Lazard Global Active Funds plc Annual Report and Audited Financial Statements For the financial year ended 31 March 2021 Contents Directors and Other Information .................................................................................... 4 Directors’ Report ............................................................................................................ 6 Investment Managers’ Reports .................................................................................... 13 Report from the Depositary to the Shareholders ......................................................... 46 Independent Auditors’ Report to the Members of Lazard Global Active Funds plc ................................................................................... 47 Statement of Comprehensive Income ......................................................................... 50 Statement of Financial Position ................................................................................... 58 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders ........................................................................................... 66 Notes to the Financial Statements ............................................................................... 74 Portfolios of Investments ........................................................................................... 130 Statement of Major Changes in Investments (unaudited).......................................... 163 UCITS V Remuneration Policy (unaudited) ............................................................... 182 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Financial year ended 31 March 2021 3 Directors and Other Information Registered Office Investment Managers (continued) 6th Floor Lazard Asset Management Pacific Co. 2 Grand Canal Square Level 39, Gateway Building Dublin 2 1 Macquarie Place D02 A342 Sydney NSW 2000 IRELAND AUSTRALIA Registration Number: 247292 Lazard Global Listed Infrastructure Equity Fund Manager Lazard Global Equity Franchise Fund Lazard Fund Managers (Ireland) Limited Lazard Asset Management (Deutschland) GmbH 6th Floor Neue Mainzer Strasse 75 2 Grand Canal Square 60311 Frankfurt am Main Dublin 2 GERMANY D02 A342 4 IRELAND Lazard Sterling High Quality Bond Fund Investment Managers Lazard Gulf Limited Gate Village 1 Lazard Asset Management Limited Level 2, Office 206 50 Stratton Street Dubai International Financial Centre London W1J 8LL P.O. Box 506644 UNITED KINGDOM UNITED ARAB EMIRATES Lazard Global Strategic Equity Fund Lazard MENA Fund 6 Lazard European Equity Fund Lazard Pan European Equity Fund 5 Depositary 5 Lazard UK Omega Equity Fund The Bank of New York Mellon SA/NV, Dublin Branch Riverside II Lazard Asset Management LLC Sir John Rogerson's Quay 30 Rockefeller Plaza Grand Canal Dock New York NY 10112-6300 Dublin 2 UNITED STATES OF AMERICA D02 KV60 Lazard Global Sustainable Equity Fund 7 IRELAND Lazard Global Managed Volatility Fund Administrator, Registrar and Transfer Agent Lazard Global Thematic Fund Lazard Global Thematic Focus Fund BNY Mellon Fund Services (Ireland) Designated Activity Company Lazard Pan-European Small Cap Fund One Dockland Central Lazard US Equity Concentrated Fund Guild Street Lazard Emerging World Fund IFSC Lazard Emerging Markets Equity Fund Dublin 1 Lazard Emerging Markets Core Equity Fund D01 E4X0 Lazard Emerging Markets Equity Advantage Fund IRELAND Lazard Emerging Markets Managed Volatility Fund Directors Lazard Developing Markets Equity Fund 1 2 Lazard Global Sustainable Fixed Income Fund 8 Gavin Caldwell (Irish) / Lazard Global Equity Income Fund 3 Andreas Hübner (German) Daniel Morrissey (Irish) 1 / 2 Lazard Japan Asset Management K.K. Jeremy Taylor (British) 2 Akasaka Twin Tower Annex (ATT) Promoter Level 7, 2-11-7 Akasaka Minato – Ku Lazard Asset Management Limited Tokyo, 107-0052 50 Stratton Street JAPAN London W1J 8LL UNITED KINGDOM Lazard Asset Management LLC 30 Rockefeller Plaza All Directors are Non-Executive. New York NY 10112-6300 1 Independent Directors UNITED STATES OF AMERICA 2 Member of the Audit Committee 3 Fund fully redeemed on 19 February 2019. Lazard Japanese Strategic Equity Fund 4 Fund fully redeemed on 14 October 2019. 5 Fund fully redeemed on 25 November 2019. 6 Fund fully redeemed on 28 May 2020. 7 Effective 23 June 2020, Fund name changed from Lazard Global Sustainable Equity Select Fund to Lazard Global Sustainable Equity Fund. 8 Effective 12 May 2021, Fund name changed from Lazard Global LAZARD GLOBAL ACTIVE FUNDS PLC Fixed Income Fund to Lazard Global Sustainable Fixed Income Fund. Lazard Global Active Funds plc Financial year ended 31 March 2021 4 Directors and Other Information (continued) Distributors Legal Advisers as to Irish Law Lazard Asset Management Limited William Fry 50 Stratton Street 2 Grand Canal Square London W1J 8LL Dublin 2 UNITED KINGDOM D02 A342 IRELAND Lazard Asset Management (Deutschland) GmbH Neue Mainzer Strasse 75 Legal Advisers as to English Law 60311 Frankfurt am Main MacFarlanes LLP GERMANY 20 Cursitor Street London EC4A 1LT Lazard Asset Management Schweiz AG UNITED KINGDOM Usteristrasse 9 Zürich CH-8001 Secretary SWITZERLAND Wilton Secretarial Limited 6th Floor Lazard Frères Gestion 2 Grand Canal Square 25 rue de Courcelles Dublin 2 75008 Paris D02 A342 FRANCE IRELAND Lazard Asset Management (Singapore) Pte. Limited Independent Auditors 1 Raffles Place PricewaterhouseCoopers #25-01, One Raffles Place Tower 1 Chartered Accountants and Registered Auditors SINGAPORE 048616 One Spencer Dock Lazard Asset Management (Hong Kong) Limited North Wall Quay Level 20 Dublin 1 1 Harbour View Street, Central D01 X9R7 HONG KONG IRELAND Paying Agent in Switzerland Lazard Fund Managers (Ireland) Limited, Spanish Branch Paseo De La Castellana 140 NPB Neue Privat Bank AG Piso 10 Limmatquai 1/am Bellevue 28046 Madrid P.O. Box SPAIN CH-8022 Zürich SWITZERLAND Lazard Fund Managers (Ireland) Limited, Belgian Branch Authorised Representative in Switzerland Avenue Louise 326 1050 Brussels ACOLIN Fund Services AG BELGIUM Affolternstrasse 56 8050 Zürich Lazard Fund Managers (Ireland) Limited, Dutch Branch SWITZERLAND The Office Operators Currency Manager Mondrian Tower Amstelplein 54 The Bank of New York Mellon 1096 BC Amsterdam 46 Rue Montoyerstraat NETHERLANDS B-1000 Brussels BELGIUM Lazard Gulf Limited Gate Village 1 Level 2, Office 206 Dubai International Financial Centre Dubai P.O. Box 506644 UNITED ARAB EMIRATES This Annual Report and Audited Financial Statements (the "Report and Accounts") may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the extent that there is any inconsistency between the English language Report and Accounts and the Report and Accounts in another language, the English language Report and Accounts will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in a Report and Accounts in a language other than English, the language of the Report and Accounts on which such action is based shall prevail. Any disputes as to the terms of the Report and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws of Ireland. LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Financial year ended 31 March 2021 5 Directors’ Report The Board of Directors (the “Directors”) present their annual report together with the audited financial statements for the financial year ended 31 March 2021. Lazard Global Active Funds plc (the “Company”) is an open-ended investment company with variable capital structured as an umbrella fund with segregated liability between sub funds (individually referred to as the “Fund” and collectively the “Funds”), which at the financial year end had 18 active Funds (31 March 2020: 19 active Funds) in existence. Statement of Directors' Responsibilities The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law. Irish law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company for the financial year. Under that law, the Directors have prepared the financial statements in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” (“FRS 102”) and Irish Law. Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company for the financial year. In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures