Lazard Global Active Funds plc

Annual Report and Audited Financial Statements For the financial year ended 31 March 2017

UCITS VRemunerationPolicy(unaudited) ...... Statements ofMajorChangesinInvestments (unaudited). Portfolios ofInvestments...... Notes totheFinancialStatements...... Participating Shareholders...... Statement ofChangesinNetAssetsAttributabletoRedeemable Statement ofFinancialPosition...... Statement ofComprehensive Income...... Independent Auditors’Report...... Depositary’s Report...... Managers’Reports...... Directors’ Report...... Directors andOtherInformation...... Contents Global ActiveFundsplc ...... Year ended31March 2017 144 164 110 60 54 48 42 40 39 12 6 4

3 LAZARD GLOBAL ACTIVE FUNDS PLC 4 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc the financial* Closedduring year ended31March 2017 NSW2000 Sydney Place 1 Macquarie 39,Level Building Gateway AssetManagement PacificLazard Co. JAPAN Tokyo, 107-0052 Minato –Ku 7,Level 2-11-7Akasaka Akasaka Twin Tower(ATT) Annex JapanAssetManagement K.K. Lazard OFAMERICA New YorkNY Plaza 30 Rockefeller AssetManagement LLCLazard ENGLAND 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Investment Managers 6 FundLazard Managers (Ireland) Limited Manager 6 Registered Office Directors andOtherInformation IRELAND D02 A342 2 Dublin CanalSquare 2 Grand IRELAND D02 A342 2 Dublin CanalSquare 2 Grand th th Floor Floor Lazard Global Equity Franchise Global Equity Lazard Fund Fund Equity Global ListedLazard Infrastructure JapaneseLazard Strategic Fund Equity Global FixedIncomeFundLazard Developing FundLazard Markets Equity Fund Markets Equity Emerging Core Lazard Fund Markets Emerging Equity Lazard Emerging Lazard World Fund Lazard Thematic Global Fund Lazard Thematic Global Ex-Japan Fund* IncomeFund Global Equity Lazard Select Global Fund Equity Lazard Global ManagedLazard Volatility Fund Pan-EuropeanLazard SmallCap Fund Concentrated USEquity Lazard Fund Global StrategicLazard Fund Equity PanLazard Fund European Equity Fund European Equity Lazard UKOmegaLazard Fund Equity 10112-6300 Administrator, RegistrarandTransfer Agent IRELAND D01 K2C5 1 Dublin IFSC Street Guild House Guild BNY Mellon Trust Company (Ireland) Limited Depositary P.O. Box 506644 Dubai 2,Level Office 206 1 Gate Village International FinancialDubai Centre Limited Gulf Lazard GERMANY 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard Investment Managers(continued) 1 ENGLAND 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Promoter Directors Non-ExecutiveAll are Committee theAudit ** Member of * Independent Directors (British) Smith William (Irish)* /** Daniel Morrissey Andreas Hübner (German) John Donohoe (Irish)*/** Gavin Caldwell (Irish)* (British)** Michael Allen Directors IRELAND D02 KV60 2 Dublin CanalDock Grand John Rogerson’sSir Quay Riverside Two Company (Ireland) BNY MellonFund DesignatedActivity Services Activity Company 2016. Activity on 1July (Ireland)merged with BNYMellonFund Designated Services BNY Mellon Investment Servicing (International) Limited BNY MellonInvestment Servicing Lazard MENALazard Fund BondFund Sterling HighLazard Quality 1 Year ended31March 2017 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(andonly by andAccounts and Accountsextent thatthere between inanother theEnglishlanguage and the Report isany Report inconsistency andAccounts. contain andhave thesameinformation thesamemeaning astheEnglishlanguage only Report translation shall To the andAuditedThis Annual Report Financial andAccounts") mayintootherlanguages. (the"Reports betranslated Statements Any such IRELAND D02 A342 2 Dublin CanalSquare 2 Grand Fry William Legal AdvisersastoIrishLaw Street, 1 Harbour View Central One International Finance Centre Unit 7, 20 Level AssetManagement (HongLazard Kong) Limited 048616 #15-02, Place OneRaffles Tower 1 Place 1 Raffles AssetManagement Pte. (Singapore) Lazard Limited FRANCE 75008 Paris deCourcelles 25 rue FrèresLazard Gestion CH -8001Zürich 9 Usteristrasse AG AssetManagement Schweiz Lazard GERMANY 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard ENGLAND 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Distributors Directors andOtherInformation Lazard Global ActiveFundsplc SWITZERLAND CH-8022 Zürich P.O. Box Limmatquai 1/amBellevue NeueNPB Privat BankAG Paying AgentinSwitzerland IRELAND D01 X9R7 1 Dublin WallNorth Quay Dock One Spencer AccountantsChartered andRegistered Auditors PricewaterhouseCoopers Independent Auditors 6 Limited Secretarial Wilton Secretary ENGLAND EC4A1LTLondon 20 CursitorStreet MacFarlanes LLP Legal AdvisersastoEnglishLaw BELGIUM B-1000 Brussels Montoyerstraat46 Rue The BankofNew York Mellon Currency Manager SWITZERLAND 8050 Zürich 56 Affolternstrasse ACOLIN AG Fund Services Authorised Representative inSwitzerland IRELAND D02 A342 2 Dublin CanalSquare 2 Grand th Floor (continued) Year ended31March 2017

5 LAZARD GLOBAL ACTIVE FUNDS PLC 6 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc legislation inother jurisdictions. preparation anddissemination offinancial statementsmayfrom differ is accessible withdifferentinternet in many legalrequirements. countries intheRepublicofIreland Legislation governing the ofthefinancial statementspublishedonresponsible thiswebsite. themaintenanceandintegrity for publishedon Information the are reports Audited available on www.lazardassetmanagement.com. and unaudited half yearly annual reports The Directors are ”). (the “Central “Depositary”). this duty, theCompany hasdelegatedcustody oftheCompany’s assetstoBNYMellon Trust Company (Ireland) Limited(the Regulations”), the Directors safe-keeping. for are required out the assets of the Company to entrust the depositary Incarrying Collective Investment for in 48(1)) (Undertaking Transferable Regulations 2015(asamended)(the Securities) BankUCITS “Central Regulations, andEnforcement) Act 2013(Section Regulations") Bank(Supervision andtheCentral 2011(asamended)(the"UCITS the office oftheAdministrator. UndertheEuropean Collective Investment Communities for in (Undertakings Transferable Securities) “Administrator”) andthrough appointment, such andprocedures. theuseof appropriate systems The accounting records are heldat are administrator, theappointment ofanexperienced (Ireland) Company BNYMellonFund DesignatedActivity (the Services The measures taken by the Directors toensure compliance withtheCompany’s obligation tokeepadequate accounting records andotherirregularities. and detection offraud The Directors are alsoresponsible safeguarding for theassetsofCompany takingreasonable andhencefor theprevention stepsfor The Directors are responsible keepingadequate for accounting records thatare sufficient to: In preparing thesefinancial statements, theDirectors are required to: the financial year. the Company’s assets, liabilitiesandfinancial position asattheendoffinancial year andoftheprofit orlossoftheCompany for Under Irishlaw, theDirectors notapprove shall thefinancial of are statementsunlessthey andfairview satisfied give thatthey atrue Kingdom andRepublicofIreland” (“FRS 102”). in Ireland andIrishlaw), Financial Financial including 102 intheUnited Standard applicable Standard Reporting “The Reporting Ireland (accounting standards issuedby theFinancial Councilandpromulgated Reporting by Accountants theInstituteofChartered Under thatlaw, theDirectors have prepared thefinancial Accepted statementsinaccordance Accounting Practice withGenerally in assets, liabilitiesandfinancial position asattheendoffinancial year andoftheprofit orlossoftheCompany thefinancial for year. Irish lawrequires theDirectors toprepare financial eachfinancial statementsfor oftheCompany’s year andfairview thatgive atrue The Directors are responsible preparing theDirectors’ for andthefinancial statementsinaccordance Report withIrishlaw. Statement ofDirectors’ Responsibilities the “Funds”), atthefinancial which year endhad 20Funds (31March 2016: 21Funds) inexistence. referred toasthe asanumbrella between subfunds(individually structured fundwithsegregatedcapital liability “Fund” andcollectively year ended31March 2017. GlobalActive Lazard Funds isanopen-endedinvestment plc(the company withvariable “Company”) The Board ofDirectors (the “Directors”) present together their annual report with theaudited financial thefinancial statementsfor Directors’ Report • • record• correctly andexplainthetransactions oftheCompany; • • •  •  statements tobeaudited. enable theDirectors toensure thatthefinancial withtheCompanies Act statementscomply 2014andenablethosefinancial and accuracy; enable, atany time, theassets, liabilities, financial position andprofit orlossoftheCompany withreasonable tobedetermined in business. prepare thefinancial statementson thegoing concernbasisunlessitisinappropriatetopresume thattheCompany continue will financial statements; and standards inquestion, andexplainedinthenotesto thosestandards being disclosed from departures subjecttoany material state whetherthefinancial statementshave beenprepared inaccordance accounting standards withapplicable andidentifythe make judgements andestimatesthatare reasonable and prudent; themconsistently; select suitableaccounting policiesandthenapply the Administrator and the Depositary are regulated by and under the supervision of the Central BankofIreland oftheCentral are regulated byBoth theAdministrator andunderthesupervision andtheDepositary Year ended31March 2017 understand that not all understand thatnotall “connected persons” are latterexpression assuch related is defined parties by 33ofFRS Section 102. connected persons are andcertain paidtorelated setoutinNotesDetails offees parties 3and11. However, shareholders should Bank as a UCITS pursuant to the Central Bank UCITS Regulations. BankUCITS pursuanttotheCentral Bank asaUCITS The investment objectives ofeachFund within theCompany are setoutintheProspectus. The Company by isauthorised theCentral Principal Activities are satisfied that: Therefore, theCompany’s havingregard toconfirmations management anditsrelevantdelegates, from theDirectors oftheCompany conflicts ofinterest. not exhaustive connected of all persons transactions. shouldalsorefer Shareholders totheprovisions oftheProspectus dealingwith connected person transactions andthegeneralnature connected ofthecontractual persons arrangementswiththeprincipal butitis of the Directors. supervision subject to the overall Further, shareholders should refer to the Prospectus identifies which many of the section oftheDirectors’ Statement Governance andtheroles andresponsibilities Report oftheCompany’s respective delegates in theCorporate described shouldhaveShareholders regard oftheCompany tothegovernance structure asmore particularly basis. themouton asimilar outthosetransactions do carry the Company’s delegates that the connected persons carrying from assurances persons on behalf of the Company the Directors to which have no direct access and in respect the Directors of which must upon rely be inthebestinterests oftheshareholders. Inaddition tothosetransactions, there outby are connected alsotransactions carried depositary, delegateorsub-delegate (“connected outasifnegotiated persons”) atarm’s must becarried length. transactions must Such non-group company sub-custodiansappointedby adepositary), andany associatedorgroup company management ofsuch company, its management company ordepositary, any (excluding management andthedelegatesorsub-delegatesofsuch company ordepositary In accordance with the requirements Regulations 41(1), Bank UCITS of the Central out with the Company any by transaction carried Connected PersonsTransactions totheauditors. andtoensureinformation thatitisdisclosed Director are thestepsthatthey hastaken all obliged totakeasaDirector inorder aware tomakethemselves ofany relevantaudit neededbyinformation theauditorsinconnection withpreparing theirreport, totheauditors. have they notdisclosed which Each faraseachperson whowasaDirectorSo atthedateofapproving isaware, thisreport there auditinformation, isnorelevant being Disclosure ofInformationtotheAuditors requirements theCompany towhich ofitsregulationregulatory issubjectby virtue by Bank. theCentral andadditional tothelegaland 225oftheCompaniesThese relevantobligationsAct assetoutinSection 2014are from separate advisers whotheDirectors have this. believe therequisite knowledge toundertake andexperience compliance withthoserelevant obligations,material theDirectors have relied upon advice, guidanceandassistanceofemployees and In formulating andputtinginplace designedtoprovide thosearrangements andstructures theDirectors withreasonable of assurance The Directors confirm that: in The Directors acknowledge are thatthey responsible theCompany's securing compliance for withtherelevantobligations assetout Statement ofDirectors’ Compliance Directors’ Report Lazard Global ActiveFundsplc 225oftheCompanies ActSection taxlawwithintheRepublicofIreland 2014andall (the “relevant obligations”). (ii) (i) 3.  2. 1. During thefinancial year,During referred thearrangementsorstructures toin(2)have beenreviewed. with theCompany's relevantobligations; and Appropriate are arrangementorstructures inplace thatare, intheDirectors' opinion, designedtosecurecompliance material Company, respecting compliance by the Company withitsrelevantobligations. upthatsetsoutpolicies, statementasbeendrawn A compliance policy inDirectors which opinion are appropriatetothe

“Manager”)) in place to ensure above are that the obligations transactions described “Manager”)) applied to all withconnected persons; and there procedures are by arrangements (asevidenced written documentedby Fund Lazard Managers (Ireland) Limited(the Manager through regular updatestothe Directors. transactions with connected persons entered thefinancial intoduring year complied withtheseobligations, asattestedby the (continued) Year ended31March 2017

7 LAZARD GLOBAL ACTIVE FUNDS PLC 8 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc 2016: thefinancial USD39,103) for year ended 31 March 2017. and MLRO director ofUSD65,053(31March Limitedfor were support made GlobalFinancial payments toCarne services Services Officer totheManager (“MLRO”) andtheCompany. Reporting toJohn Donohoesupport andMoney Laundering services There John Donohoe, whoisaDirector, Limitedwhoprovide director andgroup isalsofounder Global Financial CEOofCarne Services thefinancialUSD466,993) for year ended31March 2017. amountingtoUSD514,241(31March 2016: Fry andtheSecretary Companies Act paidto 2014in legalandsecretarial fees William andaccordingly, Limited(the Secretarial Fry own “Secretary”) Wilton William had abeneficial DanielMorrissey interest underthe Fry (theCompany’s isaDirector of oftheCompanyDaniel Morrissey legaladvisers). andisalsoapartner William of The partners into between theCompany andeach oftheDirectors, on terminable three all months’ notice. Codeissuedby Governance As contemplated by Irish Funds theCorporate (seebelow), ofAppointment have beenentered Letters Transactions InvolvingDirectors Directors’ payable fees by theCompany inNote are 3tothefinancial disclosed statements. Company atthe financial year ended31March 2017and31March 2016. of theCompany through holdindirectly pension andemployee schemes benefit amountofshares anon-material schemes inthe Michael Allen, are notentitledtoany Andreas Smith Directors’ Hübner and William theCompany. from fees oftheDirectors Some Michael Allen, are timeexecutives group, full Andreas Smith oftheLazard Hübner and William aswell asDirectors oftheCompany. Directors’ andSecretary’s Interests DirectorsAll oftheCompany are alsoDirectors oftheManager. theentire for financial year. DirectorsAll served ** MemberoftheAudit Committee below) Statement Governance * IndependentDirectors (seeCorporate The namesofthepersons whowere Directors oftheCompany thefinancial during year ended31March 2017are setoutbelow: Directors thefinancial seeNotes during year details ofsignificant events 13and14for andsincethefinancial yearPlease end. Significant EventsDuringtheFinancialYear andSincetheFinancialYear End post financial year enddistributions. thefinancialsee Note detailsofany paidduring year 12for distributions ended31March 2017and31March 2016andNote 14for The results thefinancial for anddistributions year ofComprehensive are setoutintheStatement Income on pages 42to47. Please Results andDividends inrelationInformation totheCompany’s inNote management 9tothefinancial objectives risk andpoliciesisincluded statements. Risk ManagementObjectivesandPolicies future. Lazard Thematic GlobalEx-JapanFund redeemed 2016. on 5July wasfully Directors donotanticipateany oftheCompany changesinthestructure orinvestment objectives ofany oftheFunds intheimmediate The Investment Managers’ thefinancial for year. totheperformance ofthefactorscontributed contain which areview Reports The Review ofBusinessandFuture Developments Directors’ Report William Smith (British) Smith William (Irish)* /** Daniel Morrissey Andreas Hübner (German) John Donohoe (Irish)*/** Gavin Caldwell (Irish)* (British)** Michael Allen (continued) Year ended31March 2017 2. 1. entitiesare detailedintheCompany’sparty Prospectus. Insummary, are: they anddirection oftheDirectors. subjecttothesupervision always These delegations offunctions andtheappointmentofregulated third responsibility.overall The Directors theexercise have monitoring inplacefor delegatedfunctions, mechanisms ofsuch are which ),(including administration functions withoutabrogating anddistribution tothird theDirectors’ parties management andemployees), theCompany, consequently, underthedelegatedmodelwhereby operates ithasdelegatedmanagement to companies as the Company such companies time executive operating with a full (and in contrast to normal The Company has noemployees andtheDirectors are non-executive. all applicable framework Consistent withtheregulatory investment including: fundgovernance structure In December2012, ofgovernance withinthecollective theDirectors pillars Codehavingregard otherkey adopted theIF certain for basisby collective investment Irishauthorised schemes.voluntary www.irishfunds.ie. Codemay beinspectedon/obtainedThe IF from governance code(the wasissuedby Code”) Irish FundsA corporate “IF inDecember2011thatcouldhave beenadopted on a governance practices imposedby: subject tocorporate toIrish collective investment governance codeapplicable schemes, corporate Although there isnospecific statutory theCompany is Statement Corporate Governance status. This isrelevanttoUKtaxpayers only. An hasbeensubmitted application andapproved by Her Majesty’s andCustoms Revenue ("HMRC") fundreporting offshore for UK ReportingStatus above intheDirectors’other thanwhatisdisclosed Interests section. andSecretary’s The Directors are not aware of any other contracts or arrangements of any significance in relation to thebusiness of the Company, oftheDirectorsAll are alsoDirectors oftheManager, andhave aninterest paidby infees theCompany totheManager. Transactions InvolvingDirectors (continued) Directors’ Report Lazard Global ActiveFundsplc • • • • • regulated by and under the supervision oftheregulators oftheirrespectiveregulated by jurisdictions; operating andunderthesupervision ismadeand managed timesandappropriate reporting totheDirectors atall on aregular basis. The Investment Managers are totheirmanagement of theFunds pertaining risks respectively applicable manage they that all are which identified, monitored manage. they which The respective Investment Managers have controls internal management processes andrisk inplace toensure manage are they and they which accountable tothe Directors oftheFunds ofthe Company theinvestment for performance The respective Investment Managers have direct thedecisions responsibility for relating oftheFunds totheday-to-day running Funds to the respective Investment Managers as detailed in the Prospectus and listed on page oftheinvestment managementThe Manager functions has delegatedtheperformance inrespect oftheCompany andof its ofthesharesthe distribution oftheFunds. Bank; oftheCentral The Manager isregulated by andunderthesupervision Management Agreement, the Manager the management has responsibility for and administration of the Company’s affairs and The Company hasappointedtheManager asitsManager pursuanttotheManagement Agreement. ofthe Undertheterms suitably qualified and also regulated third party entities which are subject to regulatory supervision. are qualified entitieswhich subject toregulatory andalsoregulatedsuitably third party segregationsuch ofduties/functions through beingachieved delegation ofrespective responsibilities toandappointmentof safeguardingresponsibility for theassetsofCompany andoverseeing how theCompany ismanaged, amongst otherduties), ofthenetassetvalue, thecalculation responsibility for (with amongst otherduties)andtheindependentDepositary The uniquenessoftheindependentsegregation ofdutiesbetween theInvestment Managers, theAdministrator (with governance culture oftheCompany.corporate theinvestment manager ofthecollective investmentnormally fund), asrecognised by Bank, theCentral the insupporting The role ofthe Promoter uniquewithinthecollective investment is, (which fundstructure orarelated company is, ofwhich are andwhich inspectioncentralbank.ie availablefor attheregistered office oftheCompany. Bank’s the Central be obtained from Regulations can which Bank UCITS Bank in their Central The Central website atwww. Registration Office in Ireland. inspectionfor attheregistered office oftheCompany CanalSquare, at2Grand 2, Dublin Ireland andattheCompanies ofAssociation) oftheCompany isavailable which known andArticles astheMemorandum The Constitution (formerly www.irishstatutebook.ie. The Companies Actinspection isavailablefor attheregistered 2014which office oftheCompany andmay alsobeobtainedat (continued) Year ended31March 2017 4 of these financial statements.

9 LAZARD GLOBAL ACTIVE FUNDS PLC 10 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc atleast one independentdirector,an auditcommitteeinclude shall meaninga person whois audit committee meetstherequirements which ofthatSection. 167requires, Section amongst otherthings, thatthe membersofsuch The Directors acknowledge are that they required, 167oftheCompanies Act under Section 2014, toconsider theestablishmentofan control functions. executive directors quitesome years hasalsobeenformed now anditischargedwithoversight oftheCompany's auditandfinancial An Audit Committee, consisting currently ofMrDanielMorrissey, MrJohn Donohoe who are andMr MichaelAllen non- all Audit Committee issues astheneedarises. statements, andpresentations on andreports theauditprocess. The Directorsanddiscusssignificantaccounting andreporting evaluate relevant parties,presentations consideration ofIrishaccounting from standards including andtheirimpact on theannualfinancial the independent auditor’s performance, qualifications andindependence. procedures, oftheirreview Aspart theDirectors receive totheDirectorsbe auditedby on theirfindings. annually independentauditorswhoreport The Directors monitor andevaluate of Directors’financial statements as set outinthe Statement Responsibilities. financial statements are requiredThe statutory to thefinancial year ofthesefinancial statements,During theDirectors were responsibleandapproval oftheannual thereview for of theCompany. may orirregularitieswhich impact thefinancial statements the Company offraud is intendedtomitigatethoughnoteliminatetherisk reporting. isregulatedThe appointmentofanadministrator(which by Bank)independentoftheinvestment theCentral managers to on thatprocesses matterswithapotentialeffect financial identification andexternal ensuring are ofinternal inplacethetimely for orerror infinancial andfor reporting The Directors are by responsibleofirregularities whethercaused fraud assessingthe risk for misstatementorloss. material of failure theCompany’s toachieve provide financial reasonable only objectives reporting against andcan andnotabsoluteassurance oftheDirectors, tothesupervision Subject theappointmentofAdministrator isintendedtomanagethaneliminatetherisk rather accounting records maintainedandare readily are available, properly financial production statements. ofannualandhalfyearly including andthrough thisappointment the Directors have proceduresManagers andtheDepositary inplace toensure relevant thatall The Manager hasappointedtheAdministrator tomaintainaccounting records oftheInvestment oftheCompany independently Company’s financial statements, have beenoutsourced totheAdministrator. inanon-executive capacity,serve functions all relating totheCompany’s financial process, reporting thepreparation ofthe including oftheCompanymanagement systems inrelation tothefinancial process. reporting AstheCompany hasnoemployees Directors andall The Directors responsible are overseeing theestablishmentandmaintenanceofadequate control ultimately for internal andrisk Financial ReportingProcess–DescriptionofMainFeatures may be). (asthecase providers andtheDepositary ofthedelegateservice enableittoassesstheperformance which providers andtheDepositary each ofitsdelegateservice basisfrom The Directors receive on reports aregular (andatleastquarterly) 5. 4. 3. Statement(continued) Corporate Governance Directors’ Report (iii)  (ii) (i)  Company ismanaged. Bank. oftheCentral isregulated by andunderthesupervision The Depositary assetsinaccordance Regulationsexercisingof such andfor BankUCITS withtheCentral independentoversight over how the ofitsassets. asdepositary The Company alsohasappointedtheDepositary thesafekeeping hasresponsibilityfor This entity oftheregulatorsentities are oftheirrespective regulated by jurisdictions; operating andsubjecttothesupervision and The ManageroftheFunds hasdelegatedthedistribution oftheCompany intheProspectus. totheentitiesdescribed These values. Bank; oftheCentral The Administrator isregulated by andunderthesupervision the day-to-dayhas responsibility for administration of the Company and the Funds of the net asset the calculation including The Manager hasdelegateditsresponsibilityasAdministrator, Registrationand Transfer Agent totheAdministrator. This entity is aperson whohascompetence inaccounting orauditing. have, business relationship amaterial withthecompany); and (being adirector whohasnot, ofthethree or in theperiod years preceding hisorherappointmenttothecommittee, didnot possesses therequired degree tothecommittee's functions ofindependencesoastoenablethedirector effectively tocontribute a non-executive director; (continued) Year ended31March 2017 Date: 29June2017 Director: On behalfoftheBoard ofDirectors 383(2) oftheCompanies Act 2014. The independent auditors, to remain their willingness have in office PricewaterhouseCoopers indicated in accordance with Section Independent Auditors The Directors meet atleastquarterly. thantheAudit Other Committee, there are sub-committees. nopermanent Caldwell. thefinancial transactions year during are related All detailedinthenotestofinancial party statements. John meets the requirements Donohoe requirements Code which nor Daniel Morrissey 4.1 of the IF of paragraph are met by Gavin John theCompany. have Donohoe an interest and Daniel Morrissey are in receipt of professional from fees Consequently, neither independent directors having regard Code on Independence and Independent Directors of the IF to the terms although firms in which Hübner are timeexecutives Group. full oftheLazard Each ofGavinCaldwell, Johnare Donohoe regarded andDanielMorrissey as sixdirectorscurrently (refer topagedetails), 4for ofwhom all are non-executive. Smith, Eachof William andAndreas MichaelAllen The Directors are responsible managingthe businessaffairsoftheCompany for inaccordance withtheConstitution. There are theCompany ofAppointment between himandtheCompany. inaccordance withtheLetter be removed upon noticefrom resolutionshareholders by inaccordance ordinary withtheprocedures establishedundertheCompanies Act 2014. ADirector may also ofAssociation donotprovide retirement for ofDirectorsThe Articles by rotation. However, theDirectors may beremoved by the Companies Acttoinvestment 2014asapplicable funds. The Constitution may beamendedby specialresolution oftheshareholders. For theappointmentandreplacement ofDirectors, theCompany isgoverned by itsConstitution the andIrish statutecomprising Composition oftheBoardDirectors The auditedannual financial statements of the Company are required to beapproved by the Directors and filed Bank. with the Central Company's management, theCompany's financial process including reporting asoutlinedabove. obligations investmentto secure imposedon UCITS companies compliance inrelation withtheextensive legalandregulatory tothe governanceAudit regime inplace andtheexistingarrangementsstructures designed Committee ofthecorporate andby virtue 167areof anauditcommittee underSection already fulfilled oftheBoard's by beingcompetently existingandlong virtue established requirements 167, ofSection the requirements inparticular at(ii)above Having given thematterdueconsideration, theDirectors have decidednottoestablishanauditcommitteemeetsthespecific which companies andtherefore andapproving well seasonedthefinancial inreviewing statementsofcompanies. Accountants,the InstituteofChartered Ireland hassignificantandlengthyasdirectors andalongexperience of withMrMorrissey statement production process andofdecisions related tothevaluation oftheassetsheldby theCompany. MrDonohoe isaFellow of enhancesthecontrolconnectivity environment oftheCompany. andMrDonohoe independentofthefinancial are MrMorrissey fully regimethe UCITS (including, here, inparticular themanagement andfinancial function ofcapital control) andthat, accordingly, this group tomanagerequirements hastheresponsibility the Lazard Company which inaccordance of legalandregulatory withall thatMrAllen,believe timeexecutive group, beingafull oftheLazard creates anadditional between theDirectors connectivity and Directors 167. may prescribed inSection beconsidered asnotmeetingtherelevantindependencecriteria However, theDirectors Limited whoprovided andMRLO directors support services. timeexecutive group. isafull MrAllen oftheLazard ofthese All totheCompany andMrJohn Donohoe isaDirector andgroup andalsofounder GlobalFinancialservices CEOofCarne Services As notedundertheheading "Transactions Directors", Involving Fry whoprovides legal in isapartner William MrDanielMorrissey Audit Committee(continued) Statement(continued) Corporate Governance Directors’ Report Lazard Global ActiveFundsplc (continued) Director: , asintheDirectors' opinion, atthistime, theresponsibilities Year ended31March 2017

11 LAZARD GLOBAL ACTIVE FUNDS PLC 12 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc March 2017 Lazard AssetManagementLimited remain regain convinced will prominence thatthefundamentalsofstocks over themediumterm. President Donald Trump. we anticipatemacro factors term, continuing andpolitical toinfluencethemarket intheshort Whilst we time inadecade, accompanied by continued growth by intheUSdriven low-cost borrowing domestic policiesfrom andsupportive ahead, isthere ourview are many positive market. macro thestock for drivers Economic growth isimproving inEurope thefirst for themostprofound changetoitseconomy over halfacentury, onAs theUnitedKingdom for thepathtopotentially starts theyear for Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review buoyed wasfurther which by arobust mergers andacquisition environment. highs.their all-time growth, Earnings coupledwithanumberofcompanies reintroducing dividends, provided anotherlayer ofsupport the domestic economy. to global growth the first for close time in ten Synchronised years the period allowed UK equities to close growth,the year manufacturing covering orders new andthelowest construction reaffirming adecade unemployment for growth in tomany observers.UK economy sincethesummerhasbeenasurprise This wasreinforced by astream ofdatainthesecond halfof Prime MinisterandtheBankofEngland’s decision to0.25%helpedrestore tocutbaserates market confidence. The firmness inthe UK-based companies inforeign thatgenerate earnings currency. ofthereferendum, Intheaftermath appointmentofanew theswift thereferendum following result,Immediately toa31-year fell low andthisbenefited againsttheDollar anumberofmajor Sterling theUnitedKingdom’s from The fallout underreview. dominated theperiod decision toexittheEuropean Union (“EU”) surprise Market Review terms, ending 31 March 2017, the twelve-month period Over Fund UK Omega Equity the Lazard (the returned“Fund”) 21.54% in Sterling Investment Review Lazard UKOmegaEquityFund Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenotedasat31March 2017. • • • • • • Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:LloydWhitworthandteam. Share Classto31March 2017.

Source Direct,: Morningstar Performancedataare onaNavtobasis,netincome reinvested inSterling terms,CAccGBP against the FTSE All Share Index, Share All returned which 21.95%. againsttheFTSE sec Miner Rio wasthestrongest over theyear, performer Plc Tinto and stocks benefiting asinvestors rotated intocyclically-exposed selection inconsumer goods andoil&gaswereStock toperformance. significantcontributors acquisition ofArgos. by have thelatterwill Imports anegative impact on profitability ofthecombined group. detracted asaresult ofBrexit-related Plc concernsrelating currency toits In consumer services, supermarket JSainsbury This ledtoasignificantdrop initsshare price. telecommunications,Within BT detractedasitissuedasignificantprofit before Group two days its2016results. warning Plc The portfolio’s relative performance. were notabledetractorsfrom positioning intelecommunications andconsumer services price representingprice a40% premium toARM’s price. pre-bid closing sector,In thetechnology Japan’s received anunsolicitedbidfrom ARMHoldingsPlc Group Corp, SoftBank withtheoffer tors during 2016. tors during 1 Year ended31March 2017 March 2017 Lazard JapanAssetManagementK.K. onconstructive themarket. upwardmoderate pressure on interest shouldwork rates infavour ofrate-sensitive financial companies andwe remain generally either mergers andacquisitions orindividendincreases. Political benefit Japanaswell. shouldfurther stability We continue tobelieve improves outlook. the earnings further balances now looks cash set to be deployed in corporate in 490 trillion The considerable JPY companies, machinery cyclical demandfor asChinacontinues toenjoyto support arevivalofeconomic fortunes. Domestic activity Japanese equitiesremain inexpensive, economic againstthebackdrop recovery. ofaworldwide particularly Economic datacontinued Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review companies, had which pared capacity. theirmanufacturing back thecombination ofstrong power. orderspricing andrising from tomany asasurprise came The improving cyclicals demandfor exposed totheglobaleconomic cycle. components ofthemarket, More cyclical andsteelproducers, asbulkchemical such benefitted reflected astrengthening inoverseas demand. growth ledtobetterearnings andare-ratingthoseJapanesecompaniesThis inturn for It wasastrong year Japaneseequities, for withanumberoffactors atplay. There indomestic economic wasapick-up activity, which Market Review Japanese Yen ending31March 2017, thetwelve-month period FundOver Equity (the JapaneseStrategic theLazard returned“Fund”) 25.47%, in Investment Review Lazard JapaneseStrategicEquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard JapanAssetManagementK.K.unlessotherwisenotedasat31March 2017. • • • • • • Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:TimGriffen andteam. JPY Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inJapaneseYen terms,AAcc chances ofexpandingmargins.chances inORIX Corp,An overweight Japan’s largest leasingcompany alsodisappointedaslow interestconcerns aboutthe raised rates disappointing condominium salesnumbers. in An overweight Tokyu Fudosan HoldingsCorp, amid-tierreal estatecompany, therelease of after weakly performed to boostsentiment. Group CoLtd,Marui store, amid-tierdepartment governance failed previous commitmentsbettercorporate toinstill after fell Nidec Corp, motors, theleading maker ofelectric theautomotive wasstrong sector. on agood order-book from andChina.industry Komatsu Ltd, theworld’s second equipment, largest makerofindustrial themining washigheron positive order flow from 2016. rose thefirst for above zero timesinceearly HoldingsInc, Life Dai-ichi Japan's leading insurer, listedlife long-termJapanesegovernment bond yields strengthened after terms, againstthe Tokyo Exchange Price Index(TOPIX), Stock returned which 14.69%. (continued) Year ended31March 2017 1

13 LAZARD GLOBAL ACTIVE FUNDS PLC 14 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc March 2017 Lazard AssetManagementLLC active for on managersthesereturn selection differentials. tocapitalise opportunities election hasopenedthedoortobettersecurity andthestrongofgrowth.on theresilience underpinnings ofthis recovery correlations inequity sincetheUS The substantialdecline intheUSgovernment,paradigm shift we thatinvestors alsobelieve have toomuch focused on legislative expectations andnotenough globalrecovery.be asynchronized we seeawiderrange ofpotentialoutcomestheeconomy for andmarkets asaresult ofthe While We finances andwhatappearsto class seeaneconomic picture inmiddle thatisimproving onofthebroadening theback recovery Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review in March. picture toward theendofperiod, theUSFederal OpenMarket Committee interest electedtoraise inDecember, rates andagain spending. andinfrastructure defence Economic thequarter. datawasmixed during Inlightoftheimproving employment andinflation regulation, inthefinancials, especially healthcare, sectors, andenergy andwork withCongress taxes andincrease tolower corporate US economy’s risks, towithstandglobalgeopolitical ability coupledwithoptimismthatthe Trump administration would decrease Kingdom’s vote toleave theEU. However, toward markets rallied thelatterhalfof2016asinvestors gainedmore confidence inthe the US election andtheUnited stemming from uncertainty amid geopolitical began with a bout of significant volatility The period Market Review terms,US Dollar againsttheS&P500Index, returned which 16.43%. ending31March 2017, thetwelve-month period Over ConcentratedFund USEquity theLazard (the returned“Fund”) 11.76% in Investment Review Lazard USEquityConcentratedFund Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • • • Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:ChristopherBlake,MartinFloodandteam. Share Classto31March 2017. Source: Direct, Morningstar Performance data are on a Nav to Nav basis,net income reinvested in US Dollar terms, EA Acc EUR structured datainitiativestructured ison track. results, strong reporting eBay Incrose quarterly after which, along with management commentary, thatthecompany's indicated thatexceeded earnings expectations. quarterly itreported strongly after Incperformed auction holderCopart vehicle Salvage sector. toperformance, sectorcontributed selection intheindustrials technology theinformation Stock asdidoverweighting presidential election on thecompany's businessesinEurope andMexico. amidconcernsaboutthepotentialimpact ofBrexit intheperiod andtheUS ofCrownShares early HoldingsIncfell macroeconomic slowdown. andOrlando, inBrussels theterrorist attacks of factors including virus, theimpact oftheZika aswell asconcerns ofa inresponse LineHoldingsLtdfell by toconcernsabouttravel demandbeingaffected Cruise anumber ofNorwegian Shares performance. detracted from performance.Positioning financials also sectors was the largest detractor from in the consumer discretionary Underweighting 1 (continued) Year ended31March 2017 March 2017 Lazard AssetManagementLimited we continue tofind considerable valueacross arange ofsectorsandcountries. result inahealingprocess thatwould bepositive the region’s for markets over thelonger equity term. From abottom-up perspective negotiations are smooth, andGreece’s problems are addressed, thegapinvaluations may shrink. Ironically, could asignificantshock why valuations European remain equity relatively low compared totheUnitedStates. Iftheelection results are favourable, Brexit ECB remains accommodative, unresolved issuesaround Brexit, Greek debt, andelectionsloom. still explains,This uncertainty inpart, and potential opportunities. mix of uncertainty Europe the economy remains shows a contradictory signs of strength and the While Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review outlook European for companies. influence on markets,also an important of the latest company while the conclusion results season has confirmed an improving profit thesecond halfof2016. during roseyields significantly The European Bank’s Central action (“ECB”) around quantitative easingwas growth fiscal spending to drive higher.for This also resulted in increased interest expectations rate in the US and Europe, and bond of themarket, parts cyclical and financials, asmaterials such from brought outperformance in the United States due to expectations across Europe andaction to0.25%. by tocutrates theBankofEngland(“BoE”) election ofPresidentThe surprise Donald Trump hadthe endofsummeradegree returned, ofstability helped by reassuringeconomic datareleases pointingto a continued recovery Europe. markets responded Equity tothereferendum result inavolatile fashion, and thenrecovering quickly. first dropping sharply By to theUnitedKingdom’s Brexit referendum inJunewasmarked across by boththeUnitedKingdom ahighdegree and ofuncertainty For much ofthe year, and macroeconomic markets fundamentals were than political stock of equity less a driver factors. The lead up Market Review terms,World againsttheFTSE Europe exUKIndex, returned which 18.54%. ending31March 2017, thetwelve-monthperiod Over Fund European theLazard Equity (the Investment Review Lazard European EquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenotedasat31March 2017. • • • • • • • • Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:Aaron Barnfather, PaulSelvey-Clintonand team. Class to31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincome reinvested in Euro terms,AAccEUR Share upgrades andthecontinued products. innovation androll outofnew French automotive components supplier Valeo strongly asthemarket recognised and theimproved performed quality earnings SA. position inFrench inthesecond halfoftheoverweight insurer tocyclicals oftheshift The financials beneficiary sector wasakey Geographically, waspositive. selection inSwitzerland stock infinancials aidedperformance. thehealthcaresectorandanoverweight Underweighting expectations. was reflected year in disappointingfull 2016results, ofconsensus withorganicrevenue growth bothfalling andearnings the year, during conditions America SA/NVfaced challenging inLatin Anheuser-Busch InBev inBrazil. particularly This weakness Cautious sentimentandcurrency affected Turkish telecommunication business Turkcell AS. Hizmetleri Iletisim performance. inIreland alsodetractedfrom coupledwithanoverweight Poor Spain selection andunderweighting stock selection infinancials,Stock relative performance. detractedfrom industrials, andtechnology consumer services 1 (continued) Year ended31March 2017 “ Fund”) returned 10.44%inEuro

15 LAZARD GLOBAL ACTIVE FUNDS PLC 16 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc March 2017 Lazard AssetManagementLimited we continue tofind considerable valueacross arange ofsectorsandcountries. result inahealingprocess thatwould bepositive the region’s for markets over thelonger equity term. From abottom-up perspective negotiations are smooth, andGreece’s problems are addressed, thegapinvaluations may shrink. Ironically, could asignificantshock why valuations European remain equity relatively low compared totheUnitedStates. Iftheelection results are favourable, Brexit ECB remains accommodative, unresolved issues around Brexit, Greek debt, andelectionsloom. still explains,This uncertainty inpart, and potential opportunities. mix of uncertainty Europe the economy remains shows a contradictory signs of strength and the While Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review ofthelatestcompanyconclusion results season hasconfirmed animproving profit outlookEuropean for companies. thesecond halfof2016.during The ECB’s action around influenceon markets, quantitative easingwasalsoanimportant whilethe growthdrive higher. This alsoresulted inincreased interest expectations rate intheUSandEurope, rose andbond yields significantly ofthemarket, parts cyclical andfinancials, asmaterials such from brought outperformance duetoexpectationsfiscalspending for across Europe andaction by to0.25%. theBoEtocutrates election ofPresidentThe surprise Donald Trump intheUnitedStates hadthe endofsummeradegree returned, ofstability helped by reassuringeconomic datareleases pointingto a continued recovery Europe. markets responded Equity tothereferendum result inavolatile fashion, and thenrecovering quickly. first dropping sharply By to theUnitedKingdom’s Brexit referendum inJunewasmarkedacross by boththeUnitedKingdom ahighdegree and ofuncertainty For much ofthe year, and macroeconomic markets fundamentals were than political stock of equity less a driver factors. The lead up Market Review terms, againsttheMSCIEurope Index, returned which 16.95%. ending31March 2017, thetwelve-month period Over Pan theLazard Fund European Equity (the Investment Review Lazard PanEuropean EquityFund Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenotedasat31March 2017. • • • • • • • • Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Aaron Barnfather, PaulSelvey-Clintonandteam. Class to31March 2017. Source: Direct, Morningstar Performance data are on a Nav to Nav basis, net income reinvested in Euro terms, B Dist EUR Share The rotation into cyclicals also boosted the overweight position in building materials supplierCRH position inbuildingmaterials Plc. alsoboostedtheoverweight The rotation intocyclicals insurer AXA SA. position inFrench financials helpedtheoverweight which from strongThe second performance halfoftheyear sawavery waspositive. selection inSwitzerland Stock selection inreal theutilitiessectorandstock torelative estatecontributed performance. Underweighting weakness Cautious sentimentandcurrency affected Turkish telecommunication business Turkcell AS. Hizmetleri Iletisim space wasopened. asnew affected weakness weigh 2017. will on marginsduring Management alsohighlightedthatsterling FoodsUK-listed conglomerate AssociatedBritish asPrimark wasaffected salesgrowth like-for-like inGermanywas Plc selection intheUnitedKingdom wasnegative.Stock selection infinancials,Stock relative returns. consumer staplesand healthcaredetractedfrom 1 (continued) Year ended31March 2017 “ Fund”) returned 10.64%inEuro March 2017 Lazard AssetManagementLLC astheenvironment changes. significant valueopportunity andeconomic achange inthepolitical regime, islessthanoptimalcouldbepoisedtobenefitstructure from presenting a potentially level, may encouragemoves to address acrisis some oftheeuro zone’s flaws. structural companies where Some thecurrent market result inahealingprocess thatwould bepositive theregion’s for markets over thelonger equity term. At thenational andsupranational negotiations are smooth, andGreece’s problems are addressed, thegapinvaluations may shrink. Ironically, could asignificantshock why valuations European remain equity relatively low compared totheUnitedStates. Iftheelection results are favourable, Brexit ECB remains accommodative, unresolved issues around Brexit, Greek debt, andelectionsloom. still explains,This uncertainty inpart, and potential opportunities. mix of uncertainty Europe the economy remains shows a contradictory signs of strength and the While Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review pressures have replaced inflationary thethreat headline ofdeflation. andrising almost adecade by theECBat1.8%, whilethelatestpurchasing managers’ indexes are atanear6year high. Employment growth isthestrongest for Nobel. Akzo bid for Economichave alsobeenimproving; indicators euro2017Gross isforecast zone Domestic Product (“GDP”) wasalsostrong theperiod,activity during ’s Industries Kraft andPPG Unilever bidfor withnotableexamplesincluding aborted by astrongunderpinned recent results season andanimproving profit outlookEuropean for companies. Mergers andacquisition A numberoffeatures markets helpeddrive across Europe higherover theperiod. represent Regional stocks good value, astance Market Review Euro ending31 March 2017, the twelve-month period Over Pan-European the Lazard Cap Fund Small (the Investment Review Lazard Pan-European SmallCapFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • • • • • Figures refer topastperformanceandfastisnotareliable indicatoroffuture results. Fund Manager:EdRosenfeldandteam. Class to31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inEuro terms,CAccEURShare terms, Swedish access equipmentSwedish manufacturer AlimakGroub ABannouncedtwo acquisitions thatare expectedtodoublegroup sales. on revenue andprofitability. UK-listed diversified financial CapitalLtddelivered Burford strong year full 2016results, beatinganalysts’ materially estimates By country, theUnitedKingdom. thestrongestwasfrom performance toperformance. contributed positioning inindustrials Stock investment research report. investmentGerman company AURELIUS SE & Co KGaA Opportunities Equity was impacted by the release of a negative environment intheUnitedStates. real PropertiesGerman estatecompany by City SAwasaffected Grand investor concernsregarding interest arising rate Geographically, selection inGermany, stock France andDenmark detracted. andmaterials. were selection technology ininformation stock detractors toperformance Key against the MSCI Europe Small CapIndex, againsttheMSCIEurope Small returned which 14.40%. 1 (continued) Year ended31March 2017 “ Fund”) returned 9.45% in

17 LAZARD GLOBAL ACTIVE FUNDS PLC 18 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review anaemic growth. Consequently, inabsoluteterms, despiterising theFund againstthebroader struggled index. game intown. theyear during aswe sawexpensive defensively valuations, waspositioned very The portfolio and great uncertainty returns.normal Justasareminder, demandex-oilandtherefore istheonly globalcommodity Chinamakesupabout50%ofall really towell above theirmarginalcostandallowed thecompanies theirbalancesheets,to rise todeleverage takingadvantage ofthesesuper was the reflating of the Chinese economy and the subsequent impact on the world’s materials. raw The move enabled commodities more benign, despite spiking on theabove events. We in the market. this as highlighting the complacency view event The other key asmajoruncertainties. despitewhatwe view catalysts been hasnever The CBOE volatility) index(measuring Volatility Index(“VIX”) Donald personality TV Trump’s of populism and nationalism won rhetoric the day. The market took to be positive boththeseevents Brexit referendum intheUnitedKingdom, ledtoachange inPrime which Minister. We had theUSelection where businessmanand The year waspunctuated by events, significantpolitical whoseoutcomes proved tobethepollsters’ worst nightmare. We had the Market Review terms,Dollar World againsttheMSCIAll-Country Index, returned which 15.04%. ending31March 2017, thetwelve-monthperiod FundOver Equity (the GlobalStrategic the Lazard returned“Fund”) 5.26%inUS Investment Review Lazard GlobalStrategicEquityFund Investment Managers’Report • • • • • • • • USD50 abarrel. agasproducer toaleader inthePermian primarily basin.from players Itisone ofthefew tomakeexcellentreturns withoilat ResourcesEOG Incisthelowest costoil&gasproducer intheUSshalespace. itselfinadecade The company hastransformed hypertension, by wasbidfor Johnson months ofspeculation. &Johnson after In January, Actelion Ltd, one ofthemostinteresting companies pharmaceutical inEurope andtheleader inpulmonary aidedreturns. selection inSwitzerland Stock selection inconsume staplesandhealthcarewaspositive.Stock terminal. Australian marketing &refining businessCaltexAustralia Ltdshutdown one ofitsrefineries itintoanimport andturned their consumerfast moving goods sectorpressurized ‘buy’ division leading inthestock. toasignificantde-rating andmeasures asittracks theeffectiveness ofmarketing.Nielson advertising all for isthedigitalcurrency Costcuttinginthe selection intheUnitedStates,Stock UnitedKingdom andJapandetracted. alsodetracted. andindustrials technology Positioning returns. infinancials was thelargest detractorfrom selection inconsumer discretionary, Stock information 1 (continued) Year ended31March 2017 March 2017 Lazard AssetManagement Limited ideas. these esoteric that we are working on, arena. happensinthepolitical whatever thatshouldproduce performance Asalways, remains ourfocus on interesting ideasinthepipeline tosay we have anditisgratifying anumberofvery bearfruit will picking tobottom upstock sticking elections dueinSeptember.has federal ofthe5thRepublic.unprecedented sincethebirth In theUnitedKingdom, Brexit agenda, dominates thepolitical whileGermany took over 40%ofthevote, parties andfarleft the farright were parties demolished. whilstthetraditional political ahead,Looking year. we arepolitical inanotherturbulent we have already Aswe write had thefirst round oftheFrench election where Outlook Lazard GlobalStrategicEquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLimitedunlessotherwisenotedasat31March 2017. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:RobinJones,MarkLittleandteam. Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAccUSD Throughout this, all we thatthere believe besome will volatility. However, ourphilosophy of (continued) Year ended31March 2017 This wasamove

19 LAZARD GLOBAL ACTIVE FUNDS PLC 20 LAZARD GLOBAL ACTIVE FUNDS PLC outlook for corporate profitoutlook corporate growth. for then the prospect higher wage for growth increases, would improve which in turn the prospect higher consumer for spending and the reform, inthecoming watching weeks and months. tobewhatinvestors beclosely will thisislikely Ifgrowth doesindeedaccelerate, Lazard Global ActiveFundsplc March 2017 Lazard AssetManagementLLC .high levels is This The consolidation ofrecent asthegapbetween anecdotalandactual market economic gainsseemslikely datahaswidenedtounusually Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review risks. deflationary Dollar regional markets over the year, the Australian on strong the US largely performance, currency from takingover from particularly market. Telecommunications upgrades andfierce competition depressed earnings. wastheweakest sectorasinfrastructure Asialed sharply. Bycontrast, higherinterest depressed rates real interest-sensitive estateandutilities, sectorsincluding lagged which thebroader upgradessentshares phone inthesectorup generation smart andcorporate asanew Optimism alsodrove technology information since2007.underperforming The prospects ofhigherinterest rates, increasing loandemandandlessregulation boostedfinancials. Dollar Brexit andtheelection ofUSPresidentincluding Donald Trump. The Brexit vote sawSterling 2016 endedupbeingrewarding globalinvestors, for asimproving surprises economic overcame some majorpolitical indicators Market Review terms,US Dollar againsttheMSCI World Index, returned which 14.77%. ending 31 March 2017, the twelve-month period Over Global Managed the Lazard Volatility Fund (the returned“Fund”) 8.90% in Investment Review Lazard GlobalManagedVolatility Fund Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • • • Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:SusanneWillumsenandteam. Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAcc USD . Japanalsorallied, Abeappeared astheeconomic tobemitigating policesbeingimplementedunderPrime MinisterShinzo , boostinginternational returns. leadership sawsignificantrotation Sector withfinancials leading themarket’s return after Hong Kong based LinkREIT wasastrong performer. parks.The company andcar malls specialisesinneighbourhood aidedreturns. selection inSwitzerland andstock selection inHong Kong andanunderweight Stock selection inhealthcareandreal estatewaspositive.Stock profit ashock justbefore warning releasing year itsfull UK telecommunications results. provider BT suffered from Group Plc returns. andUnitedKingdom selection detracted from intheUnitedStates Stock performance. detractedfrom selection inmaterials andstock of consumer staplesandtelecommunication services andfinancials sectors, selection technology selection intheinformation andstock andstock Underweighting theoverweighting raising raising that the hoped for USgrowthconcerns thatthehopedfor acceleration doesnotmaterialise. Along withtheprospect ofUStax 1 (continued) Year ended31March 2017 invalueagainsttheUS decline March 2017 Lazard AssetManagementPacificCo. overvalued. sectors tobesignificantly yield”. andpipeline valuations factor currently inhigherinterest USutility rates. Notwithstanding therecent fall, we consider still these at any timeinthepastthree decades. inthe highly “search very This appearstobeafunction thesestocks ofthemarket pricing for are stocks US-listed utilities, we asagrouplisted infrastructure which believe are more bothrelatively expensive andabsolutely than allocation. inEurope, ofattractive we valueopportunities seepockets their infrastructure While inparticular, ofglobal themajority todayis smaller thanithasbeenover thepastfive years. We selective about investors for tobevery important itisincreasingly believe sector,In lightoftherecent strength intheinfrastructure theportfolio priced for setofattractively thecurrent opportunity Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review andUKassetsthrough thesecond halfoftheyear.continued toweigh on Sterling Kingdom 43years voted ofmembership. toleave theEUafter Concernsaround theimpact Brexit would have on tradeandinvestment reform. taxes andregulatory of lower corporate InEurope, inamove thatwrong-footedfinancial markets across theglobe, theUnited asinvestors indomestic stocks were rally buoyed outcome intheUSpresidential asharp elections by caused The surprise theprospect United States, over theFederal uncertainty Reserve’s throughout hikeandtheelectionsinvestor potentialrate raised theyear. anxiety theyear during withanarrayofunexpected economic events. significant volatility andpolitical markets experienced Equity Inthe Market Review 50/50Index, Core Developed returned terms, Infrastructure which 11.34%. 14.89% inSterling againsttheFTSE Fund Equity ending 31 March 2017, the twelve-month period (the"Fund")Over returned GlobalListedInfrastructure theLazard Investment Review Lazard GlobalListedInfrastructure EquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementPacificCo.unlessotherwisenotedasat31March 2017. • • • • • • Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:Warryn Robertson,JohnMulquiney andteam. Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inSterling terms, AAccGBP billion. SESAnother operator satellite SA detracted, reflecting a cut in in outlookpart by of €1 raising Eutelsat but also a large capital America. intheLatin capacity backhaul The company Pay-TV lost a Russian telecommunication of demand for data and there softening was also a forecast client over theyear. EutelsatCommunications operator SAwasthelargest detractor toperformance Satellite improve itsprofitability. significantly CEOwill on hopesthatthenew share alsorose price sharply The CSXCorp sector. railway wereThey volumes andtheUSelection helpedby outcome theUSfreight seenasapositive for improving driver carload theyear.during railroadsThe three (CSXCorp, American North Corp, Southern Norfolk Union Pacific were Corp) among thetopcontributors (continued) Year ended31March 2017 1

21 LAZARD GLOBAL ACTIVE FUNDS PLC 22 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc broader markets versus on expectedreturn arisk trade-off. equity Additionally, the we thereturns believe available from valuation assumptions,on conservative investment return meetthestrategy’s objective. held within thefund can we the stocks believe basket of ‘fallen angels’, where thelong-terminvestment themarket’s thesis. fixation issuesare overwhelming on short-term Based are andvolume risks overplayed. where regulatory railways American and North Finally, whattheinvestment asa teamdescribe firstly, School ‘Old Tech’ where themarket on isfocused threats, notthe opportunities, Cloud’. ‘The Secondly, from European utilities and asaresult, today isrelatively concentrated. theportfolio broken belargely down can intothree majorcategories:The portfolio Currently, Franchise investments priced withinour Global Equity setofattractively universe are relatively limited, theopportunity Outlook What What Portfolio Review and UKassetsthrough thesecond halfoftheyear. 43years ofmembership.after Concernsaround theimpact Brexit would have on tradeandinvestment continued toweigh on Sterling reform.taxes andregulatory InEurope, inamove thatwrong-footed financial markets across theglobe, theUKvoted toleave theEU asinvestors inUSstocks were buoyed rally outcome asharp by intheUSelections caused theprospect surprise oflower corporate US, over theUSFederal uncertainty Reserve’s throughout hikeandtheUSelections investor potentialrate raised theyear. anxiety A theyear during withanarrayofunexpected economic events. significant volatility andpolitical markets experienced Equity Inthe Market Review terms, US Dollar ending31March 2017, thetwelve-month period Over Franchise GlobalEquity theLazard Fund (the returned“Fund”) 15.53%in Investment Review Lazard GlobalEquityFranchiseFund Investment Managers’Report March 2017 Lazard AssetManagementPacificCo. 1 All datacontainedherein issourced byLazard AssetManagementPacificCo.unlessotherwisenotedasat31March 2017. • • • • • • Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:Warryn Robertson,JohnMulquiney andteam. Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAcc USD downgrade. itannouncedanearnings after performance alsodetractedfrom McKesson Corp distributor andEuropean drug United States results,third quarter outlook on anumberoffronts. uncertain citingamodestly World-leading operator, satellite year their lowering full bothrevenue 2016guidancefor and marginsduring SES after SAfell pressures contracts andpricing withsometransport ofitsdoctorcustomers. the period. acquisition, theShred-It integrating Operationalissuesinclude Brexit, impacts currency from exitingtwo UKpatient Inc,Stericycle istheleading which health wastemanagement businessintheUS, for wasthelargest detractortoperformance first halfresults. Ltd, announcing its services, the largest after global provider of share registry to performance also contributed results theperiod. during strong several following quarterly International Game Technology Plc, andgamingmachine manufacturer, operator theworld’s largest lottery boostedperformance atCanadianHarrison Pacific andhishire atCSXCorp. network CSXCorp, infrastructure wasrail theresignation following The largest toperformance contributor ofCEOHunter Detracted from: Returns Contributed toReturns: againsttheMSCI World Index, returned which 14.77%. Fund today look relatively attractive when compared toa passive investment in 1 (continued) Year ended31March 2017 What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review populismsubsided. remained andconcerns ofrising onas theeconomic track recovery into2017astheUSeconomy remainedclimb on solidfooting, bankactions central failedtoimpedemarkets andEurope’s economy fiscalpolicy, thatwereexpansionary hallmarks ofthecampaign. climate continued to Globalstocks taxreformandbusinessfriendly maintaining control ofbothhousesCongress, drove speculation theincoming administration would beabletoimplementthe were prices strong. and commodity agreed on a production(“OPEC”) freeze The election of Donald Trump, coupledwithRepublicans improvement ofastagnatingeconomy. fears andquell ofPetroleum astheOrganisation climbed Oilprices Countries Exporting through theUSpresidential electionto rally latein2016as, broadly, andglobaleconomic reports datacontinued toshow corporate andEurope,States were earnings andUSeconomic remained betterthanforecast indicators positive. corporate Equitiescontinued bankersassuredcentral markets would tomitigateany they continue potentialnegative toprovide impacts. support IntheUnited intotheendofperiod.rallied Fears the “Brexit” vote would aglobaleconomic trigger slowdown world’s subsidedanddeveloped and Japan. The UnitedKingdom’s vote tobeginexittheEUinJuneproduceddeclines, quick recovered and butmarkets swiftly against the prospecteconomic of higher interest stability and speculated on bank actions rates central in the United States, Europe months. over thepasttwelve rallied Global stocks Market gainswere mutedasinvestors tobegin theperiod weighed signsofglobal Market Review terms,Dollar World againsttheMSCIAll-Country Index, returned which 15.04%. ending 31 March 2017, the twelve-month period Over Fund Select Global Equity (the the Lazard Investment Review Lazard GlobalEquitySelectFund Investment Managers’Report Lazard Global ActiveFundsplc • • • • • • positive 2017. guidance for theelection. following inUScyclicals thebroad rally alsobenefitedThe stock from AutomationRockwell Inc, aproducerautomation ofindustrial products, on strong climbed fundamentalresults inaddition to waspositive. selection inSwitzerland Stock the pastyear. over toperformance positively contributed technology toinformation sectorandanoverweight selection intheindustrials Stock convertible bond sale. CoLtd,AEON Financial Service aJapaneseconsumer finance company, announcinganunexpectedshare and after fell selection inGermany,Stock ChinaandJapanwasnegative. relative performance. detracted from selection in consumer and stock staples in financials and the overweight and materials selection and an underweight Stock 1 (continued) Year ended31March 2017 “ Fund”) returned 11.00% in US

23 LAZARD GLOBAL ACTIVE FUNDS PLC 24 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc March 2017 Lazard AssetManagement LLC selection. security environment for enhancedopportunities couldoffer busy election thisyear. schedule We investors for inthefuture seeawiderrange ofpotentialscenarios andwe thismarket believe optimism. markets, for Political ofuncertainty drivers are upheaval risks significantshort-term given andgeopolitical a especially withoutpositiveeven legislative change. oftheEuropeanThe improved andChineseeconomies performance hasadded toour –hasbeenunderestimated, strength andresilience durationoftherecovery oftheUSeconomy –andthelikely that theunderlying picture thatisimproving onofthebroadening the back andwhatappearstobeasynchronisedglobalrecovery. We continue tobelieve market psychology, we remain on focused thefundamentalsofglobaleconomy andthecompanieswe inwhich invest. We seea We remain ofthegrowth optimisticinterms outlook2017. for upsanddowns in upintheshort-term itiseasytoget caught While Outlook Lazard GlobalEquitySelectFund(continued) Investment Managers’Report All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. 1 Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Andrew Laceyandteam. Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAccUSD (continued) Year ended31March 2017 What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review and expectations ofpositive growth regions earnings inall oftheworld. oftheglobalfinancial crisis, sincetheimmediateaftermath first synchronisedglobalrecovery withimproving economic conditions remainin place valuestocks intact. inlate2016andtriggered therotation tomore cyclical Infact, there isincreasingofthe evidence However, we thatthere feel change intheglobalmacroeconomic hasbeennodramatic trends thatwere outlook andthereflationary led investors torotate thatdominated tothedefensive growth market back stocks returns inrecent years whendeflationprevailed. fears ofanincrease inUSshaleoilproduction. commitment tomaintainproductionOPEC cutsaswell asthetimingandtrajectory This underperformed. materially groups likeenergy weakened amidconcernover the ininterest andoilprices stalled cyclical The rise rates bybut thiswasdriven arebound indefensive groups, ashealthcare, such groups, andgrowth-oriented assoftware, such whilemore defensives tomore cyclicals, attractively-valued in2017. many ofthesetrends early stalled markets continued torise Globalequity Following in late 2016, period a dramatic long favoured markets when saw interesta violent rotation spiked and equity rates from Market Review terms,Dollar WorldAll-Country againsttheMSCI Index, returned which 15.04%. ending31March 2017, thetwelve-monthperiod Over Income Fund GlobalEquity theLazard (the Investment Review Lazard GlobalEquityIncomeFund Investment Managers’Report Lazard Global ActiveFundsplc • • • • • • with the tailwind of a favourable regulatory ruling. ofafavourable regulatory with thetailwind Group,DUET network, anAustralian utility agreements, supply electricity asitcontinued toexpandwithnew climbed coupled selection in andstock selection intheUSandChinaanoverweight TaiwanStock torelative contributed performance. inconsumer torelative staplescontributed performance. selection inutilitiesandanunderweight Stock Inc,L Brands awomen's products apparel company, andbeauty on disappointingsalesandprofit fell results. selection inItaly,Stock theUnitedKingdom and selection inMexicowasnegative. andstock andanoverweight relative. were detractedfrom majordetractors torelativetelecommunication performance services in andfinancials, selection andanoverweight inconsumer discretionary Stock selection inenergy andstock anoverweight 1 (continued) Year ended31March 2017 “ Fund”) returned 11.70%inUS

25 LAZARD GLOBAL ACTIVE FUNDS PLC 26 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc March 2017 Lazard AssetManagementLLC anenvironment. iswell positionedsuch for a valuation-focused strategy quantitative easing. We andthat inflation by feel andinterest continuedriven will tonormalise thesynchronisedglobalrecovery rates itsmove tonegativefollowing interest rates. Now investors are hikeandthewindingdown debatingthetimingofanECBrate has changed dramatically.bank policy Ayear ago, investors were debatingwhatadditional stimulus measures theECBmay implement negative readings sharp of2015. torevisitthevery unlikely to remain atitscurrent butisequally highlevels The outlook central for finding challenges employment reporting andbusinessesincreasingly workers. isunlikely Inflationprices inChinesemanufacturing mindsetof2015.to thedeflationary USwage growth continuesshouldpersistwiththeeconomy toacceleratewhich atornearfull wanes, prices incommodity topeakinthecomingare months astheimpact likely oftherecovery we donotexpectinvestors toreturn investors anddrive toward valueddefensive growth back stocks. highly valuedcyclicals inflation attractively reports headline While monitor inflation expectations. we continue will toclosely Going forward would therotation derail Any deterioration into material Outlook Lazard GlobalEquityIncomeFund(continued) Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:PatrickRyanandteam. Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAccUSD (continued) Year ended31March 2017 March 2017 Lazard AssetManagementLLC What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review by politicsandthe election cycle, intheUnitedStates. especially advanced. prices Emergingmarkets equitiesandcommodity the market 2016 determined outcome up to thatpoint. inJuly strong recovery Financial are dominated markets world inthedeveloped 2016butbythat beganinFebruary theendofJune2016markets had sharply, fallen dominated by completely Brexit. The subsequent Markets rose underreview, over theperiod butdemonstrated marked volatility. At thebeginningwascontinuation oftherally Market Review 2016, on 5July untilitsclosure 1April For from theLazard theperiod Thematic GlobalEx-JapanFund (the returned“Fund”) 1.65%. Investment Review Lazard ThematicGlobalEx-JapanFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat5July2016. selection intheconsumer staplessectorwasnegative. • Stock • Exposure markets were toJapanese real returns asJapaneseequity estatecompanies weak. hurt • InEurope, exposure inlinewiththeportfolio’s an underweight positioning strategic added value. across selection intheUnitedStates mostthemeshelpedreturns. • Stock • Financials well asemergingmarkets equitiesrecovered. holdingsperformed • Maintainedexposure tooilandgasproducers recovered. wasapositive asoilprices • Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:NicholasBratt,Irene Cheng,Andrew Norris,SteveWreford andteam. to 5July2016. Source: Direct, Morningstar Performance dataare onaNavtobasis,netincomereinvested inUSDollarterms,XShare Class a positive contribution from theholdinginAmazon.com Inc. a positive contributionfrom Value exposures toconsumerandautomobiles durables and sector through wasadded underweight intheconsumer discretionary (continued) Year ended31March 2017 1

27 LAZARD GLOBAL ACTIVE FUNDS PLC 28 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc point hasnotyet beenchanged. unfold.as they Inouropinion, thelong-term outlook withslow growth, ofdebt, highlevels asthestarting productivity andfalling We on thatitis essential tofocus thelonger believe term, purposes portfolio developments for short-term andto be patient andanalyse stifleeconomic hasyet will or whetherthey activity tobeanswered. this view. However, thelarger perennial question astowhether higher interest are rates ofacceleratingeconomic asymptom growth, turned, has probably The US interest cycle rate and recent announcements by the Fed Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review accelerating activity. for case theoverall Chinaalsosupported robust economic datafrom well duetoinvestors’European equitiesperformed hopesofaccelerating growth andtheattraction oflower valuations. Apparently prices, havingrebounded in2016, in2017duetosurgingUSsupply. early fell expected, andwaswell accepted by investors, whoare beingconditioned by theFed toexpectmore increases rate laterintheyear confidence ineconomic growth. The USFederal USinterest (“Fed”) raised inMarch. rates Reserve The increase had beenwidely into European equities on valuation grounds, and into emerging markets fixed grounds on income yield suggest securities investor thetimebeing.and implementation for suggest thatthereflationmarkets asfaritcan may have tradeinUSequity run Capitalflows markets rose.equity However, Administration’s inMarch thenew failed. attempttoreform thehealthcaresystem Doubtsaboutpolicy Fuelled by optimismaboutglobaleconomic growth and, hiselection, following President hopesfor Donald Trump’s agenda, policy Market Review terms, againsttheMSCI World Index, returned which 14.77%. ending31March 2017, thetwelve-monthperiod Over the Lazard Thematic GlobalFund (the Investment Review Lazard ThematicGlobalFund Investment Managers’Report • • • • • • • • The CSX Corp share price rose sharply on hopes that the new CEO will significantly improve itsprofitability. significantly CEOwill on hopesthatthenew share rose price sharply The CSXCorp financials, roseWithin strongly on Corp theprospect ofhigherinterest Schwab rates. Charles waspositive. selection inGermanyandtheNetherlands Stock performance. to relative contributed in telecommunication services and healthcare along selection with an underweight in industrials Stock inthevalueofPound. decline thesharp suffered from company NationalUK utility Plc Grid US based Teva pressure. pricing Ltdweakened duetodrug Industries Pharmaceutical selection inJapanandtheUnitedKingdom wasnegative,Stock inIsrael. aswasanoverweight detracted. Positioning returns. infinancials wasthe majordetractorfrom selection inconsumer staples, Stock andreal materials estatealso 1 support regarding support rises rate the pace of further (continued) “ Fund”) returned 11.49%inUSDollar Year ended31March 2017 . Oil March 2017 Lazard AssetManagement LLC majoractor ismercantilist.every improvementsproductivity intheglobaleconomy. We abouttheprospects aglobaleconomy sceptical for are inwhich alsohighly that protectionism tosucceedand, unlikely isextremely on thecontrary, for inthelong-run towork islikely againstthenecessity than globalisation.rather require will Meeting this challenge timeandamuchconstruct. more political sophisticated Itseems to us progress, (and elsewhere) is technological in the United States classes to the working and middle both digital and automation, For thelong term, theimperative isefficiency, orbeingabletoproduce more withlower inputs. Itseemstousthatthereal challenge Outlook (continued) Lazard ThematicGlobalFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:NicholasBratt,Irene Cheng,Andrew Norris,SteveWreford andteam. Share to31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAccUSD (continued) Year ended31March 2017

29 LAZARD GLOBAL ACTIVE FUNDS PLC 30 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc March 2017 Lazard AssetManagementLLC optimistic. issuesare order. increase notresolved ifcertain inshort asharp andpossibly market volatility Nevertheless, we alsoremain cautiously conflicts, ofinvestors’military are on theforefront uncertainty andpolitical minds. This environment shouldlead tocontinued equity majormarkets,high valuations inseveral issueslikenationalism, increasing geopolitical increasingly leverage) tradeprotectionism, investors.The globalinvestment equity for environment withrisks isrife economic andfundamentalissuespersist(including While Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review (“EMEA”)and Africa markets were reasonable, theimpact considering oftheBrexit referendum andthe unsuccessfulcoupin . equities delivered American the strongestLatin regional returns, followed by the Asian markets. Performances in Europe, East Middle his administration’s economic objectives had inboostingglobalandemergingmarkets asignificant effect inthesucceedingmonths. politics.concerning global economic and a significant change in Brazilian activity Donald Trump’s in November and election victory the year. strongly during Emerging markets rallied beganon astrongThe period note, helpedbyimproving sentiment amodestly Market Review terms, againsttheMSCIEmergingMarkets Index, returned which of17.21%. ending31March 2017, thetwelve-month period Over Emerging theLazard World Fund (the returned“Fund”) 16.00%inUSDollar Investment Review Lazard EmergingWorld Fund Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • • • Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:KunDengandteam. Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAccUSD Ltd and Macau Property Opportunities Fund Property Opportunities Ltd andMacau Ltd. In , investments were upmore than20%anddiscountsnarrowed. Performance wasledby Naspers investments including Investments inAsia, on thosefocused China, particularly well. performed Easthelpedrelative theperiod. returns andtheMiddle during exposures toAfrica Underweight market. equity ofmore thecountry’s than16%for to adecline Turkey-focused holdingcompany, in turmoil aspolitical HoldingASdiscountwidenedslightly Haci OmerSabanci Turkey, led Eastand Investments on focused theMiddle Turkey theperiod. were during thepoorest performing relative returns. andAsiadetracted from exposuresAmerica toLatin Underweight 1 (continued) Year ended31March 2017 March 2017 Lazard AssetManagementLLC allocators.pool oflong-term capital Altogether, thispresents themostoptimisticpicture we have seeninawhile. havebeginning of this paragraph helped test investors’ the asset class’s for tolerance volatility, resulting in a ostensibly more committed ininvestment growth. arecovery drive We thattheinvestor alsobelieve baseismore stabletodayhighlightedatthe asthechallenges across sectorsandcountries. all Inourview, return expectations markets and developed policiesshouldcontinue tolift reflationary have faded. Managers’ Emerging markets Purchasing manufacturing Indices are rebounding growth and earnings is accelerating headwinds that put offinvestorsMany in recent of the structural years, large current account deficits and weak primarily currencies, attractive. stretched aslong ascompanies expectations. meetearnings Relative toothermajorassetclasses, markets developing equitieslook between 2013and2015,Emerging markets are were asthey notascheap historically thoughvaluations ingeneral donotappear Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review reasonable, theimpact considering oftheBrexit referendum andtheunsuccessfulcoupin Turkey. equitiesdelivered American thestrongestLatin regional returns, followed by the Asian markets. Performances inEMEA markets were his administration’s economic objectives had inboostingglobalandemergingmarkets asignificant effect inthesucceedingmonths. politics.concerning global economic and a significant change in Brazilian activity Donald Trump’s in November and election victory the year. strongly during Emerging markets rallied beganon astrongThe period note, helpedbyimproving sentiment amodestly Market Review terms,US Dollar againsttheMSCIEmergingMarkets Index, returned which 17.21%. ending31March 2017, thetwelve-month period Over Fund EmergingMarkets Equity theLazard (the returned“Fund”) 22.53%in Investment Review Lazard EmergingMarketsEquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • • • • • Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:JamesDonaldandteam Share Classto31March 2017. Source: Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollar terms,ADistUSD aftermath of the failed coup and the consequent declaration of a state of emergency by ofastateemergency thegovernment. ofthefailedcoupand the consequent declaration aftermath of both Akbank Shares TAS and KOC Holding AS, respectively a Turkish bank and Turkish conglomerate, in the declined year turnaround strategy. PLDT Inc, company, telecom services aPhilippines weakness asthecompany duetoexpectations offurther pursuesathree- fell in An overweight Turkey returns. wasalsonegative. inthePhilippines detracted from picking Stock wasthesinglelargest selection sectordetractor. inmaterials andstock An underweight its gamepipeline. NetEase Inc, aChinesepublisherofonline gamesandweb portal, solidresults reported andprovided anupbeatassessmentof increased deposits, providing ahigh-teensprojected for on Return Equity. ofRussia,Sberbank bank, aRussian management provided2017withimproving rose upbeatguidancefor loangrowth and after relative performance. selection to inKorea andstock andChinawere inRussia by thetopcontributors country selection andanoverweight Stock selection inthefinancialssectorswere andindustrials thestrongestStock torelative contributors performance. 1 (continued) Year ended31March 2017

31 LAZARD GLOBAL ACTIVE FUNDS PLC 32 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc markets. equity emerging for andheightenedvolatility toanenvironment alsocontribute of populismwill andtherise ofuncertainty election cycle of theUSDollar global growth remain concern. of paramount The pace of US interest increases rate over the coming year, and the associated strength The direction ofa Trump withitspotentialplanstoroll globalisation presidency back andthefollow-on impact toglobaltradeand Global macroeconomic over thenearterm. issuespredominate andpolitical inany performance discussion ofemergingmarkets equity Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review reasonable, theimpact considering oftheBrexit referendum andtheunsuccessfulcoupin Turkey. equitiesdelivered American thestrongestLatin regional returns, followed by the Asian markets. Performances inEMEA markets were his administration’s economic objectives had inboostingglobalandemergingmarkets asignificant effect inthesucceedingmonths. politics.concerning global economic and a significant change in Brazilian activity Donald Trump’s in November and election victory theyear. strongly during Emerging markets rallied beganon astrongThe period note, helpedbyimproving tone amodestly Market Review terms,15.97% inUSDollars againsttheMSCIEmergingMarkets Index, returned which 17.21%. ending31March 2017, thetwelve-month period Over EmergingMarkets Fund Core theLazard Equity (the Investment Review Lazard EmergingMarketsCore EquityFund Investment Managers’Report • • • • • • • • profitability businesses. initskey ElectronicsSamsung CoLtd, leader, aKorea-based globaltechnology rose duetoamore robust outlook andincreased smartphones. penetration for ofdual-camera beneficiary a key PrecisionLargan CoLtd, a Taiwanese manufacturerlenses, ofhigh-endplasticaspherical asthecompany remains outperformed Not owning any wasalsohelpful. holdingsinMalaysia in picking Stock torelative contributed position inRussia performance. andanoverweight andKorea picking andstock wasalsostrong. intelecommunicationpicking services torelative sectorwasthetopcontributor performance. technology intheinformation Stock andanoverweight picking Stock weaker CoLtdreported same-store-sales Store Korea-based growth themostrecent Hyundai Department for quarter. questioning thecompany’s andmanagement’s financial integrity. performance CT Environmental Group Ltd, company, aChinesewaterutility underpressure came issuedby areport following ananalyst selection in stock Thailand alsodetracted. inMexico were majordetractors toperformance. selection inChinaandanoverweight in Stock An overweight Turkey and negative. performance. and financials selection in utilities selectionwas also detracted from in consumer discretionary Stock Stock , creates apotentialheadwindtheregion. for InEurope, theEU, theplannedexitofUnitedKingdom from abusy (continued) Year ended31March 2017 1 ) returned“Fund” March 2017 Lazard AssetManagement LLC any pressures. appearadequate ascurrent tooffset countries account balancesandforeign reserves investors. InChina, ahard over the near term. landing seems much less likely depreciations Currency inmost have moderated recently theseconcerns,Offsetting however, more are positive longer-term developments lightfor withintheregionapotentially cast which Outlook (continued) Lazard EmergingMarketsCore EquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:StephenRussellandteam. Class to31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAccUSD (continued) Year ended31March 2017

33 LAZARD GLOBAL ACTIVE FUNDS PLC 34 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc March 2017 Lazard AssetManagementLLC allocators. capital term Altogether, thispresents themostoptimisticpicture we have seeninawhile. of 2013–2015have helpedtestinvestors’ theassetclass’s for tolerance volatility, resulting inamore ostensibly committed pooloflong- ininvestment growth.expectations arecovery and drive We thattheinvestor alsobelieve baseismore stabletoday asthe challenges is accelerating across sectors and countries. all In our view, return markets developed policies should continue to lift reflationary have faded. markets Developing indicators, asmanufacturers such purchasing managers’ indicesare rebounding growth andearnings headwinds that put offinvestorsMany in recent of the structural years, large current account deficits and weak primarily currencies, as long ascompanies expectations. meetearnings Relative toothermajorassetclasses, markets developing equitieslook attractive. marketsThough developing are nolonger were asthey ascheap between 2013and2015, valuations ingeneraldonotappearstretched Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review associated withthe Trump administration’s the improvements andsharegave tiesdisrupted upsome prices ofthegains. Russian well inRussia, on theperceptionparticularly substantially ofstabilizingtrends rising intheeconomy, issues political butvarious healthy, buttoalesserextent, withBrexit andanunsuccessfulcoupin Turkey thosemarkets. affecting negatively Equitiesperformed rose over 23%, regional with all markets recording gains, while Asian markets gained 18%. EMEA markets were also reasonably improving tone politics. concerningglobaleconomicandasignificantchange inBrazilian modestly activity equities American Latin ended31March strongly inthe12-month 2017.Emerging markets period rallied beganon astrongThe period note, helpedby a Market Review terms,in USDollar againsttheMSCIEmergingMarkets Index, returned which 17.21%. ending31March 2017, thetwelve-month period Over Fund Markets Developing Equity theLazard (the Investment Review Lazard DevelopingMarketsEquityFund Investment Managers’Report 1 • • • • All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:KevinO’Hare, PeterGillespie,MarkLien,George Benesandteam. Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAcc USD inventory and pricing trends ahead of the new 5-series launch. trends 5-series andpricing ahead ofthenew inventory China AutomotiveBrilliance Holdings Ltd, a joint venture of BMW in China, entity on of healthy the back outperformed 2017. guidance for of ,Sberbank the largest bank in Russia, stronger reporting growth did wellearnings and asit after lowered its cost-of-risk toreturns. alsocontributed Africa in South Russia, selection andoverweighting selectionStock inChina, stock Turkey and Taiwan selection andstock andunderweighting toperformance. contributed staples andenergy selection inconsumer andstock combined withtheoverweighting selection infinancials technology andinformation Stock an uninteresting line-up. movie Also inKorea, CJCGV Co Ltd, acinemaoperator, on box weaker duetolackluster earnings office salesgiven underperformed In Korea, Hansae CoLtd, anapparel manufacturer, weak following USretail sales. underperformed Korea selection and Indiaaswell asoverweighting inSouth TurkeyStock performance. detractedfrom performance. health care detractedfrom aswell asoverweighing industrials selection andoverweighing Stock (continued) 1 Year ended31March 2017 ) returned“Fund” 23.22% March 2017 Lazard GulfLimited tosave.propensity oflowerimplications government subsidies. The result tobeaslow-down here inconsumer islikely expenditure, andanincreasing and efficiency, while optimising and rationalising their cost structures. also influence consumers, It will who are adjusting to the intheregion, many affect corporates will This inturn are which already responding by working toimprove theirproductivity agendas areReform inplacemany for MENA economies, asregional need toremove governments will excesses intheir economies. Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review by inNovember. devaluation acurrency halfofthebenchmark marketfor capitalisation. regional terms, wastheonly inUSDollar market nottorise asitwasaffected the Arabia’sto cover Saudi inthosecountries. bothresulted market sell-offs instock shortfall budgetary At theendof2016, thedecision by weighed Arabia on performance.heavyweight Saudi and government measures Economic in Egypt related and currency uncertainties andagainstthebackdropAt ofweak thebeginningofperiod oilprice, andthenregional market sentimenttowards Egypt Market Review against theS&PPan Composite Net Arab Large/MidCap Total Index, Return returned which 13.08%. ending31March 2017, thetwelve-month period Over MENA theLazard Fund (the Investment Review Lazard MENAFund Investment Managers’Report Lazard Global ActiveFundsplc to agree on cuts in oil production helped to restore oil prices and fueled a rally in the Saudi stock market, toagree stock OPEC on cutsinoilproduction intheSaudi helpedtorestore andfueledarally oilprices accounted which 1 All datacontainedherein issourced byLazard GulfLimitedunlessotherwisenotedasat31March 2017. • • • • • • • • Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:FadiALSaidandteam. Share Classto31March 2017. Source:Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAcc USD Weak UAE underperforming. from resulted inpassenger based AirArabia results yields intheairline andcontinuing softness walk-intoinsured patients. from numbers andashift impacted was negatively by the slowdown Diagnostics Holdings,Integrated in patient in Egypt operator laboratory the medical performance. inOmandetracted from An overweight performance. selection inthehealthcaresectordetractedfrom Stock releasing anumberofgood operational results.gained after Alujain Corp, field, predominantly inthepetrochemical andoperating investment Arabia anindustrial firm basedinSaudi For Land of2017. thefirst attheendof2016andposteddecentgainsduring quarter Obour Food inEgypt listed Industries Arabia, selection toperformance. inSaudi contributed Emirates andtheUnitedArab Stock Egypt performance. positioning selection to inconsumer intelecommunication contributed staplesandstock services, andmaterials Stock energy ) returned terms,“Fund” 22.77%inUSDollar (continued) Year ended31March 2017 1

35 LAZARD GLOBAL ACTIVE FUNDS PLC 36 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc March 2017 Lazard AssetManagement(Deutschland)GmbH spread againstgovernment bonds andproviding some return environment. protection yield inarising an attractive offering selection on issuers with high fundamental quality with respect our security to longer-dated and focus maturities economic downturn. limits theBoE’sThis inturn accommodative measures. further policy for ability releases. expectations have increased andsofar, Inflationary current macro-economic ofabroad-based pointtolittleevidence indicators thenegotiations toquittheEUyet tostart,With thelatesteconomic themarket’s data remains focus issuesandanalysing on political Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review towards period ahighof2.30%, thereview during increased gradually above theBoE's2.00%inflation target. degreevisible toasmall inmacro-economic indicators. However, recent weakening consumption datahasindicated activity. Inflation far,So surrounding oftheUnitedKingdom thedetailsandimplications been leavingtheEUhave theeconomic only uncertainty credit spreads inthesummer. easing measures took themarkets by surprise. andtightening inUKgovernment bond yields This resulted inasignificantdecline the “Brexit” vote, the was the outcome of the referendum this period during on whether the United Kingdom should leave the underreview, theperiod During UKgovernment bonds. outperformed bonds denominated insterling corporate market The key driver Market Review terms, Index,Sterling Overall againsttheMarkit iBoxx returned which 7.53.%. Sterling Bond Fund ending31March 2017, thetwelve-month period (the HighQuality Over returned“Fund”) 8.25%in Sterling theLazard Investment Review Lazard SterlingHighQualityBondFund Investment Managers’Report 1 2017. All datacontainedherein issourced byLazard AssetManagement(Deutschland)GmbHunlessotherwisenotedasat31March • • • • • Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:UlrichTeutsch andteam. Share Classto31March 2017. Source: Direct, Morningstar Performancedataare onaNavtobasis,netincomereinvested inSterlingterms, ADistGBP The underweight position in asset-backed securities hurt theFund. hurt position securities inasset-backed The underweight totheFund. position inthemediasectorwasdetrimental The duration overweight totherelativeissues withlonger contributed maturities andabsoluteperformance. ingovernment related issuerslikeGermany’s FinanceThe overweight KFW andtheUK’s in Plc Network Infrastructure Rail position insubordinated financials toperformance. alsocontributed The overweight position toperformance. inthebankingsectorcontributed The overweight BoE's prompt record toanew quantitative decision to cut theBank Rate low and its announcementoffurther (continued) 1 Year ended31March 2017 We therefore remain cautious EU . of In the aftermath will also eventually have to wind down stimulus as inflationary pressures have towinddown stimulus increase, alsoeventually asinflationary banks will inEurope. especially andgovernment bond movements, curve yield andcouldresult Fed infewer fundhikes. We theJapaneseandEuropean believe central taper Federalits balance sheet reinvestments. will Reserve Any action such should have a tightening effect, to influence is likely which Currently, we markets expectbetween one hikesin2017andbelieve maytheUS totwo USrate beunderestimating thepossibility trends andgrowth price shouldcontinue currenciesrate differentials to drive andcommodity and debtvaluations. Thus farin2017markets instronger have priced globalgrowth, pressures, inflationary stimulus. andexpectations ofUSpolicy Interest Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review across higherquality sectors. outperformed overall quality bonds,agency well. performed tone theconstructive inspreads. inflows markets underpinned andsolidcapital Robustequity Lower Most sectors, investment corporates, gradeandhighyield including emergingmarkets, quasi-government and andhigherquality theDollar. were selectcurrencies Rand among thatoutperformed afew Real,Brazilian African andSouth Credit markets were strong. months; strength thetwelve US Dollar dominated pairsduring many ofitscurrency however, Ruble, Russian thehighyielding inflation piercing the2%target. on 2-year toanunheard-ofyield bills of-95basispoints, German level we isunsustainableinthecontext which believe ofGerman Frenchalso widened as a close presidential election approaches. First by bond-buying the European quarter Bank drove Central the the quarter. European spreads and .peripheral fiscal tension widened versus in Germany amid elevated French spreads higher,traded slightly reflecting theMarch hike. USrate on 10-year bonds German stayed Yields between 0.2%and0.5%during stimulus may face obstacles. The 10-year Treasury the bondfirst traded between 2.3% and 2.6% during quarter, maturities while shorter proposals.and USpolicy USrates, buoyant previously in2016, 2017, were range-bound inearly reflecting concernthatUSpolicy months, thepasttwelve During assessmentsofmacro investors traded on risk largely events, announcements bankpolicy central notably Market Review terms,Dollars GlobalAggregate Bond againsttheBarclays Index, returned which -1.90%. ending31March 2017, thetwelve-month period Over GlobalFixed theLazard Income Fund (the returned“Fund”) -2.59%inUS Investment Review Lazard GlobalFixedIncomeFund Investment Managers’Report Lazard Global ActiveFundsplc • • • • • • Security selection intheUnitedStates,Security Australia, andCanada alsohelped. togovernment bonds aidedreturns. An underweight helpedreturns, allocation toglobalcredits.Sector through anoverweight primarily PoundThe position intheBritish alsodetracted. Positions Krona intheSwedish detracted. andrelated allocation duration were modestdetractors. Country (continued) 1 Year ended31March 2017

37 LAZARD GLOBAL ACTIVE FUNDS PLC 38 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc March 2017 Lazard AssetManagement LLC hold. pressures by stronger couldtemperinflationary maintainingaslightly currency,Norway given Bankappearstobeon thatitsCentral to contain inflation, January. November through early persistentpesoweakness following from surfaced which Similarly, we believe weak currency.and avoid USallegations thatitismaintaininganartificially We alsoexpectMexicotocontinue tostabilisethepeso or strengthen theircurrencies. We promote Chinawill believe astrong Renminbitosome degree toreverse outflows domestic capital USexports.strengthen andhurt theDollar Inthisbackdrop, MexicoandChinaare withincentives among tostabilise thecountries markets,In currency agrowing realisation by couldresult USofficials dynamic from thattradeprotectionism anew couldfurther Outlook (continued) Lazard GlobalFixedIncomeFund(continued) Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Yvette Klevanandteam. Share Classto31March 2017. Source: Morningstar Direct,Morningstar Performancedataare onaNavtobasis,netincomereinvested inUSDollarterms,AAccUSD (continued) Year ended31March 2017 Date: 29June2017 Dublin 1. IFSC, Guild Street, Guild House, For andonbehalfofBNYMellonTrust Company(Ireland) Limited, In ouropinion, theCompany thePeriod, hasbeenmanaged during respects: material inall Opinion accordance withtheCompany’s constitutional documentation andtheappropriateregulations. and borrowing powers by theprovisions in ofitsconstitutional documentation andtheappropriateregulations and(ii)otherwise ensure that, respects, material inall theCompany has beenmanaged (i)inaccordance withthelimitations imposed on its investment asit, conductsreviews such The Depositary initsreasonable opinion, inorder withitsdutiesandto tocomply considers necessary Basis ofDepositaryOpinion westeps which have takeninrespect thereof. provisions. IftheCompany hasnotbeensomanaged, must stateinwhatrespects ithasnotbeensomanaged andthe we asdepositary Company’s constitutional documentation andtheRegulations. responsibilityoftheCompany withthese Itistheoverall tocomply statewhether, shall report Our inouropinion, theCompany inaccordance hasbeenmanaged inthatperiod withtheprovisions ofthe Investment in Transferable Regulations 2011(S.I. Securities) No 352of2011), asamended(the “Regulations”). duties andresponsibilities are outlinedinRegulation 34oftheEuropeanOur Collective Communities for (Undertakings Responsibilities oftheDepositary BNY Mellon Trust Company (Ireland)” “ Limited(the “Depositary 2016to31March 1April 2017(“thePeriodFor”) from theperiod Depositary’s Report Lazard Global ActiveFundsplc purpose ortoany otherperson towhom isshown.purpose thisreport tothe Company nootherpurpose. andfor depositary We donot, ingivingthisopinion, accept any orassumeresponsibilityfor other theopinion theshareholders hasbeenprepared for intheCompany, including andsolely This report for inaccordance withourrole as Active Funds thePeriod, for (the Plc “Company”) totheCompany. asdepositary initscapacity (ii)  (i) otherwise inaccordance withtheprovisions oftheconstitutional documentationotherwise andtheRegulations. documentation andtheRegulations; and in accordance withthelimitations imposedon theinvestment andborrowing powers oftheCompany by theconstitutional ”, “ us”, we ”,or “our”)hasenquired Global intotheconduct ofLazard Year ended31March 2017

39 LAZARD GLOBAL ACTIVE FUNDS PLC 40 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc responsibility. transactions specified by sections 305 to 312 of that Act have not beenmade. We this have from no exceptions arising toreport Under theCompanies Act 2014we are required toyou toreport if, inouropinion, ofdirectors’ thedisclosures remuneration and Directors’ remunerationandtransactions Matter onwhichweare required toreport byexception Matters onwhichweare required toreport bytheCompaniesAct2014 significant accounting estimates. estimates, Inmakingsuch have they made assumptions andconsidered future events. thefinancial framework, reporting thedirectorsIn applying have made anumberofsubjective judgements, exampleinrespect for of of Ireland”. Accepted Accounting Practice inIreland), Financial FRS 102 intheUKandRepublic including applicable Standard “The Reporting standards issuedby theFinancial Councilandpromulgated Reporting by Accountants theInstituteofChartered inIreland (Generally that has been applied in the preparation of the financial statements is Irishlawand accounting The financial framework reporting The financial statements, andAudited withintheAnnual Report Financial included Statements, comprise: What wehaveaudited In ouropinion, GlobalActive Lazard Funds plc’s financial statements(the “financial statements”): Our opinion Report onthefinancialstatements Active Fundsplc Independent auditors’report tothemembersofLazard Global Independent Auditors’Report • Inouropinion given theinformation intheDirectors’ isconsistent withthefinancial Report statements. • The financial statementsare inagreement withtheaccounting records. • • We ofouraudit. the purposes for andexplanations we have theinformation which consider obtainedall necessary • • thePortfolio ofInvestments eachofthefundsasat31 March for 2017; and ofChanges inNet toRedeemable Participating• theStatement AssetsAttributable theyear for Shareholders thenended; ofComprehensive• theStatement Incometheyear for thenended; ofFinancial• theStatement Position asat31March 2017; • prepared Accepted• have inaccordance beenproperly Accounting Practice withGenerally inIreland; and • audited. In ouropinion theaccounting records ofthecompany were sufficient thefinancial topermit statementstobereadily andproperly policies and other explanatory information. policies andotherexplanatory ofsignificantaccounting asummary the notestofinancial thecompany include statementsfor each ofitsfundswhich andfor Collective Investment for in (Undertakings Transferable Regulations 2011(asamended). Securities) preparedhave inaccordance beenproperly withtherequirements oftheCompanies Act 2014andtheEuropean Communities results theyear for thenended; ofthecompany’s andfairview give atrue andfunds’ assets, liabilitiesandfinancial position asat31March 2017andoftheir Year ended31March 2017 29 June2017 Dublin Chartered AccountantsandStatutoryAuditFirm for andonbehalfofPricewaterhouseCoopers Jonathan O’Connell any apparent misstatementsorinconsistencies we ourreport. material considerfor theimplications based on, inconsistent with, ormaterially theknowledge acquired theaudit. by usinthecourseofperforming Ifwe become aware of incorrect inconsistencies with the audited financialmaterial statements and to identify any materially that is apparently information In addition, we read the financial all and non-financial and Audited in the Annual information Report Financial to identify Statements procedures oracombination ofboth. a reasonable conclusions. us to draw basis for We through obtain audit evidence testing the effectiveness of controls, substantive We testandexamineinformation, usingsamplingandotherauditingtechniques, toprovide totheextentwe consider necessary judgements, inthefinancial thedisclosures statements. andevaluating We our work focus inthese areas by assessing the directors’ primarily judgements against available evidence, ourown forming misstatement, orerror. material from by whethercaused fraud statements are free anassessmentof: This includes in thefinancial about the amounts and disclosures statements sufficientevidence to give reasonable thatthefinancial assurance We conducted ourauditinaccordance on withInternational Standards Auditing (UKandIreland). An auditinvolves obtaining What anauditoffinancialstatementsinvolves consent inwriting. our prior or to any other person to whomother purpose is shown this report or into whose hands it may come save where agreed expressly by 391 oftheCompanies Act nootherpurpose. 2014andfor We donot, ingivingtheseopinions, acceptany orassumeresponsibilityfor This report, theopinions, including hasbeenprepared thecompany’s for andonly for membersasabodyinaccordance withsection Auditors.for onStandards Auditing (UKandIreland). Those standards require withtheAuditing ustocomply Practices Board’s Standards Ethical responsibility is to audit and express an opinion on the financial statementsinaccordanceOur withIrish law andInternational preparation ofthefinancial andfairview. beingsatisfied statements andfor give thatthey atrue ofDirectors’ intheStatement As explainedmore fully Responsibilities setouton page 6thedirectors are responsible the for Our responsibilitiesandthoseofthedirectors Responsibilities forthefinancialstatementsandaudit Active Fundsplc(continued) Independent auditors’report tothemembersofLazard Global Independent Auditors’Report Lazard Global ActiveFundsplc • the overall presentation• theoverall ofthefinancial statements. • thereasonableness ofsignificant accounting estimatesmade by thedirectors; and • adequately disclosed; adequately whether theaccounting policiesare appropriate tothecompany’s circumstances appliedand andhave beenconsistently (continued) Year ended31March 2017

41 LAZARD GLOBAL ACTIVE FUNDS PLC 42 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements ******Fund launchedon1December2015. *****Fund closed on24February 2015andrevokedbytheCentralBank ofIrelandon5July2016. ****Fund launchedon25February 2016. ***Fund launchedon30September2015, closed on14March2016andrevokedbytheCentralBank ofIrelandon13February 2017. **Fund closed on6October2014andrevokedbytheCentralBankofIreland 12September2016. *Fund changeditsnamefromLazardUKEquityFundtoOmegaon 14October2015. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement withtheexceptionofLazard Gains andlossesarosesolelyfromcontinuingoperations EquityFundwhichclosed Strategic Asia Ex-Japan duringthefinancialyearended31March2016. participating sharesfromoperations netassetsattributabletoholdersofredeemable Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Statement ofComprehensive Income Directors fees Audit fees Legal fees Administration, fee transferagency &depositary fees Management Expenses Total investmentincome/(expenses) Net movementinunrealised Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income gain/(loss) oninvestmentsandforeigncurrency Notes 12 3 3 3 3 4 31/03/2017 (42,715) (42,712) (15,258) 522,806 522,806 522,806 565,521 623,400 254,151 270,876 UK OmegaEquityFund* 73,137 14,104 40,004 98,373 7,061 7,953 3,192 GBP 681 142 (3) – – – – – 31/03/2016 (330,905) (330,905) (318,742) (260,778) (197,630) (346,008) (57,964) (57,962) (36,376) (12,163) 136,988 Lazard (5,319) (1,192) 99,524 37,524 11,725 50,957 11,390 5,594 GBP 235 (2) – – – – Equity Fund** 31/03/2016 Year ended31March 2017 Japanese Lazard JPY – – – – – – – – – – – – – – – – – – – – – – – – – Japanese StrategicEquityFund (424,924,564) 130,409,053 130,409,053 137,328,626 142,027,162 174,116,670 552,910,599 31/03/2017 (4,698,536) (4,651,734) (6,919,573) 32,089,508 22,386,435 46,130,485 1,870,947 6,085,422 (46,802) 306,562 298,050 154,793 987,299 JPY 150 – – – – (1,181,958,215) (1,181,958,215) (1,166,230,117) (1,140,741,822) (1,082,652,041) (309,495,459) (877,981,582) (25,488,295) (25,488,293) (15,728,098) 104,825,000 31/03/2016 58,094,043 12,612,775 42,129,486 2,009,888 (269,397) 470,196 215,739 925,356 Lazard (4,262) JPY (2) – – – – EquityFund*** 31/03/2016 Lazard Asia Lazard Asia (595,058) (595,058) (590,079) (590,079) (459,978) (488,162) Ex-Japan Ex-Japan Strategic Strategic (30,107) 160,208 (4,979) 89,658 30,173 21,294 13,163 27,767 1,127 4,662 USD 131 417 – – – – – – – 31/03/2017 (1,023,708) (5,651,368) 24,685,480 24,657,612 25,681,320 25,681,320 29,615,034 27,659,948 1,978,628 1,551,002 3,688,999 287,618 27,868 59,519 12,209 17,161 41,725 Concentrated Fund**** 7,283 9,394 USD – – – – – – Lazard USEquity 31/03/2016 (10,230) 420,682 420,682 423,137 423,137 419,296 430,088 (2,455) 17,181 2,025 1,025 6,992 2,685 4,344 8,184 2,579 USD 29 42 68 – – – – – – Global Trend 31/03/2016 Fund***** Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – –

31/03/2017 4,214,782 4,214,782 4,348,529 4,711,812 1,622,234 1,506,151 2,153,691 5,541,973 (363,283) (356,790) (133,747) 831,033 259,897 693,604 (6,493) 20,395 80,503 16,120 9,102 2,530 8,779 European EquityFund (872) EUR – – – (14,352,400) 31/03/2016 (1,850,864) (6,699,280) (6,699,280) (6,412,571) (4,561,707) (3,473,536) (1,850,820) 1,088,171 1,557,648 1,628,577 7,691,736 (286,709) 149,437 895,645 Lazard 19,302 6,057 5,785 3,906 8,039 EUR (44) 903 – – –

31/03/2017 (626,129) (14,844) (13,888) (14,504) (39,777) 204,734 217,694 217,694 257,471 272,315 608,623 121,498 440,364 462,545 12,524 39,681 50,880 2,466 8,779 7,993 (956) Lazard Pan European EUR 594 – – 6 Equity Fund 31/03/2016 (2,236,102) (2,236,102) (2,163,781) (2,128,962) (1,775,795) (3,177,332) (34,819) (33,969) (28,986) (72,321) 382,153 112,634 105,207 218,260 508,503 780,399 37,168 9,480 2,779 1,220 8,039 (850) EUR – – 1 31/03/2017 2,757,471 2,766,825 2,824,881 2,994,274 2,677,713 3,310,039 (169,393) (165,479) (109,003) (58,056) 424,768 272,006 518,086 113,965 (9,354) (3,914) 26,135 69,492 45,329 1,669 1,358 8,779 Small CapFund****** EUR 275 – – Pan-European 31/03/2016 (38,698) (22,380) 239,995 206,743 208,424 209,287 267,241 258,898 Lazard (1,681) 33,252 38,232 88,309 16,779 13,391 11,300 14,037 2,136 6,439 (863) (863) EUR 32 – – – – ******Fund launchedon1December2015. *****Fund closed on24February 2015andrevokedbytheCentralBank ofIrelandon5July2016. ****Fund launchedon25February 2016. ***Fund launchedon30September2015, closed on14March2016andrevokedbytheCentralBank ofIrelandon13February 2017. **Fund closed on6October2014andrevokedbytheCentralBankofIreland 12September2016. *Fund changeditsnamefromLazardUKEquityFundtoOmegaon 14October2015. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement withtheexceptionofLazard Gains andlossesarosesolelyfromcontinuingoperations EquityFundwhichclosed Strategic Asia Ex-Japan duringthefinancialyearended31March2016. participating sharesfromoperations netassetsattributabletoholdersofredeemable Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors fees Audit fees Legal fees Administration, fee transferagency &depositary fees Management Expenses Total investmentincome/(expenses) Net movementinunrealised Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income gain/(loss) oninvestmentsandforeigncurrency Notes 12 3 3 3 3 4 31/03/2017 (42,715) (15,258) (42,712) 522,806 522,806 522,806 565,521 623,400 254,151 270,876 UK OmegaEquityFund* 14,104 40,004 73,137 98,373 7,061 7,953 3,192 GBP 142 681 (3) – – – – – 31/03/2016 (330,905) (330,905) (318,742) (260,778) (197,630) (346,008) (57,964) (36,376) (57,962) (12,163) 136,988 Lazard (5,319) (1,192) 11,725 50,957 99,524 37,524 11,390 5,594 GBP 235 (2) – – – – Equity Fund** 31/03/2016 Japanese Lazard JPY – – – – – – – – – – – – – – – – – – – – – – – – – Japanese StrategicEquityFund (424,924,564) 130,409,053 130,409,053 137,328,626 142,027,162 174,116,670 552,910,599 31/03/2017 (4,698,536) (4,651,734) (6,919,573) 22,386,435 32,089,508 46,130,485 6,085,422 1,870,947 (46,802) 306,562 154,793 987,299 298,050 JPY 150 – – – – (1,181,958,215) (1,181,958,215) (1,166,230,117) (1,140,741,822) (1,082,652,041) (309,495,459) (877,981,582) (25,488,295) (25,488,293) (15,728,098) 104,825,000 31/03/2016 12,612,775 42,129,486 58,094,043 2,009,888 (269,397) 215,739 925,356 470,196 Lazard (4,262) JPY (2) – – – – Financial Statements Lazard Global ActiveFundsplc EquityFund*** 31/03/2016 Lazard Asia Lazard Asia (590,079) (459,978) (595,058) (595,058) (590,079) (488,162) Ex-Japan Ex-Japan Strategic Strategic (30,107) 160,208 (4,979) 89,658 13,163 30,173 21,294 27,767 1,127 4,662 USD 131 417 – – – – – – – 31/03/2017 (1,023,708) (5,651,368) 29,615,034 25,681,320 27,659,948 24,685,480 24,657,612 25,681,320 1,551,002 3,688,999 1,978,628 287,618 27,868 12,209 17,161 59,519 41,725 Concentrated Fund**** 7,283 9,394 USD – – – – – – Lazard USEquity 31/03/2016 (10,230) 419,296 423,137 430,088 420,682 420,682 423,137 (2,455) 17,181 1,025 6,992 2,685 4,344 8,184 2,025 2,579 USD 29 42 68 – – – – – – Global Trend 31/03/2016 Fund***** Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – –

31/03/2017 1,622,234 1,506,151 2,153,691 4,711,812 5,541,973 4,214,782 4,214,782 4,348,529 (363,283) (356,790) (133,747) 259,897 693,604 831,033 (continued) (6,493) 80,503 20,395 16,120 2,530 9,102 8,779 European EquityFund (872) EUR – – – (14,352,400) 31/03/2016 (1,850,864) (4,561,707) (3,473,536) (6,699,280) (6,699,280) (6,412,571) (1,850,820) 1,557,648 1,628,577 1,088,171 7,691,736 (286,709) 149,437 895,645 Lazard 19,302 3,906 5,785 8,039 6,057 EUR (44) 903 – – –

31/03/2017 (626,129) (14,844) (13,888) (14,504) (39,777) 608,623 121,498 440,364 204,734 272,315 462,545 217,694 217,694 257,471 39,681 50,880 12,524 2,466 8,779 7,993 (956) Lazard Pan European EUR 594 – – 6 Equity Fund 31/03/2016 (2,128,962) (1,775,795) (2,236,102) (2,236,102) (2,163,781) Year ended31March 2017 (3,177,332) (34,819) (33,969) (28,986) (72,321) 112,634 218,260 508,503 105,207 382,153 780,399 37,168 1,220 2,779 8,039 9,480 (850) EUR – – 1 31/03/2017 2,677,713 2,994,274 3,310,039 2,757,471 2,766,825 2,824,881 (169,393) (165,479) (109,003) (58,056) 272,006 518,086 424,768 113,965 (9,354) (3,914) 69,492 26,135 45,329 1,358 1,669 8,779 Small CapFund****** EUR 275 – – Pan-European 31/03/2016 (38,698) (22,380) 267,241 209,287 258,898 239,995 206,743 208,424 Lazard (1,681) 33,252 13,391 14,037 16,779 38,232 11,300 88,309 2,136 6,439 (863) (863) EUR 32 – – – –

43 LAZARD GLOBAL ACTIVE FUNDS PLC 44 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Statement ofComprehensive Income(continued) Directors fees ********Fund closed on5July2016. *******Fund launchedon30June2015. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement withtheexceptionofLazard Gains andlossesarosesolelyfromcontinuingoperations Fundwhichclosed GlobalEx-Japan Thematic duringthefinancialyearended31 March 2017. redeemable participatingsharesfromoperations netassetsattributabletoholdersof Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Audit fees Legal fees Administration, fee transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency Net movementinunrealised Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income gain/(loss) oninvestmentsand Notes 12 3 3 3 3 4 31/03/2017 (43,016) 702,714 702,714 745,730 751,236 170,395 921,631 352,573 336,284 231,922 113,273 (continued) (5,506) (5,033) 35,303 5,134 4,040 9,429 2,539 (473) Strategic EquityFund USD 677 852 – – – – Lazard Global 31/03/2016 (550,271) (550,271) (470,853) (470,493) (306,872) (671,885) (79,418) (39,895) 173,229 210,727 194,025 108,774 (2,665) (9,608) 51,103 5,544 8,812 (360) (349) USD (11) 682 979 156 – – 31/03/2017 11,541,144 11,541,144 12,264,268 12,351,394 13,833,217 4,412,492 1,587,552 5,345,003 4,075,722 1,028,834 (723,124) (105,729) (87,126) (86,718) 269,596 237,055 Managed Volatility Fund 21,520 13,141 7,978 9,428 (408) USD – – – – Lazard Global 31/03/2016 Year ended31March 2017 4,905,044 4,914,866 5,244,976 5,245,914 5,911,218 4,306,338 1,903,449 (305,016) (330,110) (37,755) 703,059 141,161 474,658 (9,822) 65,014 4,274 1,649 7,490 8,813 6,444 (938) (938) USD – – 3 (13,549,284) (13,547,231) 182,930,279 182,930,279 187,262,092 200,811,376 210,764,310 154,142,557 31/03/2017 (4,331,813) 24,097,661 32,524,066 9,954,033 1,399,753 8,117,525 Infrastructure EquityFund 142,416 199,474 (1,099) (2,053) 47,954 38,958 7,953 GBP Lazard GlobalListed 26 – – – 31/03/2016 (9,970,313) (9,968,941) (4,077,484) 53,880,059 53,880,059 57,957,543 67,927,856 74,988,092 50,008,519 23,598,635 1,227,621 7,060,236 1,041,201 5,713,461 135,555 153,287 (1,372) 42,720 90,996 29,304 6,999 GBP 30 – – – EquityFranchiseFund******* 31/03/2017 5,577,893 5,593,895 5,692,952 5,692,965 5,879,122 4,448,809 (16,002) (26,841) (99,057) 212,998 155,451 934,314 495,804 35,318 2,111 1,297 9,394 4,616 4,811 USD (13) (13) 195 – – – Lazard Global 31/03/2016 (20,808) (16,393) 110,403 174,689 402,417 356,511 372,904 372,919 462,514 210,096 54,211 45,906 35,368 77,641 1,237 6,992 4,841 7,527 USD (15) (15) 227 88 – – – 31/03/2017 1,008,975 (26,428) (20,890) 112,482 300,348 114,355 895,031 902,031 922,921 922,921 594,272 (7,000) 12,669 32,627 54,408 9,428 2,353 USD 669 328 Equity SelectFund – – – – – – Lazard Global 31/03/2016 (228,581) (221,580) (201,988) (201,985) (118,231) (280,878) (16,200) (19,592) (3,237) (7,001) 10,727 30,082 99,954 51,699 66,072 96,347 1,548 8,812 USD 209 323 (3) (3) 19 – – 31/03/2017 (179,128) (178,760) (384,001) (12,115) (60,556) 392,726 589,098 596,099 656,655 835,783 911,819 903,092 (7,001) 24,952 88,151 45,545 5,453 9,429 1,487 (368) USD 375 910 Equity IncomeFund – – 2 Lazard Global 31/03/2016 (2,302,210) (2,296,810) (2,146,432) (1,882,588) (1,736,555) (2,514,010) (263,844) (263,752) (150,378) 146,997 707,504 (5,400) 51,769 81,677 69,909 8,813 3,257 (964) USD (92) 568 740 173 42 – – Global Ex-JapanFund******** 31/03/2017 (2,792,551) 3,215,953 (84,218) (84,213) 109,954 476,390 476,390 481,341 565,559 571,011 (1,280) (4,898) (4,951) 10,350 35,135 5,298 2,520 1,266 4,230 USD 202 634 (5) – – – Lazard Thematic 31/03/2016 (1,699,603) (1,699,603) (1,523,472) (5,091,398) 3,311,958 (704,281) (819,191) (792,990) (704,269) (176,131) 498,671 485,980 (5,160) 14,482 26,201 1,584 8,813 1,799 4,753 1,729 USD (12) – – – – Lazard ThematicGlobalFund (20,846,351) 31/03/2017 45,714,050 25,122,186 25,122,186 25,818,726 26,361,083 28,948,420 2,587,337 2,185,220 4,007,992 (542,357) (542,357) (696,540) 238,388 68,187 70,357 11,531 15,133 57,279 9,429 4,542 USD – – – – (36,128,690) (36,128,690) (34,028,262) (31,443,303) (26,307,361) (72,724,756) 31/03/2016 (2,584,959) (2,584,810) (2,100,428) 36,325,123 1,632,164 5,135,942 4,444,088 8,453,071 513,461 (1,735) 81,176 83,975 6,165 8,812 7,037 (149) USD – – – ********Fund closed on5July2016. *******Fund launchedon30June2015. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement withtheexceptionofLazard Gains andlossesarosesolelyfromcontinuingoperations Fundwhichclosed GlobalEx-Japan Thematic duringthefinancialyearended31 March 2017. redeemable participatingsharesfromoperations netassetsattributabletoholdersof Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors fees Audit fees Legal fees Administration, fee transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency Net movementinunrealised Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) gain/(loss) oninvestmentsand Notes 12 3 3 3 3 4 31/03/2017 (43,016) 702,714 702,714 745,730 751,236 170,395 113,273 921,631 352,573 336,284 231,922 (5,506) (5,033) 35,303 5,134 4,040 9,429 2,539 (473) Strategic EquityFund USD 852 677 – – – – Lazard Global 31/03/2016 (550,271) (550,271) (470,853) (470,493) (306,872) (671,885) (79,418) (39,895) 173,229 108,774 210,727 194,025 (2,665) (9,608) 51,103 5,544 8,812 (360) (349) USD (11) 979 156 682 – – 31/03/2017 11,541,144 11,541,144 12,264,268 12,351,394 13,833,217 1,587,552 1,028,834 5,345,003 4,412,492 4,075,722 (723,124) (105,729) (87,126) (86,718) 269,596 237,055 Managed Volatility Fund 21,520 13,141 9,428 7,978 (408) USD – – – – Lazard Global 31/03/2016 4,905,044 4,914,866 5,244,976 5,245,914 5,911,218 4,306,338 1,903,449 (330,110) (305,016) (37,755) 703,059 141,161 474,658 (9,822) 65,014 1,649 7,490 8,813 4,274 6,444 (938) (938) USD – – 3 (13,549,284) (13,547,231) 182,930,279 182,930,279 187,262,092 200,811,376 210,764,310 154,142,557 31/03/2017 (4,331,813) 24,097,661 32,524,066 9,954,033 1,399,753 8,117,525 Infrastructure EquityFund 142,416 199,474 (1,099) (2,053) 38,958 47,954 7,953 GBP Lazard GlobalListed 26 – – – 31/03/2016 (9,970,313) (9,968,941) (4,077,484) 53,880,059 53,880,059 57,957,543 67,927,856 74,988,092 50,008,519 23,598,635 1,227,621 7,060,236 1,041,201 5,713,461 135,555 153,287 (1,372) 29,304 90,996 42,720 6,999 GBP 30 – – – Financial Statements Lazard Global ActiveFundsplc EquityFranchiseFund******* 31/03/2017 5,577,893 5,593,895 5,692,952 5,692,965 5,879,122 4,448,809 (16,002) (99,057) (26,841) 212,998 155,451 934,314 495,804 35,318 4,616 2,111 1,297 9,394 4,811 USD (13) (13) 195 – – – Lazard Global 31/03/2016 (16,393) (20,808) 110,403 174,689 402,417 356,511 372,904 372,919 462,514 210,096 54,211 45,906 35,368 77,641 1,237 6,992 4,841 7,527 USD (15) (15) 227 88 – – – 31/03/2017 1,008,975 (20,890) (26,428) 112,482 300,348 114,355 895,031 902,031 922,921 922,921 594,272 (7,000) 12,669 32,627 54,408 2,353 9,428 USD 669 328 Equity SelectFund – – – – – – Lazard Global 31/03/2016 (228,581) (221,580) (201,988) (201,985) (118,231) (280,878) (19,592) (16,200) (3,237) (7,001) 10,727 30,082 99,954 51,699 66,072 96,347 1,548 8,812 USD 209 323 (3) (3) 19 – – 31/03/2017 (179,128) (178,760) (384,001) (60,556) (12,115) 392,726 589,098 596,099 656,655 835,783 911,819 903,092 (continued) (7,001) 24,952 88,151 45,545 5,453 9,429 1,487 (368) USD 910 375 Equity IncomeFund – – 2 Lazard Global 31/03/2016 (2,302,210) (2,296,810) (2,146,432) (1,882,588) (1,736,555) (2,514,010) (263,844) (263,752) (150,378) 146,997 707,504 (5,400) 51,769 81,677 69,909 3,257 8,813 (964) USD (92) 568 740 173 42 – – Global Ex-JapanFund******** 31/03/2017 (2,792,551) 3,215,953 (84,218) (84,213) 109,954 476,390 476,390 481,341 565,559 571,011 (1,280) (4,951) (4,898) 10,350 35,135 2,520 5,298 1,266 4,230 USD 634 202 (5) – – – Lazard Thematic 31/03/2016 (1,699,603) (1,699,603) (1,523,472) Year ended31March 2017 (5,091,398) 3,311,958 (704,281) (819,191) (792,990) (704,269) (176,131) 498,671 485,980 (5,160) 14,482 26,201 1,799 1,584 8,813 4,753 1,729 USD (12) – – – – Lazard ThematicGlobalFund (20,846,351) 31/03/2017 45,714,050 25,122,186 25,122,186 25,818,726 26,361,083 28,948,420 2,587,337 2,185,220 4,007,992 (542,357) (542,357) (696,540) 238,388 68,187 15,133 70,357 11,531 57,279 4,542 9,429 USD – – – – (36,128,690) (36,128,690) (34,028,262) (31,443,303) (26,307,361) (72,724,756) 31/03/2016 (2,584,959) (2,584,810) (2,100,428) 36,325,123 1,632,164 5,135,942 4,444,088 8,453,071 513,461 (1,735) 81,176 83,975 7,037 8,812 6,165 (149) USD – – –

45 LAZARD GLOBAL ACTIVE FUNDS PLC 46 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realised(loss)/gainoninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) Total investmentincome/(expenses) Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors fees Audit fees Legal fees Administration, fee transferagency &depositary fees Management Expenses Profit/(loss) for thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Profit/(loss) for thefinancialyearaftertax Profit/(loss) for Withholding tax redeemable participatingsharesfromoperations netassetsattributabletoholdersof Net movement in costs Adjustment forwrite-offoforganisational The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. Notes 12 4 3 3 3 3 Lazard EmergingWorld Fund 31/03/2017 3,251,407 3,187,215 2,841,705 2,712,475 2,711,510 2,711,510 (129,230) (465,129) (129,230) 400,848 347,369 276,960 (continued) (1,859) 11,726 38,955 5,526 9,428 3,783 (965) USD 991 89 – – – – 31/03/2016 (3,093,008) (3,436,866) (3,516,475) (3,686,907) (3,686,907) (4,177,217) (170,432) (79,609) (79,609) 455,834 628,213 349,664 290,586 (5,806) 40,287 5,680 8,812 1,843 1,694 USD 162 762 – – – – (24,135,068) 198,687,152 199,561,696 188,631,251 179,037,083 175,737,879 175,737,879 31/03/2017 (9,594,168) (9,594,167) (3,299,204) 24,994,874 10,930,445 1,347,841 9,154,048 158,952 180,056 14,738 46,164 33,956 9,428 USD Markets EquityFund (1) – – – – Lazard Emerging (101,426,901) (111,955,015) (124,446,866) (128,113,730) (128,113,730) (12,491,851) (59,086,465) (68,805,190) (12,491,245) 31/03/2016 Year ended31March 2017 (3,666,864) 26,410,666 10,528,115 2,007,602 8,179,332 146,250 132,321 38,357 15,731 50,479 8,813 3,318 (606) USD (1) – – 31/03/2017 (4,772,881) 17,903,445 15,402,816 14,358,441 14,256,281 13,939,524 13,938,949 2,272,238 1,044,385 (102,160) (102,156) (316,757) Markets CoreEquityFund 190,795 794,566 14,565 22,431 9,428 4,845 7,755 (575) USD (10) (4) 14 – – Lazard Emerging 31/03/2016 (8,386,297) (9,221,654) (9,321,753) (9,534,235) (9,542,236) (7,548,903) (2,288,161) 1,450,762 (100,099) (100,094) (212,482) 841,468 138,887 644,577 (6,111) (8,001) 18,541 22,465 8,812 3,886 4,300 USD (5) – – 5 31/03/2017 (1,340,269) 23,197,903 23,789,494 22,488,772 22,450,773 22,221,382 22,221,382 1,931,847 1,300,722 1,025,976 (229,391) (37,999) (35,275) 183,279 (2,724) 41,752 28,194 6,659 5,434 9,428 USD Markets EquityFund 13 Lazard Developing – – – – (28,952,397) 31/03/2016 (2,601,356) (4,849,914) (4,977,441) (5,336,619) (5,336,619) 22,961,120 3,388,181 2,250,535 1,600,448 (127,527) (127,504) (359,178) 552,261 (1,977) 40,299 42,096 1,740 2,437 4,181 8,813 USD (23) – – – 31/03/2017 (29,522) 122,269 140,048 472,307 734,624 686,374 686,109 680,870 672,870 (8,000) (5,239) 24,124 77,772 31,778 6,917 4,958 9,428 (265) (265) USD 404 163 Lazard MENAFund – – – – 31/03/2016 (421,289) (504,219) (504,260) (510,360) (517,161) (277,987) (279,170) (36,788) 135,868 119,718 (1,214) (6,801) (6,100) 10,153 13,216 61,839 33,906 1,620 USD (41) (41) 198 – – – – 31/03/2017 (122,721) (39,163) (11,248) (39,142) 267,170 218,078 182,068 142,905 142,905 142,905 73,629 12,998 47,258 24,438 High QualityBondFund 7,953 GBP (21) 357 495 894 123 – – – – – Lazard Sterling 31/03/2016 (125,127) (57,910) (22,770) (80,680) (80,680) (80,680) (57,908) (2,903) (2,661) 81,663 56,558 13,094 38,767 24,847 5,967 9,170 GBP 975 307 162 (2) – – – – – 31/03/2017 (1,025,991) (1,096,731) (1,108,959) (1,108,959) (1,136,779) (801,506) (255,261) (70,740) (13,012) (70,740) (12,228) 590,244 237,497 148,965 56,846 2,918 9,528 8,851 9,428 USD 290 961 Lazard GlobalFixed – – – – Income Fund 31/03/2016 (358,577) (87,368) (87,160) (12,570) 601,665 556,714 800,203 235,025 153,525 570,732 483,364 470,794 470,794 (5,554) 12,719 57,523 1,727 8,812 (208) USD 401 727 (8) – – – Lazard GlobalActiveFundsplc (29,293,669) (29,273,791) (12,515,617) 473,042,312 610,017,797 574,657,401 545,363,732 532,848,115 532,827,140 31/03/2017 88,534,889 47,216,339 35,753,383 28,660,249 1,001,333 4,879,020 (392,987) (19,878) (20,975) 506,895 686,480 540,552 162,530 312,682 197,017 30,882 USD (107,390,971) (121,393,300) (121,347,702) (39,809,558) (33,942,081) (73,448,890) (55,621,519) (72,402,786) (33,935,964) (14,002,329) 31/03/2016 82,999,745 33,955,228 26,447,901 4,461,969 5,694,104 (315,896) 724,778 691,089 550,231 144,745 237,803 189,355 (6,117) 28,255 45,598 USD The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. redeemable participatingsharesfromoperations netassetsattributabletoholdersof Net movement in costs Adjustment forwrite-offoforganisational thefinancialyearaftertax Profit/(loss) for Withholding tax thefinancialyearbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors fees Audit fees Legal fees Administration, fee transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realised(loss)/gainoninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) Notes 12 3 3 3 3 4 Lazard EmergingWorld Fund 31/03/2017 2,711,510 2,711,510 2,712,475 2,841,705 3,187,215 3,251,407 (129,230) (129,230) (465,129) 347,369 276,960 400,848 (1,859) 11,726 38,955 5,526 9,428 3,783 (965) USD 991 89 – – – – 31/03/2016 (3,686,907) (3,686,907) (3,516,475) (3,436,866) (3,093,008) (4,177,217) (170,432) (79,609) (79,609) 349,664 290,586 455,834 628,213 (5,806) 40,287 1,694 5,680 8,812 1,843 USD 762 162 – – – – (24,135,068) 198,687,152 175,737,879 175,737,879 179,037,083 188,631,251 199,561,696 31/03/2017 (9,594,168) (3,299,204) (9,594,167) 10,930,445 24,994,874 1,347,841 9,154,048 158,952 180,056 33,956 46,164 14,738 9,428 USD Markets EquityFund (1) – – – – Lazard Emerging (128,113,730) (128,113,730) (124,446,866) (111,955,015) (101,426,901) (12,491,851) (59,086,465) (12,491,245) (68,805,190) 31/03/2016 (3,666,864) 10,528,115 26,410,666 2,007,602 8,179,332 146,250 132,321 50,479 38,357 15,731 3,318 8,813 (606) USD (1) – – 31/03/2017 (4,772,881) 17,903,445 13,938,949 13,939,524 14,256,281 14,358,441 15,402,816 1,044,385 2,272,238 (102,160) (316,757) (102,156) Markets CoreEquityFund 190,795 794,566 14,565 22,431 7,755 9,428 4,845 (575) USD (10) (4) 14 – – Lazard Emerging 31/03/2016 (9,542,236) (9,534,235) (9,321,753) (9,221,654) (8,386,297) (7,548,903) (2,288,161) 1,450,762 (100,099) (212,482) (100,094) 841,468 138,887 644,577 (8,001) (6,111) 18,541 22,465 4,300 8,812 3,886 USD (5) – – 5 Financial Statements Lazard Global ActiveFundsplc 31/03/2017 (1,340,269) 23,789,494 23,197,903 22,221,382 22,221,382 22,450,773 22,488,772 1,300,722 1,025,976 1,931,847 (229,391) (37,999) (35,275) 183,279 (2,724) 41,752 28,194 6,659 5,434 9,428 USD Markets EquityFund 13 Lazard Developing – – – – (28,952,397) 31/03/2016 (2,601,356) (5,336,619) (5,336,619) (4,977,441) (4,849,914) 22,961,120 2,250,535 1,600,448 3,388,181 (127,527) (127,504) (359,178) 552,261 (1,977) 40,299 42,096 1,740 2,437 4,181 8,813 USD (23) – – – 31/03/2017 (29,522) 734,624 472,307 122,269 672,870 680,870 686,109 686,374 140,048 (8,000) (5,239) 24,124 77,772 31,778 4,958 9,428 6,917 (265) (265) USD 163 404 Lazard MENAFund – – – – 31/03/2016 (421,289) (517,161) (510,360) (504,260) (504,219) (279,170) (277,987) (36,788) 119,718 135,868 (6,801) (1,214) (6,100) 13,216 10,153 61,839 33,906 1,620 USD (41) (41) 198 – – – – 31/03/2017 (122,721) (39,163) (11,248) (39,142) 218,078 142,905 142,905 142,905 182,068 267,170 (continued) 73,629 12,998 47,258 24,438 High QualityBondFund 7,953 GBP (21) 894 123 357 495 – – – – – Lazard Sterling 31/03/2016 (125,127) (57,910) (80,680) (80,680) (80,680) (22,770) (57,908) (2,903) (2,661) 81,663 13,094 38,767 24,847 56,558 5,967 9,170 GBP 162 975 307 (2) – – – – – 31/03/2017 (1,108,959) (1,108,959) (1,096,731) (1,025,991) (1,136,779) (801,506) (255,261) (70,740) (13,012) (70,740) (12,228) 590,244 237,497 148,965 56,846 8,851 9,428 2,918 9,528 USD 290 961 Lazard GlobalFixed – – – – Income Fund 31/03/2016 Year ended31March 2017 (358,577) (87,368) (87,160) (12,570) 601,665 800,203 556,714 235,025 153,525 470,794 470,794 483,364 570,732 (5,554) 12,719 57,523 8,812 1,727 (208) USD 401 727 (8) – – – Lazard GlobalActiveFundsplc (29,293,669) (29,273,791) (12,515,617) 610,017,797 473,042,312 532,827,140 532,848,115 545,363,732 574,657,401 31/03/2017 88,534,889 35,753,383 28,660,249 47,216,339 1,001,333 4,879,020 (392,987) (20,975) (19,878) 506,895 686,480 162,530 197,017 312,682 540,552 30,882 USD (121,347,702) (121,393,300) (107,390,971) (39,809,558) (33,942,081) (73,448,890) (33,935,964) (14,002,329) (72,402,786) (55,621,519) 31/03/2016 82,999,745 33,955,228 26,447,901 4,461,969 5,694,104 (315,896) 724,778 144,745 189,355 237,803 550,231 691,089 (6,117) 45,598 28,255 USD

47 LAZARD GLOBAL ACTIVE FUNDS PLC 48 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Statement ofFinancialPosition ******Fund launchedon1December2015. *****Fund closed on24February 2015andrevokedbytheCentralBankofIrelandon5July2016. ****Fund launchedon25February 2016. ***Fund launchedon30September2015, closed on14March2016andrevokedbytheCentralBankofIreland13February 2017. **Fund closed on6October2014and revokedbytheCentralBankofIrelandon12September2016. *Fund changeditsnamefromLazardUKEquityFundtoOmegaon14October2015. notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed theyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Net assetsattributabletoredeemableparticipatingshareholders costs Adjustment forwrite-offoforganisational Net assetsattributabletoredeemableparticipatingshareholders Total liabilities Expenses payable Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets (continued) Notes 8 31/03/2017 3,084,655 3,084,655 3,111,680 3,074,343 UK OmegaEquityFund* 18,696 27,025 17,323 16,770 9,451 1,871 GBP 251 – – – – – 31/03/2016 2,236,451 2,236,451 2,267,253 2,219,562 Lazard 13,799 21,344 30,802 20,053 10,749 12,548 GBP – – – – – – Equity Fund** 31/03/2016 Year ended31March 2017 3,072,627 3,072,627 3,072,627 3,072,627 Japanese Lazard JPY – – – – – – – – – – – – Japanese StrategicEquityFund 2,217,518,253 2,190,540,580 2,190,540,580 2,170,160,461 31/03/2017 26,977,673 23,056,897 22,918,240 24,413,591 3,920,776 25,961 JPY – – – – – – 3,778,065,512 3,757,448,033 3,757,448,033 3,710,193,543 31/03/2016 20,617,479 40,509,279 25,625,212 1,534,061 4,617,885 6,509,799 7,955,734 1,531,978 205,500 Lazard JPY – – – Equity Fund*** 31/03/2016 Lazard Asia Lazard Asia Ex-Japan Ex-Japan Strategic Strategic 28,606 28,606 17,013 28,606 2,307 9,286 USD – – – – – – – – – – 539,191,540 539,163,672 517,453,879 539,630,097 31/03/2017 21,118,912 474,594 466,425 582,282 402,134 27,868 64,291 Concentrated Fund**** USD 430 – – – – Lazard USEquity 31/03/2016 9,830,703 9,830,703 9,056,696 9,847,423 755,709 25,989 16,720 16,720 8,905 USD 124 – – – – – – Global Trend 31/03/2016 Fund***** Lazard USD 703 703 703 703 – – – – – – – – – – – –

31/03/2017 44,787,521 44,787,521 43,841,331 45,057,814 115,700 155,745 235,719 125,427 738,781 270,293 114,548 European EquityFund EUR 856 – – – – 31/03/2016 51,999,439 51,999,439 51,555,799 52,206,337 105,375 364,339 286,031 206,898 101,523 Lazard EUR 168 – – – – – –

31/03/2017 Pan EuropeanEquityFund 3,095,290 3,095,290 2,927,356 3,151,027 112,045 25,673 67,809 38,190 55,737 26,234 3,830 5,627 EUR – – – – 31/03/2016 24,432,482 24,432,482 24,270,099 24,724,142 157,311 366,953 291,660 Lazard 82,192 80,786 52,157 6,304 EUR – – – – – 31/03/2017 49,228,489 49,204,591 48,638,129 49,344,396 650,058 139,805 23,898 40,074 12,921 14,827 36,677 86,810 4,705 Small CapFund****** EUR – – – Pan-European 31/03/2016 16,327,430 16,294,178 15,648,717 16,378,358 667,252 Lazard 33,252 54,415 29,226 23,023 10,140 84,180 29,765 EUR – – – – ******Fund launchedon1December2015. *****Fund closed on24February 2015andrevokedbytheCentralBankofIrelandon5July2016. ****Fund launchedon25February 2016. ***Fund launchedon30September2015, closed on14March2016andrevokedbytheCentralBankofIreland13February 2017. **Fund closed on6October2014and revokedbytheCentralBankofIrelandon12September2016. *Fund changeditsnamefromLazardUKEquityFundtoOmegaon14October2015. notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed theyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Net assetsattributabletoredeemableparticipatingshareholders costs Adjustment forwrite-offoforganisational Net assetsattributabletoredeemableparticipatingshareholders Total liabilities Expenses payable Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition Notes 8 31/03/2017 3,084,655 3,084,655 3,111,680 3,074,343 UK OmegaEquityFund* 18,696 27,025 17,323 16,770 9,451 1,871 GBP 251 – – – – – 31/03/2016 2,236,451 2,236,451 2,267,253 2,219,562 Lazard 21,344 30,802 20,053 13,799 12,548 10,749 GBP – – – – – – Equity Fund** 31/03/2016 3,072,627 3,072,627 3,072,627 3,072,627 Japanese Lazard JPY – – – – – – – – – – – – Japanese StrategicEquityFund 2,190,540,580 2,190,540,580 2,217,518,253 2,170,160,461 31/03/2017 24,413,591 26,977,673 23,056,897 22,918,240 3,920,776 25,961 JPY – – – – – – 3,757,448,033 3,757,448,033 3,778,065,512 3,710,193,543 31/03/2016 25,625,212 20,617,479 40,509,279 1,534,061 6,509,799 7,955,734 1,531,978 4,617,885 205,500 Lazard JPY – – – Financial Statements Lazard Global ActiveFundsplc Equity Fund*** 31/03/2016 Lazard Asia Lazard Asia Ex-Japan Ex-Japan Strategic Strategic 28,606 28,606 28,606 17,013 2,307 9,286 USD – – – – – – – – – – 539,191,540 539,163,672 517,453,879 539,630,097 31/03/2017 21,118,912 474,594 466,425 402,134 582,282 27,868 64,291 Concentrated Fund**** USD 430 – – – – Lazard USEquity 31/03/2016 9,830,703 9,830,703 9,056,696 9,847,423 755,709 25,989 16,720 16,720 8,905 USD 124 – – – – – – Global Trend 31/03/2016 Fund***** Lazard USD 703 703 703 703 – – – – – – – – – – – –

31/03/2017 44,787,521 44,787,521 43,841,331 45,057,814 115,700 155,745 235,719 738,781 125,427 114,548 270,293 (continued) European EquityFund EUR 856 – – – – 31/03/2016 51,999,439 51,999,439 51,555,799 52,206,337 105,375 286,031 364,339 101,523 206,898 Lazard EUR 168 – – – – – –

31/03/2017 Pan EuropeanEquityFund 3,095,290 3,095,290 2,927,356 3,151,027 112,045 67,809 25,673 38,190 26,234 55,737 3,830 5,627 EUR – – – – 31/03/2016 Year ended31March 2017 24,432,482 24,432,482 24,270,099 24,724,142 157,311 366,953 291,660 Lazard 82,192 80,786 52,157 6,304 EUR – – – – – 31/03/2017 49,228,489 49,204,591 48,638,129 49,344,396 650,058 139,805 23,898 40,074 12,921 36,677 14,827 86,810 4,705 Small CapFund****** EUR – – – Pan-European 31/03/2016 16,327,430 16,294,178 15,648,717 16,378,358 667,252 Lazard 29,226 33,252 54,415 10,140 23,023 29,765 84,180 EUR – – – –

49 LAZARD GLOBAL ACTIVE FUNDS PLC 50 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Statement ofFinancialPosition(continued) Financial fairvaluethroughprofitorloss assetsat Assets Cash at bank Cash at Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Liabilities shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational ********Fund closed on5July2016. *******Fund launchedon30June2015. notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed theyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Notes 8 31/03/2017 12,197,925 13,010,588 12,933,682 12,933,682 752,184 (continued) 44,316 16,102 76,906 34,022 18,136 24,748 Strategic EquityFund USD 61 – – – – Lazard Global 31/03/2016 10,730,325 10,942,992 10,908,741 10,908,741 150,431 62,236 34,251 34,251 USD – – – – – – – – 176,176,756 182,735,414 182,578,405 182,578,405 31/03/2017 6,045,891 463,947 157,009 157,009 Managed Volatility Fund 48,820 USD – – – – – – – Lazard Global 108,399,751 110,111,444 109,987,135 109,987,135 31/03/2016 Year ended31March 2017 1,281,561 327,201 124,309 106,868 10,199 92,732 10,227 7,214 USD – – – – 1,282,443,170 1,360,674,213 1,343,814,665 1,343,814,665 31/03/2017 72,354,921 16,859,548 4,166,055 1,262,557 4,550,475 3,324,251 1,389,575 7,595,247 Infrastructure EquityFund 437,031 10,479 GBP Lazard GlobalListed – – 767,998,565 793,254,404 773,584,393 773,584,393 31/03/2016 13,418,274 10,285,683 19,670,011 2,392,196 8,534,049 1,557,640 6,915,382 911,320 911,306 GBP – – – EquityFranchiseFund******* 31/03/2017 71,011,412 73,366,067 73,309,559 73,339,463 2,164,924 94,442 85,801 56,508 56,508 29,904 9,488 USD – – – – – Lazard Global 31/03/2016 5,952,751 6,028,622 6,010,414 6,056,320 69,347 18,208 18,208 45,906 6,293 USD 231 – – – – – – 31/03/2017 9,025,367 9,345,607 9,297,815 9,298,478 294,722 20,787 15,684 32,108 47,792 4,731 USD 663 Equity SelectFund – – – – – Lazard Global 31/03/2016 4,819,295 5,292,829 5,027,661 5,035,324 196,444 244,687 264,093 265,168 11,293 20,481 1,704 7,663 USD – – – – 31/03/2017 7,164,672 7,543,229 7,496,886 7,505,251 347,883 30,089 23,239 23,009 46,343 8,365 USD 585 Equity IncomeFund 95 – – – – Lazard Global 31/03/2016 6,558,269 7,088,791 6,959,669 6,975,035 407,926 129,122 94,686 27,426 99,551 29,219 15,366 USD 352 484 – – – Global Ex-JapanFund******** 31/03/2017 121,223 120,682 126,410 126,410 5,728 5,187 USD – – – – – – – – – – Lazard Thematic 31/03/2016 15,458,913 16,227,623 16,134,119 16,134,119 686,000 82,190 67,890 25,614 93,504 USD 273 247 – – – – – Lazard ThematicGlobalFund 154,008,072 159,560,213 158,422,946 158,422,946 31/03/2017 5,088,917 1,137,267 458,412 929,918 207,349 4,568 USD 244 – – – – – 340,743,222 351,501,482 349,686,192 349,686,192 31/03/2016 1,222,444 9,996,976 1,815,290 742,790 195,008 397,838 12,253 6,241 USD – – – – ********Fund closed on5July2016. *******Fund launchedon30June2015. notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed theyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition(continued) Notes 8 31/03/2017 12,933,682 12,933,682 13,010,588 12,197,925 752,184 76,906 34,022 18,136 24,748 44,316 16,102 Strategic EquityFund USD 61 – – – – Lazard Global 31/03/2016 10,908,741 10,908,741 10,942,992 10,730,325 150,431 34,251 34,251 62,236 USD – – – – – – – – 182,578,405 182,578,405 182,735,414 176,176,756 31/03/2017 6,045,891 157,009 157,009 463,947 Managed Volatility Fund 48,820 USD – – – – – – – Lazard Global 109,987,135 109,987,135 110,111,444 108,399,751 31/03/2016 1,281,561 124,309 106,868 327,201 10,227 92,732 10,199 7,214 USD – – – – 1,343,814,665 1,343,814,665 1,360,674,213 1,282,443,170 31/03/2017 16,859,548 72,354,921 1,389,575 3,324,251 7,595,247 1,262,557 4,166,055 4,550,475 Infrastructure EquityFund 437,031 10,479 GBP Lazard GlobalListed – – 773,584,393 773,584,393 793,254,404 767,998,565 31/03/2016 19,670,011 13,418,274 10,285,683 1,557,640 6,915,382 2,392,196 8,534,049 911,306 911,320 GBP – – – Financial Statements Lazard Global ActiveFundsplc EquityFranchiseFund******* 31/03/2017 73,309,559 73,366,067 71,011,412 73,339,463 2,164,924 29,904 56,508 56,508 94,442 85,801 9,488 USD – – – – – Lazard Global 31/03/2016 6,010,414 6,028,622 5,952,751 6,056,320 45,906 18,208 18,208 69,347 6,293 USD 231 – – – – – – 31/03/2017 9,297,815 9,345,607 9,025,367 9,298,478 294,722 15,684 47,792 32,108 20,787 4,731 USD 663 Equity SelectFund – – – – – Lazard Global 31/03/2016 5,027,661 5,292,829 4,819,295 5,035,324 244,687 196,444 265,168 264,093 20,481 11,293 1,704 7,663 USD – – – – 31/03/2017 7,496,886 7,543,229 7,164,672 7,505,251 347,883 (continued) 23,239 46,343 23,009 30,089 8,365 USD 585 Equity IncomeFund 95 – – – – Lazard Global 31/03/2016 6,959,669 7,088,791 6,558,269 6,975,035 129,122 407,926 94,686 99,551 15,366 29,219 27,426 USD 352 484 – – – Global Ex-JapanFund******** 31/03/2017 121,223 126,410 126,410 120,682 5,187 5,728 USD – – – – – – – – – – Lazard Thematic 31/03/2016 Year ended31March 2017 16,227,623 16,134,119 15,458,913 16,134,119 686,000 67,890 93,504 25,614 82,190 USD 273 247 – – – – – Lazard ThematicGlobalFund 159,560,213 158,422,946 154,008,072 158,422,946 31/03/2017 1,137,267 5,088,917 929,918 207,349 458,412 4,568 USD 244 – – – – – 351,501,482 349,686,192 340,743,222 349,686,192 31/03/2016 1,222,444 1,815,290 9,996,976 195,008 397,838 742,790 12,253 6,241 USD – – – –

51 LAZARD GLOBAL ACTIVE FUNDS PLC 52 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements The accompanying notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed theyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition(continued) Subscriptions receivable Notes 8 Lazard EmergingWorld Fund 31/03/2017 21,114,133 21,114,133 21,183,414 20,959,242 190,758 (continued) 69,281 51,894 17,220 17,546 1,936 8,451 5,481 USD 167 – – – 31/03/2016 18,626,908 18,626,908 18,771,777 18,543,692 144,869 216,183 11,863 51,756 93,113 USD 39 – – – – – – 1,100,964,186 1,100,964,186 1,128,353,092 1,067,102,903 31/03/2017 27,388,906 25,588,378 43,344,037 14,647,547 1,342,029 3,229,232 457,407 23,736 1,092 5,637 USD Markets EquityFund – – Lazard Emerging 758,568,603 758,568,603 781,762,755 731,058,320 31/03/2016 Year ended31March 2017 23,194,152 21,830,033 28,475,361 12,698,370 1,124,570 3,030,468 6,500,236 239,549 USD – – – – 121,491,115 121,491,115 121,673,072 120,112,980 31/03/2017 1,196,115 Markets CoreEquityFund 181,957 144,897 329,651 31,045 33,996 6,015 USD 330 – – – – Lazard Emerging 31/03/2016 69,304,279 69,303,704 69,495,812 67,830,046 1,298,943 192,108 111,992 117,611 225,893 28,881 51,235 23,300 USD 575 19 – – On behalfoftheBoardDirectors 106,532,319 106,532,319 106,743,298 105,137,248 31/03/2017 1,383,763 210,979 151,566 221,168 59,413 1,119 USD Markets EquityFund Lazard Developing – – – – – – 108,127,515 108,127,515 108,375,974 106,158,063 31/03/2016 1,918,221 195,267 248,459 241,606 104,281 6,853 USD 142 – – – – – 31/03/2017 4,053,420 4,046,550 4,069,004 3,427,229 616,613 22,454 22,454 22,911 6,870 2,251 USD Lazard MENAFund – – – – – – 31/03/2016 3,019,209 3,004,339 3,107,568 2,726,342 103,229 286,356 69,794 14,870 28,325 24,970 74,904 Director: USD 106 – – – – 31/03/2017 2,268,495 2,268,495 2,293,234 2,171,257 11,162 24,739 13,142 36,639 84,078 High QualityBondFund 1,260 GBP 435 – – – – – Lazard Sterling 31/03/2016 2,479,994 2,479,994 2,513,227 2,142,652 330,618 19,829 33,233 13,404 39,957 29 June2017 GBP – – – – – – – 31/03/2017 14,433,636 14,433,636 14,585,303 14,375,088 118,010 151,667 170,793 33,657 36,190 3,232 USD Fixed IncomeFund – – – – – – Lazard Global Director: 31/03/2016 16,760,596 16,760,596 17,208,375 16,787,321 374,838 447,779 207,111 133,037 80,857 41,733 31,208 USD

49 – – – – Lazard GlobalActiveFundsplc 4,162,452,551 4,162,353,320 4,214,380,328 4,009,864,294 174,395,703 31/03/2017 20,606,316 52,027,008 32,596,866 4,887,398 9,822,500 4,718,127 8,482,691 912,416 118,908 99,231 2,117 USD 2,746,810,259 2,746,687,985 2,802,726,414 2,692,190,442 29 June2017 31/03/2016 19,718,803 10,392,666 16,160,165 56,038,429 38,868,415 67,553,855 2,903,289 3,874,059 6,931,156 122,274 171,993 USD – The accompanying notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed theyearendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable Distribution payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition(continued) Notes 8 Lazard EmergingWorld Fund 31/03/2017 21,114,133 21,114,133 21,183,414 20,959,242 190,758 69,281 51,894 17,220 17,546 1,936 8,451 5,481 USD 167 – – – 31/03/2016 18,626,908 18,626,908 18,771,777 18,543,692 144,869 216,183 51,756 93,113 11,863 USD 39 – – – – – – 1,100,964,186 1,100,964,186 1,128,353,092 1,067,102,903 31/03/2017 25,588,378 14,647,547 27,388,906 43,344,037 1,342,029 3,229,232 457,407 23,736 1,092 5,637 USD Markets EquityFund – – Lazard Emerging 758,568,603 758,568,603 781,762,755 731,058,320 31/03/2016 21,830,033 12,698,370 23,194,152 28,475,361 1,124,570 3,030,468 6,500,236 239,549 USD – – – – 121,491,115 121,491,115 121,673,072 120,112,980 31/03/2017 1,196,115 Markets CoreEquityFund 181,957 144,897 329,651 31,045 33,996 6,015 USD 330 – – – – Lazard Emerging 31/03/2016 69,304,279 69,303,704 69,495,812 67,830,046 1,298,943 192,108 111,992 117,611 225,893 28,881 51,235 23,300 USD 575 19 – – On behalfoftheBoardDirectors Financial Statements Lazard Global ActiveFundsplc 106,532,319 106,532,319 106,743,298 105,137,248 31/03/2017 1,383,763 210,979 151,566 221,168 59,413 1,119 USD Markets EquityFund Lazard Developing – – – – – – 108,127,515 108,127,515 108,375,974 106,158,063 31/03/2016 1,918,221 195,267 248,459 241,606 104,281 6,853 USD 142 – – – – – 31/03/2017 4,053,420 4,046,550 4,069,004 3,427,229 616,613 22,454 22,454 22,911 6,870 2,251 USD Lazard MENAFund – – – – – – 31/03/2016 3,019,209 3,004,339 3,107,568 2,726,342 103,229 286,356 69,794 14,870 74,904 28,325 24,970 Director: USD 106 – – – – 31/03/2017 2,268,495 2,268,495 2,293,234 2,171,257 (continued) 11,162 24,739 13,142 36,639 84,078 High QualityBondFund 1,260 GBP 435 – – – – – Lazard Sterling 31/03/2016 2,479,994 2,479,994 2,513,227 2,142,652 330,618 19,829 33,233 13,404 39,957 29 June2017 GBP – – – – – – – 31/03/2017 14,433,636 14,433,636 14,585,303 14,375,088 118,010 151,667 170,793 33,657 36,190 3,232 USD Fixed IncomeFund – – – – – – Lazard Global Director: 31/03/2016 Year ended31March 2017 16,760,596 16,760,596 17,208,375 16,787,321 374,838 447,779 207,111 133,037 80,857 31,208 41,733 USD

49 – – – – Lazard GlobalActiveFundsplc 4,162,452,551 4,162,353,320 4,214,380,328 4,009,864,294 174,395,703 31/03/2017 20,606,316 32,596,866 52,027,008 4,887,398 9,822,500 4,718,127 8,482,691 912,416 118,908 99,231 2,117 USD 2,746,810,259 2,746,687,985 2,802,726,414 2,692,190,442 29 June2017 31/03/2016 19,718,803 16,160,165 10,392,666 38,868,415 56,038,429 67,553,855 2,903,289 3,874,059 6,931,156 122,274 171,993 USD –

53 LAZARD GLOBAL ACTIVE FUNDS PLC 54 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Statement ofChangesinNetAssetsAttributable ******Fund launchedon1December2015. *****Fund closed on24February 2015andrevokedbytheCentralBankofIrelandon5July2016. ****Fund launchedon25February 2016. ***Fund launchedon30September2015, closed on14March2016andrevokedbytheCentralBankofIreland13February 2017. **Fund closed on6October2014and revokedbytheCentralBankofIrelandon12September2016. *Fund changeditsnamefromLazardUKEquityFundtoOmegaon14October2015. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated financial year Net assetsattributabletoredeemableparticipatingshareholdersatendof Foreign currency adjustment translation shares fromoperations toholdersofredeemableparticipating Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating of financialyear Net assetsattributabletoredeemableparticipatingshareholdersatbeginning (continued) Notes 2 5 5 31/03/2017 3,084,655 1,040,538 2,236,451 (715,140) 522,806 UK OmegaEquityFund* GBP – – toRedeemableParticipating 31/03/2016 (1,498,073) 2,236,451 3,909,650 (330,905) 155,779 Lazard GBP – – Equity Fund** 31/03/2016 Year ended31March 2017 Japanese Lazard JPY – – – – – – – (2,463,441,326) Japanese StrategicEquityFund 2,190,540,580 3,757,448,033 766,124,820 130,409,053 31/03/2017 JPY – – (1,389,213,672) (1,181,958,215) 2,560,360,990 3,757,448,033 3,768,258,930 31/03/2016 Lazard JPY – – Shareholders Equity Fund*** 31/03/2016 (4,257,142) Lazard Asia Lazard Asia 4,852,200 (595,058) Ex-Japan Ex-Japan Strategic Strategic USD – – – – (58,772,873) 539,191,540 563,448,230 31/03/2017 24,685,480 9,830,703 Concentrated Fund**** USD – – Lazard USEquity 31/03/2016 9,830,703 9,410,021 420,682 USD – – – – Global Trend 31/03/2016 Fund***** Lazard USD – – – – – – –

(13,733,144) 31/03/2017 44,787,521 51,999,439 4,214,782 2,299,631 6,813 European EquityFund EUR – (29,692,767) 31/03/2016 (6,699,280) 51,999,439 74,692,604 13,698,882 Lazard EUR – –

(31,836,311) 31/03/2017 24,432,482 10,270,994 3,095,290 217,694 10,431 Lazard Pan European EUR – Equity Fund (14,201,015) 31/03/2016 (2,236,102) 24,432,482 16,196,427 24,673,172 EUR – – 31/03/2017 (6,350,716) 49,228,489 16,327,430 36,489,802 2,757,471 4,502 Small CapFund****** EUR – Pan-European 31/03/2016 16,327,430 16,087,435 239,995 Lazard EUR – – – – ******Fund launchedon1December2015. *****Fund closed on24February 2015andrevokedbytheCentralBankofIrelandon5July2016. ****Fund launchedon25February 2016. ***Fund launchedon30September2015, closed on14March2016andrevokedbytheCentralBankofIreland13February 2017. **Fund closed on6October2014and revokedbytheCentralBankofIrelandon12September2016. *Fund changeditsnamefromLazardUKEquityFundtoOmegaon14October2015. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated financial year Net assetsattributabletoredeemableparticipatingshareholdersatendof Foreign currency adjustment translation shares fromoperations toholdersofredeemableparticipating Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating of financialyear Net assetsattributabletoredeemableparticipatingshareholdersatbeginning Statement ofChangesinNetAssetsAttributabletoRedeemableParticipating Notes 2 5 5 31/03/2017 3,084,655 1,040,538 2,236,451 (715,140) 522,806 UK OmegaEquityFund* GBP – – 31/03/2016 (1,498,073) 2,236,451 3,909,650 (330,905) 155,779 Lazard GBP – – Equity Fund** 31/03/2016 Japanese Lazard JPY – – – – – – – (2,463,441,326) Japanese StrategicEquityFund 2,190,540,580 3,757,448,033 766,124,820 130,409,053 31/03/2017 JPY – – (1,181,958,215) (1,389,213,672) 3,757,448,033 2,560,360,990 3,768,258,930 31/03/2016 Lazard JPY – – Shareholders Financial Statements Lazard Global ActiveFundsplc Equity Fund*** 31/03/2016 (4,257,142) Lazard Asia Lazard Asia 4,852,200 (595,058) Ex-Japan Ex-Japan Strategic Strategic USD – – – – (58,772,873) 539,191,540 563,448,230 31/03/2017 24,685,480 9,830,703 Concentrated Fund**** USD – – Lazard USEquity 31/03/2016 9,830,703 9,410,021 420,682 USD – – – – Global Trend 31/03/2016 Fund***** Lazard USD – – – – – – –

(13,733,144) 31/03/2017 51,999,439 44,787,521 4,214,782 2,299,631 (continued) 6,813 European EquityFund EUR – (29,692,767) 31/03/2016 (6,699,280) 74,692,604 51,999,439 13,698,882 Lazard EUR – –

(31,836,311) 31/03/2017 24,432,482 10,270,994 3,095,290 217,694 10,431 Lazard Pan European EUR – Equity Fund (14,201,015) 31/03/2016 Year ended31March 2017 (2,236,102) 16,196,427 24,432,482 24,673,172 EUR – – 31/03/2017 (6,350,716) 16,327,430 49,228,489 36,489,802 2,757,471 4,502 Small CapFund****** EUR – Pan-European 31/03/2016 16,327,430 16,087,435 239,995 Lazard EUR – – – –

55 LAZARD GLOBAL ACTIVE FUNDS PLC 56 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Statement ofChangesinNetAssetsAttributable shareholders atbeginningoffinancialyear Net assetsattributabletoredeemableparticipating Proceeds from redeemable participating sharesissued Proceeds fromredeemableparticipating shareholders atendoffinancialyear Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation sharesfromoperations participating toholdersofredeemable Net movementinnetassetattributable Payments sharesredeemed forredeemableparticipating Anti-dilution levy ********Fund closed on5July2016. *******Fund launchedon30June2015. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Notes 5 5 2 31/03/2017 (6,561,916) 10,908,741 12,933,682 7,884,143 702,714 (continued) Strategic EquityFund USD – – Lazard Global 31/03/2016 (3,752,222) 10,908,741 7,303,429 7,907,805 (550,271) USD – – (57,060,264) 109,987,135 118,094,271 182,578,405 toRedeemableParticipating 31/03/2017 11,541,144 Managed Volatility Fund 16,119 USD – Lazard Global 109,987,135 31/03/2016 Year ended31March 2017 (1,584,337) 59,868,369 46,798,059 4,905,044 USD – – 1,343,814,665 (235,547,016) 773,584,393 622,847,009 182,930,279 31/03/2017 Infrastructure EquityFund GBP Lazard GlobalListed – – (207,282,961) 606,011,290 320,976,005 773,584,393 31/03/2016 53,880,059 GBP – – Shareholders (continued) EquityFranchiseFund******* 31/03/2017 (1,026,640) 62,731,890 73,339,463 6,056,320 5,577,893 USD – – Lazard Global 31/03/2016 6,121,355 6,056,320 (467,452) 402,417 USD – – – 31/03/2017 5,035,324 3,866,945 9,298,478 (498,822) 895,031 USD Equity SelectFund – – Lazard Global 31/03/2016 (1,524,673) 5,803,918 5,035,324 (228,581) 984,660 USD – – 31/03/2017 (2,186,006) 6,975,035 2,126,133 7,505,251 589,098 USD 991 Equity IncomeFund – Lazard Global (10,371,541) 31/03/2016 (2,302,210) 14,133,379 5,513,879 6,975,035 1,528 USD – Global Ex-JapanFund******** (16,703,118) 31/03/2017 16,134,119 476,390 84,190 8,419 USD – – Lazard Thematic (15,977,557) 31/03/2016 (1,699,603) 33,107,112 16,134,119 704,167 USD – – (219,686,641) Lazard ThematicGlobalFund 349,686,192 158,422,946 31/03/2017 25,122,186 3,135,249 165,960 USD – (181,187,915) (36,128,690) 553,920,276 349,686,192 31/03/2016 13,016,756 65,765 USD – ********Fund closed on5July2016. *******Fund launchedon30June2015. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated shareholders atendoffinancialyear Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation sharesfromoperations participating toholdersofredeemable Net movementinnetassetattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialyear Net assetsattributabletoredeemableparticipating Statement ofChangesinNetAssetsAttributabletoRedeemableParticipating Notes 2 5 5 31/03/2017 (6,561,916) 12,933,682 10,908,741 7,884,143 702,714 Strategic EquityFund USD – – Lazard Global 31/03/2016 (3,752,222) 10,908,741 7,303,429 7,907,805 (550,271) USD – – (57,060,264) 109,987,135 182,578,405 118,094,271 31/03/2017 11,541,144 Managed Volatility Fund 16,119 USD – Lazard Global 109,987,135 31/03/2016 (1,584,337) 59,868,369 46,798,059 4,905,044 USD – – 1,343,814,665 (235,547,016) 182,930,279 773,584,393 622,847,009 31/03/2017 Infrastructure EquityFund GBP Lazard GlobalListed – – (207,282,961) 606,011,290 773,584,393 320,976,005 31/03/2016 53,880,059 GBP – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc EquityFranchiseFund******* 31/03/2017 (1,026,640) 73,339,463 62,731,890 5,577,893 6,056,320 USD – – Lazard Global 31/03/2016 6,056,320 6,121,355 (467,452) 402,417 USD – – – 31/03/2017 9,298,478 3,866,945 5,035,324 (498,822) 895,031 USD Equity SelectFund – – Lazard Global 31/03/2016 (1,524,673) 5,035,324 5,803,918 (228,581) 984,660 USD – – 31/03/2017 (2,186,006) 7,505,251 2,126,133 6,975,035 589,098 (continued) USD 991 Equity IncomeFund – Lazard Global (10,371,541) 31/03/2016 (2,302,210) 14,133,379 6,975,035 5,513,879 1,528 USD – Global Ex-JapanFund******** (16,703,118) 31/03/2017 16,134,119 476,390 84,190 8,419 USD – – Lazard Thematic (15,977,557) 31/03/2016 Year ended31March 2017 (1,699,603) 16,134,119 33,107,112 704,167 USD – – (219,686,641) Lazard ThematicGlobalFund 158,422,946 349,686,192 31/03/2017 25,122,186 3,135,249 165,960 USD – (181,187,915) (36,128,690) 349,686,192 553,920,276 31/03/2016 13,016,756 65,765 USD –

57 LAZARD GLOBAL ACTIVE FUNDS PLC 58 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements participating sharesfromoperations participating toholdersofredeemable Net movementinnetassetattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialyear Net assetsattributabletoredeemableparticipating Statement ofChangesinNetAssetsAttributable The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated shareholders atendoffinancialyear Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation Notes 2 5 5 Lazard EmergingWorld Fund 31/03/2017 18,626,908 21,114,133 2,711,510 (910,787) 686,502 (continued) USD – – 31/03/2016 (3,686,907) (1,521,702) 23,279,307 18,626,908 556,210 USD – – 1,100,964,186 (265,088,946) 175,737,879 758,568,603 431,746,650 toRedeemableParticipating 31/03/2017 USD Markets EquityFund – – Lazard Emerging (128,113,730) (385,540,449) 984,605,996 287,616,786 758,568,603 31/03/2016 Year ended31March 2017 USD – – 121,491,115 31/03/2017 (7,986,614) 13,938,949 69,304,279 46,234,501 Markets CoreEquityFund USD – – Lazard Emerging 31/03/2016 (9,542,236) 67,470,585 12,287,557 69,304,279 (911,627) USD – – Shareholders (continued) (27,395,034) 108,127,515 106,532,319 31/03/2017 22,221,382 3,513,061 65,395 USD Markets EquityFund Lazard Developing – (132,600,355) 238,713,544 108,127,515 31/03/2016 (5,336,619) 7,176,590 174,355 USD – 31/03/2017 3,019,209 4,053,420 (113,659) 475,000 672,870 USD Lazard MENAFund – – 31/03/2016 1,837,137 2,555,387 3,019,209 (856,154) (517,161) USD – – 31/03/2017 2,479,994 2,268,495 (419,759) 142,905 65,355 High QualityBondFund GBP – – Lazard Sterling 31/03/2016 2,767,228 2,479,994 (326,558) (80,680) 120,004 GBP – – 31/03/2017 (5,271,779) (1,108,959) 16,760,596 14,433,636 4,053,778 USD Lazard GlobalFixed – – Income Fund 31/03/2016 (5,061,663) 16,624,884 16,760,596 4,726,581 470,794 USD – – (1,058,381,506) Lazard GlobalActiveFundsplc 2,124,536,709 2,746,810,259 4,162,452,551 (183,620,799) 532,827,140 31/03/2017 280,748 USD (1,120,905,423) 3,045,959,522 2,746,810,259 (121,347,702) (32,431,597) 975,293,811 31/03/2016 241,648 USD The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialyearasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated shareholders atendoffinancialyear Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation sharesfromoperations participating toholdersofredeemable Net movementinnetassetattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialyear Net assetsattributabletoredeemableparticipating Statement ofChangesinNetAssetsAttributabletoRedeemableParticipating Notes 2 5 5 Lazard EmergingWorld Fund 31/03/2017 21,114,133 18,626,908 2,711,510 (910,787) 686,502 USD – – 31/03/2016 (3,686,907) (1,521,702) 18,626,908 23,279,307 556,210 USD – – 1,100,964,186 (265,088,946) 175,737,879 431,746,650 758,568,603 31/03/2017 USD Markets EquityFund – – Lazard Emerging (128,113,730) (385,540,449) 758,568,603 287,616,786 984,605,996 31/03/2016 USD – – 121,491,115 31/03/2017 (7,986,614) 13,938,949 46,234,501 69,304,279 Markets CoreEquityFund USD – – Lazard Emerging 31/03/2016 (9,542,236) 69,304,279 12,287,557 67,470,585 (911,627) USD – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc (27,395,034) 106,532,319 108,127,515 31/03/2017 22,221,382 3,513,061 65,395 USD Markets EquityFund Lazard Developing – (132,600,355) 108,127,515 238,713,544 31/03/2016 (5,336,619) 7,176,590 174,355 USD – 31/03/2017 4,053,420 3,019,209 (113,659) 672,870 475,000 USD Lazard MENAFund – – 31/03/2016 1,837,137 3,019,209 2,555,387 (517,161) (856,154) USD – – 31/03/2017 2,268,495 2,479,994 (419,759) 142,905 (continued) 65,355 High QualityBondFund GBP – – Lazard Sterling 31/03/2016 2,479,994 2,767,228 (326,558) (80,680) 120,004 GBP – – 31/03/2017 (1,108,959) (5,271,779) 14,433,636 16,760,596 4,053,778 USD Lazard GlobalFixed – – Income Fund 31/03/2016 Year ended31March 2017 (5,061,663) 16,760,596 16,624,884 4,726,581 470,794 USD – – (1,058,381,506) Lazard GlobalActiveFundsplc 2,124,536,709 4,162,452,551 2,746,810,259 (183,620,799) 532,827,140 31/03/2017 280,748 USD (1,120,905,423) 2,746,810,259 3,045,959,522 (121,347,702) (32,431,597) 975,293,811 31/03/2016 241,648 USD

59 LAZARD GLOBAL ACTIVE FUNDS PLC 60 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc are presented inUSD, istheCompany's which presentation currency. adopted thefunctionalofeachFund currency asthepresentation eachFund, for currency andtheCompany financial level statements Bond Fund are which Pound HighQuality (“GBP”). Fund Equity Sterling Sterling and Lazard The Company hasInfrastructure Pan-Europeanand Lazard CapFund Fund, Small are UKOmegaEquity which Euro andLazard (“EUR”) Global Listed Lazard Fund Equity isJapanese which Japanese Strategic Yen Fund, European Lazard Equity (“JPY”), Pan Lazard Fund European Equity economic environment (the itoperates inwhich the primary “functional currency”). exceptLazard for (“USD”) This isUSDollar (a) Functional intheCompany’s andpresentation Itemsincluded currency: financial statementsare measured of usingthecurrency Foreign ExchangeTranslation shareholders. atfairvalue,and carried andtheCompany to redeemable provides astatementofchanges innetassetsattributable participating Cash Flows” oftheCompany’s nottoprepare all flow statementon acash thebasisthatsubstantially investments liquid are highly The Company has availedoftheexemption availabletoopen-endedinvestment fundsunderFRS 102, 7 Section of “Statement have been prepared on anon-going concern basisasthisFund thefinancial during year end31March 2017. wasclosed Acceptedin Ireland Accounting Practice (Generally in Ireland). The financial statements of Lazard Thematic Global Ex-Japan Fund are thoseaccounting standards issuedby theFinancial Councilandpromulgated Reporting by Accountants theInstitute ofChartered Regulations.UCITS Accounting accepted inIreland standards generally andfairview inpreparingfinancial statementsgivingatrue and inaccordance accepted withaccounting inIreland standards generally andtheprovisions oftheCompanies Act 2014andthe financial liabilities heldatfairvaluethrough profit orloss. The financial statementshave beenprepared on agoing concernbasis The financial statements are prepared cost convention under the historical as modified by the revaluation of financial assets and Basis ofPreparation Regulations.2014 andtheUCITS intheUKandRepublicofIreland” applicable Standard Reporting theCompanies (“FRS102”)"andIrish statutecomprising Act The financial thefinancial statements for year ended31March 2017have beenprepared inaccordance with Financial“FRS 102 “The Statement ofCompliance stated. shareholders unlessotherwise participating are setoutbelow. references All tonetassetsthroughout thefinancial toredeemable statementsrefer tonetassetsattributable The significant accounting policiesandestimationadopted techniques by theCompany inthepreparation ofthefinancial statements 2. SignificantAccountingPolicies Lazard Thematic GlobalEx-JapanFund 2016. on 5July closed Company are setoutintheProspectus theFunds. for andrelevant Supplements Bond Fund GlobalFixed andLazard High Quality Income Fund were funded. The investment objectives ofeachFund withinthe EmergingMarkets Fund, CoreLazard Equity Fund, Markets Developing Equity Lazard MENA Lazard Fund, Sterling Lazard Income Fund,Equity Lazard Thematic GlobalFund, Emerging Lazard World Fund, Fund, EmergingMarkets Equity Lazard Fund, Equity FranchiseGlobal ListedInfrastructure GlobalEquity Lazard Fund, Fund, Select GlobalEquity Lazard Global Lazard Pan-EuropeanLazard Cap Fund, Small Fund, Equity Global Strategic Lazard GlobalManaged Lazard Volatility Fund, Lazard Fund, Equity Strategic ConcentratedFund, USEquity Lazard Fund, European Lazard Equity Pan Lazard Fund, European Equity FundsThe Company hastwenty currently inexistence. Asat31March 2017, Fund, UKOmegaEquity Lazard Japanese Lazard ofshares representingmay withone bedividedintodifferent ormore classes Fund classes aseparate oftheCompany. Regulations"). BankUCITS (the "Central Regulations”) Bank’s andtheCentral “UCITS andEnforcement) Act Regulations 2013(section2015, 48(1))UCITS (Supervision European Collective CommunitiesInvestment for in (Undertakings Transferable Regulations, Securities) 2011 (as amended) (the BankofIrelandCentral (the Bank”) Collective Investment“Central for in asanUndertaking Transferable pursuanttothe Securities “Fund” the andcollectively “Funds”) organisedunderthelawsofIreland. The Company qualifies inIreland andisauthorised by the referred toasthe asanumbrella between itssubfunds(individually structured fundandwithsegregated capital liability variable GlobalActiveLazard Funds on1996asanopen-endedinvestment 10April company wasincorporated plc(the with “Company”) 1. General Notes totheFinancialStatements The Company asanumbrella isstructured fundinthattheshare oftheCompany capital Year ended31March 2017 presented in the Statement ofComprehensivepresented intheStatement Income inthefinancial year arise. they inwhich changes in thefairvalueoffinancial assetsorfinancial are liabilitiesatfairvaluethrough profit from or loss category arising recognition, financial all assetsandfinancial liabilitiesatfair valuethrough profit orlossare measured atfairvalue. Gainsand losses Financial assetsandfinancial liabilitiesatfair valuethrough profit recognised orlossare at fairvalue. initially toinitial Subsequent (iii) Measurement andrewards risks ofownership.expired all ortheCompany hastransferredsubstantially profit orlossare expensedasincurred. theinvestments have Investments are derecognised toreceive flows whentherights from cash theasset.sell Investments recognised are atfairvalue, initially atfairvaluethrough financial andtransactionall costsfor assetscarried Regular-way purchases andsalesofinvestments are recognised on tradedate, thedateonCompany which commits topurchase or (ii) RecognitionandDerecognition assets on afairvaluebasistogether withotherrelated financial information. The Company’s therelevantinvestment isfor manageraboutthesefinancial andtheDirectorsinformation policy toevaluate on a fairvaluebasisinaccordance evaluated withtheCompany’smanaged and their performance documentedinvestment strategy. loss at inception. Financial assets and financial liabilities designated at fairvaluethrough profit orloss at inception are thosethatare financial assets and financial tradingordesignatedby liabilitiesareasheldfor theDirectors classified atfairvaluethrough profit or asfinancialThe Company itsfinancial assetsorfinancial classifies instruments liabilities at fairvalue through profit orloss. These (i) Classification Financial Instruments March 2017. Global Ex-JapanFund have beenprepared on a non-going concern basisasthisFund thefinancial during year end31 wasclosed financial statements oftheCompany continue tobeprepared on agoing concernbasis. The financial statementsofLazard Thematic significantdoubtupon thatmaytheCompany’s cast uncertainties tocontinue asagoingmaterial concern. ability Therefore, the the Company has the resources to continue the foreseeable in business for future. Furthermore, management is not aware of any The Company’s management hasmade anassessmentoftheCompany’s tocontinue asagoing concernandissatisfied ability that Going Concern year. thoseestimates. Actual results from coulddiffer assets andliabilitiesatthedateoffinancial thefinancial amountsofincome statementsandthereported andexpensesduring of contingentmanagement amounts of assetsandliabilities and disclosure tomakeestimates and assumptions the reported that affect The preparation ofthe financial statements, inaccordance accepted withaccounting inIreland, standards generally requires Accounting EstimatesandJudgements investments andforeign currency. foreignexchangeinnetrealised currency contracts aregainsandlossesonthe non-base currencies included andon settledforward between thetransaction andsettlementdatesondenominatedRealised gainsandlossesarising purchasesin orsalesofsecurities The resultinginnetmovement inunrealised unrealised gainsandlosseson investments gainor lossisincluded andforeign currency. foreign exchange currency contracts are which outstanding at the financial year end are rates. valued at the financial year end forward innetmovement inunrealised gainsandlosseson investmentsother assetsandliabilitiesisincluded andforeign currency. Forward atthedatesoftransactions. attheexchangeruling currency rates andThe resultingon translation ofsecurities gainorlossarising atthefinancial year attheexchange ruling currency rate end. Transactions inforeign currencies are intothefunctional translated (b) Assets and liabilitiesother than those denominated in the functional ofeach Fund currency are into the functional translated financial year. This isanotionalhasnoimpact amountwhich on theresults oftheindividualFunds. of Changes inNet toRedeemableParticipating AssetsAttributable reflects Shareholders the themovement inexchangefor rates The foreign translationadjustment currency of USD(183,620,799) (31March 2016: in the Statement USD(32,431,597)) included onno effect thenetassetvaluepersharetoindividualFunds. attributable inNote exchangeare 7. All rates disclosed thefinancial have toUSDusinganaverage for Shareholders beentranslated rate year asanapproximation actual for rates. This has ofComprehensive ofChangesin theStatement inNet Income toRedeemableParticipating andtheStatement AssetsAttributable financial liabilities in the financial statements have to USD at the exchange at been the translated financial rate year end. The amounts For ofcombining thefinancial thepurpose statementsofeachFund attheaggregated toarrive figures, thefinancial assetsand Foreign Exchange Lazard Global ActiveFundsplc Year ended31March 2017 (continued)

61 LAZARD GLOBAL ACTIVE FUNDS PLC 62 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc are asfollows: subjecttotheconditionsor investment andwithinthelimitslaiddown purposes by theProspectus Bankandthese andtheCentral Each oftheFunds may management employ and/ efficient for investment portfolio andfinancial techniques instruments derivative inthePortfoliodisclosed ofInvestments. relevant brokers. including third parties quotations received from Valuations by undertaken the Directors as at 31 March 2017 are are valuedingood faithby thecompetent person whohas been appointedby basedon theDirectors andapproved by theDepositary usedby modelsandothervaluationcommonly techniques pricing market participants. tradedsecurities andthinly Unlistedsecurities Valuation theuseofcomparablerecent arm’s usedinclude techniques lengthtransactions, flow analysis, discountedcash ofmethodsandmakesassumptions thatareCompany basedon market usesa variety conditions existingateachbalancesheetdate. The that fair arevalue of financial not traded in instruments an active market by is determined using valuation techniques. The 2017asnotedinNoteFebruary 13tothefinancial statements. notethatthisisnotachangeinaccounting policy. Please effective 17 tolasttradedprice mid-market price intheProspectus wereThe valuation securities rules changedfrom listedequity for Depositary. estimated withcare andingood faithby thecompetent person whohasbeenappointedby theDirectors andapproved by the does not, intheopinion oftheDirectors, reflect theirfairvalueorare notavailable, betheprobable thevalueshall realisable value securities. market such or market constitutes for which theprincipal specific ormid-market Iffor price assetsthelasttraded price and where the investment is a fixedsecurity investment is an equity income security, exchange on at the mid-market the stock price listedon arecognised exchange ortradedon stock any otherorganisedmarketSecurities are where valuedatthelasttradedprice the is afixed income security. where andmid-market price theinvestmentand financial where security liabilitiesisthelasttraded price theinvestment isanequity requirementsthe disclosure 11and12ofFRS ofSections 102. Accordingly, thefairvaluationbothfinancial inpututilisedfor assets Accounting 39 Standards “Financial Instruments: Recognition andMeasurement” asadopteduseintheEuropean for Union and In accordance withFRS 102, therecognition theCompany haselectedtoapply andmeasurement provisions ofInternational (iv) FairValue Estimation Financial Instruments(continued) 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Accrued IncomeandExpenses Position, respectively. cost. measuredThese amountsare atamortised atfairvalueandsubsequently recognised initially purchased/redeemablesecurities shares redeemed thathave beencontracted butnotyet ofFinancial for settledon theStatement Receivables andpayables awaitingsettlementrepresent sold/redeemable receivables securities shares for issuedandpayable for Receivables andPayables ofFinancial intheStatement are shownBank overdrafts separately Position. Cash atbankisvaluedface value, withinterest whereatrelevant valuation pointon accrued applicable therelevant businessday. Cash atBank P-Notes security. are valuedby reference oftheunderlying tothemarket price (ii) ParticipatoryNotes(“P-Notes”) ofComprehensiveRealised gainsandlossesare otherforeigngainsandlossesintheStatement withall currency Income. reported ofFinancialforeign exchange currency contracts intheStatement isreported Position ofComprehensive andtheStatement Income. out thecontract asat the financial year to close rate end.the contracted andthe forward rate Unrealised gainor loss on forward foreignexchange by currency contracts iscalculated referenceThe unrealised tothedifference gain orlosson between openforward (i) Forward Foreign Currency ExchangeContracts These amounts are recognised initially at fair value and subsequently measured at amortised cost. measuredThese amountsare atamortised atfairvalueandsubsequently recognised initially income ofinvestmentsAccrued andexpensescomprise income receivable, otherassets, payable distribution andexpensespayable. Year ended31March 2017

(continued) transactions in the Statement ofChanges inNettransactions toRedeemable Participating intheStatement AssetsAttributable Shareholders. the Funds asaresult ofshareholder transactions. share inthemovement innetassetsresulting Anti-dilutionare from levies included thecostrelated within totheassociatedpurchase orsaleofsecurities ispaidtotheFundsThe anti-dilution levy andisused todefray Anti-Dilution Levy netincome.undistributed ofComprehensive intheStatement Incomeindistributions Income. equalisation amountsare included arrangements have on noeffect theNet Asset Value ofany share class. ofequalisationThe calculation isbased on totalaccumulated by isnotaffected inrespect changes inthenumberofshares theperiod. period distributed ofthedistribution inissueduring The toeachFund.Income equalisation arrangementsapply The arrangementsare intendedtoensure thattheincome pershare is which Equalisation thefinancialduring year ended31March 2017and31March 2016. be reflected inthe ofthe relevant accumulating share class. seeNote detailsofanypaid 12for distributions Please an accumulating beaccumulated, will share class reinvested intherelevant Fund andwill on behalfoftheshareholders ofthatclass ofshare notbepaidinrespect isanaccumulatingDividends will which ofany class class. Income andprofits, ifany, to attributable thefinancial ofComprehensive withanex-dateduring year asafinanceDistributions arecostintheStatement Income. included Distributions, ifdeclared, bepaidoutofaFund’s only will netinvestment income return. Distributions simultaneously.settle theliability therecognised amountsandthere tooffset enforceable isanintention right tosettleon anetbasisorrealisea legally theassetand Financial ofFinancial assetsandfinancial intheStatement andthenetamountreported liabilitiesare offset Position where there is Offsetting FinancialInstruments Expenses are basis. accounted on for anaccruals Expenses recoverable withholding taxes, ofComprehensive intheStatement Income. separately are which disclosed Dividend income isrecognised through profit andlosson anex-dividendbasis. Dividendincome isshown gross ofany non- Dividend Income the financial instrument, where period appropriate, orashorter amountofthefinancial assetorfinancial liability. tothenetcarrying orreceipts discountsestimatedfuturepayments throughoutThe effective interest thatexactly cash of istherate theexpectedlife rate withholding tax, ofComprehensive intheStatement Income, separately isdisclosed which andnetofany taxcredits. the interest income orinterest expenseover therelevantfinancial year. Bond interest income gross isreported ofirrecoverable costofafinancial andofallocating assetorfinancialThe effective interesttheamortised liability methodisaofcalculating interest method. Interest income andexpenseare ofComprehensive usingtheeffective recognised intheStatement debtinstruments Incomeall for Interest IncomeandExpense of Comprehensive Income inthefinancial year arise. they inwhich in thefairvalueoffinancial intheStatement assetsandfinancial are liabilitiesatfairvaluethrough included profit orlosscategory Realised gainsandlossesarebasedon anaverage calculated costbasis. changes Realisedandunrealisedfrom gainsandlossesarising Realised andUnrealised GainsandLossesonInvestments 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Year ended31March 2017 (continued)

63 LAZARD GLOBAL ACTIVE FUNDS PLC 64 LAZARD GLOBAL ACTIVE FUNDS PLC A DistEUR A Acc USDHedged A Acc USD A Acc A Acc GBPHedged A Acc GBP A Acc A Acc EURHedged A Acc EUR A Acc A Acc CHFHedged Class EA Acc USD EA Acc EA Acc GBP EA Acc EA Acc EUR EA Acc C DistUSD C DistGBPHedged C DistGBP C Acc USD C Acc C Acc JPY C Acc C Acc GBP C Acc B DistUSD B DistGBP B DistEUR A DistEUR A Acc USDHedged A Acc USD A Acc A Acc JPY A Acc A Acc EUR A Acc Lazard Global ActiveFundsplc For namechanges, share class pleaserefer toNote 13ofthefinancial statements. Class The Manager isentitledtoachargeperannumoftheNet Asset Value shares respectively toeachofthefollowing classes: attributable andcontrol oftheDirectors. supervision subject totheoverall The Managerthemanagement hasresponsibilityfor andadministration oftheCompany’s ofthe shares, affairsandthedistribution Management Fees 3. Fees costs incurred by eachFund thefinancial during year inNote are 3. disclosed inNote 3. asdisclosed fees inDepositary costs are included identifiableThese costsare transaction costsandthetotal separately identifiable brokeragecosts include charges, commissions, transaction related taxes andothermarket charges. transaction Depositary andthesub-custodian. transaction costspaidtotheDepositary transaction costsinclude andsalestransaction Purchases Depositary Comprehensive IncomeeachFund. for sale ofequitiesandinvestment innetgainsandlosseson of investments fundsare andforeignintheStatement included currency oftheinvestment identifiable. inthepurchase andsaleprice andare notseparately included Transaction costson thepurchase and liability. Transaction foreignexchange currency contracts are costson thepurchase andsaleoffixed andforward income securities through profit orlossplustransaction totheacquisition coststhatare attributable orissueofthefinancial directly assetorfinancial the financial instrument. afinancial isrecognised assetorfinancial initially, liability When measure shall itatitsfairvalue anentity financial liability. An incremental cost is one that would not have had been incurred not acquired, if the entity issued or disposed of Transaction costs are incremental to costs that the areacquisition, attributable directly issue ordisposalofa financial asset or Transaction Costs 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Small CapFund Pan-European Equity Fund UKOmega Lazard Lazard 0.75% 1.50% 1.00% ------Global Strategic Strategic Equity Equity Fund Japanese Lazard Lazard 1.00% 0.85% 0.85% 0.85% Fund ------Volatility Fund Lazard Global Concentrated US Equity Managed Lazard 0.65% 0.65% 0.65% 0.65% 0.65% 0.50% 0.50% 0.50% 0.75% 0.75% 0.75% 0.75% 1.50% Fund ------Infrastructure Global Listed Equity Fund Equity Fund European Lazard Lazard 0.85% 0.85% 0.85% 0.85% 0.75% 0.75% 1.50% 1.00% 1.00% ------Franchise Fund Pan European Global Equity Equity Fund Lazard Lazard 0.85% 0.85% 1.50% 1.00% 1.00% 1.00% ------Year ended31March 2017

(continued) B DistGBP A DistUSD A DistGBP A DistEUR A Acc USD A Acc A Acc GBP A Acc A Acc EURHedged A Acc EUR A Acc Class S DistUSD S DistGBP S Acc USD S Acc S Acc GBP S Acc EA DistUSD EA DistGBP EA DistEUR EA Acc USD EA Acc EA Acc GBP EA Acc C DistGBP C Acc GBP C Acc B DistUSD B Acc USD B Acc A DistUSD A DistGBP A DistEUR A Acc USD A Acc A Acc GBP A Acc A Acc EURHedged Class EA DistGBP EA Acc USD EA Acc EA Acc GBP EA Acc C Acc EUR C Acc B DistUSDHedged B Acc USDHedged B Acc GBP B Acc B Acc EURHedged B Acc EUR B Acc AP DistEUR AP Acc EUR AP Acc A DistUSDHedged A DistUSD A DistGBP A DistEURHedged For namechanges, share class pleaserefer toNote 13ofthefinancial statements. Class Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard Emerging Small CapFund Pan-European Markets Core Global Equity Equity Fund Select Fund Lazard Lazard 1.00% 1.00% 1.00% 0.50% 0.50% 1.00% 0.50% 0.75% 1.50% 1.00% 1.00% ------Global Strategic Global Equity Income Fund Equity Fund Equity Fund Developing Markets Lazard Lazard Lazard 1.00% 1.00% 1.00% 1.00% 1.00% 0.50% 0.50% 0.50% 0.75% 0.75% 1.00% 1.00% 1.00% 0.50% 0.50% ------Volatility Fund Lazard Global Global Fund MENA Fund Thematic Managed Lazard Lazard 1.00% 1.00% 1.00% 1.00% 0.65% ------Lazard Sterling Infrastructure Global Listed High Quality Equity Fund World Fund Bond Fund Emerging Lazard Lazard 1.00% 0.30% 0.75% 1.50% 1.00% 1.75% 1.75% 1.75% 1.75% 0.85% 0.85% 0.85% ------Franchise Fund Global Equity Income Fund Global Fixed Equity Fund Emerging Markets Lazard Lazard Lazard 0.75% 0.75% 0.85% 0.85% 0.85% 0.85% 1.50% 1.00% 1.00% 1.00% 1.00% 1.00% 0.50% 0.50% ------Year ended31March 2017 (continued)

65 LAZARD GLOBAL ACTIVE FUNDS PLC 66 LAZARD GLOBAL ACTIVE FUNDS PLC EA Acc USD EA Acc EA Acc GBP EA Acc C DistUSD C Acc GBP C Acc Lazard Global ActiveFundsplc charged, USD3,012,817(31March ofwhich 2016: USD2,372,891)remained payable atthefinancial year end. its fee. For thefinancial year ended31March 2017, management of USD28,660,249(31March fees 2016: USD26,447,901)were Managers. The Manager isresponsible andexpensesoftheInvestment thefees outof discharging Managers for andtheDistributor oftheinvestment managementThe Manager function hasdelegatedtheperformance inrespect oftheFunds totheInvestment timetotime.Affiliate otherpersons ortosuch astheManager mayfrom determine Affiliate.or aLazard intheMClass(Management Shares Class)are tootherFunds availableonly managed oradvised by aLazard to their investment in the Funds based on the Investment Management Agreement and the Investment between themselves Manager on theirbehalf. services outinvestment withregard besubjecttoafee management will oradvisory intheclass Shareholders to carry whereoranAffiliateInvestors toholdunitsintheXshareLazard are are permitted class appointedastheInvestment only Manager its reasonable expenses. out-of-pocket inarrears. andbepayable monthly daily accrue shall fees Such The Manager alsobeentitledtoreimbursed shall by theFunds for For namechanges, share class pleaserefer toNote 13ofthefinancial statements. B DistUSD Class Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements transaction charges, commercial beatnormal shall which rates). becharged at USD20 per investor will holdingat Fund of services per annum (exclusive level agency and transfer Shareholder expenses. of-pocket inarrears. andbepayable monthly daily accrue the FundsThe Administator alsobeentitledtorecover itsreasonable shall from out- The Administrator payable isentitledtoanannualfee by theFunds ofupto0.07%the Funds’ Net Asset Value. shall fees Such Administration, Transfer AgencyandDepositary Fees USD315,896), USD86,722(31March ofwhich 2016: USD67,556)remained receivable atthefinancial year end. reimbursedThe fees by thefinancial the Manager during year ended31March 2017amountedtoUSD392,987(31March 2016: oftheFunds,the benefit share ofany class particular totherelevantshare class. exclusively beattributable costsshall which inthecap.included For theavoidance ofdoubt, theManager notberesponsible will exposure thecostsofhedgingcurrency for FranchiseGlobal Equity Fund EmergingMarkets Fund, Core andLazard Equity custodialandsub-custodialtransactions chargesare stamp dutiesandotherrelevanttaxes). For ConcentratedFund, USEquity Lazard Pan-European Lazard CapFund, Small Lazard brokerage anddisposingofinvestmentsthe expensesofacquiring expenses, (including custodialandsub-custodial transaction charges, GlobalFixedLazard Income Fund. The Manager beresponsible will anyexpensesinexcess for such ofthislimitwiththeexception of Fund,Core Equity Fund, Markets Developing Equity Lazard MENA Lazard Fund, Bond Fund and HighQuality Sterling Lazard Fund 2016), on 5 July (closed Emerging Lazard World Fund, Fund, Emerging Markets Equity Lazard Emerging Markets Lazard FranchiseEquity Fund, Fund, Select GlobalEquity Lazard Income Fund, GlobalEquity Lazard Lazard Thematic GlobalEx-Japan Fund, Equity Strategic GlobalManaged Lazard Volatility Fund, Fund, Equity GlobalListedInfrastructure Lazard Global Lazard Fund, Fund, European Lazard Equity Pan Lazard Fund, European Equity Pan-European Lazard CapFund, Small Global Lazard Fund, Equity Strategic Fund Equity on 14 March 2016), AsiaEx-Japan Strategic (closed Lazard Concentrated US Equity Lazard ended 31March 2017and31March 2016, Fund, onUKOmegaEquity expensesisinuseon theabove cap Lazard Japanese Lazard Pan-European ofLazard case CapFund Franchise Small GlobalEquity andLazard Fund, is0.20%. thecap thefinancial year During per annumoftheNet Asset Value oftheFunds. GlobalManaged ofLazard Inthecase Volatility Fund, is0.23%andinthe thecap heading Expenses”“Other inthesection oftheProspectus entitled “Fees andExpenses”), on expensesof0.30% cap subjecttoanoverall ofshares ofeach FundEach class oftheotherexpensesCompany portion (assetoutindetailunderthe bearitsattributable shall Reimbursement from Manager Lazard Emerging Markets Core Equity Fund 0.50% 0.50% - - - Equity Fund Developing Markets Lazard 0.85% 0.85% - - - MENA Fund Lazard - - - - - Lazard Sterling High Quality Bond Fund - - - - - Income Fund Global Fixed Lazard 1.00% - - - - Year ended31March 2017

(continued) Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard Emerging World Fund Lazard GlobalFund Thematic Lazard Fund***** GlobalEx-Japan Thematic Lazard GlobalEquityIncomeFund Lazard GlobalEquitySelectFund Lazard GlobalEquityFranchise Fund**** Lazard GlobalListedInfrastructureEquityFund Lazard Global Managed Lazard GlobalManaged Volatility Fund Lazard Global Strategic EquityFund Lazard GlobalStrategic Lazard Pan-European Fund*** SmallCap Lazard Pan EuropeanEquityFund Lazard EuropeanEquityFund Lazard US Equity Concentrated Fund** Lazard USEquityConcentrated Lazard EquityFund* Strategic Asia Ex-Japan Lazard Japanese Strategic EquityFund Strategic Lazard Japanese Lazard UKOmegaEquityFund financial years ended31March 2017and31March 2016: transactioneachFund costsfor the for depositary theamountsfor tableshowsThe following thetotaltransaction costsincluding inthisnote. separately identified. beseparately cannot oftheinvestment, inthepurchase andsaleprice areThey included andtherefore are notdisclosed Commission/brokerage foreignexchange currency contracts costson thepurchase andsaleoffixed andforward income securities the financial asset orfinancial liability. Transaction costsdetailedbelow are thetransaction costson thepurchase andsaleofequities. inNote 2,As disclosed transaction costs are incremental totheacquisition, coststhatare attributable directly issueordisposalof Transaction Costs payable atthefinancial year end(31March 2016: USD199,501). expensesandare of out-of-pocket exclusive VAT. include These fees Auditors’ remuneration thefinancial for year wasUSD160,524(31March 2016: USD192,999), USD156,577remained ofwhich provided by thefinancial theauditorsfor yearsor non-audit ended31March services 2017or31March 2016. the auditoffinancial statementsoftheCompany. There were andexpensespaidinrespect nofees ofotherassurance, taxadvisory Fees auditors, andexpensespaidtothestatutory (Ireland), PricewaterhouseCoopers inrespect ofthefinancial year, relate entirely to Auditors’ Fees John for Donohoe. fees 2016: Limitedinrespect service ofDirector GlobalFinancial USD22,344)toCarne support Services USD16,810 (31March 2016: USD19,549)remained payable atthefinancial year end. The Company paidUSD38,477(31March Directors’ thefinancial chargedduring year fees ended31March 2017were USD162,530(31March 2016: USD144,745), ofwhich Directors’ Fees 924,170) remained payable atthefinancial year end. expenses)amountedtoUSD4,879,020(31March 2016:of-pocket USD5,694,104), USD867,263(31March ofwhich 2016: USD The administration, thefinancial out- charged during year fees ended31March 2017(including anddepositary agency transfer expenses. commercialtransactions alsobeatnormal chargesofany shall sub-custodian(which rates), together withitsreasonable out-of-pocket to charge the Funds transaction fees, commercial be at normal shall which rates, and to be reimbursed by the Funds and the fees for Funds’ Net Asset Value. andbepayable by daily theFunds accrue shall fees inarrears. Such monthly isalsoentitled The Depositary is entitledtobepaidby functions ofupto0.0225%the theFunds ofitstrustee The Depositary theperformance for anannualfee Administration, Transfer AgencyandDepositaryFees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Currency USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP EUR EUR EUR JPY 31 March2017 1,407,563 1,588,419 4,349,539 314,754 285,697 206,825 366,693 165,941 167,977 282,558 20,955 31,361 27,022 47,612 39,902 80,952 28,457 7,947 - 31 March2016 9,204,969 909,784 187,976 958,480 362,079 908,853 194,585 187,052 228,843 31,408 33,682 71,836 29,262 59,915 56,619 47,496 32,202 8,890 3,091 Year ended31March 2017 (continued)

67 LAZARD GLOBAL ACTIVE FUNDS PLC 68 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard GlobalFixed IncomeFund Lazard SterlingHighQualityBondFund Lazard MENAFund Lazard Global ActiveFundsplc Transaction Costs(continued) 3. Fees(continued) Notes totheFinancialStatements The subscriber share does not form part ofthenetassetvalueCompany. share part The subscriber doesnotform shareThere 1subscriber inissueandthatisheld by iscurrently theManager. shares"),GBP1 each("Equity were redeemed. which subsequently shareoftheCompany shares theauthorised capital wasGBP40,000dividedin40,000subscriber ofpar valueof On incorporation Management Shares The Companyshare hasavariable capital. 5. CapitalandReserves March 2016. had oftheFunds apositive impact on theperformance received which thefinancial themduring years ended31March 2017and31 in theNet Asset Value oftheFunds andwere recorded ofComprehensive intheStatement Income as Income”.“Other These refunds around theirrecoverability. recognised duetouncertainty not previously Upon receipt oftheserefunds, theseamountswere included thefinancial years ended31March 2017and31March 2016,During anumberofFunds received withholdingtaxrefunds were which Withholding Tax Refunds not berecoverable by aFund oritsshareholders. Capital gains, dividends and interest taxes receivedand such may of origin may be subject to withholding taxes imposed by the country were thefinancial during year nochargeable events underreview. In the absence of an appropriate declaration, the Company be liableto Irish will Tax on the occurrence of a chargeable event. There tothateffect. provided theCompany witharelevantdeclaration notoccurinrespect will A chargeable event ofshareholders whoare resident neitherresident inIreland norordinarily andwhohave doesnotinclude: A chargeableevent relevant period. acquisition oftheshares thepreceding by theshareholders ofeightyearsafter andeach subsequentperiod beginningimmediately cancellation, ofshares transfer oron theendingofa ‘relevant period’, a ‘relevant period’ beinganeightyear beginningwiththe period other thanon theoccurrence ofachargeable event. on any arises distribution, achargeableevent Generally redemption, repurchase, Consolidation Act, 1997, as amended. On that basis the Company not be liable to taxation will in respect of its income and gains, Under current lawandpractice, theCompany qualifies asdefined 739Bofthe asaninvestment inSection undertaking Taxes 4. Taxation *****Fund 2016. on 5July closed ****Fund on launched 30June2015. ***Fund on launched 1December2015. **Fund 2016. on launched 25February *Fund 2015, on launched 30September on 14March 2016andrevoked closed by BankofIreland theCentral 2017. on 13February d) c)  b)  a) an exchange amalgamation ofshares on orreconstruction aqualifying ofaFund arising with anotherFund; or of Ireland; or any transactions asdesignatedby inrelation system order Commissioners toshares oftheRevenue heldinarecognised clearing certain exchanges ofshares spouses. certain between spousesandformer an exchange ofshares representing aFund anotherFund; for or Currency USD USD GBP 31 March2017 16,014 20,663 4,049 31 March2016 17,534 56,038 3,480 Year ended31March 2017

(continued) Redeemable participatingsharesinissueatendoffinancialyear - A Acc USD - AAcc - BDistGBP sharesredeemedduringthefinancialyear Redeemable participating Redeemable ParticipatingShares 5.  of Financial Position dateiftheshareholders exercised toputtheshares totheCompany. theirrights back thepresent for toafinancial valueoftheredemption give rise liability amountthatwould instruments bepayablesuch attheStatement value proportionate to the investors share in each Fund’s net assets at the redemption date. In accordance 22 of FRS with Section 102, RedeemableParticipatingAll issuedby Shares theCompany provide theinvestors torequire withtheright redemptionatthe cash for of FRS 102, theRedeemableParticipating are Shares redeemable attheshareholder's option andareasfinancial classified liabilities. assets thatmay bedeclared. The holderoftheshare isentitledtoone vote eachon apoll. 22 UnderSection andEquity”“Liabilities to a proportionate share the right inthe assets of the FundsRedeemable Participating and toany innet distributions carry Shares ofChanges inNet toRedeemableParticipatingin theStatement AssetsAttributable Shareholders. as outlinedintheFunds’ totheProspectus. Supplement The valueofshares issuedandredeemedthefinancial during year issetout at therequest oftheshareholder. RedeemableParticipating are andredemption Shares subscription availablefor on eachdealingday Participating ineach oftheCompany’s Shares Funds ("RedeemableParticipating Shares”). may They beredeemed by theCompany paid The Company share of500,000,000,000shares are hasanauthorised capital ofnoparvaluewhich issueasfully availablefor Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard UKOmegaEquityFund* Lazard JapaneseStrategicEquityFund - AAcc - BDistGBP - C Acc GBP sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear - US$Institutional EAClass Accumulating - US$Institutional Class Accumulating sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard AsiaEx-JapanStrategicEquityFund** Redeemable participatingsharesinissueatendoffinancialyear Hedged USD - AAcc - CDistGBPHedged sharesredeemedduringthefinancialyear Redeemable participating Hedged USD - AAcc - CDistGBPHedged JPY - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Capital andReserves(continued) USD a a 11,119,252 1,931,154 1,364,575 1,375,773 1,045,554 5,884,240 5,416,052 5,889,206 (490,173) (284,613) (205,560) (112,717) (186,006) (73,289) 31 March2017 31 March2017 Shares Shares 11,034 4,182 164 784 (2,463,441,326) (1,665,279,816) Value ofShare Value ofShare (798,161,510) Transactions Transactions 719,020,313 766,124,820 34,057,695 13,046,812 1,015,602 1,040,538 (715,140) (236,638) (478,502) 24,531 GBP JPY 405 1,045,554 1,666,374 5,416,052 5,147,109 5,306,990 (694,793) (694,793) Year ended31March 2017 (68,954) (62,547) 178,016 146,698 31 March2016 31 March2016 31 March2016 Shares Shares Shares (continued) (6,407) 73,973 73,732 48,509 48,000 13,183 241 509 – – – (1,389,213,672) (1,328,047,231) Value ofShare Value ofShare Value ofShare 1,641,139,051 2,560,360,990 Transactions Transactions Transactions (61,166,441) 322,520,582 596,701,357 (1,498,073) (1,498,073) 4,852,200 4,800,000 155,779 155,240 52,200 GBP USD JPY 539 – –

69 LAZARD GLOBAL ACTIVE FUNDS PLC 70 LAZARD GLOBAL ACTIVE FUNDS PLC - C Acc JPY sharesredeemedduringthefinancialyear Redeemable participating Lazard AsiaEx-JapanStrategicEquityFund**(continued) Lazard Global ActiveFundsplc Redeemable participatingsharesinissueatendoffinancialyear - US$Institutional EAClass Accumulating - US$Institutional Class Accumulating sharesredeemedduringthefinancialyear Redeemable participating Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements - CDistUSD - EA Acc USD Lazard EuropeanEquityFund EA shareclassesclosed Fundarenow intheLazardUSEquity Concentrated tonewinvestors. Redeemable participatingsharesinissueatendoffinancialyear - EA Acc GBP - EA Acc USD - C Acc GBP - EA Acc GBP - C Acc GBP - BDistUSD - EA Acc EUR - BDistUSD - C Acc USD - C Acc JPY sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard USEquityConcentratedFund*** Redeemable participatingsharesinissue atendoffinancialyear USD - AAcc - CDistGBP - C Acc GBP - BDistEUR EUR - AAcc sharesredeemedduringthefinancialyear Redeemable participating USD - AAcc - CDistGBP - C Acc GBP - BDistEUR EUR - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear - CDistUSD Capital andReserves(continued) b b

f f c h e h e d g g 22,053,302 (6,787,115) (2,505,820) (2,966,977) (1,204,746) 16,891,808 5,283,390 2,027,998 1,952,077 4,786,195 1,625,621 1,231,716 (591,075) (513,814) (102,885) (34,500) (11,690) (18,865) 308,479 117,382 139,623 625,487 322,272 31 March2017 31 March2017 Shares Shares (6,242) (5,964) 76,314 36,030 (6,687) 93,880 66,511 4,332 790 Value ofShare Value ofShare Transactions Transactions (58,772,873) (50,105,082) 563,448,230 (13,733,144) 197,233,178 217,711,205 (3,407,483) (1,514,369) (2,133,475) 11,218,847 (2,741,896) (7,719,812) (2,985,854) 38,935,510 11,838,616 15,641,311 67,266,563 3,603,000 2,299,631 1,289,093 (977,362) (635,102) (267,193) (18,389) 823,073 172,700 11,673 3,092 USD EUR 28,114,022 (12,336,677) (2,254,900) (5,072,529) (3,766,394) (1,241,728) 22,053,302 6,275,957 2,149,014 2,583,407 1,539,944 Year ended31March 2017 (48,509) (48,000) 31 March2016 31 March2016 31 March2016 Shares Shares Shares

93,880 (1,126) 93,880 93,880 (continued) 3,358 (509) 234 – – – – – – – – – – – – – – – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (29,692,767) (14,170,781) (4,257,142) (4,211,252) (2,389,787) (9,496,246) (3,632,742) 13,698,882 9,410,021 9,410,021 2,485,698 7,230,513 3,972,326 (45,890) (3,211) 9,657 USD USD EUR 688 – – – – – – – – – – – – – – - C Acc EUR sharesredeemedduringthefinancialyear Redeemable participating Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard Pan EuropeanEquityFund - EA Acc USD - B Acc EUR - B Acc EUR Redeemable participatingsharesinissueatendoffinancialyear - EA Acc USD Redeemable participatingsharesinissueatendoffinancialyear USD - AAcc - BDistEUR - A DistEUR EUR - AAcc sharesredeemedduringthefinancialyear Redeemable participating USD - AAcc - BDistEUR - A DistEUR EUR - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Redeemable participatingsharesinissue atendoffinancialyear USD - AAcc - EADistGBP - EA Acc GBP sharesredeemedduringthefinancialyear Redeemable participating USD - AAcc - EADistGBP - EA Acc GBP sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalStrategicEquityFund Lazard Pan-European SmallCapFund**** - AP Acc EUR - APAcc - AP DistEUR - C Acc EUR sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Capital andReserves(continued) j j k k i (27,977,024) (26,087,658) (1,689,702) 21,147,580 2,376,310 9,205,754 8,545,862 (199,664) (523,754) (384,859) (66,337) (29,557) (27,556) 361,689 112,989 171,014 (58,295) (80,600) 456,226 649,311 968,736 575,319 221,280 154,895 199,144 917,171 160,874 31 March2017 31 March2017 31 March2017 Shares Shares Shares (9,224) 29,557 48,129 9,377 1,204 – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (31,836,311) (30,149,439) (6,350,716) (2,729,242) (2,736,988) (1,395,125) 36,489,802 11,266,067 17,565,000 (6,561,916) (4,441,352) (1,184,311) 10,270,994 2,617,118 9,732,083 7,884,143 2,502,352 2,447,822 2,933,969 5,041,617 (884,486) (291,747) (936,253) 524,046 13,539 1,326 USD EUR EUR – – (11,632,951) (6,048,763) (4,539,294) 21,147,580 20,147,828 17,757,191 12,632,703 2,002,322 (849,698) (195,196) (341,691) (325,426) Year ended31March 2017 160,874 (13,010) 160,874 182,718 205,597 917,171 634,548 458,070 131,313 624,314 141,999 31 March2016 31 March2016 31 March2016 Shares Shares Shares (continued) (3,255) 45,165 18,875 – – – – – – – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (14,201,015) (7,664,388) (5,534,687) 16,087,435 (3,752,222) (3,518,241) 24,673,172 22,294,861 14,199,930 1,814,931 7,907,805 5,338,509 1,879,209 1,887,505 (694,844) (307,096) (185,615) (48,366) 229,698 333,682 690,087 USD EUR EUR – – – – – – –

71 LAZARD GLOBAL ACTIVE FUNDS PLC 72 LAZARD GLOBAL ACTIVE FUNDS PLC - A Acc CHF Hedged CHF - AAcc sharesredeemedduringthefinancialyear Redeemable participating Lazard Global ActiveFundsplc Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements - A DistEUR EUR - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalManagedVolatility Fund - BDistUSDHedged Redeemable participatingsharesinissueatendoffinancialyear USD - AAcc - A Acc CHF Hedged CHF - AAcc - A DistEURHedged - B Acc USDHedged - BDistUSDHedged Hedged EUR - AAcc - B Acc USDHedged - B Acc GBP Hedged EUR - AAcc - A DistUSD USD - AAcc Hedged GBP - AAcc Hedged CHF - AAcc - B Acc EURHedged - X Acc JPYHedged sharesredeemedduringthefinancialyear Redeemable participating - A DistUSDHedged Hedged USD - AAcc - A DistGBP GBP - AAcc Hedged CHF - AAcc - A DistEURHedged Lazard GlobalListedInfrastructureEquityFund Redeemable participatingsharesinissueatendoffinancialyear - A DistUSDHedged Hedged USD - AAcc - A DistGBP GBP - AAcc - B Acc EURHedged - X Acc JPYHedged sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Capital andReserves(continued) p l n o m o q r r q (141,582,149) (16,908,405) (40,053,764) (50,731,337) (19,747,732) 398,731,723 182,592,297 794,992,257 537,842,683 (1,629,882) (8,331,393) (3,647,018) 23,341,087 59,905,483 99,346,485 17,667,599 1,222,468 1,186,384 4,353,705 1,654,363 7,735,926 (338,000) (460,505) (122,505) (403,265) (60,738) (25,098) (43,517) 847,569 119,047 225,060 457,868 453,942 799,320 403,424 31 March2017 31 March2017 Shares Shares 99,558 500 480 – Value ofShare Value ofShare (235,547,016) Transactions Transactions (36,568,356) (57,060,264) (20,491,908) (13,297,644) (12,486,906) (27,413,195) 118,094,271 (74,410,751) (69,683,624) (30,125,311) 622,847,009 253,622,778 106,797,732 152,497,973 (6,598,524) 17,173,414 26,338,460 10,597,588 64,547,140 38,051,524 13,575,915 25,607,365 9,976,852 3,971,356 4,280,577 7,640,234 6,198,967 (537,746) (214,520) (430,243) (348,552) 58,405 5,000 USD GBP – (153,619,186) (11,653,942) (13,334,016) (25,904,274) (71,744,986) (28,840,312) 241,407,117 102,744,050 537,842,683 450,054,752 (2,030,449) 49,428,787 32,499,759 28,766,283 15,000,000 7,786,569 3,582,238 1,599,431 (111,207) Year ended31March 2017 (10,496) (10,496) 423,396 386,420 799,320 338,000 31 March2016 31 March2016 Shares Shares

10,125 75,271 (continued) – – – – – – – – – – – – Value ofShare Value ofShare (207,282,961) Transactions Transactions (14,414,932) (17,164,412) (37,565,341) (95,034,330) (39,835,639) 320,976,005 136,101,973 (1,584,337) (1,584,337) 46,798,059 (3,196,595) 11,236,610 34,447,020 10,458,859 11,122,218 68,584,643 45,731,772 35,715,281 1,114,429 5,466,761 7,794,498 (71,712) USD GBP – – – – – – – – – – – – Redeemable participatingsharesinissueatendoffinancialyear - A Acc USD - AAcc GBP - AAcc sharesredeemedduringthefinancialyear Redeemable participating Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global ActiveFundsplc - EA Acc GBP USD - AAcc GBP - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalEquityFranchiseFund***** Redeemable participatingsharesinissueatendoffinancialyear - EA Acc USD USD - AAcc sharesredeemedduringthefinancialyear Redeemable participating - EA Acc USD USD - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalEquitySelectFund - EA Acc GBP - EA Acc USD - A Acc EUR Hedged EUR - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalEquityIncomeFund - CDistGBP - EADistGBP - EA Acc GBP GBP - AAcc - C Acc GBP - EADistEUR - EADistUSD USD - AAcc Capital andReserves(continued) s s t 596,429 551,235 475,891 31 March2017 31 March2017 31 March2017 Shares Shares Shares (9,690) (9,200) (3,630) (1,130) (4,760) 58,046 54,884 78,800 40,437 40,437 43,123 61,450 20,211 9,449 7,849 2,352 7,091 1,397 4,973 4,047 (319) (171) 265 86 – – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (1,026,640) 62,731,890 52,676,169 7,635,384 1,030,000 1,390,337 3,866,945 3,866,945 2,126,133 (954,679) (348,822) (150,000) (498,822) (41,060) (30,901) 222,197 960,282 141,958 409,173 336,981 11,915 43,627 USD USD USD – – – Year ended31March 2017 (12,695) (12,784) 106,649 31 March2016 31 March2016 31 March2016 Shares Shares Shares (continued) (3,004) (3,004) 54,884 57,888 51,866 43,123 46,298 21,872 12,825 44,007 6,022 9,609 7,634 1,975 1,938 3,905 2,382 1,070 (89) – – – – – – 6 9 Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (1,516,768) (1,524,673) 6,121,355 5,184,169 3,033,650 1,255,534 5,513,879 (467,452) (467,452) 937,186 984,660 740,695 243,965 276,270 550,773 297,234 (7,905) 98,255 1,269 USD USD USD 101 793 – – – –

73 LAZARD GLOBAL ACTIVE FUNDS PLC 74 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Redeemable participatingsharesinissueatendoffinancialyear - EADistUSD USD - AAcc - CDistGBP - EADistGBP - EA Acc GBP GBP - AAcc - C Acc GBP - EADistEUR Hedged EUR - AAcc sharesredeemedduringthefinancialyear Redeemable participating Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard GlobalEquityIncomeFund(continued) Redeemable participatingsharesinissueatendoffinancialyear - XClass sharesredeemedduringthefinancialyear Redeemable participating - XClass sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard ThematicGlobalEx-JapanFund****** Redeemable participatingsharesinissueatendoffinancialyear - A DistUSD USD - AAcc - A DistGBP sharesredeemedduringthefinancialyear Redeemable participating - A DistUSD USD - AAcc - A DistGBP sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard ThematicGlobalFund - BDistUSD USD - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard EmergingWorld Fund Capital andReserves(continued) 2,042,477 (1,227,985) (922,143) (295,260) 83,289 (18,704) (83,726) (83,726) (10,582) 832,084 823,884 31 March2017 31 March2017 31 March2017 31 March2017 Shares Shares Shares Shares (5,924) (9,036) (1,832) (1,302) 62,957 17,592 21,634 26,911 6,753 6,782 4,057 5,277 (410) (200) 437 437 – – – – Value ofShare Value ofShare Value ofShare Value ofShare (219,686,641) (163,270,033) Transactions Transactions Transactions Transactions (16,703,118) (16,703,118) (54,405,952) (1,201,511) (2,186,006) (2,010,656) 3,135,249 1,211,206 1,198,799 (529,901) (269,554) (127,067) (33,033) (24,940) 725,244 125,614 560,888 686,502 84,190 84,190 USD USD USD USD – – – 2,963,664 2,042,477 159,343 (993,898) (959,873) Year ended31March 2017 (11,868) (44,126) (10,024) (15,656) (89,206) (79,877) (79,877) (28,536) 865,606 31 March2016 31 March2016 31 March2016 31 March2016 Shares Shares Shares Shares

(4,788) (2,194) (5,489) 61,450 83,289 72,711 47,349 18,166 12,962 22,569 (continued) 3,823 3,823 7,196 9,607 (533) (12) (5) Value ofShare Value ofShare Value ofShare Value ofShare (181,187,915) (175,254,892) Transactions Transactions Transactions Transactions (10,371,541) (15,977,557) (15,977,557) (1,088,644) (5,885,501) (1,397,904) (1,303,851) (4,970,197) 13,016,756 8,209,746 3,558,057 1,248,953 (384,062) (233,708) (962,826) (75,647) 704,167 704,167 296,017 260,193 556,210 (1,593) (631) USD USD USD USD Redeemable participatingsharesinissueatendoffinancialyear - BDistUSD USD - AAcc sharesredeemedduringthefinancialyear Redeemable participating Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard EmergingWorld Fund(continued) - A Acc GBP - AAcc - AAcc - A DistEUR sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard EmergingMarketsEquityFund - A Acc GBP - AAcc - A DistEUR sharesredeemedduringthefinancialyear Redeemable participating - B Acc USD - SDistUSD - S Acc USD - A DistUSD - SDistGBP - S Acc GBP - A DistGBP Redeemable participatingsharesinissueatendoffinancialyear - B Acc USD - SDistUSD - S Acc USD - A DistUSD - SDistGBP - S Acc GBP - A DistGBP Redeemable participatingsharesinissue atendoffinancialyear - EA Acc USD USD - AAcc - EA Acc GBP sharesredeemedduringthefinancialyear Redeemable participating - EA Acc USD USD - AAcc - EA Acc GBP sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard EmergingMarketsCoreEquityFund Capital andReserves(continued) USD u (51,991,785) (20,657,055) (10,641,805) (11,983,281) 180,784,070 118,877,277 216,155,458 (2,365,370) (4,458,747) (1,462,211) 87,363,173 10,216,806 37,929,412 8,300,000 2,057,620 2,910,473 (168,588) (254,630) (36,831) (14,722) (22,109) 813,964 281,679 141,928 (78,027) (34,898) (40,697) 986,994 423,185 360,582 641,836 31 March2017 31 March2017 31 March2017 Shares Shares Shares (2,432) 68,875 36,009 26,594 (98) – Value ofShare Value ofShare Value ofShare (265,088,946) (157,417,981) Transactions Transactions Transactions (23,360,940) (28,487,547) (16,848,894) (15,305,746) (17,044,284) 431,746,650 214,251,019 40,140,922 (2,215,914) (4,393,059) 16,724,378 (7,986,614) (3,700,247) (3,877,608) 99,028,202 39,227,519 46,234,501 38,521,232 8,300,000 4,134,595 9,833,564 3,260,912 4,452,357 (910,787) (357,006) (553,781) (408,759) (14,581) 106,451 USD USD USD – (16,588,142) (73,708,175) (34,271,723) (10,777,409) (6,915,661) (2,299,955) (2,249,698) 98,789,019 11,674,878 62,282,329 17,288,400 24,478,972 87,363,173 1,897,039 1,674,283 5,101,017 (592,863) Year ended31March 2017 (64,291) (36,093) (28,198) 823,884 (12,724) 167,079 (10,636) 641,836 127,625 524,847 31 March2016 31 March2016 31 March2016 Shares Shares Shares (continued) (1,060) (9,573) 90,506 32,278 4,841 661 (3) – – – Value ofShare Value ofShare Value ofShare (237,431,698) (385,540,449) Transactions Transactions Transactions (65,468,487) (13,694,571) (45,573,968) (13,783,751) 198,010,563 287,616,786 (1,521,702) (6,294,451) (1,689,655) (1,603,868) 17,296,701 17,896,746 12,532,361 35,312,647 12,287,557 1,446,285 5,017,941 8,401,348 3,189,956 (803,598) (718,104) (102,550) (807,037) (911,627) 103,542 696,253 (2,040) USD USD USD – – –

75 LAZARD GLOBAL ACTIVE FUNDS PLC 76 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements - A DistEUR EUR - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard DevelopingMarketsEquityFund Redeemable participatingsharesinissueatendoffinancialyear - CDistUSD USD - AAcc - C Acc GBP - A DistGBP GBP - AAcc - A DistEUR EUR - AAcc sharesredeemedduringthefinancialyear Redeemable participating - CDistUSD USD - AAcc - C Acc GBP - A DistGBP GBP - AAcc Redeemable participatingsharesinissueatendoffinancialyear USD - AAcc sharesredeemedduringthefinancialyear Redeemable participating USD - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard MENAFund Lazard SterlingHighQualityBondFund Redeemable participatingsharesinissueatendoffinancialyear - BDistGBP - A DistGBP sharesredeemedduringthefinancialyear Redeemable participating - BDistGBP - A DistGBP sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Capital andReserves(continued) (2,523,310) (1,969,205) 9,978,967 7,833,430 (294,683) (248,452) 193,800 377,773 139,965 31 March2017 31 March2017 31 March2017 Shares Shares Shares (1,900) (9,070) 21,500 18,048 29,866 27,311 (3,244) (3,054) 17,422 20,163 4,460 3,550 3,550 (995) (995) (190) 503 346 157 – – – – Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (27,395,034) (21,809,521) (2,151,041) (3,281,375) 2,084,159 3,513,061 (121,865) (113,659) (113,659) (419,759) (394,893) (31,232) 932,516 188,647 243,092 475,000 475,000 (24,866) 64,647 65,355 44,511 20,844 USD USD GBP – – – – (13,007,102) (2,938,334) (4,377,797) (4,133,560) 22,326,186 9,978,967 (861,589) (675,675) Year ended31March 2017 (12,747) 659,883 245,573 164,483 241,485 31 March2016 31 March2016 31 March2016 Shares Shares Shares

(7,400) (7,504) (7,504) 27,311 14,545 14,545 20,270 (2,677) (2,155) 20,163 21,848 (continued) 2,842 5,500 (522) 992 561 431 – – Value ofShare Value ofShare Value ofShare (132,600,355) Transactions Transactions Transactions (32,509,857) (10,717,583) (32,845,908) (49,883,960) (6,450,073) 7,176,590 1,744,978 2,283,583 3,022,569 1,837,137 1,837,137 (856,154) (856,154) (326,558) (260,539) (99,017) (93,957) (66,019) 120,004 32,704 92,756 68,264 51,740 USD USD GBP – – For namechanges, share class pleaserefer toNote 13ofthefinancial statements. - C Acc GBP Lazard UKOmegaEquityFund* Redeemable ParticipatingShares (continued) 5.  and netassetvaluepershare tablesare inthefollowing ofrelevant class. statedinthecurrency total number of Redeemable Participating in issue at 31 March Shares 2017, 31 March 2016 and 31 March 2015. The net asset value by isdetermined dividingthevalueofnetassetsFund ofsharesThe netassetvaluepershare inaportfolio ofany class by the 6. NetAssetValue s r q p o n m l k j i h g f e d c b a Notes totheFinancialStatements Lazard Global ActiveFundsplc Redeemable participatingsharesinissueatendoffinancialyear - BDistUSD USD - AAcc Hedged EUR - AAcc sharesredeemedduringthefinancialyear Redeemable participating - BDistUSD USD - AAcc sharesissuedduringthefinancialyear Redeemable participating Redeemable participatingsharesinissueatbeginningoffinancialyear Lazard GlobalFixedIncomeFund - BDistGBP - A Acc USD - AAcc - A Acc JPY - AAcc Lazard JapaneseStrategicEquityFund - CDistGBPHedged - A Acc USD Hedged USD - AAcc Class launched on Classlaunched 31August 2016. Class launched on2016. Classlaunched 17April Class launched on 23 January 2017. on Classlaunched 23January Class launched on Classlaunched 7December2016. Class launched on Classlaunched 1November 2016. Class launched on Classlaunched 8December2016. Class launched on Classlaunched 1December2016. Class launched on Classlaunched 27October2016. Class launched on2016. Classlaunched 6April Class launched on Classlaunched 12June2016. Class launched on2016. Classlaunched 13April Class launched on Classlaunched 25November 2016. Class launched on 12 September 2016. on Classlaunched 12September Class launched on Classlaunched 25October2016. Class launched on Classlaunched 8March 2017. Class launched on Classlaunched 4August 2016. Class launched on Classlaunched 15May 2016. Class launched on Classlaunched 31August 2016. Class launched on Classlaunched 1May 2016. Capital andReserves(continued) ¥1,386,862,537 £2,151,996 $1,162,160 $7,053,798 Net Asset 31 March £126,838 Value at £3,265 2017

31 March2017 Participating Redeemable 11,047,119 Number of 1,079,961 shares in issue at 849,980 71,184 1,213 950 ****Fund on launched 1December2015. u t ******Fund 2016. on 5July closed ***Fund 2016. on launched 25February ** *****Fund on launched 30June2015. * Class launched on Classlaunched 15May 2016. Class launched on Classlaunched 30March 2017. Lazard UK Omega Equity Fund UKOmegaEquity Lazard on 14October2015. Fund UKEquity Lazard to Fund changed itsnamefrom February 2017. February 2016 and revoked by the Central on 13 Fund 2015, on launched 30September on 14March closed ¥125.5407 £133.5360 Net Asset Value per 31 March $99.0926 Share at £2.6924 £2.5318 $1.0761 (40,529) (36,633) 127,673 138,356 2017 31 March2017 Shares (1,108) (2,788) 29,846 29,669 177

¥516,580,496 £12,318,910 $11,128,650 £2,234,127 Net Asset 31March Value at Value ofShare £2,324 Transactions 2016 (5,271,779) (4,877,361) 4,053,778 4,032,808 (129,897) (264,521) –

20,970 31 March2016 USD Participating Redeemable Number of 1,044,505 5,162,878 shares in issue at 112,883 140,291 1,049 –

Year ended31March 2017 (39,145) (36,931) 138,356 141,957 31 March2016 Shares (continued) (2,151) 35,544 35,522 ¥100.0567 £109.1298 Value per Net Asset 31 March $79.3254 (63) Share at £2.2152 £2.1389 22 2016 –

Value ofShare Transactions £21,156,104 (5,061,663) (4,836,703) £3,907,731 ¥1,866,077 4,726,581 4,723,961 (217,308) Net Asset 31 March Value at (7,652) £1,919 2,620 USD 2015 – –

¥118.3404 £130.3945 Net Asset Value per 31 March Share at £2.3729 £2.3462 2015 – –

77 LAZARD GLOBAL ACTIVE FUNDS PLC 78 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc - C Acc JPY Lazard USEquityConcentratedFund** 6. NetAssetValue (continued) Notes totheFinancialStatements - C Acc USD - EA Acc EUR - BDistUSD - C Acc GBP - EA Acc GBP - EA Acc USD - CDistUSD - A Acc EUR - AAcc Lazard EuropeanEquityFund****** - BDistEUR - C Acc GBP - CDistGBP - A Acc USD - AAcc - A Acc EUR - AAcc Lazard Pan EuropeanEquityFund - A DistEUR - BDistEUR - A Acc USD - AAcc - C Acc EUR Lazard Pan-European SmallCapFund*** - AP DistEUR - AP Acc EUR - APAcc - B Acc EUR - EA Acc GBP Lazard GlobalStrategicEquityFund - EADistGBP - A Acc USD - AAcc - A Acc EUR - AAcc Lazard GlobalManagedVolatility Fund - A DistEUR - A Acc CHF Hedged CHF - AAcc - A Acc GBP Hedged GBP - AAcc - A Acc USD - AAcc - A DistUSD - X Acc JPYHedged Equity Fund Lazard GlobalListedInfrastructure - B Acc EURHedged - A Acc EUR Hedged EUR - AAcc - B Acc GBP - BDistUSDHedged - B Acc USDHedged - A DistEURHedged - A Acc CHF Hedged CHF - AAcc - A Acc GBP - AAcc - A DistGBP ¥17,262,036,104 ¥2,887,162,851 CHF17,850,288 $237,239,249 $127,160,495 €199,081,993 £369,783,024 £544,559,718 $68,096,765 €15,191,842 $11,909,153 £31,656,293 €40,932,667 €21,133,063 €17,932,822 €25,531,027 £12,735,772 $10,870,331 €63,779,238 $13,617,815 £8,833,129 €1,063,745 $2,197,880 €2,077,840 €9,183,286 £2,875,293 £1,824,012 $7,057,436 €1,229,047 €4,784,276 $5,071,478 Net Asset 31 March $153,717 £613,888 €210,616 $862,976 €979,318 Value at £15,053 £5,217 2017 – –

31 March2017 Participating Redeemable 100,933,491 216,397,989 350,255,664 14,488,019 22,221,454 29,858,802 Number of 1,514,184 2,027,092 1,750,306 1,313,519 1,161,730 1,623,912 shares in issue at 625,487 139,623 111,418 296,789 401,709 245,947 174,729 888,061 190,128 171,014 236,847 138,510 593,379 225,060 119,047 732,114 410,425 432,770 70,073 85,434 10,605 99,559 1,530 5,827 9,650 500 – – ¥11,400.2241 CHF10.9922 $108.8700 €108.8062 $106.8876 £106.6626 £126.0564 $117.0343 $100.4683 €101.4797 €111.1515 €104.8619 €107.4904 €115.8948 €113.4410 £106.9811 $173.6895 $109.1854 ¥129.9268 Net Asset Value per 31 March £12.1399 £13.1688 $11.8936 €11.6569 £10.4330 $11.7186 $11.7220 Share at €2.6480 €2.8253 £2.5833 £2.4960 $1.2557 €1.2054 €1.5819 $0.9718 €2.1360 €1.9724 £1.7088 £1.5547 2017 – –

¥1,667,949,608 CHF35,310,986 CHF16,460,490 €162,101,601 £203,475,568 £304,001,531 €44,175,598 €20,503,681 €14,577,420 $71,960,003 €43,776,879 $9,830,703 €3,672,751 $3,650,268 €2,162,512 $1,796,696 €1,750,010 £1,181,938 $8,553,326 €1,011,283 Net Asset £727,026 €189,664 £456,839 31March Value at £17,531 2016 – – – – – – – – – – – – – – – –

31 March2016 Participating Redeemable 136,799,236 218,394,704 17,132,724 17,541,796 14,888,793 23,426,120 91,597,286 Number of 1,539,944 3,024,410 1,503,806 1,928,453 1,599,431 shares in issue at 348,043 173,525 141,999 118,303 756,958 338,000 451,195 93,880 18,875 41,910 10,125 8,181 – – – – – – – – – – – – – – – –

Year ended31March 2017 CHF104.4704

CHF10.2915 (continued) $104.7162 €102.6584 $159.4876 Value per ¥112.0272 Net Asset 31 March €92.7155 £10.9005 $11.2996 €99.8826 Share at €2.3850 €2.5784 £2.1429 £2.0889 $1.2069 €1.1688 €1.0930 €1.4380 $0.9317 £9.9908 €1.8687 €1.7697 £1.4874 £1.3920 2016 – – – – – – – – – – – – – – – –

€127,618,130 £186,682,786 £252,230,814 €56,698,100 $59,868,369 €51,135,351 €9,695,550 £3,409,443 $3,849,700 €5,614,552 €7,452,448 €2,425,315 $7,303,429 Net Asset 31 March $756,226 Value at £12,615 2015 – – – – – – – – – – – – – – – – – – – – – – – – –

$154.9308 Net Asset Value per 31 March $11.6983 Share at €2.5742 €2.8895 £2.1204 £2.1449 $1.2298 €1.2985 €1.2339 €1.6240 $0.9747 €1.7649 €1.7133 £1.4022 £1.3460 2015 – – – – – – – – – – – – – – – – – – – – – – – – –

Equity Fund(continued) Lazard GlobalListedInfrastructure - A Acc USD Hedged USD - AAcc 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc - A DistUSDHedged - A Acc GBP - AAcc Lazard GlobalEquityFranchiseFund**** - A Acc USD - AAcc - EA Acc GBP - EA Acc USD - A Acc USD - AAcc Lazard GlobalEquitySelectFund - EA Acc USD - A Acc EUR Hedged EUR - AAcc Lazard GlobalEquityIncomeFund - EADistEUR - C Acc GBP - A Acc GBP - AAcc - EA Acc GBP - EADistGBP - CDistGBP - A Acc USD - AAcc - EADistUSD - XClass Fund***** Lazard ThematicGlobalEx-Japan - A DistGBP Lazard ThematicGlobalFund - A Acc USD - AAcc - A DistUSD - C Acc GBP Lazard EmergingWorld Fund - A Acc USD - AAcc - BDistUSD - A DistEUR Lazard EmergingMarketsEquityFund - A Acc USD - AAcc - A Acc GBP - AAcc - A DistGBP - S Acc GBP - SDistGBP - A DistUSD - S Acc USD - SDistUSD - B Acc USD $172,228,407 $137,238,405 €192,103,826 $661,524,705 $104,663,818 $16,095,752 $57,053,919 £14,758,871 $18,080,184 £13,826,918 £26,107,300 $51,072,394 $13,828,137 £1,601,749 $6,462,253 £6,254,055 $4,649,849 $4,648,630 £3,835,906 $2,729,310 $3,033,079 $8,174,091 £5,033,569 Net Asset 31 March €891,494 €151,005 $871,713 $628,310 Value at £38,971 £35,866 2017 £695 – – – –

31 March2017 Participating Redeemable 115,870,198 65,685,171 19,810,557 47,393,885 13,445,694 Number of 6,010,348 1,633,202 8,300,000 3,922,339 5,666,367 shares in issue at 475,891 720,872 109,615 704,317 113,216 10,697 52,114 57,727 34,447 44,352 34,232 97,105 14,107 9,761 1,436 9,443 7,523 270 294 33 – – – – £149.7379 $124.0026 £108.3385 $119.8886 $134.9842 $104.8112 €105.1386 £144.5419 £121.8419 £112.0570 £151.9890 $193.4749 $190.3783 €117.6241 £122.1291 $116.7458 Net Asset Value per 31 March €91.3330 $92.3168 $83.5201 £21.2385 $27.6703 $25.6705 Share at $2.6220 $2.6780 $0.9848 £1.3178 £1.2833 $1.0776 $1.0284 $0.9033 2017 – – – –

$103,292,640 $280,151,458 €159,234,924 $488,957,367 $12,538,114 $16,134,119 £46,216,629 $16,000,133 £29,648,482 £10,751,773 $12,226,306 $13,075,765 $5,566,885 $4,326,453 £3,246,558 $3,107,573 $2,626,026 $4,751,868 Net Asset £340,524 $708,871 €616,897 €121,894 £192,915 $935,462 $227,566 31March Value at £17,959 £10,825 £8,990 2016 £504 £521 – – – –

31 March2016 Participating Redeemable 45,833,452 31,724,963 11,653,672 13,923,219 17,649,976 Number of 5,303,661 1,636,262 1,745,904 5,070,959 5,594,258 shares in issue at 388,308 110,090 713,761 51,866 35,578 36,177 11,319 83,289 17,907 3,018 7,545 7,409 1,341 2,041 2,960 199 125 33 97 – – – 4 –

Year ended31March 2017 (continued) £112.8133 $107.3322 $121.6060 £112.4358 $193.7116 £119.0206 $173.5429 $171.2143 Value per Net Asset 31 March $93.9527 €83.2657 €90.8812 £94.5091 £89.7407 £90.0620 $82.6440 $76.8786 £15.9099 $23.8534 $22.4166 €91.2048 £86.9484 £92.2261 $96.4231 Share at $2.2537 $2.3640 £0.9345 £0.9226 $0.8781 $0.8494 $0.7408 2016 – – – –

$476,398,688 €241,339,379 $606,049,135 $47,488,269 $33,107,112 £48,636,054 $19,658,636 £18,408,457 £35,176,571 $25,169,767 $10,570,078 $8,584,788 $5,803,918 €2,221,931 £6,006,464 $5,321,366 $3,619,790 £1,249,482 $2,196,115 Net Asset 31 March €131,517 £650,030 $986,743 $607,109 Value at £66,606 £21,187 £11,839 2015 £593 – – – – – – –

$125.3598 €114.0749 £106.2404 £104.7935 £102.7961 £103.1172 $207.7723 £125.8044 $188.1851 $186.9120 €111.1299 £102.7563 $110.7167 Net Asset Value per 31 March €96.3320 $95.2234 $90.9168 £18.1178 $28.1300 $26.6778 £95.0931 Share at $2.1287 $2.2881 £1.0214 £1.0270 $0.9905 $0.9755 $0.8410 2015 – – – – – – –

79 LAZARD GLOBAL ACTIVE FUNDS PLC 80 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc assets andliabilitiesinothercurrencies toUSD: Bond Fund are which prepared HighQuality inGBP).Sterling yearThe following endexchangehave rates beenusedtotranslate arewhich Fund, prepared Fund UKOmegaEquity inEURandLazard Equity andLazard Global Listed Infrastructure Lazard are prepared inJPY, Fund, European Lazard Equity Pan Lazard Fund European Equity Pan-European and Lazard Cap Fund Small The financial Fund statements are prepared Equity in Japanese USD Strategic (exceptwhich the financial for Lazard statements for 7. ExchangeRates For namechanges, share class pleaserefer toNote 13ofthefinancial statements. details. further for ******Reflecting thefinancial statementsNet Asset Value andNet Asset Value asat31March perShare 2017. refer toNote 15 Please *****Fund 2016. on 5July closed ****Fund on launched 30June2015. ***Fund on launched 1December2015. **Fund 2016. on launched 25February Fund Fund UKEquity UKOmegaEquity Lazard toLazard *Fund on 14October2015. changed itsnamefrom EUR - AAcc Fund Lazard EmergingMarketsCoreEquity 6. NetAssetValue (continued) Notes totheFinancialStatements - EA Acc GBP - A Acc USD - AAcc - EA Acc USD - A DistUSD - A Acc EUR - AAcc Lazard DevelopingMarketsEquityFund - A DistEUR - A Acc GBP - AAcc - A DistGBP - C Acc GBP - A Acc USD - AAcc - CDistUSD - A Acc USD - AAcc Lazard MENAFund - A DistGBP Lazard SterlingHighQualityBondFund - BDistGBP - A Acc EUR Hedged EUR - AAcc Lazard GlobalFixedIncomeFund - A Acc USD - AAcc - BDistUSD Colombian Peso Chinese Yuan Chilean Peso Canadian Dollar Brazilian Real Australian Dollar Exchange RatesagainstUSD €46,846,008 $47,536,520 $12,530,123 £68,383,595 $10,770,863 £4,175,884 $6,097,024 €8,197,523 £1,017,194 $4,053,420 £2,213,515 €5,317,330 $4,659,857 $4,086,451 Net Asset 31 March $211,304 Value at £54,980 2017 – –

31 March2017 Participating Redeemable Number of 5,635,402 1,316,576 shares in issue at 349,750 415,130 133,000 776,200 28,999 60,115 82,595 22,657 29,866 17,004 58,083 35,321 34,269 418 – – €133.9414 £144.0007 $101.4232 $114.5101 $135.7192 £131.5137 £130.1768 $131.9289 $119.2474 Net Asset Value per 31 March $94.2114 €10.5611 £12.1346 £12.3154 €91.5468 Share at $8.1810 $9.3262 2017 – –

31 March2017 €37,912,400 $10,896,723 €17,219,236 £50,259,565 $5,667,117 $8,787,764 €4,708,990 $9,768,716 $3,019,209 £2,423,965 €5,830,258 $5,726,844 $4,389,686 Net Asset £520,644 £761,968 662.10504 31March Value at £19,278 £56,029 2,893.87 $8,792 1.33364 3.17494 1.31085 6.8918 2016

31 March2016 Participating Redeemable Number of 1,969,205 5,865,806 1,471,294 shares in issue at 349,750 133,000 582,400 64,802 89,446 87,205 27,311 19,712 60,872 42,285 35,199 4,838 1,900 1,157 31 March2016 451

3,003.27 6.46761 1.29347 3.54401 1.29997 Year ended31March 2017

(continued) €108.3986 £107.6258 $110.5482 £124.2054 £122.9688 $135.4343 $124.7096 Value per Net Asset 31 March $87.4528 $98.2470 $81.9302 £10.1465 €95.7793 Share at €8.7443 €8.0855 £8.5682 £8.7377 $6.6395 $7.5991 - 2016

€46,890,556 $12,818,244 €47,691,697 €11,382,687 £85,393,267 $38,949,178 $4,291,300 £6,320,056 $2,555,387 £2,697,959 €5,983,062 $5,796,082 $4,402,919 Net Asset 31 March $111,367 Value at £39,034 £69,269 2015 – –

€134.0688 $101.9391 $126.0674 £127.8891 £126.6256 $132.6528 $124.9395 Net Asset Value per 31 March $96.3778 £10.2722 €94.9342 Share at €9.7237 €9.0477 £8.6827 £8.9354 $6.9508 $8.0099 2015 – –

The following yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toGBP: yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toEUR: 7. ExchangeRates(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Moroccan Dirham US Dollar Swiss Franc YenJapanese Euro Australian Dollar US Dollar Turkish Lira Swiss Franc Swedish Krona Pound Sterling Polish Zloty Norwegian Krone Danish Krone Pakistan Rupee Omani Rial Norwegian Krone New ZealandDollar Mexican Peso Malaysian Ringgit Kuwaiti Dinar Jordanian Dinar YenJapanese Israeli Shekel Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro PoundEgyptian Danish Krone Czech Koruna Exchange RatesagainstGBP Exchange RatesagainstEUR UAE Dirham Turkish Lira Tunisian Dinar Thai Baht Taiwan Dollar Swiss Franc Swedish Krona Korean WonSouth Rand South African Dollar Singapore Russian Ruble Romanian Leu Riyal Qatari Pound Sterling Polish Zloty Philippine Peso Exchange RatesagainstUSD(continued) 31 March2017 31 March2017 31 March2017 139.33765 104.83002 111.43001 288.73829 13,325.50 10.03507 18.83414 64.93502 18.05002 25.26622 34.36251 30.34252 13.40873 56.34188 50.17498 1,118.30 1.25045 1.63915 1.06958 3.89505 1.07057 9.54957 0.85536 4.23766 9.18651 7.43653 0.38498 8.58887 1.43053 4.42549 0.30501 0.70898 3.63049 7.77152 0.93494 6.95274 3.64165 2.27734 1.00092 8.92831 4.25667 3.64113 0.79971 3.96197 1.2516 1.1691 1.3973 3.673 31 March2016 31 March2016 31 March2016 161.54535 112.39501 275.70535 13,260.00 17.13776 35.17999 32.18399 14.70799 66.86002 46.04498 1,143.60 1.37635 1.26125 1.86845 1.13958 3.20872 1.09126 9.23826 0.79286 4.24139 9.42577 7.45055 8.27124 9.63052 3.90152 0.70963 3.75948 66.2225 7.75656 0.87751 8.87995 6.53795 23.7361 2.01346 0.95759 8.10669 1.34662 3.64141 0.69575 3.72187 Year ended31March 2017 1.4373 0.3851 1.4403 0.3022 2.8157 (continued) 3.673 - -

81 LAZARD GLOBAL ACTIVE FUNDS PLC 82 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc management processrisk since31March 2016. expectationsare andtheirlegalconstitutional managed regulations. inlinewithclient There updatesin the have beennomaterial remain consistent with their stated goals and objectives of product in terms characteristics, meaning that Funds and risk performance management the Investmentis thecentral bodyfor Managers’ investment platform. andmonitorsFunds all Itreviews to ensure they not available, AssetManagement LLC. Lazard Committee.The Head intotheOversight ofRiskreports Committee The Oversight ofoperationtherelevantInvestment Manager orwhereManagement isdelegatedtotherespective teamineitherthecountry risk There isaRiskManagement Team responsible management process overseeing therisk for oftheInvestment Managers. Risk theFunds. for andoversight ofrisk monitoring guidelines andlimits. The Directors delegatetotheManager delegatestotheInvestment whointurn Managersthe responsibilityfor guidelines andlimitssetoutintheProspectus aswell aseachInvestment Manager’s andSupplements owninvestment internal The Investment Managers are alsoresponsiblethattheFunds ensuring for are managedofeachFund’s withintheterms investment profile. andrisk performance asrequired inrelation totheFunds’ basisandmore Limited(the frequently Gulf and Lazard “Investment Managers”) on aquarterly Japan K.K.,Lazard Asset Management Pacific Lazard Co., Asset Management GmbH (Deutschland) Lazard AssetManagement Limited, Lazard The Board ofDirectors (the from reporting AssetManagement“Directors”) review LLC, Lazard should refer totheProspectus amore for inherent detaileddiscussion oftherisks ininvesting andSupplements intheFunds. invest.markets they in which andinvestors risks ofall isnotintended tobeacomprehensive information The following summary The Funds’ are which and associatedwiththefinancial ofrisk instruments investment types activities exposethemtothevarious 9. RiskManagementPoliciesandProcedures yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toJPY: 7. ExchangeRates(continued) Notes totheFinancialStatements Position oftherelevantFund attheendoffinancial year. theCompanyfor are deemedassetsoftheCompany. accountsThe balanceonisreflectedofFinancial thesecash on theStatement accounts,These cash collectionofsubscriptions, for heldwiththeGlobalSub-Custodian ofredemptions payment anddividends Money Regulations’). Providers andEnforcement) Act48(i))Investor 2013(Section MoneyRegulations Fund 2015for (the (Supervision Service ‘Investor requirementsof the new relating and redemption to the subscription collection accounts Bank of Ireland pursuant to the Central Cash account arrangements have beenputinplace inrespect oftheCompany andtheFunds asaconsequence oftheintroduction 2016. 1July Investor MoneyRegulations (IMR)took from effect Sub-Custodian”).(the “Global held by theFunds globalsub-custodian, isdepositedwiththenetwork oftheDepositary’s The BankofNew York MellonSA/NV may utiliseoneoftheFunds. ormore holdingcash sub-custodiansfor Depositary Asat31March 2017and31March 2016, cash asat31March withbanks. 2017and31Marchcurrent 2016comprise Cash atbankandoverdrafts depositsandoverdrafts The 8. CashatBank in Net toRedeemableParticipating AssetsAttributable balancesinothercurrencies Shareholders toUSD: ofComprehensive average ofChangesThe following exchange have Statement rates beenusedtotranslate Income andStatement Pound Sterling Japanese YenJapanese Euro US Dollar Pound Sterling Euro Average ExchangeRatesagainstUSD Exchange RatesagainstJPY 31 March2017 31 March2017 108.35091 0.76796 0.91195 0.00897 0.00718 0.00839 31 March2016 31 March2016 119.97481 0.66332 0.90564 0.00619 0.00781 Year ended31March 2017 0.0089

(continued) # Estimation basedon BETA only, otherfactors. all ignoring returns.years price ofweekly *BETA Emerging of Lazard World BETA’s weighted average of historical Fund from derived fund holdings, of underlying using 2 31 March2017 Market risesby30% Fund valuations asat31March 2017, changesare provided: estimatedmonetary is managed. Basedon theBETA values(predicted by Axioma’s models, risk withtheexceptionEmerging ofLazard World Fund) and The tablebelow presents analysis, ascenario eachFund a+30%change isappliedtoeachofthebenchmarks againstwhich inwhich other factors). all (ignoring thanoutperform tounderperform ismore likely a portfolio market, withaBETA aportfolio thanunderperform, ofgreater tooutperform than1.0ismore market, whileinafalling likely such comparison tothatofthebenchmark. withaBETA Aportfolio thanitsbenchmark. of1.5has50%more risk market price Inarising portfolio’sA factor that is used to assess an equity is BETA, risk market price expresses which the portfolio’s in risk market price were derivatives) designatedatfairvaluethrough (excluding profitof thesecurities orlossatthefinancial year end. are limited. whereof diversifiedthe construction market exposures or industry) features as portfolios capitalisation to (such certain All measurement entailstheactiveperformance management ofreturn, andcost. risk iscontrolled Relative-to-benchmark risk through basisinaccordance on adaily withtheFund’srisk investment objective, policiesandcore philosophy. The core philosophy oftotal investment impact have on will amaterial theCompanyparticular iscontrolled. The Investment Managers manage theFunds’ market itsinvestments in securities. from arising risk theportfolio,exposed tomarket Bydiversifying price change ofa thataprice therisk oritsissuer,the individualfinancial instrument tradedinthemarket. orfactorssimilarfinancial affecting instruments The Funds are risk), orcurrency interest risk rate from whetherthosechanges areby (otherthanthosearising market caused factors prices specific to ofchangesin fluctuatebecause thatthefairvalueorfutureflows will ofafinancial istherisk cash instrument risk Market price (i) MarketPriceRisk movements. interest movements. rate Itrepresents thepotentiallossFunds through mightsuffer holdingmarket positions intheface ofmarket price, from aboutfuture heldspecifically and valuesoffinancial currency instruments uncertainty from mainly arises Market risk Market Risk thatexistedat31Marchconsistent 2016. withtherisks outlineprocedures paragraphs tomanageThe following themarket, undertaken oftheFunds. risks credit andliquidity These are 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard MENAFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard Emerging World Fund* Lazard GlobalFund Thematic Lazard GlobalEquityIncomeFund Lazard GlobalEquitySelectFund Lazard GlobalEquityFranchise Fund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalManaged Volatility Fund EquityFund Lazard GlobalStrategic Lazard Pan-European Fund SmallCap Lazard Pan EuropeanEquityFund Lazard EuropeanEquityFund Fund Lazard USEquityConcentrated EquityFund Strategic Lazard Japanese Lazard UKOmegaEquityFund Currency USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP EUR EUR EUR JPY Beta 0.77 0.91 0.97 1.01 0.84 0.95 0.97 0.97 0.96 0.83 0.96 0.86 0.39 1.00 0.97 1.01 1.09 1.03 Initial Value 1,100,964 1,343,815 2,190,541 106,532 121,491 158,423 182,578 539,192 21,114 73,339 12,934 49,228 44,788 (‘000) 4,053 7,505 9,298 3,095 3,085 New Value 1,434,955 1,502,989 2,909,259 135,588 156,779 203,757 228,303 678,061 12,000 26,443 94,542 16,660 64,001 58,400 (‘000) 4,987 9,695 3,997 4,036 Year ended31March 2017 (continued) # 333,991 138,870 159,174 718,718 29,056 35,288 45,334 21,203 45,725 14,772 13,613 (‘000) 2,190 2,701 5,329 3,726 Gain 934 902 951 #

83 LAZARD GLOBAL ACTIVE FUNDS PLC 84 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc by strengtheningof thebasecurrency instantaneously 5%(relative othercurrencies) toall asat31March 2017and31March 2016. The tables on the next page provide the exposure to different currencies, and a Fund) denominated oftheportfolio, inthebasecurrency invest insecurities only risk. sobearnosignificant currency Three oftheFunds Fund, UKOmegaEquity Bond (Lazard HighQuality Concentrated Fund USEquity Sterling Lazard andLazard management policy. source ofreturn, exposures are managed relative totheappropriate benchmark. For otherportfolios, there isnoexplicitcurrency exposure. currency tozero) exchange contracts (orclose tomaintainzero For exposure currency which isacritical for thoseportfolios For ishedged out, risk currency inwhich portfolios ismanaged foreign by currency risk thecurrency regular rebalancing oftheforward foreign exchange currency contracts. on forward Fund’s assetsthatare denominated incurrencies otherthanitsown currency. Currencies losses may away alsomove insuch astocause relative currency reporting to other currencies may change in a manner that has an adverse onof the effect the value of the portion hedgingpurposes.investment and/orshare views class Consequently, theFunds arethattheexchange ofits rate exposedtorisks investor). Furthermore, theFunds ofimplementing foreignexchange currency contracts thepurpose for may invest inforward The Funds may invest denominated in currencies in securities other than its functional (or, currency indeed, of the the currency (ii) Foreign Currency Risk uses thecommitment approach tomeasure globalexposure foreignexchange theFunds currency contracts. for holdforward which foreign exchange currency contracts inthePortfolio heldasat31March 2017are included forward ofInvestments. The Company of theFunds foreign exchange currency contracts portfolio, for useforward hedgingandinvestment share purposes. class Details of management purposes.The Company efficient for use does financial not portfolio currently instruments derivative However, a number A -30%change would have anequalbutoppositeeffect. # Estimation basedon BETA only, otherfactors. all ignoring returns.years price ofweekly *BETA Emerging of Lazard World BETA’s weighted average of historical Fund from derived fund holdings, of underlying using 2 31 March2016 Market risesby30% 2016: For ofcomparison, thepurpose using valuations andBETA thetablebelow shows anequivalentanalysis estimatesasat31March (i) MarketPriceRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard MENAFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard Emerging World Fund* Lazard GlobalFund Thematic Lazard Fund GlobalEx-Japan Thematic Lazard GlobalEquityIncomeFund Lazard GlobalEquitySelectFund Lazard GlobalEquityFranchise Fund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalManaged Volatility Fund EquityFund Lazard GlobalStrategic Lazard Pan-European Fund SmallCap Lazard Pan EuropeanEquityFund Lazard EuropeanEquityFund Fund Lazard USEquityConcentrated EquityFund Strategic Lazard Japanese Lazard UKOmegaEquityFund Currency USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP EUR EUR EUR JPY Beta 0.89 1.04 0.91 0.99 0.85 0.96 0.95 0.95 0.92 0.97 0.83 0.90 0.86 0.74 0.93 0.95 0.96 1.10 1.03 Initial Value 3,757,448 108,128 758,569 349,686 109,987 773,584 69,304 18,627 16,134 10,909 16,327 24,432 51,999 scenario that shows the impact scenario currency-sensitivity (‘000) 3,019 6,975 5,035 6,056 9,831 2,236 New Value 4,991,941 141,863 983,863 450,836 137,351 944,665 88,224 23,393 20,719 13,848 12,367 20,888 31,385 66,943 (‘000) 3,825 8,954 6,421 7,812 2,928 Year ended31March 2017

(continued) # 1,234,493 225,295 101,149 171,081 18,920 33,736 27,364 14,944 (‘000) 4,766 4,585 2,939 1,979 1,386 1,756 2,536 4,560 6,952 Gain 806 692 # Turkish Lira Swiss Franc Swedish Krona Pound Sterling Polish Zloty Norwegian Krone Danish Krone Equity Fund Lazard European 31 March2016 Turkish Lira Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Danish Krone Equity Fund Lazard European 31 March2017 US Dollar Pound Sterling Equity Fund Lazard JapaneseStrategic 31 March2016 US Dollar Pound Sterling Equity Fund Lazard JapaneseStrategic 31 March2017 assetsandliabilities. andnon-monetary monetary liabilities.other amountsrepresented assetsandmonetary below relate both tomonetary includes calculation analysis The sensitivity exception ofinvestments heldby GlobalFixed Lazard Income assets. Fund fixed andare income include securities monetary which All equitiesandinvestment funds, include assetswhich Investments relate amountsrepresented tonon-monetary below primarily withthe (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments Investments 12,746,333 10,965,945 6,363,411 2,207,146 2,731,933 4,990,238 1,931,246 1,201,855 2,215,595 947,472 496,371 627,011 EUR EUR JPY JPY – – – – – – – – – Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward owr Currency Forward 3,244,709,322 1,250,393,617 1,994,315,705 817,584,618 799,597,697 17,986,921 EUR EUR JPY JPY – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other Net Other 177,241 145,715 247,226 (26,402) 185,458 100,686 100,682 22,069 56,187 31,983 1,312 8,135 EUR EUR JPY JPY 10 – – – – – – – 4 3,244,709,322 1,250,393,617 1,994,315,705 817,685,304 799,698,379 12,923,574 11,213,171 17,986,925 6,363,411 2,229,215 2,740,068 4,990,238 2,116,704 1,258,042 2,247,578 Year ended31March 2017 947,472 642,086 627,011 (26,402) (continued) 1,312 Total Total Total Total EUR EUR JPY JPY 10 Movement Movement Movement Movement Sensitivity Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 62,519,681 99,715,785 39,984,919 318,171 111,461 137,003 249,512 105,835 112,379 899,346 Impact Impact Impact Impact 47,374 32,104 31,351 (1,320) 62,902 EUR EUR JPY JPY 66 1

85 LAZARD GLOBAL ACTIVE FUNDS PLC 86 LAZARD GLOBAL ACTIVE FUNDS PLC US Dollar Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Danish Krone Cap Fund Lazard Pan-European Small 31 March2016 US Dollar Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Danish Krone Cap Fund Lazard Pan-European Small 31 March2017 US Dollar Turkish Lira Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Danish Krone Equity Fund Lazard Pan European 31 March2016 Turkish Lira Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Danish Krone Equity Fund Lazard Pan European Lazard Global ActiveFundsplc 31 March2017 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments Investments 27,711,223 16,968,319 10,233,211 8,776,172 1,695,776 5,711,896 1,537,952 5,935,822 1,219,665 1,505,013 2,123,064 5,896,648 1,001,571 1,142,004 120,824 577,316 348,076 322,284 544,452 355,013 856,915 257,945 624,017 109,691 26,085 98,347 25,919 EUR EUR EUR EUR – – Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward owr Currency Forward (22,216) (32,968) 40,075 31,415 10,752 5,091 5,091 8,660 EUR EUR EUR EUR – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other Net Other (19,133) (28,181) 37,178 12,388 13,813 61,759 12,951 33,727 (7,158) 22,239 2,044 2,044 7,522 1,526 2,730 5,901 2,346 EUR EUR EUR EUR – – – – – – – – – – – – 27,732,165 16,984,501 10,270,389 8,783,307 1,695,776 5,719,031 1,537,952 5,939,056 1,219,665 1,506,539 2,123,064 5,902,549 1,003,917 1,181,547 Year ended31March 2017 120,824 577,316 348,076 322,284 544,452 355,013 870,728 257,945 111,298 624,776 113,285

12,388 26,085 48,158 (continued) 2,730 Total Total Total Total EUR EUR EUR EUR Movement Movement Movement Sensitivity Movement Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 285,952 296,953 849,225 106,153 295,127 Impact Impact Impact Impact 28,866 84,789 17,404 16,114 27,223 76,898 60,983 75,327 17,751 43,536 50,196 12,897 31,239 6,041 1,304 5,565 2,408 5,664 EUR EUR EUR EUR 137 619 Pound Sterling Norwegian Krone New ZealandDollar Japanese YenJapanese Israeli Shekel Hong Kong Dollar Euro Danish Krone Canadian Dollar Australian Dollar Volatility Fund Lazard GlobalManaged 31 March2017 Taiwan Dollar Swiss Franc South African Rand South African Pound Sterling Philippine Peso Norwegian Krone New ZealandDollar Japanese YenJapanese Indonesian Rupiah Hong Kong Dollar Euro Danish Krone Australian Dollar Equity Fund Lazard GlobalStrategic 31 March2016 Taiwan Dollar Swiss Franc South African Rand South African Pound Sterling Philippine Peso Norwegian Krone New ZealandDollar Japanese YenJapanese Israeli Shekel Indonesian Rupiah Euro Danish Krone Australian Dollar Equity Fund Lazard GlobalStrategic 31 March2017 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments 19,604,330 10,753,964 13,462,777 7,000,564 2,337,135 1,645,271 7,429,144 7,228,602 2,809,841 4,941,672 1,988,102 4,937,342 1,486,137 188,607 236,732 354,248 115,898 103,076 677,024 140,212 596,628 195,613 196,626 413,372 131,811 341,885 103,371 205,246 638,223 178,592 823,673 301,041 185,149 78,818 70,088 64,965 63,877 USD USD USD – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward 15,898,711 (18,070) (28,196) (4,051) (2,855) 23,040 23,040 USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other 184,552 31,138 45,458 36,768 86,377 10,577 42,033 46,102 59,039 12,811 37,246 20,534 (5,083) 17,132 9,935 3,857 3,442 1,001 3,192 1,408 3,373 (490) USD USD USD 548 621 512 – – – – – – – – 2 – – – 1 22,930,413 19,784,831 10,793,142 13,480,683 2,382,593 1,645,271 7,465,912 7,296,909 2,820,418 5,000,711 2,000,913 4,980,916 1,504,094 Year ended31March 2017 188,607 236,734 354,796 115,898 140,322 680,881 140,212 597,249 196,125 200,068 413,372 131,812 342,886 120,503 205,246 641,415 178,592 825,081 304,414 184,659 (continued) 78,818 70,088 64,965 63,877 9,935 Total Total Total USD USD USD Movement Movement Sensitivity Movement Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,146,521 119,130 989,242 373,296 364,845 141,021 539,657 674,034 100,046 Impact Impact Impact 82,264 11,837 17,740 34,044 29,862 10,003 20,669 17,144 75,205 10,262 32,071 41,254 15,221 9,430 5,795 7,016 3,941 3,504 7,011 9,806 6,591 3,248 6,025 8,930 3,194 9,233 USD USD USD 497

87 LAZARD GLOBAL ACTIVE FUNDS PLC 88 LAZARD GLOBAL ACTIVE FUNDS PLC US Dollar Swiss Franc Japanese YenJapanese Euro Australian Dollar Infrastructure EquityFund Lazard GlobalListed 31 March2016 US Dollar Swiss Franc Japanese YenJapanese Euro Australian Dollar Infrastructure EquityFund Lazard GlobalListed 31 March2017 Swiss Franc Swedish Krona Singapore Dollar Singapore Pound Sterling Norwegian Krone New ZealandDollar Japanese YenJapanese Israeli Shekel Hong Kong Dollar Euro Danish Krone Canadian Dollar Australian Dollar Volatility Fund Lazard GlobalManaged 31 March2016 Swiss Franc Swedish Krona Volatility Fund(continued) Lazard GlobalManaged Lazard Global ActiveFundsplc Dollar Singapore 31 March2017(continued) (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements 1,212,867,344 Investments Investments Investments Investments 735,850,331 251,445,647 384,635,230 229,965,670 806,343,736 176,557,938 12,683,312 87,086,142 53,668,655 10,387,104 83,356,512 1,680,281 3,687,546 9,512,513 1,883,949 1,981,167 6,059,238 2,709,466 6,406,425 7,332,816 4,887,252 1,846,075 4,351,557 908,274 498,492 621,384 GBP GBP USD USD – – – Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward owr Currency Forward (453,095,693) (759,788,801) (160,919,245) (212,437,657) (554,041,845) (188,188,311) (86,771,757) (51,731,810) (3,372,599) 10,405,565 13,765,145 20,408,020 36,896,133 36,966,592 15,838,566 (42,944) (15,237) (10,765) (1,513) (6,973) GBP GBP USD USD – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) (2,864,777) (2,564,615) (1,192,535) (3,880,865) 2,930,078 Net Other Net Other Net Other (607,649) Net Other 219,423 571,476 444,613 319,713 116,418 501,756 24,929 42,956 14,630 37,619 57,541 3,592 9,418 7,264 5,346 8,811 GBP GBP USD USD (1) – – – – – – 5 282,146,989 171,005,038 450,213,766 174,352,995 (11,185,760) 252,873,367 87,961,787 12,240,791 10,405,565 13,765,144 20,408,020 90,884,501 38,646,873 10,488,285 99,696,834 3,687,546 9,520,418 1,908,878 1,981,179 6,073,868 2,716,730 6,433,279 7,390,357 4,887,257 1,847,913 4,351,557 Year ended31March 2017 533,808 911,866 498,492 626,730

(continued) Total Total Total Total GBP GBP USD USD Movement Movement Movement Movement Sensitivity Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 12,643,668 4,398,089 8,550,252 8,717,650 1,020,401 1,932,344 (559,288) 612,040 520,278 688,257 184,377 476,021 524,414 303,693 135,837 321,664 369,518 244,363 217,578 Impact Impact Impact Impact 26,690 45,593 95,444 99,059 24,925 31,337 92,396 GBP GBP USD USD Thai Baht Swiss Franc Swedish Krona South African Rand South African Pound Sterling Norwegian Krone Japanese YenJapanese Euro Danish Krone Select Fund Lazard GlobalEquity 31 March2016 Swiss Franc Swedish Krona South African Rand South African Pound Sterling Norwegian Krone Japanese YenJapanese Israeli Shekel Hong Kong Dollar Euro Danish Krone Canadian Dollar Brazilian Real Select Fund Lazard GlobalEquity 31 March2017 Euro Australian Dollar Franchise Fund Lazard GlobalEquity 31 March2016 Pound Sterling Euro Australian Dollar Franchise Fund Lazard GlobalEquity 31 March2017 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments Investments 20,785,906 17,403,467 1,807,848 3,434,246 1,320,694 1,104,376 3,382,439 116,640 107,245 392,590 306,161 673,796 112,907 241,518 909,600 494,798 264,973 704,106 169,558 306,455 187,209 216,318 37,698 37,730 23,081 74,931 65,341 15,757 USD USD USD USD – – Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward owr Currency Forward (116,818) (116,818) (16,349) 12,852 15,189 15,684 8,722 2,221 2,071 4,728 2,053 (495) USD USD USD USD 698 448 – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other Net Other (12,347) (15,684) (2,221) (1,836) 19,859 (1,407) (1,718) 1,816 6,615 5,078 1,807 1,632 (846) (698) (697) USD USD USD USD 219 239 642 971 514 23 23 – – – – – – – 2 20,669,111 17,403,467 1,815,724 3,451,251 1,320,694 1,104,376 3,382,439 (116,795) Year ended31March 2017 116,640 107,480 396,100 309,482 674,301 113,242 241,757 916,215 499,876 264,973 705,077 171,365 307,592 187,723 216,318 (continued) 37,000 37,731 23,748 74,931 65,343 15,757 Total Total Total Total USD USD USD USD 642 Movement Movement Movement Movement Sensitivity Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 870,173 169,122 Impact Impact Impact Impact 19,805 15,474 33,715 12,088 45,811 24,994 13,249 35,254 15,380 55,219 10,816 (5,840) 1,850 5,832 5,374 1,887 1,187 5,662 3,747 3,267 8,568 9,386 USD USD USD USD 788 32

89 LAZARD GLOBAL ACTIVE FUNDS PLC 90 LAZARD GLOBAL ACTIVE FUNDS PLC Swiss Franc Pound Sterling Euro Ex-Japan Fund* Lazard ThematicGlobal 31 March2017 Turkish Lira Thai Baht Swiss Franc Swedish Krona South African Rand South African Pound Sterling Norwegian Krone Mexican Peso Japanese YenJapanese Hong Kong Dollar Euro Canadian Dollar Brazilian Real Australian Dollar Income Fund Lazard GlobalEquity 31 March2016 Turkish Lira Thai Baht Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Mexican Peso Japanese YenJapanese Israeli Shekel Indian Rupee Hong Kong Dollar Euro Canadian Dollar Brazilian Real Australian Dollar Income Fund Lazard GlobalEquity Lazard Global ActiveFundsplc *Fund 2016. on 5July closed 31 March2017 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments 2,977,389 3,717,787 1,336,313 162,236 349,728 209,437 127,862 444,203 896,754 145,027 223,730 103,549 246,951 431,053 210,850 279,524 184,296 336,347 171,041 53,017 72,901 53,374 99,642 50,083 89,395 50,319 52,540 73,884 54,747 98,331 88,042 USD USD USD – – – – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward 698,254 (10,800) 678,517 975,931 952,689 30,782 21,781 1,461 (245) USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other (29,320) (18,185) 22,667 11,274 31,680 5,285 5,519 2,117 2,985 1,211 1,474 5,277 4,986 2,062 5,391 (236) USD USD USD (24) 323 923 446 (1) – – – – – 2 – – – – – – – – 3,698,310 1,606,951 4,693,694 2,294,393 Year ended31March 2017 164,353 100,116 349,728 210,899 127,862 444,203 145,705 225,204 103,549 253,689 431,052 215,836 283,120 184,296 336,347 171,041

53,017 72,901 56,359 51,294 89,718 50,319 52,540 73,884 56,809 98,777 88,042 5,285 (continued) 5,519 (236) Total Total Total USD USD USD 2 Movement Movement Sensitivity Movement Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 114,720 Impact Impact Impact 17,486 10,545 22,210 80,348 11,260 12,684 21,553 10,792 14,156 16,817 2,651 8,218 3,645 2,818 5,006 6,393 2,565 4,486 7,285 2,516 2,627 5,177 3,694 9,215 2,840 4,939 8,552 4,402 USD USD USD (12) 276 – Turkish Lira Swedish Krona South African Rand South African Pound Sterling Hong Kong Dollar Brazilian Real Lazard EmergingWorld Fund 31 March2017 Swiss Franc Swedish Krona Pound Sterling Japanese YenJapanese Hong Kong Dollar Euro Canadian Dollar Lazard ThematicGlobalFund 31 March2016 Swiss Franc Swedish Krona Pound Sterling Japanese YenJapanese Hong Kong Dollar Euro Canadian Dollar Lazard ThematicGlobalFund 31 March2017 Swiss Franc Swedish Krona Pound Sterling Hong Kong Dollar Euro Canadian Dollar Ex-Japan Lazard ThematicGlobal 31 March2016 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Fund Investments Investments Investments Investments 105,714,373 15,506,988 11,942,169 17,933,800 28,691,523 18,860,222 25,433,853 40,376,670 11,516,938 1,418,309 1,586,092 7,884,303 2,320,470 4,590,202 3,952,079 1,554,826 7,679,759 7,754,327 6,892,536 1,026,205 3,765,258 1,172,270 256,664 216,653 381,602 114,763 910,914 946,214 239,495 87,101 USD USD USD USD Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward owr Currency Forward 914,938 699,952 214,986 17,220 14,816 2,404 3,961 3,961 USD USD USD USD – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other Net Other (581,283) (430,539) (206,558) 605,785 205,741 124,474 217,838 (1,909) (2,404) 57,732 54,567 86,366 66,619 15,578 3,738 7,395 1,247 4,167 USD USD USD USD 497 159 – – – – – – – – – 2 106,324,119 15,527,946 11,964,380 18,062,235 28,909,361 18,860,222 25,491,585 40,710,325 11,518,185 1,418,468 1,584,183 7,884,303 2,526,211 4,590,202 3,952,079 1,824,239 7,688,187 7,808,894 6,892,536 1,026,205 3,851,624 1,187,848 Year ended31March 2017 256,664 217,150 381,604 181,382 915,081 946,214 239,495 (continued) 87,101 Total Total Total Total USD USD USD USD Movement Movement Movement Sensitivity Movement Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,445,468 1,274,579 598,219 394,215 126,311 903,112 943,011 229,510 197,604 384,409 390,445 344,627 575,909 Impact Impact Impact Impact 12,833 10,858 70,923 79,209 91,212 51,310 19,080 45,754 47,311 59,392 11,975 4,355 9,069 USD USD USD USD

91 LAZARD GLOBAL ACTIVE FUNDS PLC 92 LAZARD GLOBAL ACTIVE FUNDS PLC Turkish Lira Thai Baht South Korean WonSouth South African Rand South African Pound Sterling Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Brazilian Real Equity Fund Lazard EmergingMarkets 31 March2016 Turkish Lira Thai Baht South Korean WonSouth South African Rand South African Pound Sterling Pakistani Rupee Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Brazilian Real Equity Fund Lazard EmergingMarkets 31 March2017 Turkish Lira Swedish Krona South African Rand South African Pound Sterling Hong Kong Dollar Canadian Dollar Brazilian Real Lazard EmergingWorld Fund Lazard Global ActiveFundsplc 31 March2016 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments 491,263,900 100,194,085 730,325,708 144,446,132 109,967,826 123,265,458 35,166,805 21,300,280 59,254,781 15,097,643 36,240,320 73,103,116 14,714,527 67,161,229 64,105,689 52,577,929 16,008,904 92,543,866 19,181,084 16,611,068 38,011,702 20,073,247 90,687,519 13,494,841 4,925,425 6,950,973 9,815,759 2,458,056 322,991 179,165 672,524 46,346 USD USD USD – – – – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward (1,965,968) 7,157,075 1,821,114 1,371,228 2,636,069 8,078,333 1,615,168 1,425,708 5,586,633 (267,515) 159,593 137,435 111,515 208,041 712,080 547,425 804,081 337,072 (4,271) 86,865 86,865 USD USD USD – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) (13,280,839) (4,062,193) (1,372,580) (2,636,001) (1,354,135) (1,005,459) (1,609,076) (1,425,466) (5,190,667) Net Other Net Other Net Other (111,515) (208,039) (478,590) (319,963) (805,142) (804,611) (123,303) (214,526) (337,072) (76,254) (28,021) 403,710 189,822 (32,554) 211,587 (97,312) (86,882) 10,081 5,893 USD USD USD (12) 547 – – – – – – 494,358,782 101,987,178 725,123,202 143,636,719 108,358,750 123,661,424 35,570,515 21,649,695 59,253,429 15,097,643 36,207,766 73,314,703 14,714,527 67,161,297 64,339,179 52,805,391 15,911,592 92,804,899 18,175,625 16,610,538 37,797,176 20,073,247 (1,965,968) 90,687,761 13,505,452 4,925,427 6,827,670 9,815,759 2,458,056 (261,622) Year ended31March 2017 137,423 322,991 179,712 672,507

10,081 46,346 (continued) Total Total Total USD USD USD Movement Movement Movement Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,778,526 1,082,485 5,099,359 2,962,671 1,810,388 3,665,735 3,358,065 3,216,959 2,640,270 7,181,836 4,640,245 1,889,859 5,417,938 1,003,662 4,534,388 6,183,071 754,882 246,271 735,726 795,580 (13,081) 908,781 830,527 341,384 (98,298) 490,788 122,903 Impact Impact Impact 16,150 33,625 6,871 8,986 2,317 USD USD USD 504 Hong Kong Dollar Euro Colombian Peso Canadian Dollar Brazilian Real Equity Fund Lazard DevelopingMarkets 31 March2017 UAE Dirham Turkish Lira Thai Baht Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Philippine Peso Mexican Peso Indonesian Rupiah Hong Kong Dollar Czech Koruna Brazilian Real Core EquityFund Lazard EmergingMarkets 31 March2016 UAE Dirham Turkish Lira Thai Baht Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Philippine Peso Mexican Peso Indonesian Rupiah Hungarian Forint Hong Kong Dollar Euro Czech Koruna Brazilian Real Core EquityFund Lazard EmergingMarkets 31 March2017 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments 21,106,729 46,769,230 11,957,327 68,891,473 16,891,513 15,426,636 1,866,037 1,333,518 2,233,591 3,502,020 4,650,555 8,014,985 2,011,921 1,446,765 2,102,407 6,982,823 1,024,483 1,754,236 2,070,223 2,650,371 6,771,067 5,073,930 1,702,828 2,365,929 3,886,128 1,655,148 1,081,484 1,412,468 6,952,303 573,470 897,879 512,658 575,459 951,445 USD USD USD – – – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward (43,111) (40,595) (14,230) (28,881) (42,546) 59,413 1,951 USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other (59,411) 146,050 286,714 200,854 59,349 17,569 20,829 28,881 30,775 24,011 11,039 7,861 1,620 9,941 6,570 1,522 5,436 6,510 USD USD USD 659 (3) – – – – – – – – – – – – – – – – – 21,106,731 46,872,169 11,957,327 69,137,592 17,092,367 15,426,636 1,866,037 1,334,177 2,233,591 3,509,881 4,650,555 8,074,334 2,029,490 1,432,535 2,102,407 6,982,823 1,045,312 1,764,177 2,070,223 2,656,941 6,771,067 5,104,705 1,660,279 2,371,365 3,886,128 1,681,110 1,081,484 1,412,468 6,963,342 Year ended31March 2017 573,470 897,879 512,658 575,459 951,445 (continued) 1,620 1,522 6,510 Total Total Total USD USD USD Movement Movement Sensitivity Movement Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,055,337 111,680 175,494 232,528 403,717 101,475 105,120 349,141 597,866 103,511 132,847 338,553 854,618 255,235 118,568 194,306 771,332 348,167 Impact Impact Impact 93,302 28,674 44,894 66,709 25,633 71,627 52,266 28,773 88,209 47,572 83,014 84,056 54,074 70,623 USD USD USD 326 81 76

93 LAZARD GLOBAL ACTIVE FUNDS PLC 94 LAZARD GLOBAL ACTIVE FUNDS PLC UAE Dirham Qatari Riyal Qatari Pound Sterling Omani Rial Kuwait Dollar Jordanian Dinar Egyptian PoundEgyptian Lazard MENAFund 31 March2017 Turkish Lira Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Mexican Peso Indonesian Rupiah Indian Rupee Hong Kong Dollar Colombian Peso Canadian Dollar Brazilian Real Equity Fund Lazard DevelopingMarkets 31 March2016 Turkish Lira Taiwan Dollar South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Philippine Peso Mexican Peso Indonesian Rupiah Equity Fund(continued) Lazard DevelopingMarkets Lazard Global ActiveFundsplc Indian Rupee 31 March2017(continued) (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments 67,768,259 23,433,640 69,430,892 11,847,647 2,120,542 5,404,797 8,484,756 7,736,215 1,904,480 2,930,344 2,172,294 8,925,748 1,168,335 1,128,089 2,716,837 3,872,425 9,639,983 2,386,351 1,797,498 3,256,094 9,217,232 623,101 196,178 478,457 137,442 548,824 912,024 850,700 858,603 777,426 83,770 52,770 USD USD USD – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward (176,686) (169,833) (6,853) 59,413 USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other 276,637 169,833 145,626 97,163 11,689 75,274 70,914 24,185 82,770 25,708 86,047 6,759 3,441 7,056 4,647 9,562 USD USD USD 291 – – – – – – – – – – – – – – – 2 67,868,210 23,433,642 69,635,931 11,930,417 2,217,705 5,404,797 8,484,756 7,807,129 1,904,480 2,930,344 2,172,294 8,930,395 1,168,335 1,128,089 2,734,169 3,872,425 9,639,983 2,412,059 1,797,498 3,342,141 9,217,232 Year ended31March 2017 634,790 202,937 553,731 137,442 552,265 912,024 857,756 858,603 777,717

83,770 52,770 (continued) 9,562 Total Total Total USD USD USD Movement Movement Movement Sensitivity Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,171,682 270,240 424,238 390,356 146,517 108,615 446,520 136,708 193,621 481,999 596,521 120,603 167,107 460,862 Impact Impact Impact 31,740 10,147 27,687 27,613 95,224 45,601 42,888 58,417 56,404 42,930 38,886 89,875 4,189 2,639 6,872 USD USD USD 478 Indian Rupee Hungarian Forint Euro Czech Koruna Chinese Yuan Chilean Peso Canadian Dollar Australian Dollar Income Fund Lazard GlobalFixed 31 March2016 Swiss Franc Swedish Krona South Korean WonSouth Singapore Dollar Singapore Romanian NewLeu Pound Sterling Polish Zloty Philippine Peso Norwegian Krone New ZealandDollar Mexican Peso Japanese YenJapanese Indonesian Rupiah Indian Rupee Hungarian Forint Euro Danish Krone Czech Koruna Chinese Yuan Chilean Peso Canadian Dollar Australian Dollar Income Fund Lazard GlobalFixed 31 March2017 UAE Dirham Qatari Riyal Qatari Omani Rial Kuwait Dollar Jordanian Dinar Egyptian PoundEgyptian Lazard MENAFund 31 March2016 (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments 1,870,970 7,688,586 1,684,535 202,556 319,949 185,402 884,588 772,206 643,536 212,930 838,231 454,505 194,121 621,156 774,432 349,149 247,673 286,840 959,167 220,176 192,106 634,844 988,688 506,875 174,958 644,479 204,588 71,032 77,570 76,065 USD USD USD – – – – – – – – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward 8,887,061 6,185,825 2,471,882 7,941,383 (353,865) (185,848) (473,323) (381,493) (636,668) (204,637) (420,456) (102,733) (619,374) (670,908) (306,943) (248,022) (287,128) (207,818) (190,170) (278,173) (794,596) 287,447 217,890 (50,334) 188,294 17,095 96,889 USD USD USD – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other 108,824 101,211 61,712 26,575 10,616 19,033 13,269 10,372 16,541 22,417 70,489 5,488 1,692 1,524 7,498 3,396 2,704 8,877 7,300 2,517 7,200 1,630 1,520 5,858 7,339 8,271 USD USD USD 324 925 20 19 34 – – – – – – – 10,784,606 13,983,235 2,471,882 8,917,091 1,785,746 Year ended31March 2017 208,044 418,763 401,329 287,447 217,890 806,930 116,793 188,294 362,529 201,431 515,146 174,958 666,896 275,077 (continued) 27,796 18,787 96,889 37,445 94,092 10,659 49,506 73,549 10,084 13,988 77,570 76,099 1,078 7,192 9,218 6,851 3,456 Total Total Total USD USD USD 20 19 Movement Movement Sensitivity Movement Sensitivity Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 539,230 123,594 445,855 Impact Impact Impact 10,402 20,938 20,066 14,372 10,895 40,347 18,126 10,072 25,757 33,345 13,754 1,390 4,844 1,872 4,705 5,840 2,475 3,677 9,415 3,879 8,748 3,805 USD USD USD 939 360 461 533 343 504 699 173 54 1 1

95 LAZARD GLOBAL ACTIVE FUNDS PLC 96 LAZARD GLOBAL ACTIVE FUNDS PLC Swedish Krona South Korean WonSouth Singapore Dollar Singapore Pound Sterling Polish Zloty Philippine Peso Norwegian Krone New ZealandDollar Mexican Peso Malaysian Ringgit Income Fund(continued) Lazard GlobalFixed 31 March2016 31 March2017 Lazard GlobalFixed IncomeFund Lazard SterlingHighQualityBondFund Lazard GlobalFixed IncomeFund Lazard SterlingHighQualityBondFund Lazard Global ActiveFundsplc YenJapanese 31 March2016(continued) (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements movements inbond yields. andnotintendedtobepredictive. ishypothetical analysis This sensitivity havewill additional impacts on assetprices. Furthermore, tobeusedestimatethe impact ofsmall isintendedonly thisanalysis This isasimplisticapproximation factor, ofanimportant alsolikely, curve withchangesinsteepness intheyield and twists which A 1basispointdecrease would have anequal butoppositeeffect. inunison). moving rates. (interestmaturities ofall rates curve oftheyield shift isbasedon parallel asmall analysis The sensitivity risk.rate ofa1basispoint(0.01percent)increase Alsoshown inthetableisestimatedimpact ininterest on theportfolio The tablebelow provides modified duration numbersasat31March 2017and31Marcheach oftheFunds 2016for thatbearinterest value, theminussign)inportfolio (excluding associatedwitha1%increase ininterest rates. A bond’s beexpressed tointerest ofmodified can interms rates duration, sensitivity gives which theestimatedpercentage change the Fund's investment objective, policiesandcore philosophy. of interest held within bond Funds. The Investment Managers manage theFunds’ basisinaccordance on interestadaily with risk rate prevailing interest rates. The Funds are through exposedtointerest risk itsinvestments withfixed rate insecurities andfloatingrates of changes in that the fair value or fluctuate futurebecause flows will is of afinancialthe risk Interest cash risk instrument rate (iii) Interest RateRisk hypothetical, through movements. potentiallossesthatcouldbecaused currency toillustrate andprovided only numbers shown in the previous tables, remain on other variables constant. the basis that all used in this section areThe scenarios A 5%weakening (againsttheothercurrencies) ofthebasecurrency would beexpectedtohave anequal andoppositeimpact on the Investments 9,713,325 1,153,503 1,011,584 594,199 519,127 675,052 686,134 838,055 Currency Currency USD – – – – USD USD GBP GBP Contracts andSpots owr Currency Forward Portfolio Value Portfolio Value 6,726,313 2,836,246 16,761 14,434 (568,253) (242,382) (483,700) (579,019) (994,525) (628,199) (781,088) (‘000) (‘000) 2,480 2,268 261,302 285,766 110,538 USD Assets/(Liabilities) Modified Modified Duration Duration 9.53 7.70 5.12 5.17 Net Other

194,529 29,129 12,392 11,550 13,127 1,619 3,175 8,412 USD – – – – Rates Riseby1BasisPoint Rates Riseby1BasisPoint -0.10% -0.08% -0.05% -0.05% Return expected ifInterest Return expected if Interest (%) (%) 16,634,167 2,836,246 Year ended31March 2017 261,302 285,766 940,250 104,445 110,538

27,565 38,602 29,451 69,485 70,094 (continued) Total USD Monetary Monetary (2,363) (1,747) (8,581) (7,462)

Movement Sensitivity 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 141,812 Impact 13,065 14,288 47,013 1,378 1,930 5,222 1,473 3,474 3,505 5,527 USD 31 March2016 shareholders Net assetsattributabletoRedeemableParticipating 31 March2017 follows: The interest profile rate ofthefinancial assetsandfinancial liabilitiesoftheFunds asat31March 2017and31March 2016are as (iii) Interest RateRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc securities have beenreceivedsecurities by thebroker. failstomeettheirobligations. failifeitherparty The tradewill minimal, made sold onceis only the broker of securities has received as delivery payment. Payment is made on a purchase once the usingapproved brokers. are securities settled upon delivery transactions transferable All involving ofdefaultisconsideredThe risk it hasentered intowitheach Fund. The Company isexposedtocredit viatheFunds risk thatinvest infixed income securities. failtodischargeanobligation will orcommitment orissuertoafinancial that instrument thatthecounterparty Credit istherisk risk Credit Risk For inmarket risk, thetablesincluded information. sensitivitiesare all basedon historical Lazard SterlingHighQualityBondFund Lazard SterlingHighQualityBondFund Financial fairvaluethroughprofitorloss assetsat Financial fairvaluethroughprofitorloss assetsat Other netreceivables Other netreceivables shareholders Net assetsattributabletoRedeemableParticipating 31 March2017 Lazard GlobalFixedIncomeFund Financial fairvaluethroughprofitorloss assetsat Financial fairvaluethroughprofitorloss liabilitiesat Other netreceivables shareholders Net assetsattributabletoRedeemableParticipating 31 March2016 Lazard GlobalFixedIncomeFund Financial fairvaluethroughprofitorloss assetsat Financial fairvaluethroughprofitorloss liabilitiesat Other netreceivables shareholders Net assetsattributabletoRedeemableParticipating Less than1year Less than1year Less than1year Less than1year 104,982 330,618 330,618 112,441 113,394 133,037 246,431 20,904 84,078 76,251 36,190 GBP GBP USD USD – – – 1 to5years 1 to5years 1 to5years 1 to5years 5,611,039 5,611,039 6,090,108 6,090,108 406,454 179,411 406,454 179,411 GBP GBP USD USD – – – – – – 5 to10years 5 to10years 5 to10years 5 to10years 6,885,973 6,885,973 8,506,249 8,506,249 647,487 269,476 647,487 269,476 GBP GBP USD USD – – – – – – Greater than10 Greater than10 Greater than10 Greater than10 1,096,412 1,693,765 1,096,412 1,693,765 1,610,209 1,610,209 1,664,377 1,664,377 Year ended31March 2017 (continued) years years years years GBP GBP USD USD – – – – – – Non interest Non interest Non interest Non interest (118,010) (374,838) 191,616 140,368 213,974 413,193 215,076 253,431 bearing bearing bearing bearing 13,160 13,160 6,724 6,724 GBP GBP USD USD – – 14,375,088 14,433,636 16,787,321 16,760,596 2,268,495 2,142,652 2,171,257 2,479,994 (118,010) (374,838) 337,342 176,558 348,113 97,238 Total Total Total Total GBP GBP USD USD

97 LAZARD GLOBAL ACTIVE FUNDS PLC 98 LAZARD GLOBAL ACTIVE FUNDS PLC Rating the Funds’ ofFinancial Statement Position. There were nopastdueorimpaired assetsasat31March 2017 or31March 2016. The extent of the Funds’ value as recorded exposure to credit in respect in risk of the financial statementsapproximates thecarrying deposits. term short for Custodian asat31March 2017and31March 2016had &Poor’s aStandard creditlongdepositsandA-1+ ofAA-for term rating thattheFunds use.Depositary &Poor’sThe Standard andtheGlobalSub- credit of theparent rating company oftheDepositary tobedelayed orlimited.Depositary The Funds by andfinancial monitor thecredit theirrisk monitoring position quality ofthe the Funds’ may cause by theDepositary or insolvency Bankruptcy held by with respectandthe securities the rights tothecash risk. are segregated reduces andprotected counterparty andthisfurther with respect to those securities, are preserved. oftheDepositary, orbankruptcy ofinsolvency Thus intheevent theFunds’ securities The Funds’ identified on theaccounting separately records are securities always oftheGlobalSub-Custodian, therefore therights, markets. behigherthaninorganisedsecurities and holdinginvestments markets generally insuch will sub-custodian, 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 indealingsuch andcustodyrisk circumstances, Incertain aFund may notbeable againstthirdits rights parties. Inaddition, astheFunds may invest inmarkets whereare custodialand/orsettlementsystems notfully cases,all be able to establish title to investments made and may losses as 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, andthe Depositary heldby cash theGlobalSub-Custodian While theFunds beexposed will Bank ofNew York theFunds for MellonSA/NVacts astheGlobalSub-Custodian viatheDepositary. in the Portfolio as disclosed of Investments, and the counterparties arewhich held with the Global Sub-Custodian respectively. The held in theFunds andsecurities ofthecash all are heldvia the Depositary,Substantially risk is monitored and managed by a formal counterparty orissuerexposure management program withintheInvestment ismonitoredrisk Managers. andmanaged by counterparty aformal The Funds ofsettlementdefault. beartherisk withwhom trade andwill are they exposedtoacreditparties risk Counterparty/issuer Counterparty/Issuer Risk Lazard Global ActiveFundsplc March 2017and31March 2016. The tablebelow details the Portfolio theFunds for ofInvestments invest which by in fixed category rating asat31 income securities Credit Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements AAA AA A BBB BB B Cash Total Lazard SterlingHigh Quality BondFund 100.00% 31 March2017 22.05% 68.63% 9.32% –% –% –% –% Lazard GlobalFixed Income Fund 100.00% 21.92% 19.42% 25.35% 26.74% 5.41% 0.96% 0.20% Lazard SterlingHigh Quality BondFund 100.00% 31 March2016 38.80% 14.50% 40.80% 5.90% –% –% –% Lazard GlobalFixed Income Fund 100.00% 15.30% 18.80% 27.00% 30.70% 6.30% 1.90% –% financial derivative instruments except thefinancial for instruments derivative Year ended31March 2017

(continued) Standard CharteredBank StreetGlobalMarkets State Markets RBC Capital Morgan Stanley Merrill Lynch International JP Morgan HSBC BankUSA Goldman SachsInternational Bank AG Deutsche Citigroup GlobalMarkets CIBC World MarketsCorp. Markets BNY MellonCapital BNP Paribas SecuritiesCorp. Counterparty The ratings for counterparties holding forward foreign exchange currency contracts andP-Notes are listedbelow. holdingforward counterparties for The ratings MENALazard Fund Fund istheonly markets. usesP-Notes thatcurrently local toobtainexposure tocertain However, security. doesnotreceive asitwould votingowned ifitdirectly theunderlying rights theholderofaP-Note typically The security. isincreased totheextentof any dividendspaidinconnection generally withtheunderlying security underlying to aparticular ormarket. security equity underlying ofaparticular are designedto replicate theperformance The return on aP-Note thatislinked Regulations exposure limitsasdetailedabove. are P-Notes issuedby generally banksorbroker-dealers notesthat andare promissory default result market in thelossoffull valueoftheequity. ismanagedBankUCITS totheCentral This exposure tocounterparties default, ofcounterparty butalso totherisk may ofcounterparty equity which intheevent movements inthevalueofunderlying Investment in P-Notes may involve an OTC transaction with a third party. Investing inP-Notes may expose the Funds to notonly that may beusedby theFunds investment market toobtainexposure where inalocal toanequity direct ownership is not allowed. A numberoftheFunds be/are can alsoexposedtocredit viatheirinvestment risk inP-Notes. P-Notes are financial instruments foreign exchange intherelevantPortfolio currency contracts are disclosed ofInvestments. to theforward counterparties All of(ii)above. the case are limitedto10%ofNetExposures Asset toindividual counterparties Value of(i)above and5%ofNet inthecase Asset Value in criteria as set out in the Central Bank UCITS Regulations namely: BankUCITS assetoutintheCentral criteria theirobligations andthatsettlementoftransactions may notoccur.not perform must meetthefollowing OTC All counterparties A Fund withwhom it trades, is exposed to a credit on counterparties the over-the-counter (“OTC”) risk may thatthese counterparties 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 Counterparty/Issuer Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc (ii) (i) Acredit institution inaccordance Regulations, BankUCITS withtheCentral 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 creditworthiness, process review thatincludes a formal financial strength, toenterintolegally ability Approved broker trading with approved permits only brokers. selection - the trading system New brokers are added, subject to rating ofA2orequivalent. rating Have aminimum credit ofA2orequivalent, rating orintheopinion oftheInvestment Managers, animpliedcredit minimum 31 March Standard &Poor’s Long Term Rating BBB+ 2017 AA- AA- AA- A+ A+ A+ A+ A- A- A A A A 31 March BBB+ BBB+ 2016 AA- AA- AA- n/a A+ A- A A A A A A Year ended31March 2017 (continued)

99 LAZARD GLOBAL ACTIVE FUNDS PLC 100 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc 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 the following: orindirectly.either directly Fair through valueisdetermined theuseofmodelsorothervaluation methodologies. 2inputsinclude Level theassetorliability, for 1thatare within level 2inputsare inactive observable inputsotherthanquotedprices 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 in theEuropean Union. These amendmentsdidnothave any impact on theFunds' financial position orperformance. consistent levels withthefairvaluehierarchythe following setoutinInternationalFinancial asadopteduse Standards for Reporting 2017. 1 January beginning on or after periods These amemdments require its fair value measurement the Company into to categorise adopted theAmendments toFRSThe Company 102, had early “Fair Value Hierarchy Disclosures”, are which accounting effective for Fair Value Measurement The Funds may when a shareholder be exposed to concentration of the issued share of the risk Fund. holds a significant portion capital Concentration Risk are which outlinedinthePortfoliosexcept thefinancial for instruments derivative ofInvestments asat31March 2017. where relevant, ofFinancial intheStatement befound can Position. There are nootherfinancial dueover one liabilitiesthatfall investment purchases payable, redemptions interest. payable ofexpensesandbankoverdraft andpayment Detailsoftheseamounts The Funds’ financial withinone payment month liabilitiesduefor relate, inthemostpart, tofinancial instruments, derivative toensure toborrow term settlement.the ability inshort No borrowings thecurrent financial such during orprior year. have arisen on dealingday(s). thefollowing tothenextdealingdayinaccordance andeffected withtheArticles forward carried The Funds have that dealingdaynotexceed shall 10%oftheNet Asset Value ofthatFund. Any redemption request orswitching soreduced be shall at thediscretion oftheDirectors, bereduced pro sothatthetotalnumberofshares rata Fund ofsuch redemption for on orswitching any Fund exceed 10% of the Net Asset Value of that Fund, each redemption request orswitching in respect of shares Fund in such may, business day subjecttorestrictions setoutintheProspectus. Iftotalrequests redemption for on and/orswitching any dealingday for of any shares that investors wish to sell. to require have Shareholders the right the Funds to redeem their shares in the Funds on any The Funds’ be readily sold. can ofrealisable which securities mainly assets comprise oftheFundsThe mainliability istheredemption Liquidity Risk 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 Year ended31March 2017

(continued) month

Total Bonds Financial assetsatfair value throughprofitorloss Lazard SterlingHighQualityBondFund Total P-Notes Financial fairvaluethroughprofitorloss assetsat Lazard MENAFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard GlobalEquityIncomeFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard GlobalListedInfrastructureEquityFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard GlobalManagedVolatility Fund Total Rights Financial assetsatfair value throughprofitorloss Lazard Pan-European SmallCapFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard JapaneseStrategicEquityFund 2017 and31March 2016: eachFund for financialAll instruments are 1, level listedbelow are thefinancial which 2asat31March level instruments from apart Fair valueMeasurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc 31 March2017 (23,056,897) (23,056,897) (7,595,247) (7,595,247) 23,798,439 23,798,439 2,171,257 2,171,257 1,014,339 1,014,339 423,660 423,660 Level 2 Level 2 Level 2 Level 2 Level 2 Level 2 Level 2 32,521 32,521 9,046 9,046 GBP USD USD GBP GBP USD USD USD EUR (95) JPY JPY (95) – – – – 31 March2016 (7,955,734) (6,915,382) (6,915,382) (7,955,734) 15,608,493 15,608,493 2,142,652 2,142,652 1,361,670 1,361,670 8,942,006 8,942,006 862,420 862,420 Level 2 Level 2 Level 2 Level 2 Level 2 Level 2 Level 2 (7,214) (7,214) 22,233 22,233 1,247 1,247 (352) (352) GBP USD USD GBP GBP USD USD USD EUR JPY JPY Year ended31March 2017 (continued) 101 LAZARD GLOBAL ACTIVE FUNDS PLC 102 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc year ended31March 2017. andMLRO director ofUSD65,053 (31March Limitedfor 2016: support Financial thefinancial USD39,103)for services Services toJohn Donohoesupport andMLRO totheManager andthe Company. services There were madeGlobal payments toCarne John Donohoe, whoisaDirector, Limitedwhoprovide director andgroup isalsofounder GlobalFinancial CEOofCarne Services thefinancialUSD466,993) for year ended 31March 2017. amountingtoUSD514,241(31March 2016: Fry andtheSecretary Companies Act paidto 2014in legalandsecretarial fees William andaccordingly, Limited(the Secretarial Fry own “Secretary”) Wilton William had abeneficial DanielMorrissey interest underthe Fry (theCompany’s isaDirector of oftheCompanyDaniel Morrissey legaladvisers). andisalsoapartner William of The partners of theManager. Michael Allen, are not entitled to anyAndreas Smith Directors’ Hübner and William fees. The Company’s Directors are also Directors Michael Allen, are timeexecutives group full Smith Andreas oftheLazard aswell asDirectors of theCompany. Hübner and William transactions with theManager andDirectors inNote related are3tothefinancial material party included statements. All 11. RelatedPartyTransactions are satisfied thatthesearrangements are ofbenefit totheFunds. theFunds, including Investment Managersendeavour timestoobtainbestexecution will clients atall transactionsall on all for and transactions relating totheFunds’ including The Investment Managers place businesswiththesecounterparties investments. The execution oftrades on behalfofclients. suppliedtothemby thebroker orbyrelated services third parties. may beeithermarket research orberelated tothe These services dealing arrangementswithbrokers whereby ofthedealingcommissions paidtothemare part usedtodischargethecostofinvestment The Investment ManagerstheCompany, for inaccordance withcommon market investment practice for managers entered into 10. SoftCommissionArrangements thefinancial year ended31March 2017and31March 2016,During none oftheFunds’ were instruments transferred between levels. Emerging There on heldbutfairvaluedatzero Lazard areWorld 3securities level Fund asat31March 2016. MENAThere on heldbutfairvaluedatzero Lazard are 3securities level Fund asat31March 2017. 2.level Comparative hasbeenre-stated information inorder withthecurrent tocomply year presentation. 1to level andtherefore resulted from security inthereclassification P-Notes are valuedbasedon oftheunderlying themarket price contracts. 2, inputsarewithinlevel classified observable bonds, these include P-Notes, foreignexchange currency andforward unlistedrights not have butare quotedmarket prices valuedbasedon market prices, by sources dealerquotations oralternative pricing supported listed equitiesandinvestment funds. The Funds theseinstruments. for donotadjust thequotedprice Financial thatdo instruments Investments, whosevalues are basedon inactive quotedmarket prices markets, andtherefore 1, withinlevel classified active include Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Bonds Financial assetsatfair value throughprofitorloss Lazard GlobalFixedIncomeFund Fair valueMeasurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements 31 March2017 14,375,088 14,183,472 (118,010) (118,010) 191,616 Level 2 USD USD 31 March2016 16,787,321 16,374,128 (374,838) (374,838) 413,193 Level 2 USD USD Year ended31March 2017

(continued) Class During thefinancial year ended31March 2017and31March 2016,During ofshares: were distributions paidon class thefollowing 12. Distributions Fund investors by tabledetailstherelatedThe following Fund party asat31March 2017and31March 2016: shareThere 1subscriber inissueandthatisheldby iscurrently theManager. refer toNote 3tothefinancial detailsofarrangements between theFundsPlease statementsfor andtheInvestment Managers. In theopinion oftheDirectors, theInvestment Managers are underFRS related 102, parties 33 Section ”Related Party Transaction”. 11. RelatedPartyTransactions (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard UKOmegaEquityFund Lazard UKOmegaEquityFund Lazard Japanese Strategic EquityFund Strategic Lazard Japanese Lazard EuropeanEquityFund Lazard Pan EuropeanEquityFund Lazard Pan-European Fund SmallCap Lazard Global Strategic EquityFund Lazard GlobalStrategic Lazard Global Managed Lazard GlobalManaged Volatility Fund Lazard GlobalEquityFranchise Fund Lazard GlobalEquitySelectFund Lazard GlobalEquityIncomeFund Lazard GlobalFund Thematic Lazard Emerging World Fund Lazard EmergingMarketsCoreEquityFund Lazard DevelopingMarketsEquityFund Lazard MENAFund Lazard GlobalFixed IncomeFund B DistGBP B DistGBP Investor Name Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard LLC Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard LLC Asset Management Lazard LLC Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard Freres Banque Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard LLC Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Share Class Currency of GBP GBP Currency 03-Oct-16 01-Apr-16 USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR JPY JPY JPY Date 31 March2017 31 March2017 Currency) 1,127,928 2,374,108 6,765,308 3,192,018 1,853,211 1,207,444 2,714,384 1,177,204 1,488,173 1,988,517 Amount 18,261 24,451 871,260 744,049 951,216 (Class 173,688 480,908 152,277 979,318 426,544 444,472 134,664 795,713 194,727 108,588 568,398 835,019 302,362 503,964 644,108 369,072 106,389 38,656 18,084 70,746 29,276 25,747 3,733 411 944 Distribution per Share 0.0197 0.0235 % ofNAV Year ended31March 2017 (continued) 28.24% 15.54% 18.36% 34.33% 66.97% 10.31% 13.78% 1.25% 0.59% 0.00% 0.00% 0.00% 1.67% 0.16% 2.14% 5.61% 4.92% 1.99% 8.72% 3.30% 0.24% 0.07% 0.44% 9.22% 2.59% 1.45% 7.57% 1.17% 0.02% 0.53% 0.12% 0.25% 0.41% 0.53% 0.35% 1.13% 0.10% 8.16% 01-Oct-15 01-Apr-15 31 March2016 Date 15,225,253 67,667,626 31 March2016 6,213,469 2,021,700 1,750,009 1,834,307 3,064,088 5,856,045 2,873,448 1,598,202 1,445,271 2,210,964 1,456,108 1,161,391 3,103,221 657,697 186,236 430,058 197,780 948,824 588,901 263,500 660,296 253,506 977,470 191,327 625,261 820,499 35,992 33,763 74,245 Currency) 6,067 Amount 27,431 30,351 (Class ------Distribution per Share % ofNAV 10.72% 16.82% 28.09% 96.69% 57.07% 73.23% 18.51% 0.0176 0.0183 0.17% 0.41% 1.80% 1.26% 0.36% 3.89% 1.76% 0.81% 3.88% 5.40% 3.78% 0.09% 9.47% 0.46% 0.01% 0.41% 0.18% 0.11% 0.37% 1.41% 0.18% 0.58% 0.76% 8.69% 6.93% ------103 LAZARD GLOBAL ACTIVE FUNDS PLC 104 LAZARD GLOBAL ACTIVE FUNDS PLC Class (continued) Lazard Global ActiveFundsplc *Fund 2016. on 5July closed 12. Distributions(continued) Notes totheFinancialStatements Lazard GlobalStrategicEquityFund Lazard Pan-European SmallCapFund Lazard Pan EuropeanEquityFund Lazard EuropeanEquityFund Lazard JapaneseStrategicEquityFund Lazard GlobalManagedVolatility Fund Lazard ThematicGlobalFund Lazard ThematicGlobalEx-JapanFund* Lazard GlobalEquityIncomeFund Lazard GlobalListedInfrastructureEquityFund Lazard EmergingMarketsEquityFund Lazard EmergingWorld Fund EA DistGBP AP DistEUR B DistEUR A DistEUR A DistEUR C DistGBP B DistEUR C DistGBPHedged C DistGBPHedged A DistEUR EA DistGBP A DistGBP X Class X Class EA DistUSD C DistGBP EA DistGBP EA DistEUR EA DistUSD C DistGBP EA DistGBP EA DistEUR A DistUSDHedged A DistGBP A DistEURHedged A DistUSDHedged A DistGBP A DistEURHedged A DistUSD A DistUSD A DistGBP A DistEUR S DistUSD A DistUSD S DistGBP A DistGBP A DistEUR B DistUSD B DistUSD A DistUSD A DistGBP Share Class Currency of USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 01-Apr-16 Date - - - - - 31 March2017 Currency) 6,446,567 2,684,258 3,224,052 1,539,950 1,668,127 1,280,108 165,479 347,527 271,164 125,272 115,380 423,485 353,328 Amount 29,172 12,320 32,627 24,273 84,213 36,711 89,332 50,117 16,168 30,548 77,753 51,477 30,544 (Class 1,568 8,009 3,442 4,330 2,922 2,573 1,375 434 181 24 - - - - - Distribution per Share 0.0103 0.8723 0.0274 0.0214 0.2589 0.0083 0.0527 0.6531 0.0625 1.0111 1.6981 2.0344 0.8693 1.0148 1.0249 0.0369 0.0239 0.0275 0.0236 0.0148 0.0168 2.1933 0.5034 0.0705 0.9814 0.0029 0.2526 0.0026 0.2446 0.2426 0.1089 0.4072 0.0724 0.3134 0.009 0.909 Year ended31March 2017

- - - - - (continued) 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 01-Apr-15 Date ------31 March2016 Currency) 1,815,005 5,319,192 2,241,594 2,052,837 1,092,506 2,110,956 2,078,569 2,149,751 155,535 691,140 114,869 148,288 836,654 287,092 Amount 82,397 26,380 27,056 60,035 13,129 44,423 64,724 43,666 73,949 (Class 4,229 2,684 9,133 7,501 4,506 5,086 5,660 230 970 139 379 103 ------Distribution per Share 0.5089 0.0007 0.0877 0.0745 0.0158 0.0167 0.3748 0.1833 0.0824 0.7573 0.0173 1.8063 2.1839 0.6748 0.8416 0.0223 0.0272 0.0109 0.0147 0.0362 0.6757 4.3521 2.0016 1.8858 0.0041 0.1004 0.0043 0.3853 1.1170 0.3797 0.4183 1.1193 0.0077 0.7384 1.0540 ------Class (continued) Effective 17 February 2017,Effective 17February theCompany’s Prospectus were thefollowing: andSupplements amendedfor Lazard Thematic GlobalEx-Japan Fund 2016. on 5July closed 2016,Effective 1July theCompany’s Prospectus were thefollowing: andtheSupplements amended for 13. SignificantEventsDuringtheFinancialYear 12. Distributions(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalFixedIncomeBondFund Lazard SterlingHighQualityBondFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund(continued) B DistUSD B DistUSD B DistGBP A DistGBP B DistGBP A DistGBP C DistUSD A DistGBP A DistEUR A DistUSD S DistUSD A DistUSD S DistGBP viii) vii) vi) v) iv) iii) ii) i) x) ix) viii)  vii) vi) v) iv) iii) ii) i) Clarification toinvestmentClarification Global Managed objective ofLazard Volatility Fund. and Bond Fund; HighQuality Fund Equity Sterling Change totheinvestment andLazard GlobalStrategic policiesofLazard oftherelevantFunds; RetailCclasses Change ofall inrespect ofavailability Fund;Equity Pan ofLazard Reduction ofmanagement payable andRetailCclasses European fee inrespect oftheInstitutional CFclasses redemption amounts; Reduction amounts, ofinitial subscription/holding minimum amountsandminimum subsequentsubscription subsequent namesasoutlinedinthetablebelow; Changes share toall class tolasttradedprice; mid-market price from securities listedequity for Amendments tovaluation rules Provision ofauditedfinancial statementstoshareholders viaawebsite (www.lazardassetmanagement.com); A Change inthewebsite address. Concentrated Fund; USEquity Change ofLazard totheinvestment policy and Fund; Equity Reduction ofmanagement payable fee inrespect oftheBAcc GlobalListedInfrastructure EURHedged ofLazard investorsInforming regarding ofEAClasses; thenotification ofclosure Change tothedefinition ofa Day”“Business MENA Lazard for Fund; names; Change toshare class Fund; Reduction ofminimum EmergingMarkets amountandminimum Equity initialsubscription Lazard holdingamountfor Fund; Equity Change tominimum redemption GlobalListedInfrastructure Lazard amountfor Change tominimum Fund; andminimum subscription redemption UKOmegaEquity Lazard amountsfor Change todealingdeadlines; Share Class Currency of USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP EUR 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 03-Oct-16 01-Apr-16 01-Apr-16 01-Apr-16 Date 31 March2017 Currency) 5,809,745 102,156 Amount 34,575 18,663 36,165 18,968 26,263 45,870 36,705 (Class 4,485 622 889 55 Distribution per Share 0.9823 0.9468 1.3778 0.0532 1.0271 1.0134 1.4782 0.0479 0.0451 0.7681 1.0232 0.0097 0.0116 Year ended31March 2017 (continued) 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Oct-15 01-Apr-15 01-Apr-15 01-Apr-15 Date 31 March2016 Currency) 6,211,627 100,094 388,734 Amount 48,048 31,932 44,602 39,111 25,288 53,048 75,803 (Class 362 325 482 Distribution per Share 1.3634 1.4987 1.9422 0.0564 1.1115 1.6710 1.2308 0.0577 0.0561 0.7526 1.1567 0.0109 0.0112 105 LAZARD GLOBAL ACTIVE FUNDS PLC 106 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard GlobalListedInfrastructureEquityFund Lazard GlobalManagedVolatility Fund Lazard GlobalStrategicEquityFund Lazard Pan-European SmallCapFund Lazard Pan EuropeanEquityFund Lazard EuropeanEquityFund Lazard USEquityConcentratedFund Lazard JapaneseStrategicEquityFund Lazard UKOmegaEquityFund Funds 2017. on intoeffect 17February came namechanges which tableoutlinestheshareThe following class 13. SignificantEventsDuringtheFinancialYear (continued) Notes totheFinancialStatements US$ HedgedInstitutionalDistributingClass US$ HedgedInstitutional Class Accumulating Stg£ InstitutionalDistributingClass Stg£ Institutional Class Accumulating CHF HedgedInstitutional Class Accumulating € HedgedInstitutionalDistributingClass € HedgedInstitutional Class Accumulating ¥ HedgedXClass US$ InstitutionalDistributingClass US$ Institutional Class Accumulating Stg£ HedgedInstitutional Class Accumulating CHF HedgedInstitutional Class Accumulating € InstitutionalDistributingClass € Institutional Class Accumulating US$ Institutional Class Accumulating Stg£ InstitutionalDistributingEAClass Stg£ Institutional EAClass Accumulating € Institutional LPClass Accumulating US$ Institutional EAClass Accumulating € Retail Class Accumulating € InstitutionalDistributingLPClass € Institutional Class Accumulating US$ Institutional Class Accumulating € RetailDistributingClass € InstitutionalDistributingClass € Institutional Class Accumulating US$ Institutional Class Accumulating Stg£ RetailCDistributingClass Stg£ RetailC Class Accumulating € RetailDistributingClass € Institutional Class Accumulating US$ Institutional Class Accumulating US$ RetailDistributingClass Stg£ Institutional Class Accumulating US$ InstitutionalDistributingClass US$ Institutional EAClass Accumulating Stg£ Institutional EAClass Accumulating € Institutional EAClass Accumulating ¥ Institutional Class Accumulating US$ HedgedInstitutional Class Accumulating Stg£ HedgedRetailCDistributingClass ¥ Institutional Class Accumulating US$ Institutional Class Accumulating Stg£ RetailDistributingClass Stg£ RetailC Class Accumulating Previous ShareClassNames A DistUSDHedged A Acc USDHedged A DistGBP GBP A Acc A Acc CHFHedged A DistEURHedged A Acc EURHedged X Acc JPYHedged A DistUSD USD A Acc A Acc GBPHedged A Acc CHFHedged A DistEUR EUR A Acc USD A Acc EA DistGBP GBP EA Acc EUR AP Acc USD EA Acc EUR B Acc AP DistEUR EUR C Acc USD A Acc B DistEUR A DistEUR EUR A Acc USD A Acc C DistGBP GBP C Acc B DistEUR EUR A Acc USD C Acc B DistUSD GBP C Acc C DistUSD USD EA Acc GBP EA Acc EUR EA Acc JPY C Acc A Acc USDHedged C DistGBPHedged JPY A Acc USD A Acc B DistGBP GBP C Acc New ShareClassNames Year ended31March 2017

(continued) Lazard MENAFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard EmergingWorld Fund Lazard ThematicGlobalFund Lazard GlobalEquityIncomeFund Lazard GlobalEquitySelectFund Lazard GlobalEquityFranchiseFund (continued) Lazard GlobalListedInfrastructureEquityFund Funds (continued) 13. SignificantEventsDuringtheFinancialYear (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc US$ Institutional Class Accumulating US$ RetailCDistributingClass US$ Institutional Class Accumulating Stg£ RetailC Class Accumulating Stg£ InstitutionalDistributingClass Stg£ Institutional Class Accumulating € InstitutionalDistributingClass € Institutional Class Accumulating US$ InstitutionalDistributingClass US$ Institutional EAClass Accumulating US$ Institutional Class Accumulating Stg£ Institutional EAClass Accumulating € Institutional Class Accumulating US$ Retail Class Accumulating US$ InstitutionalSDistributingClass US$ InstitutionalS Class Accumulating US$ InstitutionalDistributingClass Stg£ InstitutionalSDistributingClass Stg£ InstitutionalS Class Accumulating Stg£ InstitutionalDistributingClass Stg£ Institutional Class Accumulating € InstitutionalDistributingClass US$ RetailDistributingClass US$ Institutional Class Accumulating Stg£ RetailC Class Accumulating US$ InstitutionalDistributingClass US$ Institutional Class Accumulating Stg£ InstitutionalDistributingClass US$ InstitutionalDistributingLClass US$ Institutional Class Accumulating Stg£ RetailCDistributingClass Stg£ InstitutionalDistributingLClass Stg£ Institutional LClass Accumulating Stg£ Institutional Class Accumulating Stg£ RetailC Class Accumulating € InstitutionalDistributingLClass € HedgedInstitutional Class Accumulating US$ Institutional EAClass Accumulating US$ Institutional Class Accumulating Stg£ Institutional EAClass Accumulating US$ Institutional EAClass Accumulating US$ Institutional Class Accumulating Stg£ Institutional Class Accumulating US$ HedgedRetailDistributingClass US$ HedgedRetail Class Accumulating € HedgedRetail Class Accumulating Previous ShareClassNames A Acc USD A Acc C DistUSD USD A Acc GBP C Acc A DistGBP GBP A Acc A DistEUR EUR A Acc A DistUSD USD EA Acc USD A Acc GBP EA Acc EUR A Acc USD B Acc S DistUSD USD S Acc A DistUSD S DistGBP GBP S Acc A DistGBP GBP A Acc A DistEUR B DistUSD USD A Acc GBP C Acc A DistUSD USD A Acc A DistGBP EA DistUSD USD A Acc C DistGBP EA DistGBP GBP EA Acc GBP A Acc GBP C Acc EA DistEUR A Acc EURHedged USD EA Acc USD A Acc GBP EA Acc USD EA Acc USD A Acc GBP A Acc B DistUSDHedged B Acc USDHedged B Acc EURHedged New ShareClassNames Year ended31March 2017 (continued) 107 LAZARD GLOBAL ACTIVE FUNDS PLC 108 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard EmergingMarketsEquityFund Lazard ThematicGlobalFund Lazard GlobalEquityIncomeFund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalManagedVolatility Fund Lazard GlobalStrategicEquityFund Lazard Pan EuropeanEquityFund Lazard EuropeanEquityFund Lazard USEquityConcentratedFund Lazard JapaneseStrategicEquityFund Lazard UKOmegaEquityFund Class Post financial year were enddividenddistributions on2017asfollows: 3April declared 14. SignificantEventsSincetheFinancialYear End regulations. FinancingSecurities Transaction Regulations (EU)2015/2365andistherefore requirements notsubjecttothedisclosure ofsuch thecurrent financial andprior year,During theFunds didnotinvest financing inany securities transactions asdefined underthe Lazard GlobalFixedIncomeFund Lazard SterlingHighQualityBondFund Funds (continued) 13. SignificantEventsDuringtheFinancialYear (continued) Notes totheFinancialStatements S DistUSD A DistUSD S DistGBP A DistEUR A DistUSD A DistGBP EA DistUSD EA DistGBP EA DistEUR A DistUSDHedged A DistGBP A DistEURHedged B DistUSDHedged A DistUSD A DistEUR EA DistGBP B DistEUR A DistEUR C DistGBP B DistEUR C DistUSD C DistGBPHedged B DistGBP US$ RetailDistributingClass US$ Institutional Class Accumulating € HedgedInstitutional Class Accumulating Stg£ RetailDistributingClass Stg£ InstitutionalDistributingClass Previous ShareClassNames Share Class Currency of B DistUSD USD A Acc A Acc EURHedged B DistGBP A DistGBP New ShareClassNames USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 Date Year ended31March 2017

(continued) Amount (Class Currency) 1,315,657 1,953,476 5,554,924 161,073 383,949 115,502 299,573 55,093 78,965 51,633 49,164 35,612 13,451 59,399 9,729 2,338 4,153 9,517 2,167 6,719 8,042 425 19 Distribution per Share 0.0028 0.1095 0.1193 0.4938 0.0268 0.0126 0.2321 1.2932 0.0271 0.2329 0.5132 0.0207 0.0034 1.7352 1.6278 0.0198 0.0238 0.4605 0.0980 0.0158 0.0156 0.0273 0.0095 The financial statements were approved by theDirectors on 29June2017. 16. Approval oftheFinancial Statements intheprospectus indicated isasfollows: financial statementsandthevaluation methodology ofFinancial ofbusinesson theStatement atclose traded price Position date. The difference between thenetassetvaluestatedin oftheCompany,accounting policy 11ofFRS ofcompliance withSection 102, thepurpose for istovalueitsinvestments atthelast Fund EuropeanThe valuation Lazard Equity point for is 12pm (Irish time) on each dealing day and each valuation day. The 15. NetAssetValue Reconciliation: Lazard GlobalFixedIncomeFund Lazard SterlingHighQualityBondFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Class (continued) 14. SignificantEventsSincetheFinancialYear End(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard EuropeanEquityFund Share Class - A Acc EUR - AAcc - BDistEUR - C Acc GBP - CDistGBP - A Acc USD - AAcc B DistUSD B DistGBP A DistGBP C DistUSD A DistUSD Net AssetValue perShare Net AssetValue 31 March2017 31 March2017 €44,548,971 Published Published €2.6339 €2.8102 £2.5697 £2.4827 $1.2490 Share Class Currency of as setoutintheprospectus as setoutintheprospectus the valuation methodology the valuation methodology USD USD USD GBP GBP Adjustment toalign Adjustment toalign €238,550 €0.0141 €0.0151 £0.0136 £0.0133 $0.0067 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 03-Apr-17 Date Year ended31March 2017 (continued) Amount (Class Currency) Financial Statements Financial Statements 37,992 15,235 7,436 569 Net AssetValue Net AssetValue 31 March2017 31 March2017 4 €44,787,521 €2.6480 €2.8253 £2.5833 £2.4960 $1.2557 Distribution per Share 1.1086 0.0002 0.0559 0.9009 1.3601 109 LAZARD GLOBAL ACTIVE FUNDS PLC 110 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard UKOmegaEquityFund Portfolios ofInvestments -99.67%(31March2016:99.24%) Shares Agriculture -7.53%(31March2016:6.78%) Aerospace/Defense -1.66%(31March2016:0.00%) Insurance -10.99%(31March2016:7.22%) Home Furnishings-2.14%(31March2016:0.00%) Home Builders-2.09%(31March2016:0.00%) -2.15%(31March2016:4.23%) Healthcare-Services Healthcare-Products -2.13%(31March2016:0.00%) -2.37%(31March2016:0.00%) Food Service Food -2.55%(31March2016:8.88%) -10.60%(31March2016:10.28%) Diversified FinancialServices Cosmetics/Personal Care-3.21%(31March2016:0.00%) -4.87%(31March2016:6.34%) Commercial Services Building Materials-2.04%(31March2016:3.95%) Banks -8.12%(31March2016:5.69%) Auto Parts &Equipment-2.57%(31March 2016:2.01%) 187,098 38,398 22,072 15,244 20,475 23,544 42,395 56,169 21,814 26,576 69,904 4,381 5,886 9,422 2,380 4,845 2,235 2,483 2,515 7,773 5,026 2,245 Cobham Plc British AmericanTobaccoPlc Aviva Plc GroupPlc Joinery Howden Spire HealthcareGroupPlc ConvaTec GroupPlc Tesco Plc Plc GKN Plc St James'sPlacePlc Prudential Plc Plc Bellway Compass GroupPlc Worldpay GroupPlc Provident Financial Plc Man GroupPlc London StockExchangeGroupPlc Unilever Plc Plc Savills RELX Plc CRH Plc BankingGroupPlc Lloyds Fair Value 232,193 338,787 158,855 117,423 327,194 102,969 150,196 250,519 124,083 126,436 51,069 66,113 66,339 65,688 78,685 79,250 62,509 64,332 72,966 78,506 66,983 78,736 99,078 71,589 78,607 63,085 GBP

10.99 10.60 % of 1.66 7.53 2.14 2.15 2.13 2.55 2.57 2.03 5.15 3.81 2.09 2.37 2.54 2.17 3.34 2.55 3.21 4.87 2.32 2.55 2.04 8.12 4.02 4.10 NAV Common Stock-99.67%(31March2016:99.24%)(continued) Shares Telecommunications -4.23%(31March2016:8.75%) Pharmaceuticals -4.86%(31March2016:3.11%) Packaging &Containers-2.55%(31March 2016:2.44%) Oil &Gas-12.62%(31March2016:13.12%) Mining -7.91%(31March2016:6.00%) Media -2.48%(31March2016:0.00%) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) Net Assets Net Assets Other Total Investments-(CostGBP2,697,020) Total CommonStock-(CostGBP2,697,020)

41,005 10,070 40,236 34,943 3,215 8,835 5,372 9,396 Shire Plc Vedanta ResourcesPlc Plc Rio Tinto BT GroupPlc RPC GroupPlc DutchShellPlc Royal BP Plc ITV Plc Year ended31March 2017 Fair Value 3,084,655 3,074,343 3,074,343 243,978 149,851 172,414 130,478 389,355 205,255 184,100 71,564 78,697 76,490 10,312 % ofTotal Assets GBP

100.00 100.00 12.62 98.80 99.67 99.67 % of 7.91 2.32 4.86 5.59 2.55 2.48 4.23 6.65 5.97 0.33 1.20 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard JapaneseStrategicEquityFund Portfolios ofInvestments Common Stock-99.07%(31March2016:98.33%) -4.64%(31March2016:0.00%) -6.32%(31 March2016:5.48%) Machinery-Diversified &Mining -9.29%(31March2016:3.75%) Machinery-Construction Iron/Steel -3.35%(31March2016:3.48%) Insurance -3.87%(31March2016:4.13%) Home Furnishings-2.85%(31March2016:2.70%) Home Builders-2.03%(31March2016:2.48%) -2.85%(31March2016:0.00%) Healthcare-Services Hand/Machine Tools -4.91%(31March2016:4.37%) Electrical Components&Equipment-3.38%(31March2016:3.38%) Electric -3.83%(31March2016:1.95%) -8.49%(31March2016:5.24%) Diversified FinancialServices Distribution/Wholesale -3.77%(31March2016:3.69%) Chemicals -6.00%(31March2016:3.28%) Building Materials-2.88%(31March2016:3.60%) Banks -11.72%(31March2016:16.91%) Shares 170,000 130,500 444,900 124,700 27,200 44,300 34,800 28,600 42,400 16,600 13,900 12,200 27,600 61,300 58,100 34,300 81,000 22,300 20,400 3,600 5,100 7,000 Jafco CoLtd FANUC Corp Amada HoldingsCoLtd Komatsu Ltd Hitachi Ltd Nippon Steel&SumitomoMetalCorp Dai-ichi LifeHoldingsInc Corp Sony CoLtd Daiwa HouseIndustry Miraca HoldingsInc Makita Corp Kansai ElectricPower CoInc/The ORIX Corp Nomura HoldingsInc Mitsubishi Corp Nitto DenkoCorp Asahi KaseiCorp LIXIL GroupCorp Sumitomo Mitsui Trust HoldingsInc Mizuho Financial GroupInc Mitsubishi UFJFinancial GroupInc Nidec Corp 101,728,000 138,457,300 203,397,200 100,972,200 102,425,000 107,640,000 186,012,700 131,350,200 256,756,190 82,152,000 56,305,300 73,359,000 84,651,600 62,515,600 44,424,400 62,464,000 83,797,100 95,719,750 90,292,950 82,508,650 43,870,200 87,480,000 62,997,500 78,744,000 90,759,600 87,252,590 74,165,000 Fair Value JPY

11.72 % of 4.64 6.32 3.75 2.57 9.29 4.61 4.68 3.35 3.87 2.85 2.03 2.85 4.91 3.83 8.49 4.37 4.12 3.77 6.00 2.00 4.00 2.88 3.60 4.14 3.98 3.38 NAV Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) Common Stock-99.07%(31March2016:98.33%)(continued) Retail -7.04%(31March2016:6.49%) Real Estate-2.84%(31March2016:4.11%) Semiconductors -5.05%(31March2016:3.73%) Toys/Games/Hobbies -2.24%(31March 2016:3.24%) Total Investments-(CostJPY1,973,489,779) Total CommonStock-(CostJPY1,973,489,779) Transportation -1.72%(31March2016:1.96%) Shares Date Maturity 13/04/17 13/04/17 13/04/17 13/04/17 Open forwardforeigncurrency exchange contracts-(1.05)%(31March2016:0.20%) - BNY Mellon Capital Markets - BNYMellonCapital The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value exchange contracts Net unrealisedlossonforwardforeigncurrency contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 14/04/17 14/04/17 14/04/17 (continued) 160,000 62,800 23,200 79,000 21,800 8,900 9,100 1,900 Tokyu FudosanHoldingsCorp Hulic CoLtd Takashimaya CoLtd Marui GroupCoLtd Izumi CoLtd Tokyo ElectronLtd Nippon YusenKK Nintendo CoLtd Bought Amount JPY 588,184 JPY 2,173,804 GBP 146,138 GBP 2,795 USD 7,256,841 USD 154,470 JPY 25,699,386 Sold Amount GBP 4,226 GBP 15,590 JPY 20,377,388 JPY 387,195 JPY 831,131,340 JPY 17,174,445 USD 231,425 Year ended31March 2017 2,170,127,940 2,170,127,940 2,190,540,580 2,147,103,564 154,384,900 110,610,500 (23,024,376) (23,056,897) (22,963,513) 62,221,600 37,931,200 24,290,400 76,946,000 32,983,400 44,455,500 37,600,000 49,086,500 Gain/(Loss) Fair Value 43,437,016 Unrealised (19,346) (73,500) 32,521 28,311 1,993 2,217 % ofTotal Assets (538) JPY JPY

100.00 100.00 (1.05) (1.05) (0.00) (0.00) (1.05) (0.00) 99.07 99.07 98.02 97.86 % of % of 2.84 1.73 1.11 7.04 3.51 1.50 2.03 5.05 1.72 2.24 0.00 0.00 1.98 0.00 0.00 NAV NAV 2.14 0.00 111 LAZARD GLOBAL ACTIVE FUNDS PLC 112 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard USEquityConcentratedFund Portfolios ofInvestments Common Stock-95.97%(31March2016:92.13%) Shares Net Assets Net Assets Other Total Investments-(CostUSD487,419,525) Total CommonStock-(CostUSD487,419,525) Transportation -4.29%(31March2016:4.78%) Telecommunications -14.61%(31March2016:6.50%) Software -3.67%(31March2016:4.47%) Semiconductors -4.65%(31March2016:0.00%) Retail -13.38%(31March2016:10.44%) Pharmaceuticals -6.89%(31March2016:14.12%) Packaging &Containers-4.53%(31March2016:0.00%) Internet -12.24%(31March2016:12.74%) Healthcare-Products -7.37%(31March2016:0.00%) Entertainment -2.22%(31March2016:4.74%) -3.85%(31March2016:0.00%) Diversified FinancialServices Chemicals -4.60%(31March2016:0.00%) Beverages -11.55%(31March2016:4.90%) Auto Parts &Equipment-2.12%(31March 2016:0.00%) 1,077,650 490,705 285,740 399,515 239,890 739,610 249,180 215,550 300,460 255,795 159,591 711,015 460,980 493,400 233,515 236,295 905,245 142,250 48,610 60,005 Motorola SolutionsInc Walgreens Boots Alliance Inc Copart Inc Zoetis Inc eBay Inc Molson CoorsBrewingCo United Parcel Inc Service Cisco SystemsInc Microsoft Corp Skyworks SolutionsInc Advance Auto Parts Inc Pfizer Inc HoldingsInc Crown Alphabet IncClass A Medtronic Plc Madison SquareGardenCo/The Visa Inc PPG IndustriesInc Coca-Cola Co/The Delphi Automotive Plc Delphi Automotive 539,191,540 517,453,879 517,453,879 21,737,661 23,128,515 78,733,155 42,308,585 36,424,570 19,788,296 25,062,794 72,133,633 23,730,707 24,741,964 23,660,962 37,126,752 12,802,929 24,323,823 24,408,891 66,040,266 24,828,708 41,211,558 39,748,304 11,983,599 20,752,478 24,829,878 62,267,616 23,849,018 38,418,598 11,449,702 Fair Value USD

100.00 95.97 95.97 14.61 13.38 12.24 11.55 % of 4.03 4.29 7.85 6.76 3.67 4.65 4.40 4.59 4.39 6.89 2.38 4.51 4.53 4.60 7.64 7.37 2.22 3.85 4.60 4.42 7.13 2.12 NAV Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(unaudited) (continued) Year ended31March 2017 % ofTotal Assets 100.00 95.89 4.11 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard European EquityFund Portfolios ofInvestments Common Stock-98.36%(31March2016:99.15%) Shares Ireland -6.16%(31March2016:7.39%) -11.41%(31March2016:17.28%) Germany -1.22%(31March2016:0.00%) Italy -8.04%(31March2016:4.25%) France -21.72%(31March2016:17.37%) Finland -1.60%(31March2016:3.80%) Denmark -4.97%(31March2016:5.25%) Belgium -3.45%(31March2016:6.41%) Austria -1.42%(31March2016:0.00%) 3,079,377 933,861 105,198 251,783 68,625 74,418 22,176 44,718 14,030 28,414 21,757 17,499 15,798 14,863 31,586 21,987 21,915 67,332 10,498 16,042 14,948 20,790 27,584 13,274 8,948 6,761 4,790 8,779 8,171 7,676 9,403 4,588 6,700 9,756 417 ArcelorMittal SpA Telecom ItaliaSpA/Milano SpA Intesa SanpaoloSpA Campari-MilanoSpA Davide SolutionsSpA Information Cerved Kingspan GroupPlc GroupPlc Kerry CRH Plc Bank ofIreland Vonovia SE SAP SE Fresenius SE&CoKGaA Boerse AG Deutsche Continental AG Vinci SA Valeo SA Ubisoft EntertainmentSA Television Francaise 1 Schneider ElectricSE Legrand SA Iliad SA Faurecia Elior Group SA Capgemini AXA SA SA Air LiquideSA Sampo Oyj Anheuser-Busch InBevSA/NV Erste GroupBank AG Nets A/S Carlsberg A/S AP Moller-Maersk A/S Fair Value 3,582,621 1,075,340 2,742,340 5,083,437 1,609,558 1,190,063 9,676,842 1,104,321 1,633,138 1,124,336 1,538,149 2,215,595 1,149,522 541,177 787,245 432,574 641,040 241,053 405,369 419,567 659,468 939,651 723,654 718,634 580,837 984,345 548,073 327,208 353,763 526,804 531,457 961,874 980,290 466,022 579,952 539,604 713,228 634,615 417,291 648,782 EUR

11.35 21.61 % of 1.21 8.00 2.40 1.76 0.97 1.43 0.54 0.90 6.12 0.94 1.47 2.10 1.61 1.60 3.59 2.66 1.30 2.20 2.47 1.22 0.73 0.79 1.18 1.19 2.15 2.19 1.04 1.29 3.65 1.20 2.51 1.59 3.44 1.42 4.95 0.93 2.57 1.45 NAV Common Stock-98.36%(31March2016:99.15%)(continued) Shares Netherlands -9.76%(31March2016:11.63%) Switzerland -11.20%(31March2016:12.24%) Sweden -4.34%(31March2016:0.95%) Spain -1.82%(31March2016:2.20%) Portugal -1.52%(31March2016:0.00%) Norway -2.70%(31March2016:4.24%) France -0.05%(31March2016:0.00%) Rights -0.05%(31March2016:0.00%) Total CommonStock-(CostEUR39,159,294) United Kingdom-5.62%(31March2016:4.32%) Turkey -1.41%(31March2016:1.82%) Net Assets Net Assets Other Total Investments-(CostEUR39,159,294) Total Rights-(CostEUR–) (continued) 103,051 204,030 39,341 10,299 73,224 19,599 21,600 40,418 47,521 42,835 41,226 27,697 11,869 51,195 40,807 35,928 26,370 41,457 33,057 14,355 44,406 9,890 9,108 8,940 1,773 ABN AMRO GroupNV Saab AB Bank AB AB Hexagon Red ElectricaCorpSA Merlin PropertiesSocimiSA Galp EnergiaSGPSSA ASA Statoil ASA Geo-Services Petroleum Europris ASA Wolters KluwerNV NN GroupNV Koninklijke Ahold DelhaizeNV ING GroepNV Euronext NV Unilever NV RELX NV CNH IndustrialNV Turkcell IletisimHizmetleri AS Novartis AG Julius BaerGroupLtd Credit SuisseGroup AG Cie Financiere RichemontSA Amundi SARights14/04/2017 Syngenta AG Year ended31March 2017 43,818,248 44,787,521 43,841,331 Fair Value 1,931,246 1,201,855 4,345,805 1,079,214 1,026,972 2,505,721 1,673,167 2,295,781 4,990,238 895,008 407,988 784,414 738,844 812,381 388,800 423,581 675,986 684,035 101,646 416,174 361,826 578,235 404,550 457,783 374,771 627,012 670,439 618,037 673,805 946,190 732,176 23,083 23,083 EUR

100.00 97.84 11.14 97.89 % of NAV 2.00 4.31 2.68 0.91 1.75 1.65 1.81 0.87 0.94 1.51 1.53 0.22 0.93 0.81 1.29 0.90 9.70 2.41 2.29 1.02 0.84 1.40 1.50 1.38 1.50 5.60 3.74 5.13 2.11 0.05 0.05 1.63 113 LAZARD GLOBAL ACTIVE FUNDS PLC 114 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard European EquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(unaudited) % ofTotal Assets 100.00 97.30 2.70 (continued) Year ended31March 2017 Portfolio ofInvestmentsasat31March 2017 Lazard PanEuropean EquityFund Lazard Global ActiveFundsplc Portfolios ofInvestments Common Stock-94.54%(31March2016:99.34%) Shares Netherlands -6.66%(31March2016:10.30%) Luxembourg -1.37%(31March2016:1.03%) Italy -6.20%(31March2016:2.44%) Ireland -4.74%(31March2016:8.04%) -7.07%(31March2016:11.85%) Germany France -15.55%(31March2016:13.44%) Finland -1.15%(31March2016:2.84%) Denmark -3.54%(31March2016:4.10%) Belgium -2.27%(31March2016:4.55%) Austria -1.22%(31March2016:0.00%) 198,873 49,579 14,715 1,930 1,021 1,734 1,754 5,388 4,171 4,634 1,287 2,129 1,080 2,170 1,211 1,612 3,128 1,240 493 711 827 757 244 817 541 513 488 178 391 482 489 799 682 21 Kerry GroupPlc Kerry CRH Plc Bank ofIreland Nets A/S Carlsberg A/S AP Moller-Maersk A/S ING GroepNV ABN AMRO GroupNV ArcelorMittal UniCredit SpA Telecom ItaliaSpA/Milano Italgas SpA Intesa SanpaoloSpA Campari-MilanoSpA Davide SolutionsSpA Information Cerved Vonovia SE SAP SE Fresenius SE&CoKGaA Continental AG Vinci SA Valeo SA Ubisoft EntertainmentSA Television Francaise 1 Legrand SA Iliad SA Faurecia Elior Group SA Capgemini AXA SA Amundi SA Air LiquideSA Sampo Oyj Anheuser-Busch InBevSA/NV Erste GroupBank AG Fair Value 146,894 109,690 191,874 218,907 481,242 36,334 63,825 46,735 15,446 61,572 32,672 24,571 39,904 42,490 60,271 41,795 19,055 37,464 13,990 19,299 35,672 76,068 57,025 50,142 60,703 33,775 20,543 24,304 27,582 37,318 53,992 34,279 33,845 75,870 26,659 52,372 35,523 70,178 37,851 EUR

15.55 % of 4.74 1.17 2.06 1.51 3.54 0.50 1.99 1.05 0.79 1.29 1.37 6.20 1.95 1.35 0.62 1.21 0.45 0.62 7.07 1.15 2.46 1.84 1.62 1.96 1.09 0.66 0.79 0.89 1.21 1.75 1.11 1.09 2.45 0.86 1.69 1.15 2.27 1.22 NAV Common Stock-94.54%(31March2016:99.34%)(continued) Shares Netherlands -6.66%(31March2016:10.30%)(continued) Norway -0.84%(31March2016:3.51%) Portugal -1.09%(31March2016:0.00%) Spain -1.50%(31March2016:0.97%) Sweden -3.18%(31March2016:0.00%) Switzerland -9.49%(31March2016:9.68%) Turkey -0.84%(31March2016:1.45%) United Kingdom-25.39%(31March2016:25.14%) United States-2.44%(31March2016:0.00%) Total CommonStock-(CostEUR2,721,841) (continued) 14,097 11,118 18,856 52,720 1,648 2,922 6,418 2,363 2,466 1,142 1,039 3,483 1,611 2,047 8,488 2,374 4,475 1,850 3,938 1,047 5,204 1,259 2,801 2,260 1,349 1,274 1,863 1,385 615 552 454 612 106 861 Wolters KluwerNV NN GroupNV Koninklijke Ahold DelhaizeNV Europris ASA Galp EnergiaSGPSSA Merlin PropertiesSocimiSA Red ElectricaCorpSA Hexagon AB Hexagon Saab AB Bank AB Nordea Cie Financiere RichemontSA Wolseley Plc Syngenta AG Novartis AG Julius BaerGroupLtd Credit SuisseGroup AG Turkcell IletisimHizmetleri AS Worldpay GroupPlc Unilever NV Spire HealthcareGroupPlc DutchShellPlc Royal RELX NV Prudential Plc Provident Financial Plc Premier OilPlc Merlin EntertainmentsPlc London StockExchangeGroupPlc BankingGroupPlc Lloyds Hunting Plc CNH IndustrialNV British AmericanTobaccoPlc BritishFoodsAssociated Plc Ashtead GroupPlc Shire Plc Year ended31March 2017 Fair Value 2,926,284 206,052 293,863 111,883 785,884 110,557 110,152 64,214 18,748 58,615 25,919 33,614 25,844 46,400 20,556 39,168 98,347 21,867 37,312 33,587 35,917 43,774 40,212 28,490 26,085 48,684 42,114 32,116 77,622 36,685 13,888 29,179 46,674 40,876 18,502 20,430 83,587 38,815 36,003 75,471 EUR

25.39 94.54 % of 6.66 2.08 0.61 1.89 0.84 1.09 0.84 1.50 0.66 1.26 3.18 0.71 1.21 1.09 9.49 1.16 1.41 3.61 1.30 0.92 0.84 1.57 3.57 1.36 3.56 1.04 2.51 1.19 0.45 0.94 1.51 1.32 0.60 0.66 2.70 1.25 1.16 2.44 NAV 115 LAZARD GLOBAL ACTIVE FUNDS PLC 116 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard PanEuropean EquityFund(continued) Portfolios ofInvestments France -0.03%(31March2016:0.00%) Rights Shares Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(unaudited) Net Assets Net Assets Other Total Total Rights-(CostEUR–) Investments -(CostEUR2,721,841) - 0.03%(31March2016:0.00%) 415 Amundi SARights14/04/2017 Fair Value 2,927,356 3,095,290 167,934 1,072 1,072 % ofTotal Assets EUR

100.00 100.00 92.90 94.57 % of 0.03 7.10 0.03 5.43 NAV (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard Pan-European SmallCapFund Portfolios ofInvestments Netherlands -4.05%(31March2016:4.58%) Ireland -4.79%(31March2016:5.82%) Italy -10.57%(31March2016:7.70%) -16.23%(31March2016:14.76%) Germany France -2.28%(31March2016:2.24%) Finland -1.76%(31March2016:0.93%) Denmark -3.06%(31March2016:1.97%) Belgium -1.90%(31March2016:2.93%) Common Stock-98.80%(31March2016:95.83%) Shares 179,088 110,651 210,471 157,481 31,807 11,696 25,220 62,173 16,583 22,751 13,698 74,456 71,083 26,675 69,732 76,654 18,314 31,710 18,328 48,842 10,446 13,892 16,032 15,729 12,804 15,613 23,326 23,928 10,859 13,089 19,575 8,357 5,722 2,348 9,310 Intertrust NV IMCD GroupNV Aalberts IndustriesNV Societa Iniziative Societa Iniziative SpA Autostradali eServizi SpA Recordati OVS SpA El.En. SpA Ei TowersSpA DiaSorin SpA SolutionsSpA Information Cerved Banca MediolanumSpA Azimut HoldingSpA UDG HealthcarePlc Irish ContinentalGroupPlc Greencore GroupPlc HotelGroupPlc Dalata Stabilus SA PATRIZIAImmobilien AG Norma GroupSE Hypoport AG GRENKE AG Grand CityPropertiesSA Duerr AG CTS Eventim AG &Co KGaA CompuGroup MedicalSE AURELIUS EquityOpportunitiesSE&CoKGaA PropertyHoldingsPlc Aroundtown ADO PropertiesSA Ubisoft EntertainmentSA Elior Group Unibrew A/S Royal Dfds A/S Konecranes OYJ Cargotec Oyj Kinepolis GroupNV Fair Value 1,993,542 5,204,166 2,357,076 7,988,428 1,106,166 1,121,250 1,505,013 571,890 538,952 882,700 556,448 526,842 643,989 627,472 721,885 528,998 674,944 487,985 435,603 572,296 379,437 604,820 800,523 526,386 812,755 502,277 388,359 841,792 874,121 504,002 668,855 640,328 692,916 430,471 625,223 496,027 945,017 559,996 867,848 435,864 431,984 937,642 EUR

10.57 16.23 % of 4.05 1.16 1.10 1.79 1.13 1.07 1.31 1.27 1.47 1.07 1.37 0.99 0.89 4.79 1.16 0.77 1.23 1.63 2.25 1.07 1.65 1.02 0.79 1.71 1.78 1.02 1.36 1.30 1.41 0.87 2.28 1.27 1.01 3.06 1.92 1.14 1.76 0.88 0.88 1.90 NAV Switzerland -3.12%(31March2016:3.54%) Sweden -12.06%(31March2016:10.39%) Spain -1.16%(31March2016:1.12%) Portugal -2.16%(31March2016:1.07%) Norway -2.48%(31March2016:2.13%) United Kingdom-32.08%(31March2016:31.38%) Common Stock-98.80%(31March2016:95.83%)(continued) Shares (continued) 175,500 123,069 231,182 203,498 223,887 217,538 208,286 118,166 166,440 131,301 156,452 10,929 44,291 59,500 94,098 58,203 67,775 20,193 33,504 54,047 53,183 66,534 90,921 35,740 86,415 20,245 37,716 67,302 79,410 63,286 16,844 26,765 22,805 52,718 27,444 57,143 63,918 15,134 2,770 6,994 6,260 4,000 Alimak Group ABAB-BTAAlimak Group AB Alimak Euskaltel SA NOS SGPSSA Corticeira Amorim SGPSSA Skandiabanken ASA Europris ASA RPC GroupPlc Rightmove Plc Rentokil InitialPlc Polypipe Groupplc Micro Focus Plc International John Wood GroupPlc IG GroupHoldingsPlc Hunting Plc GroupPlc Joinery Howden Equiniti GroupPlc EMIS GroupPlc Electrocomponents Plc Dignity Plc CVS GroupPlc Conviviality Plc Clinigen GroupPlc Ltd Burford Capital Big Yellow GroupPlc BCA MarketplacePlc Auto Trader GroupPlc Ascential Plc GlobalGroupPlc Arrow TecanGroup AG Kardex AG Cembra MoneyBank AG AB Nolato Loomis AB Lifco AB Inwido AB Indutrade AB Hexpol AB Granges AB Cloetta AB Avanza BankHolding AB Ambea AB Year ended31March 2017 Fair Value 1,062,871 1,219,665 1,537,952 5,935,822 1,124,422 147,062 620,334 571,200 480,841 582,030 510,903 708,762 941,472 666,768 906,435 892,282 480,532 309,202 439,485 461,005 513,023 370,830 478,265 563,072 503,551 693,032 625,528 714,854 540,480 443,183 541,954 623,645 550,696 414,245 639,253 484,454 470,948 794,858 568,360 596,210 490,853 549,914 548,849 579,963 533,914 34,557 EUR

12.06 % of 2.16 2.48 0.30 1.26 1.16 0.98 1.18 1.04 1.44 3.12 1.91 1.36 1.84 1.81 0.98 0.63 0.89 0.94 1.04 0.75 0.97 1.14 1.02 1.41 1.27 1.45 1.10 0.90 1.10 1.27 1.12 0.84 1.30 0.98 0.96 1.61 1.15 1.21 1.00 1.12 1.12 1.18 1.08 0.07 2.29 NAV 117 LAZARD GLOBAL ACTIVE FUNDS PLC 118 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard Pan-European SmallCapFund(continued) Portfolios ofInvestments Common Stock-98.80%(31March2016:95.83%)(continued) United Kingdom-32.08%(31March2016:31.38%)(continued) Shares Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) Net Assets Net Assets Other Total Investments-(CostEUR45,693,101) Total CommonStock-(CostEUR45,693,101) United States-1.10%(31March2016:0.74%) 271,896 64,574 62,780 97,387 5,041 Savills Plc Savills Workspace GroupPlc Volution GroupPlc Synthomer Plc Core Laboratories NV Core Laboratories 49,228,489 48,638,129 48,638,129 15,791,203 Fair Value 576,159 594,424 541,609 695,295 590,360 544,451 % ofTotal Assets EUR

100.00 100.00 98.57 98.80 98.80 32.08 % of 1.17 1.21 1.10 1.41 1.43 1.20 1.10 NAV (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalStrategicEquityFund Portfolios ofInvestments Taiwan -3.20%(31March2016:1.73%) Switzerland -1.02%(31March2016:2.17%) South Africa-2.64%(31March2016:3.25%) Philippines -0.50%(31March2016:1.06%) Norway -0.80%(31March2016:0.94%) New Zealand-1.59%(31March2016:0.72%) Japan -4.94%(31March2016:6.21%) Israel -1.38%(31March2016:2.59%) Indonesia -0.49%(31March2016:0.64%) Greece -1.19%(31March2016:0.00%) France -3.09%(31March2016:1.69%) Finland -2.08%(31March2016:2.29%) Denmark -2.33%(31March2016:1.79%) Australia -1.43%(31March2016:1.80%) Common Stock-94.31%(31March2016:98.36%) Shares 257,069 460,104 42,586 28,000 29,003 50,872 78,025 23,931 21,363 28,250 76,190 16,513 2,244 3,600 3,800 9,300 6,300 7,694 3,107 5,669 8,230 245 453 56 Taiwan SemiconductorManufacturingCoLtd CoLtd Merida Industry Sanlam Ltd Netcare Ltd Nampak Ltd Alliance GlobalGroupInc Europris ASA Ltd Z Energy Trade MeGroupLtd Israel DiscountBankLtd Media NusantaraCitra Tbk PT OPAP SA Carlsberg A/S AP Moller-Maersk A/S Partners GroupHolding AG TechnoPro HoldingsInc Don QuijoteHoldingsCoLtd CoLtd Daiwa HouseIndustry Asics Corp Vivendi SA Iliad SA Faurecia Sampo Oyj Ltd Caltex Australia Fair Value 413,372 265,263 148,109 341,885 145,721 103,371 205,246 103,939 101,307 178,592 154,366 301,041 207,852 131,811 638,223 138,760 131,634 266,740 101,089 399,725 149,980 101,580 148,165 269,582 185,149 97,125 99,039 64,965 63,877 93,189 USD

% of 3.20 2.05 1.15 2.64 1.13 0.75 0.76 0.50 0.80 1.59 0.81 0.78 1.38 0.49 1.19 2.33 1.61 0.72 1.02 4.94 1.08 1.02 2.06 0.78 3.09 1.16 0.78 1.15 2.08 1.43 NAV United Kingdom-9.31%(31March2016:14.96%) United States-58.32%(31March2016:50.47%) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) Net Assets Net Assets Other Total Investments-(CostUSD11,568,975) Total CommonStock-(CostUSD11,568,975) Common Stock-94.31%(31March2016:98.36%)(continued) Shares (continued) 40,920 33,369 10,012 10,300 10,300 7,123 3,365 3,016 6,149 2,200 3,804 3,300 2,265 3,565 5,100 2,151 1,064 4,840 1,554 1,765 1,953 1,840 2,929 1,763 4,264 5,383 2,500 1,425 2,770 1,843 2,363 3,884 2,800 7,600 6,146 4,662 1,802 2,398 4,023 721 457 975 Worldpay GroupPlc Prudential Plc London StockExchangeGroupPlc Informa Plc Dignity Plc British AmericanTobaccoPlc Accenture Plc Zoetis Inc &Co Welbilt Inc Walgreens Boots Alliance Inc Visa Inc Valvoline Inc Union Pacific Corp Inc Snap-on Shire Plc Inc Rockwell Automation Inc Red Hat Raytheon Co Quintiles IMSHoldingsInc PPG IndustriesInc Nielsen HoldingsPlc Morningstar Inc Molson CoorsBrewingCo Microsoft Corp Medtronic Plc Kellogg Co Halliburton Co Inc Services Fidelity Information National EOG ResourcesInc eBay Inc Cypress SemiconductorCorp Comerica Inc Coca-Cola Co/The Cisco SystemsInc Charles SchwabCorp/The Celgene Corp Corp Aon Plc Alphabet IncClass A Advance Auto Parts Inc Activision BlizzardInc Year ended31March 2017 12,933,682 12,197,925 12,197,925 Fair Value 1,204,045 7,542,675 151,152 150,171 133,428 272,055 407,518 735,757 263,736 203,019 183,678 196,536 188,108 316,821 125,205 227,834 179,465 282,092 112,267 134,421 269,162 157,275 193,347 120,997 138,572 408,107 354,524 201,400 103,469 136,312 146,740 230,511 130,386 141,728 192,024 322,544 207,735 190,256 224,223 242,977 284,619 387,445 144,553 200,587 89,721 % ofTotal Assets USD

100.00 100.00 94.31 94.31 93.75 58.32 % of 9.31 1.17 1.16 1.03 2.10 0.70 3.15 6.25 5.69 2.04 1.57 1.42 1.52 1.45 2.45 0.97 1.76 1.39 2.18 0.87 1.04 2.08 1.22 1.49 0.94 1.07 3.16 2.74 1.56 0.80 1.05 1.13 1.78 1.01 1.10 1.48 2.49 1.61 1.47 1.73 1.88 2.20 3.00 1.12 1.55 NAV 119 LAZARD GLOBAL ACTIVE FUNDS PLC 120 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalManagedVolatility Fund Portfolios ofInvestments Germany -1.32%(31March 2016:0.00%) Germany France -0.43%(31March2016:0.24%) Finland -0.45%(31March2016:0.36%) Denmark -1.54%(31March2016:0.56%) Canada -5.89%(31March2016:5.82%) Australia -7.37%(31March2016:6.67%) Common Stock-96.26%(31March2016:97.32%) Shares 205,917 731,140 469,538 457,934 132,039 149,012 164,835 100,625 51,002 15,568 13,231 11,934 27,485 23,691 10,665 10,240 10,846 15,711 23,599 17,285 17,468 35,085 10,203 49,107 48,205 92,684 34,844 29,521 73,510 28,326 43,418 7,080 2,210 7,508 3,955 9,763 4,661 4,757 9,908 7,542 8,458 5,381 908 Deutsche Lufthansa AG Deutsche Orion Oyj Bank A/S Danske Couche-TardAlimentation Inc Ltd AGL Energy Infineon Technologies AG Societe GeneraleSA L'Oreal SA Systems A/S Vestas Wind Pandora A/S Nordisk A/S Novo Bank A/S Jyske A/S Energy DONG Transcontinental Inc Inc Saputo Quebecor Inc Pembina PipelineCorp Metro Inc Inc International Magna Intact Financial Corp Ltd George Weston Enbridge Inc Dollarama Inc SoftwareInc/Canada Constellation GroupInc Colliers International CI Financial Corp Canadian ImperialBankofCommerce BCE Inc Telstra CorpLtd Stockland Saracen MineralHoldingsLtd Sandfire ResourcesNL Resolute MiningLtd Newcrest MiningLtd JB Hi-Fi Ltd Investa OfficeFund NormanHoldingsLtd Harvey GPT Group/The Goodman Group CSL Ltd Computershare Ltd Cochlear Ltd LeisureLtd Aristocrat 10,753,964 13,462,777 Fair Value 2,809,841 1,074,670 2,128,243 2,588,011 2,708,245 1,379,436 485,125 829,173 785,914 360,079 425,835 813,748 612,282 439,145 367,376 519,604 419,474 451,960 289,566 812,032 531,521 551,949 420,127 330,552 413,871 413,886 623,260 444,931 481,292 973,200 727,242 537,622 732,025 352,821 451,100 454,144 591,965 556,257 478,458 514,953 647,596 434,045 465,696 555,116 552,909 USD

% of 0.27 0.45 0.43 0.20 0.23 0.45 1.54 0.34 0.24 0.20 0.28 0.23 0.25 5.89 0.16 0.45 0.29 0.30 0.59 0.23 0.18 0.23 0.23 0.34 0.24 0.26 0.53 0.40 1.17 0.29 7.37 0.40 1.42 0.19 0.25 0.25 0.32 0.30 0.26 0.28 0.36 0.24 1.48 0.26 0.30 0.76 0.30 NAV Hong Kong-4.61%(31March2016:5.74%) -1.32%(31March2016:0.00%)(continued) Germany Israel -0.90%(31March2016:0.70%) Ireland -0.31%(31March2016:0.76%) Italy -0.33%(31March2016:0.00%) Japan -10.74%(31March2016:9.45%) Common Stock-96.26%(31March2016:97.32%)(continued) Shares (continued) 145,000 148,500 119,000 648,000 127,000 182,000 551,500 243,121 399,000 134,000 100,000 126,000 127,000 58,300 15,500 89,756 17,595 21,100 76,100 18,700 12,100 51,000 59,300 22,300 14,700 91,800 11,100 31,900 56,300 14,700 86,000 10,900 27,700 15,100 68,400 43,500 64,300 24,900 21,100 8,380 6,713 7,898 2,800 MTU Aero Engines AG MTU Aero CLP HoldingsLtd ASM Pacific Technology Ltd Link REIT HoldingsLtd Jardine Matheson Ryanair HoldingsPlc,Ryanair ADR Yue Yuen IndustrialHoldingsLtd GlassHoldingsLtd Xinyi Wheelock &CoLtd Wharf HoldingsLtd/The WH GroupLtd Nice Ltd Israel DiscountBankLtd BM Bank Hapoalim Recordati SpA Recordati ANA HoldingsInc Amano Corp Asahi GlassCoLtd Astellas PharmaInc Central Japan Railway Co Railway Central Japan Azbil Corp Daito Trust ConstructionCoLtd Daiwa House Industry CoLtd Daiwa HouseIndustry GS YuasaCorp Hazama Ando Corp Hazama Ando Heiwa Corp Idemitsu Kosan CoLtd JXTG HoldingsInc Kaken PharmaceuticalCoLtd KDDI Corp Kuraray CoLtd Maruha NichiroCorp Mitsui ChemicalsInc Morinaga &CoLtd/Japan Morinaga Nichirei Corp Nippon Telegraph& Telephone Corp Nissan MotorCoLtd Osaka GasCoLtd Oji HoldingsCorp Corp Obayashi Rengo CoLtd Shimadzu Corp Teijin Ltd Year ended31March 2017 Fair Value 2,407,349 1,093,051 1,515,952 1,040,443 8,425,019 1,004,198 1,562,036 1,645,271 1,216,730 1,084,699 1,001,190 1,660,859 1,462,766 792,935 995,875 557,045 467,791 570,329 475,460 529,507 569,884 545,880 597,890 420,940 455,820 627,641 465,763 398,597 553,948 510,536 450,391 626,573 836,505 852,862 444,575 424,482 483,227 684,607 643,949 658,955 478,309 593,799 406,385 371,039 395,298 397,459 USD

% of 1.32 0.60 0.43 0.83 0.54 0.57 0.31 0.26 0.31 0.26 4.61 0.55 0.86 0.29 0.31 0.30 0.90 0.33 0.23 0.67 0.59 0.55 0.25 0.34 0.91 0.80 0.26 0.22 0.30 0.28 0.25 0.34 0.46 0.47 0.24 0.23 0.26 0.38 0.35 0.36 0.26 0.33 0.22 0.20 0.22 0.22 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments United Kingdom-3.89%(31March2016:8.65%) Switzerland -2.68%(31March2016:1.53%) Sweden -0.78%(31March2016:0.56%) Spain -0.09%(31March2016:0.09%) Singapore -2.38%(31March2016:3.35%) Portugal -0.30%(31March2016:0.00%) Norway -0.98%(31March2016:1.71%) Netherlands -0.62%(31March2016:1.13%) -0.23%(31March2016:0.26%) Luxembourg -0.42%(31March2016:0.00%) Japan -10.74%(31March2016:9.45%)(continued) Common Stock-96.26%(31March2016:97.32%)(continued) Shares 119,021 412,892 127,678 139,800 124,800 137,000 179,700 487,700 647,000 52,381 54,619 19,684 68,798 53,586 14,442 18,972 14,875 16,600 27,281 35,814 10,791 23,162 43,152 34,827 39,823 33,128 7,579 7,024 1,507 9,037 2,389 2,853 3,625 Phoenix GroupHoldings Informa Plc Plc Lansdown Hargreaves G4S Plc Compass GroupPlc Cineworld GroupPlc Centrica Plc BT GroupPlc Plc Bellway Admiral GroupPlc Justitia AB Intrum Electrolux AB Axfood AB Ltd Airlines Singapore SATS Ltd DBS GroupHoldingsLtd Ltd CapitaLand Commercial Trust CapitaLand Galp EnergiaSGPSSA Yara ASA International ASA Harvest Marine SeafoodGroup Leroy ASA BP ASA Aker NN GroupNV Kindred GroupPlc SES SA Co West Railway Japan Unitika Ltd Swiss LifeHolding AG Holding AG Roche Partners GroupHolding AG Actelion Ltd Corp Financiera Alba SA 19,604,330 Fair Value 1,295,589 1,120,373 1,431,713 4,351,557 1,007,506 1,902,101 1,791,485 1,135,578 4,887,252 2,309,541 1,285,294 489,284 445,305 320,226 452,889 443,919 508,022 488,135 471,861 557,294 463,140 411,279 435,859 466,838 539,253 544,904 415,364 353,004 331,790 691,327 414,363 772,620 456,437 539,989 486,615 805,802 170,598 USD

10.74 % of 0.27 0.24 0.18 0.25 0.71 0.24 0.61 0.28 0.27 0.26 0.78 0.30 0.25 0.23 2.38 0.55 0.24 1.04 0.26 0.29 0.30 0.98 0.23 0.19 0.18 0.38 0.62 0.23 0.42 0.25 0.30 2.68 0.27 1.27 0.70 0.44 0.09 NAV United States-50.00%(31March2016:47.28%) United Kingdom-3.89%(31March2016:8.65%)(continued) Common Stock-96.26%(31March2016:97.32%)(continued) Shares (continued) 170,445 14,196 13,468 35,290 34,018 10,207 37,039 62,479 15,082 23,480 13,939 19,154 15,662 20,361 22,524 25,809 10,209 53,870 11,259 30,021 12,999 10,110 21,997 16,675 12,411 9,001 6,186 9,459 5,817 7,586 6,146 7,921 7,233 6,354 4,111 7,173 6,701 7,860 7,992 7,949 5,309 7,943 9,940 2,806 7,717 4,219 4,730 9,564 2,863 2,105 4,804 Accenture Plc 3M Co Wm MorrisonSupermarketsPlc Subsea 7SA Ameren Corp Amdocs Ltd Akamai TechnologiesInc American ElectricPower CoInc Automatic Data ProcessingInc Data Automatic GroupInc Atkore International AT&T Inc Aon Plc American ExpressCo Bloomin' BrandsInc Benchmark ElectronicsInc Baker HughesInc Carnival Corp Cardinal HealthInc CBOE HoldingsInc Carnival Plc Darden RestaurantsInc CR BardInc Corp Colgate-Palmolive Co Clorox Co/The Citigroup Inc Cirrus LogicInc Dick's SportingGoodsInc F5 NetworksInc Exelon Corp Everest ReGroupLtd EchoStar Corp Co DTE Energy FactSet ResearchSystemsInc Great Plains Energy Inc PlainsEnergy Great Inc GoDaddy General MillsInc Fresh DelMonteProduceInc Foot LockerInc Fiserv Inc Bancorp Fifth Third FedEx Corp HCA HoldingsInc Johnson & JB Hunt Transport Inc Services Intuit Inc Intel Corp II-VI Inc Inc IDEXX Laboratories Huntington IngallsIndustriesInc JPMorgan Chase&Co Year ended31March 2017 Fair Value 7,092,771 1,701,817 2,576,832 1,857,043 1,045,095 2,596,002 1,790,083 1,128,362 1,269,718 1,703,605 1,797,690 1,139,419 2,386,966 1,309,880 1,574,081 1,771,539 1,146,181 2,076,871 511,519 545,649 548,971 369,304 634,983 973,385 460,183 463,260 443,260 453,795 501,206 453,442 846,677 465,049 554,286 429,089 406,684 382,468 928,608 452,696 542,102 426,716 769,931 756,329 558,724 547,591 686,736 387,051 548,633 344,974 447,417 442,648 421,505 421,983 USD

% of 3.89 0.28 0.30 0.93 1.41 0.30 0.20 1.02 0.35 0.53 0.25 0.57 1.42 0.98 0.25 0.24 0.25 0.27 0.62 0.25 0.70 0.46 0.25 0.30 0.24 0.22 0.93 0.98 0.21 0.51 0.25 0.30 0.62 1.31 0.72 0.23 0.42 0.41 0.31 0.30 0.86 0.97 0.63 0.38 0.21 0.30 0.19 0.25 0.24 0.23 1.14 0.23 NAV 121 LAZARD GLOBAL ACTIVE FUNDS PLC 122 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-96.26%(31March2016:97.32%)(continued) Shares United States-50.00%(31March2016:47.28%)(continued) Total Investments-(CostUSD162,422,303) Total CommonStock-(CostUSD162,422,303) 12,197 46,380 17,702 16,473 11,249 20,176 23,313 25,681 34,913 10,915 52,633 17,404 14,235 10,331 10,518 24,371 21,229 29,198 22,101 17,803 15,826 11,420 13,164 18,928 19,553 52,964 3,525 9,590 9,627 6,558 7,206 5,434 4,844 4,160 4,514 4,746 4,042 8,218 2,835 4,585 7,982 3,467 Kimberly-Clark Corp Xcel Energy Inc Xcel Energy WellCare HealthPlansInc Waste Inc Management Wal-Mart StoresInc Verizon Inc Communications Validus HoldingsLtd Unum Group UnitedHealth GroupInc Tyson Foods Inc Toro Co/The TJX CosInc/The Inc Time Warner Texas InstrumentsInc Sysco Corp SunTrust BanksInc Starbucks Corp Spirit AeroSystems Holdings Inc Skyworks SolutionsInc Simon PropertyGroupInc Scotts Miracle-Gro Co/The S&P GlobalInc Ross StoresInc Inc Republic Services Regions Financial Corp Inc Quest Diagnostics Procter &GambleCo/The Primerica Inc Pool Corp Pinnacle West Corp Capital PepsiCo Inc Paychex Inc Inc O'Reilly Automotive Omnicom GroupInc Northrop GrummanCorp Nordstrom Inc NIKE Inc MSCI Inc MetLife Inc Marsh &McLennanCosInc Lear Corp Kroger Co/The 175,753,096 175,753,096 91,297,107 Fair Value 2,061,591 1,290,830 1,187,374 1,578,924 1,438,645 1,604,035 2,760,920 1,066,505 2,732,705 1,016,220 1,375,123 1,605,318 1,333,394 2,472,218 1,048,597 1,364,360 1,090,496 1,444,771 1,561,908 1,605,491 494,240 467,513 634,331 946,053 528,313 398,492 824,491 532,423 833,313 964,812 424,247 408,470 405,583 390,121 482,332 685,217 764,996 531,829 733,630 775,771 999,777 490,858 USD

96.26 96.26 50.00 % of 1.13 0.27 0.71 0.65 0.26 0.35 0.52 0.87 0.79 0.88 1.51 0.58 0.29 1.50 0.22 0.56 0.45 0.29 0.46 0.53 0.75 0.88 0.73 0.23 0.22 0.22 0.21 0.26 0.38 1.35 0.57 0.42 0.75 0.60 0.29 0.40 0.43 0.55 0.79 0.27 0.86 0.88 NAV Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) Markets - BNYMellonCapital The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: ADR - Receipt American Depositary Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value exchange contracts Net unrealisedgainonforwardforeigncurrency contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 13/04/17 Open forwardforeigncurrency exchange contracts-0.23%(31March2016:1.23%) Date Maturity (continued) GBP 12,712,185 Bought Amount USD 15,477,168 Sold Amount Year ended31March 2017 182,578,405 176,176,756 Gain/(Loss) Unrealised 6,401,649 423,660 423,660 423,660 % ofTotal Assets USD – 100.00 100.00 96.49 96.18 % of 0.23 0.23 3.51 0.00 0.23 NAV 3.59 0.23 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalListedInfrastructure EquityFund Portfolios ofInvestments Australia -13.14%(31March2016:11.26%) Common Stock-93.66%(31March2016:98.12%) Total Investments-(CostGBP1,010,199,925) Total CommonStock-(CostGBP1,010,199,925) United States-17.11%(31March2016:32.49%) United Kingdom-3.41%(31March2016:3.00%) Spain -8.72%(31March2016:4.85%) Portugal -0.62%(31March2016:0.65%) Luxembourg -4.70%(31March2016:6.39%) Italy -27.83%(31March2016:22.34%) -3.55%(31March2016:2.98%) Germany France -14.58%(31March2016:12.03%) Shares 26,483,000 26,868,566 22,527,493 32,573,216 1,071,070 1,217,550 9,486,697 8,940,729 5,161,789 1,643,055 3,318,282 8,406,892 7,309,794 5,697,886 5,190,180 8,147,511 3,452,400 3,384,551 587,900 658,909 886,640 717,400 780,000 500,755 840,790 324,028 Union Pacific Corp PG&E Corp Norfolk SouthernCorp CSX Corp Ameren Corp Red ElectricaCorpSA Terna ReteElettricaNazionaleSpA Societa Iniziative SpA Autostradali eServizi SpA Italgas SpA Hera SpA SpA ASTM SpA Worldwide Services Frankfurt Airport Fraport AG Vinci SA SA Communications Eutelsat Aeroports deParis Transurban Group Spark InfrastructureGroup Macquarie Atlas RoadsGroup DUET Group AusNet Services Pennon GroupPlc Abertis InfraestructurasSA REN -RedesEnergeticasNacionaisSGPSSA SES SA 1,258,644,731 1,258,644,731 229,965,670 117,241,824 374,006,344 105,333,975 106,847,399 195,936,423 104,421,338 176,557,938 105,232,586 49,798,367 56,840,502 59,001,192 33,006,591 31,319,018 12,009,238 93,170,102 33,366,947 19,944,762 47,703,020 59,406,075 32,109,010 59,853,235 32,571,857 22,832,654 55,442,926 45,777,388 63,125,596 Fair Value 9,320,907 6,022,252 5,857,266 8,330,528 GBP

93.66 93.66 17.11 27.83 14.58 13.14 % of 3.70 4.23 4.39 2.46 2.33 8.72 0.89 7.84 0.69 6.93 2.48 1.49 7.95 0.45 3.55 7.77 4.42 2.39 4.45 2.42 1.70 4.13 0.44 3.41 7.83 0.62 4.70 NAV Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) StreetGlobalMarkets - State Markets - RBCCapital - JPMorgan - HSBCBankUSA - CitigroupGlobalMarketsInc Markets - BNYMellonCapital - BNPParibas SecuritiesCorp. The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value Date Maturity contracts Net unrealisedgainonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 28/06/17 28/06/17 28/06/17 28/06/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 Open forwardforeigncurrency exchange contracts-1.21%(31March2016:0.26%) (continued) Bought Amount USD 3,063,321 GBP 229,051,919 GBP 794,498,114 GBP 190,967,768 USD 13,486,953 USD 163,040 USD 193,537,198 USD 3,139,008 JPY 2,834,109,902 JPY 35,856,773 GBP 1,166,705 GBP 3,478,600 GBP 115,466 GBP 430,373 GBP 1,975,548 GBP 83,533 EUR 267,384,106 CHF 17,756,632 Sold Amount GBP 2,515,073 USD 278,915,016 EUR 910,054,624 AUD 309,659,425 GBP 11,069,572 GBP 130,154 GBP 158,793,964 GBP 2,503,752 GBP 20,376,335 GBP 256,093 USD 1,463,879 USD 4,286,426 JPY 16,000,000 EUR 495,614 EUR 2,269,706 CHF 103,204 GBP 231,710,863 GBP 14,386,417 Year ended31March 2017 1,343,814,665 1,274,847,923 Gain/(Loss) (7,595,247) (4,067,361) (2,941,282) 68,966,742 16,203,192 23,798,439 14,423,309 Unrealised 6,495,048 2,779,457 (287,198) (193,149) (70,733) (31,907) (3,617) 51,742 33,625 5,782 1,302 6,333 1,039 % ofTotal Assets GBP 191 611 100.00 100.00 (0.56) (0.01) (0.00) (0.00) (0.02) (0.31) (0.21) (0.01) 94.87 92.50 % of 5.13 1.21 1.77 1.07 0.00 0.00 0.00 0.00 0.49 0.21 0.00 0.00 0.00 0.00 NAV 5.75 1.75 123 LAZARD GLOBAL ACTIVE FUNDS PLC 124 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalEquityFranchiseFund Portfolios ofInvestments Common Stock-96.83%(31March2016:98.29%) Shares Australia -4.61%(31March2016:3.57%) United States-68.48%(31March2016:76.48%) Spain -2.06%(31March2016:0.00%) Luxembourg -5.45%(31March2016:4.24%) Italy -10.04%(31March2016:6.09%) -1.99%(31March2016:3.88%) Germany France -4.20%(31March2016:4.03%) Other Net Assets Other Total Investments-(CostUSD66,352,458) Total CommonStock-(CostUSD66,352,458) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) Net Assets 315,353 171,261 141,677 177,801 145,020 101,606 439,856 348,157 93,563 14,821 74,092 16,218 40,861 58,728 78,322 30,066 43,776 35,448 14,719 31,121 11,341 20,295 44,871 11,954 89,700 18,982 3,934 Computershare Ltd Abertis InfraestructurasSA SES SA Atlantia SpA SAP SE SA Bureau Veritas Visa Inc Stericycle Inc QUALCOMM Inc Oracle Corp Monsanto Co Microsoft Corp Medtronic Plc McKesson Corp Mastercard Inc Intuit Inc Game International Technology Plc Intel Corp H&R BlockInc Express ScriptsHoldingCo Emerson ElectricCo Coach Inc Cisco SystemsInc Alphabet IncClassC Terna ReteElettricaNazionaleSpA Snam SpA Vinci SA 71,011,412 71,011,412 50,225,506 73,339,463 Fair Value 3,382,439 1,441,294 3,386,968 3,367,463 3,493,944 3,403,471 2,883,087 2,855,691 2,182,239 3,500,179 1,315,443 4,213,884 3,371,715 2,957,448 3,707,301 3,434,283 3,263,489 1,511,109 3,994,195 7,364,448 2,187,652 1,509,640 3,667,156 1,458,094 3,075,621 1,508,500 1,567,121 2,328,051 732,041 715,566 % ofTotal Assets USD

100.00 100.00 10.04 96.83 96.83 68.48 96.79 % of 4.61 1.97 4.62 4.59 4.76 4.64 3.93 3.89 2.98 4.77 1.79 5.75 1.00 4.60 4.03 0.98 5.05 4.68 4.45 2.06 5.45 2.98 2.06 5.00 1.99 4.20 2.06 2.14 3.17 3.21 NAV (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalEquitySelectFund Portfolios ofInvestments Common Stock-97.06%(31March2016:95.71%) Taiwan -1.32%(31March2016:1.24%) Switzerland -0.81%(31March2016:2.32%) Sweden -2.60%(31March2016:2.13%) South Africa-0.70%(31March2016:0.75%) Netherlands -1.54%(31March2016:3.16%) Japan -5.32%(31March2016:6.08%) Israel -0.17%(31March2016:2.04%) India -0.72%(31March2016:0.47%) Hong Kong-1.37%(31March2016:0.00%) -3.32%(31March2016:2.98%) Germany Finland -1.16%(31March2016:2.15%) Denmark -1.82%(31March2016:2.24%) China -1.48%(31March2016:1.62%) Canada -3.30%(31March2016:0.00%) -2.01%(31March2016:0.00%) Shares 13,005 20,200 10,300 16,600 3,725 1,500 2,310 7,188 3,444 1,930 5,660 5,460 6,722 4,352 2,087 2,275 1,908 1,121 4,800 3,610 2,110 600 773 Sanlam Ltd AIA GroupLtd Cielo SA Ambev SA Ltd, ADR Taiwan SemiconductorManufacturingCo Julius BaerGroupLtd AB Hexagon AB Assa Abloy Wolters KluwerNV Ryohin KeikakuCoLtd Recruit HoldingsCoLtd CoLtd Daiwa HouseIndustry AEON FinancialCoLtd Service Israel DiscountBankLtd Indiabulls HousingFinance Ltd, GDR Symrise AG Continental AG Sampo Oyj Nordisk A/S Novo Carlsberg A/S Tencent HoldingsLtd BankofCanada National Co Railway Canadian National Fair Value 127,362 187,209 122,329 241,518 148,376 143,533 494,798 131,329 162,338 102,752 309,062 139,157 169,905 108,185 169,558 103,833 137,610 306,455 151,152 155,303 65,341 91,842 95,367 74,931 93,142 98,379 15,757 66,912 65,725 USD

% of 0.70 1.37 2.01 0.99 1.02 1.32 0.81 2.60 1.00 1.60 1.54 5.32 1.41 1.06 1.75 1.10 0.17 0.72 3.32 1.49 1.83 1.16 1.82 0.71 1.11 1.48 3.30 1.63 1.67 NAV United Kingdom-10.20%(31March2016:7.85%) Common Stock-97.06%(31March2016:95.71%)(continued) United States-59.22%(31March2016:52.62%) Shares (continued) 14,491 1,862 7,719 5,252 4,887 6,463 2,040 1,539 5,400 1,475 1,552 2,225 1,230 3,118 2,165 1,055 1,565 1,135 1,365 3,155 2,989 2,690 1,280 2,205 1,495 1,495 1,405 1,730 1,240 1,310 3,045 4,855 3,305 5,905 3,820 2,101 1,210 840 545 895 775 875 870 935 895 840 310 154 113 298 Unilever Plc RELX NV Prudential Plc Plc Diageo ConvaTec GroupPlc Compass GroupPlc Coca-Cola EuropeanPartners Plc British AmericanTobaccoPlc Ashtead GroupPlc Accenture Plc Visa Inc Vantiv Inc United TechnologiesCorp Thermo Fisher ScientificInc Inc Snap-on Shire Plc Schlumberger Ltd S&P GlobalInc Inc Rockwell Automation Inc Red Hat Quintiles IMSHoldingsInc PPG IndustriesInc Motorola SolutionsInc Monsanto Co Molson CoorsBrewingCo Microsoft Corp Medtronic Plc Kellogg Co plc Johnson ControlsInternational Intercontinental ExchangeInc Inc Honeywell International Five Inc Below Inc Services Fidelity Information National EOG ResourcesInc eBay Inc CorpPlc Eaton HoldingsInc Crown Commerce BancsharesInc/MO Comerica Inc Coca-Cola Co/The Cisco SystemsInc Charles SchwabCorp/The Biogen Inc Bank of America Corp AutoZone Inc Inc Materials Applied Inc Apple Aon Plc Alphabet IncClassC Alphabet IncClass A Year ended31March 2017 Fair Value 948,086 143,326 110,726 139,543 121,710 101,995 111,618 176,823 137,926 142,667 138,018 129,024 181,728 169,087 137,931 139,360 126,029 130,644 207,788 125,897 161,050 159,834 119,032 104,181 129,230 164,099 134,877 139,299 111,350 148,598 301,830 143,615 252,644 91,725 50,555 76,888 91,925 67,038 91,945 97,860 98,484 75,324 64,986 95,499 81,942 50,187 91,603 69,638 89,840 84,760 93,740 USD

10.20 % of 0.99 1.54 1.19 1.50 0.54 1.31 0.83 1.10 1.20 1.90 1.48 1.53 1.48 1.39 0.99 1.95 1.82 1.48 1.50 0.72 1.36 0.99 1.05 1.06 1.41 2.23 0.81 0.70 1.35 1.73 1.72 1.03 1.28 0.88 0.54 1.12 0.99 0.75 0.97 1.39 1.76 1.45 0.91 1.50 1.20 1.60 3.25 1.54 1.01 2.72 NAV 125 LAZARD GLOBAL ACTIVE FUNDS PLC 126 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalEquitySelectFund(continued) Portfolios ofInvestments Common Stock-97.06%(31March2016:95.71%)(continued) Other Net Assets Other Total Investments-(CostUSD7,921,611) Total CommonStock-(CostUSD7,921,611) United States-59.22%(31March2016:52.62%)(continued) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(unaudited) Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets 3,117 4,230

Zoetis Inc Welbilt Inc Fair Value 9,025,367 9,025,367 5,506,721 9,298,478 273,111 166,354 83,035 % ofTotal Assets USD

100.00 100.00 97.06 97.06 59.22 96.57 % of 2.94 1.79 0.89 3.43 NAV (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalEquityIncomeFund Portfolios ofInvestments Netherlands -4.91%(31March2016:1.14%) -0.98%(31 March2016:1.83%) Luxembourg -4.30%(31March2016:1.48%) Japan -3.72%(31March2016:0.72%) Italy -3.32%(31March2016:1.85%) Israel -2.46%(31March2016:0.00%) India -0.73%(31March2016:0.00%) Hong Kong-1.83%(31March2016:0.90%) France -5.00%(31March2016:8.38%) Finland -0.60%(31March2016:0.00%) China -3.69%(31March2016:5.47%) Canada -1.31%(31March2016:1.28%) Brazil -2.28%(31March2016:2.08%) Australia -1.17%(31March2016:3.21%) Common Stock-95.34%(31March2016:93.71%) Shares 102,778 195,000 261,000 43,377 25,739 16,328 12,800 12,423 64,475 7,121 3,485 3,967 5,496 2,411 3,400 2,400 3,766 3,563 4,202 4,779 5,127 5,878 9,812 800 940 Fibra Uno Administracion SAdeCV Bezeq The Israeli Telecommunication CorpLtd China ConstructionBankCorp Agricultural BankofChinaLtd Royal DutchShellPlc Royal NN GroupNV ING GroepNV SES SA RTL Group Tokyo ElectronLtd Sumitomo MitsuiFinancial GroupInc CoLtd Daiwa HouseIndustry Snam SpA Italgas SpA Azimut HoldingSpA Indiabulls HousingFinance Ltd Sands ChinaLtd EntertainmentLtd,Melco Crown ADR Total SA AXA SA Sampo Oyj Corp Alaris Royalty Qualicorp SA BB SeguridadeParticipacoes SA Alumina Ltd Fair Value 184,296 277,054 156,823 120,231 368,274 194,518 113,632 322,876 128,179 194,697 279,524 123,423 249,197 111,607 137,199 375,372 242,364 133,008 171,041 73,884 60,124 87,265 68,836 71,812 65,778 54,747 59,294 77,905 44,701 98,331 80,800 90,241 88,042 USD

% of 0.98 2.46 3.69 2.09 1.60 4.91 2.59 1.52 0.80 4.30 1.71 2.59 3.72 1.16 1.64 0.92 3.32 1.49 0.96 0.87 0.73 1.83 0.79 1.04 5.00 3.23 1.77 0.60 1.31 2.28 1.08 1.20 1.17 NAV Norway -2.81%(31March2016:3.00%) Portugal -1.06%(31March2016:0.00%) Russia -2.64%(31March2016:2.84%) Spain -1.22%(31March2016:0.00%) Sweden -3.29%(31March2016:0.77%) Switzerland -1.38%(31March2016:1.05%) Taiwan -5.75%(31March2016:4.96%) Turkey -0.67%(31March2016:0.76%) Thailand -0.70%(31March2016:2.33%) United Kingdom-3.15%(31March2016:5.01%) United States-36.37%(31March2016:43.22%) Common Stock-95.34%(31March2016:93.71%)(continued) Shares (continued) 10,503 12,447 88,500 16,145 17,055 40,649 8,358 5,207 4,239 5,646 6,064 9,247 1,394 7,792 2,084 6,732 5,875 7,065 5,324 1,544 1,444 1,217 2,874 1,296 2,424 6,537 2,581 5,800 5,811 598 600 825 433 Telenor ASA Europris ASA Mobile TeleSystemsPJSC, ADR Galp EnergiaSGPSSA Severstal PJSC, GDR Abertis InfraestructurasSA AB Bank AB Nordea Novartis AG Krung Thai BankPCL, NVDR Ltd, ADR Taiwan SemiconductorManufacturingCo CoLtd,Hon HaiPrecisionIndustry GDR Far EasTone Telecommunications CoLtd, GDR Legal &GeneralGroupPlc Tofas TurkFabrikasi AS Otomobil Vodafone GroupPlc St James'sPlacePlc AT&T Inc PacWest Bancorp Occidental Petroleum Corp PetroleumMarathon Corp LyondellBasell IndustriesNV L BrandsInc Healthcare Realty Trust Inc Inc Extra SpaceStorage CorpPlc Eaton Deere &Co Cypress SemiconductorCorp Corp CastleInternational Crown Coca-Cola Co/The Cisco SystemsInc Chevron Corp Blackstone Mortgage Trust Inc Year ended31March 2017 Fair Value 210,850 174,747 137,290 198,374 246,951 140,999 105,952 103,549 431,611 255,889 236,535 105,776 293,551 283,556 179,740 109,538 196,040 179,908 36,103 79,224 61,084 91,187 52,540 98,969 76,753 52,740 50,319 78,019 97,828 72,980 54,532 57,321 93,405 96,409 65,316 89,949 77,921 46,491 USD

% of 2.81 2.33 0.48 1.83 1.06 2.64 0.81 1.22 3.29 1.88 1.41 1.38 0.70 5.75 3.41 1.32 1.02 0.70 0.67 3.15 1.41 1.04 3.91 3.78 1.30 0.97 0.73 0.76 1.24 1.29 2.40 0.87 1.20 1.04 1.46 2.61 0.62 2.40 NAV 127 LAZARD GLOBAL ACTIVE FUNDS PLC 128 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalEquityIncomeFund(continued) Portfolios ofInvestments Common Stock-95.34%(31March2016:93.71%)(continued) Shares Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) Markets - BNYMellonCapital The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: NVDR -Non Voting Receipt Depositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedgainonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 13/04/17 13/04/17 Open forwardforeigncurrency exchange contracts-0.12%(31March2016:0.31%) Date Maturity Total Investments-(CostUSD6,972,511) Total CommonStock-(CostUSD6,972,511) United States-36.37%(31March2016:43.22%)(continued) 1,484 1,662 7,246 9,745 475 855 Wells Fargo &Co Verizon Inc Communications United Parcel Inc Service Procter &GambleCo/The Pfizer Inc GroupInc Pattern Energy EUR 17,604 EUR 872,599 Bought Amount USD 18,934 USD 924,804 Sold Amount Gain/(Loss) Fair Value 7,155,626 7,155,626 2,729,948 Unrealised 7,505,251 7,164,577 247,886 196,167 340,674 82,599 81,022 50,967 76,822 8,951 9,046 9,046 % ofTotal Assets USD USD (95) (95)

100.00 100.00 (0.00) 95.46 95.34 95.34 36.37 94.86 % of % of 4.54 0.00 0.12 0.12 0.12 1.10 1.08 0.68 1.02 3.30 2.61 NAV NAV 5.02 0.12 (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard ThematicGlobalFund Portfolios ofInvestments Common Stock-97.21%(31March2016:97.44%) Sweden -0.98%(31March2016:0.00%) Netherlands -0.90%(31March2016:0.26%) Jersey -0.35%(31March2016:0.63%) Japan -4.90%(31March2016:8.20%) Israel -1.43%(31March2016:2.46%) India -0.95%(31March2016:0.89%) Hong Kong-3.42%(31March2016:4.83%) -2.09%(31March2016:2.01%) Germany France -3.60%(31March2016:4.30%) China -1.96%(31March2016:1.60%) Canada -1.34%(31March2016:1.31%) Belgium -0.79%(31March2016:1.03%) Shares 817,902 375,200 38,561 10,713 36,000 38,400 55,000 49,610 48,100 22,132 19,997 56,560 12,987 21,340 11,470 21,609 51,200 31,898 29,682 9,100 8,685 6,278 7,131 3,894 8,916 8,100 7,500 Hexagon AB Hexagon ASML HoldingNV Sumitomo Realty&DevelopmentCoLtd Seven &iHoldingsCoLtd Mitsui FudosanCoLtd CoLtd Mitsubishi Estate FANUC Corp CoLtd Daiwa HouseIndustry Check Point Software Technologies Ltd HDFC BankLtd, ADR Hong Kong Exchanges&ClearingLtd Hong Kong &ChinaGasCoLtd AIA GroupLtd L'Oreal SA SA Essilor International Air LiquideSA Anheuser-Busch InBevSA/NV, ADR Randgold ResourcesLtd SAP SE Linde AG Tencent HoldingsLtd Inc,Baidu ADR Alibaba GroupHoldingLtd, ADR Goldcorp Inc Barrick GoldCorp Agrium IncNpv MinesLtd Agnico Eagle Fair Value 1,554,826 1,425,431 7,754,327 1,503,193 1,171,767 1,863,609 1,379,589 2,272,071 1,504,174 5,424,694 1,423,548 1,635,483 2,365,663 5,700,170 1,673,473 1,582,149 2,444,548 1,258,947 3,316,505 2,125,899 1,190,606 3,101,046 1,467,841 2,118,461 932,388 903,781 546,775 671,793 961,412 464,009 562,197 773,955 318,300 USD

% of 0.98 0.90 4.90 0.59 0.95 0.74 0.57 1.18 0.87 1.43 0.95 3.42 0.90 1.03 1.49 3.60 1.06 1.00 1.54 0.79 0.35 2.09 1.34 0.75 1.96 0.93 0.42 0.61 1.34 0.29 0.36 0.49 0.20 NAV Switzerland -2.49%(31March2016:2.92%) United States-65.77%(31March2016:59.16%) United Kingdom-5.18%(31March2016:5.21%) Taiwan -1.06%(31March2016:1.61%) Common Stock-97.21%(31March2016:97.44%)(continued) Shares (continued) 102,147 22,206 19,448 27,700 12,790 21,927 62,757 33,871 40,825 83,684 46,129 51,125 13,445 84,968 54,376 20,010 53,523 61,496 14,100 25,245 28,188 24,240 66,620 19,918 18,109 24,878 33,990 16,518 14,963 18,382 20,564 16,269 24,040 23,077 38,956 21,710 14,600 28,020 13,215 3,167 3,490 6,480 1,363 1,451 1,909 6,498 Novartis AG Nestle SA Activision BlizzardInc Accenture Plc Abbott Laboratories Worldpay GroupPlc Unilever Plc DutchShellPlc Royal Prudential Plc Compass GroupPlc BritishFoodsAssociated Plc Ltd, ADR Taiwan SemiconductorManufacturingCo Holding AG Roche Aetna Inc AES Corp/VA Adobe SystemsInc Allergan Plc Alphabet IncClass A Alphabet IncClassC Comcast Corp Colgate-Palmolive Co Cisco SystemsInc Charles SchwabCorp/The Celgene Corp Cabot Oil&GasCorp Bristol-Myers SquibbCo BB&T Corp Bank of America Corp Inc Apple Aon Plc Anadarko Petroleum Corp Amazon.com Inc Johnson Controls International plc Johnson ControlsInternational Johnson & Inc Honeywell International Exxon MobilCorp EOG ResourcesInc Eli Lilly&Co EI duPont deNemours&Co Edison International eBay Inc CorpPlc Eaton Deere &Co CSX Corp Corp Costco Wholesale Concho ResourcesInc Year ended31March 2017 Fair Value 1,649,499 1,493,206 8,207,816 3,952,079 1,381,122 1,533,265 1,668,536 1,074,832 2,153,523 1,575,918 1,503,193 1,678,945 1,714,910 1,548,202 1,155,551 1,203,692 2,043,994 1,464,532 1,809,077 2,509,652 1,754,463 1,532,863 1,083,528 1,571,566 2,861,420 2,149,357 1,542,436 1,692,405 1,431,659 2,057,317 1,868,430 1,507,508 2,006,018 1,368,386 1,931,133 1,837,160 1,307,753 1,609,797 1,589,356 1,304,331 2,216,023 973,778 231,814 809,374 949,942 454,154 603,608 833,953 USD

% of 1.04 0.94 5.18 2.49 0.61 0.15 0.51 0.87 0.97 1.05 0.68 1.36 0.99 0.95 1.06 0.60 0.29 1.08 0.98 0.73 0.76 0.38 1.29 0.92 1.14 1.58 1.11 0.97 0.68 0.99 1.81 1.36 0.97 1.07 0.53 0.90 1.30 1.18 0.95 1.27 0.86 1.22 1.16 0.83 1.02 1.00 0.82 1.40 NAV 129 LAZARD GLOBAL ACTIVE FUNDS PLC 130 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard ThematicGlobalFund(continued) Portfolios ofInvestments United States-65.77%(31March2016:59.16%)(continued) Common Stock-97.21%(31March2016:97.44%)(continued) Other Net Assets Other Total Investments-(CostUSD117,275,875) Total CommonStock-(CostUSD117,275,875) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) ADR - Receipt American Depositary Net Assets Shares 69,384 30,782 17,700 23,594 17,778 29,279 21,930 16,229 17,193 10,950 27,620 14,290 20,246 15,400 37,259 20,494 13,205 36,202 33,455 17,701 14,695 34,616 22,672 11,344 12,240 9,700 8,259 8,331 9,960 8,004 8,353 7,480

Kinder MorganInc/DE Zoetis Inc Walgreens Boots Alliance Inc Visa Inc Vertex PharmaceuticalsInc Verizon Inc Communications US Bancorp United TechnologiesCorp Union Pacific Corp Corp Stryker StreetCorp State Starbucks Corp Plc,Shire ADR Inc Rockwell Automation Quintiles IMSHoldingsInc PTC Inc PPG IndustriesInc PNC Financial GroupInc/The Services ResourcesCo Pioneer Natural Oracle Corp Occidental Petroleum Corp Norfolk SouthernCorp Inc Noble Energy Nielsen HoldingsPlc Monsanto Co Molson CoorsBrewingCo Microsoft Corp Merck &CoInc Mead JohnsonNutritionCo Mastercard Inc M&T BankCorp Corpof Laboratory America Holdings 104,191,805 154,008,072 154,008,072 158,422,946 Fair Value 1,642,835 1,469,985 2,096,799 1,944,024 1,427,351 1,129,395 1,821,056 1,821,083 1,277,005 1,612,732 1,438,966 2,225,096 1,630,410 1,618,232 1,197,590 1,490,585 1,662,124 1,298,500 1,478,564 1,243,177 1,382,026 2,003,753 1,406,458 2,279,810 1,440,579 1,275,860 1,157,380 1,756,073 1,508,408 4,414,874 871,729 437,794 744,085 % ofTotal Assets USD

100.00 100.00 97.21 97.21 65.77 96.52 % of 1.04 0.93 1.32 1.23 0.90 0.71 1.15 1.15 0.81 0.55 1.02 0.91 1.40 1.03 0.28 1.02 0.76 0.94 1.05 0.82 0.93 0.78 0.87 1.26 0.89 1.44 0.91 0.47 0.81 0.73 1.11 0.95 2.79 3.48 NAV (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingWorld Fund Portfolios ofInvestments United Kingdom-57.29%(31March2016:53.63%) Hong Kong-0.15%(31March2016:0.24%) - 80.97%(31March2016:78.31%) Investment inExchangeTraded InvestmentFunds* Total CommonStock-(CostUSD3,739,305) Turkey -1.21%(31March2016:1.73%) Sweden -1.03%(31March2016:0.96%) South Africa-6.72%(31March2016:3.61%) -1.52%(31March2016:1.70%) Hong Kong-5.54%(31March2016:12.96%) China -1.83%(31March2016:0.00%) Brazil -0.41%(31March2016:0.00%) Common Stock-18.26%(31March2016:21.21%) Shares 1,611,600 139,639 145,671 128,942 279,499 382,107 183,220 100,368 143,258 249,977 176,888 31,806 73,404 99,593 15,895 56,279 50,220 45,432 55,177 25,028 60,388 29,041 72,845 26,595 93,468 26,773 30,594 60,000 41,900 9,867 8,215 JPMorgan IndianInvestment Trust plc Trust plc JPMorgan EmergingMarketsInvestment Investment TrustJPMorgan Asianplc AsiaTrustPlc Infrastructure IndiaPlc/Fund FundLtd Growth India Capital Genesis EmergingMarketsFundLtd Fidelity Plc ChinaSpecialSituations Fidelity Asian Values Plc-SubscriptionShares Plc Fidelity AsianValues Edinburgh Dragon Trust Plc Investments Ltd - Capital Dragon Vietnam Enterprise Mining TrustBlackRock WorldPlc BlackRock Latin American Plc Blackrock EmergingEuropePlc Baring EmergingEuropePlc Africa OpportunityFundLtd Aberdeen New Thai Investment Trust Plc Aberdeen NewIndiaInvestment Trust Plc Investment Aberdeen NewDawn Trust Plc Aberdeen Frontier MarketsInvestment CoLtd Co Ltd Aberdeen EmergingMarketsInvestment Fund HSBC ChinaDragon Haci OmerSabanciHolding AS Explorer East Capital AB Fondul SA/Fund, Proprietatea GDR China MerchantsDirectInvestmentsLtd China EverbrightLtd GP InvestmentsLtd, BDR Naspers Ltd First Pacific CoLtd/HongKong Fair Value 1,324,429 3,855,086 1,418,309 1,169,581 277,408 281,789 474,057 313,676 798,899 935,066 277,450 765,219 207,232 196,706 299,443 392,663 790,890 206,696 494,158 256,664 216,653 321,237 385,541 264,484 121,057 99,522 86,367 63,483 77,350 30,970 87,101 8,868 6,559 USD

18.26 % of 1.31 6.27 1.34 2.25 0.04 1.49 3.78 4.43 0.03 1.31 3.62 0.98 0.93 1.42 0.47 0.41 0.30 1.86 3.75 0.37 0.98 2.34 0.15 1.21 1.03 1.52 1.83 1.25 0.58 0.41 6.72 5.54 NAV * Classified based on country of primary exchangelisting ofprimary * Classifiedbasedoncountry Receipt BDR -BrazilDepositary Receipt GDR -GlobalDepositary Net Assets Net Assets Other Total Investments-(CostUSD19,727,759) Total Rights-(CostUSD–) United Kingdom-0.04%(31March2016:0.03%) Rights -0.04%(31March2016:0.03%) - (CostUSD15,988,454) Total InvestmentinExchangeTraded InvestmentFunds United States-23.53%(31March2016:24.44%) United Kingdom-57.29%(31March2016:53.63%)(continued) 78.31%) (continued) Investment inExchangeTraded Investment Funds*-80.97%(31March2016: Shares (continued) 179,143 139,283 142,699 104,045 152,794 24,548 11,357 22,472 13,735 18,267 14,701 11,447 33,399 13,500 94,242 91,362 12,046 39,078 13,759 30,177 14,050 23,707 17,077 3,497 7,622 8,846 9,807 700 800 01/03/2018 Utilico EmergingMarketsLtdRights First Trust Aberdeen EmergingOpportunityFund China FundInc/The Central EuropeRussiaand Turkey FundInc/The ASA GoldandPreciousMetalsLtd FundInc Aberdeen Singapore Aberdeen Latin America EquityFundInc Opportunities FundInc Aberdeen EmergingMarketsSmallerCo Weiss Korea OpportunityFundLtd VinaCapital Vietnam OpportunityFundLtd Utilico EmergingMarketsLtd Trust Plc Templeton EmergingMarketsInvestment Schroder AsiaPacific FundPlc InvestmentFundPlc Qatar Macau PropertyOpportunitiesFundLtd JPMorgan RussianSecuritiesplc Thai FundInc/The Templeton FundInc Dragon Taiwan FundInc/The Morgan StanleyIndiaInvestmentFundInc Morgan StanleyEmergingMarketsFundInc Morgan StanleyChina A ShareFundInc Morgan Stanley Asia-Pacific FundInc Mexico Equity&IncomeFundInc/Fund Latin FundInc/The American Discovery Korea FundInc/The Korea EquityFundInc JPMorgan ChinaRegionFundInc India FundInc/The Year ended31March 2017 21,114,133 20,959,242 17,095,791 12,095,534 Fair Value 1,180,367 4,969,287 154,891 173,308 373,035 287,474 220,300 158,771 269,233 435,189 632,266 373,587 491,790 350,597 564,078 103,234 734,276 250,964 445,111 270,041 325,975 208,147 312,509 249,098 26,672 98,247 22,064 12,280 37,942 80,336 8,365 8,365 USD

100.00 99.27 80.97 57.29 23.53 % of 0.73 0.82 1.77 1.36 1.04 0.75 1.27 2.06 0.13 2.99 1.77 2.33 0.47 1.66 2.67 0.04 0.04 5.59 0.49 3.48 1.19 0.10 2.11 1.28 0.06 0.18 0.38 1.54 0.99 1.48 1.18 NAV 131 LAZARD GLOBAL ACTIVE FUNDS PLC 132 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolios ofInvestments Portfolio ofInvestmentsasat31March 2017 Lazard EmergingWorld Fund(continued) Total Assets Other assets Investment funds market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(unaudited)

% ofTotal Assets 100.00 80.70 18.24 1.06 (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsEquityFund Portfolios ofInvestments Common Stock-96.89%(31March2016:96.37%) Shares Mexico -3.25%(31 March2016:2.73%) Malaysia -0.63%(31March2016:0.65%) Indonesia -5.31%(31March2016:7.78%) India -9.99%(31March2016:9.64%) -1.82%(31March2016:1.94%) -0.93%(31March2016:0.90%) Egypt China -15.93%(31March2016:16.07%) Brazil -12.64%(31March2016:10.11%) Argentina -2.28%(31March2016:0.77%) 63,733,526 20,618,532 21,509,800 5,649,225 2,208,072 6,496,922 5,770,000 4,036,151 4,239,700 2,498,155 1,349,924 8,862,900 2,541,268 2,334,593 1,000,000 2,675,173 3,747,232 2,307,600 3,906,212 2,761,700 1,036,561 674,593 655,574 910,265 307,044 996,293 218,409 716,164 104,025 497,530 160,500 667,800 703,643 British AmericanTobaccoBhd Malaysia Telekomunikasi IndonesiaPersero Tbk PT, ADR Tata Consultancy Ltd Services Bank Punjab National Hero MotoCorpLtd HCL TechnologiesLtd ElectricalsLtd Heavy Bharat Ltd Bajaj Auto OTP BankPlc Weichai Power CoLtd Inc,NetEase ADR CNOOC Ltd CoLtd China ShenhuaEnergy China MobileLtd, ADR China ConstructionBankCorp Inc,Baidu ADR CosmeticosSA Natura Localiza RentaCarSA Kimberly-Clark deMexicoSABCV Grupo MexicoSABdeCV America MovilSABdeCV, ADR Semen IndonesiaPersero Tbk PT Bank MandiriPersero Tbk PT Astra International Tbk PT Axis BankLtd SAE, BankEgypt Commercial International GDR AAC Technologies HoldingsInc Cielo SA CCR SA BB SeguridadeParticipacoes SA Banco doBrasilSA SA,Ambev ADR SA,YPF ADR 109,967,826 175,398,661 139,172,850 58,445,943 20,434,241 34,089,191 13,041,019 15,234,928 13,421,221 20,073,248 11,469,795 29,543,100 27,478,582 51,255,665 27,689,460 35,739,491 19,128,423 18,103,397 13,922,331 19,207,729 10,225,517 11,702,984 23,853,748 21,303,584 21,223,073 41,548,156 15,907,392 25,167,701 Fair Value 6,950,973 5,537,605 9,436,133 6,889,976 9,369,099 6,101,815 9,235,082 9,146,105 7,464,963 5,985,974 USD

15.93 12.64 % of 0.63 5.31 1.86 9.99 3.10 1.18 1.38 1.22 0.50 0.86 1.82 1.04 2.68 0.63 0.85 2.50 4.66 2.51 0.55 0.84 3.25 0.83 0.68 1.74 0.54 1.64 1.27 1.75 0.93 1.06 2.17 1.94 1.93 3.77 1.44 2.28 NAV Common Stock-96.89%(31March2016:96.37%)(continued) Shares Turkey -4.77%(31March2016:4.64%) Thailand -1.45%(31March2016:2.81%) Taiwan -4.98%(31March2016:5.54%) South Korea-13.12%(31March2016:13.21%) Russia -8.85%(31March2016:8.89%) Philippines -0.82%(31March2016:1.31%) Pakistan -1.74%(31March2016:0.38%) South Africa-8.38%(31March2016:7.81%) 11,032,583 (continued) 5,621,735 2,527,239 3,618,147 2,007,018 4,423,212 1,499,900 1,378,560 1,553,331 1,479,166 1,593,360 1,710,850 1,964,060 6,107,485 5,071,000 3,055,240 2,863,700 1,147,830 1,846,681 7,653,214 2,872,388 377,632 493,750 398,501 598,230 314,755 135,199 220,848 380,448 279,900 976,515 892,680 533,145 779,242 723,757 25,659 65,811 70,249 Turkiye IsBankasi Turkcell IletisimHizmetleri AS Turk Telekomunikasyon AS Tupras TurkiyeRafinerileri AS Petrol Holding AS KOC Akbank TAS Siam CementPCL/The Kasikornbank PCL Ltd, ADR Taiwan SemiconductorManufacturingCo CoLtd,Hon HaiPrecisionIndustry GDR SK HynixInc Shinhan Financial GroupCoLtd Samsung ElectronicsCoLtd KT&G Corp KB Financial GroupInc Hyundai MobisCoLtd Hanwha LifeInsuranceCoLtd CoLtd Coway Woolworths HoldingsLtd/South Africa Mobile TeleSystemsPJSC, ADR PJSC,Magnit GDR PJSC,LUKOIL ADR PJSC,Gazprom ADR Alrosa AO Inc,PLDT ADR Pakistan Petroleum Ltd Oil &GasDevelopmentCoLtd Habib BankLtd Vodacom GroupLtd Standard BankGroupLtd Shoprite HoldingsLtd Sanlam Ltd PPC Ltd Nedbank GroupLtd Life HealthcareGroupHoldingsLtd Imperial HoldingsLtd Bidvest GroupLtd/The Sberbank ofRussia Year ended31March 2017 144,446,132 52,577,929 10,234,953 10,360,691 54,793,830 45,271,911 17,995,439 24,928,478 47,265,973 13,791,464 15,107,649 11,630,281 18,870,675 20,148,526 16,008,904 92,220,683 19,181,084 11,069,672 16,572,773 97,407,364 31,291,219 Fair Value 8,306,965 5,861,923 9,353,567 8,459,830 7,759,183 8,249,721 9,521,919 5,737,791 7,989,057 8,307,407 8,436,394 8,779,348 9,881,202 9,001,584 7,493,546 4,322,451 7,365,087 9,570,088 9,278,349 3,715,670 9,602,288 6,210,171 9,588,895 8,305,370 USD

13.12 % of 4.77 0.93 0.94 4.98 4.11 1.64 2.26 4.29 1.25 1.37 1.06 1.71 1.83 0.75 0.53 0.85 0.77 0.70 0.75 0.87 0.52 0.73 0.76 0.77 0.80 0.90 0.82 0.68 0.39 0.67 1.45 8.38 1.74 1.01 1.51 8.85 2.84 0.87 0.84 0.34 0.87 0.56 0.87 0.75 NAV 133 LAZARD GLOBAL ACTIVE FUNDS PLC 134 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsEquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD1,011,510,992) Total Rights-(CostUSD–) South Africa-0.03%(31March2016:0.00%) Rights -0.03%(31March2016:0.00%) Total CommonStock-(CostUSD1,011,510,992) Common Stock-96.89%(31March2016:96.37%)(continued) Shares 962,994 21/04/2017 Life HealthcareGroupHoldingsLtdRights 1,100,964,186 1,067,102,903 1,066,779,720 33,861,283 Fair Value 323,183 323,183 % ofTotal Assets USD

100.00 100.00 94.57 96.92 96.89 % of 3.08 5.43 0.03 0.03 NAV (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsCore EquityFund Portfolios ofInvestments Common Stock-97.66%(31March2016:96.98%) Shares Brazil -7.79%(31March2016:2.88%) Peru -1.47%(31March2016:1.17%) Mexico -4.13%(31 March2016:11.68%) Luxembourg -2.52%(31March2016:0.00%) Indonesia -2.55%(31March2016:2.87%) India -5.75%(31March2016:7.46%) -0.89%(31March2016:0.00%) Hungary Hong Kong-1.96%(31March2016:2.05%) Colombia -2.25%(31March2016:0.00%) China -19.22%(31March2016:23.33%) 1,005,740 5,863,772 1,885,100 1,503,000 277,500 314,781 184,190 115,425 303,000 150,500 201,000 340,500 134,200 164,344 288,900 248,900 10,893 11,600 58,212 73,500 33,400 45,386 45,000 15,771 33,400 87,895 24,143 39,035 46,310 7,700 7,375 Credicorp Ltd Grupo Financiero BanorteSABdeCV ADR Grupo Aeroportuario delPacifico SABdeCV, Gruma SABdeCV Arca ContinentalSABdeCV TerniumSA, ADR TenarisSA, ADR Ltd,Vedanta ADR Tata MotorsLtd, ADR HDFC BankLtd, ADR MOL HungarianOil&GasPlc Techtronic IndustriesCoLtd SA,Ecopetrol ADR SA,Bancolombia ADR Vipshop HoldingsLtd, ADR Tencent HoldingsLtd Ping An InsuranceGroup CoofChinaLtd PICC Property&CasualtyCoLtd Inc, ADR & New OrientalEducation Technology Group Inc,NetEase ADR Industrial &CommercialBankofChinaLtd Inc,Baidu ADR Alibaba GroupHoldingLtd, ADR Telefonica BrasilSA, ADR Itau UnibancoHoldingSA, ADR CCR SA Banco doBrasilSA AES Tiete EnergiaSA Telekomunikasi IndonesiaPersero Tbk PT, ADR Bank MandiriPersero Tbk PT Lee &ManPaper ManufacturingLtd 23,350,214 Fair Value 1,778,827 5,012,488 1,799,356 1,126,360 1,272,323 3,060,096 1,919,820 1,140,276 6,984,758 1,981,847 1,618,011 3,384,900 1,081,484 2,374,975 1,226,188 2,734,318 1,402,660 1,331,658 1,172,519 5,762,423 1,905,901 1,550,374 1,457,754 2,186,800 3,832,964 1,272,335 4,209,144 9,463,776 1,992,870 1,983,632 1,642,441 2,647,408 1,197,425 3,098,630 1,443,483 1,655,147 1,148,787 814,449 USD

19.22 % of 1.47 4.13 1.48 0.93 0.67 1.05 2.52 1.58 0.94 5.75 1.63 1.33 2.79 0.89 1.96 1.01 2.25 1.15 1.10 0.97 4.74 1.57 1.28 1.20 1.80 3.15 1.05 3.46 7.79 1.64 1.63 1.35 2.18 0.99 2.55 1.19 1.36 0.95 NAV Common Stock-97.66%(31March2016:96.98%)(continued) Shares South Korea-13.90%(31March2016:11.56%) South Africa-5.58%(31March2016:2.90%) Russia -6.87%(31March2016:1.48%) Portugal -1.16%(31March2016:0.00%) Philippines -1.95%(31March2016:3.03%) United Kingdom-1.70%(31March2016: 3.58%) United ArabEmirates-0.78%(31March2016:0.74%) Turkey -1.70%(31March2016:3.22%) Thailand -2.18%(31March2016:5.05%) Taiwan -13.31%(31March2016:13.15%) (continued) 1,320,297 129,892 385,302 307,225 598,810 478,720 175,057 180,715 183,300 152,900 207,670 675,700 585,000 192,250 23,906 10,264 13,131 70,668 69,496 68,864 71,943 92,835 42,175 41,600 28,630 21,000 39,756 2,900 8,075 3,257 4,978 4,660 Dongbu InsuranceCoLtd CoLtd Coway Woolworths HoldingsLtd/South Africa Naspers Ltd Mondi Plc FirstRand Ltd Bidvest GroupLtd/The Severstal PJSC, GDR Sberbank ofRussiaPJSC, ADR PJSC,LUKOIL ADR Galp EnergiaSGPSSA HoldingsInc GT Capital BDO UnibankInc Korea ZincCoLtd KT&G Corp Lotte ChemicalCorp Unilever NV Emaar PropertiesPJSC Tofas TurkFabrikasi AS Otomobil Holding AS KOC Kasikornbank PCL PCL Bangkok DusitMedicalServices NCSoft Corp Bangkok BankPCL Ltd, ADR Taiwan SemiconductorManufacturingCo Motion TechnologyCorp,Silicon ADR Largan PrecisionCoLtd CoLtd Hon HaiPrecisionIndustry Far EasTone Telecommunications Co Ltd Advanced SemiconductorEngineeringInc, ADR SK HynixInc Samsung ElectronicsCoLtd Year ended31March 2017 16,175,182 16,891,513 Fair Value 6,776,758 8,347,808 2,365,929 1,368,134 2,267,050 1,702,828 1,332,162 3,545,377 3,810,101 1,412,468 1,403,490 1,120,272 1,079,065 2,066,688 2,070,223 1,308,487 2,650,371 1,008,183 1,357,677 6,819,883 1,338,453 3,308,229 2,026,486 1,436,351 1,245,780 1,795,295 8,584,100 882,944 677,227 797,491 992,330 962,439 704,026 951,445 761,736 814,559 827,629 USD

13.31 13.90 % of 5.58 6.87 1.95 0.73 0.56 0.66 0.82 0.79 1.12 1.86 1.40 1.10 2.92 3.13 1.16 1.16 0.92 0.58 0.89 0.78 0.62 0.67 1.70 1.70 1.08 2.18 0.83 1.12 0.68 5.61 1.10 2.72 1.67 1.18 1.03 1.48 7.06 NAV 135 LAZARD GLOBAL ACTIVE FUNDS PLC 136 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsCore EquityFund(continued) Portfolios ofInvestments Common Stock-97.66%(31March2016:96.98%)(continued) Brazil -1.21%(31March2016:0.89%) Preferred Stock-1.21%(31March2016:0.89%) Total CommonStock-(CostUSD102,895,200) Shares Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Other NetAssets Total Investments-(CostUSD103,978,346) Total PreferredStock-(CostUSD1,083,146) 146,500

Braskem SA 118,647,951 121,491,115 120,112,980 Fair Value 1,465,029 1,378,135 1,465,029 % ofTotal Assets USD

100.00 100.00 97.66 98.72 98.87 % of 1.21 1.28 1.13 1.21 NAV (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard DevelopingMarketsEquityFund Portfolios ofInvestments Common Stock-98.69%(31March2016:98.18%) Mexico -1.69%(31March2016:2.71%) Indonesia -3.06%(31March2016:2.01%) India -14.15%(31March2016:12.36%) Hong Kong-2.14%(31March2016:2.79%) Colombia -2.16%(31March2016:3.04%) China -27.89%(31March2016:28.35%) Canada -0.84%(31March2016:1.04%) Brazil -4.52%(31March2016:5.40%) Argentina -1.02%(31March2016:0.90%) Shares 1,430,632 1,263,305 1,074,027 1,737,263 3,344,053 5,808,000 314,456 125,361 322,027 249,990 148,806 201,676 427,076 156,561 137,929 100,432 566,913 214,540 311,599 783,239 165,857 108,951 191,149 51,328 53,439 24,937 43,383 63,175 14,960 36,656 26,890 87,885 84,745 44,748 8,792 Grupo Financiero BanorteSABdeCV Tata MotorsLtd, ADR Shriram Transport Finance Co Ltd Reliance IndustriesLtd Petronet LNGLtd ICICI BankLtd, ADR HDFC BankLtd, ADR Glenmark PharmaceuticalsLtd Aurobindo PharmaLtd Techtronic IndustriesCoLtd HoldingsSA Cemex Latam SA,Bancolombia ADR ZTO ExpressCaymanInc, ADR Vipshop HoldingsLtd, ADR Tencent HoldingsLtd TAL Group, Education ADR Ping An InsuranceGroup CoofChinaLtd Inc, ADR & New OrientalEducation Technology Group Minth GroupLtd Holdings Ltd ConstructionInternational China State China MerchantsBankCoLtd China MedicalSystemHoldingsLtd Brilliance China Automotive HoldingsLtd Inc,Baidu ADR Anhui ConchCementCoLtd Alibaba GroupHoldingLtd, ADR Agricultural BankofChinaLtd AAC Technologies HoldingsInc First QuantumMineralsLtd Petroleo BrasileiroSA, ADR Cosan SAIndustriaeComercio Banco BradescoSA, ADR SA,YPF ADR Bank Rakyat IndonesiaPersero Bank Rakyat Tbk PT SMI HoldingsGroupLtd 15,072,750 29,716,247 Fair Value 1,797,498 1,829,843 2,081,145 1,087,049 1,999,309 2,149,914 1,875,761 1,952,684 2,097,045 2,281,337 1,728,302 2,303,150 1,729,680 1,839,973 2,879,262 1,594,287 3,173,215 2,213,289 2,558,802 2,240,017 1,796,604 1,516,796 2,660,677 2,899,549 1,028,517 4,820,085 1,529,201 1,333,518 1,957,366 1,086,481 3,256,094 573,470 826,961 864,065 823,952 800,281 897,879 553,035 USD

14.15 27.89 % of 1.69 1.72 1.95 1.02 1.88 2.02 1.76 1.83 1.97 2.14 1.62 2.16 0.54 1.62 0.78 1.73 2.70 1.50 2.98 2.08 0.81 2.40 0.77 2.10 1.69 1.42 2.50 2.72 0.75 0.96 0.84 4.52 1.43 1.25 1.84 1.02 3.06 0.52 NAV South Korea-11.12%(31March2016:7.16%) South Africa-3.05%(31March2016:2.61%) Russia -7.74%(31March2016:8.95%) Portugal -1.75%(31March2016:0.00%) Philippines -0.73%(31March2016:0.00%) Peru -2.35%(31March2016:2.18%) Total CommonStock-(CostUSD91,256,582) United States-1.08%(31March2016:1.31%) Turkey -3.64%(31March2016:5.00%) Taiwan -9.76%(31March2016:9.93%) Common Stock-98.69%(31March2016:98.18%)(continued) Shares (continued) 1,116,538 515,105 878,684 522,292 122,646 331,695 644,491 968,162 328,673 373,526 149,561 208,263 198,521 35,599 40,101 25,422 97,931 23,537 43,837 33,541 11,844 60,936 15,332 83,475 85,761 16,271 12,639 6,510 6,996 1,598 1 Korea Aerospace IndustriesLtd Inc Doosan Bobcat CJ CGVCoLtd Standard BankGroupLtd Petra DiamondsLtd BankHoldingsLtd Capitec Yandex NV X5 RetailGroupNV, GDR Sberbank ofRussia PJSC,Novatek GDR Mail.Ru GroupLtd, GDR Alrosa AO Galp EnergiaSGPSSA BDO UnibankInc Credicorp Ltd SPC SamlipCoLtd Partron CoLtd NCSoft Corp Freeport-McMoRan Inc Turkiye GarantiBankasi AS Emlak Konut Gayrimenkul Yatirim Ortakligi AS Sanayi Ve Ticaret AS Elektronik Aselsan Wistron Corp Taiwan SemiconductorManufacturingCoLtd Motion TechnologyCorp,Silicon ADR Largan PrecisionCoLtd Hota IndustrialManufacturingCoLtd Hiwin TechnologiesCorp Catcher Technology CoLtd Advanced SemiconductorEngineeringInc Samsung ElectronicsCoLtd Year ended31March 2017 105,137,248 10,400,653 11,847,647 Fair Value 8,247,102 1,833,589 1,316,021 1,707,227 3,244,954 1,049,881 1,336,470 1,128,655 2,492,172 1,474,578 1,346,685 1,866,037 2,503,716 1,280,694 1,908,057 1,145,767 3,872,425 1,568,023 1,533,413 2,326,650 1,991,081 1,307,542 1,962,800 1,425,915 2,943,647 858,603 961,345 843,667 777,426 858,412 770,989 760,669 625,995 USD 1

98.69 11.12 % of 7.74 0.81 0.90 0.79 0.73 1.72 1.24 1.60 3.05 0.99 1.25 1.06 2.34 1.39 1.26 1.75 2.35 0.81 1.20 1.79 0.73 0.71 0.59 1.08 3.64 1.47 1.44 0.00 2.18 1.87 1.23 1.84 1.34 2.76 9.76 NAV 137 LAZARD GLOBAL ACTIVE FUNDS PLC 138 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard DevelopingMarketsEquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets(unaudited) Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD91,256,582)

106,532,319 105,137,248 Fair Value 1,395,071 % ofTotal Assets USD

100.00 100.00 98.50 98.69 % of 1.50 1.31 NAV (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard MENAFund Portfolios ofInvestments Common Stock-59.53%(31March2016:61.73%) Shares Saudi Arabia-6.96%(31March2016:28.57%) Participatory Notes-25.02%(31March2016:28.57%) Total CommonStock-(CostUSD2,485,966) Oman -4.84%(31March2016:5.79%) United Arab Emirates-22.39%(31March 2016: 19.01%) Qatar -2.07%(31March2016:2.57%) Kuwait -11.81%(31March2016:21.35%) -3.39%(31March2016:2.52%) -15.03%(31March2016:10.49%) Egypt 109,281 125,506 102,948 322,490 151,175 115,628 249,650 229,881 365,779 14,410 86,398 60,287 55,244 41,225 31,347 18,208 67,720 14,184 60,425 19,222 39,830 49,745 3,101 3,100 3,442 9,727 6,484 4,320 3,034 635 156 1 Merrill Lynch International Saudi IndustrialInvestmentGroupP-Note Morgan Saudi IndustrialInvestmentGroupP-NoteJP Lynch International Saudi BasicIndustriesCorpP-NoteMerrill Morgan Saudi BasicIndustriesCorpP-NoteJP Samba Financial GroupP-NoteJP Morgan P-Note MerrillLynch International Insurance&Reinsurance Cooperative Malath BankPJSC Union National Orascom ConstructionLtd BankofRas National Al-Khaimah PSC Plc Gulf MarineServices REITCEICLtd Emirates Emaar PropertiesPJSC Dubai IslamicBankPJSC Ltd DP World PJSC Air Arabia SAOG Renaissance Services SAOG Bank Muscat GulfHoldingNpv+ National Mobile Telecommunications CoKSC Kuwait ResortsCoKSCC+ Jazeera Airways CoKSC Burgan BankSAK ALAFCO Lease&FinanceAviation CoKSCP Qatar Navigation QSC Navigation Qatar Ooredoo QSC Arab BankPlc Oriental Weavers Obour LandFor Food Industries HoldingsPlc Diagnostics Integrated Credit SAE Agricole Egypt Hospital Cleopatra Cairo PoultryCo Fair Value 2,412,890 282,290 907,669 149,664 112,908 204,607 196,178 109,003 478,457 172,489 198,076 137,442 609,374 277,830 17,042 80,031 88,861 55,660 37,206 79,255 52,770 59,664 62,853 92,880 93,068 87,175 34,624 73,268 83,770 80,493 64,375 60,550 82,087 50,792 73,740 3,490 3,277 USD – –

59.53 22.39 11.81 15.03 % of 6.96 0.09 0.42 1.97 2.19 1.37 0.92 3.69 1.95 2.79 1.30 1.47 5.05 1.55 2.29 2.30 4.84 2.15 2.69 0.00 4.26 0.00 0.85 1.81 4.89 2.07 0.08 1.99 3.39 1.59 6.85 1.49 2.03 1.25 1.82 NAV Participatory Notes-25.02%(31March2016:28.57%)(continued) Shares Switzerland -0.89%(31March2016:0.00%) United Kingdom-8.88%(31March2016:0.00%) United States-8.29%(31March2016:0.00%) Total Assets Other assets market exchange listingortradedonaregulated Transferable securitiesotherthanthoseadmittedtoanofficialstock market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) zero + -Securityisvaluedat Net Assets Net Assets Other Total Investments-(CostUSD3,412,650) Total Participatory Notes-(CostUSD926,684) (continued) 15,710 11,300 14,370 15,352 6,605 4,002 2,240 2,960 5,010 4,897 4,543 3,800 5,687 7,957 733 176

Credit Suisse Saudi IndustrialInvestmentGroupP-Note Alujain Corporation P-NoteHSBCBankPlc Alujain Corporation Development GroupP-NoteHSBCBankPlc Mohsen Al-HokairTourismAbdul and Bank Plc &FoodstuffSaudia Dairy CoP-NoteHSBC P-Note HSBCBankPlc InsuranceCompany Saudi UnitedCooperative HSBC BankPlc Saudi IndustrialInvestmentGroupP-Note Banque SaudiFransi P-NoteHSBCBankPlc BankP-NoteHSBCPlc Arab National Alujain Corporation P-NoteMorganStanley Alujain Corporation Development GroupP-NoteMorganStanley Mohsen Al-HokairTourismAbdul and Sachs International Samba Financial GroupP-NoteGoldman Morgan Stanley The National Agriculture DevelopmentP-Note BankP-NoteMorganStanley Arab National International BankP-NoteGoldmanSachs Arab National Stanley Saudi BasicIndustriesCorpP-NoteMorgan Morgan Stanley Saudi IndustrialInvestmentGroupP-Note Year ended31March 2017 Fair Value 4,053,420 3,427,229 1,014,339 359,695 115,929 626,191 336,056 36,298 85,833 34,254 78,985 83,824 16,267 34,586 25,946 78,512 38,885 20,133 30,131 43,728 4,194 4,544 % ofTotal Assets USD

100.00 100.00 15.77 24.93 59.30 15.45 84.55 25.02 % of 0.89 2.12 0.85 8.88 1.95 2.07 0.40 0.85 0.64 1.94 0.96 2.86 0.50 0.74 0.10 0.11 8.29 1.08 NAV 139 LAZARD GLOBAL ACTIVE FUNDS PLC 140 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard SterlingHighQualityBondFund Portfolios ofInvestments Amount Principal Bonds -95.71%(31March2016:86.40%) Total Assets Other assets market on aregulated Transferable securitiesadmittedtoanofficialstockexchangelistingortraded Analysis ofTotal Assets(unaudited) Net Assets Net Assets Other Total Investments-(CostGBP2,104,989) Total Bonds-(CostGBP2,104,989) United States-9.71%(31March2016:6.25%) United Kingdom-62.23%(31March2016:56.42%) Switzerland -2.41%(31March2016:0.00%) Netherlands -4.91%(31March2016:7.92%) Germany -11.10%(31March2016:8.29%) Germany France -5.35%(31March2016:7.52%) 100,000 100,000 150,000 100,000 100,000 100,000 100,000 100,000 100,000 150,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 70,000 20,000 74,000 50,000 50,000 10,000 International BusinessMachinesCorp International Goldman SachsGroupInc/The WPP Finance 2013 Vodafone GroupPlc United KingdomGilt Standard CharteredBank SSE Plc Santander UKPlc United KingdomGilt Plc Network RailInfrastructureFinance Glencore Finance EuropeSA Nationwide BuildingSociety Nationwide GridGasFinanceNational Plc ExpressGroupPlc National InterContinental HotelsGroupPlc MarketsPlc BP Capital Aviva Plc RabobankUA Cooperatieve FinancialNV Volkswagen Services Bank AG Deutsche Orange SA Daimler AG Orange SA Coupon Coupon 2.625 4.250 2.875 3.375 2.000 5.000 5.375 3.875 3.875 4.750 6.500 3.250 1.125 2.500 2.125 2.030 5.125 4.625 1.750 1.875 1.000 5.750 5.625 Rate Rate % Perpetual Perpetual Perpetual 05/08/22 29/01/26 14/09/46 08/08/49 07/09/25 07/03/18 15/10/29 29/11/35 27/02/19 20/01/28 22/09/21 11/11/23 24/08/26 14/02/25 04/06/50 23/05/29 17/04/20 28/02/20 20/12/19 23/01/34 Maturity Date 2,268,495 2,171,257 2,171,257 1,411,764 % ofTotal Assets 220,314 107,173 113,141 135,747 114,794 106,973 102,169 101,999 107,688 153,192 101,125 102,915 111,279 251,730 101,558 100,081 121,441 108,060 97,238 91,407 76,146 20,904 54,729 99,995 96,710 50,091 13,381 Value GBP Fair

100.00 100.00 94.68 95.71 95.71 62.23 11.10 % of NAV 5.32 4.29 9.71 4.72 4.99 5.98 4.03 3.36 0.92 5.06 4.71 2.41 4.50 4.50 4.75 4.41 6.75 4.26 4.46 4.54 4.91 4.48 4.41 2.21 0.59 5.35 4.76 (continued) Year ended31March 2017 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalFixedIncomeFund Portfolios ofInvestments Hungary -1.99% (31March2016:1.91%) Hungary -2.61%(31March2016:3.64%) Germany France -1.00%(31March2016:1.13%) Denmark -0.89%(31March2016:0.81%) Czech Republic-1.53%(31March2016:0.00%) Colombia -1.50%(31March2016:1.93%) -2.82%(31March2016:3.59%) Cayman Islands-0.76%(31March2016:0.00%) Canada -4.67%(31March2016:7.71%) Bermuda -2.57%(31March2016:2.30%) Belgium -1.73%(31March2016:1.60%) Bahamas -1.72%(31March2016:1.68%) Australia -3.25%(31March2016:2.47%) Amount Principal Bonds -98.27%(31March2016:97.69%) 120,500,000 70,730,000 5,490,000 120,000 195,000 135,000 110,000 225,000 200,000 100,000 210,000 235,000 145,000 350,000 100,000 120,000 230,000 100,000 115,000 100,000 170,000 85,000 95,000 90,000 Hungary GovernmentBond Hungary II Inc Fresenius MedicalCareUSFinance BMW Finance NV Orange SA Breweries A/S Carlsberg Czech RepublicGovernmentBond Bond Colombia GovernmentInternational Corp NacionaldelCobredeChile Bond Chile GovernmentInternational Toronto-Dominion Bank/The Cayman IslandsGovernmentBond Inc Communications Shaw Province ofQuebecCanada Province ofOntarioCanada of Vancouver City Bond Bermuda GovernmentInternational NV CallebautServices Barry Anheuser-Busch InBevFinance Inc Bond Bahamas GovernmentInternational Western AustralianTreasuryCorp Toyota Finance Australia Ltd Telstra CorpLtd Queensland TreasuryCorp Queensland TreasuryCorp Coupon Coupon 5.500 4.125 3.375 5.375 2.500 0.060 2.625 4.500 5.500 2.250 5.950 5.650 1.650 2.450 2.900 4.854 5.625 2.650 6.950 6.000 4.250 4.000 3.000 5.500 Rate Rate % 24/06/25 15/10/20 14/12/18 08/07/19 28/05/24 09/12/20 15/03/23 13/08/23 05/08/20 05/11/19 24/11/19 01/10/19 03/03/22 29/06/22 20/11/25 06/02/24 15/06/21 01/02/21 20/11/29 16/10/23 15/05/19 16/09/22 22/03/24 21/06/21 Maturity Date 286,840 376,264 121,920 254,344 144,550 128,783 220,176 216,703 406,845 214,739 192,106 675,351 109,500 171,941 234,469 112,127 371,170 249,982 128,972 121,010 247,825 469,049 131,218 85,598 71,216 90,618 90,740 79,208 77,265 Value USD Fair

% of 1.99 2.61 0.85 1.76 1.00 0.89 1.53 1.50 2.82 1.49 1.33 4.67 0.59 0.76 1.19 0.49 1.62 0.78 2.57 1.73 0.89 0.84 1.72 3.25 0.63 0.63 0.55 0.91 0.53 NAV Amount Principal Bonds -98.27%(31March2016:97.69%)(continued) Romania -2.27%(31March2016:1.19%) -4.19%(31March2016:4.04%) Philippines -1.34%(31March2016:4.03%) Panama -2.17%(31March2016:1.89%) Norway -5.60%(31March2016:4.68%) New Zealand-2.05%(31March2016:3.02%) Netherlands -1.28%(31March2016:0.93%) Multi-National -7.54%(31March2016:4.14%) Mexico -5.10%(31March2016:7.39%) Ireland -0.89%(31March2016:1.54%) 900,000,000 10,000,000 10,990,000 1,820,000 3,000,000 1,000,000 4,950,000 1,420,000 3,280,000 2,000,000 (continued) 840,000 150,000 300,000 130,000 200,000 165,000 200,000 250,000 245,000 260,000 140,000 195,000 200,000 120,000 100,000 95,000 90,000 Bond Romanian GovernmentInternational Romania GovernmentBond Bond International Republic ofPoland Government Bond Republic ofPoland Government Bond Philippine GovernmentInternational Bond Panama GovernmentInternational ASA Statoil Kommunalbanken AS City ofOsloNorway City ofOsloNorway Bond Funding Agency New ZealandLocalGovernment Fonterra GroupLtd Co-operative Bank NederlandseGemeentenNV FinanceInternational Corp FinanceInternational Corp Reconstruction &Development Bankfor International Inter-American Development Bank European InvestmentBank & Development European BankforReconstruction Corp Andina deFomento Asian DevelopmentBank Nacional Financiera SNC Bond Mexico GovernmentInternational Mexican Bonos Mexican Bonos America MovilSABdeCV Ireland GovernmentBond Year ended31March 2017 Coupon Coupon 10.000 3.625 4.750 3.000 1.810 3.900 4.000 3.700 1.375 2.350 3.550 6.000 5.500 5.000 3.625 6.450 3.500 6.000 1.125 4.375 2.125 3.375 6.750 7.750 6.500 6.450 3.400 Rate Rate % 24/04/24 24/02/25 17/03/23 25/01/21 26/11/22 22/09/24 01/03/24 26/10/20 04/09/24 12/02/21 15/05/21 26/02/24 16/09/20 20/05/20 30/10/18 22/01/21 05/09/17 16/09/21 16/11/18 15/06/22 19/03/25 05/11/20 06/02/24 29/05/31 09/06/22 05/12/22 18/03/24 Maturity Date 1,088,802 327,168 114,238 212,930 605,067 150,562 454,505 194,121 313,200 808,730 135,394 196,300 352,258 124,778 295,871 128,374 167,497 184,206 174,729 171,422 192,133 149,558 189,876 735,473 203,400 182,925 171,106 128,157 63,801 76,251 71,032 78,436 99,606 Value USD Fair

% of 0.44 0.53 0.49 0.54 0.69 2.27 0.79 1.48 4.19 1.04 3.15 1.34 2.17 5.60 0.94 1.36 2.44 0.86 2.05 0.89 1.16 1.28 1.21 1.19 1.33 1.04 1.31 5.10 1.41 1.27 1.19 0.89 7.54 NAV 141 LAZARD GLOBAL ACTIVE FUNDS PLC 142 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments Amount Principal Total Investments-(CostUSD14,797,593) Total Bonds-(CostUSD14,797,593) Vietnam -0.95%(31March2016:0.83%) United States-27.43%(31March2016:19.96%) United Kingdom-2.78%(31March2016:3.81%) Spain -3.18%(31March2016:1.01%) Singapore -4.46%(31March2016:3.54%) Bonds -98.27%(31March2016:97.69%)(continued) 1,180,000 125,000 125,000 195,000 150,000 410,000 325,000 120,000 125,000 135,000 200,000 115,000 105,000 120,000 310,000 100,000 120,000 330,000 230,000 120,000 105,000 120,000 110,000 200,000 250,000 600,000 65,000 80,000 75,000 45,000 80,000 70,000 88,000 85,000 60,000 70,000 55,000 Bond Vietnam GovernmentInternational Wells Fargo &Co Valero Corp Energy University of Texas System/The United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United RentalsNorth America Inc Union Pacific Corp State ofCalifornia State State of Alaska State Sealed Air Corp Sealed Air NIKE Inc Nestle HoldingsInc Microsoft Corp JPMorgan Chase&Co John Deere Capital Corp John DeereCapital John DeereCanadaFundingInc Home DepotInc/The HCA Inc Goldman SachsGroupInc/The Goldman SachsGroupInc/The Constellation BrandsInc Constellation SSE Plc Commonwealth ofPennsylvania City ofSeattle WA Citigroup Inc Inc Apple Amazon.com Inc Plc Rolls-Royce GKN HoldingsPlc Centrica Plc Spain GovernmentBond Spain GovernmentBond BV Iberdrola International Temasek Financial ILtd GovernmentBond Singapore Coupon Coupon 6.750 3.090 6.125 6.276 2.500 1.625 2.125 4.625 4.163 7.500 5.342 4.875 2.375 2.750 4.450 4.500 2.300 2.050 2.625 6.500 3.625 5.200 4.250 5.000 5.850 4.680 3.320 3.850 3.800 6.750 6.750 7.000 1.950 1.600 1.125 3.265 3.000 Rate Rate % 29/01/20 27/07/21 01/02/20 15/08/41 15/05/46 15/05/26 15/05/25 15/07/23 15/07/22 01/04/34 01/08/27 01/12/22 01/11/26 15/04/20 03/11/45 24/01/22 16/09/19 17/09/20 01/06/22 15/02/20 22/01/23 17/12/19 01/05/23 01/10/18 15/07/30 01/08/24 04/05/21 04/05/43 05/12/24 30/04/19 28/10/19 19/09/18 30/07/30 30/04/25 21/04/26 19/02/20 01/09/24 Maturity Date 14,183,472 14,183,472 3,959,094 137,031 213,594 134,555 384,920 320,277 124,050 177,223 126,512 144,121 211,598 105,932 123,177 223,323 400,961 110,476 134,840 255,452 220,886 127,266 147,344 459,017 127,276 120,578 211,163 643,536 186,830 456,706 96,689 71,613 86,437 88,340 47,053 86,272 70,777 87,427 96,525 89,759 79,679 99,080 74,858 Value USD Fair

98.27 98.27 27.43 % of 0.95 0.67 0.50 1.48 0.93 2.67 2.22 0.86 0.60 1.23 0.61 0.33 0.88 1.00 1.47 0.60 0.49 0.60 0.73 0.67 0.85 1.55 0.62 2.78 0.55 0.76 0.93 1.77 1.53 0.88 1.02 0.69 0.52 3.18 0.88 0.84 1.46 4.46 1.30 3.16 NAV 11/07/17 11/07/17 11/07/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 27/04/17 27/04/17 27/04/17 20/04/17 19/04/17 19/04/17 13/04/17 13/04/17 13/04/17 13/04/17 13/04/17 Open forwardforeigncurrency exchange contracts-0.51%(31March2016:0.23%) Date Maturity (continued) USD 85,612 CZK 1,231,338 CZK 405,257 USD 723,946 USD 61,400 USD 509,524 USD 103,038 USD 561,865 USD 355,335 USD 865,624 USD 181,605 USD 299,473 USD 595,900 USD 156,100 USD 97,400 USD 350,819 USD 174,200 USD 669,100 USD 281,900 USD 39,500 USD 29,200 USD 102,990 USD 259,684 USD 982,853 USD 78,500 SGD 140,635 SEK 3,113,697 PLN 396,368 NZD 322,682 NOK 1,934,653 MXN 3,891,477 JPY 207,843,590 JPY 162,955,078 HUF 18,677,190 GBP 101,198 EUR 200,742 EUR 1,218,037 EUR 1,560,333 DKK 1,583,305 CHF 126,087 CAD 111,534 AUD 342,487 USD 247,375 RON 134,722 RON 22,380 243,578,940 KRW ZAR 1,716,250 USD 127,562 USD 275,262 USD 264,895 INR 2,461,468 EUR 109,104 EUR 5,471,593 Bought Amount CZK 2,123,257 USD 49,033 USD 16,675 SGD 1,029,872 SEK 553,998 PLN 2,063,099 PHP 5,177,650 NZD 786,523 NZD 497,285 NOK 7,251,393 MXN 3,748,325 MXN 5,973,328 JPY 67,615,164 JPY 17,318,358 JPY 10,990,421 HUF 101,428,799 GBP 141,398 EUR 633,181 EUR 260,145 DKK 277,787 CHF 29,421 CAD 136,537 CAD 339,776 AUD 1,283,075 AUD 102,067 USD 100,292 USD 350,768 USD 97,458 USD 231,564 USD 230,686 USD 195,329 USD 1,862,306 USD 1,460,094 USD 64,575 USD 126,511 USD 215,400 USD 1,298,829 USD 1,662,842 USD 227,176 USD 126,166 USD 85,197 USD 263,208 RON 1,027,629 USD 31,729 USD 5,178 USD 208,027 USD 125,000 ZAR 1,716,250 INR 18,569,450 EUR 250,000 USD 36,752 USD 118,088 USD 5,799,369 Sold Amount Year ended31March 2017 Gain/(Loss) Unrealised (13,413) (10,921) (15,735) (15,006) (12,147) (10,660) (1,434) (1,114) (2,838) (9,835) (1,109) (6,317) (5,309) (1,503) (2,203) (2,654) (1,326) 12,837 20,873 10,244 56,292 8,208 2,956 4,721 5,036 2,531 9,546 6,781 5,322 7,224 1,183 5,808 9,863 2,575 1,148 (429) (812) (565) (289) (152) USD (59) (13) 491 330 305 360 536 716 398 230 193 212 83 (0.09) (0.08) (0.11) (0.11) (0.08) (0.01) (0.01) (0.02) (0.07) (0.01) (0.04) (0.04) (0.01) (0.01) (0.00) (0.00) (0.07) (0.02) (0.01) (0.00) (0.01) (0.00) (0.00) (0.00) % of 0.06 0.02 0.03 0.04 0.02 0.06 0.04 0.04 0.05 0.01 0.04 0.07 0.02 0.01 0.00 0.00 0.00 0.09 0.15 0.00 0.00 0.01 0.00 0.00 0.00 0.07 0.00 0.00 0.39 NAV Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(unaudited) - JPMorgan - HSBCBankUSA - CitigroupGlobalMarketsInc Markets - BNYMellonCapital The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value (continued) contracts Net unrealisedgainonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 14/08/17 14/08/17 11/07/17 Open forwardforeigncurrency exchange contracts-0.51%(31March2016:0.23%) Date Maturity USD 274,556 CLP 52,800,314 USD 197,802 Bought Amount CLP 179,477,175 USD 81,432 CZK 4,697,192 Sold Amount Gain/(Loss) 14,433,636 14,257,078 Unrealised (118,010) 176,558 191,616 (2,167) 73,606 5,121 9,493 % ofTotal Assets USD 100.00 100.00 (0.82) (0.02) 98.78 97.24 % of 1.22 0.51 1.33 0.04 0.07 NAV 1.45 1.31

(continued) Year ended31March 2017 143 LAZARD GLOBAL ACTIVE FUNDS PLC Statements of Major Changes in Investments (unaudited)

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

ACQUISITIONS COST DISPOSALS PROCEEDS

GBP GBP Barclays Plc 169,838 Plc 153,146 Lloyds Banking Group Plc 168,917 Royal Dutch Shell Plc 150,716 Shire Plc 141,966 Vodafone Group Plc 139,172 Prudential Plc 118,249 Acacia Mining Plc 137,872 BT Group Plc 111,612 ARM Holdings Plc 101,659 Plc 110,909 Barclays Plc 99,136 Royal Dutch Shell Plc 109,552 Bank 99,024 Unilever Plc 104,337 CRH Plc 98,662 British American Tobacco Plc 96,127 Synthomer Plc 94,467 Rio Tinto Plc 95,502 J Sainsbury Plc 90,982 Vedanta Resources Plc 94,443 Hurricane Energy Plc 90,880 ITV Plc 84,880 Wolseley Plc 86,359 Greene King Plc 84,461 Shire Plc 81,571 Volution Group Plc 79,683 Worldpay Group Plc 83,704 Mediclinic International Plc 79,463 Standard Chartered Bank 81,349 NMC Health Plc 77,890 BP Plc 77,003 British American Tobacco Plc 72,942 Howden Joinery Group Plc 76,545 Greene King Plc 69,396 ConvaTec Group Plc 75,762 Rio Tinto Plc 68,916 Volution Group Plc 72,485 Auto Trader Group Plc 66,505 Tesco Plc 71,604 Next Plc 65,704 Bellway Plc 70,415 Man Group Plc 64,613 ARM Holdings Plc 63,977 Tesco Plc 57,353 NMC Health Plc 60,804 RELX Plc 51,624 Hurricane Energy Plc 60,446 Savills Plc 46,746 Spire Healthcare Group Plc 57,246 London Stock Exchange Group Plc 43,878 easyJet Plc 55,527 BP Plc 40,824 Aviva Plc 53,494 Compass Group Plc 38,707 Cobham Plc 52,900 easyJet Plc 38,151 Acacia Mining Plc 49,719 Spire Healthcare Group Plc 37,712 Vodafone Group Plc 43,553 RPC Group Plc 36,814 RPC Group Plc 39,413 CMC Markets Plc 36,454 Provident Financial Plc 38,966 St James's Place Plc 33,943 Savills Plc 38,578 BT Group Plc 33,510 CRH Plc 37,330 Provident Financial Plc 32,733 St James's Place Plc 36,718 Prudential Plc 32,244 London Stock Exchange Group Plc 34,096 J Sainsbury Plc 32,829 GKN Plc 32,736 RELX Plc 31,942 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 144 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Japanese Strategic Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

JPY JPY Nitto Denko Corp 76,771,530 Nidec Corp 197,559,433 Hitachi Ltd 58,906,565 Nintendo Co Ltd 148,475,344 Kansai Electric Power Co Inc/The 46,810,869 Mizuho Financial Group Inc 136,156,364 Makita Corp 31,703,544 Mitsubishi UFJ Financial Group Inc 121,226,631 Takashimaya Co Ltd 31,476,408 Dai-ichi Life Holdings Inc 111,666,993 Miraca Holdings Inc 28,985,561 ORIX Corp 107,759,623 Izumi Co Ltd 26,277,768 Tokyo Electron Ltd 100,513,938 Jafco Co Ltd 24,428,292 Makita Corp 98,777,138 Mizuho Financial Group Inc 22,018,859 Komatsu Ltd 93,748,470 Amada Holdings Co Ltd 21,181,723 Hitachi Ltd 92,520,110 Asahi Kasei Corp 15,764,671 Mitsubishi Corp 88,879,950 Nidec Corp 15,728,120 Sumitomo Mitsui Trust Holdings Inc 86,964,162 ORIX Corp 12,613,970 Jafco Co Ltd 86,296,661 Tokyo Electron Ltd 12,134,970 LIXIL Group Corp 80,645,074 Mitsubishi UFJ Financial Group Inc 11,337,772 Asahi Kasei Corp 80,250,891 FANUC Corp 11,154,185 FANUC Corp 77,471,771 Komatsu Ltd 10,569,477 Ricoh Co Ltd 76,996,225 Dai-ichi Life Holdings Inc 10,454,217 Nomura Holdings Inc 76,571,326 Sumitomo Mitsui Trust Holdings Inc 10,377,725 Nippon Steel & Sumitomo Metal Corp 74,914,855 Nomura Holdings Inc 10,271,776 Sony Corp 66,610,075 Mitsubishi Corp 10,068,251 Takashimaya Co Ltd 58,680,082 Nintendo Co Ltd 9,746,655 Kansai Electric Power Co Inc/The 50,770,808 Nippon Steel & Sumitomo Metal Corp 8,837,409 Miraca Holdings Inc 49,800,039 LIXIL Group Corp 7,367,051 Daiwa House Industry Co Ltd 49,086,509 Sony Corp 6,577,650 Tokyu Fudosan Holdings Corp 46,755,775 Amada Holdings Co Ltd 42,575,619 Nippon Yusen KK 39,970,663 Marui Group Co Ltd 39,374,390 Nitto Denko Corp 38,526,367 Izumi Co Ltd 35,047,807 Hulic Co Ltd 29,361,465 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 145 Statements of Major Changes in Investments (unaudited) (continued)

Lazard US Equity Concentrated Fund

ALL ACQUISITIONS COST ALL DISPOSALS PROCEEDS

USD USD Alphabet Inc Class A 54,319,375 Allergan Plc 34,188,243 Cisco Systems Inc 47,097,627 Procter & Gamble Co/The 23,410,108 Motorola Solutions Inc 43,153,021 Zoetis Inc 19,594,269 Coca-Cola Co/The 40,263,640 Alphabet Inc Class A 16,882,121 Allergan Plc 39,605,685 Cisco Systems Inc 13,977,180 Medtronic Plc 37,623,447 Deckers Outdoor Corp 12,614,472 Pfizer Inc 34,422,422 Pfizer Inc 11,252,513 Advance Auto Parts Inc 30,821,048 Madison Square Garden Co/The 10,398,226 Zoetis Inc 30,335,763 Advance Auto Parts Inc 6,330,613 Molson Coors Brewing Co 27,671,064 eBay Inc 5,308,087 Crown Holdings Inc 27,618,742 Motorola Solutions Inc 5,241,815 eBay Inc 26,518,894 Norwegian Cruise Line Holdings Ltd 5,140,420 Walgreens Boots Alliance Inc 25,901,089 Union Pacific Corp 3,787,903 PPG Industries Inc 23,988,766 Kellogg Co 3,730,280 United Parcel Service Inc 23,288,054 Molson Coors Brewing Co 3,043,374 Copart Inc 22,877,898 Skyworks Solutions Inc 3,034,586 Procter & Gamble Co/The 22,678,660 Delphi Automotive Plc 2,842,163 Skyworks Solutions Inc 21,630,581 Coca-Cola Co/The 2,823,755 Madison Square Garden Co/The 20,851,280 Crown Holdings Inc 2,817,747 Visa Inc 20,811,656 JC Penney Co Inc 2,633,693 Microsoft Corp 19,418,385 Walgreens Boots Alliance Inc 2,493,572 Deckers Outdoor Corp 13,673,050 Copart Inc 2,404,181 Delphi Automotive Plc 12,948,619 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 146 Statements of Major Changes in Investments (unaudited) (continued)

Lazard European Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR SpA 1,640,662 Royal Dutch Shell Plc 1,730,460 Linde AG 1,276,998 Bayer AG 1,709,155 SpA 1,238,276 Eni SpA 1,608,887 Ryanair Holdings Plc 1,219,261 Actelion Ltd 1,479,521 Air Liquide SA 1,202,511 Linde AG 1,456,721 Bank AG 1,145,850 KBC Group NV 1,248,882 Telecom Italia SpA/Milano 1,134,037 Novo Nordisk A/S 1,236,518 Koninklijke Ahold Delhaize NV 1,075,252 GEA Group AG 1,191,499 SpA 960,640 Sampo Oyj 1,172,058 Faurecia 950,565 Vivendi SA 1,155,399 Continental AG 943,457 Adecco Group AG 1,119,192 Legrand SA 918,146 ING Groep NV 1,116,054 ABN AMRO Group NV, GDR 886,476 Ryanair Holdings Plc 1,095,453 Nordea Bank AB 864,430 AXA SA 1,079,389 UniCredit SpA 830,281 Schneider Electric SE 989,763 Unilever NV 825,754 SpA 988,615 Banco Bilbao Vizcaya Argentaria SA 802,228 Azimut Holding SpA 981,460 AXA SA 789,495 NN Group NV 977,052 Iliad SA 780,279 Telenor ASA 974,169 Statoil ASA 756,706 Vonovia SE 969,997 Hexagon AB 742,254 Fresenius SE & Co KGaA 962,519 Sampo Oyj 725,775 Nokia OYJ 843,016 Merlin Properties Socimi SA 720,346 Snam SpA 801,332 Atlantia SpA 711,796 Davide Campari-Milano SpA 784,386 AP Moller - Maersk A/S 700,627 HeidelbergCement AG 763,340 Abertis Infraestructuras SA 675,848 Valeo SA 760,346 Galp Energia SGPS SA 667,185 Abertis Infraestructuras SA 751,529 Julius Baer Group Ltd 658,591 Anheuser-Busch InBev SA/NV 720,641 Adecco Group AG 628,704 Wolters Kluwer NV 711,631 Deutsche Boerse AG 593,292 Banco Bilbao Vizcaya Argentaria SA 709,846 Amundi SA 560,045 Bayerische Motoren Werke AG 703,911 NN Group NV 551,097 Syngenta AG 702,016 ArcelorMittal 538,625 Unilever NV 691,655 Atresmedia Corp de Medios de Comunicacion SA 532,915 Erste Group Bank AG 688,725 Euronext NV 493,759 Atlantia SpA 681,866 Cargotec Oyj 481,736 CRH Plc 661,225 Nets A/S 472,422 Novartis AG 660,150 Banca Mediolanum SpA 454,647 ABN AMRO Group NV, GDR 634,257 SpA 450,010 RELX NV 612,586 Fresenius SE & Co KGaA 436,668 Intesa Sanpaolo SpA 608,796 Vonovia SE 419,655 Anheuser-Busch InBev SA/NV 599,757 UniCredit SpA 418,668 Gjensidige Forsikring ASA 564,289 Cerved Information Solutions SpA 411,859 Red Electrica Corp SA 560,417 Vivendi SA 410,263 SAP SE 547,441 Cargotec Oyj 546,083 Vinci SA 537,946 Buzzi Unicem SpA 532,660 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 147 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Pan European Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR Eni SpA 588,387 Royal Dutch Shell Plc 1,160,548 Unilever NV 332,327 Novartis AG 921,781 Ryanair Holdings Plc 297,706 Unilever NV 762,972 Banco Bilbao Vizcaya Argentaria SA 268,349 Anheuser-Busch InBev SA/NV 684,589 Royal Dutch Shell Plc 264,329 Wolters Kluwer NV 672,127 Iliad SA 261,347 AXA SA 663,117 Merlin Entertainments Plc 249,480 SAP SE 656,107 Syngenta AG 230,791 Bayer AG 641,232 Legrand SA 227,248 Fresenius SE & Co KGaA 636,100 Azimut Holding SpA 210,664 Shire Plc 631,700 Wolseley Plc 201,701 British American Tobacco Plc 604,442 Adecco Group AG 197,411 Eni SpA 584,978 Atresmedia Corporacion de Medios de Comunicacion SA 183,344 Vonovia SE 553,978 Anheuser-Busch InBev SA/NV 181,690 CRH Plc 539,384 Linde AG 181,402 Novo Nordisk A/S 538,336 Vivendi SA 180,245 Sampo Oyj 524,794 Sampo Oyj 179,489 Carlsberg A/S 507,307 Telecom Italia SpA/Milano 178,127 Vinci SA 500,087 Intesa Sanpaolo SpA 171,814 Actelion Ltd 494,039 SpA 170,296 Lloyds Banking Group Plc 479,402 SAP SE 165,977 Prudential Plc 472,017 Abertis Infraestructuras SA 163,026 Syngenta AG 452,064 Erste Group Bank AG 160,395 Schneider Electric SE 444,722 Vonovia SE 156,395 Wolseley Plc 426,155 AXA SA 146,796 Kerry Group Plc 417,068 Atlantia SpA 139,838 Iliad SA 413,614 Air Liquide SA 133,672 KBC Group NV 407,422 NN Group NV 132,122 Vivendi SA 406,978 Koninklijke Ahold Delhaize NV 126,149 GEA Group AG 406,631 Shire Plc 121,252 NN Group NV 383,851 Continental AG 118,441 Telenor ASA 381,240 Faurecia 115,135 Spire Healthcare Group Plc 367,971 Banca Mediolanum SpA 113,787 Davide Campari-Milano SpA 354,039 BT Group Plc 105,540 RELX NV 352,440 Merlin Properties Socimi SA 101,455 Provident Financial Plc 346,875 Nordea Bank AB 100,188 Banca Mediolanum SpA 339,385 ArcelorMittal 97,522 J Sainsbury Plc 325,857 Howden Joinery Group Plc 96,902 Elior Group 325,439 Adecco Group AG 318,869 Valeo SA 316,104 AstraZeneca Plc 312,793 Associated British Foods Plc 312,129 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 148 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Pan-European Small Cap Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR RPC Group Plc 945,064 Cairn Homes Plc 452,952 Stabilus SA 762,143 Nets A/S 436,203 Rightmove Plc 750,234 Ashtead Group Plc 436,118 AURELIUS Equity Opportunities SE & Co KGaA 736,448 KUKA AG 414,920 Greencore Group Plc 730,565 Royal Unibrew A/S 715,966 Ackermans & van Haaren NV 411,861 Aalberts Industries NV 692,526 Cargotec Oyj 396,726 Grand City Properties SA 681,570 UBM Plc 348,260 Duerr AG 665,948 Stroeer SE & Co KGaA 299,002 Conviviality Plc 640,281 Kardex AG 293,308 Rentokil Initial Plc 638,816 Aalberts Industries NV 285,356 Kinepolis Group NV 637,761 IG Group Holdings Plc 270,756 Micro Focus International Plc 633,985 Dalata Hotel Group Plc 626,582 Ingenico Group SA 268,390 Dfds A/S 617,759 Elementis Plc 262,836 Lifco AB 614,231 AURELIUS Equity Opportunities SE & Co KGaA 254,834 Clinigen Group Plc 613,245 Clinigen Group Plc 253,932 Norma Group SE 612,338 Porr Ag 244,604 Intertrust NV 608,136 Spirax-Sarco Engineering Plc 229,278 Avanza Bank Holding AB 602,937 Grafton Group Plc 225,216 Granges AB 600,510 Loomis AB 599,670 Alimak Group AB 221,366 Polypipe Group plc 589,055 Nolato AB 213,191 Kardex AG 576,846 B&M European Value Retail SA 212,058 Europris ASA 572,613 Greencore Group Plc 207,323 Aroundtown Property Holdings Plc 543,526 Frank's International NV 193,439 Equiniti Group Plc 533,133 Telit Communications Plc 187,115 Cargotec Oyj 532,840 RPC Group Plc 185,309 Volution Group Plc 526,644 Core Laboratories NV 523,817 Abcam Plc 181,947 Corticeira Amorim SGPS SA 521,680 Stabilus SA 179,518 Ubisoft Entertainment SA 516,454 S&T AG 178,443 Hypoport AG 511,742 Indutrade AB 174,743 Burford Capital Ltd 502,782 Inwido AB 174,422 Ei Towers SpA 501,907 Duerr AG 164,945 El.En. SpA 500,693 Synthomer Plc 163,119 Inwido AB 500,198 John Wood Group Plc 500,002 Skandiabanken ASA 163,060 OVS SpA 498,034 Nordax Group AB 161,401 Dignity Plc 490,987 IMCD Group NV 159,340 Alimak Group AB 489,959 AA Plc 157,977 Electrocomponents Plc 488,009 Flow Traders 157,693 Ascential Plc 485,316 Hexpol AB 154,443 CompuGroup Medical SE 483,018 Cloetta AB 153,933 Auto Trader Group Plc 476,725 DiaSorin SpA 463,813 Provident Financial Plc 150,661 BCA Marketplace Plc 456,595 CompuGroup Medical SE 146,242 Konecranes OYJ 456,358 Cembra Money Bank AG 143,108 Savills Plc 454,596 CTS Eventim AG & Co KGaA 139,411 Cerved Information Solutions SpA 453,223 PATRIZIA Immobilien AG 445,304 Indutrade AB 440,033 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 149 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Global Strategic Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Activision Blizzard Inc 380,747 Reynolds American Inc 659,545 Nielsen Holdings Plc 371,922 Actelion Ltd 651,985 Coca-Cola Co/The 364,547 Alphabet Inc Class A 409,604 Accenture Plc 301,711 Apple Inc 389,583 Raytheon Co 300,402 Cisco Systems Inc 314,723 EOG Resources Inc 283,468 JM Smucker Co/The 284,878 Actelion Ltd 273,016 Microsoft Corp 279,545 KDDI Corp 269,736 Mastercard Inc 267,062 Halliburton Co 265,944 Procter & Gamble Co/The 257,446 Bank of America Corp 265,071 Anheuser-Busch InBev SA/NV 245,519 Procter & Gamble Co/The 263,897 Visa Inc 240,193 Charles Schwab Corp/The 236,556 Activision Blizzard Inc 224,719 Walgreens Boots Alliance Inc 232,653 Zoetis Inc 222,317 British American Tobacco Plc 232,604 China Resources Beer Holdings Co Ltd 220,903 PPG Industries Inc 225,881 KDDI Corp 216,338 Medtronic Plc 225,225 Teva Pharmaceutical Industries Ltd, ADR 214,745 Microsoft Corp 225,212 Spire Healthcare Group Plc 212,675 Wells Fargo & Co 215,795 Nielsen Holdings Plc 190,779 Comerica Inc 215,559 Lloyds Banking Group Plc 189,123 Alphabet Inc Class A 207,639 United Therapeutics Corp 181,661 Snap-on Inc 203,402 CVS Health Corp 175,739 Welbit Inc 203,361 Merlin Entertainments Plc 175,114 eBay Inc 197,315 Check Point Software Technologies Ltd 159,507 Israel Discount Bank Ltd 186,436 EOG Resources Inc 156,058 OPAP SA 183,998 Quintiles IMS Holdings Inc 155,433 Molson Coors Brewing Co 180,320 International Flavors & Fragrances Inc 152,987 Valvoline Inc 174,379 British American Tobacco Plc 148,037 Visa Inc 172,988 Informa Plc 147,540 Merida Industry Co Ltd 167,808 Ain Holdings Inc 144,674 Mediaset SpA 164,266 Advance Auto Parts Inc 144,579 Informa Plc 160,737 Rexam Ltd 139,660 Cisco Systems Inc 159,714 ARM Holdings Plc 139,288 Red Hat Inc 155,058 Vertex Pharmaceuticals Inc 137,450 Cypress Semiconductor Corp 153,361 Mediaset SpA 135,823 Faurecia 151,153 Halliburton Co 133,179 Netcare Ltd 150,658 IDOM Inc 125,456 Partners Group Holding AG 140,706 McKesson Corp 120,751 Trade Me Group Ltd 133,801 Mediclinic International Plc 117,312 London Stock Exchange Group Plc 129,175 Celgene Corp 128,286 Union Pacific Corp 127,352 TechnoPro Holdings Inc 126,730 Teva Pharmaceutical Industries Ltd, ADR 125,719 Reynolds American Inc 123,502 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 150 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Global Managed Volatility Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Everest Re Group Ltd 3,389,460 Everest Re Group Ltd 2,892,091 Sysco Corp 2,882,966 Verizon Communications Inc 2,213,134 Stockland 2,668,387 Southern Co/The 2,206,144 Canadian Imperial Bank of Commerce 2,530,022 SSE Plc 2,190,667 Kimberly-Clark Corp 2,501,411 Canadian Imperial Bank of Commerce 2,131,756 Great Plains Energy Inc 2,356,577 Statoil ASA 2,092,592 BCE Inc 2,350,921 Dr Pepper Snapple Group Inc 2,018,257 Campbell Soup Co 2,341,841 Campbell Soup Co 1,948,194 General Mills Inc 2,310,252 Public Service Enterprise Group Inc 1,941,491 Centrica Plc 1,983,830 Link REIT 1,919,563 DBS Group Holdings Ltd 1,974,106 Amcor Ltd 1,875,493 TJX Cos Inc/The 1,950,998 McDonald's Corp 1,845,372 Ameren Corp 1,907,151 American Electric Power Co Inc 1,812,888 Jardine Matheson Holdings Ltd 1,840,691 Intact Financial Corp 1,767,046 Accenture Plc 1,766,720 Clorox Co/The 1,701,042 Toro Co/The 1,641,107 Ltd 1,519,053 Clorox Co/The 1,638,810 Rentokil Initial Plc 1,427,741 Daiwa House Industry Co Ltd 1,621,347 Telstra Corp Ltd 1,426,701 Roche Holding AG 1,550,547 Dollarama Inc 1,298,927 ANA Holdings Inc 1,520,702 Baxter International Inc 1,273,725

Lazard Global Listed Infrastructure Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

GBP GBP Snam SpA 66,365,411 CSX Corp 99,187,343 Abertis Infraestructuras SA 65,764,597 Norfolk Southern Corp 53,811,394 Vinci SA 64,119,763 Genesee & Wyoming Inc 48,305,770 Terna Rete Elettrica Nazionale SpA 54,369,554 Great Plains Energy Inc 27,918,029 Atlantia SpA 40,296,551 Union Pacific Corp 18,311,152 Eutelsat Communications SA 32,835,880 Flughafen Zuerich AG 13,005,988 Transurban Group 31,486,224 Abertis Infraestructuras SA 12,165,930 PG&E Corp 27,492,244 Vinci SA 9,957,544 SES SA 24,342,814 Snam SpA 8,433,291 Italgas SpA 23,406,404 SES SA 8,411,271 Norfolk Southern Corp 20,202,035 DUET Group 8,347,118 Pennon Group Plc 19,819,901 Eutelsat Communications SA 7,579,759 DUET Group 17,489,680 Transurban Group 4,938,512 Genesee & Wyoming Inc 14,921,500 Atlantia SpA 4,136,017 Union Pacific Corp 13,551,331 Flughafen Wien AG 3,868,697 Fraport AG Frankfurt Airport Services Worldwide 13,128,893 Ameren Corp 3,095,084 CSX Corp 11,765,179 SJW Group 2,599,220 Red Electrica Corp SA 11,367,602 PG&E Corp 2,471,110 Aeroports de Paris 7,754,003 Macquarie Atlas Roads Group 721,354 Ameren Corp 7,495,719 Abertis Infraestructuras SA Rights 28/07/2016 4 Spark Infrastructure Group 6,131,794 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 151 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Global Equity Franchise Fund

ACQUISITIONS COST ALL DISPOSALS PROCEEDS

USD USD International Game Technology Plc 4,222,971 CSX Corp 2,284,112 QUALCOMM Inc 3,515,826 Norfolk Southern Corp 1,311,879 SES SA 3,512,176 Mastercard Inc 458,297 Mastercard Inc 3,510,568 Computershare Ltd 361,333 H&R Block Inc 3,431,767 Monsanto Co 243,680 Coach Inc 3,084,152 Medtronic Plc 242,010 Stericycle Inc 3,082,436 QUALCOMM Inc 189,126 Express Scripts Holding Co 3,030,811 International Game Technology Plc 175,962 Monsanto Co 2,969,548 Quest Diagnostics Inc 164,278 Atlantia SpA 2,876,390 Emerson Electric Co 163,203 Oracle Corp 2,852,534 SAP SE 154,627 Computershare Ltd 2,843,518 Intuit Inc 151,322 Alphabet Inc Class C 2,833,115 Cisco Systems Inc 107,751 Cisco Systems Inc 2,779,160 Intel Corp 92,905 Medtronic Plc 2,631,861 Vinci SA 73,724 Microsoft Corp 2,426,618 Stericycle Inc 59,996 McKesson Corp 2,140,166 Oracle Corp 54,898 Terna Rete Elettrica Nazionale SpA 1,815,531 SES SA 50,012 CSX Corp 1,473,045 Atlantia SpA 26,583 Snam SpA 1,333,964 Microsoft Corp 9,120 Visa Inc 1,302,917 Bureau Veritas SA 1,280,950 Abertis Infraestructuras SA 1,255,764 Intuit Inc 1,200,742 Vinci SA 1,187,015 SAP SE 1,175,458 Norfolk Southern Corp 1,030,272 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 152 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Global Equity Select Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Microsoft Corp 167,528 Actelion Ltd 258,766 National Bank of Canada 155,760 Anheuser-Busch InBev SA/NV 199,655 Accenture Plc 149,342 Reynolds American Inc 182,580 United Technologies Corp 136,754 NXP Semiconductors NV 141,902 Canadian National Railway Co 132,510 Procter & Gamble Co/The 138,392 Diageo Plc 130,693 CVS Health Corp 119,102 Coca-Cola Co/The 130,098 Quintiles IMS Holdings Inc 104,835 Bank of America Corp 128,214 Davide Campari-Milano SpA 77,523 Tencent Holdings Ltd 126,345 Mead Johnson Nutrition Co 76,021 AIA Group Ltd 125,272 Sampo Oyj 72,294 Vantiv Inc 124,787 Mastercard Inc 68,549 Apple Inc 102,781 Raytheon Co 61,822 Schlumberger Ltd 101,070 Schlumberger Ltd 59,814 Ashtead Group Plc 100,611 Bristol-Myers Squibb Co 58,063 Alphabet Inc Class A 97,559 Microsoft Corp 57,375 Applied Materials Inc 97,339 Union Pacific Corp 56,060 Continental AG 95,646 Visa Inc 54,768 Cielo SA 95,563 RELX NV 54,142 Hexagon AB 94,501 Zoetis Inc 53,599 Motorola Solutions Inc 94,472 Alphabet Inc Class C 53,325 Ambev SA 93,347 United Technologies Corp 52,684 Crown Holdings Inc 93,138 Apple Inc 51,902 Biogen Inc 92,473 Teva Pharmaceutical Industries Ltd, ADR 51,641 Red Hat Inc 92,049 Recruit Holdings Co Ltd 50,962 PPG Industries Inc 90,992 Honeywell International Inc 49,920 Five Below Inc 90,037 Check Point Software Technologies Ltd 48,311 Snap-on Inc 89,100 McKesson Corp 44,784 Comerica Inc 86,970 Kasikornbank PCL 43,125 Zoetis Inc 86,055 GEA Group AG 42,210 Quintiles IMS Holdings Inc 84,325 Red Hat Inc 39,995 Shire Plc 83,411 Daiwa House Industry Co Ltd 39,176 Ryohin Keikaku Co Ltd 82,912 Assa Abloy AB 38,410 Anheuser-Busch InBev SA/NV 81,854 Applied Materials Inc 37,288 Actelion Ltd 80,113 Rockwell Automation Inc 36,541 Visa Inc 78,436 Autohome Inc, ADR 36,102 Johnson Controls International plc 74,856 Baidu Inc, ADR 35,415 Welbit Inc 74,316 Wolters Kluwer NV 34,361 Commerce Bancshares Inc/MO 74,202 RELX NV 73,770 S&P Global Inc 73,561 Julius Baer Group Ltd 73,169 Coca-Cola European Partners Plc 72,794 Thermo Inc 72,225 Daiwa House Industry Co Ltd 71,545 Intercontinental Exchange Inc 71,476 Medtronic Plc 70,919 Sampo Oyj 70,608 Assa Abloy AB 68,693 Wolters Kluwer NV 65,072 NXP Semiconductors NV 64,194 Compass Group Plc 63,995 Charles Schwab Corp/The 63,759 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 153 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Global Equity Income Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Novartis AG 329,408 International Paper Co 263,741 AT&T Inc 324,001 Verizon Communications Inc 206,447 Bezeq The Israeli Telecommunication Corp Ltd 217,687 Novartis AG 203,634 Royal Dutch Shell Plc 216,481 QUALCOMM Inc 190,773 NN Group NV 201,787 Procter & Gamble Co/The 186,479 Leidos Holdings Inc 141,776 Leidos Holdings Inc 158,491 Pattern Energy Group Inc 134,614 Mobile TeleSystems PJSC 156,585 Sampo Oyj 130,619 Taiwan Semiconductor Manufacturing Co Ltd, ADR 147,852 Sumitomo Mitsui Financial Group Inc 128,109 Vivendi SA 146,894 RTL Group 122,110 UBM Plc 145,918 SES SA 121,379 Cisco Systems Inc 140,787 Coca-Cola Co/The 117,051 Telenor ASA 134,767 Verizon Communications Inc 112,235 LaSalle Hotel Properties 134,606 Snam SpA 111,686 DUET Group 131,392 Nordea Bank AB 111,319 People's United Financial Inc 121,430 Telenor ASA 109,378 PacWest Bancorp 121,002 Alumina Ltd 107,421 Life Healthcare Group Holdings Ltd 116,066 PacWest Bancorp 106,629 Television Francaise 1 113,425 Extra Space Storage Inc 105,840 AXA SA 107,044 Swedbank AB 100,620 Maxim Integrated Products Inc 99,192 BB Seguridade Participacoes SA 99,660 Eaton Corp Plc 98,899 Abertis Infraestructuras SA 99,362 NN Group NV 92,274 International Paper Co 98,708 Medical Properties Trust Inc 90,844 Healthcare Realty Trust Inc 95,346 Occidental Petroleum Corp 90,844 Azimut Holding SpA 94,605 Sampo Oyj 90,657 Legal & General Group Plc 92,822 Pfizer Inc 88,631 Indiabulls Housing Finance Ltd 92,673 Krung Thai Bank PCL 87,097 Wells Fargo & Co 89,961 Artisan Partners Asset Management Inc 86,930 Deere & Co 89,476 WP Glimcher Inc 85,501 L Brands Inc 88,280 ING Groep NV 84,787 Total SA 87,384 BOC Hong Kong Holdings Ltd 84,540 Tokyo Electron Ltd 84,656 Lexington Realty Trust 83,164 Melco Crown Entertainment Ltd, ADR 82,849 Kinder Morgan Inc/DE 81,224 Far EasTone Telecommunications Co Ltd, GDR 80,252 Agricultural Ltd 81,169 Atresmedia Corp de Medios de Comunicacion SA 80,154 Asaleo Care Ltd 80,543 Qualicorp SA 79,713 Snam SpA 79,799 Communications Sales & Leasing Inc 79,498 Communications Sales & Leasing Inc 78,362 Daiwa House Industry Co Ltd 79,216 Blackstone Mortgage Trust Inc 77,538 Cypress Semiconductor Corp 78,211 Chevron Corp 75,637 Galp Energia SGPS SA 77,462 Cembra Money Bank AG 72,220 Crown Castle International Corp 77,414 Caterpillar Inc 70,643 St James's Place Plc 75,617 Indiabulls Housing Finance Ltd 70,191 Blackstone Mortgage Trust Inc 74,564 SA 68,376 Marathon Petroleum Corp 70,989 Oceaneering International Inc 67,817 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 154 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Thematic Global Ex-Japan Fund*

ALL ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Air Liquide SA 124,771 Visa Inc 311,310 Walgreens Boots Alliance Inc 64,441 Microsoft Corp 300,069 Celgene Corp 46,931 AIA Group Ltd 268,683 Hong Kong & China Gas Co Ltd 267,962 Vertex Pharmaceuticals Inc 30,121 Apple Inc 261,085 Taiwan Semiconductor Manufacturing Co Ltd, ADR 257,617 SAP SE 257,298 Prudential Plc 256,102 Quintiles IMS Holdings Inc 255,010 Johnson & Johnson 250,745 Costco Wholesale Corp 245,950 Aon Plc 242,339 Check Point Software Technologies Ltd 240,954 Starbucks Corp 231,479 NextEra Energy Inc 222,529 Charles Schwab Corp/The 222,232 Rockwell Automation Inc 219,515 Monsanto Co 218,491 Comcast Corp 215,116 CVS Health Corp 213,628 Roche Holding AG 212,841 Merck & Co Inc 211,377 Honeywell International Inc 210,834 Unilever Plc 206,661 EOG Resources Inc 206,547 United Technologies Corp 205,921 McKesson Corp 203,549 AstraZeneca Plc 203,155 Barrick Corp 202,871 Edison International 201,813 Nielsen Holdings Plc 196,461 L'Oreal SA 196,332 Bristol-Myers Squibb Co 195,709 Exxon Mobil Corp 195,231 EI du Pont de Nemours & Co 193,748 Aetna Inc 192,822 Shire Plc, ADR 192,363 Oracle Corp 191,040 Mead Johnson Nutrition Co 190,812 Cisco Systems Inc 189,519 Novartis AG 188,992 Occidental Petroleum Corp 188,869 Laboratory Corp of America Holdings 188,757 Anheuser-Busch InBev SA/NV, ADR 188,007 EMC Corp 186,649 Verizon Communications Inc 184,722 Essilor International SA 184,333 Molson Coors Brewing Co 181,964 Union Pacific Corp 178,878 Apache Corp 177,131 Zoetis Inc 174,330 Hong Kong Exchanges & Clearing Ltd 171,461 Teva Pharmaceutical Industries Ltd, ADR 171,022 Amazon.com Inc 170,768 Mylan NV 170,435 China Overseas Land & Investment Ltd 168,316

*Fund closed on 5 July 2016. LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 155 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Thematic Global Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Air Liquide SA 3,666,946 Taiwan Semiconductor Manufacturing Co Ltd, ADR 4,581,003 Walgreens Boots Alliance Inc 3,383,278 Quintiles IMS Holdings Inc 4,374,190 Celgene Corp 3,331,829 NextEra Energy Inc 4,366,019 Associated British Foods Plc 2,836,657 Visa Inc 4,276,762 Colgate-Palmolive Co 2,708,022 Microsoft Corp 4,193,224 Compass Group Plc 1,861,397 AstraZeneca Plc 4,114,860 Nestle SA 1,834,274 EMC Corp 4,042,447 Accenture Plc 1,782,803 McKesson Corp 3,768,131 Allergan Plc 1,693,824 CVS Health Corp 3,673,137 Hexagon AB 1,692,058 SoftBank Group Corp 3,622,780 PPG Industries Inc 1,554,024 Apache Corp 3,619,390 Vertex Pharmaceuticals Inc 1,506,997 Barrick Gold Corp 3,587,821 Deere & Co 1,500,551 Air Liquide SA 3,570,347 Johnson Controls International plc 1,454,065 AIA Group Ltd 3,462,530 Bank of America Corp 1,430,954 Hong Kong & China Gas Co Ltd 3,434,247 Activision Blizzard Inc 1,322,646 China Overseas Land & Investment Ltd 3,427,749 PNC Group Inc/The 1,120,530 Roche Holding AG 3,391,717 BB&T Corp 1,111,848 Air Liquide SA 3,270,609 US Bancorp 1,111,094 Apple Inc 3,188,227 M&T Bank Corp 1,103,925 Mylan NV 3,113,805 ASML Holding NV 1,042,131 Mead Johnson Nutrition Co 3,064,585 Agrium IncNpv 786,533 Starbucks Corp 3,055,984 Agnico Eagle Mines Ltd 706,391 Teva Pharmaceutical Industries Ltd, ADR 3,035,357 Eaton Corp Plc 684,702 Costco Wholesale Corp 3,025,440 Kinder Morgan Inc/DE 679,173 National Grid Plc 2,977,499 Tencent Holdings Ltd 556,342 Aon Plc 2,946,493 PTC Inc 445,476 Johnson & Johnson 2,887,532 Eastman Chemical Co 2,875,294 Prudential Plc 2,818,125 Charles Schwab Corp/The 2,796,212 SAP SE 2,756,564 Monsanto Co 2,748,030 Amazon.com Inc 2,745,595 Merck & Co Inc 2,694,441 Check Point Software Technologies Ltd 2,685,145 EOG Resources Inc 2,643,184 Comcast Corp 2,625,641 State Street Corp 2,597,559 Honeywell International Inc 2,589,608 ABB Ltd 2,582,014 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 156 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging World Fund

ALL ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Naspers Ltd 511,792 China Everbright Ltd 439,913 VinaCapital Vietnam Opportunity Fund Ltd 376,614 Pacific Assets Trust Plc/Fund 350,389 BlackRock World Mining Trust Plc 183,155 CK Hutchison Holdings Ltd 295,815 BlackRock Latin American Investment Trust Plc 175,424 VinaCapital Vietnam Opportunity Fund Ltd 205,873 Dragon Capital - Vietnam Enterprise Investments Ltd 175,127 Taiwan Fund Inc/The 102,716 India Capital Growth Fund Ltd 60,173 Fidelity Asian Values Plc 96,155 GP Investments Ltd, BDR 40,261 INVESCO Asia Trust Plc 77,330 Weiss Korea Opportunity Fund Ltd 25,056 Korea Equity Fund Inc 69,118 Aberdeen Latin America Equity Fund Inc 12,659 ASA Gold and Precious Metals Ltd 60,124 Fondul Proprietatea SA/Fund 9,283 Fidelity China Special Situations Plc 49,329 Latin American Discovery Fund Inc/The 5,275 Fondul Proprietatea SA/Fund 48,517 Central Europe Russia and Turkey Fund Inc/The 4,350 Aberdeen New India Investment Trust Plc 45,854 Qatar Investment Fund Plc 4,097 Aberdeen Frontier Markets Investment Co Ltd 45,587 Prosperity Voskhod Fund Ltd NPV 321 HSBC China Dragon Fund 22,118 Baring Emerging Europe Plc 19,271 Qatar Investment Fund Plc 15,341 Templeton Dragon Fund Inc 5,686 Templeton Emerging Markets Investment Trust Plc 5,505 Prosperity Voskhod Fund Ltd 3,915 Tau Capital Plc 249 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 157 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD LUKOIL PJSC, ADR 22,491,904 LUKOIL PJSC, ADR 19,088,842 China Construction Bank Corp 17,186,444 Sberbank of Russia 18,643,643 Taiwan Semiconductor Manufacturing Co Ltd, ADR 15,300,074 NetEase Inc, ADR 14,705,268 Tata Consultancy Services Ltd 15,198,771 Telekomunikasi Indonesia Persero Tbk PT, ADR 14,280,328 YPF SA, ADR 13,461,343 Taiwan Semiconductor Manufacturing Co Ltd, ADR 12,846,240 America Movil SAB de CV, ADR 12,830,726 Hon Hai Precision Industry Co Ltd, GDR 10,215,362 Samsung Electronics Co Ltd 11,970,944 Commercial International Bank Egypt SAE, GDR 7,426,124 Banco do Brasil SA 11,120,124 KB Financial Group Inc 7,203,213 Sberbank of Russia 11,094,436 Gazprom PJSC, ADR 7,165,933 Cielo SA 10,882,018 United Tractors Tbk PT 6,447,258 China Mobile Ltd, ADR 10,455,758 SK Hynix Inc 6,445,012 Baidu Inc, ADR 10,149,589 Bid Corp Ltd 6,202,693 Hon Hai Precision Industry Co Ltd, GDR 9,612,997 Wynn Macau Ltd 6,166,853 BB Seguridade Participacoes SA 9,552,294 CP ALL PCL 5,787,606 Commercial International Bank Egypt SAE, GDR 9,174,775 CNOOC Ltd 5,779,999 CCR SA 9,071,293 China Construction Bank Corp 5,512,467 NetEase Inc, ADR 8,615,660 PTT Exploration & Production PCL 5,496,152 Tupras Turkiye Petrol Rafinerileri AS 8,408,272 Samsung Electronics Co Ltd 5,443,031 Mobile TeleSystems PJSC 8,317,181 Bank Mandiri Persero Tbk PT 4,854,196 Pakistan Petroleum Ltd 8,162,750 Grupo Mexico SAB de CV 4,553,133 Life Healthcare Group Holdings Ltd 7,806,950 Huabao International Holdings Ltd 4,545,764 Shinhan Financial Group Co Ltd 7,574,185 Baidu Inc, ADR 4,517,831 Habib Bank Ltd 7,442,496 MegaFon OAO, GDR 4,376,082 Telekomunikasi Indonesia Persero Tbk PT, ADR 7,193,726 Banco do Brasil SA 4,282,844 OTP Bank Plc 6,620,875 China Mobile Ltd, ADR 3,467,517 Axis Bank Ltd 6,521,366 Axis Bank Ltd 3,390,790 Turk Telekomunikasyon AS 6,455,268 Cielo SA 3,364,026 Bidvest Group Ltd/The 6,065,763 Shinhan Financial Group Co Ltd 3,248,305 Vodacom Group Ltd 5,600,520 Tata Consultancy Services Ltd 3,094,619 Bank Mandiri Persero Tbk PT 5,502,317 OTP Bank Plc 2,827,588 SK Hynix Inc 5,394,584 Ambev SA, ADR 5,387,332 Hyundai Mobis Co Ltd 5,122,209 Shoprite Holdings Ltd 5,091,426 PPC Ltd 4,826,373 Hero MotoCorp Ltd 4,789,878 KB Financial Group Inc 4,753,574 Magnit PJSC, GDR 4,484,308 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 158 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Core Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD LUKOIL PJSC, ADR 4,236,599 China Mobile Ltd, ADR 3,115,547 Samsung Electronics Co Ltd 3,980,494 Magnit PJSC, GDR 1,788,069 Alibaba Group Holding Ltd 3,588,804 ICICI Bank Ltd, ADR 1,445,300 Tencent Holdings Ltd 3,152,461 LUKOIL PJSC, ADR 1,290,582 Sberbank of Russia PJSC, ADR 2,938,435 SK Hynix Inc 1,285,513 Taiwan Semiconductor Manufacturing Co Ltd, ADR 2,723,258 Mega Financial Holding Co Ltd 1,122,731 Banco do Brasil SA 2,357,514 ENN Energy Holdings Ltd 1,096,274 Telefonica Brasil SA, ADR 1,961,215 Wal-Mart de Mexico SAB de CV 1,059,271 Ternium SA, ADR 1,843,483 Alsea SAB de CV 1,047,068 China Mobile Ltd, ADR 1,841,926 Amorepacific Corp 1,046,523 Korea Zinc Co Ltd 1,701,858 Alibaba Group Holding Ltd 1,030,806 Vedanta Ltd, ADR 1,653,701 Samsung Electronics Co Ltd 973,007 Industrial & of China Ltd 1,516,942 China Lodging Group Ltd 936,475 NCSoft Corp 1,484,339 Gruma SAB de CV 932,497 Silicon Motion Technology Corp, ADR 1,482,919 Hyundai Department Store Co Ltd 904,414 Ecopetrol SA, ADR 1,476,514 CT Environmental Group Ltd 884,966 AES Tiete Energia SA 1,467,117 Braskem SA 875,511 Tofas Turk Otomobil Fabrikasi AS 1,353,776 Grupo Bimbo SAB de CV 833,215 Galp Energia SGPS SA 1,324,225 Thai Oil PCL 832,835 Bancolombia SA, ADR 1,314,559 Turk Traktor ve Ziraat Makineleri AS 805,011 Lee & Man Paper Manufacturing Ltd 1,258,837 Kasikornbank PCL 774,688 New Oriental Education & Technology Group Inc, ADR 1,256,132 China Lesso Group Holdings Ltd 756,887 MOL Hungarian Oil & Gas Plc 1,171,631 Thai Oil PCL 754,621 HDFC Bank Ltd, ADR 1,115,687 Haier Electronics Group Co Ltd 736,875 Credicorp Ltd 1,047,018 Fibra Uno Administracion SA de CV 717,899 Lotte Chemical Corp 1,039,496 Dr Reddy's Laboratories Ltd, ADR 670,717 Braskem SA 1,010,368 Ping An Insurance Group Co of China Ltd 657,782 Tenaris SA, ADR 996,707 Hermes Microvision Inc 654,581 Hon Hai Precision Industry Co Ltd 974,799 Komercni banka as 636,055 Mr Price Group Ltd 961,656 KEPCO Plant Service & Engineering Co Ltd 632,172 Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Severstal PJSC, GDR 948,615 630,516 Identificacao SA Largan Precision Co Ltd 931,667 TAV Havalimanlari Holding AS 616,458 KT&G Corp 900,854 Industrial & Commercial Bank of China Ltd 614,288 Bidvest Group Ltd/The 888,220 Mondi Plc 604,099 Coway Co Ltd 866,778 Delta Electronics Inc 598,446 Thai Oil PCL 861,336 Telekomunikasi Indonesia Persero Tbk PT, ADR 592,926 Unilever NV 859,512 Advanced Semiconductor Engineering Inc, ADR 588,606 Woolworths Holdings Ltd/South Africa 853,823 Mr Price Group Ltd 554,139 China Lodging Group Ltd 852,918 BDO Unibank Inc 550,534 Telekomunikasi Indonesia Persero Tbk PT, ADR 841,063 Lenovo Group Ltd 540,002 Naspers Ltd 833,558 Grupo Aeroportuario del Pacifico SAB de CV, ADR 536,276 Tata Motors Ltd, ADR 512,320 Cuckoo Electronics Co Ltd 488,705 NetEase Inc, ADR 451,948 NCSoft Corp 450,366 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 159 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Developing Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD NCSoft Corp 2,290,531 Sberbank of Russia 3,584,247 ICICI Bank Ltd, ADR 2,170,358 Novatek PJSC, GDR 2,928,650 Tata Motors Ltd, ADR 2,155,099 China State Construction International Holdings Ltd 2,713,648 Galp Energia SGPS SA 2,069,331 X5 Retail Group NV, GDR 2,563,302 China State Construction International Holdings Ltd 1,986,837 HDFC Bank Ltd, ADR 2,261,641 Vipshop Holdings Ltd 1,771,658 Silicon Motion Technology Corp, ADR 2,219,485 Petronet LNG Ltd 1,663,525 Yandex NV 2,129,593 Korea Aerospace Industries Ltd 1,657,654 Brilliance China Automotive Holdings Ltd 1,980,318 Brilliance China Automotive Holdings Ltd 1,639,848 CNOOC Ltd 1,964,016 Catcher Technology Co Ltd 1,561,284 Vipshop Holdings Ltd 1,738,842 CJ CGV Co Ltd 1,553,412 ICICI Bank Ltd, ADR 1,696,260 Shriram Transport Finance Co Ltd 1,547,703 New Oriental Education & Technology Group Inc, ADR 1,692,703 Novatek PJSC, GDR 1,543,953 Baidu Inc, ADR 1,566,433 TAL Education Group, ADR 1,439,005 Korea Aerospace Industries Ltd 1,474,156 Bank Rakyat Indonesia Persero Tbk PT 1,368,592 Turkiye Garanti Bankasi AS 1,462,634 Doosan Bobcat Inc 1,291,816 Hansae Co Ltd 1,448,930 Turkiye Garanti Bankasi AS 1,269,943 Zhuzhou CRRC Times Electric Co Ltd 1,431,594 Maruti Suzuki India Ltd 1,202,251 Aselsan Elektronik Sanayi Ve Ticaret AS 1,429,515 Mail.Ru Group Ltd, GDR 1,110,826 Aurobindo Pharma Ltd 1,398,598 Glenmark Pharmaceuticals Ltd 1,079,883 Glenmark Pharmaceuticals Ltd 1,397,201 Techtronic Industries Co Ltd 1,048,795 Largan Precision Co Ltd 1,394,978 Capitec Bank Holdings Ltd 1,007,292 Emlak Konut Gayrimenkul Yatirim Ortakligi AS 1,344,877 Rosneft Oil Co PJSC, GDR 910,285 Cosan SA Industria e Comercio 1,334,428 New Oriental Education & Technology Group Inc, ADR 898,455 Standard Bank Group Ltd 1,312,817 X5 Retail Group NV, GDR 889,387 Shriram Transport Finance Co Ltd 1,265,494 Minth Group Ltd 848,431 Grupo Financiero Banorte SAB de CV 1,202,536 Partron Co Ltd 839,347 Adani Ports & Special Economic Zone Ltd 1,165,926 BDO Unibank Inc 808,296 Lojas Renner SA 1,128,107 ZTO Express Cayman Inc, ADR 806,921 AAC Technologies Holdings Inc 1,118,827 LS Industrial Systems Co Ltd 789,703 First Quantum Minerals Ltd 1,110,587 Aurobindo Pharma Ltd 779,643 Banco Bradesco SA, ADR 1,060,692 Banco Bradesco SA, ADR 772,612 Rosneft Oil Co PJSC, GDR 1,030,140 Emlak Konut Gayrimenkul Yatirim Ortakligi AS 760,159 Gerdau SA, ADR 1,003,968 SPC Samlip Co Ltd 739,354 Maruti Suzuki India Ltd 1,003,092 Cosan SA Industria e Comercio 724,866 Melco Crown Entertainment Ltd, ADR 960,740 Samsung Electronics Co Ltd 708,042 Catcher Technology Co Ltd 955,924 HDFC Bank Ltd, ADR 695,114 China Construction Bank Corp 940,149 Baidu Inc, ADR 666,829 Ping An Insurance Group Co of China Ltd 813,020 Aselsan Elektronik Sanayi Ve Ticaret AS 617,194 CJ CGV Co Ltd 811,282 YPF SA, ADR 606,731 Bancolombia SA, ADR 801,988 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 160 Statements of Major Changes in Investments (unaudited) (continued)

Lazard MENA Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Obour Land For Food Industries 181,280 Kuwait Food Co Americana SAK 202,371 Air Arabia PJSC 169,186 National Central Cooling Co PJSC 139,277 DP World Ltd 127,111 National Bank of Kuwait SAKP 124,399 The National Agriculture Development P-Note Morgan Stanley 109,620 Alexandria Mineral Oils Co 113,357 Credit Agricole Egypt SAE 106,181 Samba Financial Group P-Note AG 103,770 Samba Financial Group P-Note Deutsche Bank AG 100,114 Advanced Petrochemicals Co P-Note Credit Suisse 101,510 Abdul Mohsen Al-Hokair Tourism and Development Group P-Note 90,380 Saudi British Bank P-Note HSBC Bank Plc 97,436 Morgan Stanley Samba Financial Group P-Note Deutsche Bank AG 89,223 Samba Financial Group P-Note JP Morgan 89,702 Saudi Basic Industries Corp P-Note Merrill Lynch International 80,042 Saudi Basic Industries Corp P-Note Merrill Lynch International 80,042 Aldrees Petroleum and Transport Services Company P-Note Merrill 74,041 Gulf Marine Services Plc 77,856 Lynch International Malath Cooperative Insurance & Reinsurance P-Note Merrill Lynch 76,505 DP World Ltd 66,191 International Samba Financial Group P-Note JP Morgan 60,817 Burgan Bank SAK 75,462 Aramex PJSC 59,159 Saudi British Bank P-Note HSBC Bank Plc 75,189 Abdul Mohsen Al-Hokair Tourism and Development Group P-Note 56,987 Saudia Dairy & Foodstuff Co P-Note HSBC Bank Plc 75,024 Morgan Stanley Saudi United Cooperative Insurance Company P-Note HSBC Bank Plc 74,731 Saudi Ground Services Co P-Note Morgan Stanley 55,266 Saudi Basic Industries Corp P-Note Merrill Lynch International 73,806 Saudi Telecom Co P-Note JP Morgan 54,897 Union National Bank PJSC 71,353 Al Rajhi Company for Co-operative Insurance P-Note HSBC Bank Plc 52,692 Orascom Construction Ltd 70,803 Air Arabia PJSC 52,556 Emaar Properties PJSC 65,672 Saudi Dairy & Foodstuff Co P-Note Morgan Stanley 49,890 Cairo Poultry Co 64,067 Gulf Marine Services Plc 47,426 Alujain Corporation P-Note HSBC Bank Plc 60,989 Herfy Food Services Co P-Note Merrill Lynch International 45,325 Cleopatra Hospital 58,631 Egyptian Financial Group-Hermes Holding Co 45,227 Aldrees Petroleum and Transport Services Company P-Note Merrill 50,170 Saudi Telecom Co P-Note Deutsche Bank AG 44,852 Lynch International Alujain Corp P-Note Deutsche Bank AG 44,104 Mobile Telecommunications Co KSC 49,134 Saudi Pharmaceutical Industries & Medical Appliances Corp P-Note 42,880 Arab Bank Plc 46,734 JP Morgan Saudi Ground Services Co P-Note Morgan Stanley 45,737 Saudi Telecom Co P-Note Deutsche Bank AG 41,144 Saudi Industrial Investment Group P-Note Morgan Stanley 45,198 Yanbu National Petrochemical Company P-Note HSBC Bank Plc 39,846 Saudi Telecom Co P-Note Deutsche Bank AG 44,852 Ras Al Khaimah Ceramics 39,033 Saudi Telecom Co P-Note JP Morgan 41,365 Sidi Kerir Petrochemicals Co 38,913 Malath Cooperative Insurance & Reinsurance P-Note Merrill Lynch Alujain Corporation P-Note Morgan Stanley 39,672 38,252 International National Bank of Kuwait SAKP 38,773 Yanbu National Petrochemical Company P-Note Morgan Stanley 37,147 National Gas & Industrialization Company P-Note HSBC Bank Plc 38,335 Banque Saudi Fransi P-Note HSBC Bank Plc 36,884 Herfy Food Services Co P-Note Merrill Lynch International 37,600 National Gas & Industrialization Company P-Note HSBC Bank Plc 36,617 Al Rajhi Company for Co-operative Insurance P-Note HSBC Bank Plc 36,491 Alujain Corporation P-Note Morgan Stanley 36,293 Dubai Islamic Bank PJSC 27,138 Aldrees Petroleum and Transport Services Co P-Note HSBC Bank Plc 35,021 Saudi Industrial Investment Group P-Note Morgan Stanley 34,573 Mobile Telecommunications Co KSC 32,429 Jazeera Airways Co KSC 32,288 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 161 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Sterling High Quality Bond Fund

ALL ACQUISITIONS COST ALL DISPOSALS PROCEEDS

GBP GBP United Kingdom Gilt, 4.250% due 07/06/2032 221,450 United Kingdom Gilt, 3.250% due 22/01/2044 258,267 BP Capital Markets Plc, 2.030% due 14/02/2025 200,000 United Kingdom Gilt, 4.250% due 07/03/2036 242,257 Daimler AG, 1.000% due 20/12/2019 199,342 United Kingdom Gilt, 4.250% due 07/06/2032 234,529 National Express Group Plc, 2.500% due 11/11/2023 149,562 Daimler AG, 1.000% due 20/12/2019 149,873 WPP Finance 2013, 2.875% due 14/09/2046 148,874 United Kingdom Gilt, 4.250% due 07/12/2055 144,428 United Kingdom Gilt, 3.250% due 22/01/2044 121,403 Kreditanstalt fuer Wiederaufbau, 5.000% due 09/06/2036 141,789 Goldman Sachs Group Inc/The, 4.250% due 29/01/2026 112,875 Scotland Gas Networks PLC, 3.250% due 08/03/2027 107,740 United Kingdom Gilt, 4.250% due 07/12/2027 108,951 Nationwide Building Society, 3.250% due 20/01/2028 103,917 Nationwide Building Society, 3.250% due 20/01/2028 107,299 United Kingdom Gilt, 4.250% due 07/12/2027 103,725 Standard Chartered Bank, 5.375% due 29/06/2049 102,625 London & Quadrant Housing Trust, 2.625% due 05/05/2026 101,727 InterContinental Hotels Group Plc, 2.125% due 24/08/2026 99,844 BP Capital Markets Plc, 2.030% due 14/02/2025 101,074 Deutsche Bank AG, 1.875% due 28/02/2020 99,727 BASF SE, 1.750% due 11/03/2025 100,139 Nordic Investment Bank, 0.625% due 02/11/2021 99,504 Nordic Investment Bank, 0.625% due 02/11/2021 99,404 London & Quadrant Housing Trust, 2.625% due 05/05/2026 99,399 Deutsche Telekom International Finance BV, 6.500% due 08/04/2022 93,706 BASF SE, 1.750% due 11/03/2025 99,371 Orange SA, 5.625% due 23/01/2034 78,846 National Grid Gas Finance Plc, 1.125% due 22/09/2021 99,321 Siemens Financieringsmaatschappij NV, 6.125% due 14/09/2066 77,000 Volkswagen Financial Services NV, 1.750% due 17/04/2020 99,035 Northern Gas Networks Finance PLC, 4.875% due 15/11/2035 71,788 Vodafone Group Plc, 3.375% due 08/08/2049 98,905 United Kingdom Gilt, 4.250% due 07/12/2046 60,281 Henkel AG & Co KGaA, 0.875% due 13/09/2022 49,793 United Kingdom Gilt, 5.000% due 07/03/2018 54,094 Nestle Holdings Inc, 1.750% due 09/12/2020 52,717 Henkel AG & Co KGaA, 0.875% due 13/09/2022 49,076 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 162 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Global Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD United States Treasury Note/Bond, 1.625% due 15/05/2026 606,364 Bermuda Government International Bond, 5.603% due 20/07/2020 513,000 Bermuda Government International Bond, 4.854% due 06/02/2024 386,460 Philippine Government International Bond, 4.950% due 15/01/2021 374,204 French Republic Government Bond OAT, 3.250% due 25/05/2045 288,657 Toronto-Dominion Bank/The, 2.621% due 22/12/2021 284,223 Microsoft Corp, 4.450% due 03/11/2045 285,820 French Republic Government Bond OAT, 3.250% due 25/05/2045 268,741 Czech Republic Government Bond, 0.060% due 09/12/2020 278,441 Telstra Corp Ltd, 4.000% due 15/11/2017 248,260 Romania Government Bond, 4.750% due 24/02/2025 264,100 City of Oslo Norway, 2.400% due 13/02/2030 240,336 Citigroup Inc, 3.320% due 04/05/2021 250,076 Slovenia Government International Bond, 5.850% due 10/05/2023 230,800 Qatar Government International Bond, 4.500% due 20/01/2022 221,000 Province of Ontario Canada, 1.950% due 27/01/2023 222,070 Mexican Bonos, 6.500% due 09/06/2022 212,719 Autostrade per l'Italia SpA, 4.375% due 16/09/2025 221,444 Iberdrola International BV, 1.125% due 21/04/2026 211,150 Mexican Bonos, 7.750% due 29/05/2031 220,146 Nacional Financiera SNC, 3.375% due 05/11/2020 201,460 Qatar Government International Bond, 4.500% due 20/01/2022 216,902 Kommunalbanken AS, 1.375% due 26/10/2020 199,480 Italy Buoni Poliennali Del Tesoro, 1.500% due 01/06/2025 212,058 European Investment Bank, 1.125% due 16/09/2021 198,579 United States Treasury Note/Bond, 1.625% due 15/05/2026 210,400 Spain Government Bond, 1.950% due 30/07/2030 197,304 Chile Government International Bond, 1.625% due 30/01/2025 210,083 Mexico Government International Bond, 3.600% due 30/01/2025 195,326 Mexican Udibonos, 2.500% due 10/12/2020 208,514 Singapore Government Bond, 3.000% due 01/09/2024 195,062 Mexico Government International Bond, 3.600% due 30/01/2025 196,350 State of California, 7.500% due 01/04/2034 192,860 Corp Andina de Fomento, 4.375% due 15/06/2022 193,176 Costa Rica Government International Bond, 4.250% due 26/01/2023 186,460 Costa Rica Government International Bond, 4.250% due 26/01/2023 190,600 United States Treasury Note/Bond, 2.125% due 15/05/2025 185,914 Philippine Government International Bond, 3.900% due 26/11/2022 188,575 United States Treasury Note/Bond, 2.500% due 15/05/2046 180,528 Mexican Bonos, 4.750% due 14/06/2018 172,071 Amazon.com Inc, 3.800% due 05/12/2024 177,925 Constellation Brands Inc, 7.250% due 15/05/2017 161,744 International Finance Corp, 3.625% due 20/05/2020 175,419 Mexican Bonos, 6.500% due 09/06/2022 157,784 Philippine Government International Bond, 4.950% due 15/01/2021 136,526 Daimler Finance North America LLC, 3.875% due 15/09/2021 156,969 NIKE Inc, 2.375% due 01/11/2026 134,974 Santander UK PLC, 5.125% due 14/04/2021 156,390 Queensland Treasury Corp, 3.000% due 22/03/2024 128,858 Petroleos Mexicanos, 2.750% due 21/04/2027 155,390 City of Oslo Norway, 2.400% due 13/02/2030 120,972 United States Treasury Note/Bond, 2.125% due 15/05/2025 152,115 Mexican Bonos, 7.750% due 29/05/2031 119,416 Bank of Nova Scotia/The, 2.125% due 11/09/2019 151,041 Cayman Islands Government Bond, 5.950% due 24/11/2019 113,500 Peruvian Government International Bond, 3.750% due 01/03/2030 150,908 Bermuda Government International Bond, 5.603% due 20/07/2020 110,700 Union Pacific Corp, 4.163% due 15/07/2022 150,555 Queensland Treasury Corp, 5.500% due 21/06/2021 100,620 Ireland Government Bond, 3.400% due 18/03/2024 145,245 New Zealand Local Government Funding Agency Bond, 6.000% due 97,973 Verizon Communications Inc, 4.400% due 01/11/2034 142,041 15/05/2021 Nestle Holdings Inc, 2.500% due 10/07/2017 131,558 Wells Fargo & Co, 3.090% due 27/07/2021 93,580 Suncor Energy Inc, 6.100% due 01/06/2018 123,205 International Bank Reconstruction and Development, 6.000% due 93,350 20/12/2016 Home Depot Inc/The, 2.625% due 01/06/2022 115,343 New Zealand Local Government Funding Agency Bond, 6.000% due Alphabet Inc, 3.625% due 19/05/2021 92,047 115,316 15/12/2017 Inter-American Development Bank, 6.000% due 05/09/2017 89,967 Inter-American Development Bank, 6.000% due 15/12/2017 115,229 European Bank for Reconstruction & Development, 10.000% due 89,752 16/11/2018 General Electric Co, 5.500% due 01/02/2017 114,091 Constellation Brands Inc, 4.250% due 01/05/2023 89,136 Province of Alberta Canada, 4.000% due 01/12/2019 113,756 Republic of Poland Government Bond, 1.790% due 25/01/2021 112,077 Colombia Government International Bond, 7.375% due 18/03/2019 111,040 Dominican Republic International Bond, 7.500% due 06/05/2021 110,350 Queensland Treasury Corp, 5.500% due 21/06/2021 109,280 Portugal Obrigacoes do Tesouro OT, 2.875% due 15/10/2025 100,580 Singapore Government Bond, 3.000% due 01/09/2024 100,088 LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 163 UCITS V Remuneration Policy (unaudited)

The information below is a summary of the Remuneration Policy (the "Policy") for certain entities within the Lazard Asset Management group (the “Group”) including Lazard Fund Managers (Ireland) Limited (the “Manager”). The Manager acts as a UCITS management company for Lazard Global Active Funds plc (the “Company”) and is therefore subject to the remuneration requirements as prescribed by UCITS V (Directive 2014/91/EU). No remuneration shall be paid through vehicles or methods that facilitate the avoidance of the requirements of any applicable regulation or code.

The aim of the Policy is to ensure that the Manager has a risk-focused approach to remuneration in line with the business strategy, objectives, values and interests of the Manager and the Company it manages. The Policy may also apply to other Group entities to which the Manager has delegated the investment management function of the Company. Such delegates will only need to apply the Policy where they are not already subject to remuneration rules that are equally as effective as the UCITS remuneration requirements, and where to apply the Policy to such entities is considered (in the opinion of senior management) to be proportionate in the context of the Manager’s and the delegate’s size, internal organisation and the nature, scope and complexity of its activities.

How remuneration and benefits are calculated

In order to promote effective risk management behaviours, the Manager will:

• assess both the financial and non-financial performance of its employees; • take into account, where relevant, the position and interests of the Company it manages; • award bonus payments with regard to the Manager, department and individual performance; • set salaries at levels which allow it to operate a fully flexible bonus policy; and • set salaries and benefits taking into account market influences and market rate for the role.

Discretionary bonuses are awarded in line with the Manager’s business strategy and the long term goals of that Manager and take into account the performance of the individual, the business unit and the Manager or Group overall as well as, where relevant, the performance of the Company and their investment risks. Bonuses are awarded in a manner which promotes sound risk management and do not encourage excessive risk-taking. Where relevant, they are paid over a period so as to reflect the long-term performance of the Manager or (where relevant), the Company.

Who is responsible for awarding remuneration and benefits

Compensation across the Group is generally decided at Group level, and overseen by the Group Compensation Committee.

The detail of the compensation to be paid to employees of each of the companies is overseen by the Lazard Asset Management Limited HR function (with support from the Compliance team). Both HR and Compliance are independent from the business units within which the employees work.

Both the Group Compensation Committee and the HR function are aware of the requirement to ensure that remuneration arrangements are structured in such a way so as to avoid conflicts of interest between employees and the Group/companies, the clients, and any UCITS funds, and the processes in place to determine compensation across the companies are structured with this in mind.

Remuneration and benefits within the Group are calculated at the end of each calendar year (31 December). The first full performance year after the remuneration requirements came into effect on 18 March 2016 will be from 1 January 2017 to 31 December 2017. No quantitative disclosures will be provided until a full year's reporting period is completed. LAZARD GLOBAL ACTIVE FUNDS PLC

Lazard Global Active Funds plc Year ended 31 March 2017 164