than Less than Merrill Lynch BNP Paribas Bonds Bonds Type 1 day 1 day UBS AG Name

------

Collateral Quality/Rating 272,330,156 1 daytoweek 1 daytoweek Investment 70,361,349

30 September2020 30 September2020 grade United Kingdom United Kingdom United Kingdom Establishment 1 dayto 1 dayto 1 week 1 week Switzerland Country of Country and Wales and Wales and Wales ------Canada France France investment

Below grade 22,136,087 1 weekto 1 weekto

1 weekto 1 weekto 1 month 1 month - - month month Financial period ended30September 2020 (1,890,820) 7,310,236 1,055,245 1,063,433 1,063,433 (825,581) (143,317) ------Fair Value

rated 1 to3months 1 to3months 1 to3months 1 to3months 22,882,816 63,975,604 Not 28,066,156 - - 3,304,961

Government Government Societe Generale Bank of America Bank Collateral Morgan Stanley Morgan Stanley World Markets Counterparty ------Merrill Lynch BNP Paribas Bonds Bonds Type 3 monthsto1 3 monthsto1 111,777,971 UBS AG 45,161,368 244,264,000 Name 67,056,388

CIBC

3 months 3 months 197,889,662 to 1year to 1year (Unaudited) Collateral Quality/Rating 68,044,184 Investment

year year 31 March2020 31 March2020 - - grade ------United Kingdom United Kingdom United Kingdom

Establishment Greater than1 Greater than1 Switzerland Country of Country Greater than Greater than and Wales and Wales and Wales Canada France France investment 1 year 1 year year year Below grade

(continued) ------

- - Open Maturity Open Maturity (15,388,998) (15,292,544) (6,640,957) (2,716,401) (5,676,644) (5,561,694) (3,320,479) (3,320,478) 2,126,866 1,338,286 8,365,481 1,338,286 (143,317) (114,950) Fair Value Maturity* Maturity* (96,454) rated Open Open Not ------

69 LAZARD GLOBAL INVESTMENT FUNDS PLC 70 LAZARD GLOBAL INVESTMENT FUNDS PLC Societe Generale BNP Paribas Morgan Stanley Bank of America MerrillLynch Collateral Issuers Lazard & Co Services Limited Lazard &CoServices Lazard Freres BanqueSA Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard Global InvestmentFundsplc 2020and31March 2020. issuersasat30September tableliststhetenlargestThe following collateral 10. SecuritiesFinancingTransactions Regulation(continued) Notes totheFinancialStatements Investor Name 30 September2020 2020,As at30September entitiesheldinvestments thefollowing intheCompany: 2019:(30 September USD 84,603). 2020 andamountsof USD243,992were thefinancialended30September paid for period Fry andtheSecretary paidto fees William (the Accordingly,“Secretary”). hasabeneficial interest DanielMorrissey undertheIrishCompanies Act 2014inlegalandsecretarial who alsoprovide totheCompany). GlobalForeign Registration Services Limited Secretarial Fry own of Wilton The partners William Fry (theCompany’s isaDirector of oftheCompany and Daniel Morrissey legaladvisers andisalsoapartner William astoIrishLaw and Jeremy Taylor are notentitledtoany Directors' fees. These current Company's Directors are alsoDirectors oftheManager. Andreas Hübner andJeremy Taylor are timeexecutives group full oftheLazard aswell asDirectors oftheCompany. Andreas Hübner financial statements. the Manager andthePromoter. transactions withtheManager andDirectorsinNote related are3tothe material party included All share oftheCompany sharesThe authorised capital istwo subscriber ofparvalue£1.00each. sharesThe two subscriber are heldby 12. RelatedPartyTransactions the financial year ended31March 2020. For the other Funds, 2020 or during there commission the financialwere ended 30 September arrangements during period no soft these Funds, including execution clients on transactions all all for and is satisfied that these arrangements are of benefit to these Funds. Diversified Fund Return European andLazard AlternativeFund. The Investment Managersendeavour timestoobtainbest will at all transactions relating totheinvestments including ofLazard The Investment Managers places businesswiththesecounterparties trades on behalfofclients. supplied tothemby thebroker orby third parties. may beeithermarket research orberelated totheexecutionThese services of with brokers whereby ofthedealingcommissions paidtothem couldbe part the Investment Managers, inaccordance withcommon market investment practice for managers, entered intodealing arrangements In relation Diversified toLazard Fund, Return European Lazard Alternative Fund USFundamental andLazard Alternative Fund, 11. SoftCommissionArrangements innetgain/(loss)on financial assetsatfairvaluethroughincluded profit ofComprehensive orlossintheStatement Income. The returns andcostsofthecontractsdifference for andtotalreturn swapsheldby theFunds identified andare beseparately cannot datesubjecttoInvestment Managers' discretion. datethanthematurity * outatanearlier beclosed These contracts can 30 September2020 Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsBondFund Lazard EmergingMarketsBondFund Fund* Lazard GlobalConvertiblesRecovery Fund* Lazard GlobalConvertiblesRecovery Fund Name 57,374,933 12,986,416 Lazard European Alternative Fund EUR - - 31 March2020 34,583,329 33,460,855

- - 30 September2020 224,666,732 47,663,424 Financial period ended30September 2020 Lazard Rathmore Alternative Fund to discharge the cost of investment related services used todischargethecostofinvestment related services USD - - 31 March2020 197,447,166

442,496 1,337,771 239,772 247,816 105,362 11,620 27,646 49,451 9,299 - - Value

(Unaudited) Currency USD USD USD USD USD EUR EUR EUR (continued) % ofNAV of each 16.99 Fund 0.00 0.35 0.18 0.02 0.00 0.03 0.07

Lazard Global Convertibles Recovery Fund* Lazard GlobalConvertiblesRecovery Lazard DiversifiedReturnFund Lazard LLC Asset Management Lazard GroupLLC Lazard DiversifiedReturnFund Lazard LLC Asset Management Lazard Limited Asset Management Limited Lazard &CoServices Lazard LLC Asset Management Lazard DiversifiedReturnFund Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard Freres BanqueSA Lazard GroupLLC Lazard PacificAsset Management Co Lazard LLC Asset Management Lazard Limited Asset Management Limited Lazard &CoServices Lazard Freres BanqueSA Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management percentage 2020andasat31March 2020. ofthatholdingasat 30September tabledetails the numberofshareholdersThe following with significant holdingsof atleast20%of the relevantFund and the Investor Name 31 March2020 Lazard DiversifiedReturnFund Lazard GroupLLC Lazard DiversifiedReturnFund Lazard LLC Asset Management Lazard Limited Asset Management Limited Lazard &CoServices Lazard LLC Asset Management Lazard DiversifiedReturnFund Lazard LLC Asset Management Lazard LLC Asset Management Lazard Freres BanqueSA Lazard GroupLLC Lazard PacificAsset Management Co Lazard LLC Asset Management Lazard Limited Asset Management Investor Name 30 September2020(continued) 12. RelatedPartyTransactions (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Fund Name Lazard EmergingMarketsBondFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsDebtBlendFund Lazard Rathmore Lazard Rathmore Fund Alternative Lazard Rathmore Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard DiversifiedReturnFund Lazard CommoditiesFund Lazard CommoditiesFund Lazard CommoditiesFund DebtFund Lazard EmergingMarketsCorporate Lazard EmergingMarketsDebtUnrestrictedBlendFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsBondFund Lazard EmergingMarketsBondFund Fund Name Lazard Rathmore Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard DiversifiedReturnFund Lazard CommoditiesFund Lazard CommoditiesFund DebtFund Lazard EmergingMarketsCorporate Lazard EmergingMarketsDebtUnrestrictedBlendFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Fund Name of significant shareholders 30 September2020 Number 1 1 1 1 1

shareholding as a %oftheFund Financial period ended30September 2020 Aggregate 54.15% 55.28% 59.06% 67.86% 68.34%

of significant shareholders 16,510,054 16,291,524 17,224,076 10,764,851 21,918,167 7,023,790 8,976,759 2,934,802 1,336,110 7,689,836 1,061,645 946,738 223,447 939,515 146,064 791,405 797,149 615,336 186,984 269,339 338,906 974,070 158,423 896,523 114,935 705,436 Number 48,534 12,833 16,657 44,904 27,298 11,682 10,588 24,228 13,121 18,794 13,068 31 March2020 8,402 Value Value

(Unaudited) 3 1 1 1 -

Currency Currency shareholding as a %oftheFund USD USD USD USD USD USD USD USD USD USD USD AUD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD AUD USD GBP CHF EUR EUR EUR EUR EUR EUR Aggregate 83.25% 54.93% 72.47% 20.12% (continued) - % ofNAV % ofNAV

of each of each 100.00 100.00 68.37 15.05 27.56 73.71 16.60 Fund Fund 0.02 0.00 0.01 0.00 0.23 0.37 0.07 0.27 1.99 0.04 3.20 0.07 0.18 0.00 0.74 0.57 0.17 0.03 0.00 0.00 0.01 0.33 0.10 0.30 2.36 0.05 3.05 0.06 0.02 0.54 0.80

71 LAZARD GLOBAL INVESTMENT FUNDS PLC 72 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Participating Shareholders. of Comprehensive Income, ofFinancial Statement Position of Changes inNet to Redeemable andStatement Assets Attributable theCompany thetotalcolumnfor intheStatement The impact of thebelow cross-investment transactions hasbeeneliminatedfrom As aresult ofthecross investment there were totheseclasses. chargedtotheassetsattributable nofees 2020: 917shares) anditholds1,130shares inMAcc RathmoreAlternative Fund USDClassofLazard (31March 2020: 944shares). (31 March 2020: 1,018shares), 2020,As at30September Diversified Lazard Fund Return holds1,018shares inMAcc Commodities Fund USDClassofLazard 13. Cross-Investments 33ofFRSSection 102. However, shareholders shouldunderstand thatnotall “connected persons” are latterexpression assuch related isdefined parties by connected persons are and certain paid to relatedDetails of fees parties are satisfied that: Therefore, theCompany’s havingregard toconfirmations management anditsrelevantdelegates, from theDirectors oftheCompany shouldalsoreferShareholders totheprovisions oftheProspectus dealingwithconflicts ofinterest. connectedthe contractual persons arrangementswiththeprincipal butitisnotexhaustive connected ofall person transactions. shareholders shouldrefer totheProspectus identifies which many oftheconnected person transactions andthegeneral nature of 2020 andtheroles and responsibilities oftheCompany’s oftheBoard. respective supervision delegatessubjecttotheoverall Further, section oftheDirectors’ Statement Governance oftheauditedfinancial thefinancial statementsfor Report year ended31March in theCorporate described shouldhaveShareholders regard oftheCompany tothegovernance structure asmore particularly themouton asimilarbasis. outthosetransactions docarry itsdelegatesthattheconnected persons carrying upon from rely assurances connected persons on behalfoftheCompany theDirectors towhich have nodirect access andinrespect theDirectors ofwhich must transactions must beinthebestinterests oftheshareholders. Inaddition tothosetransactions, there outby are alsotransactions carried company, depositary, delegate or sub-delegate (“connected outasif negotiated persons”) atarm’s must be carried length. Such any non-group company sub-custodiansappointedby adepositary), andany associatedorgroup company amanagement ofsuch its management company or depositary, (excluding amanagement andthedelegates or sub-delegates ofsuch company ordepositary In accordance with the requirements Regulations Bank UCITS of the Central Connected PersonTransactions Fund on GlobalConvertibles Recovery launched 17August* Lazard 2020, therefore there are nocomparatives thisFund. for Lazard EmergingMarketsDebtUnrestrictedBlendFund 12. RelatedPartyTransactions (continued) Notes totheFinancialStatements Fund Name Lazard Scandinavian HighQualityBondFund Lazard Scandinavian Lazard CommoditiesFund Lazard Emerging Markets Corporate DebtFund Lazard EmergingMarketsCorporate Lazard DiversifiedReturnFund Lazard Rathmore Alternative Rathmore Lazard (ii) (i) described above are transactionsdescribed appliedtoall withconnected persons; and there procedures are by arrangements (asevidenced written documentedby theManager inplace toensure that theobligations Manager through regular updatestotheDirectors. transactions withconnected persons entered thefinancial intoduring year complied with theseobligations, asattestedby the itholds917shares inMAcc European USDHedged Class ofLazard Alternative Fund (31March of significant shareholders 30 September2020 Number 1 1 1 1 3 1

shareholding as a %oftheFund set above and out in Financial period ended30September 2020 Aggregate 43(1), out with the Company any by transaction carried 100.00% 47.16% 37.66% 89.66% 88.87% 20.75%

of significant shareholders Number 31 March2020 Note 3 to the financial statements.

(Unaudited) 1 1 1 1 2 1

shareholding as a %oftheFund Aggregate 100.00% 48.28% 37.40% 90.33% 52.78% 28.07% (continued)

(movement inunrealisedgain/(loss)plusnetrealisedgain/(loss)) Net (current unrealisedlesspriorunrealised) Movement inunrealisedgainonfinancialassetsandliabilitiesthroughtheprofitlossaccount Prior unrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount (fair valueofinvestmentslessclosing costs) Current unrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount Fair valueofinvestments Closing cost Net realisedgain/(loss)infinancialassetsandliabilitiesthroughtheprofitlossaccount Redemption ofshares Issue ofshares Opening cost (movement inunrealisedgain/(loss)plusnetrealisedgain/(loss)) Net increase/(decrease)innetassetsfromoperations (current unrealisedlesspriorunrealised) Movement inunrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount Prior unrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount (fair valueofinvestmentslessclosing costs) Current unrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount Fair valueofinvestments Closing cost Net realisedgain/(loss)infinancialassetsandliabilitiesthroughtheprofitlossaccount Redemption ofshares Issue ofshares Opening cost During the financial period ended 30 September 2020, thefinancial ended30September period During ofShares. were distributions paidonclass thefollowing 14. Distributions 31 March2020 Issues andredemptions andtherelated ofShares realised thefinancial gains andlossesfor year ended31March 2020: 30 September2020 Issues andredemptions andtherelated 2020: ofShares realised thefinancialended30September gainsandlossesfor period 13. Cross-Investments (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc 1 April2020 Ex Date: increase innetassetsfromoperations A DistGBPHedged D DistEURHedged A DistEURHedged

A DistUSD A DistGBP A DistEUR E DistGBP Fund

1,175,604 105,543 35,357 Amount USD Lazard Emerging - - - Markets Local

Distribution Debt Fund per Share 1.6952 2.4917 2.1196 - - -

847,327 38,806 Amount Return DebtFund USD Lazard Emerging - - - - Markets Total

Distribution per Share 1.0459 1.4137 - - - -

86,537 36,136 27,001 Amount 3,784 Lazard Emerging USD - - - Markets Debt

Blend Fund Distribution per Share 2.3615 2.3100 2.7508 3.2593 Financial period ended30September 2020 Commodities Commodities - - - (2,561,525)

1,012,242 1,012,242 1,012,242 1,859,525 1,797,462 (218,128) (122,814) (219,060) (135,840) (218,128) (82,288) (83,220) 889,428 794,114 Lazard Lazard 95,314 95,314 Lazard Scandinavian Fund Fund 24,307 Amount USD USD - - - EUR

- - - - - High Quality

Bond Fund Distribution per Share (4,727,341) Alternative Alternative 2,872,341 2,553,025 European European (158,330) 0.3660 919,019 976,511 919,019 919,019 173,066 933,755 220,994 Lazard Lazard 14,736 57,492 42,756 42,756 62,664 14,736

Fund Fund USD USD (Unaudited) - - - - -

- - -

(2,535,763) Alternative Alternative Rathmore Rathmore 1,166,523 1,331,266 1,777,763 1,629,915 (59,680) 164,743 164,310 164,310 220,000 946,523 946,523 946,956 Lazard Lazard 14,928 60,113 74,608 Fund Fund USD USD 433 433 - -

(continued)

73 LAZARD GLOBAL INVESTMENT FUNDS PLC 74 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Fund Name 2020, thefinancial ended30September period wereDuring launched. classes thefollowing 15. SignificantEventsDuringTheFinancialPeriod intherelevantFund wereThe above distributions ofthatclass paidtotheShareholders on 2019. 9April 14. Distributions(continued) Notes totheFinancialStatements 1 April2019 Ex-Date: 1 April2020(continued) Ex Date: During the financial period ended 30 September 2019, thefinancial ended30September period During ofShares. were distributions paidonclass thefollowing intherelevantFund wereThe above distributions ofthatclass paid totheShareholders on 2020. 7April Lazard Global Convertibles Recovery Fund Lazard GlobalConvertiblesRecovery Lazard EmergingMarketsDebtUnrestrictedBlendFund Lazard Rathmore Lazard Rathmore Fund Alternative M DistAUDHedged A DistGBPHedged X DistGBPHedged D DistEURHedged A DistEURHedged

EA DistEUR EA DistEUR A DistGBP A DistUSD P DistUSD P DistUSD A DistEUR G DistEUR E DistUSD K DistEUR K DistEUR F DistGBP Fund Fund

2,190,210 2,985,256 Amount 113,205 986,877 25,695 Amount USD Lazard Emerging USD - - - - Markets Local Lazard Emerging ------

-

Markets Local Distribution Debt Fund per Share Distribution 2.6044 Debt Fund per Share 2.3401 1.9278 2.2467 1.4933 - - - -

------

234,208 Share Class A DistEURHedged EA DistEURHedged USD EA Acc EUR A Acc EA Acc EURHedged EA Acc CHFHedged USD A Acc E DistUSD E DistGBP E Acc EURHedged E Acc CHFHedged S Acc EURHedged E Acc GBPHedged Amount 1,357,605 Return DebtFund 707,002 USD 110,709 Lazard Emerging Amount - - - - Markets Total

USD Return DebtFund Lazard Emerging Distribution ------per Share 13.9378

Markets Total Distribution per Share - - - - 1.6758 3.1464 2.0229

------837,623 - Amount

Lazard Emerging 427 USD - - - - Markets Debt

45,957 Amount Blend Fund 4,877 6,025 Distribution 519 USD per Share Lazard Emerging 1.8793 2.6526 ------

Markets Debt Financial period ended30September 2020 Launch Date 29 September2020 18 September2020 01 September2020 2020 17 August 2020 17 August 2020 17 August 2020 17 August 24 August 2020 24 August 2020 5 August 2020 2 April 2020 2 April 24 July2020 18 June2020 Blend Fund Distribution - - - - per Share

4.0700 3.5458 0.5559 3.2233 Lazard Scandinavian 685,397 93,402 Amount ------

EUR - - - High Quality

Bond Fund Distribution Lazard Scandinavian 93,560 Amount per Share 0.4405 0.4624 EUR 31 ------

(Unaudited) - - - High Quality

Bond Fund Distribution per Share 0.1777 0.2068 ------

Amount 4,335 (continued) USD ------

Commodities Distribution per Share Lazard 0.0162 Fund ------

P DistUSD Hedged M DistAUD K DistEUR G DistEUR F DistGBP EA DistGBP Hedged EA DistEUR EA DistEUR E DistUSD E DistGBP Hedged D DistEUR A DistUSD Hedged A DistGBP A DistGBP Hedged A DistEUR A DistEUR 2020 1 October Ex Date: Fund on are 7October2020anddetailsofthesedistributions asfollows: 2020. 2020to30September 1April in respectfrom ofthe period intherelevant These were ofthatclass paidtothe Shareholders bereflectedand will intheNAV oftherelevantaccumulating class. Share were Distributions on thebelow declared share classes beaccumulated will to anaccumulating andreinvested class Share intherelevantFund onofthatclass behalfoftheShareholders isanaccumulating which ofShare notbepaidinrespect class. will Distributions ofany class Income andprofits, ifany, attributable 16. SignificantEventsSinceTheFinancialPeriodEnd There were thefinancial during period. noothersignificant events providedassurances totheCompany where required. Information Technology infrastructure. There providers hasbeenconsistent and ongoing oversight oftheCompany’s service material The impact ofCOVID-19 on Company operationsisminimalwithstrong operationalresilience procedures inplace andstrong COVID-19 on thefinancial economy, markets andtheoverall bepredicted. andcannot uncertain are ofwhich all highly on future developments, theduration andspread oftheoutbreak and related including andrestrictions advisories andtheimpact of The extentoftheimpact ofthecoronavirus (“COVID-19”) oftheCompany outbreak on depend thefinancialwill performance Potential ImplicationofCovid-19 Fund Name 2020, thefinancial ended30September period redeemed. were fully During classes Share thefollowing 15. SignificantEventsDuringTheFinancialPeriod(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Lazard EmergingMarketsDebtBlendFund Lazard CommoditiesFund

Fund

Amount USD 661 Recovery Fund Recovery 76 Lazard Global ------Convertibles

Distribution per Share 0.0764 0.0661 ------

1,475,130 980,461 Amount 98,787 29,849 Lazard Emerging USD Markets Local ------

Distribution Debt Fund per Share 1.4168 1.7137 2.1035 2.1914 Share Class E DistGBP USD E ACC C Acc GBPHedged ------

296,244 874,710 Amount 40,431 Return DebtFund Lazard Emerging USD Markets Total ------

Distribution per Share 14.4531 1.0797 1.4729 ------

Amount 15,535 23,490 Lazard Emerging 6,421 3,007 USD 354 Markets Debt ------Blend Fund

Distribution per Share 2.1964 1.9463 1.9837 2.1864 2.7034 Financial period ended30September 2020 Launch Date 17 September2020 5 May2020 7 August 2020 7 August - - -

------

Amount Lazard Emerging 2,118 6,100 USD Markets Debt Unrestricted ------Blend Fund

Distribution per Share 0.4247 0.8610 - - - -

------

(Unaudited) 631,615 Scandinavian High Quality BondFund Amount 44,990 25,969 EUR ------

Distribution per Share Lazard 0.4411 0.4138 0.3442 ------

284,965 (continued) Amount 10,937 USD Commodities ------

Distribution per Share Lazard 0.8946 0.8111 Fund - - -

------

75 LAZARD GLOBAL INVESTMENT FUNDS PLC 76 LAZARD GLOBAL INVESTMENT FUNDS PLC Published NAV (inaccordancewiththeProspectus) feeswrittenoff Organisational NAV perfinancialstatements Lazard CommoditiesFundat31March2020 Published NAV (inaccordancewiththeProspectus) feeswrittenoff Organisational NAV perfinancialstatements Lazard ScandinavianHighQualityBondFundat31March2020 Published NAV (inaccordancewiththeProspectus) feeswrittenoff Organisational NAV perfinancialstatements Published NAV (inaccordancewiththe Prospectus) Subscriptions notreflectedinthepublishedNAV NAV perfinancialstatements Lazard Global InvestmentFundsplc Lazard EmergingMarketsCorporateDebtFundat31March2020 Lazard EmergingMarketsBondFundat31March2020 Published NAV (inaccordancewiththe Prospectus) Subscriptions notreflectedinthepublishedNAV NAV perfinancialstatements Fundat Lazard GlobalConvertiblesRecovery NAV inaccordance ascalculated withtheProspectus (publishedNAV). The NAV perthefinancialof the all statementsfor theNAVthe movement from per thefinancial statementstothepublishedNAV takingintoaccount theaforementioned adjustment. were ofUSD777,119which subscriptions postedtotheFund thelastpublishedNAV after had beenfinalised. The tablebelow reconciles been 2020,As at30September thewere nosubscriptions/redemptions adjustments postedtotheFunds thelastpublishedNAV after had statements andtheNAV inaccordance ascalculated withtheProspectus (publishedNAV). in line with FRSentirety 102. to the difference in the treatment of these fees, Due there is a difference in the NAV per the financial of theFunds. However, ofthesefinancial statements, thepurpose for theorganisationalhave fees beenexpensedtotheFund intheir (establishment expenses)notexceeding USD100,000are by borne theFund over thefirst 60months andamortised ofthelifetime Bond Fund,Alternative HighQuality Fund Scandinavian andLazard oftheprofessional aswell asthefees advisers totheFunds DebtFund, EmergingMarkets Corporate andexpensesofestablishingLazard fees Commodities Fund, Lazard Rathmore Lazard 2020,At 30September Fund GlobalConvertibles Recovery andat31March 2020, andexpensesofestablishingLazard fees all all 17. ReconciliationOfFinancialStatementsNAV To PublishedNAV There were sincethefinancialend. noothersignificant events period andMarkets2020 toreflect Authority, theEuropean Securities ("ESMA") Guidelines. This hasbeenapproved by theshareholders. The 2020 andapproved by theshareholders. wasalsoupdatedinthesupplementon thatdate. disclosure fee The performance Rathmore Alternative Fund andinvestmentThe leverage intheLazard objective disclosure supplementwasupdatedon 3November 16. SignificantEventsSinceTheFinancialPeriodEnd(continued) Notes totheFinancialStatements on Lazard EmergingMarkets on Lazard methodology calculation fee Totalperformance DebtFund Return wasupdatedon 5November finalised. Asat31March 2020, theNAV EmergingMarkets Bond Lazard Fund for of perthefinancial statementswasinclusive 30 September2020 other Funds 2020 and31 March 2020 are as at 30 September inline with the 375,940,073 375,951,869 171,576,809 171,518,289 30,463,973 30,397,833 10,203,787 10,980,906 8,976,759 8,947,393 (777,119) 66,140 11,796 29,366 58,520 Total Total Total Total Total USD USD USD USD EUR Financial period ended30September 2020

(Unaudited) (continued) - A Acc EUR - AAcc Fund Lazard GlobalConvertiblesRecovery NAV takingintoaccount theadjustment ofexpensingtheorganisationaltoeachFund. fee after level atashare information class Detailed below istheNAV eachoftheFunds for information 2020and31March 2020showing thefinancial asat30September statement Fund thelastpublishedNAV after had beenfinalised. showing thefinancial statementNAV takingintoaccounttothe theadjustmentpostingofasubscription for after information Detailed below istheNAV EmergingMarkets Bond Lazard Fund for information -AAcc EURHedged asat31March 2020 Published NAV (inaccordancewiththeProspectus) feeswrittenoff Organisational NAV perfinancialstatements Lazard RathmoreAlternativeFundat31March2020 17. ReconciliationOfFinancialStatementsNAV To PublishedNAV (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc A Acc EURHedged Lazard EmergingMarketsBondFund - A Acc USD - AAcc Lazard EmergingMarketsCorporateDebtFund - A Acc USD - AAcc Lazard CommoditiesFund - A Acc USD - AAcc - M Acc USD - C Acc GBP - A DistEURHedged - A Acc EUR - AAcc Lazard ScandinavianHighQualityBondFund - C Acc GBPHedged - EA Acc CHFHedged - A DistEUR - EA Acc EURHedged - EA Acc EURHedged - BP Acc EUR - EADistGBP - EA Acc USD - C Acc EUR - EADistEURHedged - EA Acc CHFHedged - EADistEUR - GDistEUR - X Acc CHFHedged 30 September2020 CHF142,239,149 31 March2020 31 March2020 CHF28,437,087 CHF6,710,717 €137,989,172 €153,576,300 €32,536,361 €19,814,784 $8,858,327 £1,030,848 €3,304,904 €1,000,600 €6,549,751 €2,120,424 £178,514 €105,363 €576,569 $939,057 $89,065 $16,621 £14,359 €71,819 $49,435 €98,890 NAV at NAV at NAV at 295,263,832 295,202,219

30 September2020 61,613 shares inissueat shares inissueat shares inissueat Total USD 31 March2020 31 March2020 Participating Participating Participating Redeemable Redeemable Redeemable Number of Number of Number of 1,459,120 1,556,100 1,391,581 331,149 290,000 201,995 27,435 66,414 21,616 13,310 10,000 67,662 1,000 9,900 2,319 5,905 1,000 1,053 9,552 1,000 227 198 500

30 September2020 Financial period ended30September 2020 NAV perShareat NAV perShareat NAV perShareat 31 March2020 31 March2020 CHF97.48 CHF99.18 CHF98.06 $894.78 €100.06 €120.46 €100.06 $89.07 $73.09 £76.99 £72.58 €71.82 £77.45 $98.87 €97.64 €98.62 €99.16 €98.10 $98.31 €98.25 €98.89 €98.69 €98.10

(Unaudited) (continued)

77 LAZARD GLOBAL INVESTMENT FUNDS PLC 78 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc The financial statements were approved by theDirectors on 24November 2020. 19. Approval OfTheFinancial Statements changes. The Company is notsubjecttoseasonal orcyclical 18. Seasonal/Cyclicalchanges - FDistGBP 17. ReconciliationOfFinancialStatementsNAV To PublishedNAV (continued) Notes totheFinancialStatements Lazard CommoditiesFund(continued) - M Acc USD - A Acc CHF Hedged CHF - AAcc Lazard RathmoreAlternativeFund - A Acc EUR Hedged EUR - AAcc - A Acc GBP Hedged GBP - AAcc - A Acc USD - AAcc - BP Acc EURHedged - C Acc EURHedged - C Acc USD - EA Acc CHFHedged - EA Acc EURHedged - EA Acc GBPHedged - EA Acc USD - EADistEURHedged - EADistGBPHedged - EADistUSD - M Acc USD - S Acc GBP - S Acc GBPHedged - S Acc USD - SDistGBPHedged 31 March2020 CHF5,459,595 £22,577,817 €84,837,300 €28,293,128 $13,420,948 €46,891,488 $14,682,019 £25,748,444 CHF609,560 £1,535,198 $4,140,390 €6,402,909 £9,235,223 £7,336,707 £7,894,296 £1,908,770 $789,687 €228,973 $946,541 $677,258 $22,915 NAV at

shares inissueat 31 March2020 Participating Redeemable Number of 289,253 885,379 292,408 132,052 475,919 144,386 271,389 15,788 41,271 67,618 56,780 93,475 75,791 81,028 20,000 1,018 6,410 2,446 7,057 240 944

Financial period ended30September 2020 NAV perShareat 31 March2020 $1,003.05 CHF95.09 CHF96.15 $775.79 $100.32 $101.63 $101.69 £78.06 €95.82 £97.24 €93.61 €94.69 $95.49 €96.76 £98.80 £96.80 €98.53 £97.43 £94.88 $95.97 £95.44

(Unaudited) (continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Portfolio ofInvestmentsasat30September2020 Lazard GlobalConvertiblesRecoveryFund Transferable Securities97.72% Fixed IncomeSecurities83.44% Amount Principal Austria 2.27% Belgium 1.88% Bermuda 5.03% British VirginIslands2.71% Canada 1.10% Cayman Islands5.66% France 11.93% Germany 2.55% Germany 4,400,000 3,131,019 2,200,000 1,500,000 2,200,000 2,736,000 4,400,000 1,686,000 1,897,000 6,673,000 1,338,000 1,400,000 1,200,000 3,882,048 3,529,282 1,138,186 3,819,783 1,831,387 1,200,000 1,000,000 2,100,000 1,000,000 800,000 905,000 975,024 879,018 620,109 Ams AG -Zerocoupon05/03/2025 Convertible Bonds Econocom GroupSA0.500%06/03/2023 Convertible Bonds BW OffshoreLtd2.500%12/11/2024 Convertible Bonds Jazz InvestmentsILtd1.500%15/08/2024 Luye PharmaGroupLtd1.500%09/07/2024 NCL CorpLtd5.375%01/08/2025 ANLLIAN Capital Ltd-Zerocoupon05/02/2025 ANLLIAN Capital Convertible Bonds PB IssuerNO5Ltd3.000%10/12/2025 Air Canada4.000%01/07/2025 Convertible Bonds Huazhu GroupLtd3.000%01/05/2026 Convertible Bonds JOYY Inc1.375%15/06/2026 Momo Inc1.250%01/07/2025 Weibo Corp1.250%15/11/2022 Carrefour SA-ZeroCoupon27/03/2024 Convertible Bonds Zero coupon10/11/2023 Cie GeneraledesEtablissementsMichelinSCA- Elis SA-Zerocoupon06/10/2023 Figeac Aero SA1.125%18/10/2022 Korian SA0.875%06/03/2027 Maisons duMondeSA0.125%06/12/2023 Nexity SA0.125%01/01/2023 Nexity SA0.250%02/03/2025 Pierre & Vacances SA2.000%01/04/2023 Safran SA-Zerocoupon21/06/2023 TOTAL SE0.500%02/12/2022 BASF SE0.925%09/03/2023 Convertible Bonds MTU Aero Engines AG -Zerocoupon18/03/2027 RAG-Stiftung -Zerocoupon02/10/2024

Fair Value 20,466,843 3,893,636 3,211,087 1,729,024 1,523,115 2,164,217 8,631,183 3,214,827 4,647,774 3,744,796 1,893,850 1,118,671 2,057,752 5,241,475 9,694,919 1,277,021 1,366,491 1,154,706 1,062,986 3,830,593 3,403,031 1,051,844 3,793,869 2,098,149 1,185,642 2,234,816 4,365,287 1,137,471 902,978 866,463 653,069 993,000 USD

%of 11.93 2.27 1.88 1.01 0.89 1.26 5.03 1.87 0.53 2.71 2.18 1.10 0.65 1.21 3.06 5.66 0.74 0.80 0.67 0.62 2.24 0.51 1.98 0.38 0.61 2.21 1.22 0.69 0.58 1.30 2.55 0.67 NAV

Transferable Securities97.72%(continued) Fixed IncomeSecurities83.44%(continued) Amount Principal Hong Kong0.74% Italy 1.43% Jersey 1.93% Liberia 1.93% Luxembourg 2.48% Spain 5.76% United States36.04% (Unaudited)(continued) 2,067,000 3,132,000 4,046,000 2,034,000 1,742,000 1,213,000 4,180,000 1,323,000 1,363,000 1,001,000 1,200,000 1,000,000 1,100,000 2,700,000 2,857,000 1,100,000 2,600,000 1,300,000 4,400,000 4,000,000 1,218,000 2,274,000 2,585,000 1,200,000 565,000 825,000 928,000 928,000 921,000 Financial period ended30September 2020 Live Nation EntertainmentInc 2.000%15/02/2025 Live Nation Atlas Air Worldwide HoldingsInc2.250%01/06/2022 BioMarin PharmaceuticalInc1.250%15/05/2027 Bridgebio PharmaInc2.500%15/03/2027 Chefs' Warehouse Inc1.875%01/12/2024 Cheniere Energy Inc4.250%15/03/2045 Cheniere Energy Exact SciencesCorp0.375%01/03/2028 FireEye Inc0.875%01/06/2024 Fortive Corp0.875%15/02/2022 Hercules Capital Inc4.375%01/02/2022 Hercules Capital Illumina Inc-Zerocoupon15/08/2023 Insight EnterprisesInc0.750%15/02/2025 15/08/2025 Integra LifeSciencesHoldingsCorp0.500% J2 GlobalInc1.750%01/11/2026 Ligand PharmaceuticalsInc0.750%15/05/2023 Lenovo GroupLtd3.375%24/01/2024 Convertible Bonds Prysmian SpA-Zerocoupon17/01/2022 Prysmian Convertible Bonds Telecom ItaliaSpA1.125%26/03/2022 Derwent London Capital 1.500%12/06/2025 Derwent LondonCapital Convertible Bonds Royal CaribbeanCruisesLtd4.250%15/06/2023 Royal Convertible Bonds Eliott Capital Sarl-Zerocoupon30/12/2022 Eliott Capital Convertible Bonds 08/09/2023 Klockner &CoFinancial SA2.000% Services Almirall SA0.250%14/12/2021 Convertible Bonds 0.625% 17/11/2022 Consolidated International Airlines GroupSA Sacyr SA3.750%25/04/2024 Aerie PharmaceuticalsInc1.500%01/10/2024 Convertible Bonds Alteryx Inc1.000%01/08/2026 Alteryx 4.750% 23/08/2022 Finance CommercialRealEstate Inc Apollo Ares Capital Corp3.750%01/02/2022 Ares Capital

Fair Value 1,008,113 2,021,092 2,504,394 2,915,406 2,203,239 1,747,243 1,236,241 4,463,526 1,246,947 1,214,801 1,277,484 1,165,491 2,445,887 1,280,396 3,315,665 3,305,978 1,277,726 4,259,786 2,982,060 1,477,157 4,267,453 9,886,646 4,142,036 2,284,551 2,449,132 1,223,430 912,351 640,295 769,457 973,732 843,668 992,998 USD

%of 0.53 0.59 1.18 0.37 1.46 1.70 1.28 0.45 1.02 0.72 2.60 0.57 0.73 0.71 0.49 0.74 0.68 1.43 0.75 1.93 1.93 0.74 2.48 1.74 0.86 2.49 5.76 2.41 0.58 1.33 1.44 0.71 NAV

79 LAZARD GLOBAL INVESTMENT FUNDS PLC 80 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalConvertiblesRecoveryFund(continued) Portfolios ofInvestments Financial Derivative Instruments(0.16)% Fixed IncomeSecurities83.44%(continued) Transferable Securities97.72%(continued) Amount Principal Net unrealisedlossonopenfuturescontracts Unrealised lossonopenfuturescontracts Unrealised gainonopenfuturescontracts 4,680,475 4,787,862 Open FuturesContracts(0.03)% United States14.28% Equities 14.28% Amount Notional United States36.04%(continued) Shares Numer of Total FixedIncomeSecurities Instruments Total Value ofInvestmentsexcluding FinancialDerivative Total Transferable Securities Total Equities 2,723,000 3,491,000 2,330,000 5,223,000 1,954,000 1,183,000 1,946,000 1,411,000 3,083,000 4,538,000 845,000 987,000 81,631 86,074 47,957 27,419 37,104 2,390 3,422

Cost Price Live Nation EntertainmentInc2.500%15/03/2023 Live Nation Pioneer Natural ResourcesCo0.250%15/05/2025 Pioneer Natural 3,343 3,800 AMG Capital Trust II Average Convertible Bonds(continued) Southwest Airlines Co1.250%01/05/2025 15/09/2022 1.500% Corp Marriott Vacations Worldwide Macquarie InfrastructureCorp2.000%01/10/2023 Lyft Inc1.500%15/05/2025 Bank of America Corp Starwood Property Trust Inc4.375%01/04/2023 Meritor Inc3.250%15/10/2037 DTE Energy Co DTE Energy Western DigitalCorp1.500%01/02/2024 New RelicInc0.500%01/05/2023 NextEra Energy Inc NextEra Energy Nutanix Inc-Zerocoupon15/01/2023 Sempra Energy Sempra Energy NuVasive Inc0.375%15/03/2025 Stanley Black&DeckerInc Wells Fargo &Co

18/12/2020 Long FuturesContractsExpiring 28 ofS&P500E-miniFutures Contracts Expiring18/12/2020 126 ofEuroSTOXX 50LongFutures

Gain/(Loss) Fair Value Unrealised 143,114,356 167,603,633 167,603,633 (56,275) (68,600) (68,600) 61,818,331 24,489,277 24,489,277 Fair Value 12,325 12,325 3,783,597 3,552,998 3,437,832 2,425,681 3,556,320 5,024,082 2,056,986 3,887,102 1,130,049 1,859,451 2,238,633 1,328,442 2,687,336 3,743,794 4,592,495 3,408,179 4,137,227 933,949 872,839 USD USD USD

%of %of (0.03) (0.04) (0.04) 83.44 36.04 14.28 97.72 97.72 14.28 0.01 0.01 0.54 2.22 2.07 2.00 1.41 2.07 2.93 1.20 2.26 0.66 1.08 1.31 0.78 1.57 0.51 2.18 2.67 1.99 2.41 NAV NAV % of NAV

15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 01/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 02/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 Financial Derivative Instruments(0.16)%(continued) Open ForwardForeignCurrency ExchangeContracts(0.13)% Date Maturity (Unaudited)(continued)

Financial period ended30September 2020 CHF 10,187 CHF 1,551 EUR 695,361 EUR 69,722 EUR 600,284 EUR 6,463,128 EUR 539,976 EUR 525,913 EUR 42,710 EUR 4,435 EUR 3,867 EUR 3,808,227 EUR 3,365,972 EUR 299,032 EUR 26,796 EUR 257,324 EUR 22,528 EUR 2,861,520 EUR 2,051,613 EUR 19,512,613 EUR 16,700,119 EUR 15,430,395 EUR 125,840 EUR 1,624 EUR 1,465,961 EUR 1,431,633 EUR 1,307,348 EUR 1,253 EUR 1,018,016 CHF 7,022 CHF 5,485 CHF 49,763 CHF 48,713 CHF 432 CHF 43,910 CHF 4,270,606 CHF 4,177 CHF 32,511 CHF 3,474 CHF 3,066 CHF 27,082 CHF 25,440 CHF 24,864 CHF 2,089,733 CHF 142,547 CHF 14,118 CHF 13,065 CHF 12,631 CHF 12,064 CHF 105,370 CHF 101,538 CHF 10,307 Amount Bought

EUR 9,449 EUR 1,441 USD 815,954 USD 82,732 GBP 549,124 USD 7,547,531 USD 641,002 USD 621,501 GBP 38,738 CHF 4,770 CHF 4,177 USD 4,498,894 USD 3,991,329 CHF 322,913 GBP 24,486 GBP 235,642 CHF 24,356 USD 3,377,120 USD 2,437,060 USD 22,679,237 USD 19,707,476 USD 18,309,598 USD 148,981 USD 1,912 USD 1,734,940 USD 1,685,463 USD 1,553,104 USD 1,470 USD 1,185,825 USD 7,739 EUR 5,105 EUR 46,197 EUR 45,056 GBP 363 USD 47,298 USD 4,664,775 EUR 3,868 USD 35,762 USD 3,836 EUR 2,855 USD 29,671 USD 28,001 USD 26,934 EUR 1,933,344 GBP 120,552 EUR 13,088 EUR 12,113 USD 13,886 EUR 11,217 USD 116,200 USD 110,838 USD 11,118 Sold Amount

Gain/(Loss) Unrealised (118,814) (210,278) (31,976) (43,160) (20,656) (30,587) (15,418) (19,629) (14,813) 208,384 (5,841) (7,629) (4,624) (2,826) (1,375) (6,207) (1,469) 33,495 8,272 7,616 (320) (950) (843) (227) (363) (184) (301) (649) (133) (281) (11) (96) (93) (15) (53) (11) (21) 191 513 138 104 USD (2) (7) (1) (5) 13 11 20 17 8 9 1

(0.00) (0.00) (0.00) (0.00) (0.02) (0.04) (0.00) (0.00) (0.00) (0.01) (0.02) (0.07) (0.12) (0.00) (0.01) (0.02) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.02 0.00 0.00 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalConvertiblesRecoveryFund(continued) Portfolios ofInvestments Financial Derivative Instruments(0.16)%(continued) Total Assets Other assets instruments Over thecounterfinancialderivative instruments Exchange tradedfinancialderivative (b) and(c) 68(1)(a),Other transferablesecuritiesofthetypereferredtoinRegulations Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Net Assets Other NetAssets Total Investments Total FinancialDerivative Instruments exchange contract Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 15/10/2020 02/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 01/10/2020 15/10/2020 15/10/2020 01/10/2020 15/10/2020 01/10/2020 01/10/2020 02/10/2020 15/10/2020 15/10/2020 15/10/2020 Open ForwardForeignCurrency ExchangeContracts(0.13)%(continued) Date Maturity

USD 97,029 USD 815,728 USD 55,419 USD 34,029 USD 3,814 USD 2,989 USD 2,435 USD 17,782 USD 17,639 USD 127,871 USD 12,990 USD 119,820 USD 11,114 USD 1,743,625 USD 1,470 USD 1,185,479 GBP 82 GBP 38,729 GBP 363 GBP 24,481 EUR 7,333,803 EUR 7,326,250 EUR 7,196,822 Amount Bought

Sold EUR 82,213 EUR 695,361 CHF 50,769 CHF 31,174 EUR 3,222 EUR 2,567 EUR 2,080 EUR 14,996 EUR 15,062 EUR 107,647 CHF 11,890 EUR 101,526 CHF 10,307 EUR 1,489,375 EUR 1,253 EUR 1,018,016 EUR 90 EUR 42,710 CHF 432 EUR 26,796 USD 8,539,935 USD 8,579,405 USD 8,455,244 Amount

167,321,197 171,518,289 Gain/(Loss) Unrealised 4,197,092 (282,436) (226,161) (565,323) (13,620) 339,162 (3,361) (8,297) 62,364 14,033 1,605 %ofTotal assets (105) (22) (29) (15) 596 313 140 192 733 226 USD (5) (1) 87 35 44 1 1

100.00 100.00 (0.16) (0.13) (0.33) 18.03 23.64 53.33 97.56 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) 4.80 0.19 0.01 2.44 0.20 % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.01 NAV

government typefixedincomesecurities. ofissuerfor fixedincomesecuritiesandcountry oftheissuerforcorporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarilyclassified of bythecountry oftheentityinwhich Equities areprimarilyclassified ofincorporation bythecountry The counterpartyfortheopenfuturescontractsisMorganStanley. Bank The counterpartyfortheopenforwardforeigncurrency Street exchangecontractsisState (Unaudited)(continued) and TrustCompany. Financial period ended30September 2020

81 LAZARD GLOBAL INVESTMENT FUNDS PLC 82 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsBondFund Portfolios ofInvestments Fixed IncomeSecurities94.94%(31March2020:91.17%) Transferable Securities94.94%(31March 2020:91.17%) Amount Principal Angola 2.09%(31March2020:0.76%) Colombia 2.83%(31March2020:1.88%) Chile 2.27%(31March2020:1.59%) British VirginIslandsNil(31March2020:0.49%) Brazil 2.03%(31March2020:1.89%) Belize 0.06%(31March2020:0.06%) Belarus Nil(31March2020:1.78%) Barbados Nil(31March2020:0.09%) Bahrain 2.69%(31March2020:1.73%) Armenia 2.66%(31March2020:Nil) Argentina 1.49%(31March2020:0.81%) 215,000 110,000 200,000 200,000 100,089 25,000 32,000 10,000 20,000 50,000 40,000 15,000 45,000 40,000 70,000 25,000 25,000 12,000 12,396 41,000 49,071 98,759 Government Bonds Government Angola Government8.000%26/11/2029 Colombia Government7.375%18/09/2037 Colombia Government6.125%18/01/2041 Colombia Government5.625%26/02/2044 Colombia Government5.200%15/05/2049 Colombia Government5.000%15/06/2045 Colombia Government4.500%15/03/2029 Colombia Government4.125%15/05/2051 Bonds Government Bonds Government 01/08/2047 Corp NacionaldelCobredeChile4.500% Corporate Bonds Brazil Government5.625%21/02/2047 Brazil Government5.000%27/01/2045 Brazil Government4.625%13/01/2028 Brazil Government3.875%12/06/2030 Bonds Government Belize Government4.938%20/02/2034 Bonds Government Bonds Government Bonds Government Argentina Government1.000%09/07/2029 Argentina Government0.125%09/07/2041 Argentina Government0.125%09/01/2038 Argentina Government0.125%09/07/2035 Bonds Government Chile Government3.860%21/06/2047 Bahrain Government7.375%14/05/2030 Armenia Republic7.150%26/03/2025 Argentina Government0.125%09/07/2030

Fair Value 170,959 232,437 166,506 121,961 185,760 131,880 220,250 218,281 35,254 41,360 12,434 24,231 58,539 44,944 15,675 53,880 43,656 70,689 27,117 25,044 16,349 21,039 37,133 41,787 5,274 5,653 USD

%of NAV 2.09 2.83 0.43 0.50 0.15 0.30 0.71 0.55 0.19 0.66 2.03 0.53 0.86 0.33 0.31 0.06 1.49 0.07 0.20 0.26 0.45 0.51 2.27 1.61 2.69 2.66

Ghana 2.15%(31March2020:0.94%) Ethiopia Nil(31March2020:1.64%) El Salvador 1.09%(31March2020:1.95%) Hungary Nil (31March2020:1.66%) Hungary Honduras 0.67%(31March2020:0.45%) Guatemala 1.51%(31March2020:0.66%) 3.64%(31March2020:4.10%) Egypt Transferable Securities94.94%(31March 2020:91.17%)(continued) Fixed IncomeSecurities94.94%(31March2020:91.17%)(continued) Amount Principal Ecuador 2.12%(31March2020:0.81%) Dominican Republic3.39%(31March2020:3.40%) Costa Rica1.42%(31March2020:2.72%) (Unaudited)(continued) 200,000 200,000 156,019 40,000 62,000 95,000 50,000 55,000 30,000 10,000 15,000 71,505 59,535 19,656 25,000 55,000 30,000 35,000 35,000 20,000 70,000 80,000 20,000 24,000 Financial period ended30September 2020 Ecuador Government-Zerocoupon31/07/2030 Government Bonds Government El SalvadorGovernment7.650%15/06/2035 El SalvadorGovernment5.875%30/01/2025 Bonds Government Ghana Government8.125%26/03/2032 Government8.500%31/01/2047 Egypt Government7.600%01/03/2029 Egypt Honduras Government7.500%15/03/2024 Bonds Government Government5.375%24/04/2032 Guatemala Government4.900%01/06/2030 Guatemala Government4.500%03/05/2026 Guatemala Government4.375%05/06/2027 Guatemala Bonds Government Bonds Government Ecuador Government0.500%31/07/2040 Ecuador Government0.500%31/07/2035 Ecuador Government0.500%31/07/2030 Government Bonds Government Dominican Republic6.875%29/01/2026 Dominican Republic6.500%15/02/2048 Dominican Republic6.400%05/06/2049 Dominican Republic6.000%19/07/2028 Dominican Republic5.950%25/01/2027 Dominican Republic4.875%23/09/2032 Dominican Republic4.500%30/01/2030 Bonds Government Costa RicaGovernment7.158%12/03/2045 Costa RicaGovernment6.125%19/02/2031 Costa RicaGovernment5.520%10/11/2021 Bonds Government Fair Value 297,633 176,281 205,438 123,578 173,921 278,083 116,465 89,219 34,669 54,550 92,195 54,516 63,396 33,347 10,733 16,102 36,289 87,761 40,633 27,941 55,748 30,234 37,767 37,702 19,850 68,841 73,500 18,875 24,090 9,238 USD

%of NAV 1.09 0.42 0.67 3.64 1.13 2.15 2.51 0.67 1.51 0.77 0.41 0.13 0.20 2.12 0.44 1.07 0.50 0.11 3.39 0.34 0.68 0.37 0.46 0.46 0.24 0.84 1.42 0.90 0.23 0.29

Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsBondFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Lebanon 0.37%(31March2020:Nil) Kenya 2.35%(31March2020:3.45%) Kazakhstan Nil(31March2020:4.39%) Malaysia Nil(31March2020:0.15%) Jamaica 0.98%(31March2020:1.01%) Coast1.22%(31March2020:0.84%) Ivory Transferable Securities94.94%(31March 2020:91.17%)(continued) Iraq 1.87%(31March2020:1.18%) Israel 1.07%(31March2020:0.31%) Indonesia 3.33%(31March2020:3.44%) Fixed IncomeSecurities94.94%(31March2020:91.17%)(continued) Amount Principal 200,000 100,000 160,000 26,000 12,000 18,000 18,000 20,000 12,000 14,000 26,000 14,000 18,000 25,000 15,000 25,000 50,000 50,000 35,000 45,000 20,000 30,000 80,000 30/12/2025 Delek & Avner Tamar BondLtd5.412% Lebanon Government8.250%12/04/2021 Lebanon Government7.250%23/03/2037 Lebanon Government7.000%23/03/2032 Lebanon Government6.850%23/03/2027 Lebanon Government6.650%26/02/2030 Lebanon Government6.650%22/04/2024 Lebanon Government6.600%27/11/2026 Lebanon Government6.375%09/03/2049 Lebanon Government6.200%26/02/2025 Lebanon Government6.100%04/10/2022 Bonds Government Government8.250%28/02/2048 Kenya Bonds Government Jamaica Government8.000%15/03/2039 Jamaica Government7.875%28/07/2045 Jamaica Government6.750%28/04/2028 Bonds Government CoastGovernment6.375%03/03/2028 Ivory Bonds Government BondLtd5.750%30/06/2023 Leviathan Iraq Republic6.752%09/03/2023 Bonds Government Indonesia Government5.125%15/01/2045 Corporate Bonds Indonesia Government4.350%11/01/2048 Indonesia Government3.700%30/10/2049 Indonesia Government3.500%14/02/2050 Bonds Government Pertamina Persero PT6.450%30/05/2044 Corporate Bonds Fair Value 192,156 100,266 272,765 153,000 104,175 80,163 32,512 29,778 19,085 28,566 87,562 51,687 35,875 63,109 52,059 21,481 31,941 4,615 1,920 2,835 2,880 3,100 1,950 2,240 4,875 2,258 3,105 USD

%of NAV 0.98 0.40 2.35 0.37 0.06 0.02 0.03 0.04 0.04 0.02 0.03 0.06 0.03 0.04 0.23 0.35 1.07 0.63 1.22 0.44 3.33 0.77 1.87 0.64 0.26 0.39 1.27

Peru 1.29%(31March2020:1.94%) Paraguay 1.25%(31March2020:0.96%) Papua NewGuinea0.06%(31March2020:Nil) Panama 1.75%(31March2020:1.72%) Pakistan 1.55%(31March2020:0.98%) Oman 3.10%(31March2020:1.48%) Nigeria 2.69%(31March2020:1.62%) Mongolia 0.56%(31March2020:1.07%) Mexico 6.21%(31March2020:3.76%) Transferable Securities94.94%(31March 2020:91.17%)(continued) Fixed IncomeSecurities94.94%(31March2020:91.17%)(continued) Amount Principal (Unaudited)(continued) 120,000 275,000 230,000 110,000 120,000 130,000 30,000 17,000 30,000 25,000 30,000 33,000 15,000 40,000 20,000 25,000 20,000 45,000 88,000 16,000 20,000 15,000 10,000 30,000 5,000 Financial period ended30September 2020 Peru Government6.550%14/03/2037 Peru Government5.625%18/11/2050 Peru Government2.783%23/01/2031 Bonds Government Paraguay Republic5.400%30/03/2050 Paraguay Republic4.950%28/04/2031 Paraguay Republic4.700%27/03/2027 Bonds Government 04/10/2028 Papua NewGuineaGovernment8.375% Bonds Government Panama Government4.500%01/04/2056 Panama Government4.500%16/04/2050 Panama Government4.500%15/05/2047 Panama Government3.870%23/07/2060 Panama Government2.252%29/09/2032 Bonds Government Pakistan Government8.250%15/04/2024 Bonds Government Oman Government6.000%01/08/2029 Bonds Government Nigeria Government7.875%16/02/2032 Bonds Government Mongolia Government5.125%05/12/2022 Bonds Government Mexico Government5.750%12/10/2099 Mexico Government4.750%08/03/2044 Mexico Government4.500%31/01/2050 Mexico Government4.350%15/01/2047 Bonds Government Petroleos Mexicanos6.950%28/01/2060 Petroleos Mexicanos6.875%04/08/2026 Petroleos Mexicanos6.840%23/01/2030 Petroleos Mexicanos6.500%02/06/2041 Petroleos Mexicanos6.490%23/01/2027 Corporate Bonds Fair Value 105,270 102,839 143,114 127,140 253,944 220,405 509,784 101,530 115,938 116,513 45,530 27,205 32,535 30,434 34,800 37,605 18,810 50,125 25,103 28,766 20,310 46,062 17,595 21,156 15,640 85,498 28,185 4,988 7,729 USD

%of NAV 1.29 0.56 0.33 0.40 1.25 0.37 0.42 0.46 0.06 1.75 0.23 0.61 0.31 0.35 0.25 1.55 3.10 2.69 0.56 6.21 1.24 0.21 0.26 0.19 1.04 1.42 1.42 0.09 0.34

83 LAZARD GLOBAL INVESTMENT FUNDS PLC 84 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsBondFund(continued) Portfolios ofInvestments Philippines 2.34%(31March2020:3.26%) Fixed IncomeSecurities94.94%(31March2020:91.17%)(continued) Transferable Securities94.94%(31March 2020:91.17%)(continued) Amount Principal Suriname 0.06%(31March2020:Nil) Sri Lanka2.74%(31March2020:2.31%) Spain Nil(31March2020:1.71%) South Africa3.01%(31March2020:2.21%) Senegal 2.42%(31March2020:0.78%) Saudi Arabia2.93%(31March2020:Nil) Russia 3.00%(31March2020:2.22%) Romania 1.54%(31March2020:0.25%) Qatar 3.40%(31March2020:6.15%) 110,000 200,000 200,000 230,000 200,000 200,000 55,000 75,000 20,000 15,000 20,000 82,000 10,000 20,000 20,000 15,000 25,000 30,000 14,000 46,000 58,000 40,000 5,000 5,000 8,000 Philippines Government3.700%01/03/2041 Bonds Government Sri LankaGovernment7.850%14/03/2029 Sri LankaGovernment6.200%11/05/2027 Philippines Government3.700%02/02/2042 Suriname Republic9.250%26/10/2026 Bonds Government Sri LankaGovernment7.550%28/03/2030 Sri LankaGovernment6.850%03/11/2025 Sri LankaGovernment6.850%14/03/2024 Sri LankaGovernment6.825%18/07/2026 Sri LankaGovernment6.750%18/04/2028 Sri LankaGovernment6.250%27/07/2021 Sri LankaGovernment6.125%03/06/2025 Sri LankaGovernment5.875%25/07/2022 Sri LankaGovernment5.750%18/04/2023 Sri LankaGovernment5.750%18/01/2022 Bonds Government South Africa Government 6.300%22/06/2048 Corporate Bonds Bonds Government Bonds Government Romania Government6.125%22/01/2044 Romania Government4.000%14/02/2051 Romania Government3.000%14/02/2031 Bonds Government Bonds Government South Africa Government 5.650%27/09/2047 Bonds Government Eskom HoldingsSOCLtd6.750%06/08/2023 Senegal Government6.250%23/05/2033 Saudi Government2.750%03/02/2032 Russian Federation 5.100%28/03/2035 Government5.103%23/04/2048 Qatar Fair Value 191,168 127,600 224,955 246,793 126,247 185,313 197,938 239,717 245,812 278,405 63,568 51,164 14,288 11,116 14,188 56,208 14,200 16,119 11,245 20,707 27,436 34,044 19,014 47,538 59,695 4,806 3,484 8,811 3,425 USD

%of NAV 0.78 2.34 1.56 0.06 2.74 0.04 0.62 0.17 0.14 0.17 0.69 0.11 0.04 0.17 0.20 0.14 0.25 3.01 0.33 0.42 1.54 0.23 0.58 0.73 2.26 2.42 2.93 3.00 3.40

Ukraine 1.36%(31March2020:3.44%) Turkey 3.54%(31March2020:5.42%) United ArabEmirates2.79%(31March2020:1.70%) Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities Venezuela 0.27%(31March2020:0.81%) Uruguay 1.80%(31March2020:1.82%) United Kingdom1.98%(31March2020:1.38%) Transferable Securities94.94%(31March 2020:91.17%)(continued) Fixed IncomeSecurities94.94%(31March2020:91.17%)(continued) Amount Principal (Unaudited)(continued) 100,000 200,000 183,800 160,000 20,000 25,000 40,000 35,000 65,000 10,000 15,000 30,000 35,000 30,000 79,000 65,000 45,000 9,625 625 Financial period ended30September 2020 Emirate ofDubaiGovernment5.250%30/01/2043 Emirate Ukraine Government7.750%01/09/2022 Ukraine Government7.750%01/09/2021 Bonds Government Turkey Government7.625%26/04/2029 Turkey Government7.375%05/02/2025 Turkey Government7.250%23/12/2023 Turkey Government6.750%30/05/2040 Turkey Government6.625%17/02/2045 Turkey Government6.125%24/10/2028 Turkey Government5.750%22/03/2024 Turkey Government5.600%14/11/2024 Turkey Government5.250%13/03/2030 Turkey Government4.875%09/10/2026 Bonds Government Ukraine Government7.750%01/09/2025 Government Bonds Government Venezuela Government9.375%13/01/2034 Venezuela Government8.250%13/10/2024 22/01/2025 Ukreximbank Via BizFinance Plc9.750% Government Bonds Government Uruguay Government5.100%18/06/2050 Uruguay Government4.975%20/04/2055 Bonds Government Corporate Bonds 7,777,614 7,777,614 7,777,614 Fair Value 289,284 111,065 100,500 162,400 147,607 228,719 20,709 25,961 41,275 31,927 57,220 14,761 29,198 31,216 27,483 15,623 22,338 87,455 60,152 9,921 9,534 6,715 644 USD

%of 94.94 94.94 94.94 NAV 3.54 0.25 0.32 0.50 0.39 0.70 0.18 0.36 0.38 0.34 0.01 0.12 0.12 1.36 1.23 0.19 0.27 0.08 1.98 1.80 1.07 0.73 2.79

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsBondFund(continued) Portfolios ofInvestments Financial Derivative Instruments(0.14)%(31March2020:(1.77)%) fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarily classified ofincorporation bythecountry Bank and Trust Company. The counterpartyfortheopenforwardforeigncurrency Street exchangecontractsisState Total Assets Other Assets instruments Over thecounterfinancialderivative (a), (b)and(c) 68(1) Other transferablesecuritiesofthetypereferredtoinRegulations Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Net Assets Other NetAssets(31March2020:10.60%) Total Investments(31March2020:89.40%) 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 Open ForwardForeignCurrency ExchangeContracts(0.14)%(31March2020:(1.77)%) Date Maturity 15/10/2020 Total FinancialDerivative Instruments exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange

USD 166,822 USD 396,841 USD 5,921 USD 47,701 EUR 1,061 EUR 16,284 EUR 348,855 EUR 2,355,689 Amount USD 425,703 Bought

Sold EUR 140,915 EUR 337,793 EUR 5,071 EUR 40,850 USD 1,252 USD 19,219 USD 411,677 USD 2,779,902 EUR 358,358 Amount

8,191,623 7,765,523 Gain/(Loss) Fair Value Unrealised 426,100 (12,091) (12,091) (16,759) (19,608) (2,482) 1,534 5,361 7,517 % ofTotal assets (214) (118) USD (27) 622 USD (8)

100.00 100.00 %of (0.21) (0.03) (0.14) (0.14) (0.00) (0.00) (0.00) (0.00) (0.24) 93.25 94.80 0.01 0.02 0.10 0.07 NAV % of 5.79 0.09 0.51 0.36 5.20 NAV

(Unaudited)(continued) Financial period ended30September 2020

85 LAZARD GLOBAL INVESTMENT FUNDS PLC 86 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsLocalDebtFund Portfolios ofInvestments Fixed IncomeSecurities92.78%(31March2020:94.32%) Transferable Securities92.78%(31March 2020:94.32%) Amount Principal Brazil 2.58%(31March2020:0.70%) Chile 1.34%(31March2020:2.23%) China 9.12%(31March2020:Nil) Colombia 5.22%(31March2020:5.38%) Czech Republic2.55%(31March2020:2.60%) Dominican Republic0.83%(31March2020:1.05%) Hungary 2.10%(31March2020:1.26%) Hungary 36,330,300,000 73,347,000,000 36,052,000,000 64,320,000,000 3,930,000,000 1,455,000,000 1,500,000,000 2,825,000,000 3,233,250,000 2,219,680,000 152,430,000 352,690,000 288,660,000 166,200,000 132,900,000 331,220,000 154,000,000 106,900,000 665,210,000 956,100,000 23,480,000 40,070,000 42,780,000 75,600,000 65,500,000 7,270,000 coupon 01/01/2022 Brazil Letrasdo Tesouro Nacional-Zero Government Bonds Government coupon 01/07/2023 Brazil Letrasdo Tesouro Nacional-Zero 01/03/2026 Bonos dela Tesoreria delaRepublica4.500% Bonds Government 01/03/2035 Bonos dela Tesoreria delaRepublica5.000% 15/07/2050 Bonos dela Tesoreria delaRepublica5.100% China DevelopmentBank1.860%09/04/2023 Government Bonds Government 01/01/2043 Bonos dela Tesoreria delaRepublica6.000% China DevelopmentBank3.450%20/09/2029 China DevelopmentBank3.500%13/08/2026 China Government1.990%09/04/2025 China Government2.680%21/05/2030 Colombia Government6.000%28/04/2028 Bonds Government Colombia Government6.250%26/11/2025 Colombia Government7.000%30/06/2032 Czech Republic2.500%25/08/2028 Government Bonds Government Colombia Government7.500%26/08/2026 Dominican Republic8.900%15/02/2023 Czech Republic4.200%04/12/2036 Government Bonds Government Dominican Republic9.750%05/06/2026 Dominican Republic10.500%07/04/2023 Dominican Republic10.875%14/01/2026 Dominican Republic11.000%06/11/2026 Hungary Government2.500%24/10/2024 Hungary Bonds Government Hungary Government3.000%27/10/2027 Hungary Hungary Government3.000%21/08/2030 Hungary Hungary Government3.250%22/10/2031 Hungary

105,039,217 26,035,764 29,648,724 50,074,590 15,401,932 42,185,256 20,856,992 10,098,273 60,137,007 19,231,169 29,399,420 21,204,590 10,852,108 24,160,237 Fair Value 3,612,960 5,756,718 2,225,434 2,423,814 4,995,966 5,734,780 6,017,636 1,026,955 9,950,573 8,194,830 2,283,686 2,698,952 1,354,244 1,962,367 9,527,254 1,228,005 7,693,691 2,281,366 3,333,072 USD

%of NAV 2.27 2.58 0.31 0.50 0.20 0.21 4.35 1.34 0.43 0.50 3.66 0.52 9.12 0.09 0.86 1.81 0.88 0.71 5.22 1.67 0.20 2.55 1.84 0.23 0.12 0.17 0.83 0.11 0.94 0.67 0.20 2.10 0.29

Amount Principal Transferable Securities92.78%(31March 2020:94.32%)(continued) Fixed IncomeSecurities92.78%(31March2020:94.32%)(continued) Ivory Coast0.44%(31March2020:0.55%) Ivory Malaysia 6.71%(31March2020:6.80%) Mexico 10.52%(31March2020:10.00%) Peru 5.40%(31March2020:6.46%) Philippines 0.75%(31March2020:0.78%) Indonesia 11.14%(31March2020:11.84%) 404,603,000,000 460,792,000,000 326,142,000,000 143,821,000,000 158,802,000,000 173,728,000,000 80,947,000,000 19,987,000,000 (Unaudited)(continued) 992,430,000 258,208,000 582,048,000 368,330,000 184,751,000 253,800,000 106,500,000 39,350,000 50,000,000 19,000,000 85,990,000 89,970,000 22,980,000 86,575,000 11,700,000 20,770,000 43,760,000 12,360,000 8,930,000 6,641,000 6,010,000 1,270,000 4,320,000 Financial period ended30September 2020 Asian DevelopmentBank16.250%12/01/2021 Corporate Bonds African DevelopmentBank13.250%26/02/2021 Indonesia Government8.750%15/05/2031 Indonesia Government8.375%15/03/2034 Indonesia Government8.375%15/09/2026 Indonesia Government8.375%15/03/2024 Indonesia Government7.500%15/08/2032 Indonesia Government6.500%15/06/2025 Philippines Government4.950%15/01/2021 Bonds Government Malaysia Government3.441%15/02/2021 Bonds Government Indonesia Government7.500%15/05/2038 Philippines Government6.250%14/01/2036 Malaysia Government3.478%14/06/2024 Indonesia Government8.125%15/05/2024 Malaysia Government3.844%15/04/2033 Malaysia Government3.899%16/11/2027 Malaysia Government3.955%15/09/2025 Mexico Government5.750%05/03/2026 Bonds Government Petroleos Mexicanos7.470%12/11/2026 Corporate Bonds Malaysia Government4.160%15/07/2021 Mexico Government7.750%13/11/2042 Mexico Government8.500%31/05/2029 Mexico Government10.000%05/12/2024 Corporate Bonds Mexico Government10.000%20/11/2036 Banco de CreditodelPeru 4.650%17/09/2024 Banco de CreditodelPeru 4.850%30/10/2020 Peru Government5.350%12/08/2040 Bonds Government Fondo MiviviendaSA7.000%14/02/2024 Peru Government6.900%12/08/2037 Asian DevelopmentBank5.250%09/03/2023 Corporate Bonds Peru Government6.950%12/08/2031 Government Bonds Government 128,131,084 121,041,832 30,304,438 33,289,745 24,383,936 10,472,450 10,816,252 12,031,365 21,675,978 23,366,652 22,490,125 46,015,646 77,211,291 12,652,304 31,148,590 19,838,556 11,148,377 14,558,914 62,309,464 36,314,206 Fair Value 1,036,054 1,616,748 2,162,562 5,104,215 5,385,587 8,695,588 1,447,311 6,042,653 1,473,321 3,411,280 1,191,993 6,478,896 5,532,767 510,019 238,359 354,175

USD

%of 11.14 10.52 NAV 2.63 2.89 2.12 0.91 0.94 1.05 0.09 0.14 0.19 0.44 0.47 0.04 0.75 1.89 0.13 2.03 0.52 1.95 4.00 0.02 6.71 0.13 1.10 2.71 1.72 0.97 0.30 0.03 0.10 0.56 1.26 5.40 3.15 0.48

Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsLocalDebtFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Transferable Securities92.78%(31March 2020:94.32%)(continued) Fixed IncomeSecurities92.78%(31March2020:94.32%)(continued) Amount Principal Romania 5.62%(31March2020:8.09%) Poland 1.05%(31March2020:3.03%) Russia 9.04%(31March2020:8.85%) South Africa11.87%(31March2020:9.91%) Thailand 5.14%(31March2020:5.57%) South KoreaNil(31March2020:0.83%) Turkey 0.53%(31March2020:3.42%) Ukraine 0.41%(31March2020:0.49%) United Kingdom0.26%(31March2020:0.30%) United StatesNil(31March2020:3.07%) 19,987,000,000 1,309,280,000 1,162,200,000 4,015,419,000 769,780,000 995,360,000 768,510,000 188,162,000 584,895,000 202,200,000 826,450,000 233,770,000 23,000,000 42,282,000 10,600,000 84,485,000 61,080,000 80,250,000 92,870,000 43,590,000 70,530,000 11,140,000 48,220,000 12,320,000 Romania Government3.400%08/03/2022 Bonds Government Poland Government2.500%25/07/2027 Bonds Government Romania Government3.650%24/09/2031 Romania Government4.250%28/06/2023 Romania Government4.400%25/09/2023 Russian Federation 7.100%16/10/2024 Bonds Government Romania Government4.750%24/02/2025 Russian Federation 7.150%12/11/2025 Russian Federation 7.950%07/10/2026 South Africa Government 8.250%31/03/2032 Bonds Government Russian Federation 8.500%17/09/2031 South Africa Government 8.500%31/01/2037 Thailand Government2.875%17/12/2028 Bonds Government South Africa Government10.500%21/12/2026 Thailand Government3.300%17/06/2038 Thailand Government3.400%17/06/2036 Thailand Government3.650%20/06/2031 Turkey Government8.000%12/03/2025 Bonds Government Thailand Government3.775%25/06/2032 Ukraine Government15.840%26/02/2025 Bonds Government Turkey Government8.800%27/09/2023 Development 6.450%13/12/2022 European BankforReconstruction& Corporate Bonds Ukraine Government15.840%26/02/2025 Development 12.000%24/02/2021 European BankforReconstruction& 104,032,560 136,633,884 12,029,923 20,939,226 15,235,466 18,070,135 64,784,599 20,505,416 10,688,362 14,352,963 59,744,635 60,921,100 36,112,310 40,776,939 31,813,545 59,193,045 Fair Value 5,566,560 2,537,931 6,705,604 3,557,476 7,895,459 4,758,369 9,220,961 2,816,089 6,060,469 1,302,100 1,365,926 4,756,805 1,940,716 2,949,289 1,583,363

USD

%of 11.87 NAV 0.48 1.05 0.22 1.82 1.32 1.57 5.62 1.78 0.93 1.25 5.19 9.04 5.29 3.14 0.58 3.54 0.31 0.69 2.76 0.42 5.14 0.80 0.24 0.53 0.11 0.12 0.41 0.17 0.26 0.14

Financial Derivative Instruments(0.61)%(31March2020:(2.27)%) Transferable Securities92.78%(31March 2020:94.32%)(continued) 02/10/2020 Open ForwardForeignCurrency ExchangeContracts(0.66)%(31March2020:(2.69)%) Date Maturity Fixed IncomeSecurities92.78%(31March2020:94.32%)(continued) Amount Principal Instruments Total Value ofInvestmentsexcluding FinancialDerivative Total Transferable Securities Total FixedIncomeSecurities 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 05/10/2020 Uruguay 0.16%(31March2020:1.11%) 05/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 (Unaudited)(continued) 77,760,000

Financial period ended30September 2020 BRL 117,287,717 Amount Bought BRL 130,722,050 BRL 139,222,985 BRL 21,203,600 BRL 29,917,912 BRL 7,466,400 BRL 92,287,717 BRL 99,726,372 USD 1,100,000 USD 12,008,908 USD 2,280,000 USD 2,300,000 USD 27,999,844 USD 3,890,000 USD 28,511,656 USD 38,117,800 TRY 6,690,664 USD 874,711 INR 924,934,275 INR 924,934,275 KRW 15,027,625,000 KRW RUB 116,449,480 RUB RUB 125,738,360 RUB RUB 144,445,087 RUB RUB 146,952,000 RUB RUB 331,901,940 RUB RUB 331,901,940 RUB USD 1,539,740 USD 1,710,260 USD 15,857,259 USD 2,985,424 USD 3,030,000 USD 3,030,000 USD 3,134,576 USD 4,464,982 USD 4,625,018 USD 48,587 Uruguay Treasury Bill-Zerocoupon18/12/2020 Government Bonds Government

Sold USD 21,073,309 Amount USD 23,423,742 USD 24,962,882 USD 3,950,000 USD 5,375,409 USD 1,360,000 USD 16,578,533 USD 17,811,779 BRL 5,819,000 BRL 66,171,485 BRL 12,093,120 BRL 12,080,750 BRL 154,139,142 BRL 20,642,285 BRL 153,962,940 BRL 212,926,031 USD 890,000 TRY 6,690,664 USD 12,457,296 USD 12,464,162 USD 12,676,908 USD 1,520,000 USD 1,660,000 USD 1,910,000 USD 1,950,000 USD 4,403,430 USD 4,405,768 INR 113,378,725 INR 125,960,678 RUB 1,170,154,700 RUB INR 219,697,323 KRW 3,526,465,500 KRW INR 223,220,100 INR 230,610,786 KRW 5,200,364,990 KRW KRW 5,387,683,014 KRW KRW 57,113,496 KRW

1,068,048,845 1,068,048,845 1,068,048,845 Gain/(Loss) Unrealised 1,196,068 (264,517) (231,476) (262,408) (188,129) (205,156) (118,662) (129,009) (131,347) Fair Value 1,801,006 (67,473) (35,336) 268,986 134,479 156,674 652,996 227,715 (21,976) 341,180 (20,298) 172,613 (40,670) (49,754) (57,469) 787,343

67,613 75,583 68,717 14,660 18,358 18,225

6,687 3,456 3,491 8,520 5,363 9,795 (249) USD USD

%of (0.02) (0.02) (0.02) (0.02) (0.01) (0.02) (0.01) (0.01) (0.01) 92.78 92.78 92.78 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) NAV % of 0.16 0.01 0.02 0.01 0.01 0.07 0.11 0.03 0.03 0.00 0.01 0.01 0.01 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.00 0.00 NAV

87 LAZARD GLOBAL INVESTMENT FUNDS PLC 88 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsLocalDebtFund(continued) Portfolios ofInvestments Financial Derivative Instruments(0.61)%(31March2020:(2.27)%)(continued) (continued) Open ForwardForeignCurrency ExchangeContracts(0.66)%(31March2020:(2.69)%) Date Maturity 08/10/2020 08/10/2020 08/10/2020 08/10/2020 13/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020

Amount USD 5,884,491 Bought USD 6,070,000 USD 730,000 USD 730,000 USD 4,466,415 CHF 3,837,494 EUR 1,282,018 EUR 122,534 EUR 149,155 EUR 2,051,863 EUR 21,037 EUR 223,909 EUR 244,751 EUR 245,672 EUR 3,896 EUR 32,637 EUR 747 EUR 80,717,011 GBP 3,916,816 USD 1,611,361 USD 119,514 USD 2,308,913 USD 20,709 USD 22,515 USD 35,716 USD 428,466 USD 451,164 USD 5,776 USD 7,097 USD 7,507 USD 79,652 USD 9,224 USD 94,496 CLP 2,518,425,000 CLP 2,687,607,000 CLP 4,530,923,453 CLP 480,686,000 CLP 581,189,204 CLP 6,006,107,832 CZK 137,865,500 CZK 175,688,324 CZK 175,688,324 CZK 175,688,324 CZK 202,041,572 CZK 22,675,100 CZK 242,449,886 CZK 46,564,598 CZK 5,962,500 CZK 60,612,471 EUR 789,978 MXN 25,637,775 MXN 25,814,581

Sold INR 435,981,938 Amount INR 447,298,300 INR 53,720,700 KRW 855,998,000 KRW PHP 220,230,008 USD 4,191,688 USD 1,512,884 USD 143,954 USD 176,981 USD 2,432,923 USD 24,635 USD 261,470 USD 288,858 USD 289,913 USD 4,599 USD 38,516 USD 881 USD 95,252,530 USD 5,101,786 EUR 1,373,321 GBP 93,832 EUR 1,985,071 EUR 17,530 GBP 17,282 EUR 30,707 EUR 362,577 CHF 409,339 EUR 4,871 EUR 6,102 CHF 6,877 CHF 73,947 EUR 7,765 GBP 74,313 USD 3,150,000 USD 3,420,000 USD 5,802,925 USD 620,000 USD 737,082 USD 7,659,191 EUR 5,150,000 USD 7,923,479 USD 7,927,065 USD 7,928,531 USD 9,049,706 USD 1,020,000 USD 10,863,667 USD 2,116,529 USD 263,421 USD 2,714,457 USD 920,000 USD 1,202,165 USD 1,166,337

Gain/(Loss) Unrealised (574,265) (317,457) (321,042) (322,509) (302,781) (367,356) (100,622) (23,073) (75,309) (13,311) (26,158) (37,804) (19,506) (50,874) (34,380) (72,824) (38,334) (90,380) (43,228) (1,930) (9,121) (2,028) (1,773) (1,748) (1,800) (1,582) (8,058) 47,164 (9,765) (5,288) 9,099 2,083 1,168 3,176 5,464 6,712 (226) (234) (302) (864) (28) 503 147 171 (60) 116 743 592 USD 40 (5) 62 19

(0.01) (0.01) (0.03) (0.03) (0.03) (0.03) (0.04) (0.01) (0.01)

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) -0.05 % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV 0.00 0.00

Financial Derivative Instruments(0.61)%(31March2020:(2.27)%)(continued) (continued) Open ForwardForeignCurrency ExchangeContracts(0.66)%(31March2020:(2.69)%) Date Maturity 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 (Unaudited)(continued)

Financial period ended30September 2020 Amount USD 600,000 Bought USD 730,000 USD 9,458,601 USD 970,000 ZAR 18,353,224 ZAR 21,748,952 ZAR 30,750,793 PEN 2,718,485 PEN 5,821,545 THB 248,063,184 THB 27,936,833 THB 370,751,452 THB 46,042,800 THB 500,000,000 THB 61,637,494 THB 67,465,332 THB 870,751,453 USD 1,480,000 USD 1,850,000 USD 1,980,000 USD 2,060,000 USD 2,300,000 USD 2,540,000 USD 3,305,375 USD 5,130,000 USD 5,944,516 USD 5,945,347 USD 6,830,152 MXN 32,855,617 MXN 66,693,358 RON 2,687,520 RON 4,991,948 USD 1,090,332 USD 1,100,000 USD 1,480,000 USD 1,999,668 USD 11,267,060 USD 11,498,825 USD 11,975,851 USD 11,976,836 USD 11,980,020 USD 14,329,467 USD 14,330,237 USD 16,321,513 USD 2,548,449 USD 2,550,000 USD 2,690,118 USD 2,790,000 USD 3,489,882 USD 5,568,427 USD 580,000 USD 580,000

Sold CLP 457,980,000 Amount RON 3,009,622 EUR 7,982,380 CLP 744,378,000 USD 1,108,247 USD 1,333,462 USD 1,839,271 USD 770,000 USD 1,630,000 USD 7,931,677 USD 890,000 USD 11,909,015 USD 1,480,000 USD 15,981,078 USD 1,976,638 USD 2,166,795 USD 27,844,444 THB 46,816,100 PEN 6,560,655 THB 61,841,142 THB 64,590,270 THB 71,811,750 THB 80,462,882 PEN 11,806,138 PEN 18,347,445 PEN 21,251,049 PEN 21,251,049 PEN 24,399,352 USD 1,547,603 USD 2,987,433 USD 642,180 USD 1,211,699 CLP 847,405,789 MXN 23,262,005 CZK 32,445,729 CLP 1,555,242,028 MXN 245,733,461 CNH 78,941,733 ZAR 203,705,865 ZAR 203,705,865 ZAR 203,705,865 RON 59,199,329 RON 59,199,329 ZAR 277,780,724 RON 10,602,566 CZK 56,937,038 CZK 59,109,552 CNH 19,123,916 CZK 76,675,228 ZAR 92,233,204 RON 2,434,620 ZAR 9,910,681

Gain/(Loss) Unrealised (103,623) (209,326) (202,733) (366,409) (127,693) (209,931) (208,946) (205,762) (295,463) (10,348) (32,430) (14,272) (11,634) (27,042) (31,562) (37,812) (62,389) (12,231) 158,856 105,021 105,792 (26,565) 131,105 170,405 (12,862) 18,590 94,580 25,005 (8,406) 26,165 28,498 21,745 33,859 23,317 29,485 36,811 37,642 47,232 27,393 14,542 48,458 75,337 25,274 85,042 (4,992) 50,993 6,846 2,639 3,578 256 858 859 USD

(0.01) (0.02) (0.02) (0.03) (0.01) (0.01) (0.03) (0.02) (0.02) (0.03)

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV 0.00 0.00 0.00 0.00 0.02 0.00 0.02 0.01 0.01 0.00 0.01 0.01 0.01 0.00

Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsLocalDebtFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Financial Derivative Instruments(0.61)%(31March2020:(2.27)%)(continued) 23/10/2020 (2.69)%) Open ForwardForeignCurrency ExchangeContracts(0.66)%(31March2020: Date Maturity 23/10/2020 23/10/2020 26/10/2020 26/10/2020 26/10/2020 26/10/2020 26/10/2020 26/10/2020 30/10/2020 30/10/2020 04/11/2020 04/11/2020 04/11/2020 04/11/2020 04/11/2020 04/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 20/11/2020 20/11/2020 20/11/2020 24/11/2020 24/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020 25/11/2020

(continued) USD 2,790,000 Amount Bought USD 3,970,000 USD 5,720,000 HUF 3,125,811,536 HUF 3,125,811,536 HUF 3,770,476,450 TRY 15,504,336 TRY 47,449,353 TRY 6,690,664 TRY 1,874,000 TRY 13,597,973 BRL 153,962,940 BRL 154,139,142 BRL 212,926,031 USD 1,270,000 USD 11,692,821 USD 2,880,000 PLN 12,025,196 PLN 2,388,431 PLN 33,403,321 PLN 33,403,321 PLN 36,134,413 PLN 36,134,413 PLN 36,729,915 PLN 36,729,915 PLN 36,729,915 PLN 41,134,413 PLN 42,836,377 PLN 9,518,509 USD 1,610,000 USD 1,690,000 USD 3,040,000 USD 3,310,000 COP 1,771,460,000 COP 16,860,842,045 USD 1,330,000 MYR 31,572,234 USD 180,000 IDR 18,500,000,000 IDR 19,117,031,164 IDR 19,130,107,132 IDR 19,132,014,044 IDR 19,162,133,000 IDR 19,685,269,170 IDR 42,108,240,000 IDR 63,931,247,190 USD 13,919,898 USD 2,740,000 USD 3,218,450 USD 6,011,435 USD 730,000

Sold IDR 41,425,920,000 Amount IDR 58,974,350,000 IDR 85,187,960,000 USD 10,369,811 USD 10,376,241 USD 12,443,201 USD 2,010,000 USD 6,148,201 USD 866,655 USD 238,100 USD 1,730,000 USD 28,488,179 USD 27,977,990 USD 38,087,458 BRL 7,092,950 BRL 64,589,976 BRL 16,274,880 USD 3,206,396 USD 640,000 USD 8,919,671 USD 8,922,292 USD 9,672,457 USD 9,700,240 USD 10,026,702 USD 10,030,494 USD 10,032,755 USD 11,042,680 USD 11,644,750 USD 2,520,000 PLN 6,307,602 PLN 6,375,821 PLN 11,435,933 PLN 12,422,099 USD 460,000 USD 4,474,449 COP 4,958,240,000 USD 7,604,652 MYR 745,290 USD 1,238,950 USD 1,282,162 USD 1,287,183 USD 1,281,963 USD 1,279,352 USD 1,310,604 USD 2,820,000 USD 4,276,692 IDR 206,298,451,418 IDR 41,053,420,000 IDR 47,771,453,882 IDR 89,209,692,382 IDR 10,909,850,000

Gain/(Loss) Unrealised (1,190,310) (280,746) (287,176) (273,375) (648,882) (335,343) (279,290) (281,912) (325,630) (353,413) (525,836) (529,630) (531,890) (402,510) (564,337) (111,175) (25,565) (95,859) 240,918 (22,189) (57,864) (21,577) (21,741) 124,546 11,310 14,230 (9,395) (3,324) 22,653 12,409 (5,561) 40,777 81,887 (1,579) 96,797 46,899 (1,839) (3,790) (7,936) (2,589) (4,186) (1,556) (5,277) 23,933 45,907 USD 5,923 3,442 2,036 5,767 999 449

(0.02) (0.02) (0.02) (0.10) (0.06) (0.04) (0.01) (0.02) (0.03) (0.03) (0.03) (0.05) (0.05) (0.06) (0.03) (0.05) (0.01) (0.01)

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.01 % of 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.01 0.00 0.00 NAV 0.00 0.00 0.01 0.00 0.00 0.00

Other assets instruments Over thecounterfinancialderivative 68 (1)(a), (b)and(c) Other transferablesecuritiesofthetypereferredtoinRegulations Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Interest RateSwaps0.05%(31March2020:0.42%) BRL BRL BRL BRL BRL BRL BRL CCY Total Assets Net Assets Other NetAssets(31March2020:7.95%) Total Investments(31March2020:92.05%) Total FinancialDerivative Instruments Interest RateSwapsatfair value fairvalue negative at Swaps Interest Rate positivefair value at Swaps Interest Rate BRL BRL BRL BRL BRL contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange exchange contracts Net unrealisedlossonopenforwardforeigncurrency Financial Derivative Instruments(0.61)%(31March2020:(2.27)%)(continued) (2.69)%) Open ForwardForeignCurrency ExchangeContracts(0.66)%(31March2020: Date Maturity (Unaudited)(continued) 115,803,319 15,412,269 46,407,195 69,351,043 61,217,094 70,523,751 29,107,789 49,978,112 11,793,681 44,155,162 11,945,188

(continued) 7,404,295 Notional Amount Financial period ended30September 2020 Amount Bought

1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI

Less than Less than Less than Less than Less than Less than Less than Less than Less than Less than Less than Less than Fund Pays

Fixed 5.600% Fixed 5.510% Fixed 4.955% Fixed 4.840% Fixed 4.630% Fixed 3.752% Fixed 6.135% Fixed 8.055% Fixed 7.045% Fixed 6.490% Fixed 6.230% Fixed 6.220% Sold Amount Receives Fund

Termination 02/01/2025 02/01/2025 02/01/2024 02/01/2024 02/01/2024 02/01/2023 02/01/2023 03/07/2023 02/01/2023 02/01/2025 02/01/2025 02/01/2025 Date 1,151,121,894 1,061,075,337 Gain/(Loss) (14,135,667) Unrealised (7,602,821) (6,973,508) (1,265,575) 90,046,557 6,532,846 (196,956) (152,173) (183,868) (507,134) (152,014) 1,894,888 (73,430) 722,409 912,910 629,313 % ofTotal assets 84,322 50,934 99,666 24,647 USD Value USD Fair

100.00 100.00 (0.61) (0.66) (0.02) (0.01) (0.02) (0.04) (0.01) (0.01) (0.11) (1.23)

31.70 57.46 92.17 0.01 0.05 0.16 % of % of 8.75 0.71 1.38 0.06 0.08 7.83 0.00 0.01 0.00 0.57 NAV NAV

89 LAZARD GLOBAL INVESTMENT FUNDS PLC 90 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsLocalDebtFund(continued) Portfolios ofInvestments fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry isMorganStanley. swaps The counterpartyfortheinterestrate UBS AG StreetBankand State Trust Company Standard CharteredBank Morgan Stanley JP MorganChaseandCompany HSBC BankPLC Goldman Sachs Citibank NA Barclays BankPlc Bank of Americca MerrillLynch The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: (Unaudited)(continued) Financial period ended30September 2020 Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsTotal DebtFund Return Portfolios ofInvestments Dominican Republic2.02%(31March2020:0.77%) Costa Rica2.03%(31March2020:1.80%) Colombia 0.90%(31March2020:0.16%) Chile 0.77%(31March2020:1.74%) Cayman Islands1.64%(31March2020:2.65%) Transferable Securities84.94%(31March 2020:94.57%) Fixed IncomeSecurities84.94%(31March2020:94.57%) Amount Principal Canada 0.97%(31March2020:0.65%) Brazil 0.38%(31March2020:0.60%) Angola3.24%(31March2020:Nil) 1,025,000 1,460,000 1,880,000 3,100,000 2,825,000 3,025,000 600,000 510,000 725,000 525,000 755,000 425,000 800,000 383,120 700,000 200,000 155,000 155,000 155,000 300,000 730,000 825,000 500,000 Termocandelaria Power Ltd7.875%30/01/2029 Sunac ChinaHoldingsLtd7.000%09/07/2025 First QuantumMineralsLtd7.250%15/05/2022 First QuantumMineralsLtd6.875%15/10/2027 Dominican Republic6.875%29/01/2026 Dominican Republic6.850%27/01/2045 Dominican Republic4.500%30/01/2030 Bonds Government Costa RicaGovernment7.158%12/03/2045 Costa RicaGovernment7.000%04/04/2044 Costa RicaGovernment6.125%19/02/2031 Bonds Government Ecopetrol SA6.875%29/04/2030 Bancolombia SA4.625%18/12/2029 Corporate Bonds 14/05/2027 Empresa ElectricaCochraneSpA5.500% AES GenerSA7.125%26/03/2079 Corporate Bonds Ltd-Zerocoupon31/12/2099 G3 Exploration Ltd-Zerocoupon31/12/2099 G3 Exploration Ltd-Zerocoupon31/12/2099 G3 Exploration Ltd-Zerocoupon31/12/2099 G3 Exploration 14/01/2027 GardenHoldingsCoLtd5.125% Country Trust 6.875%06/02/2024 Comunicaciones CelularesSA Via Comcel Corporate Bonds Corporate Bonds 05/12/2024 Cemig Geracaoe Transmissao SA9.250% Corporate Bonds Angola Government8.250%09/05/2028 Angola Government8.000%26/11/2029 Bonds Government

2,356,149 1,101,074 1,397,265 2,884,493 1,631,778 2,907,438 1,712,563 1,286,925 1,115,463 4,660,933 2,255,586 2,405,347 Fair Value 193,992 601,140 796,125 539,723 712,992 482,344 712,531 510,425 776,500 394,135 721,328 318,750 742,333 553,125 USD - - - -

%of NAV 0.13 1.64 0.77 0.97 0.42 0.55 2.02 1.14 0.38 0.50 2.03 0.34 1.19 0.50 0.90 0.36 0.54 0.77 0.27 0.50 0.00 0.00 0.00 0.00 0.22 0.52 0.38 3.24 1.57 1.67

Egypt 1.00%(31March2020:Nil) Egypt Israel 1.24%(31March2020:0.75%) Iraq 1.01%(31March2020:3.04%) India Nil(31March2020:0.24%) Honduras 1.03%(31March2020:Nil) Guatemala 0.51%(31March2020:Nil) Ghana 2.04%(31March2020:Nil) El Salvador 1.00%(31March2020:Nil) Ivory Coast2.19%(31March2020:Nil) Ivory Transferable Securities84.94%(31March 2020:94.57%)(continued) Fixed IncomeSecurities84.94%(31March2020:94.57%)(continued) Amount Principal 1,621,875 1,295,000 1,345,000 1,910,000 (Unaudited)(continued) 250,000 545,000 815,000 350,000 280,000 585,000 440,000 400,000 630,000 220,000 970,000 410,000 585,000 280,000 400,000 200,000 375,000 500,000 600,000 Financial period ended30September 2020 30/12/2025 Delek & Avner Tamar BondLtd5.412% 30/12/2023 Delek & Avner Tamar BondLtd5.082% Government Bonds Government Corporate Bonds Iraq Republic5.800%15/01/2028 Bonds Government Honduras Government7.500%15/03/2024 Honduras Government6.250%19/01/2027 Bonds Government Government6.125%01/06/2050 Guatemala Government4.875%13/02/2028 Guatemala Bonds Government Ghana Government8.950%26/03/2051 Ghana Government8.627%16/06/2049 Ghana Government8.125%26/03/2032 Ghana Government7.625%16/05/2029 Ghana Government6.375%11/02/2027 Bonds Government El SalvadorGovernment8.250%10/04/2032 El SalvadorGovernment6.375%18/01/2027 El SalvadorGovernment5.875%30/01/2025 Bonds Government Government8.700%01/03/2049 Egypt Government8.500%31/01/2047 Egypt Government7.053%15/01/2032 Egypt Government5.750%29/05/2024 Egypt Ivory CoastGovernment6.375%03/03/2028 Ivory CoastGovernment6.125%15/06/2033 Ivory Bonds Government BondLtd6.750%30/06/2030 Leviathan BondLtd5.750%30/06/2023 Leviathan 1,449,551 1,483,843 2,940,247 1,123,817 1,438,393 1,432,302 3,145,464 1,348,573 1,796,891 1,775,626 Fair Value 594,220 889,623 731,096 420,602 310,494 494,416 387,819 363,750 570,445 199,959 877,698 360,736 572,477 271,731 383,000 205,094 615,000 254,688 389,063 516,875 USD

%of NAV 0.41 0.62 0.51 0.29 0.22 0.34 0.27 0.25 0.40 0.14 0.61 0.25 0.40 0.19 0.27 0.14 1.01 1.03 2.04 0.78 1.00 1.00 0.43 0.18 0.27 0.36 2.19 0.94 1.25 1.24

91 LAZARD GLOBAL INVESTMENT FUNDS PLC 92 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Nigeria 3.98%(31March2020:0.53%) Netherlands 1.47%(31March2020:2.36%) Morocco Nil(31March2020:0.25%) Mexico 4.78%(31March2020:0.49%) Kenya 1.96%(31March2020:Nil) Fixed IncomeSecurities84.94%(31March2020:94.57%)(continued) Transferable Securities84.94%(31March 2020:94.57%)(continued) Amount Principal Mauritius 0.71%(31March2020:1.22%) Malaysia Nil(31March2020:0.17%) Laos 0.39%(31March2020:0.60%) Kuwait Nil(31March2020:0.53%) 1,710,000 1,320,000 1,804,009 2,030,000 1,180,000 1,245,000 2,145,000 990,000 350,000 295,000 230,000 430,000 600,000 275,000 290,000 975,000 470,000 372,000 200,000 200,000 415,000 400,000 400,000 400,000 775,000 200,000 660,000 Greenko SolarMauritiusLtd5.950%29/07/2026 Corporate Bonds Corporate Bonds Corporate Bonds Nigeria Government9.248%21/01/2049 Nigeria Government8.747%21/01/2031 Nigeria Government7.875%16/02/2032 Nigeria Government7.696%23/02/2038 Nigeria Government7.625%28/11/2047 Nigeria Government7.625%21/11/2025 Nigeria Government7.143%23/02/2030 Bonds Government Africa Finance Corp4.375%17/04/2026 BV6.748%01/06/2034 MV24 Capital Greenko DutchBV5.250%24/07/2024 Petroleos Mexicanos7.690%23/01/2050 Petroleos Mexicanos6.875%04/08/2026 Petroleos Mexicanos6.840%23/01/2030 Petroleos Mexicanos6.750%21/09/2047 Petroleos Mexicanos6.500%02/06/2041 Petroleos Mexicanos6.500%23/01/2029 Petroleos Mexicanos6.500%13/03/2027 Petroleos Mexicanos6.490%23/01/2027 Petroleos Mexicanos6.350%12/02/2048 Petroleos Mexicanos5.350%12/02/2028 Cemex SABdeCV7.750%16/04/2026 21/08/2023 Vedanta HoldingsMauritiusIILtd13.000% Ltd6.000%13/02/2022 Neerg Energy Government Bonds Government Kenya Government8.250%28/02/2048 Kenya Government8.000%22/05/2032 Kenya Corporate Bonds Bonds Government Laos Government6.875%30/06/2021 5,723,427 1,534,457 1,257,094 2,107,661 1,826,559 6,864,119 1,706,722 1,061,941 1,169,678 1,023,157 2,829,700 2,060,876 Fair Value 985,669 358,258 282,693 208,078 449,484 647,694 281,102 280,184 873,844 364,015 287,515 187,680 151,980 358,747 421,813 414,000 401,063 208,094 768,824 555,344 USD

%of NAV 3.98 0.69 0.25 0.20 0.14 1.07 0.31 0.87 0.45 1.47 1.27 0.20 4.78 1.20 0.19 0.61 0.25 0.20 0.74 0.13 0.81 0.11 0.25 0.29 0.71 0.29 0.28 0.14 1.96 1.43 0.53 0.39

Oman 1.88%(31March2020:Nil) Sri Lanka4.06%(31March2020:2.75%) Spain 1.24%(31March2020:0.95%) South Korea0.31%(31March2020:0.18%) South Africa1.67%(31March2020:1.66%) Singapore 0.30%(31March2020:0.75%) Russia Nil(31March2020:0.58%) Romania 1.52%(31March2020:Nil) Qatar Nil(31March2020:0.54%) Philippines Nil(31March2020:0.53%) Peru 1.35%(31March2020:1.87%) Panama 1.04%(31March2020:6.00%) Transferable Securities84.94%(31March 2020:94.57%)(continued) Fixed IncomeSecurities84.94%(31March2020:94.57%)(continued) Amount Principal 46,700,000 1,880,000 1,380,000 1,650,000 2,060,000 1,475,000 1,470,000 1,600,000 (Unaudited)(continued) 195,000 120,000 450,000 375,600 600,000 670,000 400,000 505,000 45,000 50,000 54,000 Financial period ended30September 2020 Sri LankaGovernment6.825%18/07/2026 Sri LankaGovernment6.750%18/04/2028 Sri LankaGovernment6.350%28/06/2024 Government Bonds Government Sri LankaGovernment6.200%11/05/2027 Sri LankaGovernment5.750%18/04/2023 AI CandelariaSpainSLU7.500%15/12/2028 09/11/2047 Heungkuk LifeInsuranceCoLtd4.475% PteLtd6.875%04/02/2039 LLPL Capital Romania Government3.000%14/02/2031 Peru LNGSrl5.375%22/03/2030 6.375% 01/06/2028 Hunt OilCoofPeru LLCSucursalDelPeru Panama Government2.252%29/09/2032 Oman Government6.750%17/01/2048 Oman Government6.500%08/03/2047 Oman Government6.000%01/08/2029 Oman Government4.750%15/06/2026 Sri LankaGovernment6.125%03/06/2025 Bonds Government Corporate Bonds Corporate Bonds South Africa Government 8.250%31/03/2032 Bonds Government Corporate Bonds Romania Government4.875%22/01/2024 Bonds Government Corporate Bonds Bonds Government 1,371,519 1,034,569 1,784,888 2,180,291 2,120,191 1,940,031 1,473,156 1,492,785 2,701,816 1,310,750 2,400,684 Fair Value 133,666 451,688 435,696 466,875 557,880 369,375 463,811 31,922 82,200 35,500 60,100 USD

%of NAV 0.02 0.09 0.95 0.06 0.31 0.30 0.32 0.39 0.26 0.32 0.72 1.24 1.52 1.48 1.35 1.03 1.04 1.88 0.91 0.02 0.04 1.67

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities Uruguay Nil(31March2020:0.54%) United Kingdom0.69%(31March2020:0.98%) United States26.44%(31March2020:47.85%) Transferable Securities84.94%(31March 2020:94.57%)(continued) Thailand 0.28%(31March2020:Nil) United ArabEmirates4.10%(31March2020:2.68%) Ukraine 3.80%(31March2020:4.42%) Turkey 1.00%(31March2020:3.74%) Sri Lanka4.06%(31March2020:2.75%)(continued) Fixed IncomeSecurities84.94%(31March2020:94.57%)(continued) Amount Principal 23,000,000 15,000,000 3,085,000 1,875,000 1,000,000 6,510,000 6,190,000 1,409,000 1,110,000 2,555,000 1,305,000 2,865,000 975,000 400,000 615,000 930,000 155,000 40,000 09/09/2050 ofDubaiGovernment3.900% Emirate 20/10/2020 United States Treasury Bill-Zerocoupon 8.500% 13/07/2022 Liquid Telecommunications Financing Plc Corporate Bonds 06/10/2020 United States Treasury Bill-Zerocoupon Bonds Government Bangkok BankPCL5.000%31/12/2099 Corporate Bonds Sri LankaGovernment7.850%14/03/2029 Government Bonds Government NBK Tier 1Financing Ltd4.500%31/12/2099 One Ltd5.950%15/12/2039 Acwa Power Management And Investments Corporate Bonds Ukraine Government16.060%03/08/2022 Ukraine Government15.840%26/02/2025 Ukraine Government8.994%01/02/2024 Ukraine Government7.750%01/09/2024 Ukraine Government7.253%15/03/2033 Bonds Government Turkey Government6.125%24/10/2028 Turkey Government4.875%09/10/2026 Bonds Government Sri LankaGovernment7.550%28/03/2030 Sri LankaGovernment6.850%14/03/2024 Sri LankaGovernment6.850%03/11/2025 Bonds(continued) Government 122,073,087 122,073,087 122,073,087 37,999,093 22,999,210 14,999,883 5,896,270 2,893,633 5,841,467 1,858,887 1,143,750 5,455,513 1,475,223 1,119,019 2,360,819 1,438,331 2,123,233 Fair Value 992,063 400,750 251,322 249,130 586,364 851,967 890,255 110,728 27,875 USD

%of 84.94 84.94 84.94 26.44 16.00 10.44 NAV 4.10 2.01 0.69 4.06 0.02 0.28 1.29 0.80 3.80 0.17 0.17 1.03 0.78 1.65 1.00 0.41 0.59 0.62 1.48 0.08

Financial Derivative Instruments(1.80)%(31March2020:(7.15)%) 15/10/2020 15/10/2020 Open ForwardForeignCurrency ExchangeContracts(0.89)%(31March2020:(4.56)%) Open FuturesContractsNil(31March2020:0.19%) Date Maturity 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 02/10/2020 01/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 04/11/2020 04/11/2020 04/11/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 15/10/2020 15/10/2020 (Unaudited)(continued)

Financial period ended30September 2020 AUD 170,500 AUD 22,032,557 Amount EUR 1,388 EUR 329 EUR 146 EUR 107 EUR 303 EUR 363 EUR 500 EUR 831 EUR 855 EUR 1,250 EUR 1,250 EUR 6,479 EUR 6,658 EUR 3,916 EUR 13,301 EUR 45,368 EUR 50,100 EUR 105,009 EUR 190,202 EUR 2,293,894 EUR 36,175,941 EUR 70,882,292 EUR 1,652,027 EUR 1,426 CZK 1,562,071 CZK 1,741,465 CZK 2,692,604 CZK 4,083,726 CZK 5,804,882 CZK 5,047,723 CZK 5,047,723 CZK 5,047,723 CZK 6,965,859 CZK 13,074,377 CLP 528,475,500 CLP 528,109,750 CLP 54,938,800 BRL 2,685,333 BRL 1,483,048 BRL 1,481,353 BRL 393,400 BRL 315,653 BRL 1,052,175 BRL 816,284 BRL 816,284 BRL 1,127,969 BRL 1,127,969 AUD 284,500 AUD 223,371 Bought

Sold USD 124,586 USD 15,949,808 USD 1,626 USD 387 USD 172 USD 127 USD 358 USD 430 USD 593 USD 982 USD 1,012 USD 1,477 USD 1,485 USD 7,646 USD 7,858 USD 4,652 USD 15,696 USD 53,544 USD 59,122 USD 123,919 USD 224,478 USD 2,706,979 USD 42,690,504 USD 83,646,776 USD 1,923,785 USD 1,657 USD 70,000 USD 77,989 USD 120,000 USD 180,988 USD 260,008 USD 227,650 USD 227,753 USD 227,796 USD 312,125 USD 579,012 USD 665,000 USD 665,000 USD 70,000 USD 480,343 USD 269,190 USD 274,099 USD 70,000 USD 56,714 USD 187,925 USD 146,637 USD 146,663 USD 202,118 USD 202,246 USD 199,629 USD 161,598 Amount

Gain/(Loss) Unrealised (157,537) (257,375) (504,295) (16,320) (10,555) (12,987) (11,453) (2,377) (1,378) (2,374) (2,597) (3,430) (4,193) (8,699) (9,121) (9,224) (9,266) (4,229) (6,243) (1,252) (1,815) (1,841) (1,997) (2,126) (1,492) 13,464

5,905 5,440 4,292 (329) (356) (747) (255) (204) (712) USD (10) (19) (46) (48) (58) (95) (1) (1) (1) (2) (5) (6) (7) (9) 15 3

(0.11) (0.18) (0.36) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.00 0.02 0.00 0.00 0.00 0.00 % of NAV

93 LAZARD GLOBAL INVESTMENT FUNDS PLC 94 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Financial Derivative Instruments(1.80)%(31March2020:(7.15)%)(continued) (continued) Open ForwardForeignCurrency ExchangeContracts(0.89)%(31March2020:(4.56)%) Date Maturity 08/10/2020 08/10/2020 08/10/2020 08/10/2020 25/11/2020 26/10/2020 26/10/2020 26/10/2020 26/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 08/10/2020 20/10/2020 20/10/2020 20/10/2020 07/10/2020 24/11/2020 02/10/2020 15/10/2020 01/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 21/10/2020 02/10/2020 20/10/2020 20/10/2020 02/10/2020 15/10/2020 15/10/2020 02/10/2020 01/10/2020 20/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020

Amount KRW 166,782,000 KRW INR 8,163,100 INR 8,820,600 INR 151,066,280 IDR 32,982,796,490 HUF 68,438,691 HUF 116,577,558 HUF 116,577,558 HUF 161,001,550 EUR 1,872 EUR 3,044 EUR 750 EUR 692 KRW 746,356,000 KRW MXN 7,631,829 MXN 39,915,890 MXN 8,818,762 PEN 2,236,500 MYR 7,177,146 USD 480,726 USD 381,282 USD 199,619 8,311,380 RUB 12,824,800 RUB 43,650,800 RUB 68,591,833 RUB 68,591,833 RUB PLN 197,794 PLN 416,177 PLN 549,428 PLN 549,428 PLN 558,902 PLN 558,902 PLN 558,902 PLN 568,112 PLN 568,112 PLN 568,112 PLN 662,563 PEN 2,236,500 USD 269,400 USD 501,059 USD 2,803 USD 274,325 USD 2,163,189 USD 1,924,281 USD 806 USD 2,175 USD 918,941 USD 64,577 USD 719,781 USD 1,287,097 USD 968,940 Bought

Sold USD 140,000 USD 110,000 USD 120,000 USD 2,052,615 USD 2,206,390 USD 226,798 USD 386,743 USD 386,983 USD 533,202 USD 2,176 USD 3,555 USD 873 USD 806 USD 629,606 USD 343,437 USD 1,830,173 USD 396,563 USD 630,000 USD 1,728,725 BRL 2,685,333 AUD 532,124 AUD 284,500 USD 110,000 USD 170,000 USD 580,000 USD 910,026 USD 910,509 USD 52,740 USD 110,000 USD 146,714 USD 146,757 USD 149,607 USD 150,036 USD 150,039 USD 155,086 USD 155,145 USD 155,180 USD 180,113 USD 631,512 BRL 1,483,048 CLP 389,422,721 CLP 2,188,334 BRL 1,481,353 EUR 1,852,494 EUR 1,652,027 EUR 692 EUR 1,872 CLP 714,706,697 EUR 55,110 EUR 618,147 EUR 1,102,203 EUR 833,039 Amount

Gain/(Loss) Unrealised (10,470) (10,710) (13,543) (25,804) (17,840) (26,661) (27,145) (13,490) (5,663) (5,901) (8,244) (4,942) (4,296) (2,961) (4,835) (1,577) (2,348) (4,594) (4,637) (5,037) (5,466) (5,469) (8,133) (8,192) (8,227) (8,729) (9,774) (9,723) (5,284) (5,748) (8,186) 11,508 11,615 2,609 8,573 1,554 2,083 4,303 6,283 6,683 (481) (803) (128) USD (20) (66) 610 (6) 20 16 25 6 6

(0.01) (0.01) (0.01) (0.02) (0.01) (0.01) (0.02) (0.02) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01)

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.01 % of NAV

exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 19/01/2021 20/10/2020 20/10/2020 20/10/2020 20/10/2020 19/01/2021 17/11/2020 17/11/2020 21/10/2020 07/10/2020 Financial Derivative Instruments(1.80)%(31March2020:(7.15)%)(continued) (continued) Open ForwardForeignCurrency ExchangeContracts(0.89)%(31March2020:(4.56)%) Date Maturity 24/11/2020 24/11/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 (Unaudited)(continued)

Financial period ended30September 2020 UYU 12,700,000 USD 490,724 USD 490,594 USD 490,553 USD 668,560 USD 252,787 USD 1,057,016 USD 472,984 USD 630,000 USD 631,601 Amount USD 1,550,000 USD 180,000 USD 780,000 USD 5,368 USD 405,200 USD 364,800 USD 40,533 USD 6,474 USD 3,729 USD 7,448 USD 5,116 USD 2,964 USD 22,147 USD 3,269 USD 2,610 USD 1,249 USD 733 USD 1,394 USD 1,888 USD 536 USD 1,404 USD 2,105 USD 357 USD 1,658 Bought

Sold USD 312,500 ZAR 8,344,177 ZAR 8,344,177 ZAR 8,344,177 ZAR 11,378,423 UYU 12,700,000 PLN 3,974,064 PLN 1,778,277 PEN 2,254,140 PEN 2,236,500 MYR 6,418,550 MYR 752,022 906,828,000 KRW 6,310,000 KRW INR 29,842,992 INR 26,862,036 EUR 34,250 EUR 5,456 EUR 3,139 EUR 6,311 EUR 4,323 EUR 2,495 EUR 18,852 EUR 2,761 EUR 2,201 EUR 1,057 EUR 621 EUR 1,187 EUR 1,609 EUR 458 EUR 1,198 EUR 1,797 EUR 307 EUR 1,426 Amount

Gain/(Loss) (1,274,637) Unrealised (1,430,290) (18,960) (12,103) (40,753) 155,653 (8,428) (8,559) (8,599) 29,051 13,000 3,358 9,845 8,415 4,608 (618) USD (28) (15) 827 819 359 (1) (1) (2) (3) 74 47 45 45 37 35 30 28 9 5 2 1

(0.89) (1.00) (0.01) (0.01) (0.03) (0.01) (0.01) (0.01)

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.11 0.03 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % of NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Options purchasedatfair value Financial Derivative Instruments(1.80)%(31March2020:(7.15)%)(continued) Options Purchased1.08%(31March2020:0.11%) Amount Notional 9,100,000 1,160,000 2,300,000 2,400,000 8,090,000 8,090,000 1,220,000 1,290,000 1,740,000 1,530,000 2,100,000 2,000,000 2,000,000 3,500,000 2,100,000 2,030,000 2,630,000 2,330,000 1,250,000 1,250,000 2,890,000 2,890,000 1,000,000 1,000,000 1,740,000 3,176,000 710,000 880,000 880,000 590,000 590,000 860,000 820,000 Put at 15,360.000USDCallIDRExpiring Put at Put at 75.040USDCallINRExpiring Put at February 2021 14,645.000USDCallIDRExpiring Put at February 2021 14,645.000USDCallIDRExpiring Put at January 2021 January 23.650USDCallMXNExpiring Put at 2021 January 1,382.000USDCallSGDExpiring Put at 2021 January Expiring 70.600USDCallRUB Put at 2021 January 3.995USDCallPLNExpiring Put at 2021 anuary 75.630USDCallINRExpiring Put at 2021 Janury 2021 January 5.260USDCallBRLExpiring Put at December 2020 1,140.000USDCallEURExpiring Put at December 2020 Expiring 1,190.000USDCallKRW Put at December 2020 Expiring 1,190.000USDCallKRW Put at December 2020 1,130.000USDCallEURExpiring Put at December 2020 1,140.000USDCallEURExpiring Put at November 2020 22.250USDCallMXNExpiring Put at October 2020 March 2021 27.000EURCallCZKExpiring Put at February 2021 1.376USDCallSGBExpiring Put at February 2021 1.376USDCallSGDExpiring Put at February 2021 Expiring 69.200USDCallRUB Put at February 2021 Expiring 69.200USDCallRUB Put at February 2021 4.005USDCallPLNExpiring Put at February 2021 4.005USDCallPLNExpiring Put at February 2021 22.450USDCallMXNExpiring Put at February 2021 22.450USDCallMXNExpiring Put at February 2021 75.040USDCallINRExpiring Put at February 2021 February 2021 7.000USDCallCNHExpiring Put at February 2021 7.000USDCallCNHExpiring Put at February 2021 1.305USDCallCADExpiring Put at February 2021 1.305USDCallCADExpiring Put at February 2021 5.485USDCallBRLExpiring Put at February 2021 5.485USDCallBRLExpiring Put at Call at 1.180USDPutEURExpiring Call at

Fair Value 1,562,556 253,589 115,879 149,153 149,893 46,681 39,222 16,243 43,023 26,958 72,645 21,763 15,861 88,587 12,061 27,150 18,851 58,938 15,324 74,151 57,611 16,976 43,014 15,138 51,347 40,816 17,551 34,273 12,015 USD 9,739 6,507 4,660 5,071 1,866

%of

0.01 0.00 0.03 0.03 0.01 1.08 0.03 0.19 0.02 0.05 0.02 0.01 0.06 0.08 0.00 0.01 0.10 0.02 0.01 0.04 0.01 0.05 0.04 0.01 0.00 0.00 0.10 0.03 0.01 0.04 0.03 0.01 0.02 0.01 NAV

Interest RateSwapsNil(31March2020:0.01%) Options writtenatfair value USD Credit Default Swaps(1.98)%(31March2020:(2.90)%) Options Written(0.01)%(31March2020:Nil) Financial Derivative Instruments(1.80)%(31March2020:(7.15)%)(continued) CCY Amount Notional fixed incomesecurities. ofissuer forgovernmenttype fixedincome securitiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry notional amounttothecounterparty. * Intheeventofbankruptcy ormodifiedrestructuring, theFundwillpay/receive isMorganStanley.The counterpartyforthecreditdefaultswaps JP MorganChaseandCompany Goldman Sachs Barclays BankPlc The counterpartiesfortheoptionsare: UBS AG StreetBankand State Trust Company Standard CharteredBank JP MorganChaseandCompany HSBC BankPlc Goldman Sachs Citibank NA Barclays BankPlc Bank of America Merrill Lynch The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Total Assets Other assets instruments Over thecounterfinancialderivative (a), (b)and(c) 68(1) Other transferablesecuritiesofthetypereferredtoinRegulations Transferable market securitiesdealtinonanotherregulated Transfe rablesecuritiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Net Assets Other NetAssets(31March2020:12.58%) Total Investments(31March2020:87.42%) Total FinancialDerivative Instruments Credit Default Swapsatfair value (2,030,000) (Unaudited)(continued) (45,070,000) Notional Amount Financial period ended30September 2020 November 2020 21.250USDCallMXNExpiring Put at

EM 34Series Markit CDX Security Name

1.00% Fund Pays

Receives * Fund

Termination 20/12/2025 Date Fair Value 143,719,675 119,490,547 (2,582,540) (2,849,755) (20,704) (20,704) (2,849,755) 24,229,128 %ofTotal assets USD Value

USD Fair

100.00 100.00 %of (0.01) (1.80) (1.98) (0.01) (1.98) 19.11 26.16 50.67 16.86 83.14 1.12 2.94 NAV % of NAV

95 LAZARD GLOBAL INVESTMENT FUNDS PLC 96 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtBlendFund Portfolios ofInvestments Chile 1.55%(31March2020:2.82%) Cayman Islands0.55%(31March2020:0.43%) Canada Nil(31March2020:0.37%) British VirginIslandsNil(31March2020:1.28%) Brazil 2.13%(31March2020:1.57%) Belize Nil(31March2020:0.13%) Belarus 0.46%(31March2020:0.64%) Barbados 0.30%(31March2020:0.09%) Bahrain 2.02%(31March2020:Nil) Azerbaijan 0.80%(31March2020:0.09%) Fixed IncomeSecurities87.47%(31March2020:98.13%) Transferable Securities87.47%(31March 2020:98.13%) Amount Principal 120,000,000 20,000,000 85,000,000 2,960,000 265,000 225,000 130,000 125,000 200,000 130,000 200,000 385,000 200,000 350,000 45,000 55,000 50,000 50,000 1,000 Government Bonds Government 05/02/2049 Corp NacionaldelCobredeChile4.375% Corporate Bonds 06/08/2030 GardenHoldingsCoLtd4.800% Country Corporate Bonds coupon 01/01/2024 Brazil Letrasdo Tesouro Nacional-Zero Brazil Government5.625%21/02/2047 Brazil Government4.750%14/01/2050 Brazil Government4.500%30/05/2029 Brazil Government4.250%07/01/2025 Brazil Government3.875%12/06/2030 Brazil Government2.875%06/06/2025 Bonds Government Belarus Government7.625%29/06/2027 Bonds Government Barbados Government6.500%01/10/2029 Bonds Government Bahrain Government7.500%20/09/2047 Bahrain Government7.000%26/01/2026 Bahrain Government6.750%20/09/2029 Bonds Government Azerbaijan Republic3.500%01/09/2032 Bonds Government Chile Government3.240%06/02/2028 01/01/2043 Bonos dela Tesoreria delaRepublica6.000% 01/03/2035 Bonos dela Tesoreria delaRepublica5.000% 01/03/2026 Bonos dela Tesoreria delaRepublica4.500%

Fair Value 313,321 234,563 907,359 435,784 138,755 125,219 196,156 126,161 856,373 213,125 428,373 214,875 338,406 183,541 124,509 657,854 35,370 49,113 53,917 54,008 50,563 1,113 USD

%of NAV 0.08 0.75 0.55 2.13 1.02 0.12 0.13 0.32 0.13 0.29 0.12 0.46 0.30 2.02 0.50 1.01 0.51 0.80 0.43 0.29 1.55 0.00

Costa Rica1.05%(31March2020:1.53%) Dominican Republic2.19%(31March2020:2.09%) Czech Republic1.26%(31March2020:1.65%) El Salvador 1.04%(31March2020:1.04%) 1.84%(31March2020:2.02%) Egypt China 3.16%(31March2020:Nil) Colombia 3.39%(31March2020:4.55%) Transferable Securities87.47%(31March 2020:98.13%)(continued) Fixed IncomeSecurities87.47%(31March2020:98.13%)(continued) Amount Principal 2,032,000,000 263,000,000 310,000,000 705,100,000 665,700,000 (Unaudited)(continued) 6,510,000 2,440,000 4,510,000 4,270,000 145,000 235,000 185,000 268,000 320,000 322,000 245,000 235,000 175,000 100,000 250,000 100,000 460,000 25,000 70,000 50,000 40,000 40,000 45,000 40,000 75,000 80,000 Financial period ended30September 2020 Costa RicaGovernment4.375%30/04/2025 Costa RicaGovernment4.250%26/01/2023 Bonds Government Colombia Government7.500%26/08/2026 China DevelopmentBank3.500%13/08/2026 China DevelopmentBank3.450%20/09/2029 China DevelopmentBank1.860%09/04/2023 Costa RicaGovernment5.520%23/08/2023 Colombia Government9.850%28/06/2027 Dominican Republic4.500%30/01/2030 Bonds Government Czech Republic4.200%04/12/2036 Czech Republic2.500%25/08/2028 Bonds Government Costa RicaGovernment7.158%12/03/2045 Costa RicaGovernment7.000%04/04/2044 Dominican Republic6.850%27/01/2045 Dominican Republic6.400%05/06/2049 Dominican Republic5.500%27/01/2025 El SalvadorGovernment5.875%30/01/2025 Bonds Government Government7.903%21/02/2048 Egypt Government5.875%11/06/2025 Egypt Government4.550%20/11/2023 Egypt Bonds Government Dominican Republic7.450%30/04/2044 El SalvadorGovernment7.125%20/01/2050 El SalvadorGovernment6.375%18/01/2027 El SalvadorGovernment7.750%24/01/2023 El SalvadorGovernment7.650%15/06/2035 El SalvadorGovernment8.250%10/04/2032 Government Bonds Government Colombia Government4.500%28/01/2026 Bonds Government China Government2.680%21/05/2030 Colombia Government7.000%30/06/2032 Colombia Government6.250%26/11/2025 Colombia Government6.000%28/04/2028 1,442,462 1,344,311 Fair Value 136,481 607,551 231,108 537,077 416,768 120,309 445,468 169,969 283,619 322,500 930,654 786,010 298,152 252,197 235,661 137,648 443,737 276,914 624,025 640,325 200,503 182,330 23,996 69,475 88,332 45,547 42,675 35,194 50,752 36,194 96,984 65,004 72,713 65,835 14,126 86,832 USD

%of NAV 0.06 0.32 1.43 3.39 0.16 0.21 0.11 0.54 1.26 0.98 0.28 1.05 0.40 0.10 0.67 0.76 0.08 2.19 0.12 1.84 0.70 0.59 0.55 0.09 0.32 0.23 0.15 1.04 0.17 0.15 3.16 0.03 0.65 1.47 1.51 0.20 0.47 0.43

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Israel 0.47%(31March2020:Nil) Ivory Coast1.00%(31March2020:1.53%) Ivory Jordan 0.85%(31March2020:Nil) Jamaica 0.72%(31March2020:0.68%) Transferable Securities87.47%(31March 2020:98.13%)(continued) Fixed IncomeSecurities87.47%(31March2020:98.13%)(continued) Amount Principal Indonesia 5.61%(31March2020:5.44%) 1.18%(31March2020:3.03%) Hungary Honduras 0.30%(31March2020:0.13%) Guatemala 0.68%(31March2020:0.16%) Ghana 1.06%(31March2020:0.88%) 5,669,000,000 3,316,000,000 1,724,000,000 1,277,000,000 2,380,000,000 5,221,000,000 4,461,000,000 869,000,000 103,550,000 43,920,000 200,000 360,000 170,000 450,000 190,000 135,000 140,000 200,000 310,000 80,000 75,000 60,000 45,000 80,000 35,000 90,000 15,000 Bank LeumiLe-IsraelBM3.275%29/01/2031 Corporate Bonds Indonesia Government9.000%15/03/2029 Indonesia Government8.750%15/05/2031 Indonesia Government8.375%15/04/2039 Indonesia Government8.375%15/03/2034 Indonesia Government8.250%15/05/2036 Indonesia Government8.250%15/05/2029 Indonesia Government7.500%15/08/2032 Indonesia Government7.000%15/05/2027 Jordan Government5.750%31/01/2027 Jamaica Government7.875%28/07/2045 CoastGovernment6.125%15/06/2033 Ivory Bonds Government Government Bonds Government Jamaica Government6.750%28/04/2028 Bonds Government Indonesia Government5.875%15/01/2024 Indonesia Government5.125%15/01/2045 Indonesia Government4.750%08/01/2026 Government6.125%01/06/2050 Guatemala Ghana Government8.627%16/06/2049 Ghana Government6.375%11/02/2027 Indonesia Government4.350%11/01/2048 Indonesia Government4.125%15/01/2025 Bonds Government Government3.000%27/10/2027 Hungary Government2.500%24/10/2024 Hungary Bonds Government Honduras Government6.250%19/01/2027 Honduras Government5.625%24/06/2030 Bonds Government Government5.375%24/04/2032 Guatemala Government4.875%13/02/2028 Guatemala Bonds Government Bonds Government 2,384,065 Fair Value 429,556 248,366 123,797 174,901 355,609 306,694 201,750 361,969 307,711 216,298 423,352 219,153 157,233 288,614 168,241 449,726 169,031 280,695 124,961 499,788 152,232 347,556 103,739 92,256 62,051 91,413 94,664 69,413 50,372 87,325 37,636 16,634 USD

%of NAV 0.22 0.15 5.61 1.01 0.58 0.29 0.41 0.84 0.72 0.47 0.85 0.72 0.51 1.00 0.21 0.22 0.52 0.37 0.68 0.40 1.06 0.40 0.66 0.16 0.12 0.30 0.21 0.09 0.04 1.18 0.36 0.82 0.24

Transferable Securities87.47%(31March 2020:98.13%)(continued) Fixed IncomeSecurities87.47%(31March2020:98.13%)(continued) Amount Principal Namibia Nil(31March2020:0.14%) Morocco Nil(31March2020:0.48%) Mongolia 0.28%(31March2020:0.44%) Mexico 8.08%(31March2020:7.69%) Mauritius Nil(31March2020:0.24%) Malaysia 4.09%(31March2020:4.69%) Kuwait Nil(31March2020:0.40%) Kenya 0.97%(31March2020:1.30%) Kazakhstan 0.49%(31March2020:1.52%) 24,040,000 (Unaudited)(continued) 4,567,000 9,052,000 1,189,000 1,092,000 1,490,000 1,198,000 115,000 195,000 100,000 100,000 170,000 135,000 110,000 156,000 185,000 220,000 636,000 150,000 570,000 120,000 890,000 180,000 216,000 200,000 180,000 65,000 20,000 Financial period ended30September 2020 Mongolia Government5.625%01/05/2023 Bonds Government Mexico Government10.000%20/11/2036 Mexico Government8.500%31/05/2029 Mexico Government5.000%27/04/2051 Mexico Government4.125%21/01/2026 Bonds Government Petroleos Mexicanos7.690%23/01/2050 Petroleos Mexicanos6.950%28/01/2060 Petroleos Mexicanos6.875%04/08/2026 Petroleos Mexicanos6.840%23/01/2030 Petroleos Mexicanos6.750%21/09/2047 Petroleos Mexicanos6.500%23/01/2029 Petroleos Mexicanos6.500%13/03/2027 Petroleos Mexicanos6.490%23/01/2027 Petroleos Mexicanos5.350%12/02/2028 17/04/2025 Banco SantanderMexicoSA5.375% Mexico Government7.750%13/11/2042 Mexico Government5.750%05/03/2026 Corporate Bonds Malaysia Government4.893%08/06/2038 Malaysia Government4.160%15/07/2021 Malaysia Government3.955%15/09/2025 Malaysia Government3.899%16/11/2027 Malaysia Government3.844%15/04/2033 Malaysia Government3.800%17/08/2023 Malaysia Government3.478%14/06/2024 Malaysia Government3.441%15/02/2021 Bonds Government Government8.250%28/02/2048 Kenya Government6.875%24/06/2024 Kenya Bonds Government Kazakhstan Government5.125%21/07/2025 Bonds Government 3,436,330 1,114,654 1,739,956 Fair Value 118,486 275,585 484,422 219,083 111,350 164,246 120,994 146,390 173,808 190,179 166,665 162,338 308,874 234,028 283,610 376,112 301,987 411,748 207,529 204,219 208,890 84,075 50,521 85,195 17,999 31,164 29,417 43,590 USD

%of NAV 0.28 0.65 1.14 0.52 0.26 0.20 0.12 0.39 0.28 0.20 0.04 0.34 0.41 0.45 0.39 8.08 0.07 2.62 0.38 0.07 0.73 0.55 0.67 0.88 0.71 0.10 0.97 0.49 0.48 0.49 4.09

97 LAZARD GLOBAL INVESTMENT FUNDS PLC 98 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Qatar 0.89%(31March2020:2.33%) Poland Nil(31March2020:0.60%) Philippines 0.69%(31March2020:2.34%) Fixed IncomeSecurities87.47%(31March2020:98.13%)(continued) Transferable Securities87.47%(31March 2020:98.13%)(continued) Amount Principal Peru 4.78%(31March2020:4.78%) Paraguay 0.58%(31March2020:0.46%) Panama 1.62%(31March2020:2.88%) Pakistan 0.50%(31March2020:0.79%) Oman 1.74%(31March2020:Nil) Nigeria 2.32%(31March2020:1.00%) 4,556,000 1,040,000 280,000 150,000 485,000 406,000 640,000 250,000 180,000 593,000 314,000 125,000 510,000 200,000 460,000 200,000 210,000 200,000 640,000 231,000 25,000 65,000 60,000 95,000 55,000 80,000 57,000 Banco de CreditodelPeru 3.125%01/07/2030 Qatar Government4.817% 14/03/2049 Qatar Bonds Government Philippines Government4.200%21/01/2024 Philippines Government3.700%01/03/2041 Philippines Government3.625%09/09/2025 Bonds Government Peru Government8.200%12/08/2026 Peru Government6.950%12/08/2031 Peru Government6.900%12/08/2037 Peru Government6.350%12/08/2028 Peru Government5.350%12/08/2040 Peru Government4.125%25/08/2027 Peru Government2.392%23/01/2026 Bonds Government 6.375% 01/06/2028 Hunt OilCoofPeru LLCSucursalDelPeru Fondo MiviviendaSA7.000%14/02/2024 Corporate Bonds Paraguay Republic5.400%30/03/2050 Paraguay Republic5.000%15/04/2026 Paraguay Republic4.950%28/04/2031 Bonds Government Panama Government7.125%29/01/2026 Panama Government4.500%15/05/2047 Panama Government2.252%29/09/2032 Bonds Government Pakistan Government8.250%15/04/2024 Bonds Government Oman Government6.750%17/01/2048 Oman Government6.500%08/03/2047 Oman Government4.750%15/06/2026 Bonds Government Nigeria Government7.875%16/02/2032 Nigeria Government7.625%28/11/2047 Nigeria Government6.500%28/11/2027 Bonds Government 2,035,086 Fair Value 377,825 293,919 166,921 179,219 354,617 135,076 216,179 189,450 592,259 125,469 245,586 108,745 690,761 101,313 517,904 211,900 739,738 383,022 163,844 192,872 986,922 191,656 574,300 220,966 28,895 98,103 68,981 75,888 97,948 73,041 63,800 71,544 USD

%of NAV 0.89 0.69 0.39 0.07 0.23 4.78 0.42 0.83 0.32 0.51 0.16 0.18 0.45 1.39 0.23 0.29 0.58 0.17 0.26 0.15 1.62 0.24 0.17 1.21 0.50 1.74 0.90 0.39 0.45 2.32 0.45 1.35 0.52

Transferable Securities87.47%(31March 2020:98.13%)(continued) Fixed IncomeSecurities87.47%(31March2020:98.13%)(continued) Amount Principal Sri Lanka1.42%(31March2020:0.90%) Spain Nil(31March2020:0.38%) South KoreaNil(31March2020:1.48%) Russia 4.59%(31March2020:7.56%) Romania 3.22%(31March2020:2.73%) South Africa6.85%(31March2020:6.23%) Senegal 0.40%(31March2020:0.65%) 13,400,000 13,724,000 41,930,000 43,958,000 12,617,000 12,641,000 (Unaudited)(continued) 1,210,000 3,010,000 5,780,000 2,973,000 7,651,000 135,000 125,000 161,000 200,000 700,000 100,000 940,000 154,000 220,000 250,000 300,000 170,000 224,000 59,000 20,000 75,000 70,000 45,000 70,000 80,000 68,000 60,000 Financial period ended30September 2020 South Africa Government 10.500%21/12/2026 Sri LankaGovernment5.750%18/04/2023 Sri LankaGovernment5.750%18/01/2022 Bonds Government Sri LankaGovernment6.125%03/06/2025 Sri LankaGovernment6.200%11/05/2027 Sri LankaGovernment6.350%28/06/2024 Sri LankaGovernment6.750%18/04/2028 Sri LankaGovernment6.825%18/07/2026 Sri LankaGovernment7.550%28/03/2030 Sri LankaGovernment6.850%03/11/2025 Sri LankaGovernment6.850%14/03/2024 Russian Federation 5.250%23/06/2047 Bonds Government Romania Government4.850%22/04/2026 Romania Government4.750%24/02/2025 Romania Government4.375%22/08/2023 Romania Government4.250%28/06/2023 Romania Government4.000%14/02/2051 Romania Government3.000%14/02/2031 Bonds Government Romania Government5.800%26/07/2027 Romania Government5.125%15/06/2048 Russian Federation 7.400%17/07/2024 Russian Federation 7.250%10/05/2034 Russian Federation 7.050%19/01/2028 Russian Federation 7.950%07/10/2026 South Africa Government 8.000%31/01/2030 South Africa Government 4.665%17/01/2024 Bonds Government Senegal Government6.250%23/05/2033 Bonds Government Russian Federation 8.500%17/09/2031 South Africa Government 6.300%22/06/2048 South Africa Government 5.875%22/06/2030 South Africa Government 8.750%28/02/2048 South Africa Government 8.500%31/01/2037 South Africa Government 8.250%31/03/2032 2,917,047 1,371,266 1,954,005 Fair Value 101,208 881,289 606,796 115,014 265,563 181,966 309,177 108,938 232,975 159,149 226,428 186,233 188,790 604,625 316,432 307,875 168,247 666,922 204,855 136,999 359,521 648,595 48,869 14,200 51,375 51,067 30,846 49,656 85,273 59,288 69,184 83,449 41,872 61,481 USD

%of NAV 0.11 0.24 2.08 6.85 0.03 0.12 0.12 0.07 0.12 1.42 0.20 0.14 0.27 0.62 0.43 0.72 0.26 0.55 0.37 0.53 3.22 0.16 0.20 0.10 0.44 0.44 1.42 0.74 0.72 0.40 1.57 4.59 0.14 0.48 0.32 0.85 1.52

Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtBlendFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Uruguay 0.49%(31March2020:1.38%) Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities Transferable Securities87.47%(31March 2020:98.13%)(continued) United States0.24%(31March2020:0.07%) United Kingdom0.64%(31March2020:0.97%) United ArabEmirates1.93%(31March2020:1.23%) Ukraine 2.36%(31March2020:2.34%) Turkey 2.17%(31March2020:4.33%) Thailand 2.52%(31March2020:3.65%) Fixed IncomeSecurities87.47%(31March2020:98.13%)(continued) Amount Principal 1,400,000,000 10,291,000 4,190,000 5,580,000 7,109,000 4,690,000 180,000 275,000 280,000 270,000 320,000 225,000 200,000 190,000 193,000 273,000 220,000 150,000 165,000 25,000 35,000 90,000 International FinanceInternational Corp8.000%09/10/2023 Uruguay Government4.375%27/10/2027 Bonds Government 7.625% 08/11/2026 NAK NaftogazUkraineviaKondor Finance Plc 09/09/2050 ofDubaiGovernment3.900% Emirate Abu DhabiGovernment3.125%30/09/2049 Bonds Government NBK Tier 1Financing Ltd4.500%31/12/2099 Ukraine Government15.840%26/02/2025 Ukraine Government7.750%01/09/2027 Ukraine Government7.750%01/09/2026 Ukraine Government7.750%01/09/2025 Ukraine Government7.253%15/03/2033 Turkey Government7.375%05/02/2025 Turkey Government6.000%25/03/2027 Turkey Government5.750%11/05/2047 Turkey Government5.600%14/11/2024 Corporate Bonds Corporate Bonds Corporate Bonds Bonds Government Turkey Government5.250%13/03/2030 Turkey Government4.875%09/10/2026 Turkey Government4.250%13/03/2025 Government Bonds Government Thailand Government3.775%25/06/2032 Thailand Government3.650%20/06/2031 Thailand Government3.400%17/06/2036 Thailand Government3.300%17/06/2038 Bonds Government 37,209,013 37,209,013 37,209,013 1,002,903 1,077,968 Fair Value 100,819 208,406 271,163 819,768 253,252 343,450 223,066 167,933 198,813 189,941 193,965 252,251 924,951 228,456 264,301 145,992 152,573 405,924 214,798 277,591 179,655 19,965 31,216 82,448

USD

%of 87.47 87.47 87.47 NAV 0.24 0.49 0.05 0.64 1.93 0.60 0.81 0.52 2.36 0.39 0.47 0.45 0.46 0.59 2.17 0.54 0.62 0.34 0.07 0.19 0.36 2.52 0.95 0.50 0.65 0.42

21/10/2020 21/10/2020 24/11/2020 24/11/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 08/10/2020 08/10/2020 08/10/2020 25/11/2020 25/11/2020 25/11/2020 26/10/2020 26/10/2020 26/10/2020 26/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 02/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 15/10/2020 04/11/2020 04/11/2020 04/11/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 Financial Derivative Instruments(0.75)%(31March2020:(3.90)%) Open ForwardForeignCurrency ExchangeContracts(0.86)%(31March2020:(4.18)%) Date Maturity (Unaudited)(continued)

Financial period ended30September 2020 PEN 928,200 MYR 345,937 MYR 353,950 MXN 1,430,070 MXN 1,237,594 MXN 700,553 MXN 5,066,193 131,538,000 KRW INR 16,964,179 INR 16,964,179 IDR 298,640,000 IDR 735,250,000 IDR 3,788,007,521 HUF 20,711,708 HUF 48,724,155 HUF 45,984,841 HUF 45,984,841 GBP 42,862 GBP 131,131 EUR 98 EUR 1,242 EUR 33,872 EUR 81,905 EUR 428,316 EUR 28,080,890 EUR 168,784 CZK 1,235,864 CZK 1,292,397 CZK 3,956,719 CZK 4,307,990 CZK 3,746,078 CZK 3,746,078 CZK 3,746,078 CZK 5,169,588 CNH 2,377,570 CNH 204,654 CLP 47,157,000 CLP 7,753,000 CLP 94,968,524 CLP 71,642,922 CHF 3,294,088 BRL 4,162,199 BRL 2,298,687 BRL 2,296,059 BRL 274,500 BRL 702,954 BRL 2,343,178 BRL 1,817,854 BRL 1,817,854 BRL 2,511,970 BRL 2,511,970 Amount Bought PEN 142,860

USD 260,000 USD 83,128 USD 85,254 USD 64,307 USD 55,693 USD 32,998 USD 232,289 USD 110,962 USD 228,479 USD 228,605 USD 20,000 USD 50,000 USD 255,594 USD 68,636 USD 161,364 USD 152,554 USD 152,648 USD 55,829 USD 170,803 USD 116 USD 1,466 USD 39,971 USD 96,666 USD 505,447 USD 33,137,697 USD 196,549 USD 54,773 USD 57,878 USD 175,227 USD 192,961 USD 168,947 USD 169,023 USD 169,054 USD 231,638 USD 346,322 USD 30,000 USD 60,000 USD 10,000 USD 121,107 USD 91,756 USD 3,598,126 USD 744,519 USD 417,238 USD 424,846 USD 50,000 USD 126,301 USD 418,507 USD 326,559 USD 326,617 USD 450,113 USD 450,400 Sold Amount USD 40,000

Gain/(Loss) Unrealised (199,782) (11,426) (17,751) (1,964) (1,330) (3,275) (2,287) (1,786) (4,099) (4,130) (4,225) (1,266) (3,047) (1,269) (1,927) (3,930) (6,456) (6,769) (6,845) (6,877) (7,833) (6,555) (9,677) (1,299) (1,585) (2,788) (4,041) (4,100) (4,448) (4,735)

1,511 1,386 1,260 1,376 3,846 (244) (833) (414) (241) (593) (134) (157) (544) (804) (286) (42) (30) 338 252 141 USD (1) (9)

(0.48) (0.03) (0.05) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) (0.02) (0.02) (0.02) (0.02) (0.02) (0.02) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 NAV

99 LAZARD GLOBAL INVESTMENT FUNDS PLC 100 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Financial Derivative Instruments(0.75)%(31March2020:(3.90)%)(continued) (continued) Open ForwardForeignCurrency ExchangeContracts(0.86)%(31March2020:(4.18)%) Date Maturity 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 25/11/2020 26/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 20/10/2020 20/10/2020 20/10/2020 20/11/2020 20/11/2020 20/10/2020 20/10/2020 15/10/2020 15/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 26/10/2020 26/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 08/10/2020 08/10/2020 08/10/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020

Amount PLN 932,567 PLN 947,936 PLN 947,936 PLN 947,936 PLN 1,105,533 USD 58,538 USD 63,148 USD 56,852 USD 219,485 USD 70,000 USD 30,000 USD 832 USD 272 USD 1,152 USD 3,523 USD 8,933 USD 851 USD 10,397 USD 54,522 USD 687,327 USD 196,600 USD 56,471 USD 43,529 USD 50,000 USD 92,331 USD 40,000 USD 50,000 USD 20,000 USD 8,521 USD 74,350 USD 469,569 USD 425,196 USD 417,563 USD 745,113 USD 80,000 USD 60,000 TRY 539,952 TRY 2,488,757 THB 622,200 THB 2,811,056 THB 6,231,180 THB 6,158,151 THB 6,231,180 THB 12,462,360 2,231,055 RUB 8,413,244 RUB 8,413,244 RUB PLN 330,034 PLN 916,760 PLN 916,760 PLN 932,567 PLN 932,567 Bought

Sold USD 250,351 USD 258,772 USD 258,870 USD 258,928 USD 300,531 INR 4,307,791 INR 4,650,856 INR 4,186,291 INR 16,261,640 IDR 1,048,810,000 HUF 9,113,826 GBP 638 GBP 209 GBP 905 GBP 2,767 EUR 7,569 EUR 727 EUR 8,873 EUR 46,558 EUR 586,569 EUR 168,784 CZK 1,240,700 CZK 956,465 CZK 1,126,172 COP 347,924,789 COP 149,120,000 CNH 338,853 CLP 15,266,000 CHF 7,806 CHF 68,353 BRL 2,485,145 BRL 2,296,059 BRL 2,298,687 BRL 4,162,199 BRL 423,040 BRL 315,150 USD 70,000 USD 322,478 USD 20,000 USD 90,283 USD 199,162 USD 197,181 USD 200,154 USD 398,515 USD 30,000 USD 111,621 USD 111,680 USD 88,000 USD 244,802 USD 244,874 USD 249,629 USD 250,346 Amount

Gain/(Loss) Unrealised (13,571) (13,669) (13,727) (14,565) (9,125) (1,378) (1,341) (1,576) (2,527) (2,850) (3,518) (5,244) (1,267) (3,270) (3,329) (2,631) (7,665) (7,737) (8,404) (9,121) 28,662 17,837 2,757 2,121 1,245 2,294 1,411 9,738 6,669 4,946 4,087 (861) (135) (698) (327) (365) (18) (54) (11) (89) (75) 167 129 128 584 620 USD (1) 54 94 22 6 2

(0.03) (0.03) (0.03) (0.03) (0.02) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) (0.02) (0.02) (0.02)

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.08 0.05 0.03 0.02 0.01 0.01 NAV

exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 20/10/2020 20/10/2020 20/10/2020 Financial Derivative Instruments(0.75)%(31March2020:(3.90)%)(continued) Date Maturity (continued) Open ForwardForeignCurrency ExchangeContracts(0.86)%(31March2020:(4.18)%) 20/10/2020 20/10/2020 21/10/2020 21/10/2020 08/10/2020 20/10/2020 20/10/2020 20/10/2020 17/11/2020 17/11/2020 17/11/2020 13/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 24/11/2020 24/11/2020 20/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 (Unaudited)(continued)

Financial period ended30September 2020 ZAR 949,836 USD 201,645 USD 201,592 Amount USD 201,575 USD 274,720 USD 50,000 USD 50,000 USD 50,000 USD 61,496 USD 61,493 USD 20,000 USD 338,522 USD 151,478 USD 30,000 USD 52,961 USD 198,705 USD 172,964 USD 172,940 USD 96,161 USD 20,000 USD 230,000 USD 40,000 USD 70,000 USD 54,032 USD 55,968 USD 2,901 USD 61,462 Bought

USD 58,234 ZAR 3,428,733 ZAR 3,428,733 Sold ZAR 3,428,733 ZAR 4,675,545 THB 1,556,603 THB 1,581,625 3,781,400 RUB RON 254,045 RON 254,045 RON 82,455 PLN 1,272,739 PLN 569,514 PLN 113,180 PHP 2,611,405 PEN 709,834 PEN 618,243 PEN 618,243 PEN 343,468 PEN 70,720 MYR 952,430 MYR 165,120 MXN 1,475,380 62,930,709 KRW 65,197,484 KRW 3,409,807 KRW INR 4,521,780 Amount

Gain/(Loss) Unrealised (367,465) (488,792) 121,327 (1,414) (3,463) (3,517) (3,534) (4,973) 1,301 9,304 4,163 1,374 1,095 1,071 1,249 3,307 (893) (15) 879 454 451 188 724 678 340 342 222 221 192 USD 89

(0.86) (1.15) (0.01) (0.01) (0.01) (0.01)

(0.00) (0.00) (0.00) % of 0.29 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Financial Derivative Instruments(0.75)%(31March2020:(3.90)%)(continued) BRL Interest RateSwaps0.11%(31March2020:0.27%) CCY fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarily classified ofincorporation bythecountry isMorganStanley. swaps The counterpartyfortheinterestrate UBS AG StreetBankand State Trust Company Standard CharteredBank JP MorganChaseandCompany HSBC BankPlc Citibank NA Barclays BankPlc Bank of America Merrill Lynch The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Total Assets Other assets instruments Over thecounterfinancialderivative (a), (b)and(c) 68(1) Other transferablesecuritiesofthetypereferredtoinRegulations Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Net Assets Other NetAssets(31March2020:5.77%) Total Investments(31March2020:94.23%) Total FinancialDerivative Instruments Interest RateSwapsatfair value fairvalue negative at Swaps Interest Rate positivefairvalue at Swaps Interest Rate CNY BRL BRL BRL 1,354,561 3,856,000 2,467,452 1,190,332 714,345 Notional Amount

1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthCNRR Less than Less than Less than Less than Less than Fund Pays

Fixed 2.493% Fixed 8.035% Fixed 5.415% Fixed 4.840% Fixed 4.098% Receives Fund

Termination 26/02/2025 01/02/2025 01/02/2025 01/02/2024 01/02/2023 Date 42,537,696 36,888,064 5,649,632 (320,949) (10,996) % ofTotal assets (3,150) (3,917) (3,575) 46,516 57,512 57,512 (354) Value USD Fair

100.00 100.00 (0.75) (0.01) (0.03) (0.01) (0.01) 14.14 18.58 65.17

(0.00) 86.72 13.28 0.41 1.70 % of 0.11 0.14 0.14 NAV

(Unaudited)(continued) Financial period ended30September 2020 101 LAZARD GLOBAL INVESTMENT FUNDS PLC 102 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtUnrestricted Blend Fund Portfolios ofInvestments Argentina 2.02%(31March2020:1.86%) Angola 1.99%(31March2020:0.16%) Fixed IncomeSecurities92.73%(31March2020:93.97%) Transferable Securities92.73%(31March 2020:93.97%) Amount Principal Brazil 2.07%(31March2020:1.36%) Belize 0.05%(31March2020:0.08%) Belarus 0.25%(31March2020:0.19%) Barbados 0.05%(31March2020:0.06%) Bahrain 1.22%(31March2020:Nil) Azerbaijan 0.49%(31March2020:0.10%) Armenia 0.07%(31March2020:Nil) 52,420,000 16,171,815 13,235,100 11,535,000 1,095,000 1,225,000 3,680,000 3,155,000 1,160,000 1,875,000 1,480,000 1,310,000 3,260,000 3,195,000 1,807,963 4,248,175 790,000 370,000 450,000 560,000 580,000 545,000 560,000 795,000 390,000 985,000

Bahrain Government7.000%12/10/2028 Bahrain Government7.000%26/01/2026 Bahrain Government6.750%20/09/2029 Bonds Government Azerbaijan Republic4.750%18/03/2024 Azerbaijan Republic3.500%01/09/2032 Bonds Government Armenia Republic7.150%26/03/2025 Bonds Government Argentina Government1.000%09/07/2029 Argentina Government0.125%09/01/2038 Argentina Government0.125%09/07/2035 Argentina Government0.125%09/07/2030 Bonds Government Angola Government9.500%12/11/2025 coupon 01/01/2024 Brazil Letrasdo Tesouro Nacional-Zero Brazil Government5.625%21/02/2047 Brazil Government4.750%14/01/2050 Brazil Government4.500%30/05/2029 Brazil Government4.250%07/01/2025 Brazil Government3.875%12/06/2030 Brazil Government2.875%06/06/2025 Bonds Government Belize Government4.938%20/02/2034 Bonds Government Belarus Government5.875%24/02/2026 Bonds Government Barbados Government6.500%01/10/2029 Bonds Government Bahrain Government7.500%20/09/2047 Bahrain Government7.375%14/05/2030 Angola Government9.375%08/05/2048 Angola Government8.250%09/05/2028 Angola Government8.000%26/11/2029 Bonds Government

14,581,769 14,252,092 14,028,254 1,436,292 3,627,259 3,089,166 1,821,405 6,080,602 5,525,654 7,717,515 3,367,470 1,162,030 1,750,313 8,591,798 1,049,641 1,629,850 2,938,250 9,172,127 3,478,475 Fair Value 848,756 389,309 491,133 824,431 957,783 611,188 568,581 588,685 566,300 349,427 378,483 960,094 USD

%of NAV 0.20 0.52 0.43 0.26 0.86 0.78 2.07 1.10 0.48 0.16 0.25 1.22 0.15 0.23 0.42 1.29 0.12 0.49 0.06 0.07 2.02 0.12 1.99 0.14 0.09 0.08 0.08 0.08 0.05 0.05 0.14

Cayman Islands0.74%(31March2020:0.49%) Canada 0.25%(31March2020:0.30%) Cameroon 0.06%(31March2020:Nil) British VirginIslandsNil(31March2020:0.40%) Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Amount Principal Colombia 3.08%(31March2020:3.95%) China 5.66%(31March2020:Nil) Chile 1.51%(31March2020:3.10%) Transferable Securities92.73%(31March 2020:93.97%)(continued) 31,844,000,000 11,283,000,000 4,386,000,000 6,847,000,000 7,518,200,000 1,370,000,000 1,415,000,000 (Unaudited)(continued) 560,000,000 99,490,000 76,270,000 94,270,000 3,125,000 1,524,000 1,600,000 1,845,000 1,410,000 9,310,000 2,150,000 2,075,000 375,000 395,000 500,000 775,000 Financial period ended30September 2020 14/01/2030 GardenHoldingsCoLtd5.625% Country 06/08/2030 GardenHoldingsCoLtd4.800% Country Trust 6.875%06/02/2024 Comunicaciones CelularesSA Via Comcel Corporate Bonds MEGlobal CanadaULC5.000%18/05/2025 Corporate Bonds Cameroon Government9.500%19/11/2025 Bonds Government Colombia Government9.850%28/06/2027 Colombia Government7.500%26/08/2026 Colombia Government7.000%30/06/2032 Colombia Government6.250%26/11/2025 Colombia Government6.000%28/04/2028 Colombia Government4.500%28/01/2026 Colombia Government3.875%25/04/2027 Bonds Government China Government2.680%21/05/2030 China DevelopmentBank3.500%13/08/2026 China DevelopmentBank3.450%20/09/2029 China DevelopmentBank1.860%09/04/2023 Bonds Government 01/01/2043 Bonos dela Tesoreria delaRepublica6.000% 01/03/2035 Bonos dela Tesoreria delaRepublica5.000% 01/03/2026 Bonos dela Tesoreria delaRepublica4.500% Bonds Government 4.750% 01/08/2026 Empresa Nacionalde Telecomunicaciones SA 30/04/2025 Empresa ElectricaGuacoldaSA4.560% 16/09/2025 Corp NacionaldelCobredeChile4.500% 15/01/2031 Corp NacionaldelCobredeChile3.750% Corporate Bonds 39,916,915 14,053,886 21,749,627 11,146,226 13,384,365 10,672,037 3,257,812 1,549,748 1,727,750 1,473,095 9,521,102 1,917,865 3,208,440 2,059,174 2,043,626 1,526,325 2,095,426 2,072,711 1,767,703 2,316,219 1,332,438 5,214,728 Fair Value 407,168 407,282 990,351 552,424 877,203

USD

%of NAV 0.46 0.22 0.25 5.66 1.99 0.21 1.35 0.27 0.45 0.29 0.29 0.22 0.30 0.29 0.25 0.33 3.08 0.19 0.06 0.06 0.74 1.51 0.14 0.08 0.12 1.58 1.90

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments El Salvador 0.74%(31March2020:0.53%) Egypt 1.48%(31March2020:1.86%) Egypt Ecuador 1.18%(31March2020:0.42%) Dominican Republic1.45%(31March2020:1.94%) Czech Republic1.24%(31March2020:1.62%) Transferable Securities92.73%(31March 2020:93.97%)(continued) Costa Rica0.94%(31March2020:1.04%) Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Amount Principal 112,040,000 31,460,000 1,325,000 1,355,000 1,728,000 1,050,000 1,965,000 2,010,000 1,535,000 1,560,000 3,660,111 7,659,917 2,549,745 1,036,000 3,495,000 2,565,000 3,120,000 1,445,000 1,010,000 595,000 329,000 810,000 380,000 420,000 610,000 480,000 941,672 490,000 329,000 570,000 870,000 560,000 780,000 695,000

El SalvadorGovernment8.625%28/02/2029 El SalvadorGovernment8.250%10/04/2032 El SalvadorGovernment7.750%24/01/2023 El SalvadorGovernment7.650%15/06/2035 El SalvadorGovernment7.625%01/02/2041 El SalvadorGovernment7.125%20/01/2050 El SalvadorGovernment6.375%18/01/2027 El SalvadorGovernment5.875%30/01/2025 Bonds Government Government8.700%01/03/2049 Egypt Government8.500%31/01/2047 Egypt Government6.588%21/02/2028 Egypt Government6.200%01/03/2024 Egypt Government5.750%29/05/2024 Egypt Government5.577%21/02/2023 Egypt Egypt Government4.550%20/11/2023 Egypt Bonds Government Ecuador Government0.500%31/07/2040 Ecuador Government0.500%31/07/2035 Ecuador Government0.500%31/07/2030 Ecuador Government-Zerocoupon31/07/2030 Bonds Government Dominican Republic7.450%30/04/2044 Dominican Republic6.875%29/01/2026 Dominican Republic6.850%27/01/2045 Dominican Republic6.500%15/02/2048 Dominican Republic6.400%05/06/2049 Dominican Republic5.950%25/01/2027 Dominican Republic5.500%27/01/2025 Dominican Republic4.500%30/01/2030 Bonds Government Czech Republic4.200%04/12/2036 Czech Republic2.500%25/08/2028 Bonds Government Costa RicaGovernment7.158%12/03/2045 Costa RicaGovernment7.000%04/04/2044 Costa RicaGovernment5.520%17/08/2022 Costa RicaGovernment4.375%30/04/2025 Costa RicaGovernment4.250%26/01/2023 Bonds Government 10,439,436 10,215,868 1,204,301 1,226,062 1,676,970 1,040,813 2,046,977 2,061,192 1,579,371 1,564,388 8,348,996 1,857,506 4,308,703 1,740,201 1,157,892 3,522,305 2,522,517 8,723,962 7,172,762 1,551,200 6,603,602 2,866,500 1,360,106 5,206,205 Fair Value 566,738 319,079 702,042 320,922 330,356 536,705 469,725 552,628 348,175 577,748 937,153 597,450 710,531 697,016 969,449 442,586

USD

%of NAV 0.16 0.17 0.24 0.15 0.29 0.29 0.22 0.22 1.18 0.26 0.61 0.25 0.16 0.51 0.36 1.24 1.02 0.22 0.94 0.41 0.19 0.74 0.08 0.05 0.10 0.05 0.05 0.08 1.48 0.07 1.45 0.08 0.05 0.08 0.13 0.08 0.10 0.10 0.14 0.06

Transferable Securities92.73%(31March 2020:93.97%)(continued) Guatemala 0.42%(31March2020:0.15%) Ghana 1.06%(31March2020:0.66%) Gabon 0.20%(31March2020:0.17%) Ethiopia 0.08%(31March2020:Nil) Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Amount Principal Indonesia 5.85%(31March2020:5.71%) India 0.30%(31March2020:Nil) 1.26%(31March2020:2.65%) Hungary Honduras 0.15%(31March2020:0.11%) 102,412,000,000 93,539,000,000 18,787,000,000 92,432,000,000 36,575,000,000 79,413,000,000 6,242,000,000 6,776,000,000 2,118,730,000 (Unaudited)(continued) 513,590,000 1,200,000 2,690,000 1,695,000 2,405,000 1,502,000 4,620,000 1,040,000 2,100,000 1,220,000 1,295,000 575,000 535,000 825,000 655,000 765,000 460,000 485,000 Financial period ended30September 2020 Government Bonds Government Ghana Government8.950%26/03/2051 Ghana Government8.627%16/06/2049 Ghana Government8.125%26/03/2032 Ghana Government7.875%11/02/2035 Ghana Government6.375%11/02/2027 Bonds Government Gabon Government6.375%12/12/2024 Bonds Government Ethiopia Government6.625%11/12/2024 Bonds Government Indonesia Government9.000%15/03/2029 Indonesia Government8.750%15/05/2031 Indonesia Government8.375%15/03/2034 Indonesia Government8.375%15/09/2026 Indonesia Government8.250%15/05/2036 Indonesia Government8.250%15/05/2029 Indonesia Government7.500%15/08/2032 Indonesia Government7.000%15/05/2027 Indonesia Government5.875%15/01/2024 Indonesia Government5.125%15/01/2045 Indonesia Government4.750%08/01/2026 Indonesia Government4.625%15/04/2043 Indonesia Government4.125%15/01/2025 Bonds Government 4.200% 04/08/2027 Adani Ports &SpecialEconomicZoneLtd Corporate Bonds Government3.000%27/10/2027 Hungary Government2.500%24/10/2024 Hungary Bonds Government Honduras Government7.500%15/03/2024 Honduras Government6.250%19/01/2027 Bonds Government Government6.125%01/06/2050 Guatemala Government5.375%24/04/2032 Guatemala 41,263,527 7,439,526 1,041,375 2,273,470 1,440,220 2,177,652 1,420,563 7,760,048 7,005,996 1,357,260 6,910,659 2,687,820 5,408,943 5,380,856 1,164,150 2,121,000 8,891,491 1,780,168 7,111,323 2,958,787 1,466,097 1,492,690 1,030,952 Fair Value 506,809 537,591 445,707 465,850 951,586 826,733 897,919 501,544 529,408

USD

%of NAV 1.06 0.15 0.33 0.20 0.31 0.20 1.10 0.99 0.19 0.98 0.38 0.77 0.76 0.17 0.30 1.26 0.25 1.01 0.42 0.21 0.21 5.85 0.07 0.08 0.15 0.06 0.07 0.13 0.12 0.13 0.07 0.08

103 LAZARD GLOBAL INVESTMENT FUNDS PLC 104 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Transferable Securities92.73%(31March 2020:93.97%)(continued) Amount Principal Lebanon 1.24%(31March2020:1.74%) Kuwait Nil(31March2020:0.39%) Kenya 0.93%(31March2020:0.60%) Kazakhstan 0.33%(31March2020:1.67%) Jordan 0.23%(31March2020:Nil) Jamaica 0.43%(31March2020:0.44%) Coast0.93%(31March2020:1.03%) Ivory Israel 0.38%(31March2020:Nil) Iraq 0.47%(31March2020:0.30%) 4,071,000 3,051,000 1,004,000 3,955,000 8,763,000 3,392,000 1,704,000 1,536,000 2,810,000 6,361,000 6,895,000 1,035,000 3,415,000 2,160,000 1,650,000 1,580,000 1,045,000 1,040,000 5,850,000 1,152,040 2,675,000 3,346,875 825,000 365,000 400,000 330,000

Lebanon Government7.000%23/03/2032 Lebanon Government6.850%23/03/2027 Lebanon Government6.750%29/11/2027 Lebanon Government6.650%26/02/2030 Lebanon Government6.650%03/11/2028 Lebanon Government6.650%22/04/2024 Lebanon Government6.600%27/11/2026 Lebanon Government6.375%09/03/2049 Lebanon Government6.250%04/11/2024 Lebanon Government6.200%26/02/2025 Lebanon Government6.100%04/10/2022 Lebanon Government6.000%27/01/2023 Bonds Government Government8.250%28/02/2048 Kenya Government8.000%22/05/2032 Kenya Government6.875%24/06/2024 Kenya Bonds Government 19/04/2047 CoJSC5.750% KazMunayGas National 4.125% 10/12/2022 Development BankofKazakhstanJSC Corporate Bonds Jordan Government5.750%31/01/2027 Bonds Government Jamaica Government8.000%15/03/2039 Jamaica Government7.875%28/07/2045 Jamaica Government6.750%28/04/2028 Bonds Government CoastGovernment6.125%15/06/2033 Ivory CoastGovernment5.750%31/12/2032 Ivory Bonds Government Bank LeumiLe-IsraelBM3.275% Corporate Bonds Iraq Republic6.752%09/03/2023 Iraq Republic5.800%15/01/2028 Bonds Government 29/01/2031 1,402,079 1,097,273 1,137,675 3,387,786 2,205,563 2,347,703 1,965,480 1,588,641 3,056,290 1,358,989 1,188,363 6,574,427 5,503,570 1,070,857 2,991,269 2,698,406 6,587,758 3,306,832 Fair Value 641,183 488,160 160,640 613,025 551,200 272,640 154,688 247,680 453,113 994,409 382,223 508,938 315,563

USD

%of NAV 0.20 0.16 0.16 0.48 0.31 0.33 0.28 0.23 0.43 0.19 0.17 0.93 0.78 0.15 0.43 0.38 0.09 0.07 0.02 0.09 0.08 0.04 0.02 0.04 0.06 0.93 0.14 0.05 0.07 0.47 0.04

Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Amount Principal Transferable Securities92.73%(31March 2020:93.97%)(continued) Malaysia 4.51%(31March2020:5.05%) Lebanon 1.24%(31March2020:1.74%) Morocco 0.18%(31March2020:0.18%) Mongolia 0.22%(31March2020:0.29%) Mexico 7.81%(31March2020:7.35%) (Unaudited)(continued) 137,999,000 371,040,000 12,770,000 11,590,000 13,453,000 20,670,000 18,800,000 20,350,000 67,430,000 33,270,000 2,495,000 9,050,000 2,480,000 3,680,000 6,998,000 1,347,000 1,045,000 1,620,000 1,900,000 1,550,000 2,865,000 1,540,000 2,560,000 1,940,000 3,685,000 2,175,000 2,325,000 1,910,000 1,250,000 485,000 120,000 700,000 645,000 485,000 450,000 430,000 Financial period ended30September 2020 Government Bonds Government Government Bonds(continued) Government Malaysia SukukGlobalBhd3.179%27/04/2026 Malaysia Government4.893%08/06/2038 Malaysia Government4.160%15/07/2021 Malaysia Government3.955%15/09/2025 Malaysia Government3.899%16/11/2027 Malaysia Government3.882%10/03/2022 Malaysia Government3.844%15/04/2033 Malaysia Government3.800%17/08/2023 Malaysia Government3.478%14/06/2024 Malaysia Government3.441%15/02/2021 Bonds Government Lebanon Government8.250%12/04/2021 Lebanon Government7.250%23/03/2037 Lebanon Government7.050%02/11/2035 Morocco Government5.500%11/12/2042 Bonds Government Mongolia Government10.875%06/04/2021 Mongolia Government8.750%09/03/2024 Mongolia Government5.125%05/12/2022 Bonds Government Mexico Government10.000%20/11/2036 Mexico Government8.500%31/05/2029 Mexico Government7.750%13/11/2042 Mexico Government5.750%05/03/2026 Mexico Government4.500%31/01/2050 Mexico Government4.500%22/04/2029 Mexico Government4.125%21/01/2026 Mexico Government3.900%27/04/2025 Petroleos Mexicanos7.690%23/01/2050 Petroleos Mexicanos6.950%28/01/2060 Petroleos Mexicanos6.875%04/08/2026 Petroleos Mexicanos6.840%23/01/2030 Petroleos Mexicanos6.750%21/09/2047 Petroleos Mexicanos6.500%23/01/2029 Petroleos Mexicanos6.500%13/03/2027 Petroleos Mexicanos6.490%23/01/2027 Petroleos Mexicanos5.350%12/02/2028 Petroleos Mexicanos4.500%23/01/2026 17/04/2025 Banco SantanderMexicoSA5.375% Corporate Bonds (continued) 31,798,846 17,203,878 55,084,218 2,577,470 3,317,342 3,047,622 3,332,090 5,368,331 4,745,580 5,129,737 8,754,620 1,242,144 1,301,188 4,068,909 7,385,085 1,630,244 1,713,656 2,115,650 1,697,250 2,408,749 1,196,965 2,473,344 1,738,725 2,854,033 2,041,020 2,184,338 1,651,100 1,388,875 2,781,535 1,571,471 Fair Value 607,960 891,179 215,520 125,175 786,078 660,218 545,170 404,978 382,249 77,600

USD

%of NAV 0.37 0.47 0.43 0.47 0.76 0.67 0.73 1.24 0.17 2.44 0.18 0.58 1.05 0.23 0.24 0.30 0.24 0.34 0.17 0.35 0.25 0.40 0.29 0.31 0.23 0.20 7.81 0.39 4.51 0.01 0.09 0.13 0.03 0.02 0.11 0.09 0.08 0.06 0.05 0.22

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments Panama 1.78%(31March2020:2.53%) Pakistan 0.41%(31March2020:0.40%) Oman 1.11%(31March2020:Nil) Nigeria 2.14%(31March2020:0.83%) Netherlands 0.50%(31March2020:Nil) Namibia 0.09%(31March2020:0.09%) Transferable Securities92.73%(31March 2020:93.97%)(continued) Mozambique 0.30%(31March2020:0.09%) Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Amount Principal 8,830,000 1,750,000 1,020,000 1,375,000 2,190,000 3,195,000 1,670,000 1,785,000 2,450,000 2,315,000 2,570,000 1,700,000 3,250,000 1,675,000 1,635,000 2,534,000 755,000 305,000 395,000 330,000 575,000 870,000 600,000 580,000 780,000 595,000 Government Bonds Government Panama Government7.125%29/01/2026 Panama Government4.500%15/05/2047 Panama Government3.750%16/03/2025 Panama Government2.252%29/09/2032 31/05/2030 Aes Panama HoldingsSrl4.375% Generation Corporate Bonds Third Pakistan 5.500%13/10/2021 Pakistan Government8.250%30/09/2025 Pakistan Government8.250%15/04/2024 Pakistan Government6.875%05/12/2027 Bonds Government Oman Government6.750%17/01/2048 Oman Government6.500%08/03/2047 Oman Government6.000%01/08/2029 Oman Government5.625%17/01/2028 Oman Government5.375%08/03/2027 Oman Government4.750%15/06/2026 Bonds Government Nigeria Government9.248%21/01/2049 Nigeria Government8.747%21/01/2031 Nigeria Government7.875%16/02/2032 Nigeria Government7.696%23/02/2038 Nigeria Government7.625%28/11/2047 Nigeria Government7.625%21/11/2025 Nigeria Government6.500%28/11/2027 Bonds Government BV4.625%10/08/2030 Minejesa Capital 5.350% 20/05/2024 Bharti NetherlandsBV Airtel International Corporate Bonds Bonds Government Namibia Government5.500%03/11/2021 Mozambique Government5.000%15/09/2031 Bonds Government Fair Value 15,123,982 12,538,353 8,966,864 1,800,313 1,080,690 7,844,742 1,144,902 2,017,538 2,934,408 1,662,694 1,827,115 2,347,789 2,094,352 2,306,173 1,777,031 3,108,828 3,499,659 1,731,192 1,768,467 2,105,200 2,894,314 956,137 382,823 432,216 330,000 614,711 868,913 491,531 535,594 720,769 602,345 USD

%of NAV 1.27 0.26 0.15 1.11 0.16 0.29 0.41 2.14 0.24 0.26 0.33 0.30 0.33 0.25 0.43 0.50 0.25 0.25 0.30 1.78 0.14 0.05 0.06 0.41 0.05 0.09 0.12 0.07 0.08 0.10 0.09

Transferable Securities92.73%(31March 2020:93.97%)(continued) Peru 3.09%(31March2020:4.20%) Paraguay 0.47%(31March2020:0.39%) Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Amount Principal Russia 4.68%(31March2020:7.12%) Romania 3.04%(31March2020:2.38%) Qatar 0.57%(31March2020:2.28%) Poland 0.00%(31March2020:0.68%) Philippines 0.49%(31March2020:1.51%) (Unaudited)(continued) 84,732,000 13,560,000 16,845,000 50,599,000 20,645,000 5,447,000 9,970,000 2,730,000 1,365,000 2,350,000 1,775,000 1,680,000 4,200,000 7,500,000 9,780,000 1,162,000 2,514,000 4,100,000 1,755,000 1,510,000 1,545,000 6,757,000 195,000 370,000 605,000 500,000 400,000 876,000 575,000 40,000 Financial period ended30September 2020 Peru Government6.900%12/08/2037 Peru Government6.350%12/08/2028 Peru Government5.350%12/08/2040 Peru Government4.125%25/08/2027 Peru Government2.844%20/06/2030 Bonds Government Kallpa GeneracionSA4.875%24/05/2026 6.375% 01/06/2028 Hunt OilCoofPeru LLCSucursalDelPeru Banco de CreditodelPeru 3.125%01/07/2030 Corporate Bonds Paraguay Republic5.600%13/03/2048 Paraguay Republic5.400%30/03/2050 Paraguay Republic4.950%28/04/2031 Bonds Government Russian Federation 7.050%19/01/2028 Russian Federation 4.750%27/05/2026 Russian Federation 4.375%21/03/2029 Bonds Government Romania Government5.800%26/07/2027 Romania Government5.125%15/06/2048 Romania Government4.850%22/04/2026 Romania Government4.750%24/02/2025 Romania Government4.375%22/08/2023 Romania Government4.250%28/06/2023 Romania Government4.000%14/02/2051 Romania Government3.000%14/02/2031 Bonds Government Government4.817%14/03/2049 Qatar Government3.400%16/04/2025 Qatar Bonds Government Poland Government2.500%25/07/2027 Bonds Government Philippines Government4.200%21/01/2024 Philippines Government3.700%01/03/2041 Philippines Government3.625%09/09/2025 Bonds Government Peru Government8.200%12/08/2026 Peru Government6.950%12/08/2031 Fair Value 21,416,356 21,804,683 1,812,212 3,367,681 1,593,638 2,347,063 1,948,800 1,165,592 4,819,500 2,075,510 1,075,016 2,542,320 3,464,840 1,265,854 4,174,957 2,598,062 4,219,797 4,028,917 2,368,153 1,660,764 3,473,400 1,719,296 1,089,530 2,496,873 7,039,500 1,781,656 3,306,254 753,274 212,550 400,236 748,782 608,672 460,600 664,574 11,381 USD

%of NAV 0.26 0.48 0.23 0.33 0.27 0.17 0.68 0.29 0.15 0.36 0.49 0.18 0.59 0.37 0.61 0.57 0.33 0.24 0.49 0.25 0.15 0.35 0.99 3.04 3.09 0.25 0.47 0.11 0.03 0.06 0.11 0.09 0.00 0.07 0.09

105 LAZARD GLOBAL INVESTMENT FUNDS PLC 106 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Transferable Securities92.73%(31March 2020:93.97%)(continued) Amount Principal Thailand 2.53%(31March2020:3.40%) Suriname 0.02%(31March2020:Nil) Sri Lanka2.23%(31March2020:0.68%) Spain 0.39%(31March2020:0.31%) South KoreaNil(31March2020:0.16%) South Africa6.73%(31March2020:5.82%) Senegal 0.19%(31March2020:0.32%) Russia 4.68%(31March2020:7.12%) 215,421,000 128,532,000 199,374,000 107,060,000 699,710,000 861,980,000 244,770,000 111,880,000 45,236,000 75,590,000 17,828,000 2,205,000 3,408,000 4,885,000 1,510,000 1,205,000 1,017,000 5,985,000 2,525,000 2,175,000 1,620,000 3,675,000 1,128,000 9,920,000 230,000 105,000 955,000 290,000 815,000 550,000 Government Bonds Government Government Bonds(continued) Government Thailand Government3.400%17/06/2036 Thailand Government3.300%17/06/2038 Thailand Government2.875%17/12/2028 Bonds Government Suriname Republic9.250%26/10/2026 Bonds Government Sri LankaGovernment7.550%28/03/2030 Sri LankaGovernment6.850%03/11/2025 Sri LankaGovernment6.850%14/03/2024 Sri LankaGovernment6.825%18/07/2026 Sri LankaGovernment6.750%18/04/2028 Sri LankaGovernment6.350%28/06/2024 Sri LankaGovernment6.200%11/05/2027 Sri LankaGovernment6.125%03/06/2025 Sri LankaGovernment5.875%25/07/2022 Sri LankaGovernment5.750%18/04/2023 Bonds Government AI CandelariaSpainSLU7.500%15/12/2028 Corporate Bonds South Africa Government 10.500%21/12/2026 South Africa Government 8.750%28/02/2048 South Africa Government 8.500%31/01/2037 South Africa Government 8.250%31/03/2032 South Africa Government 8.000%31/01/2030 South Africa Government 6.300%22/06/2048 South Africa Government 5.875%22/06/2030 South Africa Government 4.300%12/10/2028 Eskom HoldingsSOCLtd5.750%26/01/2021 Corporate Bonds Senegal Government6.750%13/03/2048 Senegal Government6.250%23/05/2033 Bonds Government Russian Federation 8.500%17/09/2031 Russian Federation 7.950%07/10/2026 Russian Federation 7.400%17/07/2024 Russian Federation 7.100%16/10/2024 (continued) Fair Value 15,703,144 10,249,120 33,029,905 10,615,854 12,429,640 47,437,882 15,018,437 4,368,664 2,895,549 1,504,223 2,434,590 3,620,243 1,035,058 4,486,881 2,731,419 2,084,516 6,039,723 5,861,113 1,989,105 1,659,994 3,433,254 1,102,620 3,401,807 1,319,342 635,344 138,180 696,702 825,425 205,900 819,638 775,014 544,328 136,912 74,484 USD

%of NAV 0.62 0.41 2.23 0.21 0.35 0.51 0.15 0.63 0.39 0.30 0.86 1.45 0.83 0.28 0.24 0.49 0.16 4.68 1.51 1.75 0.48 6.73 2.12 0.01 0.09 0.02 0.10 0.12 0.03 0.12 0.19 0.11 0.08 0.02

Transferable Securities92.73%(31March 2020:93.97%)(continued) Turkey 2.08%(31March2020:4.25%) Tunisia 0.06%(31March2020:Nil) Thailand 2.53%(31March2020:3.40%) Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Amount Principal United Kingdom0.42%(31March2020:0.86%) United ArabEmirates2.14%(31March2020:1.15%) Ukraine 2.10%(31March2020:3.16%) (Unaudited)(continued) 165,220,000 88,420,000 68,610,000 1,610,000 1,520,000 3,725,000 1,244,000 1,455,000 1,500,000 1,305,000 6,205,000 1,390,000 1,535,000 3,650,000 2,733,000 3,170,000 1,230,000 4,091,000 1,515,000 1,265,000 2,925,000 455,000 490,000 775,000 745,000 385,000 570,000 705,000 Financial period ended30September 2020 Government Bonds Government Government Bonds(continued) Government Turkey Government5.600%14/11/2024 Turkey Government5.250%13/03/2030 Turkey Government4.875%09/10/2026 Turkey Government4.250%13/03/2025 Corporate Bonds 5.750% 30/01/2025 Banque Centralede Tunisie International Bonds Government Thailand Government3.775%25/06/2032 Thailand Government3.650%20/06/2031 22/01/2025 Ukreximbank Via BizFinance Plc9.750% 7.625% 08/11/2026 NAK NaftogazUkraineviaKondor Finance Plc Corporate Bonds 30/01/2043 ofDubaiGovernment5.250% Emirate 09/09/2050 ofDubaiGovernment3.900% Emirate Abu DhabiGovernment3.125%16/04/2030 Abu DhabiGovernment3.125%03/05/2026 Bonds Government Tabreed SukukSpcLtd5.500%31/10/2025 NBK Tier 1Financing Ltd4.500%31/12/2099 Corporate Bonds Ukraine Government15.840%26/02/2025 Ukraine Government9.750%01/11/2028 Ukraine Government7.750%01/09/2026 Ukraine Government7.750%01/09/2025 Ukraine Government7.750%01/09/2024 Ukraine Government7.375%25/09/2032 Ukraine Government7.253%15/03/2033 Bonds Government Turkey Government7.625%26/04/2029 Turkey Government6.350%10/08/2024 Turkey Government6.125%24/10/2028 Turkey Government6.000%25/03/2027 Turkey Government5.750%11/05/2047 08/02/2021 Export CreditBankof Turkey 5.375% (continued) Fair Value 17,820,250 15,067,965 14,814,787 14,653,104 1,435,919 1,392,463 3,444,461 6,517,034 3,403,659 2,929,481 1,476,825 1,452,656 1,492,390 5,820,096 1,555,063 1,691,138 3,618,633 2,739,428 2,746,665 3,195,756 1,160,813 3,780,084 1,517,841 1,206,098 2,811,199 1,249,054 442,843 441,000 890,645 807,161 384,880 590,217 563,009 USD

%of NAV 0.20 0.20 0.49 0.93 0.48 2.53 0.42 0.21 0.21 0.21 0.83 0.22 0.24 0.51 0.39 0.39 0.45 0.16 0.55 0.22 0.17 0.40 2.14 2.10 0.18 0.06 0.06 0.13 0.11 0.05 2.08 0.08 0.08

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments Instruments Total Value ofInvestmentsexcluding FinancialDerivative Total Transferable Securities Total FixedIncomeSecurities Zambia 0.56%(31March2020:Nil) Venezuela 0.68%(31March2020:0.99%) Uzbekistan 0.08%(31March2020:0.08%) Uruguay 0.30%(31March2020:1.18%) Transferable Securities92.73%(31March 2020:93.97%)(continued) United States0.03%(31March2020:1.16%) Fixed IncomeSecurities92.73%(31March2020:93.97%)(continued) Amount Principal 3,300,000,000 11,483,000 3,110,000 4,875,000 3,938,000 4,318,000 2,989,000 4,432,000 5,125,000 6,597,000 8,937,000 4,051,000 1,073,000 1,522,000 2,430,000 1,514,000 1,850,000 446,000 848,000 960,000 627,000 545,000 490,000 Zambia Government8.970%30/07/2027 Zambia Government5.375%20/09/2022 Bonds Government Venezuela Government12.750%23/08/2022 Venezuela Government11.950%05/08/2031 Venezuela Government9.375%13/01/2034 Venezuela Government9.250%07/05/2028 Venezuela Government9.250%15/09/2027 Venezuela Government9.000%07/05/2023 Venezuela Government8.250%13/10/2024 Venezuela Government7.650%21/04/2025 Venezuela Government7.000%31/03/2038 Venezuela Government6.000%09/12/2020 Petroleos de Venezuela SA12.750%17/02/2022 Petroleos de Venezuela SA9.750%17/05/2035 Petroleos de Venezuela SA9.000%17/11/2021 Petroleos de Venezuela SA8.500%27/10/2020 Petroleos de Venezuela SA6.000%15/11/2026 Petroleos de Venezuela SA6.000%16/05/2024 Petroleos de Venezuela SA5.500%12/04/2037 Petroleos de Venezuela SA5.375%12/04/2027 Corporate Bonds Uzbekistan Republic5.375%20/02/2029 Bonds Government Bonds Government Uruguay Government4.375%27/10/2027 FinanceInternational Corp8.000%09/10/2023 Corporate Bonds Government Bonds Government Fair Value 653,909,666 653,909,666 653,909,666 3,983,989 1,529,731 2,454,258 2,141,953 4,800,011 334,730 367,030 254,065 365,640 435,625 560,745 976,055 759,645 344,335 548,034 237,645 37,910 34,873 27,560 31,200 75,240 49,465 78,975 17,713 49,205 USD

%of 92.73 92.73 92.73 NAV 0.56 0.22 0.34 0.30 0.68 0.05 0.05 0.04 0.05 0.06 0.08 0.14 0.11 0.05 0.01 0.08 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.03

20/10/2020 20/10/2020 15/10/2020 15/10/2020 04/11/2020 04/11/2020 04/11/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 02/10/2020 08/10/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 17/11/2020 21/10/2020 21/10/2020 24/11/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 08/10/2020 08/10/2020 08/10/2020 25/11/2020 25/11/2020 26/10/2020 26/10/2020 26/10/2020 26/10/2020 15/10/2020 15/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 20/10/2020 Financial Derivative Instruments(0.18)%(31March2020:(1.11)%) Open ForwardForeignCurrency ExchangeContracts(0.38)%(31March2020:(1.43)%) Date Maturity (Unaudited)(continued)

Financial period ended30September 2020 CLP 1,546,608,850 CLP 1,166,740,009 CHF 76,161 CHF 3,104,213 BRL 69,631,447 BRL 38,455,848 BRL 38,411,888 BRL 11,064,624 BRL 6,258,600 BRL 36,882,078 BRL 28,613,355 BRL 28,613,355 BRL 39,538,877 BRL 39,538,877 RUB 93,704,310 RUB PLN 5,140,848 PLN 14,280,133 PLN 14,280,133 PLN 14,526,342 PLN 14,526,342 PLN 14,526,342 PLN 14,765,738 PLN 14,765,738 PLN 14,765,738 PLN 17,220,588 PEN 2,035,755 PEN 15,422,400 MYR 1,974,237 MXN 21,689,387 MXN 18,770,173 MXN 10,808,311 MXN 89,182,388 2,068,734,000 KRW INR 263,418,321 INR 263,418,321 IDR 9,705,800,000 IDR 60,161,417,507 HUF 324,183,273 HUF 627,890,119 HUF 627,890,119 HUF 762,638,923 EUR 2,122 EUR 730,799 CZK 19,343,965 CZK 20,143,525 CZK 61,931,261 CZK 67,145,084 CZK 58,387,030 CZK 58,387,030 CZK 58,387,030 CZK 80,574,100 CNH 12,008,402 CLP 723,074,000 CLP 201,578,000 Amount Bought

USD 1,972,288 USD 1,494,288 USD 83,190 USD 3,390,726 USD 12,455,428 USD 6,980,169 USD 7,107,455 USD 1,988,002 USD 1,140,000 USD 6,587,379 USD 5,140,093 USD 5,141,016 USD 7,084,868 USD 7,089,378 USD 1,260,000 USD 1,370,755 USD 3,813,216 USD 3,814,337 USD 3,888,410 USD 3,899,579 USD 3,899,648 USD 4,030,820 USD 4,032,344 USD 4,033,253 USD 4,681,289 USD 570,000 USD 4,320,000 USD 475,525 USD 975,330 USD 844,670 USD 509,106 USD 4,089,078 USD 1,745,129 USD 3,547,798 USD 3,549,753 USD 650,000 USD 4,059,365 USD 1,074,308 USD 2,083,012 USD 2,084,303 USD 2,525,692 USD 2,504 USD 862,401 USD 857,312 USD 902,104 USD 2,742,688 USD 3,007,516 USD 2,633,234 USD 2,634,425 USD 2,634,913 USD 3,610,355 USD 1,749,170 USD 920,000 USD 260,000 Sold Amount

Gain/(Loss) Unrealised (109,664) (161,888) (296,969) (119,399) (120,519) (130,906) (142,075) (142,144) (211,391) (212,917) (213,824) (226,869) (100,624) (105,501) (106,693) (107,180) (122,085) (13,100) (10,767) (24,954) (29,620) (43,885) (63,608) (64,531) (70,013) (74,523) (53,223) (40,980) (32,636) (20,524) (57,652) (36,320) (27,954) (56,394) (57,686) (64,151) (19,860) (30,036) (61,516) (8,853) (4,068) (1,359) (5,199) (2,051) (4,095) 23,762 21,526 19,570 19,424

5,123 3,822 (264) (965) USD (15)

(0.02) (0.02) (0.05) (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) (0.02) (0.02) (0.02) (0.02) (0.03) (0.03) (0.03) (0.03) (0.01) (0.01) (0.02) (0.02) (0.02) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 NAV

107 LAZARD GLOBAL INVESTMENT FUNDS PLC 108 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments Financial Derivative Instruments(0.18)%(31March2020:(1.11)%) (continued) 02/10/2020 26/10/2020 26/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 08/10/2020 08/10/2020 (continued) Open ForwardForeignCurrency ExchangeContracts(0.38)%(31March2020:(1.43)%) Date Maturity exchange contracts Net unrealisedlossonopenforwardforeign currency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 20/10/2020 20/10/2020 20/10/2020 20/10/2020 21/10/2020 20/10/2020 20/10/2020 17/11/2020 17/11/2020 13/10/2020 21/10/2020 21/10/2020 21/10/2020 21/10/2020 24/11/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 25/11/2020 25/11/2020 15/10/2020 20/10/2020 20/10/2020 20/11/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 02/10/2020 02/10/2020 02/10/2020

USD 12,465,350 TRY 11,570,400 TRY 39,068,366 THB 13,339,950 THB 19,599,300 THB 59,032,166 THB 72,715,450 THB 93,483,040 THB 93,483,041 THB 186,966,081 84,196,634 RUB 84,196,634 RUB Amount USD 3,143,437 USD 3,142,602 USD 3,142,343 USD 4,282,601 USD 140,000 USD 857,083 USD 857,037 USD 5,001,828 USD 2,238,172 USD 434,051 USD 2,891,760 USD 2,517,150 USD 2,516,798 USD 1,399,435 USD 3,830,000 USD 869,419 USD 900,581 USD 5,985 USD 901,447 USD 858,553 USD 936,696 USD 843,304 USD 3,593,628 USD 770,000 USD 700,756 USD 22,214 USD 796,235 USD 613,765 USD 950,871 USD 8,032 USD 197 USD 2,134 USD 87,563 USD 8,315,808 USD 7,113,313 USD 6,985,622 Bought

Sold BRL 69,631,447 USD 1,500,000 USD 5,062,243 USD 428,441 USD 630,000 USD 1,895,946 USD 2,328,310 USD 2,987,920 USD 3,002,796 USD 5,978,706 USD 1,117,059 USD 1,117,652 ZAR 53,450,376 ZAR 53,450,376 ZAR 53,450,376 ZAR 72,886,876 THB 4,428,550 RON 3,540,678 RON 3,540,678 PLN 18,805,373 PLN 8,414,855 PHP 21,402,165 PEN 10,330,235 PEN 8,997,302 PEN 8,997,302 PEN 4,998,501 MYR 15,860,030 1,012,612,321 KRW 1,049,086,795 KRW 7,034,884 KRW INR 66,319,442 INR 63,180,929 INR 68,987,694 INR 62,096,656 INR 266,251,921 IDR 11,536,910,000 IDR 10,505,737,134 EUR 18,957 CZK 17,493,863 CZK 13,486,160 COP 3,583,120,000 CHF 7,358 CHF 181 CHF 1,962 CHF 80,501 BRL 44,010,583 BRL 38,411,888 BRL 38,455,848 Amount

(2,650,491) (4,226,874) Gain/(Loss) Unrealised 1,576,383 (21,049) (11,511) (33,086) (33,651) (37,904) (52,780) (78,675) (32,727) (33,320) (53,990) (54,825) (55,084) (77,526) (14,091) 111,573 137,474 507,598 298,405 162,915 (7,011) (7,477) (7,319) (1,483) (1,771) 61,516 19,997 15,937 15,585 20,792 38,879 29,912 23,626 6,327 6,281 9,872 3,575 3,549 2,817 2,450 1,912 1,893 (31) (23) (88) 250 USD (2) 20 1

(0.38) (0.01) (0.01) (0.02) (0.60) (0.01) (0.01) (0.01) (0.01)

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.02 0.00 0.22 0.00 0.00 0.00 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.08 0.05 0.03 NAV

fixed incomesecurities. ofissuerforgovernmenttype fixedincome securitiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry Morgan Stanley Bank of America MerrillLynch are: swaps The counterpartiesfortheinterestrate UBS AG StreetBankand State Trust Company Standard CharteredBank JP MorganChaseandCompany HSBC BankPlc Citibank NA Barclays BankPlc Bank of America Merrill Lynch The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Total Assets Other assets instruments Over thecounterfinancialderivative (a), (b)and(c) 68(1) Other transferablesecuritiesofthetypereferredtoinRegulations Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Financial Derivative Instruments(0.18)%(31March2020:(1.11)%)(continued) CCY BRL Interest RateSwaps0.20%(31March2020:0.32%) Net Assets Other NetAssets(31March2020:7.14%) Total Investments(31March2020:92.86%) Total FinancialDerivative Instruments Interest RateSwapsatfair value fairvalue negative at Swaps Interest Rate positivefair value at Swaps Interest Rate CNY CNY BRL BRL BRL BRL BRL CNY (Unaudited)(continued) 10,680,000 10,680,000 23,516,113 26,753,621 14,582,640 12,264,295 16,130,000 6,411,250 4,362,447 Notional Amount Financial period ended30September 2020

1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthBRCDI 1 MonthCETIP 1 MonthCNRR 1 MonthCNRR 1 MonthCNRR Less than Less than Less than Less than Less than Less than Less than Less than Less than Fund Pays

Fixed 2.460% Fixed 2.480% Fixed 2.493% Fixed 6.460% Fixed 7.740% Fixed 4.630% Fixed 4.990% Fixed 3.753% Fixed 9.790% Receives Fund

Termination 28/02/2025 27/02/2025 26/02/2025 01/02/2025 01/02/2024 01/02/2024 01/02/2023 01/02/2023 01/02/2025 Date 705,162,706 652,656,969 (1,252,697) 52,505,737 1,397,794 1,525,417 1,352,391 (127,623) (10,641) (13,179) (16,757) (63,862) (13,819) 121,903 % ofTotal assets (9,365) 51,123 Value USD Fair

100.00 100.00 (0.18) (0.02) (0.02)

(0.00) (0.00) (0.00) (0.00) (0.00) 19.77 66.07 92.55 % of 9.50 0.43 4.23 7.45 0.20 0.22 0.02 0.01 0.19 NAV

Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsCorporateDebtFund Lazard Global InvestmentFundsplc Portfolios ofInvestments Egypt 1.93%(31March2020: 2.05%) Egypt Colombia 4.03%(31March2020:1.99%) Chile 3.70%(31March2020:5.92%) Cayman Islands9.23%(31March2020:7.69%) Transferable Securities95.15%(31March 2020:96.80%) Fixed IncomeSecurities95.15%(31March2020:96.80%) Amount Principal Canada 1.85%(31March2020:1.89%) British VirginIslands1.86%(31March2020:8.73%) Brazil 1.83%(31March2020:1.96%) Bermuda 1.85%(31March2020:2.02%) Austria 1.86%(31March2020:Nil) Argentina 1.77%(31March2020:0.93%) 200,000 200,000 200,000 191,560 200,000 200,000 200,000 200,000 200,000 200,000 275,000 200,000 181,400 200,000 200,000 200,000 100,000 4,364 African Export-ImportBank3.994%21/09/2029 Sunac ChinaHoldingsLtd7.500%01/02/2024 Sunac ChinaHoldingsLtd7.000%09/07/2025 MAF GlobalSecuritiesLtd5.500%31/12/2099 First QuantumMineralsLtd7.250%01/04/2023 Corporate Bonds Ecopetrol SA6.875%29/04/2030 Bancolombia SA4.625%18/12/2029 Corporate Bonds 14/05/2027 Empresa ElectricaCochraneSpA5.500% AES GenerSA6.350%07/10/2079 Corporate Bonds Wynn MacauLtd5.500%15/01/2026 Trust 6.875%06/02/2024 Comunicaciones CelularesSA Via Comcel Corporate Bonds Argentina Government1.000%09/07/2029 Argentina Government0.125%09/07/2041 Bonds Government Corporate Bonds 6.750% 24/04/2033 Geothermal Star Energy Wayang Windu Ltd Corporate Bonds 4.875% 22/01/2030 Globo ComunicacaoeParticipacoes SA Corporate Bonds 07/02/2022 China Water Affairs GroupLtd5.250% Corporate Bonds Suzano Austria GmbH3.750%15/01/2031 Corporate Bonds Genneia SA8.750%20/01/2022 Corporate Bonds

Fair Value 207,500 434,325 240,200 194,125 398,567 197,067 201,500 993,127 197,165 200,342 193,992 198,250 203,378 199,250 109,656 190,255 200,645 197,313 199,156 200,550 78,609 1,990 USD

%of NAV 1.93 4.03 2.23 1.80 3.70 1.83 1.87 9.23 1.83 1.86 1.80 1.84 1.90 1.85 1.02 1.77 0.02 0.73 1.86 1.83 1.85 1.86

Hong Kong1.90%(31March2020:Nil) Panama 1.91%(31March2020:2.03%) Nigeria 2.01%(31March2020:2.19%) Netherlands 7.50%(31March2020:7.89%) Morocco Nil(31March2020:2.46%) Mexico 1.86%(31March2020:4.15%) Mauritius 5.64%(31March2020:3.66%) Luxembourg 3.60%(31March2020:0.85%) Israel 6.19%(31March2020:4.26%) Isle ofMan1.69%(31March2020:1.59%) Ireland Nil(31March2020:2.05%) India 1.88%(31March2020:1.95%) Transferable Securities95.15%(31March 2020:96.80%) (continued) Fixed IncomeSecurities95.15%(31March2020:96.80%) (continued) Amount Principal (Unaudited)(continued) 200,000 200,000 200,000 195,028 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 150,000 200,000 200,000 Financial period ended30September 2020 Corporate Bonds 31/05/2030 Aes Panama HoldingsSrl4.375% Generation Corporate Bonds Africa Finance Corp4.375%17/04/2026 Corporate Bonds VTR Finance NV6.375%15/07/2028 BV6.748%01/06/2034 MV24 Capital Metinvest BV7.650%01/10/2027 AES Andres BV7.950%11/05/2026 Corporate Bonds Trust F/14016.390%15/01/2050 Corporate Bonds 21/08/2023 Vedanta HoldingsMauritiusIILtd13.000% Network i2iLtd5.650%31/12/2099 Ltd6.000%13/02/2022 Neerg Energy Corporate Bonds Rumo LuxembourgSarl5.250%10/01/2028 Puma 5.125%06/10/2024 Corporate Bonds BondLtd5.750%30/06/2023 Leviathan ICL GroupLtd6.375%31/05/2038 30/12/2025 Delek & Avner Tamar BondLtd5.412% Corporate Bonds 15/04/2040 AngloGold Ashanti HoldingsPlc6.500% Corporate Bonds 4.200% 04/08/2027 Adani Ports &SpecialEconomicZoneLtd Corporate Bonds Leader Goal4.250%31/12/2099 Fair Value 205,750 215,898 807,695 212,000 197,466 195,229 203,000 200,344 607,281 207,000 199,750 200,531 387,915 208,915 179,000 667,249 206,750 255,499 205,000 181,500 202,000 205,000 USD

%of NAV 1.91 2.01 7.50 1.97 1.83 1.81 1.89 1.86 5.64 1.92 1.86 1.86 3.60 1.94 1.66 6.19 1.92 2.37 1.90 1.69 1.88 1.90

109 LAZARD GLOBAL INVESTMENT FUNDS PLC 110 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsCorporateDebtFund(continued) Portfolios ofInvestments Fixed IncomeSecurities95.15%(31March2020:96.80%) (continued) Transferable Securities95.15%(31March 2020:96.80%) (continued) Amount Principal United Kingdom3.69%(31March2020:4.25%) United ArabEmirates5.83%(31March2020:6.20%) Ukraine Nil%(31March2020:1.91%) Turkey 3.68%(31March2020:3.97%) Thailand 1.86%(31March2020:2.00%) Spain 2.51%(31March2020:2.10%) South Korea3.78%(31March2020:6.58%) Singapore 2.02%(31March2020:2.13%) Philippines 1.96%(31March2020:Nil) Peru 3.33%(31March2020:1.40%) 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 250,000 200,000 200,000 187,800 200,000 200,000 200,000 Corporate Bonds Corporate Bonds Corporate Bonds Corporate Bonds Corporate Bonds Corporate Bonds Corporate Bonds Corporate Bonds Corporate Bonds 7.625% 08/11/2026 NAK NaftogazUkraineviaKondor Finance Plc 8.500% 13/07/2022 Liquid Telecommunications Financing Plc NBK Tier 1Financing Ltd5.750%29/12/2049 NBK Tier 1Financing Ltd4.500%31/12/2099 One Ltd5.950%15/12/2039 Acwa Power Management And Investments 30/05/2022 TurkiyeBankasi TAO5.625% Vakiflar 26/01/2023 Petkim Petrokimya Holding AS 5.875% Bangkok BankPCL5.000%31/12/2099 AI CandelariaSpainSLU7.500%15/12/2028 09/11/2047 Heungkuk LifeInsuranceCoLtd4.475% 23/04/2048 Hanwha LifeInsuranceCoLtd4.700% PteLtd6.875%04/02/2039 LLPL Capital 4.750% 17/06/2030 Container International Terminal Inc Services Peru LNGSrl5.375%22/03/2030 08/07/2030 Banco InternacionaldelPeru SA4.000% Fair Value 397,188 193,688 203,500 627,750 200,719 198,281 228,750 394,844 196,406 198,438 200,375 270,438 407,188 200,750 206,438 217,848 210,960 357,625 155,625 202,000 USD

%of NAV 3.69 1.80 1.89 5.83 1.86 1.84 2.13 3.68 1.84 1.84 1.86 2.51 3.78 1.86 1.92 2.02 1.96 3.33 1.45 1.88

United States2.40%(31March2020:Nil) fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry Total Assets Other assets (a), (b)and(c) 68(1) Other transferablesecuritiesofthetypereferredtoinRegulations Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Net Assets Other NetAssets(31March2020:3.20%) Total Investments(31March2020:96.80%) Total Transferable Securities Total FixedIncomeSecurities Transferable Securities95.15%(31March 2020:96.80%) (continued) Fixed IncomeSecurities95.15%(31March2020:96.80%) (continued) Amount Principal (Unaudited)(continued) 200,000 200,000 Financial period ended30September 2020 Corporate Bonds Sasol Financing USALLC6.500%27/09/2028 Gran Tierra Inc7.750%23/05/2027 Energy 10,764,851 10,242,786 10,242,786 10,242,786 Fair Value 257,250 188,500 522,065 68,750 % ofTotal assets USD

100.00 100.00 %of 95.15 95.15 95.15 16.21 75.10 NAV 0.64 2.40 1.76 6.87 1.82 4.85

Portfolio ofInvestmentsasat30September2020 Lazard ScandinavianHighQualityBondFund Lazard Global InvestmentFundsplc Portfolios ofInvestments Finland 6.85%(31March2020:9.42%) Transferable Securities98.90%(31March 2020:95.26%) Fixed IncomeSecurities98.90%(31March2020:95.26%) Amount Principal Canada 0.92%(31March2020:0.47%) Germany 0.20%(31March2020:0.26%) Germany France 0.61%(31March2020:0.78%) Denmark 106,091,878 121,613,582 123,733,166 146,819,882 227,471,225 321,096,907 128,057,550 154,865,862 166,253,251 132,037,529 55,809,997 51,069,780 81,246,473 74,671,605 10,000,000 12,000,000 21,000,000 50,000,000 92,617,652 1,500,000 4,000,000 3,500,000 4,500,000 1,500,000 4,700,000 5,000,000 4,500,000 2,150,000 2,700,000 3,500,000 3,500,000 55.04% (31March2020:57.45%) Corporate Bonds 06/12/2022 1.644% Caisse desDepotsetConsignations Bonds Government Corporate Bonds 20/11/2028 Landwirtschaftliche Rentenbank1.230% Jyske Realkredit A/S 1.000%01/10/2050 Carlsberg Breweries A/S 0.375%30/06/2027 Corporate Bonds 26/02/2024 Council ofEuropeDevelopmentBank1.625% Finland Government0.500%15/09/2029 Bonds Government Municipality Finance Plc0.625%26/11/2026 Sampo OYJ 2.500%03/09/2052 Sampo OYJ 1.000%18/09/2023 OP CorpoarteBankPlc1.625%09/06/2030 Nordic InvestmentBank0.375%01/02/2024 Fortum OYJ 2.250%06/09/2022 Fortum OYJ 1.625%27/02/2026 Elisa OYJ 1.125%26/02/2026 CRH FinlandOYJ Services 0.875%05/11/2023 Corporate Bonds Realkredit Danmark A/S 2.000%01/10/2047 Realkredit Danmark A/S 1.500%01/10/2050 Realkredit Danmark A/S 1.000%01/10/2050 Orsted A/S 1.500%26/11/2029 Nykredit Realkredit A/S 2.000%01/10/2050 Nykredit Realkredit A/S 2.000%01/10/2047 Nykredit Realkredit A/S 1.500%01/10/2050 Nykredit Realkredit A/S 1.500%01/10/2037 Nykredit Realkredit A/S 1.000%01/10/2050 Nykredit Realkredit A/S 0.500%01/10/2050 01/10/2047 Nordea KreditRealkreditaktieselskab2.000% 01/10/2050 Nordea KreditRealkreditaktieselskab1.500% 01/10/2050 Nordea KreditRealkreditaktieselskab1.000% Jyske Realkredit A/S 2.000%01/10/2047 Jyske Realkredit A/S 1.500%01/10/2050 Daimler CanadaFinance Inc2.000%11/09/2023 Corporate Bonds

278,421,154 34,575,777 12,995,127 20,782,302 14,782,214 17,062,549 22,877,295 16,606,096 19,212,424 31,857,985 44,289,753 10,920,375 10,477,730 17,693,282 17,849,750 Fair Value 1,016,766 4,328,206 4,994,046 5,068,825 4,643,663 1,533,313 2,816,607 3,723,485 3,670,331 3,112,389 1,122,663 1,989,726 3,590,402 7,680,190 1,672,509 7,146,909 4,514,664 4,650,353 206,899 EUR

%of 55.04 NAV 2.57 4.11 2.92 3.37 4.52 3.28 3.80 6.30 8.76 2.16 2.07 3.50 3.53 0.04 0.20 6.85 0.86 0.99 1.00 0.92 0.30 0.56 0.74 0.73 0.61 0.22 0.39 0.71 1.52 0.33 1.41 0.89 0.92

Transferable Securities98.90%(31March 2020:95.26%)(continued) Fixed IncomeSecurities98.90%(31March2020:95.26%)(continued) Amount Principal Iceland 1.39%(31March2020:1.09%) Netherlands 1.04%(31March2020:0.56%) Luxembourg 0.20%(31March2020:0.26%) Coast0.40%(31March2020:0.52%) Ivory Ireland 0.50%(31March2020:0.61%) Norway 14.03%(31March2020:12.33%) 21,000,000 17,000,000 12,000,000 26,000,000 50,000,000 12,000,000 85,000,000 30,000,000 30,000,000 34,000,000 62,000,000 40,000,000 10,000,000 47,000,000 50,000,000 44,000,000 20,000,000 12,000,000 (Unaudited)(continued) 6,600,000 2,500,000 3,100,000 2,500,000 4,000,000 2,800,000 1,000,000 4,500,000 3,000,000 3,500,000 2,500,000 6,000,000 3,000,000 Financial period ended30September 2020 European InvestmentBank1.750%15/02/2024 European InvestmentBank1.500%26/01/2024 Corporate Bonds African DevelopmentBank0.375%11/04/2024 Corporate Bonds Atlas CopcoFinance DAC0.125%03/09/2029 Corporate Bonds Iceland Government0.625%03/06/2026 Iceland Government0.500%20/12/2022 Iceland Government0.100%20/06/2024 Bonds Government City ofOsloNorway3.550%12/02/2021 City ofOsloNorway0.750%06/05/2026 Bonds Government 19/06/2024 0.690% Boligkreditt A/S Sparebanken Vest 28/06/2027 0.010% Boligkreditt A/S Sparebanken Vest 24/09/2025 Sparebanken SoerBoligkreditt AS 0.800% 19/06/2024 Sparebanken OestBoligkreditt AS 0.730% SpareBank 1Boligkreditt AS 0.500%30/01/2025 SpareBank 1Boligkreditt AS 0.500%17/02/2025 SpareBank 1Boligkreditt AS 0.490%15/05/2024 Nordea Eiendomskreditt AS 0.560%21/06/2023 Moere Boligkreditt AS 0.690%20/03/2024 Kommunalbanken AS 1.500%19/04/2022 Kommunalbanken AS 0.125%28/08/2026 Kommunalbanken AS 0.125%21/03/2022 KLP Boligkreditt AS 0.700% 26/09/2024 Fana Sparebank Boligkreditt AS 0.830%18/06/2025 Equinor ASA 1.250%17/02/2027 Eika Boligkreditt AS 0.510% 10/09/2025 DNB Boligkreditt AS 2.125% 28/05/2026 DNB Boligkreditt AS 0.625% 19/06/2025 Avinor AS 1.250%09/02/2027 Corporate Bonds 21/01/2023 FinancialNV0.783% Volkswagen Services 03/03/2027 Heimstaden Bostad Treasury BV1.375% BNG BankNV1.250%13/06/2022 Corporate Bonds 70,999,092 Fair Value 1,006,657 2,020,702 2,503,605 7,000,261 2,873,661 1,013,890 3,112,710 1,106,618 1,558,260 7,808,875 4,592,363 2,755,389 2,756,662 3,119,820 3,102,199 5,661,970 3,657,995 2,386,109 4,748,566 4,295,081 4,613,940 2,682,275 4,015,413 1,948,839 6,295,200 2,614,135 5,254,560 1,132,755 3,012,630 1,109,175 384,239 622,418 324,598 954,785

EUR

%of 14.03 NAV 0.20 0.08 0.12 0.06 0.19 0.40 0.50 1.39 0.57 0.20 0.62 0.22 0.31 1.54 0.91 0.54 0.55 0.62 0.61 1.12 0.72 0.47 0.94 0.85 0.91 0.53 0.79 0.39 1.24 0.52 1.04 0.22 0.60 0.22

111 LAZARD GLOBAL INVESTMENT FUNDS PLC 112 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard ScandinavianHighQualityBondFund(continued) Portfolios ofInvestments Philippines 0.52%(31March2020:0.66%) Fixed IncomeSecurities98.90%(31March2020:95.26%)(continued) Transferable Securities98.90%(31March 2020:95.26%)(continued) Amount Principal Instruments Total Value ofInvestmentsexcluding FinancialDerivative Total Transferable Securities Total FixedIncomeSecurities Sweden 16.58%(31March2020:10.05%) United States0.62%(31March2020:0.80%) 32,000,000 28,000,000 90,000,000 12,000,000 36,000,000 46,000,000 60,000,000 31,200,000 86,000,000 2,500,000 2,000,000 2,000,000 1,000,000 6,900,000 8,000,000 3,000,000 6,000,000 2,000,000 1,900,000 1,200,000 6,000,000 3,900,000 4,000,000 2,500,000 1,000,000 4,000,000 6,800,000 600,000 500,000 600,000 Telia Co AB 1.375%11/05/2081 Swedbank Hypotek AB 1.000%18/09/2024 Swedbank Hypotek AB 0.050%28/05/2025 17/06/2026 Sveriges SakerstalldaObligationer AB 2.000% 29/01/2025 Sveriges SakerstalldaObligationer AB 0.500% Stadshypotek AB 1.500% 01/03/2024 SKF AB 2.375%29/10/2020 18/12/2024 EnskildaBanken Skandinaviska AB 1.000% 09/02/2026 EnskildaBanken Skandinaviska AB 0.375% Skandiabanken AB 0.770% 24/04/2024 Securitas AB 1.250% 15/03/2022 Scania CV AB 0.125% 13/02/2023 12/08/2027 iNorden Samhallsbyggnadsbolaget AB 1.000% Sagax AB 2.250%13/03/2025 Lansforsakringar Hypotek AB 1.250%17/09/2025 Lansforsakringar Hypotek AB 0.625%29/01/2026 Heimstaden Bostad AB 2.125%05/09/2023 Heimstaden Bostad AB 1.125%21/01/2026 Atlas Copco AB 2.500%28/02/2023 Corporate Bonds Asian DevelopmentBank1.683%16/01/2024 Corporate Bonds International FinanceInternational Corp1.250%05/04/2027 Autoliv Inc0.750%26/06/2023 Corporate Bonds Sweden Government1.000%12/11/2026 Sweden Government0.125%09/09/2030 Stockholms LansLandsting2.125%12/09/2022 Kommuninvest ISverige AB 0.625%13/11/2023 City ofStockholmSweden0.597%21/02/2024 City ofStockholmSweden0.332%21/05/2024 Bonds Government Vattenfall AB 0.500%24/06/2026 Telia Co AB 3.000%04/04/2078 500,184,577 500,184,577 500,184,577 83,856,760 Fair Value 2,080,382 3,054,069 5,981,574 1,924,506 1,984,592 6,028,781 1,261,312 2,082,184 2,650,722 2,510,316 8,749,882 1,164,272 3,078,063 2,556,600 7,176,552 3,081,583 4,083,000 9,031,242 7,071,524 3,601,606 4,550,611 3,115,779 779,014 999,434 638,569 605,463 400,729 524,285 388,277 983,052 601,065

EUR

%of 98.90 98.90 98.90 16.58 NAV 0.15 0.20 0.13 0.62 0.12 0.08 0.10 0.08 0.19 0.12 0.41 0.60 1.18 0.38 0.39 1.19 0.25 0.41 0.52 0.50 1.73 0.23 0.61 0.51 1.42 0.61 0.81 1.79 1.40 0.71 0.90

Net unrealisedlossonopenfuturescontracts (3,652,320) fixed incomesecurities. ofissuer forgovernmenttype fixedincome securitiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry StreetBankand State Trust Company JP MorganChaseandCompany The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: The counterpartyfortheopenfuturescontractsisMorganStanley. Total Assets Other assets instruments Over thecounterfinancialderivative (b) and(c) 68(1)(a),Other transferablesecuritiesofthetypereferredtoinRegulations Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Net Assets Other NetAssets(31March2020:2.11%) Total Investments(31March2020:97.89%) Total FinancialDerivative Instruments exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 15/10/2020 15/10/2020 15/10/2020 15/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 08/10/2020 Open ForwardForeignCurrency ExchangeContracts0.54%(31March2020:2.86%) Financial Derivative Instruments0.53%(31March2020:2.63%) Date Maturity (145,790,230) Open FuturesContracts(0.01)%(31March2020:(0.23)%) EUR Amount Notional (Unaudited)(continued)

Financial period ended30September 2020 (174) EUR 1,489,417 CHF 273,235,864 EUR 156,699 CHF 28,724,012 EUR 2,917,099 EUR 55,781,151 EUR 8,061,317 EUR 214,805,116 EUR 44,905,424 EUR 46,531,413 EUR 11,179,142 Amount (135) Average Bought Cost Price

08/12/2020 Short FuturesContractsExpiring 21 ofEuro-BundFutureIndex 08/12/2020 Short FuturesContractsExpiring 1,079 ofEuro-BoblFutureIndex Sold CHF 1,610,335 EUR 252,787,854 CHF 169,420 EUR 26,574,408 NOK 31,200,000 DKK 415,200,000 SEK 83,200,000 DKK 1,599,600,000 SEK 466,500,000 NOK 501,000,000 NOK 118,900,000 Amount

505,685,161 502,857,570 Gain/(Loss) Gain/(Loss) Unrealised Unrealised 2,827,591 2,672,993 2,743,793 2,829,882

(70,800) (12,600) (58,200) (86,089) (80,110) 848,989 134,429 459,595 875,450 343,826 (5,410) 89,250 73,853 4,490 (569) % ofTotal assets EUR EUR

100.00 100.00 (0.02) (0.01) (0.00) (0.01) (0.00) (0.02) (0.00) 99.43 97.92 % of % of 0.61 0.56 0.91 0.57 0.53 0.54 0.56 0.17 0.02 0.01 0.00 0.03 0.09 0.17 0.07 NAV NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard CommoditiesFund Portfolios ofInvestments Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total Equities United States1.46%(31March2020:1.10%) Ireland 0.63%(31March2020:0.57%) Canada 2.34%(31March2020:Nil) Bermuda 0.70%(31March2020:0.50%) Equities 5.13%(31March2020:2.17%) Transferable Securities92.27%%(31March 2020:99.01%) United States87.14%(31March2020:96.84%) Fixed IncomeSecurities87.14%(31March2020:96.84%) Amount Principal Shares Number of Total FixedIncomeSecurities 4,995,000 5,225,000 4,900,000 4,140,000 4,355,000 4,350,000 4,950,000 16,135 1,912 2,500 4,675 1,000 5,400 5,800 Vulcan Co Materials Tyson Foods Inc CF IndustriesHoldingsInc Linde Plc Barrick GoldCorp MinesLtd Agnico Eagle Bunge Ltd 09/09/2021 United States Treasury Bill-Zerocoupon 15/07/2021 United States Treasury Bill-Zerocoupon 17/06/2021 United States Treasury Bill-Zerocoupon 20/05/2021 United States Treasury Bill-Zerocoupon 22/04/2021 United States Treasury Bill-Zerocoupon 28/01/2021 United States Treasury Bill-Zerocoupon 05/11/2020 United States Treasury Bill-Zerocoupon Bonds Government

32,895,194 32,895,194 34,833,254 34,833,254 4,989,170 5,221,147 4,896,475 4,137,543 4,352,544 4,348,688 4,949,627 Fair Value Fair Value 1,938,060 551,421 259,152 148,700 143,569 238,130 883,449 453,555 429,894 265,060 USD USD

%of %of 92.27 92.27 87.14 87.14 13.22 13.83 12.97 10.96 11.53 11.52 13.11 NAV NAV 5.13 1.46 0.69 0.39 0.38 0.63 2.34 1.20 1.14 0.70

01/10/2020 15/10/2020 15/10/2020 Unrealised gainonopenforwardforeigncurrency exchange 02/10/2020 02/10/2020 01/10/2020 15/10/2020 02/10/2020 02/10/2020 01/10/2020 Total ReturnSwaps5.63%(31March2020:(21.85)%) USD CIBCCottonSubindexCappedIndex USD CIBCCornSubindexCappedIndex Index USD CIBCCopperSubindexCapped E.Index USD CIBCCommodityGasOilCapped USD CIBCCoffeeSubindexCappedIndex USD CIBCBrentCrudeSubindexCappedIndex USD CIBC Aluminum Subindex CappedIndex exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts contracts Open ForwardForeignCurrency ExchangeContracts(0.00)%(31March2020:(0.02)%) Financial Derivative Instruments5.63%(31March2020:(21.87)%) Date Maturity USD UBSW Gold Subindex Capped Index USD UBSWGoldSubindexCapped USD UBSWCottonSubindexCappedIndex USD UBSWCornSubindexCappedIndex Index USD UBSWCopperSubindexCapped E.Index USD UBSWCommodityGasOilCapped USD UBSWCoffeeSubindexCappedIndex USD UBSWBrentCrudeSubindexCappedIndex USD UBSW Aluminum SubindexCappedIndex USD CIBCZincSubindexCappedIndex USD CIBC WTI CrudeOilSubindexCappedIndex USD CIBC SubindexCappedIndex Wheat USD CIBCUnleadedGasolineSubindexCappedIndex Index USD CIBCSugarSubindexCapped SubindexCappedIndex USD CIBCSoybeans Index OilSubindexCapped USD CIBCSoybean MealSubindexCappedIndex USD CIBCSoybean Index USD CIBCSilverSubindexCapped USD CIBCNickelSubindexCappedIndex Index GasSubindexCapped USD CIBCNatural SubindexCappedIndex USD CIBCLiveCattle IndexliveIndex USD CIBCLeanHogsSubindexCapped USD CIBCKansas SubindexCappedIndex Wheat OilSubindexCappedIndex USD CIBCHeating Index USD CIBCGoldSubindexCapped CCY Unrealised lossonopenforwardforeigncurrency exchange (Unaudited)(continued)

Financial period ended30September 2020 GBP 1,206 EUR 235 EUR 89,173 USD 261 USD 51,476 USD 22,278 USD 2,292 GBP 12,304 GBP 3,894 GBP 2,342 Amount Bought

USD 1,548 USD 277 USD 105,231 GBP 203 GBP 40,110 GBP 17,358 EUR 1,963 USD 15,791 USD 4,997 USD 3,007 Sold Amount

Notional Amount

(3,776) (3,776) (2,774) 13,657 12,367 13,896 50,467 13,657 12,367 13,896 13,629 50,460 14,972 14,070 50,467 5,024 7,317 5,024 7,317 7,270 2,161 7,815 3,340 5,284 8,122 3,295 (798) (798) (112) (13) 768 Gain/(Loss) Unrealised

Fair Value (1,003) (1,189) (16,933) (16,932) (16,604) 363,824 363,824 105,415 (634) (379) (162) (3,008) (3,008) 61,445 92,302 62,480 11,767 61,445 92,302 62,480 37,639 79,349 70,343 38,979 11,767 18,430 11,646 80,125 18,915 29,697 13,502 (10) 116 USD 5,826 186 (719) (719) (973) (2) (2) 11 37 22 (14) USD

%of (0.01) (0.00) (0.04) (0.01) (0.04) (0.05) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) NAV % of 0.00 0.00 0.00 0.00 0.16 0.24 0.17 0.03 0.00 0.16 0.24 0.17 0.10 0.21 0.19 0.10 0.95 0.02 0.96 0.03 0.05 0.03 0.21 0.05 0.08 0.04 0.28 NAV

113 LAZARD GLOBAL INVESTMENT FUNDS PLC 114 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard CommoditiesFund(continued) Portfolios ofInvestments Total fairvalue negative at ReturnSwaps Total positivefairvalue at ReturnSwaps USD UBSWZincSubindexCappedIndex USD UBSW WTI CrudeOilSubindexCappedIndex USD UBSW SubindexCappedIndex Wheat USD UBSWUnleadedGasolineSubindexCappedIndex Index USD UBSWSugarSubindexCapped SubindexCappedIndex USD UBSWSoybeans Index OilSubindexCapped USD UBSWSoybean MealSubindexCappedIndex USD UBSWSoybean Index USD UBSWSilverSubindexCapped USD UBSWNickelSubindexCappedIndex Index GasSubindexCapped USD UBSWNatural SubindexCappedIndex USD UBSWLiveCattle IndexliveIndex USD UBSWLeanHogsSubindexCapped USD UBSWKansas SubindexCappedIndex Wheat OilSubindexCappedIndex USD UBSWHeating Total ReturnSwaps5.63%(31March2020: (21.85)%)(continued) Financial Derivative Instruments5.63%(31March2020:(21.87)%) CCY Total FinancialDerivative Instruments Total ReturnSwapsatfair value Total Investments(31March2020:77.14%) Other NetAssets(31March2020:22.86%) Net Assets government typefixedincomesecurities. ofissuerfor fixedincome securitiesandcountry oftheissuerforcorporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarily classified of bythecountry oftheentity inwhich Equities areprimarilyclassified ofincorporation bythecountry UBS AG Markets CIBC World are: The counterpartiesforthetotalreturnswaps Bank and Trust Company. The counterpartyfortheopenforwardforeigncurrency Street exchangecontractsisState Total Assets Other assets instruments Over thecounterfinancialderivative and (c) 68(1)(a),Other transferablesecuritiesofthetypereferredtoinRegulations (b) Transferable market securitiesdealtinonanotherregulated Analysis oftotalassets Notional Amount (2,774) 13,629 50,460 14,972 14,070 7,270 2,161 7,815 3,340 5,284 8,122 3,295 (112) (13) 768 36,959,117 37,750,238 (continued) 2,203,367 2,126,866 Fair Value 2,125,863 (16,604) (76,501) 105,414 791,121 37,639 79,349 70,343 38,979 18,430 11,646 80,125 18,915 29,697 13,502 % oftotalassets 5,826 (973) (14) USD

100.00 100.00 %of (0.05) (0.20) 82.17 (0.00) (0.00) 97.90 7.49 5.50 4.84 NAV 5.83 0.10 0.21 0.19 0.10 0.02 0.05 0.03 0.21 0.05 0.08 0.28 0.04 5.63 5.63 2.10

(Unaudited)(continued) Financial period ended30September 2020 Portfolio ofInvestmentsasat30September2020 Lazard Fund DiversifiedReturn Lazard Global InvestmentFundsplc Portfolios ofInvestments Transferable Securities72.77%(31March 2020:63.59%) Fixed IncomeSecurities42.08%(31March2020:42.54%) Amount Principal Australia 1.71%(31March2020:0.58%) Bermuda 0.86%(31March2020:1.26%) Canada 4.43%(31March2020:4.13%) Chile 1.86%(31March2020:1.20%) Czech Republic1.34%(31March2020:1.29%) France 1.41%(31March2020:1.22%) Germany 0.49%(31March2020:0.35%) Germany Hungary 1.68%(31March2020:1.63%) Hungary Italy Nil(31March2020:0.40%) 65,000,000 30,290,000 30,290,000 31,490,000 6,410,000 140,000 280,000 200,000 135,000 215,000 140,000 135,000 195,000 140,000 143,000 100,000 200,000 150,000 100,000 75,000 88,000 95,000 70,000 Telstra CorpLtd4.000%16/09/2022 Corporate Bonds 20/02/2030 New South Wales Treasury Corp3.000% Government Bonds Government Queensland Treasury Corp3.000%22/03/2024 Bermuda Government2.375%20/08/2030 Government Bonds Government 14/09/2021 Canadian ImperialBankofCommerce2.900% Corporate Bonds John DeereFinancial Inc2.410%14/01/2025 Rogers Communications Inc3.250%01/05/2029 Rogers Communications City of Vancouver 2.900%20/11/2025 Bonds Government Export DevelopmentCanada1.800%01/09/2022 18/06/2037 Province ofBritishColumbiaCanada4.700% Province ofQuebecCanada1.650%03/03/2022 Province ofQuebecCanada2.500%20/04/2026 01/03/2026 Bonos dela Tesoreria delaRepublica4.500% Bonds Government Chile Government0.830%02/07/2031 Chile Government3.125%21/01/2026 Czech Republic2.000%13/10/2033 Bonds Government Schneider ElectricSE2.950%27/09/2022 Corporate Bonds French Republic1.750%25/06/2039 Bonds Government Daimler AG 0.033%03/07/2024 Corporate Bonds Hungary Government2.500%24/10/2024 Hungary Bonds Government Hungary Government2.750%22/12/2026 Hungary Hungary Government3.000%27/10/2027 Hungary Hungary Government5.750%22/11/2023 Hungary

Fair Value 1,036,540 106,559 234,595 399,924 202,500 103,533 170,086 115,599 103,922 207,375 106,944 156,608 117,815 434,934 221,906 314,120 329,481 229,881 115,354 101,666 102,927 109,148 394,175 USD 58,770 72,473 95,213 99,600 80,434

%of NAV 0.46 1.00 1.71 0.25 0.86 0.44 0.73 0.49 0.31 0.44 0.89 0.46 4.43 0.67 0.41 0.50 1.86 0.95 1.34 0.43 1.41 0.98 0.49 0.43 0.44 0.47 1.68 0.34

Transferable Securities72.77%(31March 2020:63.59%)(continued) Fixed IncomeSecurities42.08%(31March2020:42.54%)(continued) Amount Principal Ivory Coast0.69%(31March2020:0.19%) Ivory Japan 0.92%(31March2020:0.87%) Luxembourg 0.45%(31March2020:0.41%) Mexico 0.22%(31March2020:1.16%) Netherlands 0.56%(31March2020:0.80%) New Zealand1.05%(31March2020:0.41%) Norway 0.94%(31March2020:1.64%) Panama 1.41%(31March2020:1.29%) Philippines 0.47%(31March2020:0.84%) Poland 1.37%(31March2020:1.19%) Romania 1.00%(31March2020:0.89%) Spain 0.49%(31March2020:Nil) (Unaudited)(continued) 1,000,000 1,000,000 160,000 200,000 140,000 100,000 295,000 300,000 103,000 410,000 400,000 355,000 430,000 510,000 35,000 89,000 Financial period ended30September 2020 African DevelopmentBank0.750%03/04/2023 Corporate Bonds 20/10/2026 Cooperation International Japan Agency 2.125% Bonds Government European InvestmentBank1.125%16/09/2021 Corporate Bonds Mexico Government6.750%06/02/2024 Bonds Government BMW Finance NV0.875%16/08/2022 Corporate Bonds New ZealandGovernment4.500%15/04/2027 Bonds Government City ofOsloNorway0.750%06/05/2026 Bonds Government City ofOsloNorway2.350%04/09/2024 Panama Government4.000%22/09/2024 Bonds Government Asian DevelopmentBank2.125%19/03/2025 Corporate Bonds Poland Government0.690%25/05/2028 Bonds Government Poland Government2.500%25/07/2027 Poland Government2.750%25/10/2029 Romania Government4.000%27/10/2021 Bonds Government Romania Government4.750%24/02/2025 Spain Government1.200%31/10/2040 Bonds Government Fair Value 162,021 215,745 105,659 130,113 244,700 107,488 221,077 113,589 329,156 111,021 104,458 113,807 321,855 103,590 104,806 235,121 130,315 111,855 USD 52,650

%of NAV 0.69 0.92 0.45 0.22 0.56 1.05 0.46 0.94 0.48 1.41 0.47 0.45 0.48 1.37 0.44 0.45 1.00 0.55 0.49

115 LAZARD GLOBAL INVESTMENT FUNDS PLC 116 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Transferable Securities72.77%(31March 2020:63.59%)(continued) Fixed IncomeSecurities42.08%(31March2020:42.54%)(continued) Amount Principal United Kingdom1.00%(31March2020:1.20%) United States17.73%(31March2020:19.59%) 780,000,000 112,000 110,000 100,000 127,000 200,000 115,000 132,000 106,000 292,000 100,000 142,000 130,000 100,000 145,000 125,000 105,000 140,000 55,000 35,000 80,000 89,000 55,000 90,000 35,000 70,000 99,000 55,000 70,000 75,000 90,000 68,000 40,000 85,000 40,000 80,000 45,000 55,000 50,000 48,000 55,000 15/01/2028 United RentalsNorth America Inc4.875% 1.625% 27/09/2024 European BankforReconstruction&Development Corporate Bonds Verizon Inc3.875% 08/02/2029 Communications United KingdomGilt1.500%22/07/2047 Bonds Government United KingdomGilt1.750%07/09/2037 ABB Finance USAInc3.375%03/04/2023 Corporate Bonds Adobe Inc2.300%01/02/2030 Alphabet Inc1.100%15/08/2030 Amazon.com Inc3.150%22/08/2027 American ExpressCo3.000%30/10/2024 Apple Inc3.850%04/05/2043 Apple Ashtead Capital Inc4.125%15/08/2025 Ashtead Capital Bank of America Corp 1.486%19/05/2024 Bank of America Corp 3.499%17/05/2022 Citigroup Inc1.650%04/05/2021 Constellation BrandsInc4.250%01/05/2023 Constellation Dell International LLC5.300%01/10/2029 Dell International Goldman SachsGroupInc3.625%22/01/2023 HCA Inc5.000%15/03/2024 Home DepotInc5.875%16/12/2036 14/03/2023 Inter-American Development Bank7.875% Development 2.500%03/08/2023 BankforReconstruction& International Development 2.900%26/11/2025 BankforReconstruction& International Development 8.000%16/01/2025 BankforReconstruction& International International FinanceInternational Corp2.700%15/03/2023 Johnson &3.625%03/03/2037 Kimberly-Clark Corp3.200%25/04/2029 Lowe's CosInc5.000%15/04/2040 Lowe's McDonald's Corp3.125%04/03/2025 Microsoft Corp3.500%15/11/2042 Morgan Stanley3.625%20/01/2027 15/03/2033 New York UrbanDevelopmentCorp3.900% State PepsiCo Inc2.875%15/10/2049 Pfizer Inc2.625%01/04/2030 Procter &GambleCo2.450%25/03/2025 Prologis LP1.250%15/10/2030 Sealed Air Corp4.875%01/12/2022 Service Corp4.625%15/12/2027 Service Starbucks Corp4.450%15/08/2049 Toyota MotorCreditCorp 2.150% 13/02/2030 Unilever Capital Corp3.250% 07/03/2024 Unilever Capital Fair Value 132,778 233,196 122,102 118,582 102,744 108,599 158,832 205,765 117,174 115,654 105,886 105,715 231,348 107,679 110,330 105,286 104,799 113,487 156,496 151,169 110,897 152,488 USD 57,819 57,795 53,299 95,307 54,885 35,625 95,141 80,397 61,667 55,155 80,142 59,249 77,898 52,641 45,407 89,631 48,787 53,908 52,269 50,981

%of NAV 0.25 0.25 0.57 0.23 1.00 0.52 0.41 0.51 0.23 0.44 0.46 0.68 0.89 0.15 0.50 0.41 0.49 0.34 0.45 0.26 0.45 0.24 1.00 0.34 0.25 0.46 0.47 0.33 0.22 0.45 0.45 0.48 0.19 0.67 0.38 0.21 0.23 0.22 0.22 0.65 0.47 0.65

Transferable Securities72.77%(31March 2020:63.59%)(continued) United States17.73%(31March2020:19.59%)(continued) Fixed IncomeSecurities42.08%(31March2020:42.54%)(continued) Amount Principal Total FixedIncomeSecurities Shares Number of Australia 0.40%(31March2020:0.32%) Equities 30.69%(31March2020:21.05%) Belgium 0.06%(31March2020:0.14%) Bermuda 0.03%(31March2020:0.03%) Brazil 0.31%(31March2020:0.19%) Canada 0.86%(31March2020:0.68%) (Unaudited)(continued) 126,000 70,000 70,000 1,439 7,088 7,461 1,300 1,000 1,200 1,200 2,600 1,100 1,000 3,790 914 191 114 149 141 300 700 900 400 900 900 500 900 400 500 148 425 38 Financial period ended30September 2020 State ofCalifornia7.500%01/04/2034 State Bonds Government State ofCalifornia7.550%01/04/2039 State United States United States Treasury Note2.875%15/08/2028 AGL Energy Ltd AGL Energy Aristocrat LeisureLtd Aristocrat ASX Ltd Qantas Airways Ltd Qantas Airways Rio Tinto Ltd Rio Tinto Webjet Ltd Colruyt SA Telenet GroupHoldingNV Jardine Strategic HoldingsLtd Jardine Strategic Atacadao SA CCR SA Cia deSaneamentoMinasGerais Cia Paranaense deEnergia Cia SaneamentoBasicodeSaoPaulo Duratex SA Duratex EDP -EnergiasdoBrasilSA Engie BrasilEnergiaSA Marfrig GlobalFoods SA Minerva SA Minerva Qualicorp ConsultoriaeCorretoradeSegurosSA Simpar SA Telefonica BrasilSA Totvs SA Vale SA YDUQS Participacoes SA CAE Inc Canadian Pacific Ltd Railway Cogeco Communications Inc Cogeco Communications Empire CoLtd (continued) Fair Value Fair Value 4,150,519 9,851,716 116,451 122,623 148,828 USD 14,048 19,634 11,092 20,575 93,858 20,802 15,152 10,487 76,177 55,272 11,523 12,098 12,297

7,707 9,673 5,479 5,943 4,726 2,248 5,803 9,901 3,321 3,817 3,707 6,443 2,435 5,415 3,015 4,057 3,081 5,289 2,432 USD

%of 17.73 42.08 NAV % of 0.50 0.52 0.64 0.06 0.08 0.05 0.09 0.03 0.40 0.09 0.04 0.06 0.02 0.03 0.02 0.01 0.02 0.04 0.01 0.02 0.02 0.03 0.01 0.02 0.01 0.02 0.01 0.02 0.04 0.31 0.01 0.24 0.05 0.05 0.05 NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Transferable Securities72.77%(31March 2020:63.59%)(continued) Canada 0.86%(31March2020:0.68%)(continued) Equities 30.69%(31March2020:21.05%)(continued) Shares Number of Cayman Islands0.73%(31March2020:0.05%) Chile 0.06%(31March2020:0.06%) China 1.03%(31March2020:0.11%) 16,113 22,680 11,399 22,000 10,000 1,000 1,000 6,000 7,600 3,000 4,000 2,000 1,000 1,741 3,662 4,500 1,800 3,700 3,700 4,560 4,500 9,000 2,500 8,400 2,500 1,600 1,100 5,100 2,700 1,300 564 651 216 840 375 132 329 300 361 900 100 500 200

78 48 83 Fortis Inc Loblaw CompaniesLtd Loblaw Metro Inc Quebecor Inc Rogers Communications Inc Rogers Communications Waste ConnectionsInc Alibaba GroupHoldingLtd Bilibili Inc JD.com Inc NetEase Inc New Oriental Education & New OrientalEducation Technology GroupInc Powerlong Commercial Management HoldingsLtd Powerlong CommercialManagement Redco PropertiesGroupLtd Sands ChinaLtd Tencent HoldingsLtd Tianli Education International HoldingsLtd Tianli International Education Tianneng Ltd Power International Trip.com GroupLtd Yadea GroupHoldingsLtd Zhen Ding Technology HoldingLtd AES GenerSA Cencosud SA Colbun SA Engie EnergiaChileSA An Hui Wenergy CoLtd Anhui Guangxin Agrochemica Anhui Apeloa PharmaceuticalCoLtd Apeloa Bank ofBeijingCoLtd Bank ofJiangsuCoLtd Baoshan Iron&SteelCoLtd China Coal Energy CoLtd China CoalEnergy China DesignGroupCoLtd China MinshengBankingCorpLtd COSCO SHIPPINGHoldingsCoLtd CSC Financial CoLtd Datong Coal Industry CoLtd CoalIndustry Datong FAWER Automotive Parts CoLtd Gansu ShangfengCementCoLtd G-bits Network Technology CoLtd Guangdong TopstarLtd TechnologyCo Guangzhou Wondfo BiotechCoLtd Hengli Petrochemical CoLtd Huadian Power International CorpLtd Huadian Power International Huafa IndustrialZhuhaiCoLtd Jiangsu Guotai International GroupCoLtd Jiangsu GuotaiInternational Jiangxi Wannianqing CementCo Ltd Fair Value 202,363 169,681 USD 22,986 33,984 10,331 20,947 14,829 38,805 13,686 17,794 12,409 29,272 19,800 11,242 13,210 10,176

8,096 3,725 3,348 2,539 2,609 7,164 2,937 4,351 2,475 2,541 3,653 4,541 2,735 2,385 6,301 2,543 2,711 5,365 8,202 2,357 4,401 3,497 5,871 2,463 5,662 9,146 3,112 2,439 2,998 2,568 4,935 2,260 2,905

%of NAV 0.10 0.15 0.04 0.09 0.06 0.86 0.03 0.17 0.06 0.02 0.08 0.05 0.01 0.01 0.13 0.08 0.01 0.03 0.05 0.01 0.73 0.02 0.01 0.01 0.02 0.06 0.02 0.01 0.01 0.03 0.01 0.04 0.01 0.02 0.04 0.01 0.02 0.01 0.03 0.01 0.02 0.04 0.01 0.01 0.01 0.01 0.02 0.01 0.01

Transferable Securities72.77%(31March 2020:63.59%)(continued) Equities 30.69%(31March2020:21.05%)(continued) Shares Number of China 1.03%(31March2020:0.11%)(continued) Denmark 0.57%(31March2020:0.27%) Egypt 0.01%(31March2020:0.01%) Egypt Finland 0.39%(31March2020:0.24%) France 1.19%(31March2020:0.60%) (Unaudited)(continued) 66,000 11,100 22,200 4,000 1,700 1,200 2,400 1,100 1,400 1,500 1,200 3,700 7,000 2,100 4,700 1,800 1,900 9,400 6,000 3,300 4,157 2,026 4,285 1,382 349 300 600 800 700 800 600 900 100 303 219 672 175 150 215

95 74 80 31 Financial period ended30September 2020 Jiangzhong PharmaceuticalCoLtd Jinke PropertiesGroupCoLtd Jinneng Science& Technology CoLtd Kunming Yunnei Power CoLtd Luxshare Precision Industry CoLtd Luxshare PrecisionIndustry Metallurgical CorpofChinaLtd Ningbo HuaxiangElectronicCoLtd Ningbo Orient Wires &Cable Pharmaron BeijingCoLtd Ping An InsuranceGroupCoofChinaLtd Qingdao Gon Technology CoLtd Qingdao HanheCableCoLtd Qingdao Port CoLtd International Seazen HoldingsCoLtd Shaanxi Coal Industry CoLtd Shaanxi CoalIndustry Shandong JinchengPharmaceuticalGroupCoLtd Shandong Nanshan Aluminum CoLtd Shanghai IndustrialDevelopmentCoLtd Shanghai International Shanghai International Airport CoLtd Shenzhen HeungkongHoldingCoLtd Sieyuan ElectricCoLtd Technology GroupCoLtd Wuhu SanqiInteractiveEntertainmentNetwork Xiamen KingdomwayGroupCo Xinjiang Xintai Natural GasCoLtd Xinjiang XintaiNatural Yonggao CoLtd Youngor GroupCoLtd Zhejiang Tianyu PharmaceuticalCoLtd Zhengzhou Coal Mining Machinery GroupCoLtd Zhengzhou CoalMiningMachinery Zhuzhou KibingGroupCoLtd Carlsberg A/S Chr. HansenHolding AS Coloplast A/S Novo Nordisk A/S Novo Eastern CoSAE Elisa OYJ Sampo OYJ Air LiquideSA Engie SA L'Oreal SA LVMH MoetHennessyLouis Vuitton SE Orange SA Safran SA TOTAL SE Fair Value 239,444 132,555 USD 10,560 15,387 18,178 40,860 10,563 34,621 46,511 10,318 90,596 80,278 11,758 57,383 26,042 14,519 14,397 14,853

6,813 2,259 2,114 2,273 2,928 2,747 4,962 3,732 5,890 2,249 4,065 3,080 2,587 3,075 3,716 3,865 6,747 2,446 4,662 3,098 3,532 2,123 9,413 1,335 6,457 4,119 3,176 7,362

%of NAV 0.03 0.01 0.01 0.01 0.01 0.05 0.01 0.02 0.02 0.07 0.03 0.01 0.02 0.01 0.01 0.01 0.02 0.02 0.07 0.03 0.01 0.02 0.01 0.02 0.01 0.04 0.01 0.03 1.03 0.02 0.17 0.05 0.15 0.57 0.20 0.01 0.04 0.39 0.35 0.05 0.25 0.11 0.06 0.06 0.06 0.03

117 LAZARD GLOBAL INVESTMENT FUNDS PLC 118 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Equities 30.69%(31March2020:21.05%)(continued) Transferable Securities72.77%(31March 2020:63.59%)(continued) Shares Number of France 1.19%(31March2020:0.60%)(continued) Germany 0.38%(31March2020:0.12%) Germany Greece 0.10%(31March2020:0.01%) Guernsey 0.04%(31March2020:0.02%) Hong Kong0.11%(31March2020:0.09%) Hungary 0.02%(31March2020:0.01%) Hungary India 0.09%(31March2020:Nil) Indonesia 0.06%(31March2020:0.06%) Ireland 1.02%(31March2020:1.21%) Israel 0.25%(31March2020:0.43%) Italy 0.11%(31March2020:0.04%) 10,900 17,200 21,665 3,551 1,943 6,000 1,500 5,200 1,528 2,142 2,076 213 187 428 592 429 252 247 180 269 287 900 779

33 25 29 57 34 51 Ubisoft EntertainmentSA Vinci SA Vivendi SA Allianz SE CTS Eventim AG &CoKGaA Deutsche Telekom AG Fresenius SE&CoKGaA Muenchener Rueckversicherungs-Gesellschaft AG Muenchener Rational AG Rational Schaeffler AG Hellenic Telecommunications SA Organization OPAP SA Amdocs Ltd China ResourcesPower HoldingsCoLtd Sun HungKaiPropertiesLtd Richter GedeonNyrt Dr Reddy's Laboratories Ltd Laboratories Dr Reddy's Reliance IndustriesLtd Gudang Garam Tbk PT Indofood CBPSuksesMakmur Tbk PT Indofood SuksesMakmur Tbk PT Telekomunikasi IndonesiaPersero Tbk PT Accenture Plc Medtronic Plc Ryanair HoldingsPlc Ryanair Steris Plc Israel DiscountBankLtd Hera SpA Technogym SpA Fair Value 280,350 158,790 239,151 USD 19,248 15,683 99,105 20,718 19,534 22,751 87,162 22,022 18,456 10,334 25,742 19,123 21,415 17,450 14,140 63,691 58,528 25,713 17,796

6,332 9,920 6,350 1,557 3,566 6,619 5,689 3,965 2,422 3,521 5,238 2,959 7,684 8,986 7,917

%of NAV 0.08 0.07 1.19 0.42 0.03 0.09 0.04 0.08 0.03 0.10 0.38 0.01 0.02 0.10 0.08 0.04 0.03 0.11 0.08 0.02 0.02 0.09 0.07 0.01 0.02 0.02 0.06 0.01 0.03 0.68 0.27 1.02 0.04 0.25 0.03 0.11 0.08

Transferable Securities72.77%(31March 2020:63.59%)(continued) Equities 30.69%(31March2020:21.05%)(continued) Shares Number of Japan 2.64%(31March2020:1.84%) Luxembourg 0.04%(31March2020:0.02%) Malaysia 0.06%(31March2020:0.05%) Malta 0.04%(31March2020:0.02%) (Unaudited)(continued) 1,400 1,800 1,800 1,700 1,280 2,900 1,500 1,600 1,100 1,500 1,500 1,700 2,000 1,208 500 300 600 100 300 300 500 500 400 900 700 300 400 200 500 300 245 200 200 600 400 100 500 199 300 700 200 100 153

28 Financial period ended30September 2020 Ajinomoto CoInc Bridgestone Corp Chubu ElectricPower CoInc Daito Trust ConstructionCoLtd Daiwa House Industry CoLtd Daiwa HouseIndustry DCM HoldingsCoLtd East Japan Railway Co Railway East Japan Electric Power DevelopmentCoLtd Fuji MediaHoldingsInc Gunma BankLtd Hachijuni BankLtd Heiwa Corp Japan PostJapan Holdings CoLtd Kansai ElectricPower CoInc KDDI Corp Kyudenko Corp Kyushu Co Railway Lawson Inc Lawson McDonald's Holdings Co Japan Ltd McDonald's HoldingsCoJapan Mitsubishi Heavy IndustriesLtd Mitsubishi Heavy Mizuho Financial GroupInc Nexon CoLtd Nintendo CoLtd Nintendo CoLtd NOF Corp NTT DOCOMOInc ORIX Corp Pan Pacific Holdings Corp International Rengo CoLtd Secom CoLtd Seven &iHoldingsCoLtd Shizuoka BankLtd Sony Corp Sony Sumitomo Mitsui Trust HoldingsInc Tohoku ElectricPower CoInc Tokyu Corp Toyota MotorCorp West Japan Railway Co West Railway Japan Reinet InvestmentsSCA Spotify TechnologySA Hartalega HoldingsBhd Kossan RubberIndustries TIME dotComBhd Kindred GroupPlc Fair Value 113,067 616,101 USD 10,229 19,210 18,421 11,531 17,618 24,259 15,895 72,053 17,371 55,221 12,038 15,398 15,273 15,010 13,138 17,219

9,430 7,283 8,832 7,668 7,690 4,790 5,970 7,044 6,557 8,699 8,628 8,517 9,514 6,625 7,846 7,420 9,286 9,103 7,568 7,939 9,041 4,919 2,665 9,457 6,792 5,848 5,596 5,775 8,792

%of NAV 0.04 0.04 0.03 0.04 0.03 0.08 0.08 0.03 0.02 0.03 0.03 0.03 0.05 0.04 0.08 0.04 0.04 0.04 0.10 0.03 0.07 0.31 0.07 0.48 0.03 0.24 0.03 0.04 0.05 0.04 0.07 0.03 0.07 0.03 0.06 0.04 0.06 2.64 0.02 0.01 0.04 0.03 0.02 0.02 0.06 0.02 0.04

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Transferable Securities72.77%(31March 2020:63.59%)(continued) Mexico 0.20%(31March2020:0.10%) Equities 30.69%(31March2020:21.05%)(continued) Shares Number of Netherlands 0.41%(31March2020:0.15%) New Zealand0.17%(31March2020:Nil) Norway 0.20%(31March2020:0.09%) Philippines 0.09%(31March2020:0.06%) Poland 0.08%(31March2020:0.06%) Puerto Rico0.04%(31March2020:0.02%) Qatar 0.02%(31March2020:0.03%) Russia 0.02%(31March2020:0.01%) Singapore 0.12%(31March2020:0.14%) South Africa0.02%(31March2020:Nil) 14,600 16,279 1,700 2,700 2,800 3,500 1,000 4,438 2,247 3,200 6,390 2,707 3,662 8,523 3,200 8,400 1,800 1,003 600 900 393 934 266 375 227 877 934 208 260 108

33 58 America MovilSABdeCV Arca ContinentalSABdeCV Bolsa Mexicanade Valores SABdeCV Grupo BimboSABdeCV Grupo CementosdeChihuahuaSABCV Kimberly-Clark deMexicoSABCV Qualitas ControladoraSABdeCV Walmart DeMexicoSABdeCV Flow TradersFlow NV Koninklijke Ahold DelhaizeNV NN GroupNV Unilever NV Wolters KluwerNV Auckland International Auckland International Airport Ltd Fisher &Paykel HealthcareCorpLtd Orkla ASA Telenor ASA Yara ASA International Aboitiz Equity Ventures Inc Jollibee Foods Corp Orange Polska SA Polskie Gornictwo Naftowe i Gazownictwo SA Polskie iGazownictwo GornictwoNaftowe Tauron Polska EnergiaSA EVERTEC Inc Ezdan HoldingGroup Polyus PJSC Tatneft PJSC Keppel DCREIT Sheng SiongGroupLtd Singapore ExchangeLtd Singapore AngloGold Ashanti Ltd AngloGold Ashanti Pick nPay StoresLtd Fair Value USD 13,240 44,849 15,697 27,655 22,647 95,385 19,389 21,371 40,658 19,287 22,665 15,617 46,274 22,148 19,112 18,816 28,793 12,065

9,133 2,590 3,841 5,032 4,184 4,432 2,397 9,997 7,992 3,036 4,789 4,781 9,246 9,025 4,539 3,478 5,553 2,075 6,821 9,907 2,849 5,672 2,823

%of NAV 0.04 0.01 0.02 0.02 0.02 0.02 0.06 0.20 0.01 0.07 0.12 0.04 0.10 0.41 0.08 0.09 0.17 0.08 0.10 0.07 0.20 0.03 0.01 0.09 0.08 0.02 0.02 0.08 0.04 0.04 0.02 0.01 0.02 0.01 0.03 0.04 0.12 0.05 0.01 0.02 0.01

Transferable Securities72.77%(31March 2020:63.59%)(continued) Equities 30.69%(31March2020:21.05%)(continued) Shares Number of South Korea0.49%(31March2020:0.33%) Spain 0.65%(31March2020:0.27%) Sweden 0.10%(31March2020:0.04%) Switzerland 0.63%(31March2020:0.38%) Taiwan 1.00%(31March2020:0.64%) (Unaudited)(continued) 3,212 1,000 1,199 8,000 4,000 6,000 3,000 1,000 107 165 108 972 158 885 309 168 140 133 338 324 676 887 439 112 596 389 748 131 105 404 181

65 35 64 54 40 83 72 21 18 97 14 2 6 Financial period ended30September 2020 AfreecaTV CoLtd BGF retailCoLtd Bioneer Corp Coway CoLtd Coway Daelim IndustrialCoLtd DongKook PharmaceuticalCoLtd Hana Financial GroupInc Hansol ChemicalCoLtd Ilyang PharmaceuticalCoLtd Ilyang JB Financial GroupCoLtd KEPCO Plant Service &EngineeringCoLtd KEPCO PlantService Kia MotorsCorp Korean ReinsuranceCo LG Household&HealthCareLtd LG UplusCorp NCsoft Corp NICE Information Service CoLtd Service NICE Information S-1 Corp Samsung ElectronicsCoLtd Samsung ElectronicsCoLtd Samsung EngineeringCoLtd Seegene Inc Amadeus ITGroupSA Ferrovial SA Iberdrola SA Industria deDiseno Textil SA Siemens Gamesa Renewable Energy SA Siemens GamesaRenewableEnergy Viscofan SA Axfood AB Castellum AB Banque Cantonale Vaudoise Banque Credit SuisseGroup AG Flughafen Zurich AG Flughafen Galenica AG Novartis AG Roche Holding AG Roche Swisscom AG Accton TechnologyCorp Advantech CoLtd Asia CementCorp Cheng LoongCorp Chicony ElectronicsCoLtd Chicony Chicony Power Chicony Technology CoLtd Delta ElectronicsInc Fair Value 113,666 152,157 147,467 USD 10,475 26,607 18,081 16,449 10,932 12,252 86,970 13,678 22,545 18,051 35,139 62,087 12,047 11,463 17,423

3,263 3,696 2,425 4,340 3,574 3,859 2,595 5,113 5,621 3,757 3,654 2,887 5,638 2,476 3,038 4,135 2,837 6,619 3,049 4,008 7,473 8,867 9,882 7,526 7,337 7,445 7,682 4,357 6,878 6,526

%of NAV 0.01 0.02 0.01 0.02 0.02 0.02 0.01 0.02 0.02 0.02 0.02 0.01 0.02 0.01 0.01 0.02 0.01 0.05 0.03 0.11 0.01 0.49 0.02 0.08 0.07 0.05 0.05 0.37 0.65 0.03 0.06 0.10 0.04 0.04 0.03 0.08 0.03 0.15 0.27 0.63 0.03 0.03 0.05 0.05 0.02 0.07 0.03 0.03

119 LAZARD GLOBAL INVESTMENT FUNDS PLC 120 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Equities 30.69%(31March2020:21.05%)(continued) Transferable Securities72.77%(31March 2020:63.59%)(continued) Shares Number of Taiwan 1.00%(31March2020:0.64%)(continued) Thailand 0.07%(31March2020:0.05%) Turkey 0.04%(31March2020:0.08%) United Kingdom1.54%(31March2020:1.08%) United ArabEmiratesNil(31March2020:0.02%) 10,000 17,000 10,000 31,200 12,600 10,394 2,000 8,000 1,440 3,000 2,000 6,000 1,000 1,000 1,000 1,000 1,000 5,000 2,000 4,000 4,000 5,000 5,000 4,000 2,500 1,000 4,200 2,500 1,703 4,558 1,365 2,160 2,031 4,802 1,085 189 134 866 207 331 421 335 612 728

Elan MicroelectronicsCorp Evergreen MarineCorpLtd Feng TAY EnterpriseCoLtd Gold CircuitElectronicsLtd ITE TechnologyInc Kindom ConstructionCorp Kuoyang ConstructionCoLtd Makalot IndustrialCoLtd Micro-Star International CoLtd Micro-Star International Nien MadeEnterpriseCoLtd Shin ZuShingCoLtd Sitronix TechnologyCorp Standard Foods Corp Sunonwealth Electric Machine Industry CoLtd Sunonwealth ElectricMachineIndustry Synnex Technology Corp International Taiwan HonChuanEnterpriseCoLtd Tung HoSteelEnterpriseCorp TXC Corp Wan HaiLinesLtd Wistron Corp YFY Inc Yuanta Financial HoldingCoLtd Com7 PCL PTT Exploration &ProductionPCL PTT Exploration Sri TrangPCL Agro-Industry Thai UnionGroupPCL Thanachart Capital PCL Thanachart Capital BIM Birlesik Magazalar BIM BirlesikMagazalar A/S Koza Altin Isletmeleri A/S Koza Altin Turk Telekomunikasyon A/S Turkcell IletisimHizmetleri A/S Admiral GroupPlc Ascential Plc Coca ColaEuropeanPartners Diageo Plc Diageo easyJet Plc GlaxoSmithKline Plc HSBC HoldingsPlc Informa Plc InterContinental HotelsGroupPlc Mondi Plc National GridPlc National Prudential Plc RELX Plc Fair Value 234,255 USD 10,048 11,860 10,497 12,465 12,473 19,175 16,976 17,348 53,702 11,340 14,007 50,592 17,731 12,972 68,847 24,210

4,378 8,626 4,620 4,792 8,100 8,477 5,904 4,592 4,817 4,506 4,288 5,704 7,582 4,920 4,116 5,939 3,116 2,493 3,512 5,567 2,288 1,707 1,355 1,578 6,349 1,709 6,987 7,903 7,916 8,374

%of NAV 0.04 0.02 0.04 0.02 0.02 0.03 0.04 0.03 0.02 0.05 0.02 0.02 0.04 0.02 0.02 0.03 0.02 0.05 0.05 0.02 0.03 1.00 0.09 0.01 0.01 0.02 0.02 0.07 0.01 0.01 0.01 0.01 0.04 0.01 0.03 0.07 0.23 0.05 0.06 0.03 0.03 0.22 0.08 0.06 0.04 0.29 0.10

Transferable Securities72.77%(31March 2020:63.59%)(continued) Equities 30.69%(31March2020:21.05%)(continued) Shares Number of United Kingdom1.54%(31March2020:1.08%)(continued) United States14.20%(31March2020:10.88%) (Unaudited)(continued) 5,653 1,526 5,662 7,232 669 171 176 196 185 110 267 256 264 194 745 595 263 826 266 222 880 259 662 182 323 283 239 163 428 183

21 77 40 87 17 88 80 70 29 95 35 10 76 90 18 65 64 47 8 4 Financial period ended30September 2020 RELX Plc SSP GroupPlc Standard CharteredPlc Vodafone GroupPlc Wm MorrisonSupermarketsPlc 3M Co Abbott Laboratories AbbVie Inc Adobe SystemsInc Aerojet Rocketdyne HoldingsInc Aerojet Rocketdyne Akamai TechnologiesInc Allstate Corp Allstate Alphabet IncClass A Alphabet IncClassC Altria GroupInc Amazon.com Inc Ameren Corp American ExpressCo American States American States Water Co American TowerCorp AmerisourceBergen Corp Amphenol Corp Analog DevicesInc Anthem Inc Apple Inc Apple AptarGroup Inc AptarGroup Armstrong World IndustriesInc AT&T Inc Atmos Energy Corp Atmos Energy AutoZone Inc Bank ofNew York Mellon Corp Baxter International Inc Baxter International Biogen Inc Booking HoldingsInc Booz Allen HamiltonHoldingCorp Bristol-Myers SquibbCo Cable OneInc Cadence DesignSystemsInc Campbell SoupCo Cboe GlobalMarketsInc CDW Corp Charles SchwabCorp Chemed Corp Church &DwightCoInc Ciena Corp Cigna Corp Cisco SystemsInc Citrix SystemsInc Clorox Co CME GroupInc Fair Value 360,498 127,508 USD 14,929 13,191 15,908 27,391 19,154 17,168 10,299 12,159 58,784 10,317 53,528 20,244 26,466 19,338 18,802 86,972 68,907 29,772 56,837 70,770 17,107 21,492 39,912 19,407 15,624 10,758 10,253 22,397 11,012 16,859 38,461

7,025 7,516 7,380 7,249 6,596 7,579 7,789 7,584 9,081 9,421 7,623 9,929 7,542 6,668 8,646 6,469 8,813 7,864

%of NAV 0.06 0.06 0.03 0.03 0.07 1.54 0.12 0.08 0.07 0.04 0.03 0.05 0.03 0.25 0.55 0.04 0.23 0.09 0.11 0.03 0.08 0.08 0.03 0.38 0.03 0.29 0.13 0.24 0.03 0.04 0.04 0.03 0.30 0.04 0.07 0.09 0.17 0.03 0.08 0.07 0.03 0.05 0.04 0.04 0.10 0.03 0.05 0.07 0.04 0.16 0.03

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Transferable Securities72.77%(31March 2020:63.59%)(continued) United States14.20%(31March2020:10.88%)(continued) Equities 30.69%(31March2020:21.05%)(continued) Shares Number of 121 592 679 219 121 160 400 162 196 337 249 271 114 968 370 422 133 201 340 213 642 265 977 489 159 257 355 322 119 169 345 553 186

24 51 90 45 82 85 69 93 52 79 42 52 48 91 75 94 34 74 54 Cognizant Technology SolutionsCorp Colgate-Palmolive Co Comcast Corp Costco Wholesale Corp Costco Wholesale Crown Castle International Corp CastleInternational Crown Curtiss-Wright Corp CVS HealthCorp Dolby Laboratories Inc Dolby Laboratories Dollar GeneralCorp Domino's PizzaInc DTE Energy Co DTE Energy Easterly GovernmentPropertiesInc Edwards LifesciencesCorp Electronic Arts Inc Electronic Arts Eli Lilly&Co Employers HoldingsInc Employers Entergy Corp Entergy Estee LauderCosInc Exelon Corp Expeditors International of Expeditors International Washington Inc F5 NetworksInc Facebook Inc Fiserv Inc Flowers FoodsFlowers Inc General MillsInc Gilead SciencesInc Graco Inc Hanover InsuranceGroupInc Hershey Co Hilton Worldwide HoldingsInc Home DepotInc Honeywell International Inc Honeywell International Hormel Foods Corp Intel Corp Intercontinental ExchangeInc Intuit Inc J2 GlobalInc Jack Henry & Jack Henry Inc Associates JB Hunt Transport Inc Services Johnson & Kellogg Co Kforce Inc Kimberly-Clark Corp Kroger Co Life Storage Inc Life Storage Lululemon Athletica Inc Lululemon Athletica McDonald's Corp McGrath RentCorp McGrath McKesson Corp MDU ResourcesGroupInc Merck &CoInc Mercury GeneralCorp Mercury Fair Value USD 45,673 31,411 12,790 33,539 19,138 12,931 25,560 49,883 15,059 29,857 99,753 26,029 12,331 48,736 18,173 11,664 31,387 13,722 97,750 15,658 12,194 11,880 72,803 10,270 52,419 10,919 12,527 11,199 16,242 10,071 45,871

8,400 8,520 8,492 8,393 8,020 9,433 8,964 7,532 8,375 9,691 8,418 6,384 9,002 8,404 7,361 8,560 6,299 8,268 8,042 7,763 7,695

%of NAV 0.04 0.20 0.13 0.04 0.04 0.04 0.05 0.03 0.14 0.08 0.04 0.04 0.06 0.11 0.21 0.03 0.04 0.06 0.04 0.04 0.03 0.13 0.44 0.04 0.11 0.04 0.05 0.03 0.21 0.08 0.05 0.04 0.13 0.06 0.43 0.07 0.03 0.05 0.05 0.32 0.04 0.04 0.22 0.05 0.05 0.05 0.07 0.04 0.03 0.03 0.20 0.03

Transferable Securities72.77%(31March 2020:63.59%)(continued) Equities 30.69%(31March2020:21.05%)(continued) Shares Number of United States14.20%(31March2020:10.88%)(continued) (Unaudited)(continued) 1,012 1,007 1,347 107 147 176 229 210 296 131 249 337 331 472 200 339 433 295 497 519 199 387 192 128 196 160 278 851 209 432 356 107 249

98 74 24 98 62 26 19 35 84 34 83 26 25 14 61 73 59 59 29 Financial period ended30September 2020 Watts Water TechnologiesInc WD-40 Co WEC Energy GroupInc WEC Energy Weis MarketsInc Werner EnterprisesInc WW GraingerInc Xcel Energy Inc Xcel Energy Zoetis Inc Microsoft Corp Morgan Stanley Motorola SolutionsInc Nasdaq Inc Netflix Inc NewMarket Corp NextEra Energy Inc NextEra Energy NIKE Inc Paypal HoldingsInc PepsiCo Inc Pfizer Inc Pool Corp Portland GeneralElectricCo Procter &GambleCo Progressive Corp Public Storage QUALCOMM Inc Republic Services Inc Republic Services S&P GlobalInc SBA Communications Corp SBA Communications Service CorpInternational Service Sherwin-Williams Co Silgan HoldingsInc Sirius XMHoldingsInc Skyworks SolutionsInc Southwest Airlines Co Southwest Airlines Southwest GasHoldingsInc Sprouts Farmers MarketInc Square Inc Starbucks Corp Stepan Co Sturm Ruger&CoInc Take-Two Interactive SoftwareInc Target Corp Texas InstrumentsInc Twitter Inc UnitedHealth GroupInc Verizon Inc Communications Vertex PharmaceuticalsInc Visa Inc Vulcan Co Materials Walmart Inc Walt DisneyCo Waste Inc Management Fair Value 3,323,859 USD 14,009 10,368 15,803 16,206 44,169 14,312 16,075 13,001 31,259 16,551 46,708 37,140 11,374 11,751 65,603 18,934 75,503 40,421 12,443 37,027 72,314 19,463 12,557 16,497 30,854 22,846 12,371 18,394 50,626 41,794 58,553 49,808 13,277 28,179

9,815 7,056 7,390 8,562 9,722 6,504 9,715 9,767 9,376 7,962 9,754 7,220 8,100 9,916 7,957 7,828 9,748 7,891

%of 14.20 NAV 0.04 0.06 0.04 0.03 0.03 0.04 0.07 0.07 0.19 0.06 0.04 0.07 0.06 0.03 0.04 0.13 0.07 0.20 0.16 0.05 0.05 0.28 0.08 0.33 0.04 0.17 0.04 0.03 0.05 0.04 0.16 0.03 0.31 0.08 0.05 0.03 0.04 0.07 0.03 0.03 0.04 0.13 0.10 0.05 0.08 0.22 0.03 0.18 0.25 0.21 0.06 0.12

121 LAZARD GLOBAL INVESTMENT FUNDS PLC 122 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Transferable Securities72.77%(31March 2020:63.59%)(continued) Total Equities Equities 30.69%(31March2020:21.05%)(continued) Shares Number of Open ForwardForeignCurrency ExchangeContracts0.05%(31March2020:0.43%) Financial Derivative Instruments(0.57)%(31March2020:5.94%) Date Maturity 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 15/10/2020 15/10/2020 22/01/2021 22/10/2020 04/03/2021 20/01/2021 20/01/2021 20/01/2021 22/10/2020 30/11/2020 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 22/10/2020 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 19/10/2020 Total Transferable Securities Investment Funds18.11%(31March2020:14.20%) Total InvestmentFunds Instruments Total Value ofInvestmentsexcluding FinancialDerivative 1,018 1,130

917 950

Lazard CommoditiesFund Lazard European Fund Alternative Lazard Global FocusThematic Fund Lazard Rathmore Lazard Rathmore Fund Alternative Amount CAD 333,596 GBP 76,984 GBP 44,214 EUR 27,773 EUR 492,690 EUR 591,976 EUR 1,791 EUR 356,099 EUR 90,641 CZK 1,056,389 CNH 1,700,712 CNH 1,700,712 CHF 58,874 CHF 105,898 HUF 16,311,380 KRW 141,540,000 KRW JPY 16,691,070 JPY 27,497,463 JPY 127,495,249 USD 135,949 THB 1,194,300 SGD 4,183 SGD 183,858 SEK 471,863 NZD 20,215 NOK 57,752 MXN 595,407 USD 138,553 USD 267,242 USD 246,385 USD 38,008 USD 277,078 USD 812,556 USD 84,719 Bought

Sold USD 249,046 USD 98,003 USD 57,476 USD 32,863 USD 583,051 USD 700,823 USD 2,113 USD 420,225 RON 445,036 USD 47,060 USD 248,617 USD 249,521 USD 65,087 USD 117,073 EUR 47,055 USD 119,175 USD 159,300 USD 262,478 USD 1,216,639 AUD 186,151 USD 38,141 USD 3,084 USD 135,535 USD 53,424 USD 13,564 USD 6,225 USD 27,258 AUD 189,652 AUD 365,785 CAD 325,166 CAD 50,716 CAD 365,529 CAD 1,072,022 CLP 66,625,189 Amount

Gain/(Loss) Unrealised Fair Value

17,035,170 21,275,242 7,183,454 1,042,867 1,331,266 4,240,072 (3,795) (4,837) (2,533) (1,326) (1,410) (2,551) (1,476) (6,471) 1,599 1,856 2,485 2,579 4,987 2,820 3,280 9,561 889,428 976,511 (271) (210) (407) (621) (783) (870) (455) (824) (623) (204) (620) USD USD (13) (19) (52) 834 332 137

20

%of (0.03) (0.03) (0.01) (0.01) (0.01) (0.01) (0.01) (0.03) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 30.69 72.77 18.11 90.88 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.05 NAV % of 0.00 0.00 0.00 0.00 3.80 4.17 4.45 5.69 NAV

Contracts forDifference0.22%(31March2020:0.65%) 22/10/2020 22/10/2020 22/10/2020 22/10/2020 Amount Notional exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 20/01/2021 22/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 20/01/2021 22/10/2020 22/10/2020 15/10/2020 (continued) Open ForwardForeignCurrency ExchangeContracts0.05%(31March2020:0.43%) Financial Derivative Instruments(0.57)%(31March2020:5.94%)(continued) Date Maturity (54,000) (24,000) (36,000) (28,800) (52,000) (80,000) (Unaudited)(continued) (2,095) (6,000) (1,000) (4,400) (8,000) (4,000) (8,000) (4,000) (4,200) (4,200) 5,000 2,400 7,500 (299) (199) (313) (382) (182) (694) 737

Security Center Laboratories Inc Center Laboratories China DongxiangGroupCoLtd ConstructionCoLtd China Communications CEZ AS CCC SA China MolybdenumCoLtd CoLtd China MengniuDairy China LessoGroupHoldingsLtd Marine ContainersGroupCoLtd China International China Eastern Airlines CorpLtd Chacha Food CoLtd C&S Paper CoLtd China Railway Signal & Communication CorpLtd Signal&Communication China Railway BTS GroupHoldingsPCL China OverseasLand&InvestmentLtd Bidvest GroupLtd/The Bid CorpLtd Beijing Enterprises Water GroupLtd Banco SantanderChile Arcos DoradosHoldingsInc Co Ltd andElectricityPower CoalIndustry Anhui Hengyuan Alibaba PicturesGroupLtd BES EngineeringCorp International Beijing Capital Airport CoLtd Becle SABdeCV Alupar InvestimentoSA Financial period ended30September 2020 USD 10,483 USD 70,400 USD 68,629 USD 97,081 USD 114,400 USD 23,974 USD 122,250 USD 77,900 USD 6,016 USD 134,149 USD 112,030 USD 93,800 USD 319,287 USD 132,827 Amount Bought

Sold CZK 241,642 CZK 1,632,013 CZK 1,598,517 CZK 2,260,794 SGD 156,705 RON 102,817 PLN 459,742 PLN 298,505 PLN 23,436 NZD 199,972 NZD 166,959 NOK 870,561 HUF 97,798,394 EUR 111,821 Amount

Gain/(Loss) Unrealised Gain/(Loss) Unrealised (33,030) 11,140 44,170 (1,016) (2,048) 3,301 1,981 1,681 3,607 1,665 (255) (576) (795) (415) (570) USD 2,964 1,029 4,813 3,747 2,793 3,921 1,993 1,692 1,889 2,600 (878) (541) (808) (112) (48) 668 756 (15) (35) (23) 470 341 267 627 603 567 USD 21

4

(0.14) (0.01) %of (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.05 0.19 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.02 0.01 0.03 0.01 0.01 0.01 0.01 % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Contracts forDifference0.22%(31March2020:0.65%) Financial Derivative Instruments(0.57)%(31March2020:5.94%)(continued) Amount Notional (134,000) (13,000) (31,680) (12,100) (14,000) (18,000) (11,000) (17,000) (14,000) (10,000) (6,000) (6,000) (2,000) (1,000) (5,000) (2,500) (9,260) (2,000) (2,000) (2,500) (1,500) (3,200) (5,000) (3,500) (4,000) (8,000) (3,500) 20,000 1,100 2,238 1,011 4,800 1,428 4,000 4,000 (106) (122) (109) (129) (239) (862) (342) (610) (219) (91) (39) (15) 595 698 418 314 552 Security Hyosung Corp Hutchison ChinaMediTech Ltd Huaxin CementCoLtd International CSRCInvestment HoldingsCo International Inc Innocean Worldwide Infosys Ltd CoLtd Hyundai MipoDockyard Hua NanFinancial HoldingsCoLtd Inventec Corp HTC Corp Highwealth ConstructionCorp Hengan International GroupCoLtd Hengan International GoldMiningCoLtd Harmony Hanssem CoLtd Hanmi PharmCoLtd Formosa Petrochemical Corp Fomento EconomicoMexicanoSAB de CV Far EasTone Telecommunications Co Ltd Exxaro ResourcesLtd EnergiaSA Equatorial Ecopetrol SA Dubai InvestmentsPJSC Dongsuh CosInc Distell GroupHoldingsLtd Ltd Discovery Dalian Port PDACoLtd CTCI Corp Co Ltd Guangzhou BaiyunshanPharmaceuticalHoldings CoLtd Guangshen Railway Grupo TelevisaSAB GroupCoLtd Service Greentown Gansu QilianshanCementGroupCoLtd Fujian SunnerDevelopmentCoLtd Fosun Ltd International CSPC PharmaceuticalGroupLtd CRRC CorpLtd Corp Inmobiliaria Vesta SABdeCV Ltd FundManagers Coronation Compal ElectronicsInc Cogna Educacao CNOOC Ltd Clicks GroupLtd Clevo Co CITIC SecuritiesCoLtd UnidasSA Cia Cervecerias Chunghwa Telecom CoLtd China UnicomHongKong Ltd China Telecom CorpLtd China SteelCorp China State Construction International HoldingsLtd ConstructionInternational China State China ResourcesPharmaceuticalGroupLtd China ResourcesMedicalHoldingsCoLtd (continued) Gain/(Loss) Unrealised (1,520) (1,920) (1,258) (1,127) (2,344) (1,708) (2,824) (1,140) (1,476) (1,506) (2,114) 2,082 1,024 1,879 1,024 1,693 2,433 3,456 (167) (889) (936) (695) (112) (148) (803) (658) (165) (619) (398) (944) (50) (72) (87) 615 114 226 959 310 733 326 341 782 366 276 188 778 646 488 834 USD 78 71 82

(0.02) (0.01) (0.02) (0.01) (0.01) (0.01) (0.01) (0.02) (0.01) %of (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.02 0.02 0.02 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV

Contracts forDifference0.22%(31March2020:0.65%) Financial Derivative Instruments(0.57)%(31March2020:5.94%)(continued) Amount Notional (32,500) (57,500) (16,000) (28,000) (81,000) (Unaudited)(continued) (8,000) (5,000) (8,000) (1,832) (5,800) (1,074) (5,917) (1,366) (1,000) (1,000) (5,876) (1,476) (4,000) (6,000) (1,000) (1,500) (6,000) (2,000) 6,200 1,000 6,000 4,500 1,003 5,164 2,000 (800) (400) (237) (182) (137) (900) (500) (300) (309) (757) (915) (125) (676) (67) (66) (17) (19) 130 784 330 191 62 56 Security Sinopec KantonsHoldingsLtd Sino-Ocean GroupHoldingLtd Sinopharm GroupCoLtd Sul America SA Sul America BankofIndia State SPAR GroupLtd/The S-Oil Corp Taiwan Corp Cogeneration Taiwan Fertilizer CoLtd Jarir MarketingCo KE HoldingsInc Jiangxi CopperCoLtd Jiangsu KanionPharmaceuticalCoLtd Jiangsu HengliHydraulicCoLtd Itau UnibancoHoldingSA IRPC PCL Mahindra &Ltd Iron&Steel Magnitogorsk Works PJSC LUKOIL PJSC Localiza RentaCarSA Li NingCoLtd Legend HoldingsCorp Kunlun CoLtd Energy SA KRUK Korea Shipbuilding&OffshoreEngineeringCoLtd Naspers Ltd Moneta MoneyBank AS MMG Ltd PCL Minor International Omega GeracaoSA &CoHoldingSA Natura Phison ElectronicsCorp OneConnect Financial Technology CoLtd Ronshine ChinaHoldingsLtd Raia DrogasilSA QIWI plc Gas Qatar Transport CoLtd FuelQSC Qatar Electricity& Qatar Water CoQSC Promotora yOperadoradeInfraestructuraSABCV Rosseti PJSC RusHydro PJSC Ruentex IndustriesLtd Shanghai Commercial & Savings BankLtd/The Shanghai Commercial&Savings Sercomm Corp Corp Semiconductor ManufacturingInternational CoLtd Industry Heavy Sany Santander BankPolska SA Samsung SDICoLtd IndustriesCoLtd Samsung Heavy Shenzhen Expressway CoLtd Shenzhen Expressway Shui OnLandLtd HoldingsLtd. Shenzhen International Financial period ended30September 2020 (continued) Gain/(Loss) Unrealised (1,868) (1,268) (3,516) (1,559) (3,752) (1,799) (2,006) (1,217) (1,273) (3,315) 1,575 1,508 3,953 6,657 1,026 4,751 2,220 1,280 1,120 1,564 2,152 1,285 3,520 6,407 (211) (932) (599) (230) (998) (630) (374) (194) (246) (820) (461) (491) (63) 851 148 505 155 300 337 268 180 134 456 300 786 685 103 USD 12 0

(0.01) (0.01) (0.02) (0.01) (0.02) (0.01) (0.01) (0.01) (0.01) (0.01) %of (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.01 0.01 0.02 0.04 0.03 0.01 0.01 0.01 0.01 0.01 0.02 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV

123 LAZARD GLOBAL INVESTMENT FUNDS PLC 124 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Net Assets Other NetAssets(31March2020:16.27%) Total Investments(31March2020:83.73%) Total FinancialDerivative Instruments Total ReturnSwapsatfair value Total fairvalue negative at ReturnSwaps Total positivefairvalue at ReturnSwaps USD USD USD USD USD USD USD Total ReturnSwaps(0.84)%(31March2020:4.86%) CCY Contracts forDifference0.22%(31March2020:0.65%) Financial Derivative Instruments(0.57)%(31March2020:5.94%)(continued) Amount Notional Net unrealisedgainoncontractsfordifference Unrealised lossoncontractsfordifference Unrealised gainoncontractsfordifference (37,000) (6,000) (3,300) (7,000) (3,000) (6,822) (4,000) (5,714) (1,000) (2,100) 20,000 1,400 2,100 (242) (900) (200) (800) (500) (500) (569) (130) (92) 291 107 312 187 139 USD MSCIDaily TR AC Word ExUSAIndex USD S&P500 TR IndexSM USD MSCIDaily TR Gross World Index USD MSCIDaily TR GrossEuropeIndex USD MSCIDaily TR GrossEMIndex Index Daily TRACWord MSCI USD USD BloombergCommodityIndex Security Trip.com GroupLtd Transmissora Alianca deEnergiaEletricaSA Tong Ren Tang Technologies CoLtd Telesites SABdeCV TaiwanCorp TEA Taiwan SemiconductorManufacturingCoLtd Taiwan MobileCoLtd WONIK IPSCoLtd West ChinaCementLtd WuXi AppTec CoLtd WT MicroelectronicsCoLtd WPG HoldingsLtd WNS HoldingsLtd Weichai Power CoLtd Vodafone QSC Qatar Vodacom GroupLtd Vivara Participacoes SA Vipshop HoldingsLtd Venus MedTech HangzhouInc CoLtd Services United Integrated United ElectronicsCo ParticipacoesUltrapar SA Wuxi BiologicsCaymanInc Zhejiang JingxinPharmaceuticalCoLtd Yungjin PharmaceuticalCoLtd Yuexiu Investment RealEstate Trust XP Inc Notional Amount (3,398) (3,488) (6,046) (117) (190) (31) (59) (continued) 23,410,771 21,143,065 2,267,706 (132,177) (195,500) Fair Value Gain/(Loss) (312,301) (193,332) Unrealised (45,358) (65,880) 116,801 (7,731) 13,509 87,465 15,827 (66,341) 118,524 (1,543) (1,477) (2,475) 11,901 52,183 1,970 3,236 USD (428) (224) (956) (94) (90) (29) (47) 820 728 214 176 335 903 498 185 228 817 USD 12 51 81 7

100.00 %of (0.57) (0.84) (1.34) (0.84) (0.19) (0.28) (0.03) (0.01) (0.01) (0.01) (0.28) 90.31 %of (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 9.69 0.05 0.01 0.22 0.50 0.01 NAV 0.06 0.37 0.50 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV

government typefixedincomesecurities. ofissuerfor fixedincomesecuritiesandcountry oftheissuerforcorporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarilyclassified of bythecountry oftheentityinwhich Equities areprimarilyclassified ofincorporation bythe country isMorganStanley.The counterpartyforthetotalreturnswaps The counterpartyforthecontractsdifferenceisMorganStanley. StreetBankand State Trust Company JP MorganChaseandCompany HSBC BankPlc Citibank NA The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Total Assets Other assets instruments Over thecounterfinancialderivative Investment Funds (a), (b)and(c) 68(1) Other transferablesecuritiesofthetypereferredtoinRegulations Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficial stockexchangelisting Analysis oftotalassets (Unaudited)(continued) Financial period ended30September 2020 % oftotalassets 100.00 12.36 17.24 20.39 46.86 1.14 2.01 Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard European Fund Alternative Portfolios ofInvestments Shares Number of Total FixedIncomeSecurities Italy 5.65%(31March2020:Nil) Ireland 2.00%(31March2020:2.10%) Germany 18.34%(31March2020:10.29%) Germany Finland 1.52%(31March2020:1.37%) Denmark 4.96%(31March2020:Nil) Belgium 0.95%(31March2020:0.93%) Equities 60.20%(31March2020:39.20%) Transferable Securities94.64%(31March 2020:87.31%) Germany 34.44%(31March2020:48.11%) Germany Fixed IncomeSecurities34.44%(31March2020:48.11%) Amount Principal 26,655,000 29,495,000 16,240,000 30,520,000 2,750,000 1,305,478 5,300,000 445,787 220,884 210,879 206,846 166,806 689,027 565,617 165,403 108,074 822,055 31,972 62,827 74,812 50,006 46,159 75,960 41,798 56,308 72,162 German Treasury Bill-Zerocoupon25/08/2021 German Treasury Bill-Zerocoupon28/07/2021* German Treasury Bill-Zerocoupon05/05/2021* German Treasury Bill-Zerocoupon14/04/2021* Technogym SpA Pirelli &CSpA Nexi SpA Amplifon SpA Linde Plc Zalando SE AG RWE Puma SE Fresenius SE&CoKGaA E.ON SE Deutsche Telekom AG Post AG Deutsche HeroSE Delivery Covestro AG Carl ZeissMeditec AG Pandora A/S Orsted A/S Carlsberg A/S KBC GroupNV Metso OutotecOYJ 11/06/2021* -Zerocoupon Bundesschatzanweisungen 11/12/2020* -Zerocoupon Bundesschatzanweisungen Bonds Government

111,419,527 111,419,527 26,791,044 29,602,845 16,292,239 18,263,250 59,343,625 16,061,452 30,661,311 2,765,701 3,258,703 4,780,660 3,781,534 6,442,353 6,455,147 5,019,877 6,614,935 5,750,050 6,477,077 6,496,147 8,082,667 6,434,177 4,906,589 4,576,934 4,985,172 4,670,651 4,915,567 6,475,234 3,087,812 4,928,220 5,306,387 Fair Value Fair Value EUR EUR

%of %of 34.44 34.44 18.34 0.85 8.28 9.15 5.04 9.48 1.64 NAV NAV 5.65 1.01 1.48 1.17 1.99 2.00 1.55 2.04 1.78 2.00 2.01 2.50 1.99 1.52 1.41 1.54 4.96 1.44 1.52 2.00 0.95 1.52

Net unrealisedgainonopenfuturescontracts (16,854,038) Netherlands 12.01%(31March2020:3.36%) Sweden 7.75%(31March2020:8.68%) Spain 2.45%(31March2020:1.34%) Norway Nil(31March2020:0.35%) Switzerland 4.57%(31March2020:10.78%) Instruments Total Investmentsexcluding FinancialDerivative Total Transferable Securities Total Equities Financial Derivative Instruments(0.03%)(31March2020:(2.16)%) Transferable Securities94.64%(31March 2020:87.31%)(continued) Equities 60.20%(31March2020:39.20%)(continued) Shares Number of (86,381,087) Open FuturesContracts0.80%(31March2020:(0.61)%) USD Amount Notional (Unaudited)(continued) 557,498 191,240 166,596 233,026 306,780 137,345 224,680 155,442 188,993 164,203 184,340 223,456 30,928 80,452 76,007 59,141 16,102 5,928

Financial period ended30September 2020 Ferrari NV Swedish Match AB Match Swedish SKF AB Petroleum AB Lundin AB Hexagon Hennes &Mauritz AB AAK AB Industria deDiseno Textil SA Ferrovial SA Unilever NV STMicroelectronics NV Prosus NV Koninklijke PhilipsNV JDE Peet's BV ING GroepNV Zurich InsuranceGroup AG Holding AG Straumann ABB Ltd (9,742) (3,273) Average Cost Price

18/12/2020 Short FuturesContractsExpiring (173) ofSwissMktIndexFutures 18/12/2020 Futures ContractsExpiring (2639) ofEuroSTOXX50 Short 306,174,279 306,174,279 194,754,752 25,064,975 38,845,451 14,773,899 Gain/(Loss) 4,844,871 5,617,340 3,383,756 2,833,421 4,908,666 3,435,923 4,885,869 7,930,921 3,268,811 4,662,110 8,005,263 4,961,066 4,654,397 6,600,961 6,402,128 3,376,765 4,793,060 5,117,115 4,863,724 Fair Value Unrealised 2,592,424 2,091,427 500,997

EUR EUR

%of 94.64 94.64 60.20 12.01 0.15 0.80 0.65 NAV % of 1.50 1.73 1.05 0.88 1.52 1.06 1.51 2.45 1.01 1.44 2.48 1.53 1.44 2.04 1.98 1.04 7.75 1.48 1.59 1.50 4.57 NAV

125 LAZARD GLOBAL INVESTMENT FUNDS PLC 126 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard European Fund(continued) Alternative Portfolios ofInvestments Contracts forDifference(0.84)%(31March2020:(1.61)%) Financial Derivative Instruments(0.03%)(31March2020:(2.16)%)(continued) Amount Notional Open ForwardForeignCurrency ExchangeContracts0.01%(31March2020:0.06%) Date Maturity 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 02/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 15/10/2020 (741,693) (201,795) (185,901) (45,315) (50,193) (51,559) (59,180) (52,126) 124,084 135,182 792,587 258,168 420,273 159,359 364,463 66,188 47,689 40,728 78,118 8,472

Security Edenred Cie deSaint-Gobain British AmericanTobaccoPLC Auto Trader GroupPlc Eiffage SA Eiffage Elis SA EssilorLuxottica SA Gecina SA Faurecia SE Inmobiliaria ColonialSocimiSA Iliad SA Kering GroupPLC Capital Intermediate Basket Total ReturnSwap Morgan StanleyCustomPharmaSecurity Services Basket Services Total ReturnSwap Morgan StanleyCombustEngineOptimised Services Basket Services Total ReturnSwap Morgan StanleyEnvrnmntlOptimised Total ReturnSwap Basket Morgan StanleyExposureServices Optimised ResearchExtension Morgan StanleyInvestmentFundEuropean Total ReturnSwap Basket Morgan StanleyOldMediaServices Return Swap Basket Morgan StanleyOilsServices Total Amount USD 207,083 USD 57,722 USD 10,227 GBP 66 GBP 15,091 GBP 12,319 EUR 20,690 EUR 154 EUR 551 EUR 2,620 EUR 10,741 EUR 133 EUR 44 EUR 13,481 USD 984,756 USD 3,796,285 Bought

Sold EUR 175,482 EUR 48,913 EUR 8,609 EUR 72 EUR 16,649 EUR 13,484 USD 24,100 USD 181 USD 650 USD 3,092 USD 12,677 GBP 120 GBP 40 GBP 12,319 EUR 834,483 EUR 3,216,972 Amount

(1,202,834) Gain/(Loss) Gain/(Loss) Unrealised Unrealised (461,705) (560,256) (799,157) (138,454) (498,543) (482,088) (264,034) (233,440) (17,555) (39,908) (88,746) 565,909 336,341 195,511 600,802 258,826 419,548 742,725 97,605 26,086 26,285 19,513 1,064 5,061 (199) EUR EUR 0.00 0.00 (15) (16) (66) (98) 297 109 143 (1) (3) 97 1

(0.14) (0.01) (0.01) (0.17) (0.25) (0.04) (0.15) (0.15) (0.03) (0.08) (0.37) (0.07) %of

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.03 0.17 0.10 0.06 0.19 0.08 0.13 0.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.01 % of NAV NAV

Other NetAssets(31March2020:14.85%) Total Investments(31March2020:85.15%) Total FinancialDerivative Instruments Net unrealisedlossoncontractsfordifference Unrealised lossoncontractsfordifference Unrealised gainoncontractsfordifference government typefixedincomesecurities. ofissuerfor fixedincome securitiesandcountry oftheissuerforcorporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarily classified of bythecountry oftheentity inwhich Equities areprimarilyclassified ofincorporation bythecountry is pledgedEUR70,361,349. requirements forcontractsdifferenceheldbytheFund. that The amountofcollateral * inconnectionwiththecollateral A portionofthesesecurities ispledgedascollateral Morgan Stanley Bank of America Merrill Lynch The counterpartiesforthecontractsdifferenceare: Street Bankand Trust Company. The counterpartyfortheopenforwardforeigncurrency exchangecontractsisState The counterpartyfortheopenfuturescontractsisMorganStanley. Total Assets Other assets instruments Over thecounterfinancialderivative instruments Exchange tradedfinancialderivative Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Net Assets Financial Derivative Instruments(0.03%)(31March2020:(2.16)%)(continued) Contracts forDifference(0.84)%(31March2020:(1.61)%)(continued) Amount Notional (Unaudited)(continued) 354,105 204,134 432,097 (8,919) 43,645 65,764 Financial period ended30September 2020 Security Rational AG Rational Total ReturnSwap Morgan StanleyPan EuroSecurityBasket Weir GroupPLC/The Vivendi SA Segro PLC Worldline SA/France 306,076,388 323,520,189 (2,716,401) (1,925,559) (7,618,718) 17,443,801 Gain/(Loss) Unrealised 4,902,317 (459,059) (447,380) (97,891) 424,049 750,044 510,957 %ofTotal assets EUR

100.00 100.00 (0.03) (0.84) (0.14) (0.60) (0.14) (2.35) 94.61 88.72 %of

0.13 0.23 0.16 1.51 5.39 9.10 1.43 0.75 NAV

Lazard Global InvestmentFundsplc Portfolios ofInvestments Portfolio ofInvestmentsasat30September2020 Lazard Rathmore Fund Alternative United States78.76%(31March2020:98.29%) Taiwan 0.58%(31March2020:0.45%) Netherlands 1.83%(31March2020:2.13%) Cayman Islands6.05%(31March2020:1.58%) Canada 4.43%(31March2020:0.42%) Transferable Securities95.28%(31March 2020:109.60%) British VirginIslands1.89%(31March2020:2.10%) Bermuda 1.18%(31March2020:Nil) Fixed IncomeSecurities94.72%(31March2020:104.97%) Amount Principal 37,695,000 42,960,000 28,195,000 12,113,000 17,582,000 10,052,000 19,719,000 14,326,000 4,294,000 1,348,000 7,570,000 7,655,000 6,815,000 6,860,000 5,626,000 4,738,000 3,015,000 8,895,000 2,600,000 5,200,000 2,300,000 1,200,000 2,137,000 1,600,000 1,885,000 8,100,000 5,740,000 Xeris PharmaceuticalsInc5.000%15/07/2025 ANLLIAN Capital Ltd-Zerocoupon05/02/2025 ANLLIAN Capital 22/04/2021* United States Treasury Bill-Zerocoupon 28/01/2021** United States Treasury Bill-Zerocoupon 05/11/2020** United States Treasury Bill-Zerocoupon Bonds Government GroupInc2.000%01/12/2021 Zillow Verint SystemsInc1.500%01/06/2021 Tilray Inc5.000%01/10/2023 Inc0.500%15/06/2022 Synaptics Corp3.250%01/11/2021 Knowles GCI LibertyInc1.750%30/09/2046 GroupInc2.875%15/03/2021 Encore Capital Inc3.000%01/06/2025 Cryoport Chegg Inc0.250%15/05/2023 Biomarin Pharmaceutical1.500%15/10/2020 01/06/2022 Atlas Air Worldwide HoldingsInc2.250% Convertible Bonds Innolux Corp-Zerocoupon22/01/2025 Convertible Bonds Yandex NV0.750%03/03/2025 Pharming GroupNV3.000%21/01/2025 Convertible Bonds coupon 30/06/2025 Zhen Ding Technology HoldingLtd-Zero 17/02/2025 Sino BiopharmaceuticalLtd-Zerocoupon NIO Inc4.500%01/02/2024 17/12/2024 HoldingsLtd1.000% Bosideng International Convertible Bonds Corp4.250%15/07/2023 Canopy Growth Aurora CannabisInc5.500%28/02/2024 Inc5.250%01/06/2024 Aphria Convertible Bonds Convertible Bonds SFL CorpLtd5.750%15/10/2021 Convertible Bonds

37,673,744 42,947,042 28,192,876 21,789,055 11,711,578 11,971,237 12,629,731 29,086,282 23,980,303 21,313,444 11,335,448 Fair Value 8,337,807 2,616,260 9,093,218 7,683,550 4,966,330 8,203,770 6,894,300 3,018,747 9,795,619 2,804,750 8,790,273 6,437,879 2,352,394 1,276,500 2,440,906 1,388,573 1,203,041 8,774,955 5,669,479 USD

%of NAV 7.83 8.93 5.86 1.73 0.54 1.89 1.60 1.03 4.53 1.71 2.44 1.43 2.49 2.63 0.63 2.04 0.58 1.83 1.34 0.49 6.05 0.27 0.51 4.98 0.29 4.43 0.25 1.82 2.36 1.18

15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 Financial Derivative Instruments1.25%(31March2020:(10.54)%) Transferable Securities95.28%(31March2020:109.60%) Transferable Securities95.28%(31March 2020:109.60%)(continued) Cayman Islands0.04%(31March2020:0.13%) Equities 0.56%(31March2020:4.63%) Shares Number of Total FixedIncomeSecurities United States78.76%(31March2020:98.29%)(continued) Fixed IncomeSecurities94.72%(31March2020:104.97%)(continued) Amount Principal Open ForwardForeignCurrency ExchangeContracts(0.54)%(31March2020:(5.33)%) Open FuturesContractsNil(31March2020:0.01%) Date Maturity United States0.40%(31March2020:4.16%) United Kingdom0.12%(31March2020:0.12%) Israel Nil(31March2020:0.22%) Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total Equities 42,775,000 41,305,000 37,540,000 38,900,000 (Unaudited)(continued) 666,666 27,980 4,685 8,131 7,658

Financial period ended30September 2020 09/09/2021** United States Treasury Bill-Zerocoupon 15/07/2021** United States Treasury Bill-Zerocoupon 17/06/2021* United States Treasury Bill-Zerocoupon 20/05/2021** United States Treasury Bill-Zerocoupon Bonds(continued) Government Cardtronics Plc Weibo Corp Lexicon PharmaceuticalsInc Ironwood PharmaceuticalsInc Etsy Inc CHF 349,322 CHF 22,385 CHF 989 CHF 33,646 CHF 68,566 CHF 1,026,808 CHF 1,213,431 CHF 3,293,326 Amount Bought

USD 379,155 USD 24,196 USD 1,076 USD 36,728 USD 75,484 USD 1,121,810 USD 1,325,428 USD 3,597,293 Sold Amount

455,578,610 378,821,164 458,267,868 458,267,868 42,725,075 41,274,540 37,512,992 38,876,911 Gain/(Loss) Fair Value Fair Value 1,964,579 2,689,258 Unrealised 554,004 170,675 959,998 931,443 (11,423) 73,138 (3,791) (4,209)

1,196 (828) USD USD (94) 177 USD

1

%of %of (0.00) (0.00) (0.00) (0.00) (0.00) 94.72 78.76 95.28 95.28 NAV NAV % of 0.00 0.00 0.00 8.88 8.58 7.80 8.08 0.12 0.04 0.40 0.19 0.02 0.19 0.56 NAV

127 LAZARD GLOBAL INVESTMENT FUNDS PLC 128 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 (continued) Open ForwardForeignCurrency ExchangeContracts(0.54)%(31March2020:(5.33)%) Date Maturity

EUR 53,989 EUR 12,377 EUR 5,088 EUR 21,044 EUR 6,871 EUR 1,052 EUR 400 EUR 590 EUR 23,457 EUR 989 EUR 2,089 EUR 1,085 EUR 1,708 EUR 2,702 EUR 102,028 EUR 5,206 EUR 30,427 EUR 5,013 EUR 44,130 EUR 7,370 EUR 21,907 EUR 22,246 EUR 26,415 EUR 19,478 EUR 25,241 EUR 20,122 EUR 43,250 EUR 56,371 EUR 48,850 EUR 54,513 EUR 73,656 EUR 150,000 EUR 154,292 EUR 175,226 EUR 209,891 EUR 175,239 EUR 305,059 EUR 244,974 EUR 353,453 EUR 413,342 EUR 421,627 EUR 600,000 EUR 588,790 EUR 2,431,392 EUR 2,560,932 EUR 2,671,506 EUR 2,214,182 EUR 7,710,877 EUR 10,024,487 EUR 19,168,660 EUR 27,060,324 EUR 110,452,358 Amount Bought

Sold USD 62,888 USD 14,453 USD 5,913 USD 24,643 USD 8,024 USD 1,236 USD 473 USD 696 USD 27,525 USD 1,175 USD 2,466 USD 1,289 USD 2,027 USD 3,204 USD 119,721 USD 6,163 USD 35,747 USD 5,955 USD 51,846 USD 8,754 USD 25,855 USD 26,255 USD 31,174 USD 23,052 USD 29,829 USD 23,902 USD 51,111 USD 66,530 USD 57,729 USD 64,399 USD 87,399 USD 177,028 USD 182,092 USD 206,804 USD 247,688 USD 207,360 USD 360,034 USD 290,143 USD 418,450 USD 490,136 USD 499,966 USD 710,334 USD 698,187 USD 2,872,355 USD 3,030,351 USD 3,162,769 USD 2,630,171 USD 9,099,452 USD 11,829,696 USD 22,620,552 USD 31,933,347 USD 130,342,619 Amount

Gain/(Loss) Unrealised (136,376) (192,522) (785,819) (20,415) (26,466) (29,185) (33,012) (54,859) (71,320) (1,004) (1,083) (1,114) (1,269) (1,493) (1,811) (2,210) (2,797) (3,861) (5,300) (5,412) (6,555) (7,557) (110) (159) (161) (191) (205) (222) (300) (380) (408) (430) (458) (11) (15) (15) (16) (23) (35) (46) (57) (58) (75) (84) 439 USD (2) (3) (4) 64 54 40 36

(0.01) (0.01) (0.01) (0.01) (0.01) (0.03) (0.04) (0.17)

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 NAV

15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 02/10/2020 15/10/2020 15/10/2020 15/10/2020 (continued) Open ForwardForeignCurrency ExchangeContracts(0.54)%(31March2020:(5.33)%) Date Maturity (Unaudited)(continued)

Financial period ended30September 2020 GBP 12,440 GBP 7,563 GBP 2,786 GBP 2,016 GBP 350 GBP 2,264 GBP 7,000 GBP 7,000 GBP 5,000 GBP 6,408 GBP 13,581 GBP 40,431 GBP 14,527 GBP 41,173 GBP 68,328 GBP 51,603 GBP 748,114 GBP 926,936 GBP 1,129,782 GBP 1,638,629 GBP 1,797,098 GBP 9,368,775 GBP 10,463,210 GBP 33,516,118 GBP 44,255,192 GBP 49,771,108 EUR 1,000,000 EUR 83,183 USD 12,574 GBP 1,894,852 GBP 1,640,835 GBP 295,411 GBP 233,437 GBP 136,150 GBP 206,100 GBP 189,500 GBP 99,393 GBP 133,500 GBP 80,000 GBP 75,358 GBP 50,106 GBP 47,000 GBP 21,481 GBP 24,104 GBP 14,776 GBP 66,000 GBP 15,370 GBP 10,204 GBP 18,147 GBP 20,286 GBP 15,124 GBP 8,165 Amount Bought

USD 16,029 USD 9,744 USD 3,582 USD 2,589 USD 450 USD 2,935 USD 9,066 USD 9,074 USD 6,502 USD 8,333 USD 17,660 USD 52,378 USD 18,889 USD 53,370 USD 88,490 USD 67,228 USD 969,184 USD 1,202,615 USD 1,465,790 USD 2,124,053 USD 2,340,782 USD 12,203,148 USD 13,628,687 USD 43,655,883 USD 57,643,893 USD 64,828,561 USD 1,167,783 USD 96,863 Sold CHF 11,677 USD 2,409,528 USD 2,107,057 USD 377,696 USD 297,752 USD 173,258 USD 263,715 USD 242,508 USD 126,286 USD 170,402 USD 101,729 USD 96,349 USD 63,957 USD 60,092 USD 27,336 USD 30,847 USD 18,789 USD 85,036 USD 19,619 USD 12,964 USD 23,289 USD 26,103 USD 19,461 USD 10,485 Amount

Gain/(Loss) Unrealised (100,988) (323,489) (427,140) (480,378) (17,345) (90,425) (1,961) (4,196) (5,114) (5,499) 40,293 14,350 5,182 4,235 4,055 2,768 2,748 2,493 2,218 2,198 1,701 1,080 (102) (106) (107) (138) (151) (512) (139) (15) (23) (38) (48) 707 825 674 437 317 314 294 253 228 171 124 USD (8) 55 34 20 18 93 71 3

(0.02) (0.07) (0.09) (0.11) (0.02)

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 23/12/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 15/10/2020 (continued) Open ForwardForeignCurrency ExchangeContracts(0.54)%(31March2020:(5.33)%) Date Maturity

USD 216,291 USD 62,995 USD 52,035 USD 15,406 USD 10,560 USD 44,025 USD 8,339 USD 5,988 USD 779 USD 848 USD 434 USD 9,441 USD 6,289 USD 9,633 USD 79,342 USD 257,349 USD 313,957 USD 633,603 USD 417,800 USD 680,130 USD 14,465,361 USD 1,148,185 USD 978,838 USD 10,643 USD 18,165 USD 5,747 USD 7,438 USD 4,629 USD 3,206 USD 3,892 USD 2,549 USD 2,748 USD 44,572 USD 1,634 USD 362 USD 893 USD 127 USD 256 USD 3,367 USD 2,598 USD 2,146 USD 3,557 USD 5,848 USD 4,928 USD 5,543 USD 5,963 USD 24,153 USD 355,168 USD 1,495,300 USD 227,123 USD 9,969 USD 8,575 Amount Bought

Sold GBP 166,020 GBP 48,354 GBP 39,941 GBP 11,847 GBP 8,105 GBP 33,994 GBP 6,401 GBP 4,619 GBP 598 GBP 660 GBP 342 GBP 7,377 GBP 4,950 GBP 7,570 GBP 62,160 GBP 200,000 GBP 244,222 GBP 491,765 GBP 325,000 GBP 528,566 EUR 12,175,000 EUR 966,502 EUR 833,154 EUR 8,969 EUR 15,391 EUR 4,838 EUR 6,294 EUR 3,901 EUR 2,699 EUR 3,287 EUR 2,150 EUR 2,326 EUR 37,985 EUR 1,383 EUR 306 EUR 763 EUR 110 EUR 219 EUR 2,875 EUR 2,225 EUR 1,843 EUR 3,046 EUR 5,008 EUR 4,232 EUR 4,760 EUR 5,130 EUR 20,735 EUR 305,006 EUR 1,265,742 CHF 205,724 CHF 9,132 CHF 7,950 Amount

Gain/(Loss) Unrealised 161,304 (1,023) (1,227) (1,794) (2,191) (2,387) (3,243) (2,594) 14,512 10,628 1,647 1,577 3,124 (110) (154) (168) USD (97) (12) (15) (16) (26) (36) (40) (55) (81) 480 396 122 111 (6) (7) (1) (1) (2) (6) 89 80 75 64 16 72 55 53 41 36 28 20 17 12 25 6 3

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV

Options Purchased0.06%(31March2020:0.00%) Amount Notional exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 15/10/2020 15/10/2020 Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) (continued) Open ForwardForeignCurrency ExchangeContracts(0.54)%(31March2020:(5.33)%) Date Maturity (Unaudited)(continued) 15,000 31,500 31,600 15,800 40,000 40,000 32,000 12,600 32,000 20,000 14,300 16,800 7,900 3,500 3,300 6,600 4,100 4,000 4,000 4,400 3,600

800 Financial period ended30September 2020 January 2021 January 35.000USD Put at Wayfair IncExpiring Expiring December2020 22.500USD Put at Verint SystemsInc October 2020 11.000USDSabreCorpExpiring Call at October 2020 10.000USDSabreCorpExpiring Call at October 2020 3,450.000USDS&PE-miniExpiring Call at October 2020 3,330.000USDS&PE-miniExpiring Call at October 2020 3,100.000USDS&PE-miniExpiring Call at October 2020 25.000USDNutanixIncExpiring Call at Expiring October2020 22.000USDNortonLifeLockInc Call at October 2020 8.000USDNortonLifeLockIncExpiring Put at October 2020 255.000USDMongoDBIncExpiring Call at October 2020 165.000USDMongoDBIncExpiring Put at October 2020 260.000USDMongoDBIncExpiring Call at 37.000USDK12IncExpiring Call at 33.000USDK12IncExpiring Call at Inc ExpiringOctober2020 Entertainment 65.000USDLiveNation Call at Inc ExpiringOctober2020 Entertainment 60.000USDLiveNation Call at 2021 Inc ExpiringJanuary Entertainment 15.000USDLiveNation Put at Inc ExpiringOctober2020 Entertainment 25.000USDLiveNation Put at October 2020 October 2020 October 2020 Call at 32.000USDK12IncExpiring Call at 2021 January 18.000USDCytokineticsIncExpiring Put at Expiring October2020 17.500USDChefs' Call at Warehouse Inc USD 298,630 USD 285,946 Amount Bought

Sold GBP 229,221 GBP 219,485 Amount

Gain/(Loss) (2,599,455) Unrealised (2,888,467) Fair Value 136,125 289,012 26,240 82,225 1,200 1,580 5,250 2,640 9,600 1,600 2,880 4,158 3,200 3,360 2,275 2,178 790 630 316 400 400 400 660 576 352 USD USD

%of (0.54) (0.60)

0.06 NAV % of 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 NAV

129 LAZARD GLOBAL INVESTMENT FUNDS PLC 130 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Contracts forDifference1.74%(31March2020:(5.21)%) Options Purchased0.06%(31March2020:0.00%)(continued) Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) Amount Notional Amount Notional Options writtenatfair value Options Written***(0.01)%(31March2020:(0.01)%) Options purchasedatfair value (1,313,869) (147,306) (285,170) (342,300) (179,989) (102,643) (67,049) (15,860) (94,916) (96,631) (34,187) (39,717) (15,800) (15,000) (40,000) 130,600 (3,928) (3,629) (4,000) (4,000) 28,470 81,208 62,480 37,830 24,690 56,960 44,760 28,160 45,050 32,700 72,580 4,800 1,200 4,000 4,000 Security Allscripts HealthcareSolutionInc-Short Allscripts HealthcareSolutionInc Alder BiopharmaceuticalsInc American Airlines GroupInc-Short Air Transport GroupInc -Short Services Air Transport GroupInc - Short Services 8x8 Inc-Short American Eagle OutfittersInc -Short American Eagle American Airlines GroupInc-Short American Airlines GroupInc Inc Alteryx Altair EngineeringInc Aerie PharmaceuticalsInc 8x8 Inc 1Life HealthcareInc American Eagle OutfittersInc American Eagle Inc-Short Alteryx Altair EngineeringInc-Short Air Transport GroupInc Services 1Life HealthcareInc-Short ANTA Sports ProductsLtd Air Transport GroupInc Services Air Canada-Short Air Canada Aerie PharmaceuticalsInc-Short Aerie PharmaceuticalsInc-Short Apellis PharmaceuticalsInc Apellis november 2020 15.000USD Put at Yandex NVExpiring October 2020 130.000USD Put at Workday IncExpiring October 2020 230.000USD Call at Workday IncExpiring October 2020 200.000USD Put at Workday IncExpiring Expiring December2020 40.000USD Put at Verint SystemsInc Expiring October2020 19.000USDNortonLifeLockInc Put at October 2020 210.000USDMongoDBIncExpiring Put at 2021 Inc ExpiringJanuary Entertainment 40.000USDLiveNation Put at (3,243,826) Gain/(Loss) Unrealised 3,836,130 Fair Value (147,125) (202,893) (199,918) (371,530) (66,850) (34,500) (40,406) (26,731) (54,157) (51,253) (30,465) (16,000) (18,000) (27,650) 136,453 147,194 408,581 233,206 152,644 306,302 (8,433) (4,800) 71,463 13,923 16,924 18,189 13,508 35,969 78,517 20,600 3,811 1,000 (400) 120 USD USD 43

%of (0.01) (0.01) (0.03) (0.04) (0.01) (0.01) (0.01) (0.68) (0.04) (0.01) (0.08) (0.01) (0.01)

%of (0.00) (0.00) (0.00) (0.00) (0.00) NAV 0.01 0.00 0.00 0.03 0.00 0.00 0.00 0.01 0.03 0.02 0.81 0.08 0.05 0.00 0.03 0.06 0.00 0.00 0.00 NAV

Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) Contracts forDifference1.74%(31March2020:(5.21)%)(continued) Amount Notional (1,167,400) (1,290,485) (Unaudited)(continued) (208,524) (215,762) (140,881) (140,463) (161,235) (251,117) (492,990) (146,872) (160,919) (125,906) (124,459) (158,191) (366,518) (193,728) (10,075) (48,912) (53,946) (66,722) (10,432) (47,001) (27,378) (28,682) (28,564) (44,713) (61,773) 111,590 117,370 106,230 141,070 (8,351) (5,581) 46,590 66,890 54,640 44,720 60,190 68,980 24,050 58,940 36,110 73,660 31,710 70,130 57,500 23,300 65,090 80,530 63,770 15,000 7,230 (77) Financial period ended30September 2020 Security Atlas Air Worldwide HoldingsInc-Short Arbor Realty Trust Inc Inc-Short Aphria Inc-Short Aphria PharmaceuticalsInc-Short Apellis Avadel Finance CaymanLtd Aurora CannabisInc Atlassian Inc Inc Holdings Atlas AirWorldwide Arbor Realty Trust Inc-Short Avaya HoldingsCorp-Short Avaya HoldingsCorp-Short Avaya Avadel PharmaceuticalsPlc Atlassian CorpPlc-Short Atlassian CorpPlc-Short Bandwidth Inc-Short Bandwidth Inc HoldingsCorp Avaya BioMarin PharmaceuticalInc Blackline Inc-Short Blackline Inc BioMarin PharmaceuticalInc-Short Bosideng International HoldingsLtd Bosideng International Bloomin' BrandsInc-Short Bloomin' BrandsInc Bridgebio PharmaInc-Short Bridgebio PharmaInc Bloomin' BrandsInc-Short Chart IndustriesInc-Short Cerence Inc-Short Carnival Corp-Short Cantel MedicalCorp-Short Canadian SolarInc-Short Canadian SolarInc GolfCo-Short Callaway GolfCo Callaway Charter Communications Inc Charter Communications Chart IndustriesInc Cerence Inc Carnival Corp Cardlytics Inc-Short Cardlytics Inc Cantel MedicalCorp-Short Corp Canopy Growth Chefs' Warehouse Inc Chefs' Warehouse Cantel MedicalCorp Cantel MedicalCorp Chefs' Warehouse Inc-Short Cloudflare Inc Cinemark HoldingsInc-Short Cinemark HoldingsInc Chegg Inc-Short Chegg Inc (2,106,889) (1,077,011) (1,287,560) (1,076,793) (2,702,723) (1,564,777) Gain/(Loss) Unrealised 2,195,543 1,134,252 1,437,301 1,031,692 1,555,152 1,361,802 1,509,926 (924,512) (560,142) (785,079) (329,095) (160,578) (520,420) (205,912) (481,500) (163,461) (160,036) (75,245) (62,883) (42,340) (26,961) (20,858) (93,577) (60,866) (11,217) 220,627 102,006 127,129 312,006 766,818 411,379 456,662 217,483 430,702 165,215 794,434 327,741 673,405 197,781 133,530 (2,556) 25,271 65,560 22,964 70,392 79,927 233 USD

(0.44) (0.02) (0.19) (0.01) (0.12) (0.22) (0.01) (0.16) (0.01) (0.27) (0.07) (0.02) (0.01) (0.03) (0.11) (0.04) (0.22) (0.10) (0.03) (0.03) (0.56) (0.33)

%of (0.00) (0.00) (0.00) 0.05 0.02 0.03 0.06 0.01 0.01 0.47 0.16 0.00 0.24 0.30 0.00 0.21 0.32 0.09 0.09 0.05 0.01 0.09 0.03 0.28 0.02 0.17 0.07 0.14 0.04 0.03 0.31 NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) Contracts forDifference1.74%(31March2020:(5.21)%)(continued) Amount Notional (165,795) (415,011) (135,806) (164,458) (228,251) (460,475) (213,217) (193,316) (139,842) (413,624) (162,666) (22,373) (25,885) (17,648) (19,790) (69,450) (68,885) (30,952) (28,576) (20,243) (41,635) (34,012) (21,536) (12,900) (87,635) 107,380 116,130 123,130 (3,322) 30,920 20,130 40,640 24,290 68,680 18,940 52,350 21,300 82,710 49,490 50,340 40,300 11,200 51,140 95,290 59,400 12,950 22,280 12,620 32,180 55,080 93,720 9,920 (410) Security EZCORP Inc-Short EZCORP Inc Exact SciencesCorp-Short Exact SciencesCorp Everbridge Inc-Short Everbridge Inc-Short Everbridge Inc Everbridge Inc Etsy Inc Envista HoldingsCorp-Short Envista HoldingsCorp Envestnet Inc-Short Envestnet Inc Inc-Short Enphase Energy Inc Enphase Energy Inc Enphase Energy GroupInc-Short Encore Capital GroupInc Encore Capital GroupInc Encore Capital Corp-Short Element FleetManagement Corp Element FleetManagement DocuSign Inc-Short DocuSign Inc DISH NetworkCorp-Short DISH NetworkCorp Dick's SportingGoodsInc-Short Dick's SportingGoodsInc Cytokinetics Inc-Short Cytokinetics Inc CyberArk SoftwareLtd-Short CyberArk SoftwareLtd Group-Short Colliers International Group-Short Colliers International CSG Systems International Corp-Short CSG SystemsInternational Corp CSG SystemsInternational Inc Cryoport Coupa SoftwareInc-Short Coupa SoftwareInc-Short Coupa SoftwareInc Coupa SoftwareInc Copa HoldingsSA-Short Copa HoldingsSA CONMED Corp-Short CONMED Corp-Short CONMED Corp CONMED Corp GroupInc Colliers International GroupInc Colliers International Collegium PharmaceuticalInc-Short Collegium PharmaceuticalInc Coherus BiosciencesInc-Short Coherus BiosciencesInc Cloudflare Inc-Short (1,075,574) (3,277,007) (1,966,884) Gain/(Loss) Unrealised 1,548,073 2,068,972 1,520,562 1,487,803 (312,290) (184,025) (427,938) (187,302) (161,283) (328,213) (476,721) (441,193) (282,166) (581,775) (214,664) (172,835) (477,637) (47,333) (26,701) (29,661) (49,911) (66,007) (11,859) (35,178) (80,157) 103,093 305,646 179,777 176,304 413,997 487,868 183,028 979,846 164,504 835,688 119,813 353,121 768,500 727,001 745,242 645,477 136,292 439,689 (5,628) 41,063 49,132 32,368 18,051 3,490 USD 5

(0.01) (0.06) (0.04) (0.01) (0.22) (0.69) (0.09) (0.04) (0.03) (0.07) (0.01) (0.01) (0.10) (0.01) (0.41) (0.09) (0.06) (0.01) (0.12) (0.02) (0.04) (0.04) (0.10)

%of (0.00) (0.00) 0.01 0.02 0.06 0.04 0.04 0.32 0.09 0.44 0.10 0.04 0.20 0.03 0.17 0.32 0.02 0.07 0.31 0.01 0.01 0.00 0.00 0.00 0.16 0.15 0.15 0.13 0.03 0.09 NAV

Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) Contracts forDifference1.74%(31March2020:(5.21)%)(continued) Amount Notional (4,407,000) (Unaudited)(continued) (164,126) (227,600) (201,214) (287,111) (241,626) (132,132) (128,388) (492,719) (853,706) (107,454) (153,631) (115,016) (115,772) (27,036) (61,201) (16,416) (79,020) (34,621) (76,952) (44,421) 125,550 161,140 106,680 122,820 (5,674) (3,999) (3,198) 20,000 33,880 35,470 77,520 85,470 32,330 47,680 46,140 22,890 52,760 20,350 92,500 39,060 93,620 39,020 32,050 65,100 30,760 65,720 66,680 21,590 8,300 7,720 5,801 Financial period ended30September 2020 Security Innoviva Inc IndustrialProper Innovative Innolux Corp Innoviva Inc-Short Innoviva Inc Innoviva Inc-Short Insmed Inc INSG Inseego Corp Greenbrier CosInc-Short Greenbrier CosInc-Short Gol Linhas Aareas Inteligentes GOL EquityFinance SA FTI ConsultingInc-Short FTI ConsultingInc Flexion Inc-Short Therapeutics Five9 Inc-Short Five9 Inc Guess Inc Greenbrier CosInc Gossamer BioInc-Short Gossamer BioInc Flexion Inc-Short Therapeutics Inc Flexion Therapeutics Inc Flexion Therapeutics First MajesticSilverCorp-Short First MajesticSilverCorp Farfetch Ltd-Short Farfetch Ltd Capital Inc-Short Capital Hannon Armstrong Sustainable Infrastructure Inc Capital Hannon Armstrong Sustainable Infrastructure Guess Inc-Short Herbalife NutritionLtd SolutionsGroupInc-Short Helix Energy SolutionsGroupInc Helix Energy Inc-Short Health Catalyst Inc Health Catalyst Herbalife NutritionLtd-Short Herbalife NutritionLtd Impinj Inc Illumina Inc-Short Illumina Inc II-VI Inc-Short IACFinanceco Inc LLC I3 Verticals I3 Verticals Inc-Short Hope BancorpInc Impinj Inc-Short II-VI Inc-Short II-VI Inc II-VI Inc PartnershipIIP Operating LP (1,187,450) (1,381,472) Gain/(Loss) Unrealised 1,242,202 1,302,863 1,187,232 1,191,929 (259,428) (410,947) (245,453) (710,244) (120,840) (110,960) (677,284) (771,459) (158,874) (425,228) (131,844) (13,155) (10,324) (64,707) (76,167) (66,939) (61,991) (82,961) (75,702) (79,398) (30,487) 112,516 682,484 406,823 166,368 672,991 158,413 166,286 157,269 156,508 152,504 132,720 857,186 842,717 123,869 278,892 322,021 765,565 (6,876) (1,096) 32,591 11,938 41,660 60,869 (603) 126 USD

(0.05) (0.09) (0.01) (0.05) (0.15) (0.02) (0.03) (0.01) (0.02) (0.14) (0.01) (0.16) (0.25) (0.02) (0.02) (0.03) (0.02) (0.09) (0.01) (0.03) (0.29)

%of (0.00) (0.00) (0.00) (0.00) 0.02 0.14 0.08 0.03 0.14 0.01 0.03 0.26 0.00 0.03 0.03 0.00 0.03 0.03 0.00 0.27 0.01 0.03 0.18 0.25 0.01 0.18 0.03 0.06 0.25 0.07 0.16 NAV

131 LAZARD GLOBAL INVESTMENT FUNDS PLC 132 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) Contracts forDifference1.74%(31March2020:(5.21)%)(continued) Amount Notional (113,254) (384,599) (156,731) (144,946) (336,736) (443,178) (197,684) (132,342) (433,856) (54,606) (17,531) (58,269) (15,670) (12,666) (36,956) (28,712) (55,027) (80,729) 164,330 132,560 160,500 164,410 (8,878) (8,568) (3,377) (4,865) 80,490 40,500 42,320 39,580 34,180 23,760 27,760 58,410 79,630 63,360 21,410 80,060 40,500 20,070 19,800 64,120 81,600 15,650 66,650 41,320 97,560 68,190 19,373 3,070 1,950 9,910 317 Security Invitae Corp-Short Intercept PharmaceuticalsInc Invitae Corp Intercept PharmaceuticalsInc-Short Integra LifeSciencesHoldingsCorp-Short Insmed Inc-Short Ironwood PharmaceuticalsInc Ionis PharmaceuticalsInc Intercept PharmaceuticalsInc Integra LifeSciencesHoldingsCorp Ionis PharmaceuticalsInc-Short J2 GlobalInc Ironwood PharmaceuticalsInc-Short Ironwood PharmaceuticalsInc J2 GlobalInc-Short Live Nation Entertainment Inc -Short Live Nation Entertainment Inc -Short Live Nation Entertainment Inc Live Nation Liberty MediaCorp Liberty Latin America Ltd Liberty InteractiveLLC Liberty InteractiveLLC Jazz PharmaceuticalsPlc Jazz InvestmentsILtd Live Nation Entertainment Inc Live Nation LivaNova USAInc Liberty Latin America Ltd-Short Liberty InteractiveLLC LivaNova Plc Ligand PharmaceuticalsInc Liberty MediaFormula OneCorp-Short Liberty MediaFormula OneCorp Liberty MediaCorp-Short Liberty MediaCorp Liberty BroadbandCorp Lexicon PharmaceuticalsInc Karyopharm Inc-Short Therapeutics K12 Inc Ligand PharmaceuticalsInc-Short Liberty MediaCorp Liberty MediaCorp Liberty MediaCorp LendingTree Inc-Short LendingTree Inc KBR Inc Inc Therapeutics Karyopharm Kaman Corp-Short Kaman Corp K12 Inc-Short LendingTree Inc Corp Knowles KBR Inc-Short KBR Inc (1,277,749) Gain/(Loss) Unrealised 1,401,734 1,289,519 1,198,208 (334,383) (267,154) (126,240) (237,343) (127,103) (394,788) (143,106) (199,799) (294,318) (250,710) (123,001) (939,951) (14,976) (30,228) (84,394) 744,778 109,130 582,386 705,896 213,265 753,881 126,146 725,346 792,467 302,957 823,327 527,598 205,306 754,650 187,582 391,036 (2,740) (5,347) (7,598) 18,887 85,908 32,063 54,339 54,011 49,014 60,561 14,361 18,033 37,260 81,730 96,879 9,867 1,989 645 USD

(0.27) (0.07) (0.06) (0.03) (0.05) (0.03) (0.08) (0.03) (0.04) (0.01) (0.02) (0.06) (0.05) (0.03) (0.20)

%of (0.00) (0.00) (0.00) (0.00) 0.00 0.29 0.15 0.02 0.02 0.01 0.12 0.01 0.01 0.01 0.01 0.15 0.27 0.00 0.04 0.00 0.01 0.02 0.00 0.16 0.03 0.00 0.15 0.16 0.06 0.25 0.17 0.11 0.04 0.16 0.04 0.02 0.08 0.00 NAV

Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) Contracts forDifference1.74%(31March2020:(5.21)%)(continued) Amount Notional (1,018,208) (Unaudited)(continued) (946,867) (226,462) (132,277) (131,598) (204,795) (202,305) (139,818) (277,218) (22,159) (51,742) (57,981) (98,945) (67,254) (34,392) (21,036) (25,429) (15,415) (12,000) (12,652) (48,895) (18,538) (92,799) 128,410 110,130 138,760 (6,763) (2,499) 40,860 32,000 79,710 12,330 64,200 50,000 75,030 27,840 56,410 77,660 11,650 15,780 27,230 39,820 93,890 23,750 49,360 33,080 61,830 30,520 22,090 29,720 2,960 8,140 101 Financial period ended30September 2020 Security Novavax Inc-Short Novavax Novavax Inc Novavax Norwegian CruiseLineHoldingsLtd NortonLifeLock Inc-Short NIO Inc Nevro Corp Nevro Corp-Short NortonLifeLock Inc Nice Ltd LivePerson Inc-Short LivePerson Inc Livongo HealthInc Lumentum HoldingsInc Livongo HealthInc-Short Marcus Corp Lumentum HoldingsInc-Short Match GroupInc Match Marriott Vacations Worldwide Corp-Short Corp Marriott Vacations Worldwide Marcus Corp-Short Match GroupInc-Short Match Marriott Vacations Worldwide Corp-Short Corp Marriott Vacations Worldwide MercadoLibre Inc-Short Maxeon Solar Technologie -Short Solar TechnologieMaxeon Mesa Laboratories Inc-Short Mesa Laboratories Inc Mesa Laboratories MercadoLibre Inc Medallia Inc-Short Medallia Inc Microchip TechnologyInc Microchip TechnologyInc Microchip TechnologyInc Microchip Technology Inc-Short Microchip Technology Inc-Short Middleby Corp MongoDB Inc-Short MongoDB Inc MongoDB Inc Middleby Corp-Short NanoString Technologies Inc-Short MongoDB Inc-Short Natera Inc-Short Natera Inc Natera NanoString TechnologiesInc National National Vision HoldingsInc National National Vision HoldingsInc-Short National Vision HoldingsInc Nevro Corp NCL CorpLtd NCL CorpLtd National Vision HoldingsInc-Short (2,438,139) (1,226,003) (1,579,591) (1,053,162) (3,046,115) (1,657,726) Gain/(Loss) Unrealised 1,219,804 3,362,952 1,922,934 (273,258) (820,185) (206,685) (598,659) (326,726) (281,272) (201,872) (398,264) (127,440) (404,206) (592,435) (19,168) (82,325) (67,095) 455,881 463,003 498,679 902,869 228,838 155,078 203,349 794,218 259,419 359,596 238,558 379,897 146,824 521,552 127,340 (6,907) 63,257 11,350 56,608 10,314 26,016 35,024 28,809 93,169 51,023 70,754 68,001 59,887 8,053 799 USD

(0.51) (0.25) (0.33) (0.06) (0.17) (0.04) (0.22) (0.12) (0.07) (0.06) (0.04) (0.08) (0.02) (0.03) (0.01) (0.08) (0.63) (0.34) (0.12)

%of (0.00) (0.00) 0.01 0.00 0.09 0.01 0.10 0.25 0.00 0.01 0.10 0.01 0.19 0.01 0.00 0.05 0.03 0.04 0.17 0.02 0.01 0.05 0.00 0.07 0.05 0.01 0.08 0.03 0.01 0.71 0.40 0.11 0.01 0.03 NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) Contracts forDifference1.74%(31March2020:(5.21)%)(continued) Amount Notional (348,073) (127,347) (208,179) (554,035) (186,281) (136,967) (203,546) (233,607) (42,004) (14,727) (25,646) (66,897) (39,447) (61,375) (69,116) (80,003) (34,756) (15,760) (10,401) (48,033) (55,592) (49,721) 108,330 104,800 153,920 (2,586) (1,580) (1,971) (3,214) 23,730 72,370 30,740 85,420 36,140 76,070 19,930 31,510 38,210 44,900 31,060 66,890 34,400 10,000 46,860 98,100 79,430 68,800 9,900 3,200 4,860 7,880 4,610 79 Security PAR Technology Corp-Short PAR Technology Corp-Short PAR TechnologyCorp Palo Alto NetworksInc-Short Osi SystemsInc-Short Osi SystemsInc-Short PTC Inc-Short Therapeutics Inc PTC Therapeutics Investment PennyMac Mortgage Trust PennyMac Corp Penn GamingInc-Short National Penn GamingInc National Patrick IndustriesInc-Short Patrick IndustriesInc Palo Alto NetworksInc Palo Alto NetworksInc Osi SystemsInc Osi SystemsInc On SemiconductorCorp-Short PROS HoldingsInc-Short Perficient Inc On SemiconductorCorp PROS HoldingsInc PROS HoldingsInc Pretium ResourcesInc-Short Pretium ResourcesInc Pluralsight Inc-Short Pluralsight Inc-Short Pluralsight Inc Pluralsight Inc Plug Power Inc-Short Plug Power Inc Pharming GroupNV PetIQ Inc-Short PetIQ Inc Perficient Inc-Short Perficient Inc-Short Omeros Corp-Short Omeros Corp Okta Inc-Short Okta Inc Ocado GroupPlc-Short Ocado GroupPlc PRA GroupInc-Short PRA GroupInc Nuvasive Inc-Short Nuvasive Inc Nuvasive Inc Nuvasive Inc Nutanix Inc-Short Nutanix Inc Inc-Short Nuance Communications Inc Nuance Communications (12,770,817) (1,872,640) (1,173,204) Gain/(Loss) Unrealised 1,100,324 1,893,829 1,206,400 2,011,451 2,117,931 (346,659) (214,757) (395,400) (192,616) (154,638) (261,509) (298,912) (476,841) (151,235) (144,765) (638,258) (203,779) (36,182) (75,464) (24,548) (25,910) 476,913 382,278 363,231 108,070 187,046 354,767 536,314 134,853 273,777 816,793 167,171 152,517 (2,375) (7,943) 88,956 40,141 57,160 40,878 55,716 41,915 36,641 3,093 6,354 6,355 1,685 (504) 529 958 834 USD

(0.07) (0.01) (0.04) (0.08) (2.67) (0.04) (0.03) (0.05) (0.02) (0.39) (0.06) (0.10) (0.03) (0.01) (0.03) (0.13) (0.04) (0.01) (0.24)

%of (0.00) (0.00) (0.00) 0.10 0.00 0.02 0.00 0.01 0.08 0.08 0.23 0.02 0.04 0.07 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.11 0.03 0.39 0.06 0.17 0.03 0.00 0.00 0.25 0.43 0.03 0.01 0.45 NAV

Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) Contracts forDifference1.74%(31March2020:(5.21)%)(continued) Amount Notional (Unaudited)(continued) (521,143) (141,614) (166,502) (162,559) (156,304) (145,370) (173,876) (167,841) (136,036) (922,600) (211,319) (638,400) (23,664) (26,333) (44,326) (25,081) (85,605) (33,421) (12,552) (20,270) (45,453) (32,534) (91,852) (33,681) 141,270 108,340 100,800 104,320 (8,471) (4,961) (2,666) 47,450 20,160 31,870 60,590 80,480 68,440 78,320 60,490 36,040 22,260 28,460 56,970 62,320 14,110 15,655 11,890 37,380 16,550 49,150 2,580 (760) (563) Financial period ended30September 2020 Security Snap Inc-Short Snap Inc Snap Splunk Inc Spirit Airlines Inc-Short Inc Spirit Airlines SolarEdge Technologies Inc-Short SolarEdge TechnologiesInc Splunk Inc-Short Splunk Inc-Short Redwood Trust Inc-Short Redfin Corp-Short Redfin Corp RealPage Inc-Short Inc-Short Rapid7 Inc Rapid7 Rambus Inc-Short Rambus Inc Radius HealthInc-Short Q2 HoldingsInc-Short RH Revance Inc-Short Therapeutics Inc Revance Therapeutics Redwood TrustInc RealPage Inc Radius HealthInc Q2 HoldingsInc Inc-Short Pure Storage PTC Inc-Short Therapeutics Royal CaribbeanCruisesLtd-Short Royal RH -Short Inc Pure Storage Sailpoint Technologies HoldingsInc-Short Sailpoint Technologies HoldingsInc Sabre GlobalInc Sabre Corp-Short Sabre Corp CaribbeanCruisesLtd Royal Sailpoint Technologies HoldingsInc-Short Sirius XMHoldingsInc-Short Inc Sarepta Therapeutics SMART GlobalHoldingsInc-Short SMART GlobalHoldingsInc-Short SMART GlobalHoldingsInc SMART GlobalHoldingsInc Slack TechnologiesInc Slack Technologies Inc-Short Slack TechnologiesInc Sirius XMHoldingsInc Sino Biopharmaceutical Shopify Inc-Short Shopify Inc SFL CorpLtd Sarepta Inc-Short Therapeutics (1,185,496) (2,257,770) (2,983,905) (1,983,900) Gain/(Loss) Unrealised 1,608,915 2,703,213 1,421,765 3,535,813 2,306,489 (331,440) (102,187) (393,627) (817,766) (605,958) (166,843) (311,435) (462,763) (119,330) (24,857) (73,769) (20,981) (34,673) (49,939) (33,107) (67,255) 193,049 364,050 272,810 104,986 393,391 215,166 812,266 100,081 577,397 173,405 572,937 170,103 387,613 (4,402) (7,424) 23,243 60,820 48,510 24,866 53,306 73,452 60,565 5,907 (628) 898 808 145 860 USD

(0.25) (0.07) (0.02) (0.08) (0.01) (0.17) (0.02) (0.13) (0.47) (0.01) (0.62) (0.03) (0.01) (0.41) (0.01) (0.06) (0.01) (0.10) (0.02)

%of (0.00) (0.00) (0.00) (0.00) 0.00 0.33 0.04 0.08 0.06 0.00 0.02 0.01 0.57 0.30 0.01 0.08 0.01 0.04 0.17 0.00 0.00 0.75 0.02 0.01 0.02 0.49 0.12 0.04 0.00 0.12 0.00 0.04 0.01 0.08 NAV

133 LAZARD GLOBAL INVESTMENT FUNDS PLC 134 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) Contracts forDifference1.74%(31March2020:(5.21)%)(continued Amount Notional (141,612) (373,968) (245,985) (112,000) (255,491) (153,818) (104,893) (406,437) (54,946) (36,711) (65,151) (82,007) (11,742) (13,935) (31,340) (23,361) (17,284) (25,686) (30,704) (32,226) (28,469) (43,499) (15,677) (84,018) (93,000) (23,428) (60,290) 103,440 130,410 (1,611) 64,430 42,920 53,230 64,000 10,000 31,730 42,350 22,990 68,080 11,530 23,870 44,800 34,610 19,870 20,570 49,770 70,430 51,310 18,330 17,960 7,860 (331) 89 Security Synaptics Inc Synaptics Tricon ResidentialInc-Short Tabula RasaHealthCareInc Tabula RasaHealthCareInc-Short Tabula RasaHealthCareInc Square Inc Square Inc Square Inc-Short TTM Technologies Inc-Short TTM TechnologiesInc Tricon ResidentialInc Turning Point BrandsInc-Short Turning Point BrandsInc Under Armour Inc-Short Twilio Inc Under Armour Inc-Short Inc Under Armour Twilio Inc-Short Varex Corp Imaging United States Treasury Note Weibo Corp Wayfair Inc Wayfair Inc Verint SystemsInc Winnebago IndustriesInc Winnebago Wayfair Inc Wayfair Inc Veeco InstrumentsInc-Short Veeco InstrumentsInc Varex Corp-Short Imaging Workiva Inc-Short Workiva Inc-Short Weed CnEquityGscoCad Trs Wayfair Inc-Short Wayfair Inc-Short Wright MedicalGroupNV-Short Wright MedicalGroupNV Workiva Inc IndustriesInc Winnebago Workday Inc-Short Workday Inc Wix.com Ltd-Short Wix.com Ltd IndustriesInc-Short Winnebago IndustriesInc-Short Winnebago Xeris PharmaceuticalsInc Zhen Ding Technology HoldingLtd Zendesk Inc-Short Zendesk Inc-Short Yandex NV Zillow GroupInc Zillow GroupInc Zillow Zendesk Inc (1,751,828) (1,072,691) (1,350,160) Gain/(Loss) Unrealised 1,122,895 1,075,732 1,066,428 1,129,042 4,339,155 (835,320) (310,052) (214,819) (151,240) (323,182) (841,462) (807,836) (857,760) (108,081) (588,193) (186,796) (364,636) (299,578) (70,124) (33,657) (53,256) (65,529) (29,502) (31,630) (91,938) (15,289) 164,553 176,088 517,944 536,564 489,638 508,563 329,426 385,987 109,783 431,544 168,086 118,931 387,213 27,012 65,448 20,896 78,260 51,400 2,194 5,361 2,395 255 429 773 USD

(0.01) (0.17) (0.36) (0.22) (0.01) (0.01) (0.06) (0.04) (0.01) (0.03) (0.01) (0.07) (0.01) (0.17) (0.17) (0.18) (0.02) (0.12) (0.02) (0.04) (0.08) (0.28) (0.06)

%of (0.00) 0.23 0.22 0.03 0.04 0.11 0.00 0.11 0.10 0.11 0.01 0.00 0.07 0.01 0.22 0.00 0.00 0.08 0.02 0.00 0.02 0.01 0.09 0.03 0.23 0.91 0.02 0.00 0.00 0.08 NAV

Financial Derivative Instruments1.25%(31March2020:(10.54)%)(continued) government typefixedincomesecurities. ofissuerfor fixedincome securitiesandcountry oftheissuerforcorporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarily classified of bythecountry oftheentity inwhich Equities areprimarilyclassified ofincorporation bythecountry *** These writtenoptionsarecovered. is pledgedUSD193,087,794. requirements forcontractsdifferenceheldbytheFund. that The amountofcollateral ** inconnectionwiththecollateral A portionofthesesecuritiesispledgedascollateral is pledgedUSD79,242,362. requirements forcontractsdifferenceheldbytheFund. that The amountofcollateral * inconnectionwiththecollateral All ofthesesecurities arepledgedascollateral Societe Generale BNP Paribas The counterpartiesforthecontractsdifferenceare: The counterpartyfortheoptionsisUBS AG. Street Bankand Trust Company. The counterpartyfortheopenforwardforeigncurrency exchangecontractsisState Total Assets Other assets instruments Over thecounterfinancialderivative (a), (b)and(c) 68(1) Other transferablesecuritiesofthetypereferredtoinRegulations Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets Net Assets Other NetAssets(31March2020:0.94%) Total Investments(31March2020:99.06%) Total FinancialDerivative Instruments Net unrealisedgainoncontractsfordifference Unrealised lossoncontractsfordifference Unrealised gainoncontractsfordifference Contracts forDifference1.74%(31March2020:(5.21)%)(continued Amount Notional (Unaudited)(continued) (110,722) (99,805) (31,336) (98,764) 39,940 68,370 Financial period ended30September 2020 Security Zillow GroupInc-Short Zillow Zillow GroupInc-Short Zillow Zogenix Inc Zscaler Inc-Short Zscaler Inc Zogenix Inc-Short (106,546,631) 480,954,535 464,273,346 114,912,112 (3,926,328) (2,794,265) 16,681,189 Gain/(Loss) Unrealised 6,005,478 8,365,481 (598,848) 570,003 68,057 1,299 % ofTotal assets USD

(22.15) 100.00 100.00 (0.83) (0.58) (0.12) 96.53 23.89

%of 19.13 55.60 17.33 1.25 1.74 3.47 0.00 0.01 0.12 4.96 2.98 NAV

Statements of Major Changes in Investments (Unaudited)

Lazard Global Convertibles Recovery Fund

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

Acquisitions Cost Disposals* Proceeds

USD USD Momo Inc 1.250% 01/07/2025 5,356,175 Air France-KLM 0.125% 25/03/2026 1,116,322 Starwood Property Trust Inc 4.375% 01/04/2023 5,031,901 Sacyr SA 3.750% 25/04/2024 4,682,018 Wells Fargo & Co 4,638,916 International Consolidated Airlines Group SA 0.625% 17/11/2022 4,508,918 Illumina Inc - Zero coupon 15/08/2023 4,386,002 Macquarie Infrastructure Corp 2.000% 01/10/2023 4,154,981 DTE Energy Co 3,910,306 Ams AG - Zero coupon 05/03/2025 3,793,878 AMG Capital Trust II 3,777,422 PB Issuer NO 5 Ltd 3.000% 10/12/2025 3,774,300 Stanley Black & Decker Inc 3,756,401 Pierre & Vacances SA 2.000% 01/04/2023 3,740,907 Southwest Airlines Co 1.250% 01/05/2025 3,614,355 Figeac Aero SA 1.125% 18/10/2022 3,595,544 Bank of America Corp 3,594,585 Pioneer Natural Resources Co 0.250% 15/05/2025 3,543,675 Marriott Vacations Worldwide Corp 1.500% 15/09/2022 3,440,845 Maisons du Monde SA 0.125% 06/12/2023 3,374,341 Derwent London Capital 1.500% 12/06/2025 3,319,298 Royal Caribbean Cruises Ltd 4.250% 15/06/2023 3,268,686 Econocom Group SA 0.500% 06/03/2023 3,267,126 NCL Corp Ltd 5.375% 01/08/2025 3,081,286 Klockner & Co Financial Services SA 2.000% 08/09/2023 2,989,455 Cheniere Energy Inc 4.250% 15/03/2045 2,922,543 Sempra Energy 2,757,544 Lyft Inc 1.500% 15/05/2025 2,495,610 Chefs' Warehouse Inc 1.875% 01/12/2024 2,465,785 Apollo Commercial Real Estate Finance Inc 4.750% 23/08/2022 2,429,734 NextEra Energy Inc 2,289,198 MTU Aero Engines AG - Zero coupon 18/03/2027 2,280,766 Alteryx Inc 1.000% 01/08/2026 2,256,449 Luye Pharma Group Ltd 1.500% 09/07/2024 2,181,950 Safran SA - Zero coupon 21/06/2023 2,157,483 Meritor Inc 3.250% 15/10/2037 2,062,329 BioMarin Pharmaceutical Inc 1.250% 15/05/2027 2,036,329 JOYY Inc 1.375% 15/06/2026 2,014,148 Air Canada 4.000% 01/07/2025 1,925,653 Exact Sciences Corp 0.375% 01/03/2028 1,906,370 New Relic Inc 0.500% 01/05/2023 1,851,139 BW Offshore Ltd 2.500% 12/11/2024 1,770,080 Fortive Corp 0.875% 15/02/2022 1,744,822

* There were no other disposals during the period ended 30 September 2020. LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 135 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Emerging Markets Bond Fund

Acquisitions Cost Disposals Proceeds

USD USD Oman Government 6.000% 01/08/2029 248,050 Kazakhstan Government 5.125% 21/07/2025 467,080 Russian Federation 5.100% 28/03/2035 247,480 Egypt Government 5.875% 11/06/2025 355,200 Saudi Government 2.750% 03/02/2032 244,053 Ghana Government 8.125% 18/01/2026 320,925 Saudi Government 4.375% 16/04/2029 230,600 Senegal Government 6.250% 30/07/2024 292,175 Kazakhstan Government 5.125% 21/07/2025 228,560 Kazakhstan Government 6.500% 21/07/2045 275,780 Armenia Republic 7.150% 26/03/2025 225,400 AI Candelaria Spain SLU 7.500% 15/12/2028 270,400 Kuwait Government 3.500% 20/03/2027 209,900 Russian Federation 5.250% 23/06/2047 268,002 Saudi Government 4.000% 17/04/2025 208,900 Qatar Government 6.400% 20/01/2040 247,003 Senegal Government 6.250% 30/07/2024 201,500 Saudi Government 4.375% 16/04/2029 233,100 Bahrain Government 7.375% 14/05/2030 200,000 Qatar Government 4.000% 14/03/2029 230,520 Belarus Government 6.200% 28/02/2030 199,200 Bahrain Government 7.000% 26/01/2026 230,250 Jordan Government 5.750% 31/01/2027 196,750 Egypt Government 5.577% 21/02/2023 229,800 Azerbaijan Republic 4.750% 18/03/2024 195,500 Kuwait Government 3.500% 20/03/2027 220,810 Ghana Government 8.125% 18/01/2026 194,520 Saudi Government 4.000% 17/04/2025 219,000 Egypt Government 7.600% 01/03/2029 194,500 Azerbaijan Republic 4.750% 18/03/2024 218,000 Eskom Holdings SOC Ltd 5.750% 26/01/2021 192,040 Ukraine Government 7.750% 01/09/2025 209,650 Ghana Government 8.125% 26/03/2032 191,500 Kenya Government 6.875% 24/06/2024 206,400 Egypt Government 5.577% 21/02/2023 191,500 Nigeria Government 7.625% 21/11/2025 204,660 Kenya Government 8.250% 28/02/2048 189,700 Jordan Government 5.750% 31/01/2027 204,000 Senegal Government 6.250% 23/05/2033 189,500 Costa Rica Government 5.520% 10/11/2021 200,982 Eskom Holdings SOC Ltd 6.750% 06/08/2023 184,000 Belarus Government 6.875% 28/02/2023 200,760 Ghana Government 8.627% 16/06/2049 178,000 Ghana Government 7.875% 26/03/2027 198,500 Ghana Government 7.875% 26/03/2027 174,000 Oman Government 4.875% 01/02/2025 195,300 Nigeria Government 7.875% 16/02/2032 168,000 Hungary Government 7.625% 29/03/2041 192,862 Azerbaijan Republic 3.500% 01/09/2032 156,000 Kenya Government 7.000% 22/05/2027 192,130 Angola Government 8.000% 26/11/2029 147,275 Eskom Holdings SOC Ltd 5.750% 26/01/2021 192,000 Angola Government 8.250% 09/05/2028 139,000 Turkey Government 7.250% 23/12/2023 186,402 Petroleos Mexicanos 6.840% 23/01/2030 133,220 Ghana Government 8.627% 16/06/2049 183,250 Colombia Government 4.500% 15/03/2029 111,300 Belarus Government 6.200% 28/02/2030 179,000 Petroleos Mexicanos 6.875% 04/08/2026 101,155 Ethiopia Government 6.625% 11/12/2024 174,438 Pertamina Persero PT 6.450% 30/05/2044 93,000 Angola Government 8.250% 09/05/2028 169,000 Mexico Government 3.250% 16/04/2030 84,900 Azerbaijan Republic 3.500% 01/09/2032 153,270 Romania Government 3.000% 14/02/2031 81,950 Angola Government 9.500% 12/11/2025 148,800 Sri Lanka Government 7.550% 28/03/2030 80,300 Eskom Holdings SOC Ltd 5.750% 26/01/2021 144,000 Turkey Government 6.250% 26/09/2022 133,648 Indonesia Government 5.125% 15/01/2045 124,684 El Salvador Government 7.750% 24/01/2023 124,475 Peru Government 5.625% 18/11/2050 117,716 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 136 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Emerging Markets Local Debt Fund

Acquisitions Cost Disposals Proceeds

USD USD South Africa Government 8.250% 31/03/2032 61,071,808 Mexico Government 5.750% 05/03/2026 77,209,523 China Development Bank 1.860% 09/04/2023 49,111,838 Indonesia Government 8.375% 15/09/2026 56,335,900 China Development Bank 3.500% 13/08/2026 41,864,054 Peru Government 8.200% 12/08/2026 38,005,597 Peru Government 6.950% 12/08/2031 38,470,681 South Africa Government 8.000% 31/01/2030 32,733,106 Mexico Government 8.500% 31/05/2029 33,870,593 South Africa Government 10.500% 21/12/2026 32,673,926 Mexico Government 5.750% 05/03/2026 29,078,649 Poland Government 2.500% 25/07/2027 29,709,439 Brazil Letras do Tesouro Nacional - Zero coupon 01/01/2022 26,425,621 Russian Federation 7.400% 17/07/2024 20,318,499 South Africa Government 10.500% 21/12/2026 24,622,354 Malaysia Government 3.955% 15/09/2025 19,049,183 Russian Federation 7.400% 17/07/2024 20,527,599 Romania Government 3.400% 08/03/2022 18,863,164 Mexico Government 10.000% 05/12/2024 20,405,319 Peru Government 6.350% 12/08/2028 17,630,316 Russian Federation 7.100% 16/10/2024 19,131,593 Indonesia Government 8.125% 15/05/2024 17,483,532 Russian Federation 8.500% 17/09/2031 18,476,404 Mexico Government 8.500% 31/05/2029 17,352,259 Romania Government 4.750% 24/02/2025 18,384,248 Indonesia Government 9.000% 15/03/2029 16,919,247 Hungary Government 2.500% 24/10/2024 18,137,015 Colombia Government 10.000% 24/07/2024 15,785,219 Indonesia Government 8.375% 15/03/2034 17,239,640 Malaysia Government 3.885% 15/08/2029 14,363,449 Indonesia Government 8.750% 15/05/2031 16,928,244 Russian Federation 7.050% 19/01/2028 13,766,485 Thailand Government 3.650% 20/06/2031 16,800,557 Bonos de la Tesoreria de la Republica 4.500% 01/03/2026 13,594,662 Peru Government 6.350% 12/08/2028 14,403,994 Mexico Government 10.000% 20/11/2036 13,471,846 Colombia Government 6.250% 26/11/2025 14,119,649 South Africa Government 8.500% 31/01/2037 13,087,384 Malaysia Government 3.885% 15/08/2029 13,542,095 Indonesia Government 6.125% 15/05/2028 12,496,495 Malaysia Government 3.844% 15/04/2033 13,438,868 Indonesia Government 7.500% 15/08/2032 11,813,632 Indonesia Government 8.375% 15/09/2026 13,019,537 Russian Federation 8.500% 17/09/2031 11,530,538 Indonesia Government 6.500% 15/06/2025 12,216,572 Colombia Government 6.000% 28/04/2028 10,796,480 Indonesia Government 7.500% 15/08/2032 12,178,594 Romania Government 4.250% 28/06/2023 10,405,603 Colombia Government 7.500% 26/08/2026 11,994,156 Romania Government 5.800% 26/07/2027 10,131,896 Mexico Government 7.750% 13/11/2042 11,630,529 Mexico Government 8.000% 05/09/2024 9,658,626 South Africa Government 8.500% 31/01/2037 10,787,790 Hungary Government 3.000% 27/10/2027 9,549,499 South Africa Government 8.000% 31/01/2030 10,700,643 Indonesia Government 8.375% 15/03/2034 9,484,682 Indonesia Government 8.375% 15/03/2024 10,663,166 Thailand Government 3.650% 20/06/2031 9,398,526 Poland Government 2.500% 25/07/2027 10,302,424 Russian Federation 7.950% 07/10/2026 8,907,656 Mexico Government 8.000% 05/09/2024 9,856,944 Turkey Government 7.100% 08/03/2023 8,425,358 Mexico Government 10.000% 20/11/2036 9,502,547 South Africa Government 8.250% 31/03/2032 8,225,759 Malaysia Government 3.899% 16/11/2027 9,366,831 Colombia Government 7.500% 26/08/2026 8,069,760 Romania Government 4.250% 28/06/2023 9,003,658 Russian Federation 7.650% 10/04/2030 7,807,688 Russian Federation 7.150% 12/11/2025 8,547,172 Indonesia Government 7.500% 15/05/2038 8,293,519 China Government 1.990% 09/04/2025 7,958,249 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 137 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Emerging Markets Total Return Debt Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero coupon 20/10/2020 22,998,649 United States Treasury Bill - Zero coupon 13/08/2020 8,726,256 United States Treasury Bill - Zero coupon 22/09/2020 19,998,857 United States Treasury Bill - Zero coupon 07/04/2020 6,370,000 United States Treasury Bill - Zero coupon 08/09/2020 14,999,184 Panama Government 4.500% 01/04/2056 4,267,303 United States Treasury Bill - Zero coupon 25/08/2020 14,999,009 Turkey Government 5.600% 14/11/2024 4,098,513 United States Treasury Bill - Zero coupon 06/10/2020 14,998,950 Israel Government 2.750% 03/07/2030 3,617,701 United States Treasury Bill - Zero coupon 11/08/2020 14,998,740 Chile Government 2.550% 27/01/2032 3,376,384 United States Treasury Bill - Zero coupon 14/07/2020 14,998,552 Israel Government 4.500% 03/04/2120 3,253,475 United States Treasury Bill - Zero coupon 28/07/2020 4,999,531 Israel Government 3.875% 03/07/2050 3,074,589 Emirate of Dubai Government 3.900% 09/09/2050 3,576,737 Bahrain Government 7.375% 14/05/2030 3,056,353 Israel Government 2.750% 03/07/2030 3,360,000 Indonesia Government 4.200% 15/10/2050 2,912,738 Ukraine Government 7.253% 15/03/2033 2,941,896 Indonesia Government 4.450% 15/04/2070 2,863,437 Israel Government 4.500% 03/04/2120 2,890,000 Abu Dhabi Government 3.875% 16/04/2050 2,696,623 Bahrain Government 7.375% 14/05/2030 2,860,000 Philippines Government 3.750% 14/01/2029 2,557,054 Indonesia Government 4.200% 15/10/2050 2,796,030 Russian Federation 4.375% 21/03/2029 2,543,090 Israel Government 3.875% 03/07/2050 2,790,000 Indonesia Government 3.850% 15/10/2030 2,453,558 Indonesia Government 4.450% 15/04/2070 2,782,153 Sri Lanka Government 5.750% 18/04/2023 2,285,725 Chile Government 2.550% 27/01/2032 2,648,939 Mexico Government 5.000% 27/04/2051 2,167,115 South Africa Government 8.250% 31/03/2032 2,472,082 Abu Dhabi Government 2.500% 30/09/2029 2,089,987 Angola Government 8.000% 26/11/2029 2,455,816 Mexico Government 3.900% 27/04/2025 1,952,773 Abu Dhabi Government 3.875% 16/04/2050 2,316,878 Uruguay Government 4.375% 23/01/2031 1,938,572 Iraq Republic 5.800% 15/01/2028 1,895,743 Egypt Government 5.750% 29/05/2024 1,870,350 South Africa Government 10.500% 21/12/2026 1,818,016 Panama Government 3.160% 23/01/2030 1,763,580 Oman Government 6.750% 17/01/2048 1,608,625 Ukraine Government 8.994% 01/02/2024 1,541,643 Ethiopia Government 6.625% 11/12/2024 1,512,233 Kuwait Government 3.500% 20/03/2027 1,507,500 Petronas Capital Ltd 3.500% 21/04/2030 1,464,498 Philippines Government 3.000% 01/02/2028 1,427,853 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 138 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Emerging Markets Debt Blend Fund

Acquisitions Cost Disposals Proceeds

USD USD Mexico Government 5.750% 05/03/2026 1,149,295 Mexico Government 5.750% 05/03/2026 3,704,927 Peru Government 6.350% 12/08/2028 1,088,284 Russian Federation 8.500% 17/09/2031 2,948,707 Bahrain Government 7.000% 26/01/2026 960,375 Peru Government 8.200% 12/08/2026 2,468,984 China Development Bank 3.500% 13/08/2026 843,848 Qatar Government 4.817% 14/03/2049 2,463,019 Nigeria Government 7.625% 28/11/2047 840,250 Russian Federation 7.950% 07/10/2026 2,304,507 Philippines Government 4.200% 21/01/2024 839,165 Mexico Government 10.000% 05/12/2024 2,198,528 Russian Federation 7.950% 07/10/2026 810,760 Malaysia Government 3.882% 10/03/2022 2,049,821 South Africa Government 10.500% 21/12/2026 803,363 Hungary Government 1.500% 24/08/2022 1,905,596 Qatar Government 3.400% 16/04/2025 751,705 Russian Federation 5.250% 23/06/2047 1,819,858 Turkey Government 4.250% 13/03/2025 751,469 South Africa Government 8.000% 31/01/2030 1,777,917 Oman Government 6.750% 17/01/2048 706,425 South Africa Government 8.500% 31/01/2037 1,747,814 Indonesia Government 9.000% 15/03/2029 688,540 Philippines Government 3.700% 02/02/2042 1,719,143 Oman Government 4.750% 15/06/2026 664,460 Uruguay Government 4.975% 20/04/2055 1,596,279 Bonos de la Tesoreria de la Republica 4.500% 01/03/2026 660,171 Costa Rica Government 5.520% 23/08/2023 1,469,478 Malaysia Government 3.885% 15/08/2029 656,138 Export-Import Bank of Korea 6.360% 14/02/2023 1,439,811 China Development Bank 1.860% 09/04/2023 648,742 Czech Republic 4.200% 04/12/2036 1,364,105 Petroleos Mexicanos 7.690% 23/01/2050 648,683 South Africa Government 10.500% 21/12/2026 1,356,319 Oman Government 5.375% 08/03/2027 627,071 Ukraine Government 7.750% 01/09/2025 1,327,790 South Africa Government 8.250% 31/03/2032 616,254 South Africa Government 8.250% 31/03/2032 1,308,131 Petroleos Mexicanos 6.490% 23/01/2027 592,103 Panama Government 4.500% 01/04/2056 1,274,624 Mexico Government 4.500% 22/04/2029 586,960 Bahrain Government 7.375% 14/05/2030 570,000 Azerbaijan Republic 3.500% 01/09/2032 535,050 Indonesia Government 8.375% 15/09/2026 521,809 Panama Government 2.252% 29/09/2032 510,000 Thailand Government 3.650% 20/06/2031 508,408 Brazil Government 4.625% 13/01/2028 502,783 Peru Government 6.950% 12/08/2031 502,430 Abu Dhabi Government 3.125% 03/05/2026 492,600 Indonesia Government 4.750% 08/01/2026 482,933 Brazil Letras do Tesouro Nacional - Zero coupon 01/01/2024 470,306 Ukraine Government 7.253% 15/03/2033 464,714 Emirate of Dubai Government 3.900% 09/09/2050 461,831 Russian Federation 4.750% 27/05/2026 459,610 Abu Dhabi Government 3.125% 16/04/2030 458,160 Colombia Government 7.500% 26/08/2026 447,020 Petronas Capital Ltd 3.500% 21/04/2030 444,312 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 139 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Emerging Markets Debt Unrestricted Blend Fund

Acquisitions Cost Disposals Proceeds

USD USD China Government 2.680% 21/05/2030 14,070,953 Peru Government 8.200% 12/08/2026 11,971,149 China Development Bank 1.860% 09/04/2023 13,140,370 Qatar Government 4.817% 14/03/2049 9,834,831 China Development Bank 3.500% 13/08/2026 11,071,468 Mexico Government 5.750% 05/03/2026 8,740,880 Ukraine Government 7.253% 15/03/2033 10,740,351 Russian Federation 5.250% 23/06/2047 8,550,500 Angola Government 8.000% 26/11/2029 9,935,922 Mexico Government 10.000% 05/12/2024 8,196,054 Peru Government 6.350% 12/08/2028 9,161,314 United States Treasury Bill - Zero coupon 07/04/2020 6,749,916 Mexico Government 5.750% 05/03/2026 9,107,232 Uruguay Government 4.975% 20/04/2055 6,682,353 Panama Government 2.252% 29/09/2032 8,830,000 Ukraine Government 7.253% 15/03/2033 6,638,063 Brazil Letras do Tesouro Nacional - Zero coupon 01/01/2024 8,328,870 Philippines Government 3.700% 02/02/2042 6,530,911 South Africa Government 10.500% 21/12/2026 8,153,790 South Africa Government 8.500% 31/01/2037 6,082,234 South Africa Government 8.250% 31/03/2032 7,730,367 Malaysia Government 3.885% 15/08/2029 6,062,974 Peru Government 6.950% 12/08/2031 7,694,413 Peru Government 6.350% 12/08/2028 5,920,292 Emirate of Dubai Government 3.900% 09/09/2050 7,182,952 Russian Federation 8.500% 17/09/2031 5,738,426 Indonesia Government 8.375% 15/09/2026 5,845,249 Malaysia Government 3.882% 10/03/2022 5,702,563 Malaysia Government 3.885% 15/08/2029 5,709,220 Panama Government 4.500% 01/04/2056 5,612,053 Qatar Government 3.400% 16/04/2025 5,520,459 Bonos de la Tesoreria de la Republica 4.500% 01/03/2026 5,287,776 Mexico Government 8.500% 31/05/2029 5,154,918 Hungary Government 1.500% 24/08/2022 4,961,901 Ivory Coast Government 6.125% 15/06/2033 5,146,938 South Africa Government 8.250% 31/03/2032 4,901,911 Sri Lanka Government 5.750% 18/04/2023 4,833,151 Hungary Government 7.625% 29/03/2041 4,777,142 Malaysia Government 3.844% 15/04/2033 4,656,321 Poland Government 2.500% 25/07/2027 4,730,661 Bahrain Government 7.000% 26/01/2026 4,599,150 Kazakhstan Government 5.125% 21/07/2025 4,312,639 Costa Rica Government 5.520% 23/08/2023 4,255,726 Turkey Government 6.250% 26/09/2022 4,191,012 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 140 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Emerging Markets Corporate Debt Fund

Acquisitions Cost Disposals Proceeds

USD USD Petronas Capital Ltd 3.500% 21/04/2030 246,840 Petronas Capital Ltd 3.500% 21/04/2030 276,368 ICL Group Ltd 6.375% 31/05/2038 222,750 OCP SA 6.875% 25/04/2044 238,040 Wynn Macau Ltd 5.500% 15/01/2026 200,500 Huarong Finance II Co Ltd 4.625% 03/06/2026 221,200 SABIC Capital I BV 3.000% 14/09/2050 200,000 Prosus NV 4.027% 03/08/2050 218,300 Banco Internacional del Peru SA 4.000% 08/07/2030 200,000 Grupo Energia Bogota SA ESP 4.875% 15/05/2030 217,600 Rumo Luxembourg Sarl 5.250% 10/01/2028 200,000 AIA Group Ltd 3.375% 07/04/2030 216,574 Bangkok Bank PCL 5.000% 31/12/2099 200,000 JIC Zhixin Ltd 3.500% 24/11/2027 212,000 Aes Panama Generation Holdings Srl 4.375% 31/05/2030 200,000 IHS Netherlands Holdco BV 8.000% 18/09/2027 208,060 Leviathan Bond Ltd 5.750% 30/06/2023 200,000 Leviathan Bond Ltd 6.750% 30/06/2030 208,000 Leviathan Bond Ltd 6.750% 30/06/2030 200,000 Baidu Inc 3.425% 07/04/2030 207,020 VTR Finance NV 6.375% 15/07/2028 200,000 Cemex SAB de CV 7.375% 05/06/2027 206,750 Cemex SAB de CV 7.375% 05/06/2027 200,000 Woori Bank 5.250% 31/12/2099 206,200 ALROSA Finance SA 3.100% 25/06/2027 200,000 Grupo Bimbo SAB de CV 5.950% 31/12/2099 205,200 Adani Ports & Special Economic Zone Ltd 4.200% 04/08/2027 200,000 Teva Pharmaceutical Finance Netherlands III BV 7.125% 31/01/2025 204,000 Prosus NV 4.027% 03/08/2050 200,000 Bangkok Bank PCL 3.733% 25/09/2034 203,672 Vedanta Holdings Mauritius II Ltd 13.000% 21/08/2023 200,000 VF Ukraine PAT via VFU Funding Plc 6.200% 11/02/2025 203,100 AIA Group Ltd 3.375% 07/04/2030 199,412 Bank Leumi Le-Israel BM 3.275% 29/01/2031 202,860 International Container Terminal Services Inc 4.750% 17/06/2030 199,214 Banco de Credito del Peru 3.125% 01/07/2030 202,300 Baidu Inc 3.425% 07/04/2030 199,078 Intercorp Financial Services Inc 4.125% 19/10/2027 201,500 Banco de Credito del Peru 3.125% 01/07/2030 198,508 ALROSA Finance SA 3.100% 25/06/2027 201,240 Ecopetrol SA 6.875% 29/04/2030 198,224 Indian Railway Finance Corp Ltd 3.950% 13/02/2050 198,800 Grupo Energia Bogota SA ESP 4.875% 15/05/2030 198,052 SABIC Capital I BV 3.000% 14/09/2050 196,000 Sunac China Holdings Ltd 7.000% 09/07/2025 197,524 Colbun SA 3.150% 06/03/2030 189,520 Metinvest BV 7.650% 01/10/2027 196,858 Grupo Aval Ltd 4.375% 04/02/2030 187,260 Suzano Austria GmbH 3.750% 15/01/2031 196,640 DTEK Finance Plc 10.750% 31/12/2024 59,030 Sasol Financing USA LLC 6.500% 27/09/2028 181,800 Genneia SA 8.750% 20/01/2022 92,750 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 141 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Scandinavian High Quality Bond Fund

Acquisitions Cost Disposals* Proceeds

EUR EUR Realkredit Danmark A/S 1.000% 01/10/2050 20,306,139 Finland Government 0.500% 15/09/2029 21,489,920 Nykredit Realkredit A/S 1.500% 01/10/2050 16,878,067 Realkredit Danmark A/S 0.500% 01/10/2050 10,659,813 Nordea Kredit Realkreditaktieselskab 1.500% 01/10/2050 9,900,479 Nykredit Realkredit A/S 0.500% 01/10/2050 7,674,084 Jyske Realkredit A/S 1.000% 01/10/2050 9,767,298 OP Mortgage Bank 0.625% 01/09/2025 7,368,620 Nordea Kredit Realkreditaktieselskab 2.000% 01/10/2047 8,802,575 Aktia Bank OYJ 0.375% 05/03/2026 5,161,620 Nykredit Realkredit A/S 2.000% 01/10/2050 8,768,719 Carlsberg Breweries A/S 2.500% 28/05/2024 4,564,350 Sweden Government 0.125% 09/09/2030 8,717,919 Stadshypotek AB 0.375% 13/03/2026 4,140,320 Finland Government 0.500% 15/09/2029 7,962,400 Finnvera OYJ 0.500% 13/04/2026 2,419,133 Realkredit Danmark A/S 1.500% 01/10/2050 7,711,147 SpareBank 1 Boligkreditt AS 0.500% 30/01/2025 2,076,800 Nykredit Realkredit A/S 1.000% 01/10/2050 7,639,855 Norsk Hydro ASA 2.000% 11/04/2029 1,890,000 OP Mortgage Bank 0.625% 01/09/2025 7,367,640 Sparebanken Vest Boligkreditt A/S 0.010% 28/06/2027 1,219,680 Sveriges Sakerstallda Obligationer AB 0.500% 29/01/2025 7,033,224 DNB Boligkreditt AS 0.750% 31/01/2024 692,325 DNB Boligkreditt AS 0.625% 19/06/2025 6,285,000 Scania CV AB 0.125% 13/02/2023 5,933,080 Sparebanken Vest Boligkreditt A/S 0.010% 28/06/2027 5,766,405 Lansforsakringar Hypotek AB 1.250% 17/09/2025 5,682,608 Realkredit Danmark A/S 0.500% 01/10/2050 5,384,395 SpareBank 1 Boligkreditt AS 0.500% 30/01/2025 5,188,500 Sampo OYJ 2.500% 03/09/2052 5,027,440 Fana Sparebank Boligkreditt AS 0.830% 18/06/2025 4,758,582 Sampo OYJ 1.000% 18/09/2023 4,524,485 Carlsberg Breweries A/S 0.375% 30/06/2027 4,515,525 Skandinaviska Enskilda Banken AB 1.000% 18/12/2024 4,307,830 Eika Boligkreditt AS 0.510% 10/09/2025 4,141,199 Stadshypotek AB 0.375% 13/03/2026 4,118,400 Swedbank Hypotek AB 0.050% 28/05/2025 4,041,120 Jyske Realkredit A/S 1.500% 01/10/2050 3,818,567 Sveriges Sakerstallda Obligationer AB 2.000% 17/06/2026 3,756,699 Elisa OYJ 1.125% 26/02/2026 3,547,510 CRH Finland Services OYJ 0.875% 05/11/2023 3,489,850 Heimstaden Bostad Treasury BV 1.375% 03/03/2027 2,984,280 Daimler Canada Finance Inc 2.000% 11/09/2023 2,863,609 Iceland Government 0.625% 03/06/2026 2,793,112 Telia Co AB 3.000% 04/04/2078 2,493,184 Sparebanken Vest Boligkreditt A/S 0.690% 19/06/2024 2,274,955

* There were no other disposals during the period ended 30 September 2020. LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 142 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Commodities Fund

Acquisitions* Cost Disposals* Proceeds

USD USD United States Treasury Bill - Zero coupon 09/09/2021 5,502,395 United States Treasury Bill - Zero coupon 05/11/2020 3,312,236 United States Treasury Bill - Zero coupon 15/07/2021 5,217,615 United States Treasury Bill - Zero coupon 10/09/2020 3,003,098 United States Treasury Bill - Zero coupon 17/06/2021 4,891,415 United States Treasury Bill - Zero coupon 21/05/2020 2,009,766 United States Treasury Bill - Zero coupon 22/04/2021 4,348,112 United States Treasury Bill - Zero coupon 09/09/2021 514,446 United States Treasury Bill - Zero coupon 20/05/2021 4,133,972 United States Treasury Bill - Zero coupon 28/01/2021 399,579 United States Treasury Bill - Zero coupon 10/09/2020 4,098,503 United States Treasury Bill - Zero coupon 05/11/2020 3,897,835 United States Treasury Bill - Zero coupon 28/01/2021 799,092 United States Treasury Bill - Zero coupon 16/07/2020 499,915 Barrick Gold Corp 437,788 Agnico Eagle Mines Ltd 335,126 Tyson Foods Inc 152,325 Bunge Ltd 83,538

* There were no other acquisitions or disposals during the period ended 30 September 2020. LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 143 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Diversified Return Fund

Acquisitions Cost Disposals Proceeds

USD USD Czech Republic 2.000% 13/10/2033 328,190 Czech Republic 0.270% 19/11/2027 337,506 Lazard Rathmore UCITS Fund 220,000 United States Treasury Note 2.875% 15/08/2028 295,926 New South Wales Treasury Corp 3.000% 20/02/2030 212,047 United States Treasury Note 1.750% 15/05/2023 287,468 Bermuda Government 2.375% 20/08/2030 199,770 Poland Government 0.690% 25/05/2028 212,243 Province of British Columbia Canada 4.700% 18/06/2037 198,907 Kommunalbanken AS 1.375% 26/10/2020 200,547 John Deere Financial Inc 2.410% 14/01/2025 162,722 Export Development Canada 1.800% 01/09/2022 184,505 African Development Bank 0.750% 03/04/2023 115,783 Microsoft Corp 2.525% 01/06/2050 134,127 New Zealand Government 4.500% 15/04/2027 114,987 John Deere Canada Funding Inc 2.050% 17/09/2020 130,977 Chile Government 0.830% 02/07/2031 111,918 United States Treasury Note 1.750% 15/11/2029 120,622 Poland Government 2.500% 25/07/2027 110,565 United States Treasury Note 3.125% 15/11/2041 109,394 Toyota Motor Credit Corp 2.150% 13/02/2030 109,685 Medtronic Plc 102,999 Daimler AG 0.033% 03/07/2024 107,749 Hungary Government 6.375% 29/03/2021 100,842 Microsoft Corp 3.500% 15/11/2042 105,714 Asian Development Bank 1.000% 15/12/2022 97,134 Spain Government 1.200% 31/10/2040 104,954 Italy Government 6.875% 27/09/2023 95,588 Poland Government 2.750% 25/10/2029 103,232 International Bank for Reconstruction & Development 3.500% 22/01/2021 93,982 Public Storage 100,628 Alphabet Inc Class C 89,480 Hungary Government 5.750% 22/11/2023 80,640 BNG Bank NV 5.000% 16/09/2020 86,936 Dell International LLC 5.300% 01/10/2029 80,326 Intercontinental Exchange Inc 68,931 Kimberly-Clark Corp 3.200% 25/04/2029 76,373 United Kingdom Gilt 1.500% 22/07/2047 68,343 United States Treasury Note 2.875% 15/08/2028 71,023 International Finance Corp 3.625% 20/05/2020 66,692 Province of Quebec Canada 1.650% 03/03/2022 64,900 Fiserv Inc 64,057 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 144 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard European Alternative Fund

Acquisitions Cost Disposals Cost

EUR EUR German Treasury Bill - Zero coupon 09/09/2020 56,077,475 German Treasury Bill - Zero coupon 09/09/2020 75,944,090 German Treasury Bill -Zero coupon 05/08/2020 35,029,563 German Treasury Bill -Zero coupon 05/08/2020 48,028,285 Bundesschatzanweisungen - Zero coupon 11/06/2021 34,700,268 Bundesschatzanweisungen - Zero coupon 11/12/2020 46,568,084 German Treasury Bill - Zero coupon 05/05/2021 34,683,246 German Treasury Bill -Zero coupon 08/07/2020 20,497,502 German Treasury Bill - Zero coupon 14/04/2021 32,334,916 Nestle SA 18,770,497 German Treasury Bill - Zero coupon 28/07/2021 26,809,722 Linde Plc 16,785,857 ING Groep NV 19,960,927 SAP SE 16,246,680 Linde Plc 13,916,275 German Treasury Bill - Zero coupon 14/04/2021 15,999,551 Allianz SE 12,044,458 ING Groep NV 15,135,696 Delivery Hero SE 11,932,603 Roche Holding AG 14,516,084 Zurich Insurance Group AG 10,946,250 Allianz SE 13,052,710 Industria de Diseno Textil SA 10,941,465 Swisscom AG 12,183,133 Deutsche Telekom AG 10,336,645 Hennes & Mauritz AB 11,344,710 Unilever NV 10,101,477 Deutsche Post AG 11,040,068 German Treasury Bill -Zero coupon 08/07/2020 10,008,743 Sonova Holding AG 9,472,497 ABB Ltd 9,378,281 Swedish Match AB 9,047,607 Zalando SE 9,338,082 Akzo Nobel NV 8,736,096 Banco Santander SA 9,287,445 Delivery Hero SE 8,696,802 Amplifon SpA 8,726,012 Banco Santander SA 8,305,414 Nexi SpA 8,654,965 Merck KGaA 8,253,076 SKF AB 8,609,605 Industria de Diseno Textil SA 8,202,953 Deutsche Post AG 8,417,554 Umicore SA 8,147,114 Fresenius SE & Co KGaA 8,120,235 Enel SpA 8,105,059 Assicurazioni Generali SpA 8,031,823 Lonza Group AG 8,079,035 JDE Peet's BV 7,698,215 Knorr-Bremse AG 8,016,886 Hennes & Mauritz AB 7,668,468 Telefonaktiebolaget LM Ericsson 7,903,404 Carlsberg A/S 7,278,919 Assicurazioni Generali SpA 7,352,700 Puma SE 7,274,210 Puma SE 7,012,490 Koninklijke Philips NV 7,193,428 ISS A/S 6,599,421 Roche Holding AG 7,154,439 Prosus NV 6,515,941 SAP SE 7,052,923 Bundesschatzanweisungen - Zero coupon 11/12/2020 7,027,380 Covestro AG 6,921,548 E.ON SE 6,883,976 Enel SpA 6,878,714 RWE AG 6,858,651 Knorr-Bremse AG 6,833,190 Orsted A/S 6,724,212 Swisscom AG 6,717,917 Nestle SA 6,689,158 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 145 Statements of Major Changes in Investments (Unaudited) (continued)

Lazard Rathmore Alternative Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero coupon 20/05/2021 75,895,024 Wayfair Inc 0.375% 01/09/2022 94,267,078 United States Treasury Bill - Zero coupon 22/04/2021 75,154,044 United States Treasury Bill - Zero coupon 10/09/2020 72,052,014 Wayfair Inc 0.375% 01/09/2022 72,828,043 United States Treasury Bill - Zero coupon 05/11/2020 71,511,894 United States Treasury Bill - Zero coupon 10/09/2020 63,510,481 United States Treasury Bill - Zero coupon 28/01/2021 61,052,231 United States Treasury Bill - Zero coupon 28/01/2021 62,469,296 Sea Ltd 2.250% 01/07/2023 42,056,978 United States Treasury Bill - Zero coupon 05/11/2020 59,995,273 United States Treasury Bill - Zero coupon 22/04/2021 37,515,938 United States Treasury Bill - Zero coupon 17/06/2021 59,474,616 United States Treasury Bill - Zero coupon 20/05/2021 37,051,808 United States Treasury Bill - Zero coupon 15/07/2021 54,256,010 United States Treasury Bill - Zero coupon 21/05/2020 35,637,363 United States Treasury Bill - Zero coupon 09/09/2021 42,719,154 United States Treasury Bill - Zero coupon 18/06/2020 35,550,134 Sea Ltd 2.250% 01/07/2023 39,709,120 United States Treasury Bill - Zero coupon 16/07/2020 34,010,749 Microchip Technology Inc 1.625% 15/02/2027 32,480,936 Twilio Inc 0.250% 01/06/2023 32,608,588 Twilio Inc 0.250% 01/06/2023 31,423,716 Microchip Technology Inc 1.625% 15/02/2027 32,480,936 United States Treasury Bill - Zero coupon 16/07/2020 22,006,570 United States Treasury Bill - Zero coupon 17/06/2021 21,992,348 United States Treasury Bill - Zero coupon 21/05/2020 19,999,827 Carnival Corp 5.750% 01/04/2023 19,602,527 Synaptics Inc 0.500% 15/06/2022 19,387,272 Microchip Technology Inc 19,536,129 Wayfair Inc 0.625% 01/10/2025 18,838,576 Wayfair Inc 0.625% 01/10/2025 18,792,809 Microchip Technology Inc 17,415,730 Liberty Media Corp 1.375% 15/10/2023 16,058,409 Carnival Corp 5.750% 01/04/2023 17,374,182 Inphi Corp 1.125% 01/12/2020 15,345,369 Liberty Media Corp 1.375% 15/10/2023 16,200,924 United States Treasury Bill - Zero coupon 15/07/2021 13,005,649 Zillow Group Inc 2.000% 01/12/2021 15,793,399 Royal Caribbean Cruises Ltd 4.250% 15/06/2023 11,971,540 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial period ended 30 September 2020 146