Lazard Global Investment Funds plc · Registered Office 6th Floor 2 Grand Canal Square Dublin 2 D02...

Lazard Global Investment Funds plc

Annual Report and Audited Financial Statements

For the financial year ended 31 March 2020

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3Lazard Global Investment Funds plc Financial year ended 31 March 2020

Contents

Directors and Other Information .................................................................................... 4

Directors’ Report ............................................................................................................ 6

Investment Manager’s Report ...................................................................................... 13

Depositary’s Report ...................................................................................................... 30

Independent Auditors’ Report ...................................................................................... 31

Statement of Comprehensive Income ......................................................................... 34

Statement of Financial Position ................................................................................... 38

Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders ........................................................................................... 42

Notes to the Financial Statements ............................................................................... 46

Portfolios of Investments ........................................................................................... 107

Statements of Major Changes in Investments (unaudited) ........................................ 161

UCITS V Remuneration Disclosure (unaudited) ......................................................... 172

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Directors and Other Information

Registered Office6th Floor2 Grand Canal SquareDublin 2D02 A342Ireland

Registration Number: 467074

ManagerLazard Fund Managers (Ireland) Limited 6th Floor2 Grand Canal SquareDublin 2D02 A342Ireland

Investment ManagersLazard Asset Management LLC30 Rockefeller PlazaNew YorkNY 10112-6300USA

Lazard Emerging Markets Bond FundLazard Emerging Markets Local Debt FundLazard Emerging Markets Total Return Debt FundLazard Emerging Markets Debt Blend FundLazard Emerging Markets Debt Unrestricted Blend FundLazard Emerging Markets Corporate Debt Fund ***Lazard Commodities FundLazard Diversif ied Return FundLazard European Alternative FundLazard Rathmore Alternative FundLazard US Fundamental Alternative Fund *Lazard Opportunities Fund *Lazard Global Hexagon Equity Fund *

Lazard Asset Management (Deutschland) GmbHNeue Mainzer Strasse 7560311 Frankfurt am MainGermany

Lazard Scandinavian High Quality Bond Fund Lazard European High Yield Fund **

DepositaryState Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2D02 HD32Ireland

Administrator, Registrar and Transfer AgentState Street Fund Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2D02 HD32Ireland

* Closed to new investors. ** Not yet seeded. *** Launched on 3 September 2019.

DistributorsLazard Asset Management Limited50 Stratton StreetLondon W1J 8LLUnited Kingdom

Lazard Asset Management (Deutschland) GmbHNeue Mainzer Strasse 7560311 Frankfurt am MainGermany

Lazard Asset Management Securities LLC30 Rockefeller PlazaNY 10112-6300USA

Lazard Asset Management Schweiz AGUsteristrasse 9CH-8001 ZurichSwitzerland

Lazard Asset Management (Singapore) Pte. Limited1 Raffles Place #15-02, One Raffles Place Tower 1 Singapore 048616

Lazard Asset Management (Hong Kong) LimitedUnit 7, Level 20 1 Harbour View Street, Central, Hong Kong

Lazard Frères Gestion 25 Rue de Courcelles 75008 Paris France

Lazard Fund Managers (Ireland) Limited Spanish BranchPaseo de la Castellana 140Madrid 28046Spain Lazard Fund Managers (Ireland) Limited Belgian BranchAvenue Louise 326 1050 Brussels Belgium

Lazard Fund Managers (Ireland) Limited, Dutch BranchMondriaan TowerAmstelplein 5426th Floor1096 BC AmsterdamNetherlands

Lazard Gulf LimitedGate Village 1Level 2, Office 206Dubai International Financial CentreDubaiP.O. Box 506644United Arab Emirates

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Paying Agent in SwitzerlandNPB Neue Privat Bank AGLimmatquai 1/am BellevueP.O. BoxCH-8022 ZürichSwitzerland

DirectorsMichael Allen (British)** (Resigned 25 June 2019)Gavin Caldwell (Irish)*/**Andreas Hübner (German)Daniel Morrissey (Irish)*/**Jeremy Taylor (British)**

* Independent Directors.** Members of the Audit Committee.

All Directors are Non-Executive.All Directors of the Company are also Directors of the Manager.

SecretaryWilton Secretarial Limited6th Floor2 Grand Canal SquareDublin 2D02 A342Ireland

Independent AuditorsPricewaterhouseCoopersChartered Accountants and Registered Auditors One Spencer DockNorth Wall QuayDublin 1D01 X9R7 Ireland

Legal Advisers as to Irish LawWilliam Fry2 Grand Canal SquareDublin 2D02 A342Ireland

Legal Advisers as to English LawMacFarlanes LLP20 Cursitor StreetLondon EC4A 1LTUnited Kingdom

Authorised Representative in SwitzerlandACOLIN Fund Services AGLeutschenbachstrasse 50CH - 8050 ZürichSwitzerland

Currency ManagerState Street Bank Europe Limited 20 Churchill PlaceLondon E14 5HJUnited Kingdom

Directors and Other Information (continued)

This Annual Report and Audited Financial Statements (the "Reports 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.

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Directors’ Report

The Board of Directors (the “Directors” or the "Board") present their annual report together with the audited financial statements for the financial year ended 31 March 2020. Lazard Global Investment 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 as the “Funds”), which at the year-end had 15 Funds, 11 of which were active (31 March 2019: 15 Funds) in existence.

Statement of Directors’ ResponsibilitiesThe 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 gives 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” (“FRS102”).

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 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 from those standards being disclosed and explained in the notes to the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to:

• correctly record and explain the transactions of the Company;• enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable

accuracy; and• enable the Directors to ensure that the financial statements comply with the Irish Companies Act 2014 and enable those

financial statements to be audited.

The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The measures taken by the Directors to ensure compliance with the Company’s obligation to keep adequate accounting records are through the appointment of an experienced administrator, State Street Fund Services (Ireland) Limited, (the "Administrator"), and through such appointment, the use of appropriate systems and procedures. The accounting records are held at the office of the Administrator. Under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), (the "UCITS Regulations") and the Central Bank’s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2019 (as amended), (the "Central Bank UCITS Regulations"), the Directors are required to entrust the assets of the Company to a depositary for safe-keeping. In carrying out this duty, the Company has delegated custody of the Company’s assets to State Street Custodial Services (Ireland) Limited, (the "Depositary"). Both the Administrator and the Depositary are regulated by and under the supervision of the Central Bank of Ireland (the “Central Bank”).

Audited annual reports and unaudited interim reports are available on www.lazardassetmanagement.com. The Directors are responsible for the maintenance and integrity of the financial statements published on this website. Information published on the internet is accessible in many countries with different legal requirements. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Directors’ Report (continued)

Statement of Directors' ComplianceThe Directors acknowledge that they are responsible for securing the Company's compliance with the relevant obligations as set out in Section 225 of the Companies Act 2014 and all tax law within the Republic of Ireland (the “relevant obligations”).

The Directors confirm that:

1. A compliance policy statement has been drawn up that sets out policies, which in the Directors’ opinion are appropriate to the Company, respecting compliance by the Company with its relevant obligations.

2. Appropriate arrangements or structures are in place that, in the Directors' opinion, are designed to secure material compliance with the Company's relevant obligations; and

3. During the financial year, the arrangements or structures referred to in (2) have been reviewed.

In formulating and putting in place those arrangements and structures designed to provide the Directors with reasonable assurance of material compliance with those relevant obligations, the Directors have relied upon advice, guidance and assistance of employees and advisers who the Directors believe have the requisite knowledge and experience to undertake this.

These relevant obligations as set out in Section 225 of the Companies Act 2014 are separate from and additional to the legal and regulatory requirements to which the Company is subject by virtue of its regulation by the Central Bank.

Connected Person TransactionsIn accordance with the requirements of the Central Bank UCITS Regulations 43(1), any transaction carried out with the Company by its management company or depositary, and the delegates or sub-delegates of such a management company or depositary (excluding any non-group company sub-custodians appointed by a depositary), and any associated or group company of such a management company, depositary, delegate or sub-delegate (“connected persons”) must be carried out as if negotiated at arm’s length. Such transactions must be in the best interests of the shareholders. In addition to those transactions, there are also transactions carried out by connected persons on behalf of the Company to which the Directors have no direct access and in respect of which the Directors must rely upon assurances from its delegates that the connected persons carrying out those transactions do carry them out on a similar basis.

Shareholders should have regard to the governance structure of the Company as more particularly described in the Corporate Governance Statement section of this Directors’ Report and the roles and responsibilities of the Company’s respective delegates subject to the overall supervision of the Board. Further, shareholders should refer to the Prospectus which identifies many of the connected person transactions and the general nature of the contractual arrangements with the principal connected persons but it is not exhaustive of all connected person transactions. Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest.

Therefore, having regard to confirmations from the Company’s management and its relevant delegates, the Directors of the Company are satisfied that:

(i) there are arrangements (as evidenced by written procedures documented by Lazard Fund Managers (Ireland) Limited (the “Manager”)) in place to ensure that the obligations described above are applied to all transactions with connected persons; and

(ii) transactions with connected persons entered into during the financial year complied with these obligations, as attested by the Manager and where relevant the Depositary, through regular updates to the Directors.

Details of fees paid to related parties and certain connected persons are set out in Note 3 and Note 12 to the financial statements. However, shareholders should understand that not all “connected persons” are related parties as such latter expression is defined by Section 33 of FRS 102.

Principal ActivitiesThe investment objectives of each Fund within the Company are set out in the Prospectus. The Company is authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations and the Central Bank UCITS Regulations.

Review of Business and Future DevelopmentsThe Investment Managers' Reports contain a review of the factors which contributed to the performance for the financial year. The Directors do not anticipate any changes in the structure of the Company or investment objectives of any of the Funds in the immediate future. Lazard US Fundamental Alternative Fund closed on 13 September 2018. Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019. Lazard European High Yield Fund was noted by the Central Bank but it has not yet launched.

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Potential Implication of BrexitFollowing the UK's decision to leave the EU after the referendum held on 23 June 2016, the Company has been considering the impact that this decision will have on its business. Whilst the medium to long-term consequences of the decision to leave the EU remain uncertain, there could be some short term volatility which could have a negative impact on general economic conditions in the UK, which in turn may have a negative impact elsewhere in the EU and more widely. Until the terms of the UK exit from the EU are clearer, it is not yet possible to determine with certainty the precise impact it may have on the Company although preparations have been made for certain eventualities.

Potential Implication of Covid-19The coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private entities, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on the global economy and on the business activities in the countries in which the Funds invest. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact the Fund and its investments. It is, however, important to note that markets have performed strongly in April and May claiming back most of the losses experienced at the end of the financial year.

Lazard and its delegates continue to operate its business resiliency plans with teams either working from home or, where it’s safe to do so, returning to working from the office environment.

Risk Management Objectives and PoliciesInformation in relation to the Company’s risk management objectives and policies are included in Note 9 to the financial statements.

Results and Dividends The results and distributions for the financial year are set out in the Statement of Comprehensive Income. Please see Notes 14 and 16 for details of any distributions paid and payable during the financial year ended 31 March 2020.

Significant Events During the Financial Year and Since the Financial Year EndPlease see Notes 15 and 16 for details of any significant events during the financial year and since the financial year end.

DirectorsThe names of the persons who were Directors of the Company during the financial year ended 31 March 2020 are set out below:

Michael Allen (British) (Resigned 25 June 2019)Gavin Caldwell (Irish)*/**Andreas Hübner (German)Daniel Morrissey (Irish)*/**Jeremy Taylor (British)**

* Independent Directors.** Members of the Audit Committee.

All Directors are Non-Executive.All Directors of the Company are also Directors of the Manager.

Directors’ and Secretary’s InterestsAndreas Hübner and Jeremy Taylor are full time executives, and up to 28 June 2019, Michael Allen was a full time executive, of the Lazard group as well as Directors of the Company. Michael Allen, Andreas Hübner and Jeremy Taylor are not entitled to any Directors’ fees from the Company. Some of the Directors hold indirectly, through employee benefit schemes, an immaterial amount of Shares in the Company at the financial year ended 31 March 2020 and 31 March 2019.

Directors’ fees payable by the Company are disclosed in Note 3 to the financial statements.


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Transactions Involving DirectorsAs contemplated by the Corporate Governance Code issued by Irish Funds (see below), Letters of Appointment have been entered into between the Company and each of the Directors, all terminable after three months notice.

Daniel Morrissey is a Director of the Company and is also a partner of William Fry (the Company’s legal advisers as to Irish Law and who also provide Global Foreign Registration Services to the Company). The partners of William Fry own Wilton Secretarial Limited (the “Secretary”). Accordingly, Daniel Morrissey has a beneficial interest under the Irish Companies Act 2014 in legal and secretarial fees paid to William Fry and the Secretary, amounts of USD 158,715 were paid for the financial year ended 31 March 2020 (31 March 2019: USD 267,706).

All of the current Directors are also directors of the Manager and have an interest in fees paid by the Company to the Manager.

The Directors are not aware of any other contracts or arrangements of any significance in relation to the business of the Company, other than what is disclosed above in the Directors’ and Secretary’s Interests section.

UK Reporting StatusAn application has been submitted and approved by Her Majesty’s Revenue and Customs (“HMRC”) for offshore fund reporting status. This is relevant to UK tax payers only.

Corporate Governance StatementAlthough there is no specific statutory corporate governance code applicable to Irish investment funds, the Company is subject to corporate governance practices imposed by:

• The Irish Companies Act 2014 which is available for inspection at the registered office of the Company and may also be obtained at www.irishstatutebook.ie.

• The Constitution (formerly known as the memorandum and articles of association) which is available for inspection at the registered office of the Company at 2 Grand Canal Square, Dublin 2, D02 A342 , Ireland and at the Companies Registration Office in Ireland.

• The Central Bank in their Central Bank UCITS Regulations which can be obtained from the Central Bank’s website at: www.centralbank.ie and which are available for inspection at the registered office of the Company.

A corporate governance code (the “IF Code”) was issued by Irish Funds in December 2011 that can be adopted on a voluntary basis by Irish authorised investment funds. The IF Code may be inspected on/obtained from www.irishfunds.ie. In December 2012, the Directors adopted the IF Code having regard for certain other key pillars of governance within the investment fund governance structure, including:

• the role of the Lazard Asset Management Limited (the "Promoter") unique within the investment fund structure (which is, or a related company of which is, normally the investment manager of the investment fund), as recognised by the Central Bank, in supporting the corporate governance culture of the Company; and

• the uniqueness of the independent segregation of duties between Lazard Asset Management LLC and Lazard Asset Management (Deutschland) GmbH (“the Investment Managers”), the Administrator (with responsibility for the calculation of the net asset value (“NAV”), amongst other duties) and the independent Depositary (with responsibility for safeguarding the assets of the Company and overseeing how the Company is managed, amongst other duties), such segregation of duties/functions being achieved through delegation of respective responsibilities to and appointment of suitably qualified regulated third party entities which are subject to regulatory supervision.

The Company has no employees and the Directors are all non-executive. Consistent with the regulatory framework applicable to investment fund companies such as the Company (and in contrast to normal operating companies with a full time executive management and employees), the Company, consequently, operates under the delegated model whereby it has delegated management (including investment management), administration, depositary/safekeeping of assets and distribution functions to third parties without abrogating the Directors’ overall responsibility. The Directors have in place mechanisms for monitoring the exercise of such delegated functions, which are always subject to the supervision and direction of the Directors.


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These delegations of functions and the appointment of regulated third party entities are detailed in the Company’s Prospectus. In summary, they are:

1. The Company has appointed the Manager as its Manager pursuant to the Management Agreement. Under the terms of the Management Agreement, the Manager has responsibility for the management and administration of the Company’s affairs and the distribution of the Shares of the Funds. The Manager is regulated by and under the supervision of the Central Bank;

2. The Manager has delegated the performance of the investment management functions in respect of the Company and of its Funds to the Investment Managers. The Investment Managers have direct responsibility for the decisions relating to the day-to-day running of the Funds which they manage and are accountable to the Directors of the Company for the investment performance of the Funds. The Investment Managers have internal controls and risk management processes in place to ensure that all applicable risks pertaining to the management of the Funds are identified, monitored and managed at all times and appropriate reporting is made to the Directors on a regular basis. The Investment Managers are regulated by and under the supervision of the Regulator of their respective operating jurisdiction, namely the Securities and Exchange Commission of the United States and the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin);

3. The Manager has delegated its responsibility as Administrator, Registrar and Transfer Agent to the Administrator. This entity has responsibility for the day-to-day administration of the Company and the Funds including the calculation of the NAV. The Administrator is regulated by and under the supervision of the Central Bank;

4. In addition to the Manager’s own distribution activities, the Manager has delegated the distribution of the Funds of the Company to the entities described in the Prospectus. These entities are regulated by and subject to the supervision of the regulators of their respective operating jurisdictions.

5. The Company also has appointed the Depositary as depositary of its assets. This entity has responsibility for the safekeeping of such assets in accordance with the UCITS Regulations and for exercising independent oversight over how the Company is managed. The Depositary is regulated by and under the supervision of the Central Bank.

The Directors receive reports on a regular (and at least quarterly) basis from each of its delegate service providers and the Depositary which enable them to assess the performance of the delegate service providers and the Depositary (as the case may be).

Financial Reporting Process – description of main features

The Directors are ultimately responsible for overseeing the establishment and maintenance of adequate internal control and risk management systems of the Company in relation to the financial reporting process. As the Company has no employees and all directors serve in a non-executive capacity, all functions relating to the Company’s financial reporting process, including the preparation of the Company’s financial statements, have been outsourced to the Administrator.

The Manager has appointed the Administrator to maintain the accounting records of the Company independently of the Investment Managers and the Depositary and through this appointment the Directors have procedures in place to ensure that all relevant accounting records are properly maintained and are readily available, including production of annual and half yearly financial statements.

Subject to the supervision of the Directors and the Manager, the appointment of the Administrator is intended to manage rather than eliminate the risk of failure to achieve the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Directors are responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and for ensuring that processes are in place for the timely identification of internal and external matters with a potential effect on financial reporting. The appointment of an administrator (which is regulated by the Central Bank) independent of the Investment Managers to the Company is intended to mitigate though not eliminate the risk of fraud or irregularities which may impact the financial statements of the Company.

During the financial year of these financial statements, the Directors were responsible for the review and approval of the annual financial statements as set out in the Statement of Directors’ Responsibilities. The statutory financial statements are required to be audited by independent auditors who report annually to the Directors on their findings. The Directors monitor and evaluate the independent auditor’s performance, qualifications and independence. As part of their review procedures, the Directors receive presentations from relevant parties including consideration of Irish accounting standards and their impact on the annual financial statements, and presentations and reports on the audit process. The Directors evaluate and discuss significant accounting and reporting issues as the need arises.


Corporate Governance Statement (continued)

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Audit Committee

An Audit Committee, currently consisting of Daniel Morrissey, Gavin Caldwell, Michael Allen (resigned 25 June 2019), and Jeremy Taylor (from 25 June 2019), who are all non-executive directors, has been formed since 2013 and it is charged with oversight of the Company's audit and financial control functions.

The Directors acknowledge that they are required, under Section 167 of the Companies Act 2014, to consider the establishment of an Audit Committee which meets the requirements of that Section. Section 167 requires, amongst other things, that the members of such an audit committee shall include at least one independent director, meaning a person who is

(i) a non-executive director;(ii) possesses the required degree of independence so as to enable the director to contribute effectively to the committee's functions

(being a director who has not, or in the period of the three years preceding his or her appointment to the committee, did not have, a material business relationship with the company); and

(iii) is a person who has competence in accounting or auditing.

As noted under the heading "Transactions Involving Directors", Daniel Morrissey is a partner in William Fry who provide legal services to the Company. Michael Allen, up to 28 June 2019, was a full time executive of the Lazard group. Jeremy Taylor is a full time executive of the Lazard group. All of these Directors may be considered as not meeting the relevant independence criteria prescribed in Section 167. However, the Directors believe that Michael Allen and Jeremy Taylor being a full time executive of the Lazard Group creates an additional connectivity between the Directors and the Lazard group which has the responsibility to manage the Company in accordance with all legal and regulatory requirements of the UCITS regime (including, in particular here, the management function of capital and financial control) and that, accordingly, this connectivity enhances the control environment of the Company. Daniel Morrissey and Gavin Caldwell are fully independent of the financial statement production process and of decisions related to the valuation of the assets held by the Company. Dan Morrissey and Gavin Caldwell each has significant and lengthy experience in a directorship capacity of companies and therefore are well seasoned in reviewing and approving the financial statements of companies.

Having given the matter due consideration, the Directors have decided not to establish an audit committee which meets the specific requirements of Section 167, in particular the requirements at (iii) above, as in the Directors' opinion, at this time, the responsibilities of an audit committee under Section 167 are already being competently fulfilled by virtue of the Board's existing and long established Audit Committee and by virtue of the corporate governance regime and the existing arrangements and structures in place designed to secure compliance with the extensive legal and regulatory obligations imposed on UCITS investment companies in relation to the Company's management, including the Company's financial reporting process as outlined above.

The audited annual financial statements of the Company are required to be approved by the Directors and filed with the Central Bank.

Composition of the Board of Directors

For the appointment and replacement of Directors, the Company is governed by its Constitution and Irish statute comprising the Irish Companies Act 2014 as applicable to investment funds. The Constitution may be amended by special resolution of the shareholders. The Constitution does not provide for retirement of Directors by rotation. However, the Directors may be removed by the shareholders by ordinary resolution in accordance with the procedures established under the Irish Companies Act 2014. A Director may also be removed upon notice from the Company in accordance with the Letter of Appointment between him and the Company.

The Directors are responsible for managing the business affairs of the Company in accordance with the Constitution. There are currently four directors (refer to page 8 for details), all of whom are non-executive. Each of Michael Allen (until 28 June 2019), Andreas Hübner and Jeremy Taylor are full time executives of the Lazard Group. Each of Gavin Caldwell and Daniel Morrissey are regarded as independent directors having regard to the terms of the IF Code on Independence and Independent Directors although a firm in which Daniel Morrissey has an interest is in receipt of professional fees from the Company. Consequently, Daniel Morrissey does not meet the requirements of paragraph 4.1 of the IF Code which requirements are required to be met by one Director and which requirements are met by Gavin Caldwell. All related party transactions during the financial year are detailed in the notes to the financial statements.

The Directors meet at least quarterly. Other than the Audit Committee, there are no permanent sub-committees of the Directors.



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Disclosure of Information to the Auditors

So far as each person who was a Director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditors in connection with preparing their report, which they have not disclosed to the auditors. Each Director has taken all the steps that they are obliged to take as a Director in order to make themselves aware of any relevant audit information and to ensure that it is disclosed to the auditors.

Independent Auditors

The independent auditors, PricewaterhouseCoopers have indicated their willingness to remain in office in accordance with Section 383 of the Irish Companies Act 2014.

On behalf on the Board of Directors

Director: Director:

Date: 7 July 2020



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Investment Manager’s Report

Lazard Emerging Markets Bond Fund

Investment ReviewOver the twelve-month period ending 31 March 2020, the Lazard Emerging Markets Bond Fund (the “Fund”) returned -9.35% in US dollar terms, against the J.P. Morgan EMBI Global Diversified Index, which returned -6.84% 1.

Market ReviewIn the trailing 12-month period ending 31 March 2020, hard currency emerging markets debt receded 6.84%. Consistent with many risk assets, the asset class suffered its worst drawdown since the global financial crisis in the first quarter of 2020. Hard currency sovereign spreads widened 275 basis points (bps) to end the period at 626 bps over US Treasuries, while high yield spreads ended the period just inside of 1,100 bps, pricing in significant default risk. Losses from credit spread widening were partially offset by the significant decline in US Treasury yields, with the yield on the benchmark 10-year US Treasury bond ending the period over 170 bps lower at 0.70%. Amid this market environment, high yield underperformed investment grade by an astounding 22.5%.

Portfolio Review

What Contributed to Returns:• The fund’s large and long-standing underweight position in Lebanon contributed positively, which significantly underperformed

amid an escalating economic and political crisis that led to the country’s default announcement in early March 2020• The fund’s overweight position in Argentina, added to last September when bond prices were in the low $40s, helped performance

in 2019

What Detracted from Returns:• A general underweight in the safest investment grade credits was a significant detractor from relative performance in the period.

Higher quality countries that we had avoided largely on valuation grounds such China and Poland significantly outperformed• The fund’s small overweight position in Venezuela was a significant detractor from relative performance

Outlook Hard currency sovereign spreads are currently close to 650 bps. Spreads at these levels are rare and multiple years of strong returns have historically followed. We expect this pattern to continue over the medium term, but markets may remain volatile in the near term. In this environment, we see the best opportunities in high-quality investment grade credits with solid underlying balance sheets that can serve as significant cushions against a potentially deep and prolonged global recession. The door to the capital markets only recently cracked open, and it is currently these high-quality countries that have access to capital. As such, we have been actively increasing risk exposure to countries such as the Philippines, Chile, Malaysia, Russia, Kuwait, and the UAE. Meanwhile, we have been reducing exposure to low-quality sovereigns, particularly those at risk of deteriorating fundamentals, and we have been avoiding risk in the high yield oil credits. From a longer-term perspective, we continue to see significant upside potential in debt restructurings in Argentina, Lebanon, and Venezuela. While the first phase of the sell-off was characterized by broad-based, indiscriminate selling, we expect to see greater differentiation going forward. In a diverse universe of over 70 countries with vastly different risk profiles, we expect to see greater differentiation going forward. Certain countries are well positioned to withstand a global economic slowdown and have implemented strong responses to the pandemic, while others are at risk of capital impairment. In short, we see very attractive opportunities in hard currency emerging markets debt, but this is not a beta trade. Intensive bottom-up fundamental analysis will be the key to capitalizing on this opportunity by identifying the winners and losers in a challenging market environment.

All data contained herein is sourced by Lazard Asset Management unless otherwise noted.

1 Source: Lazard. NAV to NAV price, net income reinvested in US dollars. ‘A’ accumulation share class net of fees, to 31 March 2020.

Fund Manager: Denise Simon, Arif Joshi and team.

Figures refer to past performance which is not a reliable indicator of future results.

Lazard Asset Management LLC

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Investment Manager’s Report (continued)


Lazard Emerging Markets Local Debt Fund

Investment ReviewOver the twelve-month period ending 31 March 2020, the Lazard Emerging Markets Local Debt Fund (the “Fund”) returned -7.92% in US dollar terms, against the J.P. Morgan GBI-EM Global Diversified Index, which returned -6.52% 1.

Market ReviewIn the trailing 12-month period ending 31 March 2020, local currency emerging markets debt fell 6.52% (measured in US dollar terms). The decline in the asset class was entirely driven by spot depreciation in emerging markets currencies, which ended the period down almost 14% versus the US dollar on a spot basis. Meanwhile, local yields ended the period 81 basis points (bps) lower at 5.36%. The entire loss for the period came in the first quarter of 2020, when the index posted its largest quarterly drawdown since inception of the J.P. Morgan GBI-EM Global Diversified in 2003. While the performance of currencies and duration tend to move in opposite directions during normal markets, they tend to move in tandem during periods of extreme risk aversion as witnessed in March. Rather than implementing rate hikes to defend their currencies, emerging markets central banks have responded with monetary stimulus and allowed their currencies to serve as the shock absorber.

Portfolio Review

What Contributed to Returns:• The portfolio’s duration positioning in individual countries • Overweight duration positions in Peru and Brazil. In Peru, the fund held a duration overweight with a flattening bias, which was

beneficial as inflation continued to come in below market expectations• Another positive contributor was the portfolio’s overweight duration allocation in Mexico

What Detracted from Returns:• Bottom-up positioning in both rates and currencies detracted from relative performance• The fund’s general underweight position in the low yielders, mainly Poland and Thailand, detracted. We have long viewed real

yields as unattractive in these markets, but they outperformed due to their high correlation with core rates markets• In currencies, the fund’s frontier market position in Ukraine was a notable detractor. We have held a position in Ukraine for some

time due to its attractive carry and improving fundamentals. Ukraine underperformed amid the general risk-off environment, political turmoil, and heavy investor positioning

Outlook Nearly all developing countries responded quickly to the coronavirus crisis with significant rate cuts and other liquidity measures. Attention has now begun to turn to fiscal measures, and countries have little room to implement significant fiscal stimulus. Nonetheless, several countries have announced some form of tax deferments, increased social spending, or both. Taken together, these monetary and fiscal measures should help improve liquidity and cushion the steep drops in activity. Broadly speaking, we expect fiscal deterioration, though there is likely to be significant differentiation in terms of which countries are punished disproportionately by market participants. Currency valuations reached an all-time low, and though the worst is likely over, soft growth in both emerging and developed markets is likely to be a major challenge for a sustained recovery in currencies.

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We have maintained our defensive stance and have not made any drastic changes to the fund in direct response to the crisis. The main changes over the first quarter were that we reduced the fund’s net currency exposure and focused more of the risk budget on rates, where we have higher conviction and see better opportunities. We reduced exposure to Asian currencies early in the period and later reduced exposure to oil-sensitive currencies. Currently, the fund’s main source of active currency risk is in select frontier currencies where we are long Dominican Republic, Uruguay and Ukraine, and short Egypt. We recently added a long euro-versus-short-Romanian-leu relative value position because we expect the National Bank of Romania to relax its intervention policy. Among the high yielding currencies, the fund’s main active risk positions are small underweights in Russia and South Africa. In rates, we see attractive opportunities in countries such as Russia, Indonesia, and Mexico, where yield curves have steepened as a result of fiscal concerns. Real yields and local yield premiums are attractive in these countries and the steepness of the yield curves allow for hedging the currency exposure without significantly eroding the yield.

All data contained herein is sourced by Lazard Asset Management unless otherwise noted as at 31 March 2020.

1 Source: Lazard. NAV to NAV Price, net income reinvested in US dollars. ‘A’ accumulation share class, to 31 March 2020.




Lazard Emerging Markets Local Debt Fund (continued)

Outlook (continued)

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Lazard Emerging Markets Total Return Debt Fund

Investment ReviewOver the twelve-month period ending 31 March 2020, the Lazard Emerging Markets Total Return Debt Fund (the “Fund”) returned -0.93% in US dollar terms 1.

Market ReviewIn the trailing 12-month period ending 31 March 2020, emerging markets debt fell 6.61% (measured in US dollar terms), as local currency debt declined 6.52%, while external debt fell 6.84%. The entire loss for the period came in the first quarter of 2020, when both segments of the asset class registered their worst drawdown since the global financial crisis as the COVID-19 crisis escalated globally. The decline in local currency debt was entirely driven by spot depreciation in emerging markets currencies, which ended the period down almost 14% versus the US dollar on a spot basis. Meanwhile, local yields ended the period 81 basis points (bps) lower at 5.36%. Hard currency sovereign spreads widened 275 bps to end the period at 626 bps over US Treasuries, while high yield spreads ended the period just inside of 1,100 bps, pricing in significant default risk. Losses from credit spread widening were partially offset by the significant decline in US Treasury yields, as the yield on the benchmark 10-year US Treasury bond ended the period over 170 bps lower at 0.70%.

Portfolio ReviewIn the trailing 12-month period ending 31 March 2020, the Lazard Emerging Markets Debt – Total Return Fund fell 0.93% (net of fees and in US dollar terms), significantly outperforming the 6.61% decline on the broader asset class and consistent with the fund’s stated objective of mitigating losses in severe sell-offs.

What Contributed to Returns:• Hedges to the fund’s idiosyncratic long sovereign credit positions, such as short risk positions in a basket of credit default swaps

(CDSs) and out-of-the-money put options in currencies such as the Australian dollar, added meaningfully to absolute returns for the period

• The fund’s exposure to higher quality sovereign credits including Panama, Qatar and Chile were also beneficial• Idiosyncratic local rates exposure in select markets including Indonesia, Brazil and Mexico also contributed to absolute returns

What Detracted from Returns:• The fund’s long corporate credit and emerging markets currency exposures were the most notable detractors from absolute returns• In corporate credit, we view negative absolute returns during the quarter more as a by-product of mark-to-market losses than

an increase in default risk. Within this allocation, exposure to the energy and utilities sectors detracted in response to the drop in oil prices

• We had a roughly 20% position in currencies at the start of the year, when they began to fall, but eliminated the position before currencies sold off in earnest

Outlook Around mid-March, we began gradually adding risk and are currently deploying around 65% of the risk budget. While we have no edge in predicting when or where the market will bottom, valuations have reached levels where we see considerable value over the medium term, especially in higher quality US dollar-denominated sovereign debt. Therefore, we have reduced fund hedges and have been adding to safer investment grade credits that we believe are in a better position to weather this storm. We have added exposure to countries such as Chile, Peru, and the Philippines through the secondary markets and participated in recent new issues from Panama and Israel that came at a healthy premium to existing bonds that are also attractively priced. With the door to the capital markets ajar for the highest quality issuers, we expect to continue to add exposure through attractively priced new issues. The fund has essentially no local currency exposure and we will be avoiding adding risk in local currency, high-yield credit, and oil exporting countries in the near term.

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In the current environment, we believe differentiation will be key to capturing attractive risk-adjusted returns and avoiding significant downside risks. We believe the flexibility afforded by our Total Return approach should allow the strategy to continue to perform well in a more uncertain environment while providing opportunities for protecting against future bouts of volatility.

All data contained herein is sourced by Lazard Asset Management LLC unless otherwise noted.

1 Source: Lazard. NAV to NAV Price, net income reinvested in US dollars. ‘A’ accumulation share class, to 31 March 2020.




Lazard Emerging Markets Total Return Debt Fund (continued)

Outlook (continued)

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Lazard Emerging Markets Debt Blend Fund

Investment ReviewOver the twelve-month period ending 31 March 2020, the Lazard Emerging Markets Debt Blend Fund (the “Fund”) returned -6.42% in US dollar terms, against the 50% J.P. Morgan EMBI Global Diversified ex CCC/50% J.P. Morgan GBI-EM Global Diversified Index, which returned -5.12% 1.

Market ReviewIn the trailing 12-month period ending 31 March 2020, emerging markets debt fell 6.61% (measured in US dollar terms), as local currency debt declined 6.52%, while external debt fell 6.84%. The entire loss for the period came in the first quarter of 2020, when both segments of the asset class registered their worst drawdown since the global financial crisis as the COVID-19 outbreak escalated globally. The decline in local currency debt was entirely driven by spot depreciation in emerging markets currencies, which ended the period down almost 14% versus the US dollar on a spot basis. Meanwhile, local yields ended the period 81 basis points (bps) lower at 5.36%. Hard currency sovereign spreads widened 275 bps to end the period at 626 bps over US Treasuries, while high yield spreads ended the period just inside of 1,100 bps, pricing in significant default risk. Losses from credit spread widening were partially offset by the significant decline in US Treasury yields, as the yield on the benchmark 10-year US Treasury bond ended the period over 170 bps lower at 0.70%.

Portfolio Review

What Contributed to Returns:• The fund’s bottom-up positioning in local currency debt helped• Within this allocation, notable contributors to relative performance included overweight duration positions in Peru and Brazil• Another positive contributor was the portfolio’s overweight duration allocation in Mexico

What Detracted from Returns:• The fund’s overweight position in local currency debt detracted slightly from relative performance, primarily in the first quarter

of 2020• In external debt, a general underweight in the safest investment grade credits was a significant detractor from relative performance

for the period. Higher quality countries that we had avoided largely on valuation grounds such as China and Poland significantly outperformed

• From a bottom-up perspective, we had limited exposure to high yield credits with a focus on short-dated debt in B-rated countries on an improving structural reform trajectory (e.g., Ukraine)

Outlook The fund has maintained a neutral top-down asset allocation. We currently see the best opportunities in hard currency debt, but given how extremely cheap local currencies are, we do not believe an underweight position is warranted at this stage. A short-term, partial reversion of local currency valuations would not be unusual during a sell-off of this magnitude. However, softening growth in both emerging and developed markets is likely to be a major challenge for a sustained recovery in currencies. In this environment, we see the best opportunities in high quality investment grade credits with solid underlying balance sheets that serve as significant cushions against a potentially deep and prolonged recession. We have been reducing exposure to low-quality sovereigns, particularly those at risk of deteriorating fundamentals, and we have been avoiding default risk in high yield oil credits. In local markets, we prefer duration over currency risk. We see attractive opportunities in local rates in countries such as Russia and Peru, where real yields and local yield premiums are attractive and curves have steepened, allowing us to hedge currency exposure without significantly eroding the yield.


1 Source: Lazard, NAV to NAV Price, gross income reinvested in US dollars, ‘A’ accumulation share class net of fees, to 31 March 2020.




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Lazard Emerging Markets Debt Unrestricted Blend Fund

Investment ReviewOver the twelve-month period ending 31 March 2020, the Lazard Emerging Markets Debt Unrestricted Blend Fund returned -8.36% in US dollar terms, against the 50% J.P. Morgan EMBI Global Diversified Index/50% J.P. Morgan GBI-EM Global Diversified Index, which returned -6.61% 1.

Market ReviewIn the trailing 12-month period ending 31 March 2020, emerging markets debt fell 6.61% (measured in US dollar terms), as local currency debt declined 6.52%, while external debt fell 6.84%. The entire loss for the period came in the first quarter of 2020, when both segments of the asset class registered their worst drawdown since the global financial crisis as the COVID-19 crisis escalated globally. The decline in local currency debt was entirely driven by spot depreciation in emerging markets currencies, which ended the period down almost 14% versus the US dollar on a spot basis. Meanwhile, local yields ended the period 81 basis points (bps) lower at 5.36%. Hard currency sovereign spreads widened 275 bps to end the period at 626 bps over US Treasuries, while high yield spreads ended the period just inside of 1,100 bps, pricing in significant default risk. Losses from credit spread widening were partially offset by the significant decline in US Treasury yields, as the yield on the benchmark 10-year US Treasury bond ended the period over 170 bps lower at 0.70%.

Portfolio Review

What Contributed to Returns• Bottom-up positioning in local currency debt was beneficial to returns• Within this allocation, notable contributors to relative performance included overweight duration positions in Peru and Brazil• Another positive contributor was the portfolio’s overweight duration allocation in Mexico

What Detracted from Returns • The fund’s overweight position in local currency debt detracted slightly from relative performance, primarily in the first quarter

of 2020• The majority of underperformance came from bottom-up country selection in external debt, specifically in distressed countries• The fund’s small overweight position in Venezuela was a significant detractor from relative performance. Despite a rally in early

2019 on hopes of regime change, Venezuela suffered as optimism quickly faded and sanctions led to forced selling

OutlookWe have maintained a neutral top-down asset allocation. We currently see the best opportunities in hard currency debt, but given how extremely cheap local currencies are, we do not believe an underweight position is warranted at this stage. A short-term, partial reversion of local currency valuations would not be unusual during a sell-off of this magnitude. However, softening growth in both emerging and developed markets is likely to be a major challenge for a sustained recovery in currencies. In this environment, we see the best opportunities in high quality investment grade credits with solid underlying balance sheets that serve as significant cushions against a potentially deep and prolonged recession. We have been reducing exposure to low-quality sovereigns, particularly those at risk of deteriorating fundamentals, and we have been avoiding default risk in high yield oil credits. From a longer-term perspective, we continue to see significant upside potential in debt restructurings in Argentina, Lebanon, and Venezuela. In local markets, we prefer duration over currency risk. We see attractive opportunities in local rates in countries such as Russia and Peru, where real yields and local yield premiums are attractive and curves have steepened, allowing us to hedge currency exposure without significantly eroding the yield.


1 Source: Lazard. NAV to NAV price, net income reinvested in US dollars. ‘A accumulation share class, to 31 March 2020.




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Lazard Emerging Markets Corporate Debt Fund

Investment ReviewOver the period since its inception on 3 September 2019 to 31 March 2020, the Lazard Emerging Markets Corporate Debt Fund fell 10.64% in US dollar terms 1.

Market ReviewEmerging markets corporate debt declined 7.67% for the period from 3 September 2019 to 31 March 2020 as measured by the J.P. Morgan CEMBI Broad Diversified. The decline was entirely driven by the first quarter of 2020, when the acute dislocations reverberating across global financial markets drove the asset class down over 10% to its worst quarterly drawdown since the global financial crisis. Weakness was most evident in the high yield segment of the asset class, which declined over 10% during the period. From a sector standpoint, transportation led losses with a nearly 26% decline, reflecting a severe and sudden drop in passenger volumes. Metals and mining was down nearly 15%, displaying the most acute sensitivity to receding global growth expectations as commodity prices declined. Similarly, oil and gas names were down 11%, labouring not only under the expected economic slowdown, but the supply shock following Saudi Arabia’s decision to maximize the country’s oil production which pushed crude oil prices down over 50%. While all sectors experienced negative returns, Financials, Real Estate and TMT fared comparatively well, each declining by a more modest 2% to 6%.

Portfolio Review

What Contributed to Returns:• The portfolio’s underweight position in Argentina was beneficial. We have held limited exposure in Argentina due to policy

uncertainty and increased sovereign risks. • From a sector perspective, the portfolio’s underweight position in metals & mining credits contributed to relative performance• Overweight positions in select Chinese financial issuers that were resilient amid the selloff also contributed to relative performance

What Detracted from Returns:• From a top-down perspective, the Fund’s credit quality exposure had the largest relative performance impact due to an emphasis

on BB-rated issuers and an underweight to investment grade. Notwithstanding the magnitude of the underperformance, it is noteworthy that we view much of the negative alpha as a by-product of mark-to-market risk in the positions held in the portfolio rather than an increase in default risk

• At a sector level, an overweight in energy detracted as nearly all credits repriced wider in response to the drop in oil irrespective of their place in the value chain

• Utilities, a traditionally defensive sector, also detracted as an anticipated decline in electricity demand weighed on bonds

Outlook Our outlook for Emerging Markets Corporates (“EM Corporates”) in the wake of the selloff is constructive, a view predicated on five key considerations. First: a large portion of the drawdown was driven by technical factors, an evaporation of liquidity, rather than a material downgrade in creditworthiness. Second, EM Corporates tend to run less leverage and more liquidity than their developed market counterparts which should enable them to weather a protracted period of uncertainty without a material degradation of creditworthiness. Third, fiscal and monetary authorities’ responses in both developed and emerging economies have aimed to prevent the global health crisis from transmogrifying into a global economic crisis. Fourth, the primary market is reopening, which should ameliorate concerns about the inability of corporate to roll over upcoming maturities. Finally, the selloff has produced opportunities for us to scale into positions, particularly in higher rated credits, where we might previously have considered valuations as stretched.

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Some businesses will certainly struggle and diligent credit work remains critical, but we do not see the magnitude of challenges in store for EM Corporates as on par with what many market participants are now concerned with in developed market credit. We have not, for example, seen in EM an increase in fallen angles or a spike in default expectations like in the US. We attribute this not only to the balance sheet strength mentioned earlier, but to sectoral divergence: EMD has less issuance from the most vulnerable sectors such as shale oil and gas producers, automotive producers, and brick and mortar retailers. It is notable that while estimates for US HY defaults have now increased to low double digits, JPM’s revised EM HY corporate default rate has been raised to 5%. While there can be no certainty that we are past the worst of what the current crisis has in story, the dislocations have provided an entry point for EM Corporates which is more attractive than it has been for some time so long as one is judicious in credit selection.

All data contained herein is sourced by Lazard Asset Management LLC unless otherwise noted.

1 Source: Lazard. NAV to NAV Price, net income reinvested in US dollar terms, ‘A’ accumulation share class net of fees, to 31 March 2020.




Lazard Emerging Markets Corporate Debt Fund (continued)

Outlook (continued)

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Lazard Scandinavian High Quality Bond Fund

Investment ReviewOver the twelve-month period to 31 March 2020, the Lazard Scandinavian High Quality Bond Fund (the “Fund”) returned -1.78% in Euro terms 1.

Market ReviewThe twelve-month period to March 2020 became dominated by the global COVID-19 pandemic that struck in the first quarter of 2020. As a result, volatility increased dramatically in the first quarter of 2020 in all markets, before a combination of monetary and fiscal policy stimuli led to some market stabilization. The Swedish Riksbank, for example, dramatically increased the volume of its bond purchase program and also opened the program to covered bonds. The Norges Bank in Norway cut interest rates twice by a total of 125 basis points. Only the Danish central bank raised interest rates slightly by 15 basis points in an effort to stabilize the exchange rate peg between the euro and Danish krone.

As a result, similarly to the Eurozone, interest rates fell across Scandinavia. The movement was especially pronounced in Norway as its economy was hit by the dramatic decrease in oil prices. On the credit side, spreads increased substantially due to the flight to quality effect as well as due to the uncertain outlook for the real economy. In addition, Danish callable covered bonds exhibited some historic volatility in March. Due to the lock down, that Denmark was one of the first European countries to introduce, many traditional local investors were temporarily cut off from the market for Danish callable covered bonds. The constant flow of new issues in this market met with a thinned investor base, which led to severe short-term distortions in this market segment.

Portfolio Review

What Contributed to Returns:• The positioning in Danish, Swedish and Norwegian bonds contributed to returns as yields fell across Scandinavia, as central

banks globally engaged in expansive monetary policy• Our exposure to Danish callable bonds added to returns during first 10 months of the reporting periods as investors were

overcompensated by the premium these securities offered• The fund took advantage of the sell-off in Danish callable covered bonds in mid-March and increased exposure to the sector in

order to participate in the recovery of the market segment

What Detracted from Returns:• The position in Danish callable covered bonds detracted from returns as this sector exhibited substantial volatility in March 2020• The strategy induced a conservative approach towards duration, i.e. our short interest rate risk positioning led to opportunity costs

as interest rates fell both in Scandinavia as well as in the euro zone• The portfolio’s allocation to credit detracted from returns, as credit spreads widened substantially in Q1 2020 because of the

global COVID-19 pandemic

Outlook The global COVID-19 pandemic remains the main topic for global capital markets. After the central banks have reacted with purchasing programs as well as interest rate cuts and numerous countries with extensive fiscal policy, the focus is now increasingly on the macroeconomic situation again. At present, however, the extent of the slump in economic activity can hardly be realistically estimated and depends largely on the further spread of the virus and the countermeasures to be taken. We believe that the monetary and fiscal stimulus should provide significant support for risky investments in the medium term. As a result, in our view, there are substantial investment opportunities in the Scandinavian high quality investment universe.

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There have been no significant inflows or outflows in the fund since mid-February.


1 Source: Lazard, NAV to NAV Price, net income reinvested in Euro, ‘EA’ distribution share class net of fees, to 31 March 2020.

Fund Manager: Michael A. Weidner and team.



Lazard Scandinavian High Quality Bond Fund (continued)

Addition information

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Lazard Commodities Fund

Investment ReviewOver the twelve-month period to 31 March 2020, the Lazard Commodities Fund (the “Fund”) returned -22.88% in US dollar terms, against the Bloomberg Commodity Total Return Index (BCOMTR), which returned -22.31% 1.

Market ReviewRelatively benign volatility in the commodity complex (BCOMTR) gave way to extreme volatility in the last month of the 12 month period ending in March of 2020. Short term (30 day) volatility tripled to an annualized level of more than 30% where the longer term volatility was up by about 40% points to just under 15% for 270 day volatility.

Heading into 2020, expectations were high for a recovery in commodity prices as the supply continued to be constrained and demand was relatively stable. Importantly, USD strength seems to be capped as accommodative monetary policy that began in July of 2019 became dramatically more significant in March of 2020. US monetary and fiscal stimulus passed in March of 2020 represented substantially larger stimulus over a much shorter period of time. Specifically, in the oil markets, a price war between Russia and Saudi Arabia broke out in early March just as COVID-19 was emerging as a pandemic and demand dramatically shut-in.

Portfolio Review

What Contributed to Returns:• An underweight in Livestock contributed positively to performance• Agriculture (Wheat, Sugar and Corn) contributed positively to performance• Positions in Construction Materials contributed positively to performance

What Detracted from Returns:• Our positions in Energy, mainly refiners, detracted the most from performance• Positive performance from Gold equities was offset by a neutral position in Gold futures and an underweight in Silver futures• Positive performance from underweight positions in Aluminium and Zinc were offset by overweight positions in Copper, Steel

and an underweight in Nickel

Outlook Commodity prices can be viewed as pricing environments that represent incentive; the incentive to produce vs the incentive to consume. We are now in a period where the incentive to produce is far below the incentive to consume.

Commodity producers were under pressure before the COVID-19 outbreak with rising cost of capital and increasing investor sensitivity toward best practices related to ESG. These factors, combined with significantly higher costs of capital, will force commodity producers to rein in spending at an even faster pace than we’ve seen over the past year or so. We believe the reluctance to spend on new supply will lead to significant inventory withdrawals that will set up a substantial positive cycle for commodity demand for many quarters, if not years to come.

All data contained herein is sourced by Lazard Asset Management Limited unless otherwise noted.

1 Source: Lazard Asset Management Limited. Performance data are on a NAV to NAV Price, net income reinvested in US dollar terms, ‘A’ accumulation share class net of fees, to 31 March 2020.

Fund Manager: Terence Brennan and team.



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Lazard Diversified Return Fund

Investment ReviewOver the twelve-month period ending 31 March 2020, the Lazard Diversified Return Fund (the “Fund”) returned -1.59% in US dollar terms 1.

Market ReviewFor the twelve months ended March 2020, global equities lost -10.4% (MSCI World Index) while global fixed income gained 4.2% (Bloomberg Barclays Global Aggregate Index), both in USD terms. Without a doubt the first calendar quarter of 2020 will live among the most historically significant episodes in capital markets history and was the key driver for the period.

Global equity markets fell dramatically in March as the spread of the COVID-19 virus sparked unprecedented volatility. During the quarter, the MSCI World Index lost -21% in US dollar terms, but before markets staged a rally in the closing days, the index was down over 30%. Every developed market lost value during the period: Japan proved relatively resilient, Europe and the UK significantly lagged the index, while the US was in line. Volatility surged as the VIX gauge (a measure for tracking market volatility) surpassed the levels seen back in the 2008-2009 crisis. Complicating matters further, an oil production disagreement between Russia and Saudi Arabia sent oil prices sharply lower. As a result, the energy sector lost almost 45% in Q1. In this environment, central banks across the globe responded to provide liquidity with further stimulus expected in the months ahead, as investors continue to grapple with the uncertainties and economic shocks of the virus.

In fixed income, most global bonds rallied during the first quarter, with rates in higher quality markets dropping at an accelerated pace during March. The US 10-year Treasury yield dropped to unseen levels below 1%, reaching almost as low as 0.5% at the depths of the risk asset selloff. In credit markets, spreads widened for many credit sectors, especially emerging market hard currency debt and high yield corporates. Not surprisingly, currency markets were volatile during the quarter following the trends in equity and rates markets. The Japanese yen and Swiss franc maintained a “safe haven” status while most major currencies lost value vs. the USD.

Portfolio Review

What Contributed to Returns:• Within equities, stock selection in the consumer staples, financials, and health care sectors, and within Australia, Spain, and

Switzerland• Within fixed income, overweight exposure to bonds in the US, Singapore, Canada, while overweight to Hungary, Poland, and

Romania added value during Q2 and Q3 2019. Underweight exposure to core Europe and Japan• Within the Diversifiers allocation, contributors included: European long/short basket, US basket, and Quantitative emerging

markets long/short basket

What Detracted from Returns:• Stock selection in the consumer discretionary, information technology, and real estate sectors, as well as within Hong Kong, Japan,

the UK, and the US. Being underweight exposure to US equities and overweight to Japanese equities also detracted• Within fixed income, underweight exposure to bonds in China and Italy, while overweight in Hungary, Poland, and Romania

hurt in Q1 2020• Within the Diversifiers allocation the detractors included: commodities, global ex-US basket, and global competitive advantage

basket

Outlook The markets’ reaction to the global spread of COVID-19 has been sudden and fierce. Some countries in Asia, especially China, felt the impact sooner and are now attempting to recover. Others, primarily in Europe and the Americas, are focused on minimizing economic damage, while trying to avoid overstressing their health care systems by “flattening the curve” of coronavirus case increases through social distancing and other measures. Looking out over our 6- to 12-month forecast horizon, we are focused on three points of a “risk-reward triangle:” the behaviour of the virus; monetary actions to provide liquidity and support for certain market segments; and fiscal actions to support household and business sectors. Forecasting the “shape” of the eventual recovery in economic activity is no easy task; we will continue to assess the three points above in an attempt to determine how the economy rebounds

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Investors now face a barrage of negative economic reports, especially as policy success in “flattening the curve” would mean that the economic contraction could last longer than several months. Typically, a drop of the magnitude seen so far in risk assets would improve valuations, but the virus poses the risk of a “new normal” for many sectors dependent on gatherings of consumers. There is no recent precedent for a situation where so many companies—often with substantial debt loads and fixed expenses—face such steep cuts to revenues. On the other hand, human ingenuity will likely find therapeutic treatments for the virus, devise ways to battle equipment shortages, and develop a vaccine to help protect individuals in the future.


1 Source: Lazard. NAV to NAV price, net income reinvested in US dollars. ‘EA’ Accumulation share class, to 31 March 2020.

Fund Manager: Jai Jacob and team.



Lazard Diversified Return Fund (continued)

Outlook (continued)

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Lazard European Alternative Fund

Investment ReviewOver the twelve-month period ending 31 March 2020, the Lazard European Alternative Fund (the “Fund”) returned -1.38% in euro terms 1.

Market ReviewEuropean equity markets chartered a volatile course over the twelve-month period. For much of 2019, markets were dominated by political events, such as trade wars between the United States and key trading partners, including China and the European Union, in addition to emerging markets weakness. European markets enjoyed a strong final quarter of 2019, with investor sentiment at the end of year becoming more optimistic with geopolitical risks appearing to moderate, as well as the signing of a ‘phase one’ trade deal between the US and China and the result of the UK general election, helping boost markets. Market confidence remained high into the start of 2020, until markets fell sharply in February and March as the coronavirus (COVID-19) spread across the globe, weighing heavily on both markets and the global economy. Italy, Spain and France were some of the worst affected regions on the continent. Governments all across Europe moved to stricter measures to slow the transmission of the virus, leading to significantly reduced business activity. Early manufacturing PMI data across the euro zone supported the view that Europe is heading into recession. In an attempt to provide support to both markets and the economy unprecedented monetary and fiscal measures were announced. For example, the G20 Governments announced $5 trillion of support in total, while the US Federal Reserve cut rates to zero and committed to unlimited expansion of bond purchasing programs to backstop the US economy (a key indicator of the health of the global economy). The European Central Bank also announced substantial quantitative easing measures (although it kept rates in the negative territory they were already at).

Portfolio Review

What Contributed to Returns:• Notable gains came from index hedges, as well as from the real estate and consumer staples sectors • By country, Switzerland was the largest contributor• Oil firm Total and British American Tobacco

What Detracted from Returns:• Consumer discretionary was the worst performing sector• Exposure to Germany detracted the most by country• Italian fitness equipment manufacturer Technogym

Outlook It is becoming increasingly clear that the cost associated with putting the world in lockdown is likely to have a material impact on the global economy. We are not eliminating the possibility that the COVID-19 could create a long lasting economic downturn, but we also see opportunities in buying businesses that will reopen and that in normal circumstances are not particularly cyclical. What is amazing about this unique event is that it has been redefining what is defensive and what is not.

What looks certain is that governments’ balance sheets will expand hugely. It is always a sensitive topic in Europe, where sovereign debt levels are very diverse. We are optimistic that there will be no sovereign crisis this time, simply because the rich countries have much more to lose by not helping Italy to name one country on everybody’s minds. We are convinced that creating a political crisis at this time would force European countries to make decisions they do not want to make (mutualisation of debt), and there is an opportunity to score points against populists by showing some generosity.

All data contained herein is sourced by Lazard Asset Management unless otherwise noted as at 31 March 2020.

1 Source: Lazard. NAV to NAV price, net income reinvested in euro. ‘C’ Accumulation share class, as of 31 March 2020.

Fund Manager: Leopold Arminjon and team.



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Lazard Rathmore Alternative Fund

Investment ReviewOver the one-year period ending 31 March 2020, the Lazard Rathmore Alternative Fund (the “Fund”) returned -1.9% 1.

Market ReviewThe year ending March 31, 2020 was largely defined by the global COVID-19 pandemic and the exponential growth in cases, as the virus spread from China to Europe and North America. With many countries implementing social distancing practices to slow the spread of the virus, global economic activity came to a halt, leading to extreme volatility in financial markets.

Equity markets reached numerous record highs over the previous 12 months, but experienced rapid, historic drawdowns at the end of February, and throughout March amid the global COVID-19 pandemic. Equity volatility was muted for most of 2019, but then spiked in the first quarter as pandemic worsened. Contributing to this volatility, was Saudi Arabia’s announcement to increase oil production in the face of slowing demand, which drove oil prices downward, falling more than 60% for the quarter, and accelerated the sell-off in risk-assets. To put in context the changing economic environment, the S&P 500 Index returned 15.7% from April 2019 – December 2019 and returned -19.6% during Q1 2020, with other major equity indices following similar return patterns.

Global fixed income markets experienced similar volatility over the past twelve months, with most of that increased volatility coming in the first three months of 2020. The upper bound of the US Federal Reserve funds rate reached 250 basis points (bps) in 2019, its highest level since the global financial crisis, after periods of strong economic growth and fundamentals. As volatility in financial markets increased in the second half of 2019, due to slowing global growth and increasing trade tensions between the US and China, the upper bound of the fed funds rate was cut from 250bps to 175bps at year end. With COVID-19 spreading exponentially, and economic activity coming to a halt, the fed funds rate was further cut to 25bps, as investors pivoted to “risk-off ” assets. The ECB deposit rate remained negative, as it has since 2014, with one cut in September from -40 bps to -50bps. Benchmark government bonds, such as the US 10 Year Treasury, 10 Year German Bund, and 10 Year Japanese Government Bund, all traded within a wide range over the past 12 months, reaching lows of 54bps, -86bps, and -29bps, respectively. Investment grade and high yield corporate credit spreads widened significantly over the period. Amidst, the turmoil caused by the spread of COVID-19, fixed income markets, as measured by the Bloomberg Barclays US Aggregate and Bloomberg Barclays Global Aggregate indices performed relatively well, compared to other asset classes, over the past 12 months, returning 8.9% and 4.2%, respectively. To put in context the demand for “risk-off ” assets in Q1 2020, the Bloomberg Barclays US Long Treasury Index returned 20.9% for the quarter, as US Treasuries rallied.

Portfolio ReviewThe Rathmore Alternative Fund generated positive net returns in nine out of the last twelve months. Most notably, the Fund provided downside protection and delivered strong, risk-adjusted absolute returns in January and February of 2020 May and August of 2019, which represented periods of low “risk-off ”.

What Contributed to Returns:• Macro hedges (equity hedges), specifically in risk-off months, such as May 2019, August 2019, and January and February 2020,

positively contributed to returns over the course of the year• The Tesla (TSLA) complex that the fund had re-entered in 3Q19 after a strong fundamental quarter showed improved margins

and profitability. Both hedge fund and long-only investors were active in TLSA bonds and the buying interest accelerated through January 2020 as the equity rose to an all-time high

• In December 2019, PDL BioPharma Inc (PDLI) paid bondholders, including the Fund, an 8.5 point premium to redeem their 2.75% convertible notes due 2024, as part of a $200 million buyback of stock and convertibles

What Detracted from Returns:• Portfolio performance in March 2020 largely represents basis cheapening linked to long-only convertible bond holders selling

into the accelerated risk-off environment.• Wayfair 0.375% (W), an online household goods retailer that missed Q4 consensus earnings estimates and cut forward revenue

growth forecasts. The company has been negatively impacted global trade tariffs and concerns that its supply chain, based mostly in China, will be impacted by the coronavirus

• Portfolio interest rate hedges detracted from returns, as the 10 Year US Treasury rallied amid the COVID-19 pandemic

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The lasting impacts from the spread of COVID-19 on the global economy are unknown. We believe this uncertainty will lead to sustained levels of volatility in financial markets. As such, our portfolio remains largely hedged from an equity risk perspective. Valuations have improved markedly over the past month, based on dramatically improved implied credit spreads.

Additionally, improved, or more convex, bond profiles, lower financing costs, higher carry, significantly wider implied spreads, higher levels of volatility, and lower absolute interest rates, among other things, have increased the potential for return generation on a forward-looking basis. Given these dynamics, we believe the opportunity for returns in the convertibles space is as attractive as it has been in approximately a decade.


1 Source: Lazard Asset Management Limited, NAV to NAV Price, net income reinvested in US dollars, ‘A’ accumulation share class net of fees, to 31 March 2020.

Fund Manager: Sean Reynolds and team.

Figures refer to past performance, which is not a reliable indicator of future results.


Lazard Rathmore Alternative Fund (continued)

Outlook

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Depositary’s Report

Report of the Depositary to the ShareholdersWe have enquired into the conduct of Lazard Global Investment Funds plc (“the Company”) for the financial year ended 31 March 2020, in our capacity as Depositary to the Company.

This report including the opinion has been prepared for and solely for the shareholders in the Company in accordance with Regulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (‘the UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the DepositaryOur duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders.

Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company’s Constitution and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Depositary OpinionThe Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Company’s Constitution and the UCITS Regulations and (ii) otherwise in accordance with the Company’s constitution documentation and the appropriate regulations.

OpinionIn our opinion, the Company has been managed during the financial year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Constitution, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (as amended) (‘the Central Bank UCITS Regulations’); and

(ii) otherwise in accordance with the provisions of the Constitution, the UCITS Regulations and the Central Bank UCITS Regulations.

State Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

Date: 7 July 2020

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Independent Auditors’ Report

Independent auditors’ report to the members of Lazard Global Investment Funds plc

Report on the audit of the financial statements

OpinionIn our opinion, Lazard Global Investment Funds plc’s financial statements:

• give a true and fair view of the Company’s and Funds’ assets, liabilities and financial position as at 31 March 2020 and of their results for the year then ended;

• have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and Irish law); and

• have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:

• the Statement of Financial Position as at 31 March 2020;• the Statement of Comprehensive Income for the year then ended;• the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders for the year then ended;• the Portfolios of Investments for each of the Funds as at 31 March 2020; and• the notes to the financial statements for the Company and for each of its Funds, which include a description of the significant

accounting policies

Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

IndependenceWe remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concernWe have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

• the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt

about the Company’s and Funds’ ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s and Funds’ ability to continue as going concerns.

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Independent auditors’ report to the members of Lazard Global Investment Funds plc (continued)

Reporting on other informationThe other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors’ Report, we also considered whether the disclosures required by the Companies Act 2014 have been included.

Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below:

• In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ Report for the year ended 31 March 2020 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

• Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statementsAs explained more fully in the Statement of Directors’ Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.

The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s and Funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf.

This description forms part of our auditors’ report.

Independent Auditors’ Report (continued)

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Independent auditors’ report to the members of Lazard Global Investment Funds plc (continued)

Use of this reportThis report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2014 opinions on other matters• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.• In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and

properly audited.• The financial statements are in agreement with the accounting records.

Companies Act 2014 exception reporting

Directors’ remuneration and transactionsUnder the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this responsibility.

Jonathan O’Connellfor and on behalf of PricewaterhouseCoopersChartered Accountants and Statutory Audit FirmDublin7 July 2020

Independent Auditors’ Report (continued)

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Financial Statements

Statement of Comprehensive Income



Lazard Emerging Markets

Total Return Debt Fund

31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2019

Note USD USD USD USD USD USD

Investment Income

Bond Income 2 643,077 1,617,369 76,378,763 43,249,651 6,039,537 18,226,770

Dividend Income 2 – – – – – –

Bank Interest 1,668 1,226 164,979 96,883 65,044 59,127

Net realised gains/(losses) on investments and foreign currency 2 43,168 (2,609,895) (15,925,951) (48,606,716) 1,734,767 (70,041,245)

Net movement in unrealised (losses)/gains on investments and foreign currency 2 (1,921,439) (105,933) (142,367,883) (53,138,594) (13,200,431) (2,967,041)

Total Investment (Expense)/Income (1,233,526) (1,097,233) (81,750,092) (58,398,776) (5,361,083) (54,722,389)

Expenses

Management Fees 3 (73,651) (156,577) (6,922,394) (4,815,861) (1,919,631) (3,277,168)

Performance Fees 3 – – – – – –

Administration, Transfer Agency and Depositary Fees 3 (38,829) (59,159) (1,691,097) (1,190,957) (305,123) (544,935)

Legal Fees (7,348) (7,252) (175,673) (72,573) (18,078) (12,650)

Directors' Fees 3 (225) (611) (41,418) (20,918) (3,876) (7,769)

Organisational Fees – – – – – –

Currency Manager's Fees 3 (1,458) (6,945) (43,661) (36,832) (65,694) (140,706)

Tax Reporting Fees (18,276) (10,705) (43,928) (33,442) (102,971) (39,396)

Dividend Expense – – – – – –

Other Expenses (21,550) (30,383) (131,362) (94,524) (39,039) (50,708)

Total Expenses (161,337) (271,632) (9,049,533) (6,265,107) (2,454,412) (4,073,332)

Reimbursement from Manager 3 45,712 35,705 – – 68,530 –

Net Investment (Expense)/Income (1,349,151) (1,333,160) (90,799,625) (64,663,883) (7,746,965) (58,795,721)

Finance Costs

Distributions 14 – – (8,486,005) (4,463,341) (3,008,100) (8,144,358)

Interest Expense – – (31,934) – (16,158) –

Bank Interest 2 – – – – – –

Total Finance Costs – – (8,517,939) (4,463,341) (3,024,258) (8,144,358)

(Loss)/profit for the financial year before tax (1,349,151) (1,333,160) (99,317,564) (69,127,224) (10,771,223) (66,940,079)

Withholding Tax 4 (302) – (2,312,428) (1,809,516) (56,905) (78,597)

Capital Gains Tax – (1,160) (1,277,337) (390,261) (136,672) (202,069)

(Loss)/profit for the financial year after tax (1,349,453) (1,334,320) (102,907,329) (71,327,001) (10,964,800) (67,220,745)

Net movement in net assets attributable to holders of redeemable participating shares from operations (1,349,453) (1,334,320) (102,907,329) (71,327,001) (10,964,800) (67,220,745)

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.The accompanying notes are an integral part of the financial statements.

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Financial Statements (continued)



Debt Blend Fund

Lazard Emerging Market Debt

Unrestricted Blend Fund

Lazard Emerging

Markets Corporate

Debt Fund*Lazard Scandinavian

High Quality Bond Fund**

31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2020 31/03/2019

Note USD USD USD USD USD EUR EUR

Investment Income

Bond Income 2 16,925,036 53,808,497 51,548,978 67,684,078 306,668 2,747,055 81,807

Dividend Income 2 – – – – – – –

Bank Interest 20,723 143,531 – 168,571 343 – –

Net realised gains/(losses) on investments and foreign currency 2 278,435 (167,887,584) (3,056,791) (75,642,135) 73,632 (1,227,196) (63,643)

Net movement in unrealised (losses)/gains on investments and foreign currency 2 (22,311,460) (17,401,788) (83,468,691) (44,037,775) (1,390,134) (1,510,624) 344,515

Total Investment (Expense)/Income (5,087,266) (131,337,344) (34,976,504) (51,827,261) (1,009,491) 9,235 362,679

Expenses

Management Fees 3 (2,354,255) (6,652,510) (5,108,350) (5,450,138) (468) (474,490) (14,706)

Performance Fees 3 – – – – – – –

Administration, Transfer Agency and Depositary Fees 3 (560,683) (1,158,097) (999,431) (1,241,979) (9,742) (272,853) (10,178)

Legal Fees (13,251) (33,557) (99,086) (36,899) (4,039) (29,249) (4,421)

Directors' Fees 3 (6,806) (21,471) (23,865) (27,168) (293) (6,812) (623)

Organisational Fees – – – – (33,200) – (25,000)

Currency Manager's Fees 3 (95,365) (177,891) (30,060) (48,129) – (21,736) –

Tax Reporting Fees (29,153) (14,030) (17,911) (37,239) (7,590) (17,079) (2,188)

Dividend Expense – – – – – – –

Other Expenses (37,992) (77,263) (79,915) (67,409) (22,548) (29,871) (17,910)

Total Expenses (3,097,505) (8,134,819) (6,358,618) (6,908,961) (77,880) (852,090) (75,026)

Reimbursement from Manager 3 – – – – 35,508 12,356 21,341

Net Investment (Expense)/Income (8,184,771) (139,472,163) (41,335,122) (58,736,222) (1,051,863) (830,499) 308,994

Finance Costs

Distributions 14 (129,088) (31,845,982) – – – (811,286) –

Interest Expense (2,876) – (3,328) – – – –

Bank Interest 2 – – (10,060) – – (100,347) (3,386)

Total Finance Costs (131,964) (31,845,982) (13,388) – – (911,633) (3,386)

(Loss)/profit for the financial year before tax (8,316,735) (171,318,145) (41,348,510) (58,736,222) (1,051,863) (1,742,132) 305,608

Withholding Tax 4 (170,917) (754,968) (616,992) (1,154,098) (744) (379) –

Capital Gains Tax (325,188) (496,499) (667,378) (301,480) – – –

(Loss)/profit for the financial year after tax (8,812,840) (172,569,612) (42,632,880) (60,191,800) (1,052,607) (1,742,511) 305,608

Net movement in net assets attributable to holders of redeemable participating shares from operations (8,812,840) (172,569,612) (42,632,880) (60,191,800) (1,052,607) (1,742,511) 305,608


* The information included above for Lazard Emerging Markets Corporate Debt Fund is from 3 September 2019 to 31 March 2020, therefore there are no comparatives for this Fund.** The comparative information included above for Lazard Scandinavian High Quality Bond Fund is from 7 January 2019 to 31 March 2019, therefore the comparatives for this Fund are not for a full year.

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Lazard Commodities Fund***



31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2019

Note USD USD USD USD EUR EUR

Investment Income

Bond Income 2 – – 1,674,239 866,770 716,734 1,743,284

Dividend Income 2 74,801 133,545 333,768 623,068 9,055,823 7,005,084

Bank Interest 16,918 13,114 19,050 17,233 – –

Net realised (losses)/gains on investments and foreign currency 2 (1,728,454) (2,237,756) (975,105) (1,898,761) 8,906,620 3,047,270

Net movement in unrealised (losses)/gains on investments and foreign currency 2 (6,947,267) 500,407 (1,099,364) (848,599) (14,393,572) 6,281,354

Total Investment (Expense)/Income (8,584,002) (1,590,690) (47,412) (1,240,289) 4,285,605 18,076,992

Expenses

Management Fees 3 (74,551) (47,197) (58,460) (184,290) (5,110,366) (5,808,264)

Performance Fees 3 – – – – (987,119) (1,300,623)

Administration, Transfer Agency and Depositary Fees 3 (95,927) (64,884) (189,727) (229,063) (636,899) (684,409)

Legal Fees (5,188) (4,453) (5,123) (8,208) (61,755) (39,968)

Directors' Fees 3 (835) (1,003) (767) (1,633) (14,611) (15,680)

Organisational Fees – (100,159) (12,100) (11,935) (20,163) (19,889)

Currency Manager's Fees 3 (62) (44) (1,009) (2,206) (3,877) (5,299)

Tax Reporting Fees (9,520) (8,387) (20,313) (15,885) (48,832) (28,406)

Dividend Expense – – (36,794) (114,102) (2,606,676) (5,551,029)

Other Expenses (19,370) (21,875) (23,320) (37,007) (71,843) (53,917)

Total Expenses (205,453) (248,002) (347,613) (604,329) (9,562,141) (13,507,484)

Reimbursement from Manager 3 94,808 64,898 174,759 136,511 – –

Net Investment (Expense)/Income (8,694,647) (1,773,794) (220,266) (1,708,107) (5,276,536) 4,569,508

Finance Costs

Distributions 14 (4,335) (9,462) – – (6,337) –

Interest Expense – – (39,476) (14,543) (1,537,975) (1,401,133)

Bank Interest 2 – (15,551) – – (333,084) (504,348)

Total Finance Costs (4,335) (25,013) (39,476) (14,543) (1,877,396) (1,905,481)

(Loss)/profit for the financial year before tax (8,698,982) (1,798,807) (259,742) (1,722,650) (7,153,932) 2,664,027

Withholding Tax 4 (13,719) (18,001) (57,798) (101,755) (622,471) (417,048)

Capital Gains Tax – – (2,588) – – –

(Loss)/profit for the financial year after tax (8,712,701) (1,816,808) (320,128) (1,824,405) (7,776,403) 2,246,979

Net movement in net assets attributable to holders of redeemable participating shares from operations (8,712,701) (1,816,808) (320,128) (1,824,405) (7,776,403) 2,246,979


Lazard Opportunities Fund was fully redeemed on 7 November 2016 and Lazard Global Hexagon Equity Fund was fully redeemed on 18 August 2017, as these Funds have Nil balances, they are no longer being shown on the Statement of Comprehensive Income.*** The comparative information included above for Lazard Commodities Fund is from 23 July 2018 to 31 March 2019, therefore the comparatives for this Fund are not for a full year.

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Lazard Rathmore Alternative Fund*****

Lazard US Fundamental Alternative Fund****

Lazard Global Investment

Funds plc Total

31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2019


Investment Income

Bond Income 2 2,970,677 612,729 – – 160,335,937 188,179,218

Dividend Income 2 4,767,994 567,484 – 36,701 15,239,394 9,490,203

Bank Interest 91,580 3,550 26 3,265 380,331 506,501

Net realised gains/(losses) on investments and foreign currency 2 13,431,297 1,486,124 (26) (176,697) 2,195,966 (364,247,997)

Net movement in unrealised (losses)/gains on investments and foreign currency 2 (33,854,280) (585,842) – 124,134 (323,879,842) (110,607,404)

Total Investment (Expense)/Income (12,592,732) 2,084,045 – (12,597) (145,728,214) (276,679,479)

Expenses

Management Fees 3 (2,218,595) (347,567) – (17,116) (24,936,247) (27,691,099)

Performance Fees 3 (771,631) (174,460) – – (1,868,518) (1,680,509)

Administration, Transfer Agency and Depositary Fees 3 (398,824) (74,016) – (26,216) (5,300,299) (5,393,599)

Legal Fees (31,609) (8,272) – (2,098) (460,519) (237,362)

Directors' Fees 3 (7,256) (1,533) – (138) (109,146) (101,122)

Organisational Fees – (100,000) – – (67,705) (264,073)

Currency Manager's Fees 3 (100,111) (21,574) – (60) (365,881) (440,523)

Tax Reporting Fees (30,890) (18,783) – (3,924) (353,792) (217,217)

Dividend Expense (810,396) (171,505) – (48,927) (3,743,728) (6,762,317)

Other Expenses (37,227) (24,156) – (10,990) (525,348) (497,487)

Total Expenses (4,406,539) (941,866) – (109,469) (37,731,183) (43,285,308)

Reimbursement from Manager 3 30,361 2,582 – 86,703 463,408 351,111

Net Investment (Expense)/Income (16,968,910) 1,144,761 – (35,363) (182,995,989) (319,613,676)

Finance Costs

Distributions 14 – (415) – – (12,536,070) (44,463,558)

Interest Expense (4,971,595) (431,780) – – (6,774,365) (2,068,757)

Bank Interest 2 – – – (64,250) (491,689) (667,729)

Total Finance Costs (4,971,595) (432,195) – (64,250) (19,802,124) (47,200,044)

(Loss)/profit for the financial year before tax (21,940,505) 712,566 – (99,613) (202,798,113) (366,813,720)

Withholding Tax 4 (46,083) (2,273) – – (3,967,999) (4,402,127)

Capital Gains Tax – – – – (2,409,163) (1,391,469)

(Loss)/profit for the financial year after tax (21,986,588) 710,293 – (99,613) (209,175,275) (372,607,316)

Net movement in net assets attributable to holders of redeemable participating shares from operations (21,986,588) 710,293 – (99,613) (209,175,275) (372,607,316)

Gains and losses arose solely from continuing operations with the exception of Lazard US Fundamental Alternative Fund which was fully redeemed on 13 September 2018. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.The accompanying notes are an integral part of the financial statements.

**** Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018.***** The comparative information included above for Lazard Rathmore Alternative Fund is from 1 May 2018 to 31 March 2019, therefore the comparatives for this Fund are not for a full year.

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Statement of Financial Position





31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2019


Current Assets

Financial Assets at fair value through profit or loss 2 10,021,779 11,919,130 1,063,618,427 1,279,395,074 108,892,881 178,963,735

Cash at Bank 8 269,501 – 39,450,472 11,145,194 12,890,383 19,082,179

Broker Cash held as collateral for financial derivative instruments 8 – – 42,030,016 23,447,269 6,923,545 5,426,306

Margin Cash – – – – 3,183,278 –

Subscriptions Receivable 777,119 – 1,055,721 3,880,124 2,422 15,316

Investments Sold Receivable 11,230 287,014 623,953 32,148,345 433,963 17,114,014

Investment Income Receivable 145,128 158,674 17,014,896 21,031,043 842,862 2,028,415

Other Assets 18,235 13,354 2,565 2,564 46,558 1,469

Total Current Assets 11,242,992 12,378,172 1,163,796,050 1,371,049,613 133,215,892 222,631,434

Current Liabilities

Financial Liabilities and fair value through profit or loss 2 (204,687) (48,496) (60,490,704) (12,655,771) (12,468,967) (2,441,313)

Bank Overdraft 8 – (166,549) – – – –

Broker Cash due to counterparties for financial derivative instruments 8 – – (7,990,000) (1,280,000) (1,740,000) (570,000)

Margin Cash – – (1,154,973) – – (730,630)

Payable to shareholders – – – – – –

Redemptions Payable – – (3,102,619) (6,711,047) (63,289) (10,436,870)

Investments Purchased Payable – – – (32,148,344) (8,327,606) (12,200,000)

Expenses Payable (57,399) (75,942) (1,230,544) (1,419,121) (321,388) (679,439)

Total Current Liabilities (262,086) (290,987) (73,968,840) (54,214,283) (22,921,250) (27,058,252)

Net Assets attributable to redeemable participating shareholders 10,980,906 12,087,185 1,089,827,210 1,316,835,330 110,294,642 195,573,182

The accompanying notes are an integral part of the financial statements.

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Debt Blend Fund



Lazard Emerging

Markets Corporate


High Quality Bond Fund

31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2020 31/03/2019


Current Assets

Financial Assets at fair value through profit or loss 2 139,724,156 346,643,304 577,828,346 999,840,483 8,661,480 369,489,084 42,560,466

Cash at Bank 8 13,718,963 13,412,421 42,241,103 57,178,870 177,803 6,203,911 4,708,219Broker Cash held as collateral for financial derivative instruments 8 3,364,143 3,670,000 10,110,835 13,530,000 – – –

Margin Cash – – 16,868 – – 2,525,861 137,078

Subscriptions Receivable 551,614 771,269 26,937 – – 65,976 –

Investments Sold Receivable 453,467 2,170,236 227,925 8,145,259 – 5,169,908 –

Investment Income Receivable 2,204,850 6,228,934 9,441,187 17,356,561 166,326 1,435,749 226,614

Other Assets 3,900 3,795 3,936 3,935 15,096 9,979 16,968

Total Current Assets 160,021,093 372,899,959 639,897,137 1,096,055,108 9,020,705 384,900,468 47,649,345

Current Liabilities

Financial Liabilities and fair value through profit or loss 2 (9,427,521) (3,445,596) (15,797,783) (6,844,134) – (1,469,240) (83,858)

Bank Overdraft 8 – – – – – – –Broker Cash due to counterparties for financial derivative instruments 8 (620,000) (1,680,000) (1,570,000) (3,390,000) – – –

Margin Cash (126,156) – – – – – –

Payable to shareholders – – – – – – –

Redemptions Payable (7,431,617) (887,477) – (150,000) – (15,806) –

Investments Purchased Payable (3,772,184) (907,344) (16,449,232) (28,000,720) – (7,226,306) (1,755,796)

Expenses Payable (366,818) (856,650) (818,744) (1,309,654) (73,312) (249,043) (44,283)

Total Current Liabilities (21,744,296) (7,777,067) (34,635,759) (39,694,508) (73,312) (8,960,395) (1,883,937)

Net Assets attributable to redeemable participating shareholders 138,276,797 365,122,892 605,261,378 1,056,360,600 8,947,393 375,940,073 45,765,408


* Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019, therefore there are no comparatives for this Fund.

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31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2019


Current Assets

Financial Assets at fair value through profit or loss 2 30,363,284 36,011,524 20,575,871 39,798,325 311,091,048 612,407,417

Cash at Bank 8 382,948 1,631,104 3,819,603 4,143,285 20,868,107 20,274,876

Broker Cash held as collateral for financial derivative instruments 8 6,520,000 – – 4,619,000 – –

Margin Cash – – 154,496 – 27,169,048 29,264,691

Subscriptions Receivable 85,719 72,914 – – 93,819 6,826,760

Investments Sold Receivable 141,177 – 130 981,635 12,082,898 418,550

Investment Income Receivable 215 2,650 95,416 179,288 548,337 429,526

Other Assets 32,309 7,484 62,470 70,261 16,833 36,998

Total Current Assets 37,525,652 37,725,676 24,707,986 49,791,794 371,870,090 669,658,818

Current Liabilities

Financial Liabilities and fair value through profit or loss 2 (6,914,810) (282,395) (221,136) (943,008) (10,464,258) (5,383,750)

Bank Overdraft 8 – – – – – –

Broker Cash due to counterparties for financial derivative instruments 8 – (490,000) – – – –

Margin Cash – – – (787,240) – –

Payable to shareholders – – – – – –

Redemptions Payable (48,006) (79,646) – (3,019,017) (5,283,125) (2,200,366)

Investments Purchased Payable – (195,715) (47,284) (312,016) (2,134,019) (281,102)

Expenses Payable (165,003) (149,258) (130,384) (125,884) (942,031) (1,313,760)

Total Current Liabilities (7,127,819) (1,197,014) 398,804 (5,187,165) (18,823,433) (9,178,978)

Net Assets attributable to redeemable participating shareholders 30,397,833 36,528,662 24,309,182 44,604,629 353,046,657 660,479,840

The accompanying notes are an integral part of the financial statements.Lazard Opportunities Fund was fully redeemed on 7 November 2016 and Lazard Global Hexagon Equity Fund was fully redeemed on 18 August 2017, as these Funds have Nil balances, they are no longer being shown on the Statement of Financial Position.

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Lazard US Fundamental Alternative Fund**


Funds plc Total

31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2019


Current Assets

Financial Assets at fair value through profit or loss 2 392,692,986 123,679,574 – – 3,096,504,964 3,745,550,468

Cash at Bank 8 27,947,402 4,031,449 21,570 29,009 170,625,873 138,705,776

Broker Cash held as collateral for financial derivative instruments 8 – – – – 68,948,539 50,692,575

Margin Cash 3,985,971 725,129 – – 39,924,837 33,738,902

Subscriptions Receivable 509,831 34,548 – – 3,184,706 12,439,598

Investments Sold Receivable 7,487,054 5,080,494 – – 28,310,403 66,396,966

Investment Income Receivable 141,020 428,717 – – 32,229,038 48,151,029

Other Assets 30,362 37,739 – 110 244,851 201,305

Total Current Assets 432,794,626 134,017,650 21,570 29,119 3,439,973,211 4,095,876,620

Current Liabilities

Financial Liabilities and fair value through profit or loss 2 (100,266,293) (11,188,925) – – (218,886,528) (43,988,941)

Bank Overdraft 8 – – – – – (166,549)

Broker Cash due to counterparties for financial derivative instruments 8 – – – – (11,920,000) (7,410,000)

Margin Cash – – – (37) (1,281,129) (1,517,907)

Payable to shareholders – – (21,570) – (21,570) –

Redemptions Payable (8,723,010) (122,552) – – (25,183,058) (23,877,290)

Investments Purchased Payable (26,953,916) (7,410,979) – – (65,821,307) (83,462,249)

Expenses Payable (1,649,188) (592,027) - (29,082) (6,119,745) (6,761,935)

Total Current Liabilities (137,592,407) (19,314,483) (21,570) (29,119) (329,233,337) (167,184,871)

Net Assets attributable to redeemable participating shareholders 295,202,219 114,703,167 – – 3,110,739,874 3,928,691,749


** Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018.

On behalf of the Board of Directors

Director: Director: Date: 7 July 2020

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Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders





31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2019


Net assets attributable to redeemable participating shareholders at beginning of financial year 12,087,185 31,636,006 1,316,835,330 759,625,985 195,573,182 435,516,935

Proceeds from redeemable participating shares issued 5 3,365,628 4,440,163 251,468,799 920,165,416 25,187,855 32,406,399

Payments for redeemable participating shares redeemed 5 (3,122,454) (22,728,573) (375,569,590) (291,629,070) (99,551,017) (205,239,187)

Anti-Dilution Levy 2 – 73,909 – – 49,422 109,780

Net movement in net asset attributable to holders of redeemable participating shares from operations (1,349,453) (1,334,320) (102,907,329) (71,327,001) (10,964,800) (67,220,745)

Foreign currency translation adjustment – – – – – –

Net assets attributable to redeemable participating shareholders at end of financial year 10,980,906 12,087,185 1,089,827,210 1,316,835,330 110,294,642 195,573,182


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Debt Blend Fund



Lazard Emerging

Markets Corporate


High Quality Bond Fund**

31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2020 31/03/2019


Net assets attributable to redeemable participating shareholders at beginning of financial year 365,122,892 1,125,544,675 1,056,360,600 1,167,030,910 – 45,765,408 –

Proceeds from redeemable participating shares issued 5 133,304,156 285,190,433 69,450,690 69,305,909 10,000,000 409,083,552 45,459,800

Payments for redeemable participating shares redeemed 5 (351,337,411) (873,513,013) (478,067,871) (119,784,419) – (77,166,376) –

Anti-Dilution Levy 2 – 470,409 150,839 – – – –

Net movement in net asset attributable to holders of redeemable participating shares from operations (8,812,840) (172,569,612) (42,632,880) (60,191,800) (1,052,607) (1,742,511) 305,608

Foreign currency translation adjustment – – – – – – –

Net assets attributable to redeemable participating shareholders at end of financial year 138,276,797 365,122,892 605,261,378 1,056,360,600 8,947,393 375,940,073 45,765,408


* The information included above for Lazard Emerging Markets Corporate Debt Fund is from 3 September 2019 to 31 March 2020, therefore there are no comparatives for this Fund.** The comparative information included above for Lazard Scandinavian High Quality Bond Fund is from 7 January 2019 to 31 March 2019, therefore the comparatives for this Fund are not for a full year.

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Lazard Commodities Fund***



31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2019


Net assets attributable to redeemable participating shareholders at beginning of financial year 36,528,662 – 44,604,629 74,564,357 660,479,840 507,723,342

Proceeds from redeemable participating shares issued 5 8,173,991 40,075,779 20,466,817 7,034,605 389,289,659 497,012,353

Payments for redeemable participating shares redeemed 5 (5,592,119) (1,730,309) (40,446,871) (35,178,164) (688,946,439) (346,502,834)

Anti-Dilution Levy 2 – – 4,735 8,236 – –

Net movement in net asset attributable to holders of redeemable participating shares from operations (8,712,701) (1,816,808) (320,128) (1,824,405) (7,776,403) 2,246,979

Foreign currency translation adjustment – – – – – –

Net assets attributable to redeemable participating shareholders at end of financial year 30,397,833 36,528,662 24,309,182 44,604,629 353,046,657 660,479,840


Lazard Opportunities Fund was fully redeemed on 7 November 2016 and Lazard Global Hexagon Equity Fund was fully redeemed on 18 August 2017, as these Funds have Nil balances, they are no longer being shown on the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. *** The comparative information included above for Lazard Commodities Fund is from 23 July 2018 to 31 March 2019, therefore the comparatives for this Fund are not for a full year.

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Lazard Rathmore Alternative Fund*****

Lazard US Fundamental Alternative Fund****


Funds plc Total

31/03/2020 31/03/2019 31/03/2020 31/03/2019 31/03/2020 31/03/2019


Net assets attributable to redeemable participating shareholders at beginning of financial year 114,703,167 – – 11,235,712 3,928,691,749 4,220,665,669

Proceeds from redeemable participating shares issued 5 290,308,597 127,095,835 – 1,436,000 1,692,369,216 2,110,291,847

Payments for redeemable participating shares redeemed 5 (87,822,957) (13,102,961) – (12,572,099) (2,282,990,221) (1,969,027,080)

Anti-Dilution Levy 2 – – – – 204,996 662,334

Net movement in net asset attributable to holders of redeemable participating shares from operations (21,986,588) 710,293 – (99,613) (209,175,275) (372,607,316)

Foreign currency translation adjustment – – – – (18,360,591) (61,293,705)

Net assets attributable to redeemable participating shareholders at end of financial year 295,202,219 114,703,167 – – 3,110,739,874 3,928,691,749


**** Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018.***** The comparative information included above for Lazard Rathmore Alternative Fund is from 1 May 2018 to 31 March 2019, therefore the comparatives for this Fund are not for a full year.

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Notes to the Financial Statements

1. GeneralLazard Global Investment Funds plc (the “Company”) was incorporated on 3 February 2009 as an open-ended investment company with variable capital structured as an umbrella fund and with segregated liability between its sub-funds (individually referred to as the “Fund” and collectively the “Funds”) organised under the laws of Ireland. The Company qualifies and is authorised in Ireland by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the "UCITS Regulations") and the Central Bank’s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2019 (as amended), (the "Central Bank UCITS Regulations"). The Company is structured as an umbrella fund in that the Share capital of the Company may be divided into different classes of Shares with one or more classes representing a separate Fund of the Company.

The Company currently has fifteen Funds in existence, eleven of which are active. As at 31 March 2020, Lazard Emerging Markets Bond Fund, Lazard Emerging Markets Local Debt Fund, Lazard Emerging Markets Total Return Debt Fund, Lazard Emerging Markets Debt Blend Fund, Lazard Emerging Markets Debt Unrestricted Blend Fund, Lazard Emerging Markets Corporate Debt Fund (launched on 3 September 2019), Lazard Scandinavian High Quality Bond Fund, Lazard Commodities Fund, Lazard Diversified Return Fund, Lazard European Alternative Fund and Lazard Rathmore Alternative Fund were funded. The investment objectives of each Fund within the Company are set out in the Prospectus and relevant Supplements for the Funds. Lazard Opportunities Fund closed on 7 November 2016, Lazard Global Hexagon Equity Fund closed on 18 August 2017 and Lazard US Fundamental Alternative Fund closed on 13 September 2018. Lazard European High Yield Fund was noted by the Central Bank but it has not yet launched.

2. Significant Accounting PoliciesThe significant accounting policies and estimation techniques adopted by the Company in the preparation of the financial statements are set out below. All references to net assets throughout the financial statements refer to net assets attributable to holders of Redeemable Participating Shares unless otherwise stated.

Statement of complianceThe financial statements for the financial year ended 31 March 2020 have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”)" and Irish statute comprising the Companies Act 2014 and the UCITS Regulations.

Basis of preparationThe financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss.

The financial statements have been prepared on a going concern basis and in accordance with accounting standards generally accepted in Ireland and the provisions of the Irish Companies Act, 2014 and the UCITS Regulations. Accounting standards generally accepted in Ireland, that give a true and fair view in preparing financial statements, are those accounting standards issued by the Financial Reporting Council.

The Company’s management has made an assessment of the Company’s ability to continue as a going concern and is satisfied that the Company has the resources to continue in business for the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern. Therefore, the financial statements continue to be prepared on a going concern basis. The financial statements of Lazard US Fundamental Alternative Fund has been prepared on a non going concern basis of accounting as this Fund closed on 13 September 2018.

The Company has availed of the exemption available to open-ended investment funds under FRS 102, Section 7 “Statement of Cash Flows” not to prepare a cash flow statement on the basis that substantially all of the Company’s investments are highly liquid and carried at fair value, and the Company provides a Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders.

Foreign Exchange Translation(a) Functional and presentation currency: Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the “functional currency”). This is US Dollar ("USD") except for Lazard European Alternative Fund and Lazard Scandinavian High Quality Bond Fund which is Euro ("EUR"). The Company has adopted the functional currency of each Fund as the presentation currency for these financial statements. The functional currency has been adopted as the presentation currency at Fund level and at Company level, USD is the presentational currency.

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Notes to the Financial Statements (continued)

For the purpose of combining the financial statements of each Fund to arrive at the consolidated figures, the financial assets and financial liabilities in the financial statements have been translated to USD at the exchange rate at 31 March 2020. The amounts in the Statement of Comprehensive Income and in the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders have been translated to USD using an average rate for the financial year as an approximation for actual. This has no effect on the NAV per Share attributable to the individual Fund. All exchange rates are disclosed in Note 7.

The foreign currency translation adjustment of USD (18,360,591) (31 March 2019: USD (61,293,705)) included in the “Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders” reflects the movement in exchange rates for the financial year. This is a notional amount which has no impact on the results of the individual Funds.

(b) Assets and liabilities other than those denominated in the functional currency of each Fund are translated into the functional currency at the exchange rate ruling at the financial year end. Transactions in foreign currencies are translated into the functional currency at the exchange rates ruling at the dates of the transactions. The resulting gain or loss arising on translation of securities and other assets and liabilities is included in net movement in unrealised gains and losses on investments/currency. Forward currency contracts which are outstanding at the financial year end are valued at financial year end forward rates. The resulting unrealised gain or loss is included in net movement in unrealised gains and losses on investments/currency. Realised gains and losses arising between the transaction and settlement dates on purchases or sales of securities denominated in the non-base currencies and on settled forward foreign currency exchange contracts are included in net realised gains and losses on investments/currency.

Accounting estimates and judgements The preparation of the financial statements, in accordance with accounting standards generally accepted in Ireland, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the financial year. Actual results could differ from those estimates.

Financial instruments

(i) Classification The Company classifies its financial instruments as financial assets or financial liabilities at fair value through profit or loss. These financial assets and financial liabilities are classified as held for trading or designated by the Directors at fair value through profit or loss at inception. Financial assets and financial liabilities designated at fair value through profit or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with the Company’s documented investment strategy. The Company’s policy is for the Investment Managers and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information.

(ii) Recognition and Derecognition Regular-way purchases and sales of investments are recognised on trade date – the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value, and transaction costs for all financial assets carried at fair value through profit or loss are expensed immediately. Investments are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership.

(iii) Measurement Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss category are presented in the Statement of Comprehensive Income in the financial year in which they arise.

(iv) Fair Value Estimation In accordance with FRS 102, the Company has elected to apply the recognition and measurement provisions of International Accounting Standards 39 “Financial Instruments: Recognition and Measurement” as adopted for use in the European Union and the disclosure requirements of Sections 11 and 12 of FRS 102. Accordingly, the fair valuation input utilised for both financial assets and financial liabilities is the last traded price where the investment is an equity security and mid-market price where the investment is a fixed income security.

2. Significant Accounting Policies (continued)

Foreign Exchange Translation (continued)

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Securities listed on a recognised stock exchange or traded on any other organised market are valued at the last traded price where the investment is an equity security and where the investment is a fixed income security, at the mid-market price on the stock exchange or market which constitutes the principal market for such securities. If for specific assets the last traded price or mid-market price does not, in the opinion of the Directors, reflect their fair value or are not available, the value shall be the probable realisable value estimated with care and in good faith by the competent person who has been appointed by the Directors and approved by the Depositary.

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Company uses a variety of methods and makes assumptions that are based on market conditions existing at each Statement of Financial Position date. Valuation techniques used include the use of comparable recent arm’s length transactions, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants. Unlisted securities and thinly traded securities are valued in good faith by the competent person who has been appointed by the Directors and approved by the Depositary, based on quotations received from third parties including relevant brokers, however no securities were valued in this manner as at 31 March 2020 with the exception of five securities held on Lazard Emerging Markets Total Return Debt Fund and Lazard Diversified Return Fund which were valued at level 3 during the financial year ended 31 March 2020. These securities were fair valued at USD 14 as at 31 March 2020 (31 March 2019: USD Nil). Please refer to Note 9.

Investments in open-ended investment funds are valued at fair value at the latest available unaudited NAV for the Shares or units obtained from the relevant administrator. The change in the daily NAV of these Shares is recognised as net gain/(loss) on investments and foreign currency in the Statement of Comprehensive Income.

Each of the Funds may employ investment techniques and financial derivative instruments for efficient portfolio management and/or investment purposes subject to the conditions and within the limits laid down by the Prospectus and the Central Bank and these are as follows:

Please refer to Note 15 - Potential Implication of Covid-19.

Futures Contracts

Initial margin deposits are made upon entering into futures contracts and are generally made in cash or cash equivalents. The fair value of futures contracts is based upon their current quoted daily settlement prices on the relevant exchange as of the Statement of Financial Position date. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised. For each relevant Fund, gains or losses on open futures contracts are shown in the Portfolio of Investments of each relevant Fund and as appropriate, on the Statement of Financial Position as financial assets or liabilities at fair value through profit or loss.

Forward foreign currency exchange contracts

The unrealised appreciation or depreciation on open forward foreign exchange contracts is calculated by reference to the difference between the contracted rate and the forward rate to close out the contract as at the financial year end. Unrealised appreciation or depreciation on forward contracts is reported in the Statement of Financial Position and the Statement of Comprehensive Income. Realised gains and losses are reported with all other foreign currency gains and losses in the Statement of Comprehensive Income.

Contracts for Difference

Open Contracts for Difference (“CFDs”) are carried at the net amount due to/from the counterparty under the terms of the agreement, including unrealised gains and losses from changes in fair value of the notional equities, and are recorded as derivative assets/liabilities at fair value on the Statement of Financial Position. Realised and unrealised gains and losses are recognised in the Statement of Comprehensive Income. When the Funds hold long CFDs they receive the dividends relating to the underlying equity and pays interest to the third party. When the CFDs are sold short, the Funds pay the dividends relating to the underlying equity and receive interest on the contract value. The contracts are valued based on the market value of the underlying security. Initial margin deposits are made upon entering into CFDs and are generally made in cash or cash equivalents.


Financial instruments (continued)

(iv) Fair Value Estimation (continued)

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Options

The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is included in determining initial fair value of the securities or foreign currency purchased. Premiums paid from the purchase of options which expire unexercised are treated as realised losses. The premium on written call options exercised is added to the proceeds from the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on written put options exercised is included in determining initial fair value of securities or foreign currencies purchased. Premiums received from written options which expire unexercised are treated as realised gains. The over-the-counter ("OTC") options are valued at close of business daily. The valuation is based off a comparison of three sources agreed with Lazard in the Price Source Agreement (the "PSA"): the counterparty (the Primary Source), the vendor (the Secondary Source) and the Investment Manager (the Tertiary Source). The differences in the prices are reviewed against the tolerances outlined in the PSA to determine the price to be applied. Exchange traded options are valued at settlement price.

Credit default swaps

Credit default swaps involve, to varying degrees, elements of credit and counterparty risk in excess of the amount recognised in the Statement of Financial Position. Valuation of the credit default swap is an estimate of a credit default event happening at a particular point in time. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller. The fair values of credit default swaps are calculated using standard net present value methodologies whereby all future cashflows of the fixed side of the swap are discounted to their present value using the appropriate interest rate and whereby all future cashflows of the default side of the swap are discounted to their present value based on the cost of default to the default payer. This cost is determined by the recovery rate, notional amount of the contract, and default probability among other factors.

Credit default swap contracts are valued at close of business daily. The valuation is based off a comparison of three sources agreed with Lazard in the Price Source Agreement (the "PSA"): the counterparty (the Primary Source), the vendor (the Secondary Source) and the Investment Manager (the Tertiary Source). The differences in the prices are reviewed against the tolerances outlined in the PSA to determine the price to be applied. Payments received or made as a result of a credit event or termination of the contract are recognised, net of a proportional amount of the upfront payment, as realised gains or losses.

Interest rate swaps

The fair value of interest rate swaps is calculated using standard net present value methodologies whereby all future cash flows of the interest rate swaps are discounted to their present value using the appropriate interest rate. Interest rate swap contracts are valued at close of business daily. The valuation is based off a comparison of three sources agreed with Lazard in the Price Source Agreement (the "PSA"): the counterparty (the Primary Source), the vendor (the Secondary Source) and the Investment Manager (the Tertiary Source). The differences in the prices are reviewed against the tolerances outlined in the PSA to determine the price to be applied. Payments received or made are recorded as realised gains or losses.

Total return swaps

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset. The total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. The fair value of the swap is reported as an asset or liability as appropriate on the Statement of Financial Position and movements in the fair value are recorded in the Statement of Comprehensive Income as part of net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss and foreign currencies. Total return swaps are marked-to market daily based upon a Bloomberg valuation (the Primary Source) and validated against quotations received from the counterparty (the Secondary Source). The Bloomberg valuation is applied (provided it is in line with the counterparty). The pricing source hierarchy for each derivative instrument is outlined in the PSA.

Cash at Bank, Bank Overdrafts and Margin CashCash at bank and bank overdrafts are valued at face value, with interest accrued where applicable at the relevant valuation point on the relevant business day. Cash is also deposited by or on behalf of the Funds for initial margin purposes with brokers for options, open futures contracts and contracts for difference.


Financial instruments (continued)

(iv) Fair Value Estimation (continued)

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Broker CashCounterparty cash received by a Fund as collateral for financial derivative instrument transactions is recorded as an asset on the Statement of Financial Position within “Broker cash held as collateral for financial derivative instrument transactions” and a related liability to repay the collateral is disclosed within “Broker cash due to counterparties for financial derivative instrument transactions”. Cash pledged by a Fund as collateral is recognised on the Statement of Financial Position within “Broker cash due to counterparties for financial derivative instrument transactions”.

Receivables and payablesReceivables and payables for investments sold and purchased awaiting settlement represent receivables for securities sold and purchased. Receivables and payables for subscriptions and redemptions represent Shares subscribed or redeemed that have been contracted for but not yet settled on the Statement of Financial Position. These amounts are recognised initially at fair value and subsequently measured at amortised cost.

Accrued income and expensesAccrued income and expenses comprise of investments income receivable, other assets, distribution payable and expenses payable. These amounts are recognised initially at fair value and subsequently measured at amortised cost.

Realised and unrealised gains and losses on investments Realised gains and losses are calculated based on a FIFO basis. Realised and unrealised gains and losses arising from changes in the fair value of financial assets and financial liabilities at fair value through profit or loss category are included in the Statement of Comprehensive Income in the financial year in which they arise.

Interest income and expense Interest income and expense are recognised in the Statement of Comprehensive Income for all debt instruments using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant financial year. Bond interest income is reported gross of irrecoverable withholding tax, which is disclosed separately in the Statement of Comprehensive Income, and net of any tax credits.

The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability.

Dividend incomeDividend income is recognised through profit and loss on an ex-dividend basis. Dividend income is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income.

Expenses Expenses are accounted for on an accruals basis.

Offsetting financial instruments Financial assets and financial liabilities are offset and the net amount reported in the Statement of Financial Position where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Distributions Distributions, if declared, will only be paid out of a Fund’s net investment income return.

Distributions with an ex date during the financial year are included as a finance cost in the Statement of Comprehensive Income. Dividends will not be paid in respect of any class of Share which is an accumulating class. Income and profits, if any, attributable to an accumulating Share class will be accumulated, reinvested in the relevant Fund on behalf of the Shareholders of that class and will be reflected in the NAV of the relevant accumulating Share class. Please see Note 14 for details of any distributions paid during the financial year ended 31 March 2020 and 31 March 2019.


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Equalisation Income equalisation arrangements apply to each Fund. The arrangements are intended to ensure that the income per Share which is distributed in respect of the distribution period is not affected by changes in the number of Shares in issue during the period. The arrangements have no effect on the NAV of any Share class. The calculation of equalisation is based on total accumulated undistributed net income.

Anti-Dilution LevyThe anti-dilution levy is paid to the Funds and is used to defray the cost related to the associated purchase or sale of securities within the Funds as a result of shareholder transactions. Anti-dilution levies are included in the movement in net assets resulting from Share transactions in the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders.

Transaction costsTransaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on the purchase and sale of fixed income securities, money market instruments, forward foreign exchange currency contracts and swaps are included in the purchase and sale price of the investment and are not separately identifiable. Transaction costs on purchases and sales of equities, futures contracts, options contracts and investment funds are included in net gains/(losses) on financial instruments at fair value through profit or loss in the Statement of Comprehensive Income for each Fund.

Depositary transaction costs include transaction costs paid to the depositary and the sub-custodian. Purchases and sales transaction costs include identifiable brokerage charges, commissions, transaction related taxes and other market charges. Depositary transaction costs are included in depositary fees as disclosed in Note 3. These costs are separately identifiable transaction costs and the total costs incurred by each Fund during the financial year are disclosed in Note 3.

3. Fees

Management FeesThe Manager has responsibility for the management and administration of the Company’s affairs and the distribution of the Shares, subject to the overall supervision and control of the Directors.

The Manager is entitled to a charge per annum of the NAV attributable respectively to each of the following Share classes.

Such fees as detailed below shall accrue daily and be payable monthly in arrears. The Manager shall also be entitled to be reimbursed by the Funds for its reasonable out-of-pocket expenses.

Lazard Emerging Markets Bond Fund %

- A Acc EUR Hedged 0.65

- A Acc USD 0.65

- B Acc EUR Hedged 1.25

Lazard Emerging Markets Local Debt Fund %

- A Acc CHF Hedged 0.75

- A Acc EUR 0.75


- A Acc USD 0.75

- A Dist EUR Hedged 0.75

- A Dist GBP Hedged 0.75

- A Dist USD 0.75


- B Acc USD 1.25

- I Acc CHF up to 1.00

- P Acc USD 0.40

- P Dist USD 0.40


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Lazard Emerging Markets Total Return Debt Fund %


- A Acc GBP Hedged 0.75

- A Acc USD 0.75

- A Dist EUR Hedged 0.75


- B Acc GBP Hedged 1.25

- B Acc USD 1.25

- BP Acc EUR Hedged 1.50

- C Acc EUR Hedged 0.70

- D Acc USD 1.75

- D Dist EUR Hedged 1.75

- M Acc USD N/A

- M Dist AUD Hedged N/A

- X Dist GBP Hedged N/A

Lazard Emerging Markets Debt Blend Fund %




- A Acc USD 0.80

- A Dist GBP 0.80

- A Dist GBP Hedged 0.80

- A Dist USD 0.80


- B Acc USD 1.50

- E Acc EUR Hedged 0.50

- E Acc USD 0.50

- E Dist GBP 0.50

- E Dist USD 0.50

- K Acc EUR up to 0.75

- K Dist EUR up to 0.75

Lazard Emerging Markets Debt Unrestricted Blend Fund %


- A Acc EUR 0.80

- A Acc USD 0.80

- K Acc EUR up to 0.75

- K Acc GBP up to 0.75

- X Acc EUR Hedged N/A

- X Acc USD N/A

Lazard Emerging Markets Corporate Debt Fund** %

- A Acc USD 0.80

- M Acc USD N/A

Lazard Scandinavian High Quality Bond Fund %


- A Dist EUR 0.40

- BP Acc EUR 0.75

- C Acc EUR 0.35

- EA Acc CHF Hedged 0.25

- EA Dist EUR 0.25

- G Dist EUR up to 0.60

- X Acc CHF Hedged N/A

3. Fees (continued)

Management Fees (continued)

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3. Fees (continued)


Lazard Commodities Fund %

- A Acc USD 0.80

- C Acc GBP 0.75

- C Acc GBP Hedged 0.75

- EA Acc EUR Hedged 0.35

- EA Dist GBP 0.35

- F Dist GBP up to 0.80

- M Acc USD N/A

Lazard Diversified Return Fund %

- AP Acc EUR Hedged 1.00

- AP Acc USD 1.00


- BP Acc USD 2.00

- C Acc USD 0.75


- EA Acc USD 0.20

- M Acc USD N/A

Lazard European Alternative Fund To 31 December 2019 % From 1 January 2020 %

- AP Acc EUR 1.25 1.15

- AP Acc GBP Hedged 1.25 1.15

- AP Acc USD Hedged 1.25 1.15

- AP Dist EUR 1.25 1.15

- B Acc EUR 1.75 1.65

- B Dist EUR 1.75 1.65

- BP Acc EUR 2.50 2.25

- C Acc CHF Hedged 1.00 0.90

- C Acc EUR 1.00 0.90

- C Acc GBP 1.00 0.90

- C Acc GBP Hedged 1.00 0.90

- C Acc USD 1.00 0.90

- C Acc USD Hedged 1.00 0.90

- C Dist EUR 1.00 0.90

- C Dist GBP Hedged 1.00 0.90

- C Dist USD Hedged 1.00 0.90

- EA Acc EUR 0.75 0.75

- EA Acc USD Hedged 0.75 0.75

- M Acc EUR N/A N/A

- M Acc USD N/A N/A

- M Acc USD Hedged N/A N/A

- S Acc EUR 0.88 0.75

Lazard Rathmore Alternative Fund %




- A Acc USD 1.25


- C Acc EUR Hedged 1.25

- C Acc USD 1.25

- EA Acc CHF Hedged 0.75


- EA Acc GBP Hedged 0.75

- EA Acc USD 0.75

- EA Dist EUR Hedged 0.75

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3. Fees (continued)


Lazard Rathmore Alternative Fund (continued) %

- EA Dist GBP Hedged 0.75

- EA Dist USD 0.75

- M Acc USD N/A

- S Acc GBP 1.00

- S Acc GBP Hedged 1.00

- S Acc USD 1.00

- S Dist GBP Hedged 1.00

Lazard US Fundamental Alternative Fund* %

- C Acc USD 0.75


- EA Acc USD 0.50

- M Acc USD N/A

* Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018.** Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019.See Note 15 for information on the launch and termination dates of the above Share classes.

Investors are only permitted to hold units in the X Share class where Lazard or an affiliate are appointed as the investment managers to carry out investment management or advisory services on their behalf. Shareholders in the class will be subject to a fee with regard to their investment in the Fund based on the Investment Management Agreement between themselves and the investment managers or a Lazard affiliate. Shares in the M Classes are available only to other Funds managed or advised by an affiliate or to such other persons as the Manager may determine from time to time.

The Manager has delegated the performance of the investment management function in respect of the Funds to the Investment Managers. The Manager will be responsible for discharging the fees and expenses of the Investment Managers, the Promoter and the Distributor out of its fee. For the financial year ended 31 March 2020, management fees of USD 24,936,247 (31 March 2019: USD 27,691,099) were charged of which USD 1,808,675 (31 March 2019: USD 4,197,594) remained payable at the financial year end.

Performance FeesThe Manager is entitled to receive a performance fee in respect of Lazard Emerging Markets Total Return Debt Fund, Lazard European Alternative Fund and Lazard Rathmore Alternative Fund. The Manager was entitled to receive a performance fee in respect of Lazard US Fundamental Alternative Fund, this Fund was fully redeemed on 13 September 2018. Below is a description of how this fee is calculated for each Fund.


The Manager is entitled to receive a performance fee, accrued daily and payable monthly, in respect of each of the Share classes in the Fund, excluding the D Classes, the X Classes and the M Classes, equal to 20% of the Net Gain, if any, during the relevant Performance Period (the “Performance Fee”). No Performance Fee shall be charged to the assets of the D Classes, the X Classes or the M Classes. A Performance Fee in respect of each relevant Share class shall accrue and become due and payable only in the event that both of the conditions below are met:

• the Ending NAV per Share for any Performance Period during the year has exceeded the Hurdle NAV per Share; and• the Ending NAV per Share for the applicable Performance Period exceeds the High Water Mark.

Performance Period

A Performance Period will end on the last Business Day of each calendar month and will begin on the earlier of (i) the end of the last Business Day of the previous month or (ii) the last Business Day that a Performance Fee was payable or, for a Share class’ initial Performance Period, the first Business Day following closure of that Share class’ Initial Offer Period.

Ending NAV per Share

With respect to each class of Shares apart from the Unhedged Share classes, the Ending NAV per Share is the NAV per Share of the relevant class, prior to the accrual of any applicable Performance Fee and deduction of any applicable dividend, as at the last Valuation Point for the current Performance Period.

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3. Fees (continued)

Performance Fees (continued)


Ending NAV per Share (continued)

With respect to each Unhedged Share class, the Ending NAV per Share is the NAV per Share of the relevant class as described in the preceding paragraph, but expressed in the Fund Base Currency as calculated using the Prevailing Exchange Rate on the relevant date.

Hurdle NAV per Share

The Hurdle NAV per Share is calculated with respect to each Share class using an annualised hurdle rate of 5% (the “Hurdle Rate”). For the calendar year in which a Share class is first issued, the Hurdle NAV per Share of the relevant class (apart from the Unhedged Share Classes) will be calculated by multiplying the Initial Offer Price per Share of that class by a pro rata portion of Hurdle Rate for the remainder of the year (i.e., 5% divided by 365 and multiplied by the number of days following the closure of the Initial Offer Period for the relevant Share class until the end of the relevant calendar year) and adding the result to the Initial Offer Price per Share of the relevant class. For each subsequent year following the year in which the relevant Share class first issued, the Hurdle NAV per Share will be calculated with respect to that Share class by multiplying the NAV per Share of the relevant class on the last Valuation Point of the prior calendar year by the Hurdle Rate (i.e. 5% as defined above) and adding the result to such NAV per Share. In each case, the Hurdle NAV per Share will be adjusted for any dividends paid during the relevant calendar year.

For all Unhedged Share Classes, the Hurdle NAV per Share is calculated in the same manner as set out in the immediately preceding paragraph except that all values (i.e. for the Initial Offer Price per Share or the NAV per Share of the relevant class as the case may be) are, for the purpose of calculating the Hurdle NAV per Share, converted into the Fund Base Currency using the Prevailing Exchange Rate in each instance on the relevant date. For all Unhedged Share Classes, the Hurdle NAV per Share is calculated in the same manner as set out in the immediately preceding paragraph except that all values (i.e. for the Initial Offer Price per Share or the NAV per Share of the relevant class as the case may be) are, for the purpose of calculating the Hurdle NAV per Share, converted into the Fund Base Currency using the Prevailing Exchange Rate in each instance on the relevant date.

High Water Mark

With respect to each class of Shares apart from the Unhedged Share Classes, the High Water Mark is the greater of: (i) the highest NAV per Share of the relevant Share class (after deduction of any applicable Performance Fee and any applicable dividend) on the last Valuation Point for any previous Performance Period for which a Performance Fee was payable; or (ii) the Initial Offer Price per Share of the relevant Share class.

With respect to each Unhedged Share Class, the High Water Mark is the greater of (i) or (ii) above each as expressed in the Fund Base Currency using the Prevailing Exchange Rate on the relevant date.

The High Water Mark will be adjusted for any appropriate dividend paid.

"Prevailing Exchange Rate" means the exchange rate prevailing as between the currency in which the relevant Unhedged Share Class is denominated and the Fund Base Currency.

Net Gain

With respect to each relevant Share class, the “Net Gain per Share” is the difference between the Ending NAV per Share and the higher of (1) the Hurdle NAV per Share and (2) the High Water Mark. “Net Gain” is the Net Gain per Share multiplied by the closing number of Shares of the relevant class in issue for the relevant Performance Period.

General

For each Share class, the Performance Fee will be calculated by taking the Net Gain per Share of the relevant class for the applicable Performance Period, and multiplying this by the closing number of Shares of the relevant class in issue and multiplying the resultant figure by 20%. Any Performance Fee accrued in respect of Shares redeemed during a Performance Period shall be realised and become payable at the point of redemption. The Performance Fee will be accrued daily and payable as of the end of the relevant Performance Period. The Performance Fee shall be calculated independently by the Administrator and verified by the Depositary. The Performance Fee will be divided between the Manager and the Investment Managers in such proportions as shall be agreed between the Manager and the Investment Managers from time to time. For the financial year ended 31 March 2020, performance fees of USD Nil (31 March 2019: USD Nil) were charged and USD Nil (31 March 2019: USD Nil) were payable at the financial year end.

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The Manager is entitled to receive a performance fee (the “Performance Fee”), accrued daily and payable annually (or otherwise on redemption of the relevant Shares), in respect of each of the Share classes in the Fund (excluding the EA Classes, the M Class and the X Class), equal to 20% of the Net Gain, if any, during the relevant Performance Period. The Manager is also entitled to receive a Performance Fee, accrued daily and payable annually (or otherwise on redemption of the relevant Shares), in respect of each of the EA Classes equal to 10% of the Net Gain, if any, during the relevant Performance Period. No Performance Fee shall be charged to the assets of the M Class and the X Class. A Performance Fee shall accrue and become due and payable in respect of Shares of any relevant class only in the event that both of the conditions below are met:

• the Ending NAV per Share for any Performance Period has exceeded the Hurdle NAV per Share; and• the Ending NAV per Share for the applicable Performance Period (or as at the date the relevant Shares are redeemed) exceeds

the High Water Mark.


The Manager is entitled to receive a performance fee (the “Performance Fee”), accrued daily and payable annually (or otherwise on redemption of the relevant Shares), in respect of each of the Share classes in the Fund (excluding the EA Classes, the M Classes and the X Class), equal to 20% of the Net Gain, if any, during the relevant Performance Period. The Manager is also entitled to receive a Performance Fee, accrued daily and payable annually (or otherwise on redemption of the relevant Shares), in respect of each of the EA Classes equal to 15% of the Net Gain, if any, during the relevant Performance Period. No Performance Fee shall be charged to the assets of the M Class and the X Class. A Performance Fee shall accrue and become due and payable in respect of Shares of any relevant class only in the event that both of the conditions below are met:

• the Ending NAV per Share for any Performance Period has exceeded the Hurdle NAV per Share; and• the Ending NAV per Share for the applicable Performance Period (or as at the date the relevant Shares are redeemed) exceeds

the High Water Mark.

Lazard European Alternative Fund and Lazard Rathmore Alternative Fund

Performance Period

The first "Performance Period" for each relevant Share class shall commence as of the first Business Day following the closure of the Initial Offer Period for that class and end on the last Valuation Point of the then current calendar year. Each subsequent Performance Period shall commence immediately on the end of the prior Performance Period and end on the last Valuation Point of the next following calendar year (or otherwise on the date by reference to which the last NAV for the relevant Share class is calculated).

Ending NAV per Share

With respect to each class of Shares apart from the Unhedged Share Classes, the Ending NAV per Share is the NAV per Share of the relevant class, prior to the accrual of any applicable Performance Fee and deduction of any applicable dividend, as at the last Valuation Point for the relevant Performance Period (or otherwise on the date by reference to which the price at which the relevant Shares are redeemed is calculated).

With respect to each Unhedged Share Class, the Ending NAV per Share is the NAV per Share of the relevant class as described in the preceding paragraph, but expressed in the Fund Base Currency as calculated using the Prevailing Exchange Rate on the relevant date.

Hurdle NAV per Share

The Hurdle NAV per Share is calculated by applying the prevailing 3 month Euribor rate and 3 month US Dollar Libor rate for Lazard European Alternative Fund and Lazard Rathmore Alternative Fund respectively (provided such rate is not a negative number and subject to a cap of 5%) as at the date of accrual of the Performance Fee (the “Hurdle Rate”) to:

(i) the opening NAV per Share of the relevant class for the then current Performance Period or, where the relevant class is an Unhedged Share Class, to the opening NAV per Share of the relevant class for the then current Performance Period as expressed in the Fund Base Currency (using the Prevailing Exchange Rate on the relevant date) (the “Opening NAV per Share”), or

3. Fees (continued)


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(ii) where the current Performance Period is the first Performance Period for the relevant class, to the Initial Offer Price per Share for the relevant Shares or, where the relevant class is an Unhedged Share Class, to the Initial Offer Price per Share for the relevant Shares as expressed in the Fund Base Currency (using the Prevailing Exchange Rate on the relevant date).

Where the 3 month Euribor rate prevailing at the relevant time is a negative number, the Hurdle NAV per Share shall, as the case may be, be the Opening NAV per Share or the Initial Offer Price per Share for the relevant class (such price being, where the class in question is an Unhedged Share Class, the Initial Offer Price per Share of the relevant class as expressed in the Fund Base Currency (using the Prevailing Exchange Rate on the relevant date).

The Hurdle Rate will be prorated for Performance Periods less than one year.

High Water Mark

With respect to each class of Shares apart from the Unhedged Share Classes, the High Water Mark is the greater of: (i) the highest NAV per Share of the relevant Share class (after deduction of any applicable Performance Fee and any applicable dividend) on the last Valuation Point for any previous Performance Period for which a Performance Fee was payable; or (ii) the Initial Offer Price per Share of the relevant Share class. With respect to each Unhedged Share Class, the High Water Mark is the greater of (i) or (ii) above each as expressed in the Fund Base Currency using the Prevailing Exchange Rate on the relevant date.

The High Water Mark will be adjusted for any appropriate dividend paid.

"Prevailing Exchange Rate" means the exchange rate prevailing as between the currency in which the relevant Unhedged Share Class is denominated and the Fund Base Currency.

Net Gain

With respect to the Shares of each relevant class, the Net Gain per Share is the difference between the Ending NAV per Share and the higher of (1) the Hurdle NAV per Share and (2) the High Water Mark. “Net Gain” is the Net Gain per Share multiplied by the average number of Shares of the relevant class in issue during the period commencing on the date on which the then current Performance Period began and ending on the accrual date. The average number of Shares may be adjusted to take account of redemptions during the relevant period.

General

For each Share class (excluding the EA Classes, the M Classes and the X Class) the Performance Fee will be calculated by taking the Net Gain for the relevant Share class for the applicable Performance Period and multiplying this by the average number of Shares of the relevant class in issue and multiplying the resultant figure by 20% for Lazard European Alternative Fund and Lazard Rathmore Alternative Fund. For each of the EA Classes the Performance Fee will be calculated by taking the Net Gain for the relevant EA Class for the applicable Performance Period and multiplying the resultant figure by 10% and 15% for Lazard European Alternative Fund and Lazard Rathmore Alternative Fund respectively. Each Share shall bear its pro-rata Share of the Performance Fee, if any, payable in respect of the relevant class. The Performance Fee will be accrued daily and, provided the relevant Shares have not been redeemed, will be payable as of the end of the relevant Performance Period. Any Performance Fee accrued in respect of Shares redeemed during a Performance Period shall be realised and become payable at the point of redemption. The Performance Fee shall be calculated independently by the Administrator and verified by the Depositary.

Lazard European Alternative Fund, for the financial year ended 31 March 2020, performance fees of EUR 987,119 (31 March 2019: EUR 1,300,623) were charged and EUR 343,324 (31 March 2019: EUR 1,736) were payable at the financial year end.

Lazard Rathmore Alternative Fund, for the financial year ended 31 March 2020, performance fees of USD 771,631 (31 March 2019: USD 174,460) were charged and USD 19,999 (31 March 2019: USD 166,385) were payable at the financial year end.

There is no performance fee charged in relation to any of the other Funds.

3. Fees (continued)


Lazard European Alternative Fund and Lazard Rathmore Alternative Fund (continued)

Hurdle NAV per Share (continued)

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3. Fees (continued)

Reimbursement from ManagerEach class of Shares of each Fund shall bear its attributable portion of the other expenses of the Company, (as set out in detail under the heading “Other Expenses” in the section of the Prospectus entitled “Fees and Expenses”), subject to an overall cap on expenses of 0.23% per annum of the NAV of the Funds with respect to Lazard Emerging Markets Bond Fund, Lazard Emerging Markets Local Debt Fund, Lazard Emerging Markets Total Return Debt Fund, Lazard Emerging Markets Debt Blend Fund, Lazard Emerging Market Debt Unrestricted Blend Fund, Lazard Emerging Markets Corporate Debt Fund and Lazard Scandinavian High Quality Bond Fund. In the case of Lazard Diversified Return Fund, the cap is 0.25%, in the case of Lazard European Alternative Fund and Lazard Rathmore Alternative Fund, the cap is 0.30% and in the case of Lazard Commodities Fund, the cap is 0.15%. As at the 31 March 2020, the above caps on expenses are in effect on all of the Funds except for Lazard Emerging Markets Local Debt Fund, Lazard Emerging Markets Debt Blend Fund, Lazard Emerging Markets Debt Unrestricted Blend Fund and Lazard European Alternative Fund. The Manager will be responsible for any such expenses in excess of this limit with the exception of the expenses of acquiring and disposing of Investments (including brokerage expenses, custodial and sub-custodial transaction charges, stamp duties and other relevant taxes). For Lazard Diversified Return Fund and Lazard European Alternative Fund, the custodial and sub-custodial transactions charges are included in the cap. For the avoidance of doubt, the Manager will not be responsible for the costs of hedging the currency exposure for the benefit of any particular Share class of the Fund, which costs shall be attributable exclusively to the relevant Share class. For the financial year ended 31 March 2020, reimbursement from the Manager was USD 463,408 (31 March 2019: USD 351,111) of which USD 182,421 (31 March 2019: USD 102,007) remained receivable at the financial year end.

Administration, Transfer Agency and Depositary FeesThe Administrator is entitled to an annual administration fee payable by the Funds of up to 0.065% of the Funds' NAV. Such fees shall accrue daily and be payable monthly in arrears. The Administrator shall also be entitled to recover from the Funds its reasonable out-of-pocket expenses.

Shareholder and transfer agency services fees which will be charged at commercial rates subject to a minimum annual fee of USD 4,000 for each Share class that has issued in the Funds (exclusive of transaction charges, which shall be at normal commercial rates).

The Depositary is entitled to an annual depositary fee payable by the Fund of up to 0.02% of the Funds' NAV. Such fees shall accrue daily and be paid by the Funds monthly in arrears. The Depositary is also entitled to charge the Funds transaction costs, which shall be at normal commercial rates, and to be reimbursed by the Funds for the fees and transactions charges of any sub-custodian (which shall also be at normal commercial rates), together with its reasonable, out-of-pocket expenses.

For the financial year ended 31 March 2020, administration, transfer agency and depositary fees of USD 5,300,299 (31 March 2019: USD 5,393,599) were charged of which USD 1,711,117 (31 March 2019: USD 1,204,175) remained payable at the financial year end.

For twelve months from the date of launch of each Fund, fees payable to State Street for provision of Administration and Depositary services shall be subject to a cap of 18.5 basis points. Custodial fees related to safekeeping and related transaction costs are excluded from this cap, as are all relevant out of pocket expenses, whether payable to the Depositary, Administrator or other third party.

Currency Manager’s FeesThe Funds shall pay State Street Bank Europe Limited (the "Currency Manager") an annual fee, calculated and accrued daily and payable quarterly in arrears, not in excess of 0.06% per annum of the NAV of each hedged Share class in issue, such fee to accrue solely to the hedged Share class in respect of which it is incurred. The foregoing fee is subject to the Currency Manager being entitled to a minimum annual service fee, calculated and accrued daily and payable quarterly in arrears, of USD 75,000 charged pro rata to all relevant hedged Share classes in issue per Fund. For the financial year ended 31 March 2020, Currency Manager's fees of USD 365,881 (31 March 2019: USD 440,523) were charged of which USD 175,627 (31 March 2019: USD 208,029) remained payable at the financial year end.

Directors’ FeesDirectors’ fees charged over the financial year were USD 109,146 (31 March 2019: USD 101,122), of which USD 28,189 (31 March 2019: USD 26,978) were outstanding at 31 March 2020.

Auditors’ FeesFees and expenses paid to the statutory auditors, PricewaterhouseCoopers (Ireland), in respect of the financial year, entirely relate to the audit of the financial statements of the Company and to the provision of non-audit services. There were no fees and expenses paid in respect of other assurance or tax advisory services provided by the auditors, PricewaterhouseCoopers (Ireland), for the financial years ended 31 March 2020 or 31 March 2019.

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Auditors’ remuneration in respect of the statutory audit for the financial year was USD 105,417 (31 March 2019: USD 111,589), of which USD 105,417 was outstanding at 31 March 2020 (31 March 2019: USD 111,589). Fees paid in respect of non-audit services for the financial year were USD 1,111 (31 March 2019: USD 1,158), of which USD 1,111 was outstanding at 31 March 2020 (31 March 2019: USD 1,158). These fees include out of pocket audit expenses and are exclusive of VAT.

Transaction CostsAs disclosed in Note 2, transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of the financial asset or financial liability. Under purchases and sales transaction costs detailed below are the transaction costs on the purchase and sales of equities, futures contracts, options contracts and investment funds. Commission/brokerage costs on the purchase and sale of fixed income securities, money market instruments, contracts for difference, forward foreign exchange currency contracts and swaps, transaction costs on these instruments cannot be separately identified. They are included in the purchase and sale price of the investment, and therefore not disclosed separately in this note.

The following tables show the transaction costs for the financial year ended 31 March 2020 and 31 March 2019:

31 March 2020

Lazard Emerging

Markets Bond Fund

Lazard Emerging

Markets Local Debt Fund

Lazard Emerging

Markets Total Return Debt

Fund

Lazard Emerging

Markets Debt Blend

Fund

Lazard Emerging

Markets Debt Unrestricted Blend Fund

Lazard Emerging

Markets Corporate

Debt Fund*USD USD USD USD USD USD

Custody transaction costs 15,326 179,335 98,369 176,525 174,200 2,572

Purchases and sales transaction costs - - 553 397 - -

Lazard Scandinavian

High Quality Bond Fund

Lazard Commodities

Fund

Lazard Diversified

Return Fund

Lazard European

Alternative Fund

Lazard Rathmore

Alternative Fund Total

EUR USD USD EUR USD USD


Purchases and sales transaction costs - 3,384 19,302 1,501,273 175,665 1,867,516


31 March 2019

Lazard Emerging

Markets Bond Fund

Lazard Emerging

Markets Local Debt Fund

Lazard Emerging

Markets Total Return Debt

Fund

Lazard Emerging

Markets Debt Blend

Fund

Lazard Emerging

Markets Debt Unrestricted Blend Fund

Lazard Scandinavian

High Quality Bond

Fund*USD USD USD USD USD EUR


Purchases and sales transaction costs - 67 155 224 18 -

Lazard Commodities

Fund**

Lazard Diversified

Return Fund

Lazard European

Alternative Fund

Lazard Rathmore

Alternative Fund***

Lazard US Fundamental

Alternative Fund**** Total

USD USD EUR USD USD USD

Custody transaction costs 11,751 101,004 14,346 38,926 950 866,490

Purchases and sales transaction costs 11,766 36,324 1,154,189 42,337 219 1,427,545

* Lazard Scandinavian High Quality Bond Fund launched on 7 January 2019.** Lazard Commodities Fund launched on 23 July 2018.*** Lazard Rathmore Alternative Fund launched on 1 May 2018.**** Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018.

3. Fees (continued)

Auditors’ Fees (continued)

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4. TaxationUnder current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis the Company will not be liable to taxation in respect of its income and gains, other than on the occurrence of a chargeable event. Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of Shares or on the ending of a ‘relevant period’, a ‘relevant period’ being an eight year period beginning with the acquisition of the Shares by the shareholders and each subsequent period of eight years beginning immediately after the preceding relevant period.

A chargeable event does not include:

a) any transactions in relation to Shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland: or

b) an exchange of Shares representing a Fund for another Fund: orc) an exchange of Shares arising on a qualifying amalgamation or reconstruction of a Fund with another Fund: ord) certain exchanges of Shares between spouses and former spouses.

A chargeable event will not occur in respect of shareholders who are neither resident nor ordinarily resident in Ireland and who have provided the Company with a relevant declaration to that effect.

In the absence of an appropriate declaration, the Company will be liable to Irish Tax on the occurrence of a chargeable event. There were no chargeable events during the period under review.

Capital gains, dividends and interest received may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by a Fund or its shareholders.

5. Capital and ReservesThe Company has a variable share capital.

Management SharesThe authorised share capital of the Company is two subscriber shares of par value of £1.00 each. The two subscriber shares are held by the Manager and the Promoter. The subscriber Shares do not form part of the NAV of the Company.

Redeemable Participating SharesThe Company also has an authorised share capital of 5,000,000,000,000 Shares of no par value which are available for issue as fully paid participating shares in each of the Company’s Funds (“Redeemable Participating Shares”). They may be redeemed by the Company at the request of the shareholder. The value of Shares issued and redeemed during the financial year is set out in the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. Each Fund issues Redeemable Participating Shares, which are redeemable at the holder’s option and are classified as financial liabilities. Redeemable Participating Shares can be put back to the Fund at any time for cash equal to a proportionate share of the Fund’s NAV. The Redeemable Participating Share is carried at the redemption amount that is payable at the Statement of Financial Position date if the holder exercises the right to put the Share back to the Fund.

The activity on Redeemable Participating Shares for the financial year ended 31 March 2020 and 31 March 2019 is as follows:

31/03/2020 31/03/2019

Lazard Emerging Markets Bond Fund SharesValue of Share

Transactions Shares Value of Share

Transactions

USD USD

Beginning of financial year 79,559 200,879

Subscriptions during the financial year

- A Acc EUR Hedged 19,870 2,974,087 28,974 4,440,163

- B Acc EUR Hedged 3,500 391,541 - -

23,370 3,365,628 28,974 4,440,163

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Redemptions during the financial year

- A Acc EUR Hedged (7,485) (1,122,454) (95,249) (14,837,194)

- A Acc USD (13,201) (2,000,000) (55,045) (7,891,379)

(20,686) (3,122,454) (150,294) (22,728,573)

End of financial year 82,243 79,559

31/03/2020 31/03/2019

Lazard Emerging Markets Local Debt Fund SharesValue of Share


Transactions

USD USD

Beginning of financial year 13,076,094 6,976,530


- A Acc CHF Hedged 9,370 872,538 48,284 4,179,364

- A Acc EUR 69,318 8,193,675 290,313 32,441,075

- A Acc EUR Hedged 277,527 31,324,534 181,572 20,705,250

- A Acc USD 128,145 13,049,090 218,763 19,947,833

- A Dist EUR Hedged 3,790 413,836 12,780 1,421,773

- A Dist GBP Hedged 4,296 381,977 57,539 5,269,439

- A Dist USD 45,700 3,368,071 34,940 2,569,091

- B Acc EUR Hedged 221 23,098 2,415 267,101

- B Acc USD 4,399 432,007 - -

- I Acc CHF 57,750 6,736,296 188,950 20,258,750

- P Acc USD 1,554,333 169,939,472 6,686,669 674,900,963

- P Dist USD 161,860 16,734,205 1,378,339 138,204,777

2,316,709 251,468,799 9,100,564 920,165,416


- A Acc CHF Hedged (5,468) (487,020) (35,447) (3,110,863)

- A Acc EUR (32,369) (3,781,187) (1,309,820) (144,180,655)

- A Acc EUR Hedged (87,790) (9,379,937) (55,870) (6,616,131)

- A Acc USD (1,295,395) (131,191,825) (475,485) (44,242,902)

- A Dist EUR Hedged (580) (63,636) (7,500) (811,399)

- A Dist GBP Hedged (13,225) (1,142,729) (2,766) (259,872)

- A Dist USD (13,100) (952,096) (668,529) (47,448,974)

- B Acc EUR Hedged (8) (762) - -

- I Acc CHF (206,800) (22,115,605) (171,900) (17,866,620)

- K Acc EUR - - - -

- P Acc USD (1,323,382) (139,393,217) (224,056) (22,222,735)

- P Dist USD (649,608) (67,061,576) (49,627) (4,868,919)

(3,627,725) (375,569,590) (3,001,000) (291,629,070)

End of financial year 11,765,078 13,076,094

31/03/2020 31/03/2019

Lazard Emerging Markets Total Return Debt Fund SharesValue of Share


Transactions

USD USD



- A Acc EUR Hedged 43,265 4,975,994 118,024 14,210,550

- A Acc USD 8,921 1,003,242 11,767 1,348,081

- A Dist EUR Hedged 12,783 1,124,442 5,872 571,728

- B Acc EUR Hedged 24 2,605 959 114,667

- B Acc GBP Hedged - - 82 12,567

- B Acc USD - - 144 15,165

5. Capital and Reserves (continued)

Redeemable Participating Shares (continued)

31/03/2020 31/03/2019

Lazard Emerging Markets Bond Fund (continued) SharesValue of Share


Transactions

USD USD

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31/03/2020 31/03/2019

Lazard Emerging Markets Total Return Debt Fund (continued) Shares

Value of Share Transactions Shares

Value of Share Transactions

USD USD

Subscriptions during the financial year (continued)

- C Acc EUR Hedged - - 7,483 896,683

- D Acc USD - - 579 59,715

- D Dist EUR Hedged - - 87,000 8,786,157

- M Acc USD 2,156 2,153,630 - -

- M Dist AUD Hedged 22,289 15,816,562 27,061 1,763,450

- X Dist GBP Hedged 934 111,380 35,186 4,627,636

90,372 25,187,855 294,157 32,406,399


- A Acc EUR Hedged (79,989) (9,164,164) (473,150) (53,682,808)

- A Acc GBP Hedged - - (3,612) (521,502)

- A Acc JPY Hedged - - - (84)

- A Acc USD (35,516) (4,008,868) (476,714) (53,967,232)

- A Dist EUR Hedged (334,835) (28,698,484) (722,531) (64,140,411)

- B Acc EUR Hedged (2,359) (256,035) (78,560) (9,017,632)

- B Acc GBP Hedged (245) (33,041) (364) (47,499)

- B Acc USD (1,878) (198,021) (19,606) (2,021,723)

- C Acc EUR Hedged - - (7,351) (782,554)

- D Acc USD (316,281) (33,667,856) (88,287) (8,713,579)

- M Acc USD (922) (965,126) (47,631) (4,956,725)

- M Dist AUD Hedged (244,158) (18,296,130) (117,310) (7,387,438)

- X Dist GBP Hedged (36,120) (4,263,292) - -

(1,052,303) (99,551,017) (2,035,116) (205,239,187)


31/03/2020 31/03/2019

Lazard Emerging Markets Debt Blend Fund SharesValue of Share


Transactions

USD USD



- A Acc CHF Hedged 4,738 450,729 152,420 13,726,375

- A Acc EUR Hedged 91,146 9,352,052 1,623,707 174,030,414

- A Acc GBP Hedged 866 113,478 4,654 636,673

- A Acc USD 111,715 11,668,899 980,237 90,314,833

- A Dist GBP 26,306 3,825,969 4,506 681,034

- A Dist USD 442,699 45,070,578 26,799 2,662,636

- B Acc EUR Hedged 17,065 1,712,587 28,790 3,049,600

- B Acc USD 21,992 2,239,312 - -

- E Acc EUR Hedged 6,239 693,854 - -

- E Acc USD 33,616 3,369,856 - -

- E Dist GBP 48,078 6,208,831 - -

- E Dist USD 488,422 48,593,441 - -

- K Acc EUR 32 4,570 636 88,868

1,292,914 133,304,156 2,821,749 285,190,433


- A Acc CHF Hedged (146,619) (14,103,915) (499,859) (44,606,302)

- A Acc EUR Hedged (1,882,928) (190,007,557) (1,261,520) (125,893,246)

- A Acc GBP Hedged (8,322) (1,134,349) (24,505) (3,094,114)

- A Acc USD (810,892) (84,221,518) (1,284,741) (119,529,236)

- A Dist GBP (29,314) (4,226,971) (87,801) (12,764,523)

- A Dist USD (437,894) (44,073,370) (6,249,921) (565,112,045)

- B Acc EUR Hedged (42,477) (4,560,779) (9,065) (1,024,061)

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- B Acc USD (21,266) (2,185,459) (12,350) (1,199,825)

- E Acc EUR Hedged (344) (34,641) - -

- E Acc USD (5,717) (590,028) - -

- E Dist GBP (11,433) (1,362,908) - -

- E Dist USD (40,500) (3,907,986) - -

- K Acc EUR (6,135) (927,930) (2,083) (287,654)

- X Acc EUR Hedged - - - (2,007)

(3,443,841) (351,337,411) (9,431,845) (873,513,013)


31/03/2020 31/03/2019

Lazard Emerging Markets Debt Unrestricted Blend Fund Shares



USD USD



- A Acc EUR - - 352 38,228

- A Acc USD 556,736 69,450,690 436,555 48,676,144

- K Acc EUR - - 111,899 14,410,644

- K Acc GBP - - 35,309 6,180,893

556,736 69,450,690 584,115 69,305,909


- A Acc EUR - - (159,027) (16,536,268)

- A Acc USD (273,252) (33,150,338) (3,366) (400,000)

- K Acc EUR (687,273) (90,402,540) (564,097) (74,412,531)

- K Acc GBP (1,070,248) (192,132,921) (169,903) (27,962,460)

- X Acc EUR Hedged (654,457) (83,323,267) - -

- X Acc USD (646,005) (79,058,805) (4,245) (473,160)

(3,331,235) (478,067,871) (900,638) (119,784,419)


31/03/2020

Lazard Emerging Markets Corporate Debt Fund** SharesValue of Share

Transactions

USD

Beginning of financial year -


- A Acc USD 1,000 100,000

- M Acc USD 9,900 9,900,000

10,900 10,000,000

End of financial year 10,900

31/03/2020 31/03/2019

Lazard Scandinavian High Quality Bond Fund SharesValue of Share


Transactions

EUR EUR

Beginning of financial year 452,694 -


- A Acc CHF Hedged 150,000 13,814,269 - -

- A Acc EUR 23,405 2,340,439 - -

- A Dist EUR 90,522 9,122,988 175 17,473

- BP Acc EUR 21,616 2,162,989 - -

- C Acc EUR 352,711 35,377,935 - -



31/03/2020 31/03/2019

Lazard Emerging Markets Debt Blend Fund (continued) Shares



USD USD

Redemptions during the financial year (continued)

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- EA Acc CHF Hedged 290,000 25,730,052 - -

- EA Dist EUR 1,372,741 138,397,845 452,519 45,442,327

- G Dist EUR 499,995 50,017,090 - -

- X Acc CHF Hedged 1,459,120 132,119,945 - -

4,260,110 409,083,552 452,694 45,459,800


- A Acc CHF Hedged (150,000) (13,732,324) - -

- A Acc EUR (17,500) (1,719,409) - -

- A Dist EUR (24,283) (2,421,730) - -

- C Acc EUR (21,562) (2,145,234) - -

- EA Dist EUR (269,160) (27,119,560) - -

- G Dist EUR (298,000) (30,028,119) - -

(780,505) (77,166,376) - -

End of financial year 3,932,299 452,694

31/03/2020 31/03/2019

Lazard Commodities Fund SharesValue of Share


Transactions

USD USD



- A Acc USD - - 1,000 100,000

- C Acc GBP 2,213 267,631 208 26,187

- C Acc GBP Hedged - - 212 26,683

- EA Acc EUR Hedged - - 1,000 116,281

- EA Dist GBP 4,709 570,624 10,149 1,256,691

- F Dist GBP 45,378 5,476,210 277,750 36,349,937

- M Acc USD 1,865 1,859,526 22,000 2,200,000

54,165 8,173,991 312,319 40,075,779


- A Acc USD - - (773) (75,000)

- C Acc GBP (92) (11,044) (10) (1,148)

- C Acc GBP Hedged (4) (441) (10) (1,192)

- EA Dist GBP (1,388) (166,664) (160) (19,521)

- F Dist GBP (23,898) (2,852,445) (9,977) (1,253,447)

- M Acc USD (18,822) (2,561,525) (4,025) (380,001)

(44,204) (5,592,119) (14,955) (1,730,309)


31/03/2020 31/03/2019

Lazard Diversified Return Fund SharesValue of Share


Transactions

USD USD

Beginning of financial year 416,862 683,818


- AP Acc USD 31,407 3,140,750 - -

- BP Acc EUR Hedged - - 705 78,186

- BP Acc USD 500 48,737 2,000 196,639

- C Acc USD 9 930 2,319 251,478

- EA Acc EUR Hedged 6,033 656,445 7,625 911,302

- EA Acc USD - - 52,218 5,597,000

- M Acc USD 16,620 16,619,955 - -

54,569 20,466,817 64,867 7,034,605



31/03/2020 31/03/2019

Lazard Scandinavian High Quality Bond Fund (continued) Shares



EUR EUR

Subscriptions during the financial year (continued)

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- AP Acc EUR Hedged (17) (1,747) (185) (20,435)

- AP Acc USD (11,082) (1,035,681) (88,962) (8,597,383)

- BP Acc EUR Hedged (6,705) (679,248) (4,921) (511,669)

- BP Acc USD (7,870) (762,207) (600) (56,858)

- C Acc USD (2,331) (249,616) (6,970) (739,965)

- EA Acc EUR Hedged (1,661) (178,148) (66,192) (7,725,483)

- EA Acc USD (191,089) (20,920,269) (117,220) (12,526,371)

- M Acc USD (156,596) (16,619,955) (46,773) (5,000,000)

(377,351) (40,446,871) (331,823) (35,178,164)


31/03/2020 31/03/2019

Lazard European Alternative Fund SharesValue of Share


Transactions

EUR EUR



- AP Acc GBP Hedged 1,041 130,261 - -

- AP Acc EUR 210,081 21,606,224 579,551 60,371,924

- AP Dist EUR 2,052 211,710 36,939 3,813,582

- B Acc EUR 53,704 5,412,283 230,948 23,765,211

- B Dist EUR - - 132 13,223

- BP Acc EUR 10,933 1,061,721 110,036 10,911,913

- C Acc CHF Hedged - - 1,384 118,382

- C Acc EUR 2,001,443 204,345,059 3,830,426 393,577,198

- C Acc GBP Hedged - - 3,413 389,297

- C Acc USD 39,266 3,491,438 36,891 3,334,791

- C Acc USD Hedged 49,661 4,733,807 5,749 549,952

- C Dist EUR - - 1,200 121,378

- C Dist GBP Hedged - - 214 24,925

- C Dist USD Hedged - - 230 20,577

- M Acc EUR 2,184 2,183,316 - -

- M Acc USD 6,160 5,498,417 - -

- M Acc USD Hedged 2,870 2,558,393 - -

- S Acc EUR 1,338,753 138,057,030 - -

3,718,148 389,289,659 4,837,113 497,012,353


- AP Acc EUR (1,049,364) (108,480,308) (696,084) (72,451,794)

- AP Acc GBP Hedged - - (227) (26,817)

- AP Acc USD Hedged (1,473) (145,103) - -

- AP Dist EUR (224,873) (22,955,237) (31,488) (3,266,946)

- B Acc EUR (221,586) (22,356,971) (127,735) (13,044,056)

- BP Acc EUR (113,325) (11,009,976) (11,981) (1,185,462)

- BP Dist EUR - - - (3)

- C Acc CHF Hedged - - (61,092) (5,187,846)

- C Acc EUR (4,479,443) (457,426,467) (2,097,246) (215,532,355)

- C Acc GBP - - (3,467) (389,297)

- C Acc GBP Hedged (3,875) (461,000) - -

- C Acc USD (45,966) (4,162,093) (22,036) (1,986,374)

- C Acc USD Hedged (31,905) (3,175,746) (73,656) (6,576,162)

- C Dist EUR - - (8,850) (891,181)

- C Dist GBP Hedged - - (11,968) (1,411,529)



31/03/2020 31/03/2019

Lazard Diversified Return Fund (continued) SharesValue of Share


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31/03/2020 31/03/2019

Lazard European Alternative Fund (continued) SharesValue of Share


Transactions

EUR EUR


- C Dist USD Hedged (48) (4,492) (3,931) (348,253)

- EA Acc EUR (288,115) (29,742,755) (218,342) (23,205,148)

- EA Acc USD Hedged (33,028) (3,314,314) - -

- M Acc EUR (21,410) (2,183,316) - -

- M Acc USD (2,008) (1,825,851) - -

- M Acc USD Hedged (25,799) (4,230,172) (10,164) (999,611)

- S Acc EUR (174,730) (17,472,638) - -

(6,716,948) (688,946,439) (3,378,267) (346,502,834)


31/03/2020 31/03/2019

Lazard Rathmore Alternative Fund SharesValue of Share


Transactions

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- A Acc CHF Hedged 5,906 611,401 504 50,601

- A Acc EUR Hedged 1,084,494 122,600,344 422 50,595

- A Acc GBP Hedged 54,095 6,915,713 371 50,444

- A Acc USD 110,896 11,599,180 505 50,472

- BP Acc EUR Hedged 2,695 296,342 - -

- C Acc EUR Hedged 73,972 8,244,087 - -

- C Acc USD 6,099 611,275 - -

- EA Acc CHF Hedged 25,487 2,555,511 53,499 5,370,538

- EA Acc EUR Hedged 181,515 20,454,104 248,073 29,150,547

- EA Acc GBP Hedged 15,284 1,805,225 146,444 18,878,884

- EA Acc USD 214,308 22,284,335 24,234 2,443,784

- EA Dist EUR Hedged 43,182 4,872,439 47,763 5,428,860

- EA Dist GBP Hedged 166,505 21,907,614 356,410 46,099,478

- EA Dist USD 86,097 9,025,682 118,683 11,910,746

- M Acc USD 3,352 3,355,625 76,042 7,610,886

- S Acc GBP 83,633 10,470,093 - -

- S Acc GBP Hedged 310,299 39,401,899 - -

- S Acc USD 7,057 704,629 - -

- S Dist GBP Hedged 20,000 2,593,099

2,494,876 290,308,597 1,072,950 127,095,835


- A Acc CHF Hedged - -

- A Acc EUR Hedged (199,536) (21,224,740) - -

- A Acc GBP Hedged (38,678) (4,894,510) - -

- A Acc USD (70,130) (7,215,017) - -

- BP Acc EUR Hedged (249) (25,918) - -

- C Acc EUR Hedged (6,354) (646,936) - -

- C Acc USD (5,859) (588,564) - -

- EA Acc CHF Hedged (14,298) (1,455,787) (7,908) (787,461)

- EA Acc EUR Hedged (114,248) (12,639,951) (22,932) (2,613,810)

- EA Acc GBP Hedged (68,253) (8,585,145) - -

- EA Acc USD (92,603) (9,619,100) (13,887) (1,401,558)

- EA Dist EUR Hedged (14,209) (1,605,225) (945) (107,098)

- EA Dist GBP Hedged (42,167) (5,524,351) (4,829) (638,865)

- EA Dist USD (30,059) (3,165,539) (30,335) (3,054,162)

- M Acc USD (33,840) (5,753,002) (44,611) (4,500,007)

- S Acc GBP (2,605) (321,558) - -

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- S Acc GBP Hedged (38,910) (4,557,614) - -

(771,998) (87,822,957) (125,447) (13,102,961)

End of financial year 2,670,381 947,503

31/03/2019

Lazard US Fundamental Alternative Fund* Shares Value of Share

TransactionsUSD

Beginning of financial year 117,293


- EA Acc USD 15,162 1,436,000

15,162 1,436,000


- C Acc USD (1,000) (93,638)

- EA Acc EUR Hedged (2,316) (250,064)

- EA Acc USD (100,139) (9,463,165)

- M Acc USD (29,000) (2,765,232)

(132,455) (12,572,099)End of financial year -

* Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018.** Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019, therefore there are no comparatives for this Fund.See Note 15 for information on the launch and termination dates of the above Share classes.

6. Net Asset ValueThe NAV per share of any class of Shares in a portfolio is determined by dividing the value of net assets of the Fund by the total number of Redeemable Participating Shares in issue at 31 March 2020, 31 March 2019 and 31 March 2018. The information disclosed in the following tables for all of the Lazard Funds as at 31 March 2020, 31 March 2019 and 31 March 2018 is in line with the information as calculated in accordance with the Prospectus (published NAV). The NAV and NAV per share in the following tables are stated in the currency of the relevant class.

NAV at 31 March 2020

Number of Redeemable Participating

shares in issue at 31

March 2020

NAV per Share at 31 March 2020




March 2019





March 2018


Lazard Emerging Markets Bond Fund- A Acc EUR Hedged €2,596,662 21,435 €121.14 €2,084,023 15,050 €138.47 €11,364,901 81,325 € 139.75

- A Acc USD $7,027,604 51,308 $136.97 $9,747,140 64,509 $151.10 $17,658,878 119,554 147.71

- B Acc EUR Hedged €298,013 3,500 €85.15 - - - - - -

Lazard Emerging Markets Local Debt Fund- A Acc CHF Hedged CHF4,575,222 59,482 CHF76.92 CHF4,824,046 55,581 CHF86.79 CHF4,217,243 42,744 CHF98.66

- A Acc EUR €73,466,367 776,828 €94.57 €74,254,196 739,879 €100.36 € 176,882,662 1,759,386 € 100.54

- A Acc EUR Hedged €67,213,544 784,014 €85.73 €57,274,048 594,277 €96.38 € 51,241,586 468,575 € 109.36

- A Acc USD $73,667,462 846,786 $87.00 $190,277,401 2,014,036 $94.48 $235,388,606 2,270,758 $103.66

- A Dist EUR Hedged €1,178,865 14,190 €83.08 €1,072,492 10,980 €97.68 € 599,891 5,700 € 105.24

- A Dist GBP Hedged £3,019,762 49,794 £60.65 £4,167,499 58,723 £70.97 £328,378 3,950 £83.13

- A Dist USD $43,315,129 693,490 $62.46 $46,846,047 660,890 $70.88 $105,338,766 1,294,479 $81.38

- B Acc EUR Hedged €219,985 2,628 €83.69 €228,333 2,415 €94.55 - - -

- B Acc USD $378,031 4,499 $84.02 $9,167 100 $91.67 $10,104 100 $101.04

- I Acc CHF CHF96,030,401 998,838 CHF96.14 CHF122,824,693 1,147,888 CHF107.00 CHF127,099,763 1,130,838 CHF112.39

- P Acc USD $633,686,303 6,693,564 $94.67 $662,269,516 6,462,613 $102.48 - - -

- P Dist USD $75,160,186 840,965 $89.37 $134,681,379 1,328,712 $101.36 - - -



31/03/2020 31/03/2019

Lazard Rathmore Alternative Fund (continued) SharesValue of Share


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Lazard Eme rging Markets Total Return Debt Fund

- A Acc EUR Hedged €21,313,398 217,149 €98.15 €25,909,839 253,873 €102.06 € 67,786,319 609,000 € 111.31

- A Acc GBP Hedged - - - - - - £410,995 3,612 £113.80

- A Acc USD $3,824,895 34,651 $110.38 $6,824,094 61,246 $111.42 $61,914,411 526,193 $117.66

- A Dist EUR Hedged €2,011,182 27,450 €73.27 €27,576,500 349,501 €78.90 € 95,539,295 1,066,160 € 89.61

- B Acc EUR Hedged €103,462 1,121 €92.32 €334,031 3,456 €96.66 € 8,593,781 81,057 € 106.02

- B Acc GBP Hedged - - - £24,560 245 £100.24 £57,162 527 £108.47

- B Acc USD $894,304 8,716 $102.60 $1,102,131 10,594 $104.03 $3,318,784 30,056 $110.42

- BP Acc EUR Hedged €43,300 500 €86.62 €45,397 500 €90.81 € 49,878 500 € 99.78

- C Acc EUR Hedged €11,682 132 €88.33 €12,145 132 €91.83 - - -

- D Acc USD - - - $32,753,226 316,281 $103.56 $44,623,693 403,989 $110.46

- D Dist EUR Hedged €62,526,488 810,141 €77.18 €67,307,308 810,142 €83.08 € 68,154,722 723,141 € 94.25

- M Acc USD $1,230,242 1,234 $996.74 - - - $5,195,884 47,631 $109.09

- M Dist AUD Hedged AUD16,291,522 16,804 AUD969.52 AUD20,391,880 238,673 AUD85.44 AUD31,928,598 328,922 AUD97.07

- X Dist GBP Hedged - - - £3,302,673 35,186 £93.86 - - -


- A Acc CHF Hedged CHF3,003,867 36,278 CHF82.80 CHF16,379,130 178,159 CHF91.94 CHF52,369,027 525,598 CHF99.64

- A Acc EUR Hedged €40,928,726 511,838 €79.96 €203,913,844 2,303,620 €88.52 € 185,725,363 1,941,433 € 95.66

- A Acc GBP Hedged £80,677 884 £91.27 £837,921 8,340 £100.47 £3,022,620 28,191 £107.22

- A Acc USD $39,722,118 434,046 $91.52 $110,818,579 1,133,223 $97.79 $147,184,248 1,437,727 $102.37

- A Dist GBP £850,189 8,284 £102.63 £1,242,239 11,292 £110.01 £10,649,672 94,587 £112.59

- A Dist GBP Hedged £114,733 1,376 £83.41 £133,067 1,376 £96.74 £149,444 1,376 £108.64

- A Dist USD $1,389,031 15,643 $88.79 $1,059,169 10,838 $97.73 $671,152,971 6,233,960 $107.66

- B Acc EUR Hedged €717,344 8,549 €83.91 €3,176,904 33,961 €93.55 € 1,449,394 14,236 € 101.81

- B Acc USD $295,025 3,244 $90.94 $246,382 2,518 $97.85 $1,533,596 14,868 $103.15

- E Acc EUR Hedged €512,582 5,895 €86.95 - - - - - -

- E Acc USD $2,463,600 27,899 $88.30 - - - - - -

- E Dist GBP £3,350,583 36,645 £91.43 - - - - - -

- E Dist USD $39,341,003 447,922 $87.83 - - - - - -

- K Acc EUR €215,642 1,771 €121.77 €996,898 7,874 €126.60 € 1,123,052 9,321 € 120.49

- K Dist EUR €13,809 161 €85.77 €15,198 161 €94.40 € 15,285 161 € 94.94


- A Acc CHF Hedged CHF2,570,460 26,990 CHF95.24 CHF2,915,664 26,990 CHF108.03 CHF3,164,205 26,990 CHF117.24

- A Acc EUR - - - - - - € 15,046,550 158,675 € 94.83

- A Acc USD $559,588,064 5,163,102 $108.38 $577,115,538 4,879,619 $118.27 $551,199,560 4,446,430 $123.96

- K Acc EUR - - - €80,248,244 687,273 €116.76 € 126,783,296 1,139,471 € 111.27

- K Acc GBP - - - £140,623,071 1,070,247 £131.39 £153,480,186 1,204,841 £127.39

- X Acc EUR Hedged - - - €72,985,064 654,457 €111.52 € 78,420,714 654,457 € 119.83

- X Acc USD $43,016,646 404,003 $106.48 $121,020,438 1,050,008 $115.26 $126,349,791 1,054,253 $119.85

Lazard Emerging Markets Corporate Debt Fund**

- A Acc USD $89,357 1,000 $89.36 - - - - - -

- M Acc USD $8,887,401 9,900 $897.72 - - - - - -


- A Acc EUR €576,587 5,905 €97.65

- A Dist EUR €6,549,956 66,414 €98.62 €17,669 175 €101.12 - - -

- BP Acc EUR €2,120,491 21,616 €98.10 - - - - - -

- C Acc EUR €32,537,382 331,149 €98.26 - - - - - -

- EA Acc CHF Hedged CHF28,437,979 290,000 CHF98.06 - - - - - -

- EA Dist EUR €153,581,119 1,556,100 €98.70 €45,771,636 452,519 €101.15 - - -

- G Dist EUR €19,815,406 201,995 €98.10 - - - - - -

- X Acc CHF Hedged CHF142,243,612 1,459,120 CHF97.49 - - - - - -

6. Net Asset Value (continued)




March 2020





March 2019





March 2018


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- A Acc USD $16,657 227 $73.25 $21,599 227 $94.98 - - -

- C Acc GBP £178,902 2,319 £77.15 £18,823 198 £95.15 - - -

- C Acc GBP Hedged £14,390 198 £72.74 £19,483 202 £96.60 - - -

- EA Acc EUR Hedged €71,976 1,000 €71.98 €95,744 1,000 €95.74 - - -

- EA Dist GBP £1,033,091 13,310 £77.62 £952,329 9,989 £95.34 - - -

- F Dist GBP £22,626,942 289,253 £78.23 £25,692,395 267,773 £95.95 - - -

- M Acc USD $791,405 1,018 $777.48 $1,716,525 17,975 $95.50 - - -


- AP Acc EUR Hedged - - - €1,574 17 €94.80 € 20,150 202 € 99.74

- AP Acc USD $1,937,177 20,325 $95.31 - - - $8,983,316 88,962 $100.98

- BP Acc EUR Hedged - - - €617,630 6,705 €92.12 € 1,068,551 10,921 € 97.84

- BP Acc USD - - - $701,290 7,370 $95.15 $584,720 5,970 $97.94

- C Acc USD $118,969 1,139 $104.42 $369,185 3,461 $106.68 $879,678 8,112 $108.45

- EA Acc EUR Hedged €1,495,780 16,294 €91.80 €1,146,050 11,922 €96.13 € 7,067,352 70,489 € 100.26

- EA Acc USD $4,220,707 39,702 $106.31 $24,932,086 230,791 $108.03 $32,306,914 295,793 $109.22

- M Acc USD $16,391,084 16,620 $986.23 $16,619,955 156,596 $106.13 $21,779,003 203,369 $107.09


- AP Acc EUR €16,316,063 160,835 €101.45 €103,161,228 1,000,118 €103.15 € 114,978,195 1,116,651 € 102.97

- AP Acc GBP Hedged £109,247 1,057 £103.35 £1,651 16 £104.28 £25,035 243 £102.93

- AP Acc USD Hedged $201,111 1,842 $109.16 $359,612 3,315 $108.49 350594 3,315 105.77

- AP Dist EUR €3,673,157 36,394 €100.93 €26,595,427 259,215 €102.60 € 25,977,416 253,764 € 102.37

- B Acc EUR €11,634,177 117,068 €99.38 €28,899,287 284,950 €101.42 € 18,489,609 181,737 € 101.74

- B Dist EUR €12,833 132 €97.06 €13,088 132 €98.98 - - -

- BP Acc EUR €369,012 3,858 €95.65 €10,442,579 106,250 €98.28 € 812,529 8,195 € 99.15

- C Acc CHF Hedged - - - - - - CHF5,984,451 59,708 CHF100.23

- C Acc EUR €125,437,728 1,243,701 €100.86 €380,619,188 3,721,701 €102.27 € 202,738,248 1,988,521 € 101.95

- C Acc GBP - - - - - - £342,591 3,467 £98.83

- C Acc GBP Hedged - - - £397,081 3,875 £102.47 £46,711 462 £101.01

- C Acc USD $3,480,466 35,693 $97.51 $4,289,315 42,393 $101.18 $3,040,131 27,538 $110.40

- C Acc USD Hedged $3,669,668 33,495 $109.56 $1,707,116 15,739 $108.47 $8,818,994 83,646 $105.43

- C Dist EUR €2,238,249 22,650 €98.82 €2,273,504 22,650 €100.38 € 3,027,208 30,300 € 99.91

- C Dist GBP Hedged - - - - - - £1,191,246 11,754 £101.35

- C Dist USD Hedged $55,283 522 $105.91 $59,947 570 $105.17 $436,867 4,271 $102.29

- EA Acc EUR €63,376,938 609,683 €103.95 €94,388,570 897,798 €105.13 € 116,419,478 1,116,140 € 104.31

- EA Acc USD Hedged - - - $3,698,117 33,028 $111.97 $3,577,556 33,028 $108.32

- M Acc EUR €2,177,605 2,183 €997.38 €2,183,316 21,409 €101.98 € 2,147,206 21,409 € 100.29

- M Acc USD $4,060,432 4,152 $978.04 - - - - - -

- M Acc USD Hedged $939,515 917 $1,024.58 $2,732,341 23,846 $114.58 $3,724,807 34,010 $109.52

- S Acc EUR €116,380,561 1,164,023 €99.98 - - - - - -


- A Acc CHF Hedged CHF609,687 6,410 CHF95.11 CHF50,259 504 CHF99.73 - - -

- A Acc EUR Hedged €84,855,007 885,379 €95.84 €42,241 422 €100.05 - - -

- A Acc GBP Hedged £1,535,518 15,788 £97.26 £37,465 371 £100.92 - - -

- A Acc USD $4,141,254 41,271 $100.34 $51,614 505 $102.27 - - -

- BP Acc EUR Hedged €229,021 2,446 €93.63 - - - - - -

- C Acc EUR Hedged €6,404,245 67,618 €94.71 - - - - - -

- C Acc USD $22,920 240 $95.51 - - - - - -

- EA Acc CHF Hedged CHF5,460,734 56,780 CHF96.17 CHF4,566,525 45,591 CHF100.16 - - -

- EA Acc EUR Hedged €28,299,034 292,408 €96.78 €22,621,132 225,141 €100.48 - - -

- EA Acc GBP Hedged £9,237,151 93,475 £98.82 £14,896,508 146,444 £101.72 - - -

- EA Acc USD $13,423,749 132,052 $101.65 $1,063,437 10,347 $102.78 - - -





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March 2019





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- EA Dist EUR Hedged €7,338,238 75,791 €96.82 €4,703,814 46,818 €100.47 - - -

- EA Dist GBP Hedged £46,901,275 475,919 £98.55 £35,681,152 351,581 £101.49 - - -

- EA Dist USD $14,685,083 144,386 $101.71 $9,082,162 88,348 $102.80 - - -

- M Acc USD $946,738 944 $1,003.26 $3,268,624 31,431 $103.99 - - -

- S Acc GBP £7,895,943 81,028 £97.45 - - - - - -

- S Acc GBP Hedged £25,753,818 271,389 £94.90 - - - - - -

- S Acc USD $677,399 7,057 $95.99 - - - - - -

- S Dist GBP Hedged £1,909,169 20,000 £95.46 - - - - - -

Lazard US Fundamental Alternative Fund*

- C Acc USD - - - - - - $95,074 1,000 $95.07

- EA Acc EUR Hedged - - - - - - €219,759 2,316 €94.90

- EA Acc USD - - - - - - $8,123,965 84,977 $95.60

- M Acc USD - - - - - - $2,803,748 29,000 $96.68

* Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018.** Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019, therefore there are no comparatives for this Fund.See Note 15 for information on the launch and termination dates of the above share classes.

7. Exchange RatesThe financial statements are prepared in U.S. Dollars (except for financial statements of Lazard European Alternative Fund and Lazard Scandinavian High Quality Bond Fund which are prepared in EUR). The following year end exchange rates have been used to translate assets and liabilities in other currencies to U.S. Dollars:

Exchange Rates against US Dollar 31 March 2020 31 March 2019

Argentine Peso 64.3900 43.4090

Australian Dollar 1.6339 1.4078

Brazilian Real 5.1866 3.8917

British Pound 0.8065 0.7674

Canadian Dollar 1.4234 1.3360

Chilean Peso 852.3200 680.4750

Chinese Renminbi 7.0882 6.7207

Chinese Yuan 7.0931 6.7202

Colombian Peso 4,060.1000 3,185.4800

Czech Koruna 24.9684 23.0049

Danish Krone 6.8008 6.6487

Dominican Peso 54.1600 50.6300

Egyptian Pound 15.7400 -

Euro 0.9114 0.8906

Ghanaian Cedi 5.7200 5.2400

Hong Kong Dollar 7.7509 7.8500

Hungarian Forint 328.7355 286.4408

Indonesian Rupiah 16,310.0000 14,240.0000

Israeli Shekel 3.5375 3.6294

Japanese Yen 107.9550 110.6850

Kenyan Shilling 105.0500 100.7500

Malaysian Ringgit 4.3200 4.0825

Mexican Peso 23.4593 19.3975

New Romanian Leu 4.4038 4.2566

New Russian Ruble 78.1338 65.6975

New Taiwan Dollar 30.2415 30.8205





March 2020





March 2019





March 2018



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New Zealand Dollar 1.6868 1.4663

Nigerian Naira 381.5000 361.0000

Norwegian Krone 10.5010 8.6116

Peruvian Nuevo Sol 3.4386 3.3200

Philippine Peso 50.8600 52.5100

Polish Zloty 4.1535 3.8339

Qatari Riyal 3.6410 3.6408

Serbian Dinar 107.0850 105.0250

Singapore Dollar 1.4239 1.3545

South African Rand 17.8600 14.4213

South Korean Won 1,217.3500 1,135.1000

Swedish Krona 9.9077 9.2753

Swiss Franc 0.9676 0.9959

Thailand Baht 32.8175 31.7350

Turkish Lira 6.5903 5.6496

Ukranian Hryvnia 27.6225 -

United Arab Emirates Dirham 3.6732 -

Uruguayan Peso 43.0000 33.4850

The following year end exchange rates have been used to translate assets and liabilities in other currencies to EUR:

Exchange Rates against EUR 31 March 2020 31 March 2019

British Pound 0.8849 0.8617

Danish Krone 7.4622 7.4654

Norwegian Krone 11.5222 9.6695

Swedish Krona 10.8712 10.4148

Swiss Franc 1.0616 1.1182

US Dollar 1.0973 1.1228

The following average exchange rates have been used to translate the Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders balances in other currencies to EUR:

Average Exchange Rates against EUR 31 March 2020 31 March 2019

US Dollar 1.1112 1.1579

8. Cash and Cash EquivalentsCash and cash equivalents as at 31 March 2020 and 31 March 2019 comprises cash at bank. The Depositary may utilise one or more sub-custodians for holding cash of the Funds. Substantially all of the cash and bank overdrafts are held with the Depositary’s global sub-custodian, State Street Bank and Trust Company. Cash collateral is held with Bank of America Merrill Lynch, Barclays Bank Plc, CIBC World Markets, Citibank NA, Goldman Sachs, HSBC Bank Plc, JP Morgan Chase and Company, Morgan Stanley, Standard Chartered Bank and UBS AG and is subject to the counterparty risk of those entities. Cash is also deposited by or on behalf of the Funds for initial margin purposes with brokers for options, open futures contracts and contracts for difference, this cash is held with Bank of America Merrill Lynch, Morgan Stanley, Natwest Markets Plc and UBS AG at the financial year end. (See Note 9, Counterparty/Issuer Risk and Credit Risk).

Investor Money Regulations ("IMR") took effect from 1 July 2016.

Cash account arrangements are in place in respect of the Company and the Funds as a consequence of the introduction of the requirements relating to the subscription and redemption collection accounts pursuant to the Central Bank of Ireland (Supervision and Enforcement) Act 2013 (Section 48 (i)) Investor Money Regulations 2015 for Fund Service Providers (the ‘Investor Money Regulations’).

These cash accounts, held with Bank of America for collection of subscriptions, payment of redemptions and dividends for the Company are deemed assets of the Company and are included in the Statement of Financial Position.

7. Exchange Rates (continued)

Exchange Rates against US Dollar 31 March 2020 31 March 2019

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9. Risk Management Policies and ProceduresThe Funds’ investment activities expose them to the various types of risk which are associated with the financial instruments and markets in which they invest. The following information is not intended to be a comprehensive summary of all risks and investors should refer to the Prospectus and Supplements for a more detailed discussion of the risks inherent in investing in the Funds.

The Directors review reports from the Investment Managers on a quarterly basis and more frequently as required in relation to the Funds’ performance and risk profile. The Investment Managers are also responsible for ensuring that the Funds are managed within the terms of the Funds’ investment guidelines and limits set out in the Prospectus’ and Supplements as well as the Investment Managers’ own internal investment guidelines and limits. The Directors delegate to the Manager who in turn delegates to the Investment Managers responsibility for the monitoring and managing of risk for the Funds.

There is a Risk Management Team responsible for overseeing the risk management process of the Investment Managers. The Head of Risk, reports into the Oversight Committee. The Oversight Committee is the central management body for the Investment Managers’ investment platform. It reviews and monitors all Funds to ensure that they remain consistent with their stated goals and objectives in terms of product characteristics, performance and risk, meaning that the Funds are managed in line with client expectations and their legal and constitutional regulations.

The following paragraphs outline procedures undertaken to manage the market, credit and liquidity risks of the Funds. These are consistent with the risks that existed at 31 March 2019. There have been no material updates in the risk management process since 31 March 2019.

Market Risk Market risk arises mainly from uncertainty about future values of financial instruments held specifically from price, currency and interest rate movements. It represents the potential loss the Funds might suffer through holding market positions in the face of market movements.

The global exposure will be calculated using an advanced risk measurement approach. The investment management team use value-at-risk ("VaR") and commitment approach as an integral part of their ongoing monitoring and management of the Funds' market risk. For Lazard Commodities Fund, the Company uses the commitment approach to measure global exposure. For Lazard Scandinavian High Quality Bond Fund, the Company also uses the commitment approach to measure global exposure. VaR is used for monitoring the risk for the remaining Funds.

Each Fund’s global exposure will be calculated daily by way of an absolute VaR model using the Bloomberg Alpha Portfolio Analytics and Risk application. Bloomberg Alpha is used for all the required calculations and reporting for VaR. VaR is a category of risk measures which, unlike market risk metrics such as the Greeks, duration and convexity, can be applied to all asset types and can cover all sources of market risk. VaR summarises the maximum expected loss over a target horizon with a given level of confidence. VaR is a useful measure in that it can summarise the maximum loss in a single monetary value or a percentage of the overall portfolio. The Investment Managers will also be using Algorithmics system for VaR calculations and risk analyses. Analytics from Algorithmics are also used in Bloomberg Alpha. The VaR model will use the following quantitative standards:

• The confidence level should be 99%;• The holding period should be 1 trading day; and• The historical observation period should not be less than 1 year; however, a shorter observation period may be used if justified,

for example, as a result of significant recent changes in price volatility.

There are three popular approaches for calculating VaR, namely Historical Simulation, analytical Variance-Covariance method and Monte Carlo Simulation. The investment management team uses the simple yet powerful approach of the historical simulation method which assumes that historical return distribution is a good representation of future returns. The Investment Managers believe that this method is one of the more reliable methods as it requires making the minimum number of assumptions. It also incorporates the volatilities and correlations explicitly by using the real market returns. As the VaR reports generated by Bloomberg Alpha are based on 99% confidence interval and 1 day holding period, the 20% 20-day limit is scaled down according to appropriate factors. The absolute 1-day 99% VaR limit is 20% / sqrt(20) = 4.47%.

In case the VaR for certain holdings does not get calculated by the system due to data errors or modelling limitation, the Risk Management Team will assess the VaR impact of those holdings and incorporate that figure as an add-on to the VaR. This approach may ignore possible diversification benefits, and will provide a conservative VaR level for the portfolio.

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9. Risk Management Policies and Procedures (continued)

Market Risk (continued)Stress testing will be performed on a monthly and as required basis. Back testing results will be recorded daily and analysed monthly. The data in the VaR model is updated on a daily basis and contains one year’s market data.

Bloomberg Alpha is used for stress testing to evaluate the market risk inherent in the portfolio under abnormal market conditions. The risk methodology used in stress tests is similar to the one used in calculating VaR. The portfolio Profit and Loss (P&L) or % return is generated by calculating a projected portfolio market value, based on a change in Risk Factors. To generate the market value, a “Full Valuation Methodology” is used to theoretically value every security within the Fund or the sensitivities to rates and spreads are used to assess the impact of larger market moves.

Since VaR cannot incorporate all possible scenarios, stress testing helps capture sudden and dramatic changes in the portfolio’s value given atypical market circumstances. Stress testing is utilised monthly and on an ad hoc basis. Daily monitoring of the sensitivities to interest rates, FX and credit spreads gives a better picture of how the portfolio might react to sudden market moves.

Some limitations of VaR are:

• the models are based on historical data and cannot take account of the fact that future market price movements, correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns;

• the market price risk information is a relative estimate of risk rather than a precise and accurate number;• the market price information represents a hypothetical outcome and is not intended to be predictive (in the case of probability-

based methods, such as VaR, profits and losses are almost certain to exceed the reported amount with a frequency depending on the confidence interval chosen); and

• future market conditions could vary significantly from those experienced in the past.

The tables below for 31 March 2020 and 31 March 2019 detail the lowest, the highest and the average VaR and also the utilisation of the VaR limit calculated during the financial year of the daily VaR limit (4.47%) of each of the Funds. The utilisation of the VaR limit is calculated as the VaR divided by the daily VaR limit.


Portfolio Fund

Lowest VaR (%)

Lowest utilisation of

VaR Limit (%)Highest VaR (%)

Highest utilisation of

VaR Limit (%)Average VaR (%)

Average utilisation of

VaR Limit (%)Year-end VaR (%)

Lazard Emerging Markets Bond Fund 0.46 10.29 5.15 115.21 0.78 17.45 4.47

Lazard Emerging Markets Local Debt Fund 1.08 24.16 3.24 72.48 1.40 31.32 3.20

Lazard Emerging Markets Total Return Debt Fund 0.19 4.25 1.67 37.36 0.38 8.50 1.67

Lazard Emerging Markets Debt Blend Fund 0.51 11.41 4.28 95.75 1.03 23.04 4.11

Lazard Emerging Markets Debt Unrestricted Blend Fund 0.72 16.11 4.17 93.29 1.09 24.38 4.04

Lazard Emerging Markets Corporate Debt Fund* 0.28 6.26 4.32 96.64 0.68 15.21 4.12

Lazard Diversified Return Fund 0.45 10.07 1.57 35.12 0.75 16.78 1.38

Lazard European Alternative Fund 0.30 6.71 1.64 36.69 0.73 16.33 1.64

Lazard Rathmore Alternative 0.54 12.08 3.61 80.76 1.13 25.28 2.76



Portfolio Fund

Lowest VaR (%)

Lowest utilisation of

VaR Limit (%)Highest VaR (%)

Highest utilisation of

VaR Limit (%)Average VaR (%)

Average utilisation of

VaR Limit (%)Year-end VaR (%)

Lazard Emerging Markets Bond Fund 0.67 14.99 1.17 26.17 0.90 20.13 0.8

Lazard Emerging Markets Local Debt Fund 1.17 26.17 1.96 43.85 1.55 34.68 1.72

Lazard Emerging Markets Total Return Debt Fund 0.63 14.09 1.46 32.66 0.94 21.03 0.62

Lazard Emerging Markets Debt Blend Fund 0.91 20.36 2.98 66.67 1.29 28.86 1.39

Lazard Emerging Markets Debt Unrestricted Blend Fund 0.93 20.81 1.54 34.45 1.26 28.19 1.37

Lazard Diversified Return Fund 0.71 15.88 1.05 23.49 0.85 19.02 0.74

Lazard European Alternative Fund 0.20 4.47 1.01 22.60 0.53 11.86 0.55

Lazard Rathmore Alternative 0.06 1.34 1.30 29.08 0.89 19.91 1.30

Lazard US Fundamental Alternative Fund* 1.12 25.06 1.78 39.82 1.41 31.54 -

* Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018.

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The average level of leverage figures provided below are calculated as the sum of the absolute value of notionals of the derivatives used as is required by the UCITS Regulations. This figure does not take into account any netting and hedging arrangements that the Funds may have in place at any time even though these netting and hedging arrangements are used for risk reduction purposes. As these netting and hedging arrangements, if taken into account, may reduce the level of leverage, this calculation may not provide an accurate measure of the Funds’ actual leverage position.

Below is the daily average level of leverage for each Fund during the one year period ending 31 March 2020 and 31 March 2019.

Level of LeverageAverage Level of

Leverage (%)Average Level of

Leverage (%)

Fund Name 31 March 2020 31 March 2019

Lazard Emerging Markets Bond Fund 99 99

Lazard Emerging Markets Local Debt Fund 179 183

Lazard Emerging Markets Total Return Debt Fund 165 200

Lazard Emerging Markets Debt Blend Fund 153 173

Lazard Emerging Markets Debt Unrestricted Blend Fund 151 158

Lazard Emerging Markets Corporate Debt Fund* 99 -

Lazard Diversified Return Fund 142 145

Lazard European Alternative Fund 114 97

Lazard Rathmore Alternative 314 175

Lazard US Fundamental Alternative Fund** - 123

*Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019, therefore there are no comparatives for this Fund.**Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018.

(i) Market Price RiskMarket price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. The Funds are exposed to market price risk arising from their investments in securities. By diversifying the portfolio, the risk that a price change of a particular investment will have a material impact on the Funds is minimised. The Investment Managers manage the Funds’ market risk on a daily basis in accordance with the respective Fund’s investment objective, policies and core philosophy. The core philosophy of total performance measurement entails the active management of return, risk and cost. Relative-to-benchmark risk is controlled through the construction of diversified portfolios where exposures to certain market features (such as capitalisation or industry) are limited. As at 31 March 2020 and 31 March 2019 all of the securities (excluding derivatives) were designated at fair value through profit or loss.

Refer to the Portfolio of Investments for details of the fair value of the securities held on each Fund.

(ii) Foreign Currency RiskThe Funds may invest in securities denominated in currencies other than its functional currency (or, indeed, the currency of the investor). Furthermore, the Funds may invest in forward foreign currency exchange contracts for the purpose of implementing investment views as well as hedging. Consequently, the Funds are exposed to risks that the exchange rate of its reporting currency relative to other currencies may change in a manner that has an adverse effect on the value of the portion of a Fund's assets that are denominated in currencies other than its own currency. Currencies may also move in such a way as to cause losses on currency forward foreign currency exchange contracts.

For the Funds in which currency risk is hedged out, the currency risk is managed by regular rebalancing of the forward foreign currency exchange contracts to maintain zero (or close to zero) currency exposure. For those Funds for which currency exposure is a critical source of return, exposures are managed relative to the appropriate benchmark. For other Funds, there is no explicit currency-management policy.

The tables immediately below provide the exposure to different currencies as at 31 March 2020 and 31 March 2019. All of the assets and liabilities of Lazard Emerging Markets Corporate Debt Fund were denominated in USD and are therefore not exposed to significant foreign currency risk as at 31 March 2020. Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019, therefore there are no comparatives for this Fund.

9. Risk Management Policies And Procedures (continued)

Market Risk (continued)

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Lazard Emerging Markets Bond Fund2020 Net Monetary Assets

USD Lazard Emerging Markets Bond Fund2019 Net Monetary Assets

USD

Euro 3,229,955 Euro 2,310,216

Indonesian Rupiah 27 Indonesian Rupiah 31

Nigerian Naira 109 Nigerian Naira 72,085

3,230,091 2,382,332

Lazard Emerging Markets Local Debt Fund2020 Net Monetary Assets

USD Lazard Emerging Markets Local Debt Fund2019 Net Monetary Assets

USD

Argentine Peso 981 Argentine Peso 9,686,908

Brazilian Real 105,846,100 Brazilian Real 153,285,620

British Pound 3,768,513 British Pound 5,476,403

Canadian Dollar 1 Canadian Dollar -

Chilean Peso 28,277,075 Chilean Peso 42,997,271

Chinese Renminbi 11,456,027 Chinese Renminbi 25,720

Chinese Yuan 1,063,949 Chinese Yuan -

Colombian Peso 62,096,221 Colombian Peso 95,992,590

Czech Koruna 51,441,934 Czech Koruna 55,147,987

Dominican Peso 11,971,869 Dominican Peso 3,853,474

Egyptian Pound (3,868,352) Egyptian Pound -

Euro 121,846,499 Euro 22,863,211

Ghanaian Cedi - Ghanaian Cedi 50,075

Hungarian Forint 41,431,235 Hungarian Forint 105,469,416

Indonesian Rupiah 107,882,731 Indonesian Rupiah 129,773,635

Malaysian Ringgit 78,150,423 Malaysian Ringgit 79,404,364

Mexican Peso 104,757,280 Mexican Peso 135,447,834

New Romanian Leu (10,845,390) New Romanian Leu 33,604,799

New Russian Ruble 90,289,284 New Russian Ruble 98,890,030

New Taiwan Dollar (248,912) New Taiwan Dollar (12,959,586)

Peruvian Nuevo Sol 39,367,719 Peruvian Nuevo Sol 45,185,781

Philippine Peso (328,775) Philippine Peso 17,309,682

Polish Zloty 107,764,750 Polish Zloty 128,409,995

Singapore Dollar 1 Singapore Dollar -

South African Rand 79,137,858 South African Rand 109,203,246

Swiss Franc 4,752,170 Swiss Franc 4,894,082

Thailand Baht 111,158,760 Thailand Baht 112,261,848

Turkish Lira 38,029,212 Turkish Lira 57,579,479

Ukranian Hryvnia 5,897,310 Ukranian Hryvnia -

Uruguayan Peso 12,636,863 Uruguayan Peso 2,934,076

1,203,733,336 1,436,787,940

Lazard Emerging Markets Total Return Debt Fund2020 Net Monetary Assets

USD Lazard Emerging Markets Total Return Debt Fund2019 Net Monetary Assets

USD

Australian Dollar 9,921,819 Australian Dollar 14,791,005

Brazilian Real (54,640) Brazilian Real 10,666,370

British Pound 6,648 British Pound 4,357,260

Canadian Dollar 1 Canadian Dollar -

Dominican Peso 872,726 Dominican Peso -

Egyptian Pound (588,668) Egyptian Pound -

Euro 94,343,870 Euro 128,667,779

Hungarian Forint - Hungarian Forint 6,798,383

Indonesian Rupiah 225,407 Indonesian Rupiah (31,310)

Mexican Peso (28,100) Mexican Peso 461,163

New Romanian Leu 193 New Romanian Leu 199

New Russian Ruble (1,051,630) New Russian Ruble -



(ii) Foreign Currency Risk (continued)

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New Taiwan Dollar 21,444 New Taiwan Dollar (11,219)

Nigerian Naira 14 Nigerian Naira 15

Peruvian Nuevo Sol (23,044) Peruvian Nuevo Sol -

Philippine Peso (11,484) Philippine Peso 2,175

Polish Zloty 32,655 Polish Zloty 10,500,048

Serbian Dinar 1,367 Serbian Dinar 1,394

Singapore Dollar 3 Singapore Dollar 4

South African Rand (1,098,130) South African Rand 56,973

Swiss Franc 6 Swiss Franc 6

Turkish Lira - Turkish Lira 1,122,884

Ukranian Hryvnia 571,733 Ukranian Hryvnia -

Uruguayan Peso 276,459 Uruguayan Peso 1,205,733

103,418,649 178,588,862

Lazard Emerging Markets Debt Blend Fund2020 Net Monetary Assets

USD Lazard Emerging Markets Debt Blend Fund2019 Net Monetary Assets

USD

Argentine Peso 910 Argentine Peso 1,826,068


British Pound 244,678 British Pound 1,267,601


Chinese Renminbi 781,735 Chinese Renminbi -

Chinese Yuan 16,311 Chinese Yuan -



Dominican Peso 941,104 Dominican Peso 1,217,191

Euro 46,858,719 Euro 221,071,577




Kenyan Shilling 1 Kenyan Shilling -



New Romanian Leu 2,012,759 New Romanian Leu 4,260,452


New Taiwan Dollar - New Taiwan Dollar (4,208,653)


Philippine Peso 139,669 Philippine Peso 5,107,989






Ukranian Hryvnia 887,931 Ukranian Hryvnia -

Uruguayan Peso 279 Uruguayan Peso 573,420

121,184,679 450,835,791


2020 Net Monetary Assets USD



Argentine Peso 1,825 Argentine Peso 5,315,945


British Pound 107,152 British Pound 112,605


Chinese Renminbi 3,146,730 Chinese Renminbi -

Chinese Yuan 64,864 Chinese Yuan -



(ii) Foreign Currency Risk (continued)Lazard Emerging Markets Total Return Debt Fund (continued)




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Dominican Peso 3,930,953 Dominican Peso 3,047,399

Euro 87,471 Euro 47,813,980






New Romanian Leu 8,757,513 New Romanian Leu 12,262,074


New Taiwan Dollar - New Taiwan Dollar (11,681,856)


Philippine Peso 762,289 Philippine Peso 12,122,860


Singapore Dollar 2 Singapore Dollar 2





Ukranian Hryvnia 2,931,825 Ukranian Hryvnia -

Uruguayan Peso 77 Uruguayan Peso 1,257,883

308,780,720 655,394,591

Lazard Scandinavian High Quality Bond Fund2020 Net Monetary Assets

EUR Lazard Scandinavian High Quality Bond Fund2019 Net Monetary Assets

EUR

Danish Krone 7,784,115 Danish Krone 170,991

Norwegian Krone (133,207) Norwegian Krone 45,502

Swedish Krona (128,890) Swedish Krona 75,322

Swiss Franc 160,087,139 Swiss Franc -

167,609,157 291,815


2020 Net Monetary Assets

USD

2020 Net Non-Monetary Assets

USD

2020 Net Assets

USD Lazard Commodities Fund


USD


USD

2019 Net Assets

USD

Australian Dollar - - - Australian Dollar 941 222,453 223,394

British Pound 16,452 - 16,452 British Pound 30,321 356,599 386,920

Canadian Dollar 573 - 573 Canadian Dollar 280 379,250 379,530

Euro 83,151 - 83,151 Euro 107,405 - 107,405

Mexican Peso - - - Mexican Peso - 224,388 224,388

South Korean Won 215 - 215 South Korean Won 258 197,339 197,597

100,391 - 100,391 139,205 1,380,029 1,519,234



USD


USD

2020 Net Assets

USDLazard Diversified Return Fund


USD


USD

2019 Net Assets

USD

Australian Dollar 224,264 78,015 302,279 Australian Dollar 229,577 348,459 578,036

Brazilian Real 1,037 46,839 47,876 Brazilian Real 14,531 147,776 162,307

British Pound 589,105 182,249 771,354 British Pound 811,647 641,657 1,453,304

Canadian Dollar 282,089 165,269 447,358 Canadian Dollar 451,495 461,996 913,491

Chilean Peso 5,523 13,942 19,465 Chilean Peso 3,386 36,467 39,853

Chinese Renminbi 96,135 - 96,135 Chinese Renminbi 2,746 - 2,746

Chinese Yuan - 25,468 25,468 Chinese Yuan - - -

Czech Koruna 305,833 - 305,833 Czech Koruna 334,542 - 334,542

Danish Krone 208 65,532 65,740 Danish Krone 1,336 93,405 94,741



(ii) Foreign Currency Risk (continued)Lazard Emerging Markets Debt Unrestricted Blend Fund (continued)


Lazard Emerging Markets Debt Unrestricted Blend Fund (continued)


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Egyptian Pound - 1,849 1,849 Egyptian Pound - - -

Euro 3,688,406 440,280 4,128,686 Euro 5,312,419 1,686,371 6,998,790

Hong Kong Dollar 4 33,783 33,787 Hong Kong Dollar (10,777) 117,718 106,941

Hungarian Forint 2 2,066 2,068 Hungarian Forint 15,302 14,454 29,756

Indonesian Rupiah 42,081 13,016 55,097 Indonesian Rupiah - 25,271 25,271

Israeli Shekel 247 85,101 85,348 Israeli Shekel 172 88,741 88,913

Japanese Yen 1,677,326 446,749 2,124,075 Japanese Yen 2,747,907 1,067,692 3,815,599

Malaysian Ringgit 20 11,285 11,305 Malaysian Ringgit 464 38,743 39,207

Mexican Peso 25,281 25,032 50,313 Mexican Peso 73,082 81,449 154,531

New Romanian Leu 195,733 - 195,733 New Romanian Leu 1,897 - 1,897

New Taiwan Dollar 47 158,798 158,845 New Taiwan Dollar - 260,738 260,738

New Zealand Dollar 116,945 - 116,945 New Zealand Dollar 41,059 31,191 72,250

Norwegian Krone 18,923 21,701 40,624 Norwegian Krone 19,843 141,737 161,580

Philippine Peso 163 11,768 11,931 Philippine Peso 299 34,950 35,249

Polish Zloty 213,943 19,286 233,229 Polish Zloty 42,665 55,037 97,702

Qatari Riyal - 6,111 6,111 Qatari Riyal (673) 7,387 6,714

Singapore Dollar 73,974 33,817 107,791 Singapore Dollar 59,595 114,382 173,977

South African Rand (14) - (14) South African Rand (9,093) - (9,093)

South Korean Won 118,799 80,481 199,280 South Korean Won 6,103 225,691 231,794

Swedish Krona 47,648 13,375 61,023 Swedish Krona - 90,546 90,546

Swiss Franc 60,912 92,136 153,048 Swiss Franc 109,289 156,748 266,037

Thailand Baht 192 11,565 11,757 Thailand Baht 1,402 60,556 61,958

Turkish Lira - 20,390 20,390 Turkish Lira (19,243) 31,086 11,843

United Arab Emirates Dirham 263 4,496 4,759 United Arab Emirates Dirham - - -

7,785,089 2,110,399 9,895,488 10,240,972 6,060,248 16,301,220



EUR


EUR

2020 Net Assets

EURLazard European Alternative Fund


EUR


EUR

2019 Net Assets

EUR

British Pound 258,488 - 258,488 British Pound 1,223,948 - 1,223,948

Danish Krone (85,543) - (85,543) Danish Krone 125,282 9,631,588 9,756,870

Norwegian Krone 439,555 1,232,026 1,671,581 Norwegian Krone 29 9,088,827 9,088,856

Swedish Krona (1,160,348) 30,645,796 29,485,448 Swedish Krona (162,473) - (162,473)

Swiss Franc (1,124,085) 38,054,086 36,930,001 Swiss Franc 7,291 43,165,593 43,172,884

US Dollar 4,435,739 - 4,435,739 US Dollar 8,616,666 - 8,616,666

2,763,806 69,931,908 72,695,714 9,810,743 61,886,008 71,696,751

Lazard Rathmore Alternative Fund2020 Net Monetary Assets

USD Lazard Rathmore Alternative Fund2019 Net Monetary Assets

USD

British Pound 104,192,840 British Pound 65,438,419

Canadian Dollar 256,179 Canadian Dollar 152,337

Euro 136,125,516 Euro 30,967,156

Japanese Yen 15,938 Japanese Yen (492,669)

Swedish Krona 56 Swedish Krona -


246,773,175 100,647,777

(iii) Interest Rate RiskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in prevailing interest rates. The Funds are exposed to interest rate risk through investments in securities with fixed and floating rates of interest, held within the Funds and their respective cash balances. The Investment Managers manage the Funds’ interest rate risk on a daily basis in accordance with the respective Fund’s investment objective, policies and core philosophy.



(ii) Foreign Currency Risk (continued)

Lazard Diversified Return Fund (continued)


USD


USD

2020 Net Assets

USDLazard Diversified Return Fund (continued)


USD


USD

2019 Net Assets

USD

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The interest rate profile of the financial assets and liabilities of the Funds at 31 March 2020 and 31 March 2019 was as follows:

2020 Up to 1 year 1 - 5 years Over 5 yearsNon-Interest

Bearing Total

Lazard Emerging Markets Bond Fund USD USD USD USD USD

Financial assets at fair value through profit or loss 218,259 2,731,970 7,060,750 10,800 10,021,779

Financial liabilities at fair value through profit or loss - - - (204,687) (204,687)

Cash at Bank 269,501 - - - 269,501

Other net receivables - - - 894,313 894,313

Total Net Assets 487,760 2,731,970 7,060,750 700,426 10,980,906

Up to 1 year 1 - 5 years Over 5 yearsNon-Interest

Bearing Total

Lazard Emerging Markets Local Debt Fund USD USD USD USD USD

Financial assets at fair value through profit or loss 56,383,250 207,108,148 769,453,274 30,673,755 1,063,618,427

Financial liabilities at fair value through profit or loss - (21,415) (475,296) (59,993,993) (60,490,704)

Cash at Bank 39,450,472 - - - 39,450,472

Other net receivables - - - 47,249,015 47,249,015

Total Net Assets 95,833,722 207,086,733 768,977,978 17,928,777 1,089,827,210


Bearing Total

Lazard Emerging Markets Total Return Debt Fund USD USD USD USD USD

Financial assets at fair value through profit or loss 52,946,976 23,015,572 28,354,023 4,576,310 108,892,881

Financial liabilities at fair value through profit or loss - - (3,205,526) (9,263,441) (12,468,967)

Cash at Bank 12,890,383 - - - 12,890,383


Total Net Assets 65,837,359 23,015,572 25,148,497 (3,706,786) 110,294,642


Bearing Total

Lazard Emerging Markets Debt Blend Fund USD USD USD USD USD


Financial liabilities at fair value through profit or loss - - (23,061) (9,404,460) (9,427,521)

Cash at Bank 13,718,963 - - - 13,718,963

Other net payables - - - (5,738,801) (5,738,801)

Total Net Assets 16,871,340 34,937,077 97,982,223 (11,513,843) 138,276,797


Bearing Total

Lazard Emerging Markets Debt Unrestricted Blend Fund USD USD USD USD USD


Financial liabilities at fair value through profit or loss - (21,899) (103,773) (15,672,111) (15,797,783)

Cash at Bank 42,241,103 - - - 42,241,103


Total Net Assets 60,997,768 150,015,863 401,895,880 (7,648,133) 605,261,378


Bearing Total

Lazard Emerging Markets Corporate Debt Fund* USD USD USD USD USD

Financial assets at fair value through profit or loss - 2,086,432 6,575,048 - 8,661,480

Cash at Bank 177,803 - - - 177,803


Total Net Assets 177,803 2,086,432 6,575,048 108,110 8,947,393



(iii) Interest Rate Risk (continued)

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2020 (continued) Up to 1 year 1 - 5 years Over 5 yearsNon-Interest

Bearing Total

Lazard Scandinavian High Quality Bond Fund EUR EUR EUR EUR EUR


Financial liabilities at fair value through profit or loss - - - (1,469,240) (1,469,240)

Cash at Bank 6,203,911 - - - 6,203,911


Total Net Assets 7,876,272 72,503,765 283,948,028 11,612,008 375,940,073


Bearing Total

Lazard Commodities Fund USD USD USD USD USD

Financial assets at fair value through profit or loss 29,704,209 - - 659,075 30,363,284

Financial liabilities at fair value through profit or loss (6,909,178) - - (5,632) (6,914,810)

Cash at Bank 382,948 - - - 382,948


Total Net Assets 23,177,979 - - 7,219,854 30,397,833


Bearing Total

Lazard Diversified Return Fund USD USD USD USD USD



Cash at Bank 3,819,603 - - - 3,819,603


Total Net Assets 6,080,262 4,476,376 4,783,751 8,968,793 24,309,182


Bearing Total

Lazard European Alternative Fund EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss 169,852,467 - - 141,238,581 311,091,048


Cash at Bank 20,868,107 - - - 20,868,107


Total Net Assets 190,720,574 - - 162,326,083 353,046,657


Bearing Total

Lazard Rathmore Alternative Fund USD USD USD USD USD



Cash at Bank 27,947,402 - - - 27,947,402


Total Net Assets 316,122,201 20,512,501 1,195,055 (42,627,538) 295,202,219


2019 Up to 1 year 1 - 5 years Over 5 yearsNon-Interest

Bearing Total

Lazard Emerging Markets Bond Fund USD USD USD USD USD

Financial assets at fair value through profit or loss 106,174 2,413,278 9,246,376 153,302 11,919,130


Cash at Bank - - - - -


Total Net Assets 106,174 2,413,278 9,246,376 321,357 12,087,185




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Bearing Total

Lazard Emerging Markets Local Debt Fund USD USD USD USD USD

Financial assets at fair value through profit or loss 186,052,856 248,946,986 841,626,348 2,768,884 1,279,395,074

Financial liabilities at fair value through profit or loss - (63,568) - (12,592,203) (12,655,771)

Cash at Bank 11,145,194 - - - 11,145,194


Total Net Assets 197,198,050 248,883,418 841,626,348 29,127,514 1,316,835,330


Bearing Total

Lazard Emerging Markets Total Return Debt Fund USD USD USD USD USD


Financial liabilities at fair value through profit or loss - - (497,603) (1,943,710) (2,441,313)

Cash at Bank 19,082,179 - - - 19,082,179

Other net payables - - - (31,419) (31,419)

Total Net Assets 52,240,141 48,256,488 95,702,816 (626,263) 195,573,182


Bearing Total

Lazard Emerging Markets Debt Blend Fund USD USD USD USD USD



Cash at Bank 13,412,421 - - - 13,412,421


Total Net Assets 19,243,721 70,078,618 269,274,014 6,526,539 365,122,892


Bearing Total

Lazard Emerging Markets Debt Unrestricted Blend Fund USD USD USD USD USD



Cash at Bank 57,178,870 - - - 57,178,870


Total Net Assets 70,798,278 217,295,399 767,389,584 877,339 1,056,360,600


Bearing Total

Lazard Scandinavian High Quality Bond Fund EUR EUR EUR EUR EUR

Financial assets at fair value through profit or l oss 1,999,569 9,096,829 31,453,500 10,568 42,560,466


Cash at Bank 4,708,219 - - - 4,708,219


Total Net Assets 6,707,788 9,096,829 31,453,500 (1,492,709) 45,765,408


Bearing Total

Lazard Commodities Fund USD USD USD USD USD



Cash at Bank 1,631,104 - - - 1,631,104

Other net payables - - - (831,571) (831,571)

Total Net Assets 33,609,354 - - 2,919,308 36,528,662

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Bearing Total

Lazard Diversified Return Fund USD USD USD USD USD

Financial assets at fair value through profit or loss 583,064 6,968,445 8,405,036 23,841,780 39,798,325


Cash at Bank 4,143,285 - - - 4,143,285


Total Net Assets 4,726,349 6,968,445 8,405,036 24,504,799 44,604,629


Bearing Total

Lazard European Alternative Fund EUR EUR EUR EUR EUR



Cash at Bank 20,274,876 - - - 20,274,876


Total Net Assets 456,300,458 - - 204,179,382 660,479,840


Bearing Total

Lazard Rathmore Alternative Fund USD USD USD USD USD



Cash at Bank 4,031,449 - - - 4,031,449


Total Net Assets 69,993,552 27,439,271 18,868,088 (1,597,744) 114,703,167

Credit Risk Credit risk is the risk that the counterparty or issuer to a financial instrument will fail to discharge an obligation or commitment that it has entered into with a Fund. The Funds’ main credit risk concentrations arise from trading equity and debt securities, investment funds and financial derivative instruments ("FDIs") in addition to cash balances held at the Depositary. Refer to the Portfolio of Investments on pages 107 to 160 for details of the monetary values relating to the above.

All transactions involving transferable securities are settled upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet their obligations.

The tables below detail the Portfolio of Investments by rating category for the Funds which invest in fixed-income securities and money market instruments as at 31 March 2020 and 31 March 2019:

2020 Lazard Emerging Markets Bond Fund




Lazard Emerging Markets Debt Unrestricted

Blend Fund

Portfolio by rating category*

% of Investments % of Investments % of Investments % of Investments % of Investments

As at 31 March 2020 As at 31 March 2020 As at 31 March 2020 As at 31 March 2020 As at 31 March 2020

A rating 14.59 37.73 54.32 27.81 27.23

B rating 74.88 62.27 37.10 69.68 64.50

C rating 10.19 - 8.58 2.51 7.16

No rating 0.34 - - - 1.11

100.00 100.00 100.00 100.00 100.00




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2020 (continued) Lazard Emerging Markets Corporate Debt Fund**








A rating 7.03 91.40 100.00 79.36 36.11

B rating 90.06 8.49 - 20.64 -

C rating 2.91 - - - -

No rating - 0.11 - - 63.89

100.00 100.00 100.00 100.00 100.00



% of Investments

As at 31 March 2020

A rating 89.84

B rating 0.39

C rating -

No rating 9.77

100.00

2019 Lazard Emerging Markets Bond Fund




Lazard Emerging Markets Debt Unrestricted

Blend Fund




A rating 9.21 50.84 26.86 26.85 25.56

B rating 78.59 49.16 67.64 71.28 67.22

C rating 9.59 - 5.50 1.87 6.11

No rating 2.61 - - - 1.11

100.00 100.00 100.00 100.00 100.00









A rating 90.72 100.00 79.62 56.54 43.44

B rating 7.61 - 20.38 - 1.95

C rating - - - - 0.95

No rating 1.67 - - 43.46 53.66

100.00 100.00 100.00 100.00 100.00

* Moody’s credit rating.** Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019, therefore there are no comparatives for this Fund.

Substantially all of the cash and securities held by the Funds are held via the Depositary except for the FDI that are held with counterparties as disclosed on the Portfolio of Investments. State Street Bank and Trust Company act as the Global Sub-Custodian for the Depositary.

While cash held by the global sub-custodian and the Depositary is identifiable as belonging to the Funds, the Funds will be exposed to the credit risk of the financial institution where cash is deposited. In the event of insolvency of the financial institution, the Funds will be treated as a general creditor of the financial institution in relation to cash holdings of the Funds.


Credit Risk (continued)

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In circumstances such as the insolvency of a sub-custodian or registrar, or retro-active application of legislation, the Funds may not, in all cases, be able to establish title to investments made and may suffer losses as a result. The Funds may find it impossible to enforce their rights against third parties. In addition, as the Funds may invest in markets where custodial and/or settlement systems are not fully developed, there is a transaction and custody risk involved in dealing in such markets. In certain circumstances, a Fund may not be able to recover some of its assets. Such circumstances may include any acts or omissions or the liquidation, bankruptcy or insolvency of a sub-custodian, retroactive application of legislation and fraud or improper registration of title. The costs borne by a Fund in investing and holding investments in such markets will generally be higher than in organised securities markets.

The Funds’ securities are always separately identified on the accounting records of State Street Bank and Trust Company, therefore the rights, with respect to those securities, are preserved. Thus in the event of insolvency or bankruptcy of the Depositary, the Funds’ assets are segregated and protected and this further reduces counterparty risk.

Bankruptcy or insolvency by the Depositary may cause the Funds’ rights with respect to the cash and the securities held by the Depositary to be delayed or limited. The Funds monitor their risk by monitoring the credit quality and financial position of the Depositary that the Funds use. The long term credit rating of the parent company of the Depositary and Global Sub-Custodian, State Street Corporation, is A1 (31 March 2019: A1) based on the Moody's Rating Agency. The Depositary has a general lien in the normal course of business over the assets of the Funds.

The extent of the Funds’ exposure to credit risk in respect of the financial statements approximates the carrying value as recorded in the Statement of Financial Position. There were no past due or impaired assets as of 31 March 2020 or 31 March 2019.

Counterparty/Issuer RiskThe Funds are exposed to a credit risk to parties with whom they trade and will bear the risk of settlement default. Counterparty/issuer risk is monitored and managed by a formal counterparty or issuer exposure management program within the Investment Managers. The Investment Managers’ approved list of counterparties is generally limited to the most highly rated and recognised dealers in their sectors. The Investment Managers perform ongoing monitoring of this list. Counterparty/issuer risk is monitored on an ongoing basis in the following manner:

• Approved broker selection - the trading system only permits trading with approved brokers. New brokers are added, subject to a formal review process that includes a review of the broker’s creditworthiness, financial strength, ability to enter into legally enforceable arrangements and standing in the financial community.

• Broker monitoring - performed through a variety of ongoing activities, including the assessment of certain regulatory filings and financial statements.

• Measurement and monitoring of counterparty or issuer trade exposure - a daily review of outstanding positions is performed.

A Fund is exposed to a credit risk on the over the counter (“OTC”) counterparties with whom it trades, that these counterparties may not perform their obligations and that settlement of transactions may not occur. All OTC counterparties must meet the following criteria as set out in the UCITS Regulations namely:

(i) A credit institution in accordance with Central Bank UCITS Regulations, or(ii) Have a minimum credit rating of A2 or equivalent, or in the opinion of the Investment Managers, an implied credit minimum

rating of A2 or equivalent.

Exposures to individual counterparties are limited to 10% of NAV in the case of (i) above and 5% of NAV in the case of (ii) above.

Cash collateral is held with Bank of America Merrill Lynch, Barclays Bank Plc, CIBC World Markets, Citibank NA, Goldman Sachs, HSBC Bank Plc, JP Morgan Chase and Company, Morgan Stanley, Standard Chartered Bank and UBS AG. Counterparty cash received by a Fund as collateral for financial derivative instrument transactions is recorded as an asset on the Statement of Financial Position within “Broker cash held as collateral for financial derivative instruments" and a related liability to repay the collateral is disclosed within "Broker cash due to counterparties for financial derivative instruments". A Fund’s assets may be deposited by or on behalf of a Fund for collateral purposes with counterparties for financial derivative instruments held on the Fund. Such assets remain in the ownership of the relevant Fund and are recorded as an asset on the Statement of Financial Position. Cash pledged by a Fund as collateral is recognised on the Statement of Financial Position within “Broker cash held as collateral for financial derivative instrument transactions”. Non cash collateral does not form part of the NAV of the Fund and is recorded at the base of each relevant Portfolio of Investments for reference purposes only (please refer to the Portfolio of Investments for Lazard European Alternative Fund and Lazard Rathmore Alternative Fund respectively).


Credit Risk (continued)

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Cash is also deposited by or on behalf of the Funds for initial margin purposes with brokers for options, open futures contracts and contracts for difference, this cash is held with Bank of America Merrill Lynch, Morgan Stanley, Natwest Markets Plc and UBS AG at the financial year end and is subject to the credit risk of Bank of America Merrill Lynch, BNP Paribas, Goldman Sachs, JP Morgan Chase and Company, Morgan Stanley, Natwest Markets Plc, Societe Generale and UBS AG respectively.

Investments pledged by the Funds as collateral are recognised at fair value in the relevant Fund’s Portfolio of Investments and such investments are referenced accordingly at the base of the Portfolio of Investments. See the following for details of OTC counterparty exposure for the Funds as at 31 March 2020 and 31 March 2019.

2020

Fund nameClient cash held

at broker USD Non-cash

collateral USD Net exposure

USD**Counterparty Credit Rating*

Lazard Emerging Markets Local Debt Fund 1,020,000 - (507,487) Bank of America Merrill Lynch Aa2

Lazard Emerging Markets Local Debt Fund (3,070,000) - 2,137,385 Barclays Bank Plc A1

Lazard Emerging Markets Local Debt Fund 5,045,138 - (5,362,998) Citibank NA Aa3

Lazard Emerging Markets Local Debt Fund 60,000 - (112,560) Goldman Sachs A1

Lazard Emerging Markets Local Debt Fund 21,170,000 - (21,654,816) HSBC Bank Plc Aa2

Lazard Emerging Markets Local Debt Fund 9,570,000 - (643,783) JP Morgan Chase and Company A2

Lazard Emerging Markets Local Debt Fund 5,164,878 - 1,835,903 Morgan Stanley A3

Lazard Emerging Markets Local Debt Fund (2,120,000) - 1,402,818 Standard Chartered Bank A1

Lazard Emerging Markets Local Debt Fund (2,800,000) - 2,873,762 UBS AG Aa2

Lazard Emerging Markets Total Return Debt Fund (280,000) - 202,842 Bank of America Merrill Lynch Aa2

Lazard Emerging Markets Total Return Debt Fund (860,000) - 984,540 Barclays Bank Plc A1

Lazard Emerging Markets Total Return Debt Fund (340,000) - 185,009 Goldman Sachs A1

Lazard Emerging Markets Total Return Debt Fund 1,500,000 - (1,409,679) HSBC Bank Plc Aa2

Lazard Emerging Markets Total Return Debt Fund 620,000 - 127,961 JP Morgan Chase and Company A2

Lazard Emerging Markets Total Return Debt Fund 4,803,545 - 246,930 Morgan Stanley A3

Lazard Emerging Markets Total Return Debt Fund (260,000) - 229,557 UBS AG Aa2

Lazard Emerging Markets Debt Blend Fund 280,000 - (192,564) Bank of America Merrill Lynch Aa2

Lazard Emerging Markets Debt Blend Fund (620,000) - 556,873 Barclays Bank Plc A1

Lazard Emerging Markets Debt Blend Fund 580,000 - (462,708) Citibank NA Aa3

Lazard Emerging Markets Debt Blend Fund 1,890,000 - (1,934,026) HSBC Bank Plc Aa2

Lazard Emerging Markets Debt Blend Fund 130,000 - (12,856) JP Morgan Chase and Company A2

Lazard Emerging Markets Debt Blend Fund 484,143 - 152,981 Morgan Stanley A3

Lazard Emerging Markets Debt Unrestricted Blend Fund (400,000) - 488,594 Bank of America Merrill Lynch Aa2

Lazard Emerging Markets Debt Unrestricted Blend Fund (480,000) - 493,965 Barclays Bank Plc A1

Lazard Emerging Markets Debt Unrestricted Blend Fund 1,380,000 - (1,524,647) Citibank NA Aa3

Lazard Emerging Markets Debt Unrestricted Blend Fund 6,080,000 - (6,305,712) HSBC Bank Plc Aa2

Lazard Emerging Markets Debt Unrestricted Blend Fund 990,000 - (360,226) JP Morgan Chase and Company A2

Lazard Emerging Markets Debt Unrestricted Blend Fund 1,660,835 - 36,060 Morgan Stanley A3

Lazard Emerging Markets Debt Unrestricted Blend Fund (690,000) - 656,627 Standard Chartered Bank A1

Lazard Commodities Fund 3,260,000 - (3,320,479) CIBC World Markets A1

Lazard Commodities Fund 3,260,000 - (3,320,479) UBS AG Aa2

Lazard Rathmore Alternative Fund - 197,447,166 (15,292,544) BNP Paribas Aa3

Lazard Rathmore Alternative Fund - 442,496 (96,453) Societe Generale A1


at broker EUR Non-cash

collateral EUR Net exposure

EUR**Counterparty Credit Rating*

Lazard European Alternative Fund - 33,460,855 (114,951) Bank of America Merrill Lynch Aa2

Lazard European Alternative Fund - 34,583,329 (7,711,071) Morgan Stanley A3

2019





Lazard Emerging Markets Local Debt Fund (660,000) - 2,793,179 Bank of America Merrill Lynch Aa2

Lazard Emerging Markets Local Debt Fund 2,970,000 - (2,509,952) Barclays Bank Plc A2

Lazard Emerging Markets Local Debt Fund 645,000 - (664,589) Citibank NA Aa3

Lazard Emerging Markets Local Debt Fund (620,000) - 989,278 Goldman Sachs A1


Counterparty/Issuer Risk (continued)

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Lazard Emerging Markets Local Debt Fund 740,000 - (972,577) HSBC Bank Plc Aa2

Lazard Emerging Markets Local Debt Fund 13,840,000 - (475,015) JP Morgan Chase and Company A2

Lazard Emerging Markets Local Debt Fund 822,269 - - Morgan Stanley A3

Lazard Emerging Markets Local Debt Fund 2,490,000 - (2,221,750) Standard Chartered Bank A1

Lazard Emerging Markets Local Debt Fund 1,940,000 - (1,784,428) UBS AG Aa2

Lazard Emerging Markets Total Return Debt Fund (180,000) - 231,324 Bank of America Merrill Lynch Aa2

Lazard Emerging Markets Total Return Debt Fund (390,000) - 440,212 Goldman Sachs A1

Lazard Emerging Markets Total Return Debt Fund 2,880,000 - 217,908 JP Morgan Chase and Company A2

Lazard Emerging Markets Total Return Debt Fund 2,546,306 - (92,349) Morgan Stanley A3

Lazard Emerging Markets Debt Blend Fund (1,680,000) - 2,341,637 Bank of America Merrill Lynch Aa2

Lazard Emerging Markets Debt Blend Fund 580,000 - (493,465) Barclays Bank Plc A2

Lazard Emerging Markets Debt Blend Fund 2,760,000 - (418,419) JP Morgan Chase and Company A2

Lazard Emerging Markets Debt Blend Fund 330,000 - (442,932) UBS AG Aa2

Lazard Emerging Markets Debt Unrestricted Blend Fund (3,390,000) - 4,629,852 Bank of America Merrill Lynch Aa2

Lazard Emerging Markets Debt Unrestricted Blend Fund 1,220,000 - (1,228,548) Barclays Bank Plc A2

Lazard Emerging Markets Debt Unrestricted Blend Fund 300,000 - (523,888) Citibank NA Aa3

Lazard Emerging Markets Debt Unrestricted Blend Fund 460,000 - (456,767) HSBC Bank Plc Aa2

Lazard Emerging Markets Debt Unrestricted Blend Fund 9,300,000 - (882,756) JP Morgan Chase and Company A2

Lazard Emerging Markets Debt Unrestricted Blend Fund 1,040,000 - (769,789) Standard Chartered Bank A1

Lazard Emerging Markets Debt Unrestricted Blend Fund 1,210,000 - (1,083,969) UBS AG Aa2

Lazard Diversified Return Fund 4,619,000 - (551,454) Morgan Stanley A3

Lazard Commodities Fund (320,000) - 160,242 CIBC World Markets A1

Lazard Commodities Fund (170,000) - 160,242 UBS AG Aa2

Client cash held at broker EUR

Non-cash collateral EUR

Net exposure EUR**

Counterparty Credit Rating*

Lazard European Alternative Fund - 32,593,521 292,576 Bank of America Merrill Lynch Aa2

Lazard European Alternative Fund - 53,209,410 250,626 Morgan Stanley A3

Lazard Rathmore Alternative Fund - 29,331,511 (1,465,192) BNP Paribas Aa3

* Moody’s credit rating.** The net exposure represents the unrealised of the mark-to-market value with the counterparty as at financial year end.The Funds have an ISDA agreement and/or Credit Support Annex in place with all the counterparties. The Portfolio of Investments includes details of the open forward foreign currency exchange contracts and the counterparties as at the financial year end.

Liquidity RiskThe Funds’ assets comprise mainly realisable securities which can be readily sold. The main liability of the Funds is the redemption of any Shares that investors wish to sell. Shareholders have the right to require the Funds to redeem their Shares in the Funds on any business day subject to restrictions set out in the Prospectus. If total requests for redemption and/or switching on any dealing day for any Fund exceed 10% of the NAV of that Fund, each redemption or switching request in respect of Shares in such Fund may, at the discretion of the Directors, be reduced pro rata so that the total number of Shares of such Fund for redemption or switching on that dealing day shall not exceed 10% of the NAV of that Fund. Any redemption or switching request so reduced shall be carried forward to the next dealing day and effected to subsequent redemption or switching requests on the following dealing day(s). The Funds have the ability to borrow in the short term to ensure settlement. No such borrowings have arisen during the financial years ended 31 March 2020 and 31 March 2019.

The Funds’ financial liabilities due for payment within one month relate in the most part, to security purchases awaiting settlements, redemptions of Redeemable Participating Shares and payment of expenses and bank overdraft interest. Details of these amounts where relevant, can be found in the Statement of Financial Position. There are no financial liabilities that fall due over 3 months except for the FDIs whose maturity dates are outlined on the Portfolios of Investments at 31 March 2020 or at 31 March 2019.

Certain securities held by a Fund may be difficult (or impossible) to sell at the time and at the price the relevant Investment Manager would like. A Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that a Fund may lose money or be prevented from earning capital gains if it cannot sell a security at the time and price that is most beneficial to that Fund. Funds that invest in certain small company securities, high-yield bonds, mortgage-backed securities or foreign or emerging market securities, which have all experienced periods of illiquidity, maybe subject to liquidity risks.


Counterparty/Issuer Risk (continued)2019 (continued)





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Concentration RiskThe Funds may be exposed to concentration risk when a shareholder holds a significant portion of the issued share capital of the Funds as disclosed in Note 12.

Fair Value Measurement The Company is required to classify financial assets and financial liabilities at fair value through profit or loss as follows:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the valuation date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 inputs are inputs other than quoted prices in active markets included within level 1 that are observable for the asset or liability, either directly or indirectly. Fair value is determined through the use of models or other valuation methodologies. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets.

b) Quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

c) Inputs other than quoted prices that are observable for the asset or liability (e.g. interest rate and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks and default rates).

d) Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs reflect the Company’s own assumptions about how market participants would be expected to value the asset or liability. Unobservable inputs are developed based on the best information available in the circumstances, other than market data obtained from sources independent of the Company and might include the Company’s own data.

An investment is always categorised as level 1, 2 or 3 in its entirety. In certain cases, the fair value measurement for an investment may use a number of different inputs that fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and is specific to the investment.

The following tables provide a breakdown of the financial instruments of each Fund by valuation category at 31 March 2020 and 31 March 2019:

31 March 2020

Lazard Emerging Markets Bond Fund Level 1 Level 2 % of NAV Total

Assets USD USD USD

Financial assets at fair value through profit or loss:

Investments at fair value:

Transferable Securities - 10,010,979 91.17 10,010,979

Unrealised gain on forward foreign currency exchange contracts - 10,800 0.10 10,800

Total assets - 10,021,779 91.27 10,021,779

Liabilities

Financial liabilities at fair value through profit or loss:

Unrealised loss on forward foreign currency exchange contracts - (204,687) (1.87) (204,687)

Total liabilities - (204,687) (1.87) (204,687)


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31 March 2019

Lazard Emerging Markets Bond Fund Level 1 Level 2 % of NAV Total

Assets USD USD USD




Unrealised gain on forward foreign currency exchange contracts 153,302 1.27 153,302

Total assets - 11,919,130 98.61 11,919,130

Liabilities


Unrealised loss on forward foreign currency exchange contracts - (48,496) (0.40) (48,496)

Total liabilities - (48,496) (0.40) (48,496)

31 March 2020

Lazard Emerging Markets Local Debt Fund Level 1 Level 2 % of NAV Total

Assets USD USD USD



Transferable Securities - 1,027,919,132 94.32 1,027,919,132

Interest Rate Swaps at positive fair value - 5,025,540 0.46 5,025,540

Unrealised gain on forward foreign currency exchange contracts - 30,673,755 2.81 30,673,755

Total assets - 1,063,618,427 97.59 1,063,618,427

Liabilities


Interest Rate Swaps at negative fair value - (496,711) (0.04) (496,711)

Unrealised loss on forward foreign currency exchange contracts - (59,993,993) (5.50) (59,993,993)

Total liabilities - (60,490,704) (5.54) (60,490,704)

31 March 2019

Lazard Emerging Markets Local Debt Fund Level 1 Level 2 % of NAV Total

Assets USD USD USD



Transferable Securities - 1,271,714,967 96.57 1,271,714,967


Options purchased at fair value - 828,718 0.06 828,718


Total assets - 1,279,395,074 97.16 1,279,395,074

Liabilities



Options written at fair value - (372,947) (0.03) (372,947)




Fair Value Measurement (continued)

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31 March 2020

Lazard Emerging Markets Total Return Debt Fund Level 1 % of NAV Level 2 % of NAV Total

Assets USD USD USD



Transferable Securities - - 104,302,004 94.57 104,302,004

Interest Rate Swaps at positive fair value - - 14,567 0.01 14,567

Options purchased at fair value - - 125,395 0.11 125,395

Unrealised gain on open future contracts 214,812 0.19 - - 214,812

Unrealised gain on forward foreign currency exchange contracts - - 4,236,103 3.84 4,236,103

Total assets 214,812 0.19 108,678,069 98.53 108,892,881

Liabilities


Credit Default Swaps at negative fair value - - (3,205,526) (2.90) (3,205,526)

Unrealised loss on forward foreign currency exchange contracts - - (9,263,441) (8.40) (9,263,441)

Total liabilities - - (12,468,967) (11.30) (12,468,967)

31 March 2019

Lazard Emerging Markets Total Return Debt Fund Level 1 % of NAV Level 2 % of NAV Total

Assets USD USD USD




Credit Default Swaps at positive fair value - - 883,231 0.45 883,231

Interest Rate Swaps at positive fair value - - 924,440 0.47 924,440

Options purchased at fair value - - 428,122 0.22 428,122


Unrealised gain on forward foreign currency exchange contracts - - 781,244 0.40 781,244

Total assets 139,500 0.07 178,824,235 91.44 178,963,735

Liabilities


Credit Default Swaps at negative fair value - - (497,603) (0.25) (497,603)

Options written at fair value - - (146,608) (0.07) (146,608)



31 March 2020

Lazard Emerging Markets Debt Blend Fund Level 1 Level 2 % of NAV Total

Assets USD USD USD




Interest Rate Swaps at positive fair value - 401,833 0.29 401,833


Total assets - 139,724,156 101.04 139,724,156



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31 March 2019

Lazard Emerging Markets Debt Blend Fund Level 1 Level 2 % of NAV Total

Assets USD USD USD






Total assets - 346,643,304 94.94 346,643,304

Liabilities




31 March 2020

Lazard Emerging Markets Debt Unrestricted Blend Fund Level 1 Level 2 % of NAV Total

Assets USD USD USD






Total assets - 577,828,346 95.47 577,828,346

Liabilities





31 March 2019

Lazard Emerging Markets Debt Unrestricted Blend Fund Level 1 Level 2 % of NAV Total

Assets USD USD USD






Total assets - 999,840,483 94.65 999,840,483



31 March 2020

Lazard Emerging Markets Debt Blend Fund (continued) Level 1 Level 2 % of NAV Total

USD USD USD

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31 March 2019

Lazard Emerging Markets Debt Unrestricted Blend Fund (continued) Level 1 Level 2 % of NAV Total

USD USD USD

Liabilities




31 March 2020

Lazard Emerging Markets Corporate Debt Fund* Level 1 Level 2 % of NAV Total

Assets USD USD USD




Total assets - 8,661,480 96.80 8,661,480

31 March 2020

Lazard Scandinavian High Quality Bond Fund Level 1 % of NAV Level 2 % of NAV Total

Assets EUR EUR EUR




Unrealised gain on forward foreign currency exchange contracts - - 11,364,930 3.02 11,364,930

Total assets - - 369,489,084 98.28 369,489,084

Liabilities


Unrealised loss on open future contracts (873,710) (0.23) - - (873,710)

Unrealised loss on forward foreign currency exchange contracts - - (595,530) (0.16) (595,530)

Total liabilities (873,710) (0.23) (595,530) (0.16) (1,469,240)

31 March 2019

Lazard Scandinavian High Quality Bond Fund Level 1 % of NAV Level 2 % of NAV Total

Assets EUR EUR EUR





Total assets - - 42,560,466 93.00 42,560,466

Liabilities




Total liabilities (60,210) (0.13) (23,648) (0.05) (83,858)

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31 March 2020

Lazard Commodities Fund Level 1 % of NAV Level 2 % of NAV Total

Assets USD USD USD



Transferable Securities 658,601 2.17 29,435,988 96.84 30,094,589

Total Return Swaps at positive fair value - - 268,221 0.88 268,221

Unrealised gain on forward foreign currency exchange contracts - - 474 0.00 474

Total assets 658,601 2.17 29,704,683 97.72 30,363,284

Liabilities


Total Return Swaps at negative fair value - - (6,909,178) (22.73) (6,909,178)



31 March 2019

Lazard Commodities Fund Level 1 % of NAV Level 2 % of NAV Total

Assets USD USD USD



Transferable Securities 3,430,689 9.39 31,978,250 87.54 35,408,939

Total Return Swaps at positive fair value - - 602,555 1.65 602,555

Unrealised gain on forward foreign currency exchange contracts - - 30 0.00 30

Total assets 3,430,689 9.39 32,580,835 89.19 36,011,524

Liabilities


Total Return Swaps at negative fair value - - (282,071) (0.77) (282,071)

Unrealised loss on forward foreign currency exchange contracts - - (324) (0.00) (324)

Total liabilities - - (282,395) (0.77) (282,395)

31 March 2020

Lazard Diversified Return Fund Level 1 % of NAV Level 2 % of NAV Level 3 % of NAV Total

Assets USD USD USD USD



Transferable Securities 5,117,501 21.05 10,341,616 42.54 14 0.00 15,459,131

Investment Funds - - 3,451,656 14.20 - - 3,451,656

Total Return Swaps at positive fair value - - 1,179,170 4.86 - - 1,179,170

Unrealised gain on contracts for difference - - 227,675 0.93 - - 227,675

Unrealised gain on forward foreign currency exchange contracts - - 258,239 1.06 - - 258,239

Total assets 5,117,501 21.05 15,458,356 63.59 14 0.00 20,575,871

Liabilities


Unrealised loss on contracts for difference - - (68,559) (0.28) (68,559)





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31 March 2019

Lazard Diversified Return Fund Level 1 % of NAV Level 2 % of NAV Total

Assets USD USD USD




Investment Funds - - 6,131,292 13.75 6,131,292

Unrealised gain on contracts for difference - - 206,973 0.46 206,973



Total assets 17,417,212 39.02 22,381,113 50.21 39,798,325

Liabilities


Total Return Swaps at negative fair value - - (529,028) (1.19) (529,028)

Unrealised loss on contracts for difference - - (233,633) (0.52) (233,633)



31 March 2020

Lazard European Alternative Fund Level 1 % of NAV Level 2 % of NAV Total

Assets EUR EUR EUR




Unrealised gain on contracts for difference - - 2,560,198 0.73 2,560,198



Total assets 138,449,539 39.20 172,641,509 48.90 311,091,048

Liabilities


Unrealised loss on contracts for difference - - (8,236,842) (2.34) (8,236,842)

Unrealised loss on open future contracts (2,208,040) (0.63) - - (2,208,040)


Total liabilities (2,208,040) (0.63) (8,256,218) (2.34) (10,464,258)

31 March 2019

Lazard European Alternative Fund Level 1 % of NAV Level 2 % of NAV Total

Assets EUR EUR EUR







Total assets 170,952,375 25.88 441,455,042 66.87 612,407,417



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Liabilities



Unrealised loss on open future contracts (1,115,714) (0.17) - - (1,115,714)

Unrealised loss on forward foreign currency exchange contracts - - (277) (0.00) (277)

Total liabilities (1,115,714) (0.17) (4,268,036) (0.66) (5,383,750)

31 March 2020

Lazard Rathmore Alternative Fund Level 1 % of NAV Level 2 % of NAV Total

Assets USD USD USD





Options purchased at fair value 8,589 0.00 - - 8,589



Total assets 13,703,988 4.64 378,988,999 128.39 392,692,986

Liabilities



Options written at fair value (18,502) (0.01) - - (18,502)


Total liabilities (18,502) (0.01) (100,247,791) (33.96) (100,266,293)

31 March 2019

Lazard Rathmore Alternative Fund Level 1 % of NAV Level 2 % of NAV Total

Assets USD USD USD



Transferable Securities 998,599 0.87 112,269,462 97.88 113,268,061


Options purchased at fair value 702,825 0.61 79,080 0.07 781,905


Total assets 1,701,424 1.48 121,978,150 106.35 123,679,574

Liabilities



Options written at fair value (85,000) (0.07) - - (85,000)



Total liabilities (98,550) (0.09) (11,090,375) (9.66) (11,188,925)




31 March 2019

Lazard European Alternative Fund (continued) Level 1 % of NAV Level 2 % of NAV Total

EUR EUR EUR

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There were no level 3 securities held on the Funds with the exception of some securities held on Lazard Emerging Markets Total Return Debt Fund and Lazard Diversified Return Fund during the financial year ended 31 March 2020 and 31 March 2019.

The securities classified as Level 3 as at 31 March 2020 were classified as Level 3 because they were priced using unobservable inputs. The level 3 securities are corporate bonds incorporated in the Cayman Islands, G3 Exploration Ltd, which had a fair value of USD Nil as at 31 March 2020 and common stock incorporated in Philippines, Altus San Nicolas Corp, which had a fair value of USD 14 as at 31 March 2020.

The securities classified as Level 3 as at 31 March 2019 were classified as Level 3 because they were priced using unobservable inputs. The level 3 securities are corporate bonds incorporated in the Cayman Islands, G3 Exploration Ltd, which had a fair value of USD Nil as at 31 March 2019.

Investments, whose values are based on quoted market prices in active markets, and therefore classified within level 1, include active listed equities and exchange traded derivatives. The Funds do not adjust the quoted price for these instruments.

Financial instruments that do not have quoted market prices but are valued based on market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2, these include bonds and over-the-counter derivatives.

10. Securities Financing Transactions RegulationArticle 13 of Regulation (EU) 2015/2365 on transparency of securities financing transactions ("SFTs") and of reuse and amending Regulation (EU) No 648/2012, requires UCITS investment companies to provide the following information on the use made of SFTs.

Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January 2016 and, amongst other requirements, introduces new disclosure requirements in the Company's financial statements published after 13 January 2017 detailing the Fund's use of SFTs and total return swaps. As a result, additional disclosures have been included in the notes to the financial statements.

Below is the market value of assets engaged in SFTs as at 31 March 2020 and 31 March 2019. The assets which are engaged in SFTs at this date are contracts for difference and total return swaps, which are settled tri-party respectively.

31 March 2020 31 March 2019

Fund Currency Fair Value% of Net Assets

ValueFair Value

% of Net Assets Value

Lazard Commodities Fund USD (6,640,957) (21.85) 320,484 0.88

Lazard Diversified Return Fund USD 1,338,286 5.51 (554,261) (1.25)

Lazard European Alternative Fund EUR (5,676,644) (1.61) 1,133,681 0.17

Lazard Rathmore Alternative Fund USD (15,388,998) (5.21) (1,465,191) (1.28)

The following table details the counterparties used for each type of contracts for difference and total return swap as at 31 March 2020 and 31 March 2019.

31 March 2020 31 March 2019

Fund CurrencyCounterparty

NameCountry of

EstablishmentFair Value

Counterparty Name

Country of Establishment

Fair Value

Lazard Commodities Fund USD CIBC World Markets Canada (3,320,479) CIBC

World Markets Canada 160,242

USD UBS AG Switzerland (3,320,478) UBS AG Switzerland 160,242

Lazard Diversified Return Fund USD Morgan Stanley United Kingdom and Wales 1,338,286 Morgan Stanley United Kingdom

and Wales (554,261)

Lazard European Alternative Fund EUR Bank of America Merrill Lynch

United Kingdom and Wales (114,950) Bank of America

Merrill Lynch United Kingdom

and Wales 292,576

EUR Morgan Stanley United Kingdom and Wales (5,561,694) Morgan Stanley United Kingdom

and Wales 841,105

Lazard Rathmore Alternative Fund USD BNP Paribas France (15,292,544) BNP Paribas France (1,449,953)

USD Societe Generale France (96,454) - - -



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The following table provides an analysis of maturity tenor of the contracts for difference and total return swaps as at 31 March 2020.

Fund Currency Less than 1 day 1 day to 1 week 1 week to 1

month 1 to 3 months 3 months to 1

year Greater than 1

year Open

Maturity*

Lazard Commodities Fund USD - - - - - - (6,640,957)

Lazard Diversified Return Fund USD - - - - - - 1,338,286

Lazard European Alternative Fund EUR - - - - - - (5,676,644)

Lazard Rathmore Alternative Fund USD - - - - - - (15,388,998)

The following table provides an analysis of maturity tenor of the contracts for difference and total return swaps as at 31 March 2019.

Fund Currency Less than 1 day 1 day to 1 week 1 week to 1

month 1 to 3 months 3 months to 1

year Greater than 1

year Open

Maturity*

Lazard Commodities Fund USD - - - - - - 320,484

Lazard Diversified Return Fund USD - - - - - - (554,261)

Lazard European Alternative Fund EUR - - - - - - 1,133,681

Lazard Rathmore Alternative Fund USD - - - - - - (1,465,191)

The following table provides an analysis of the currency, type and quality of collateral as at 31 March 2020 and 31 March 2019.

31 March 2020 31 March 2019

Collateral Quality/Rating Collateral Quality/Rating

Fund CurrencyCollateral

TypeInvestment

grade

Below investment

gradeNot

ratedCollateral

TypeInvestment

grade

Below investment

gradeNot

rated

Lazard European Alternative Fund EUR Government Bonds 68,044,184 - - Government

Bonds 86,686,452 - -

Lazard Rathmore Alternative Fund USD Government Bonds 197,889,662 - - Government

Bonds 29,471,925 - -

The following table provides an analysis of the maturity tenor of the collateral as at 31 March 2020.

Fund Currency Less than 1 day

1 day to 1 week

1 week to 1 month 1 to 3 months 3 months

to 1 year Greater than

1 year Open Maturity

Lazard European Alternative Fund EUR - - - 22,882,816 45,161,368 - -

Lazard Rathmore Alternative Fund USD - - 22,136,087 63,975,604 111,777,971 - -

The following table provides an analysis of the maturity tenor of the collateral as at 31 March 2019.

Fund Currency Less than 1 day

1 day to 1 week

1 week to 1 month 1 to 3 months 3 months

to 1 year Greater than

1 year Open Maturity

Lazard European Alternative Fund EUR - - - 32,488,750 54,197,702 - -

Lazard Rathmore Alternative Fund USD - - - 10,910,058 18,561,867 - -

The following table lists the ten largest collateral issuers as at 31 March 2020 and 31 March 2019.

31 March 2020 31 March 2019 31 March 2020 31 March 2019



Collateral Issuers EUR USD

Bank of America Merrill Lynch 33,460,855 32,488,750 - -

Morgan Stanley 34,583,329 54,197,702 - -

BNP Paribas - - 197,447,166 29,471,925

Societe Generale - 442,496

* These contracts can be closed out at an earlier date than the maturity date subject to Investment Managers' discretion.

The returns and costs of the contracts for difference and total return swaps held by the Funds cannot be separately identified and are included in net gain/(loss) on financial assets at fair value through profit or loss in the Statement of Comprehensive Income.

10. Securities Financing Transactions Regulation (continued)

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11. Soft Commission ArrangementsIn relation to Lazard Diversified Return Fund, Lazard European Alternative Fund and Lazard US Fundamental Alternative Fund, the Investment Managers, in accordance with common market practice for investment managers, entered into dealing arrangements with brokers whereby part of the dealing commissions paid to them is used to discharge the cost of investment related services supplied to them by the broker or by third parties. These services may be either market research or be related to the execution of trades on behalf of clients.

The Investment Managers places business with these counterparties including transactions relating to the investments of Lazard Diversified Return Fund, Lazard European Alternative Fund and Lazard US Fundamental Alternative Fund. Lazard US Fundamental Alternative Fund was fully redeemed on 13 September 2018. The Investment Managers will endeavour at all times to obtain best execution on all transactions for all clients including these Funds, and is satisfied that these arrangements are of benefit to these Funds. For the other Funds, there were no soft commission arrangements during the financial year ended 31 March 2020 or 31 March 2019.

12. Related Party TransactionsIn the opinion of the Directors, the Investment Managers are related parties under FRS 102, Section 33 “Related Party Transactions". Please refer to Note 3 to the financial statements for details of arrangements between the Funds and the Investment Managers.

The authorised share capital of the Company is two subscriber shares of par value of £1.00 each. The two subscriber shares are held by the Manager and the Promoter. All material related party transactions with the Manager and Directors are included in Note 3 to the financial statements.

Andreas Hübner and Jeremy Taylor are full time executives, and up to 28 June 2019, Michael Allen was a full time executive, of the Lazard group as well as Directors of the Company. Michael Allen, Andreas Hübner and Jeremy Taylor are not entitled to any Directors' fees. These current Company's Directors are also Directors of the Manager.

Daniel Morrissey is a Director of the Company and is also a partner of William Fry (the Company’s legal advisers as to Irish Law and who also provide Global Foreign Registration Services to the Company). The partners of William Fry own Wilton Secretarial Limited (the “Secretary”). Accordingly, Daniel Morrissey has a beneficial interest under the Irish Companies Act 2014 in legal and secretarial fees paid to William Fry and the Secretary and amounts of USD 158,715 were paid for the financial year ended 31 March 2020 (31 March 2019: USD 267,706).

As at 31 March 2020, the following entities held investments in the Company:

2020

Investor Name Fund Name Value Currency% of NAV

of each Fund

Lazard Asset Management LLC Lazard Emerging Markets Bond Fund 24,228 EUR 0.23

Lazard Asset Management LLC Lazard Emerging Markets Bond Fund 2,934,802 USD 27.56

Lazard Asset Management LLC Lazard Emerging Markets Local Debt Fund 10,588 EUR 0.00

Lazard Asset Management LLC Lazard Emerging Markets Local Debt Fund 8,402 USD 0.00

Lazard Freres Banque SA Lazard Emerging Markets Local Debt Fund 269,339 USD 0.03

Lazard & Co Services Limited Lazard Emerging Markets Total Return Debt Fund 186,984 USD 0.17

Lazard Asset Management Limited Lazard Emerging Markets Total Return Debt Fund 615,336 USD 0.57

Lazard Asset Management LLC Lazard Emerging Markets Total Return Debt Fund 11,682 EUR 0.01

Lazard Asset Management Pacific Co Lazard Emerging Markets Total Return Debt Fund 16,291,524 AUD 15.05

Lazard Group LLC Lazard Emerging Markets Total Return Debt Fund 797,149 USD 0.74

Lazard Freres Banque SA Lazard Emerging Markets Debt Unrestricted Blend Fund 27,298 USD 0.00

Lazard Asset Management LLC Lazard Emerging Markets Corporate Debt Fund 8,976,759 USD 100.00

Lazard Asset Management LLC Lazard Commodities Fund 44,904 GBP 0.18

Lazard Asset Management LLC Lazard Commodities Fund 16,657 USD 0.07

Lazard Diversified Return Fund Lazard Commodities Fund 791,405 USD 3.20

Lazard Asset Management LLC Lazard Diversified Return Fund 16,510,054 USD 68.37

Lazard & Co Services Limited Lazard European Alternative Fund 146,064 USD 0.04

Lazard Asset Management Limited Lazard European Alternative Fund 7,023,790 USD 1.99

Lazard Asset Management LLC Lazard European Alternative Fund 12,833 EUR 0.00

Lazard Diversified Return Fund Lazard European Alternative Fund 939,515 USD 0.27

Lazard Group LLC Lazard European Alternative Fund 223,447 USD 0.07

Lazard Asset Management LLC Lazard Rathmore Alternative Fund 48,534 CHF 0.02

Lazard Diversified Return Fund Lazard Rathmore Alternative Fund 946,738 USD 0.37

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2019

Investor Name Fund Name Value Currency% of NAV

of each Fund

Lazard Asset Management LLC Lazard Emerging Markets Bond Fund 27,695 EUR 0.23

Lazard Asset Management LLC Lazard Emerging Markets Bond Fund 5,232,123 USD 44.22

Lazard Asset Management LLC Lazard Emerging Markets Local Debt Fund 11,962 EUR 0.00

Lazard Asset Management LLC Lazard Emerging Markets Local Debt Fund 9,167 USD 0.00

Lazard & Co Services Limited Lazard Emerging Markets Total Return Debt Fund 124,485 USD 0.07

Lazard Asset Management Limited Lazard Emerging Markets Total Return Debt Fund 785,403 USD 0.42

Lazard Asset Management LLC Lazard Emerging Markets Total Return Debt Fund 12,144 EUR 0.01

Lazard Group LLC Lazard Emerging Markets Total Return Debt Fund 389,146 USD 0.21

Lazard Asset Management Pacific Co Lazard Emerging Markets Total Return Debt Fund 20,391,880 AUD 10.99

Lazard Asset Management LLC Lazard Scandinavian High Quality Bond Fund 17,669 EUR 0.04

Lazard Asset Management LLC Lazard Commodities Fund 56,660 GBP 0.21

Lazard Asset Management LLC Lazard Commodities Fund 21,599 USD 0.08

Lazard Diversified Return Fund Lazard Commodities Fund 1,716,525 USD 6.02

Lazard Asset Management LLC Lazard Diversified Return Fund 16,740,585 USD 37.71

Lazard Strategie Flexible Lazard European Alternative Fund 103 EUR 0.00

Lazard & Co Services Limited Lazard European Alternative Fund 119,953 USD 0.02

Lazard Asset Management Limited Lazard European Alternative Fund 3,840,568 USD 0.58

Lazard Asset Management LLC Lazard European Alternative Fund 13,088 EUR 0.00

Lazard Group LLC Lazard European Alternative Fund 180,974 USD 0.03

Lazard Diversified Return Fund Lazard European Alternative Fund 2,732,341 USD 0.41

Lazard Asset Management LLC Lazard Rathmore Alternative Fund 50,259 CHF 0.05

Lazard Asset Management LLC Lazard Rathmore Alternative Fund 42,241 EUR 0.04

Lazard Asset Management LLC Lazard Rathmore Alternative Fund 37,465 GBP 0.04

Lazard Asset Management LLC Lazard Rathmore Alternative Fund 1,629,474 USD 1.69

Lazard Diversified Return Fund Lazard Rathmore Alternative Fund 1,690,763 USD 1.76

The following table details the number of shareholders with significant holdings of at least 20% of the relevant Fund and the percentage of that holding as at 31 March 2020 and as at 31 March 2019.

31 March 2020 31 March 2019

Fund Name

Number of significant shareholders

Aggregate shareholding as a % of the Fund

Number of significant shareholders

Aggregate shareholding as a % of the Fund

Lazard Emerging Markets Bond Fund 3 83.25% 2 80.10%

Lazard Emerging Markets Local Debt Fund 1 54.93% 1 45.01%

Lazard Emerging Markets Total Return Debt Fund 1 72.47% 1 38.95%

Lazard Emerging Markets Debt Blend Fund 1 20.12% 1 32.67%

Lazard Emerging Markets Debt Unrestricted Blend Fund 1 48.28% 1 34.84%

Lazard Scandinavian High Quality Bond Fund 1 37.40% 2 68.20%

Lazard Commodities Fund 1 90.33% 1 87.86%

Lazard Emerging Markets Corporate Debt Fund* 1 100.00% - -

Lazard Diversified Return Fund 2 52.78% 2 71.29%

Lazard Rathmore Alternative 1 28.07% 1 28.44%

*Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019, therefore there are no comparatives for this Fund.

13. Cross-InvestmentsAs at 31 March 2020, Lazard Diversified Return Fund holds 1,018 shares in M Acc USD Class of Lazard Commodities Fund (31 March 2019: 17,975 shares), it also holds 917 shares in M Acc USD Hedged Class of Lazard European Alternative Fund (31 March 2019: 23,846 shares) and it holds 944 shares in M Acc USD Class of Lazard Rathmore Alternative Fund (31 March 2019: 16,259 shares).

As a result of the cross investment there were no fees charged to the assets attributable to these classes.

The impact of the below cross-investment transactions has been eliminated from the total column for the Company in the Statement of Comprehensive Income, Statement of Financial Position and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders.

12. Related Party Transactions (continued)

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13. Cross-Investments (continued)Issues and redemptions of Shares and the related realised gains and losses for the financial year ended 31 March 2020 and 31 March 2019:

31 March 2020Lazard

Commodities Fund

Lazard European

Alternative Fund

Lazard Rathmore

Alternative Fund

USD USD USD

Opening cost 1,797,462 2,553,025 1,629,915

Issue of shares 1,859,525 2,872,341 1,777,763

Redemption of shares (2,561,525) (4,727,341) (2,535,763)

Net realised gain/(loss) in financial assets and liabilities through the profit and loss account (83,220) 220,994 74,608

Closing cost 1,012,242 919,019 946,523

Fair value of investments 794,114 933,755 946,956

Current unrealised gain/(loss) on financial assets and liabilities through the profit and loss account

(fair value of investments less closing costs) (218,128) 14,736 433

Prior unrealised gain/(loss) on financial assets and liabilities through the profit and loss account (82,288) 173,066 60,113

Movement in unrealised gain/(loss) on financial assets and liabilities through the profit and loss account

(current unrealised less prior unrealised) (135,840) (158,330) (59,680)

Net increase/(decrease) in net assets from operations

(movement in unrealised gain/(loss) plus net realised gain/(loss)) (219,060) 62,664 14,928

31 March 2019

Lazard Emerging

Markets Total Return

Debt Fund

Lazard Commodities

Fund

Lazard European

Alternative Fund

Lazard Rathmore

Alternative Fund

USD USD USD USD

Opening cost 4,992,221 - 3,588,334 -

Issue of shares - 2,200,000 - 2,811,274

Redemption of shares (4,956,725) (380,000) (1,145,000) (1,200,000)

Net realised gain/(loss) in financial assets and liabilities through the profit and loss account (35,496) (22,538) 109,691 18,641

Closing cost - 1,797,462 2,553,025 1,629,915

Fair value of investments - 1,715,174 2,726,091 1,690,027

Current unrealised gain on financial assets and liabilities through the profit and loss account

(fair value of investments less closing costs) - (82,288) 173,066 60,113

Prior unrealised gain/(loss) on financial assets and liabilities through the profit and loss account 194,623 - 137,507 -

Movement in unrealised gain/(loss) on financial assets and liabilities through the profit and loss account

(current unrealised less prior unrealised) (194,623) (82,288) 35,559 60,113

Net increase in net assets from operations

(movement in unrealised gain/(loss) plus net realised gain/(loss)) (230,119) (104,826) 145,250 78,754

14. DistributionsDuring the financial year ended 31 March 2020, distributions were paid on the following class of Shares.

Fund

Ex-Date: 1 April 2019

Lazard Emerging Markets Local

Debt Fund

Lazard Emerging Markets Total

Return Debt Fund

Lazard Emerging Markets Debt

Blend Fund

Lazard Scandinavian High Quality

Bond Fund

Lazard Commodities

Fund

Amount USD

Distribution per Share

Amount USD


Amount USD


Amount EUR


Amount USD


A Dist EUR - - - - - - 31 0.1777 - -

A Dist EUR Hedged 25,695 2.3401 707,002 2.0229 - - - - - -

A Dist GBP - - - - 45,957 4.0700 - - - -

A Dist GBP Hedged 113,205 1.9278 - - 4,877 3.5458 - - - -

A Dist USD 986,877 1.4933 - - 6,025 0.5559 - - - -

D Dist EUR Hedged - - 1,357,605 1.6758 - - - - - -

EA Dist EUR - - - - - - 93,560 0.2068 - -

F Dist GBP - - - - - - - - 4,335 0.0162

K Dist EUR - - - - 519 3.2233 - - - -

P Dist USD 2,985,256 2.2467 - - - - - - - -

X Dist GBP Hedged - - 110,709 3.1464 - - - - - -

The above distributions were paid to the Shareholders of that class in the relevant Fund on 5 April 2019.

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Ex-Date: 1 October 2019


Debt Fund


Return Debt Fund


Blend Fund


Bond FundLazard European Alternative Fund

Amount USD


Amount USD


Amount USD


Amount EUR


Amount EUR


A Dist EUR - - - - - - 5,850 0.3855 - -

A Dist EUR Hedged 34,200 2.4909 223,203 0.9235 - - - - - -

A Dist GBP - - - - 39,048 3.5583 - - - -

A Dist GBP Hedged 110,807 2.0585 - - 4,103 2.9830 - - - -

A Dist USD 1,148,153 1.6440 - - 28,100 2.4792 - - - -

AP Dist EUR - - - - - - - - 3,146 0.0145

C Dist EUR - - - - - - - - 3,191 0.1409

D Dist EUR Hedged - - 412,848 0.5096 - - - - - -

EA Dist EUR - - - - - - 630,663 0.4585 - -

G Dist EUR - - - - - - 81,182 0.4019 - -

K Dist EUR - - - - 459 2.8478 - - - -

M Dist AUD Hedged - - 196,733 11.1563 - - - - - -

P Dist USD 3,081,812 2.5008 - - - - - - - -

The above distributions were paid to the Shareholders of that class in the relevant Fund on 7 and 8 October 2019.

During the financial year ended 31 March 2019, distributions were paid on the following class of Shares.

Fund

Ex-Date: 3 April 2018


Debt Fund


Return Debt Fund


Blend Fund

Amount USD


Amount USD


Amount USD


A Dist EUR Hedged 11,109 1.9489 1,946,267 1.8255 - -

A Dist GBP - - - - 368,565 3.8217

A Dist GBP Hedged 9,660 2.4454 - - 4,849 3.5255

A Dist USD 2,285,242 1.7654 - - 16,111,275 2.5843

D Dist EUR Hedged - - 981,694 1.3575 - -

K Dist EUR - - - - 489 3.0362

M Dist AUD Hedged - - 513,679 1.5617 - -

The above distributions were paid to the Shareholders of that class in the relevant Fund on 9 April 2018.

Fund

Ex-Date: 1 October 2018


Debt Fund


Return Debt Fund


Blend FundLazard

Commodities FundLazard Rathmore Alternative Fund

Amount USD


Amount USD


Amount USD


Amount USD


Amount USD


A Dist EUR Hedged 1,923 1.0681 2,276,878 2.2045 - - - - - -

A Dist GBP - - - - 59,613 3.6591 - - - -

A Dist GBP Hedged 4,228 2.1246 - - 4,569 3.3218 - - - -

A Dist USD 1,013,927 1.5917 - - 15,296,149 2.5117 - - - -

D Dist EUR Hedged - - 1,469,752 1.8142 - - - - - -

14. Distributions (continued)

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EA Dist EUR Hedged - - - - - - - - 415 0.0307

EA Dist GBP - - - - - - 246 0.0670 - -

F Dist GBP - - - - - - 9,216 0.0355 - -

K Dist EUR - - - - 473 2.9404 - - - -

M Dist AUD Hedged - - 499,872 1.7655 - - - - - -

P Dist USD 1,137,252 1.0586 - - - - - - - -

X Dist GBP Hedged - - 87,296 2.7976 - - - - - -

The above distributions were paid to the Shareholders of that class in the relevant Fund on 5 October 2018.

On 22 March 2019, there was a distribution declared on M Dist AUD Hedged share class on Lazard Emerging Markets Total Return Debt Fund of USD 368,920 with Distribution per share of USD 1.5798, this distribution was paid to the Shareholders on 28 March 2019.

15. Significant Events During The Financial YearDuring the financial year ended 31 March 2020, the following classes were launched.

Fund Name Share Class Launch Date

Lazard Emerging Markets Bond Fund B Acc EUR Hedged 22 July 2019

Lazard Emerging Markets Total Return Debt Fund M Acc USD 04 April 2019

Lazard Emerging Markets Corporate Debt Fund A Acc USD 03 September 2019

M Acc USD 03 September 2019

Lazard Emerging Markets Debt Blend Fund E Dist USD 08 November 2019

E Dist GBP 12 November 2019

E Acc EUR Hedged 12 November 2019

E Acc USD 12 November 2019

Lazard Scandinavian High Quality Bond Fund G Dist EUR 29 April 2019

EA Acc CHF Hedged 30 April 2019

A Acc CHF Hedged 20 August 2019

X Acc CHF Hedged 06 September 2019

C Acc EUR 12 November 2019

BP Acc EUR 22 November 2019

A Acc EUR 19 February 2020

Lazard Diversified Return Fund AP Acc USD 07 August 2019

Lazard European Alternative Fund M Acc USD 04 April 2019

S Acc EUR 06 June 2019

Lazard Rathmore Alternative Fund C Acc EUR Hedged 17 July 2019

S Acc GBP 19 July 2019

S Acc USD 12 September 2019

BP Acc EUR Hedged 20 September 2019

S Acc GBP Hedged 25 September 2019

S Dist GBP Hedged 19 November 2019

C Acc USD 11 March 2020

14. Distributions (continued)

Fund

Ex-Date: 1 October 2018 (continued)


Debt Fund


Return Debt Fund


Blend FundLazard

Commodities FundLazard Rathmore Alternative Fund

Amount USD


Amount USD


Amount USD


Amount USD


Amount USD


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During the financial year ended 31 March 2020, the following Share classes were fully redeemed.

Fund Name Share Class Termination Date

Lazard Emerging Markets Total Return Debt Fund X Dist GBP Hedged 25 June 2019

D Acc USD 25 October 2019

B Acc GBP Hedged 11 March 2020

Lazard Emerging Markets Debt Unrestricted Blend Fund K Acc EUR 05 June 2019

K Acc GBP 30 August 2019

X Acc EUR Hedged 05 December 2019

Lazard Scandinavian High Quality Bond Fund A Acc CHF Hedged 06 September 2019

Lazard Diversified Return Fund AP Acc EUR Hedged 22 May 2019

BP Acc USD 08 November 2019

BP Acc EUR Hedged 07 February 2020

Lazard European Alternative Fund C Acc GBP Hedged 05 April 2019

EA Acc USD Hedged 25 October 2019

C Acc USD 08 November 2019

Michael Allen resigned as a Director of the Company and also resigned from the Audit Committee on 25 June 2019. Jeremy Taylor was appointed to the Audit Committee on 25 June 2019.

Lazard Emerging Markets Corporate Debt Fund launched on 3 September 2019.

Potential Implication of Covid-19The coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private entities, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on the global economy and on the business activities in the countries in which the Funds invest. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact the Fund and its investments.

There were no other significant events during the financial year.

16. Significant Events Since The Financial Year EndDistributions will not be paid in respect of any class of Share which is an accumulating class. Income and profits, if any, attributable to an accumulating Share class will be accumulated and reinvested in the relevant Fund on behalf of the Shareholders of that class and will be reflected in the NAV of the relevant accumulating Share class. Distributions were declared on the below share classes in respect of the year from 1 April 2019 to 31 March 2020. These were paid to the Shareholders of that class in the relevant Fund on 7 April 2020 and details of these distributions are as follows:

Fund

Ex Date: 1 April 2020


Debt Fund


Return Debt Fund


Blend Fund


Bond Fund

Amount USD


Amount USD


Amount USD


Amount EUR


A Dist EUR - - - - - - 24,307 0.3660

A Dist EUR Hedged 35,357 2.4917 38,806 1.4137 - - - -

A Dist GBP - - - - 27,001 3.2593 - -

A Dist GBP Hedged 105,543 2.1196 - - 3,784 2.7508 - -

A Dist USD 1,175,604 1.6952 - - 36,136 2.3100 - -

D Dist EUR Hedged - - 847,327 1.0459 - - - -

E Dist GBP 86,537 2.3615

E Dist USD 837,623 1.8793

EA Dist EUR - - - - - - 685,397 0.4405

15. Significant Events During The Financial Year (continued)

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G Dist EUR - - - - - - 93,402 0.4624

K Dist EUR - - - - 427 2.6526 - -

M Dist AUD Hedged - - 234,208 13.9378 - - - -

P Dist USD 2,190,210 2.6044 - - - - - -

There were no other significant events since the financial year end.

17. Reconciliation Of Financial Statements NAV To Published NAVAt 31 March 2020, all fees and expenses of establishing Lazard Emerging Markets Corporate Debt Fund and at 31 March 2019, all fees and expenses of establishing Lazard Commodities Fund, Lazard Rathmore Alternative Fund and Lazard Scandinavian High Quality Bond Fund, as well as the fees of the professional advisers to the Funds (establishment expenses) not exceeding USD 100,000 are borne by the Fund and amortised over the first 60 months of the lifetime of the Funds. However, for the purpose of these financial statements, the organisational fees have been expensed to the Fund in their entirety in line with FRS 102. Due to the difference in the treatment of these fees, there is a difference in the NAV per the financial statements and the NAV as calculated in accordance with the Prospectus (published NAV). As at 31 March 2020, the NAV for Lazard Emerging Markets Bond Fund per the financial statements was inclusive of subscriptions of USD 777,119 which were posted to the Fund after the last published NAV had been finalised. The table below reconciles the movement from the NAV per the financial statements to the published NAV taking into account the aforementioned adjustment.

The NAV per the financial statements for all of the other Lazard Funds as at 31 March 2020 and 31 March 2019 are in line with the NAV as calculated in accordance with the Prospectus (published NAV).

Lazard Emerging Markets Bond Fund at 31 March 2020 Total

USD

NAV per financial statements 10,980,906

Subscriptions not reflected in the published NAV (777,119)

Published NAV (in accordance with the Prospectus) 10,203,787

Lazard Emerging Markets Corporate Debt Fund at 31 March 2020* Total

USD


Organisational fees written off 29,366


Lazard Scandinavian High Quality Bond Fund at 31 March 2020 Total

EUR




Lazard Scandinavian High Quality Bond Fund at 31 March 2019 Total

EUR




16. Significant Events Since The Financial Year End (continued)Fund

Ex Date: 1 April 2020(continued)


Debt Fund


Return Debt Fund


Blend Fund


Bond Fund

Amount USD


Amount USD


Amount USD


Amount EUR


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Lazard Commodities Fund at 31 March 2020 Total

USD




Lazard Commodities Fund at 31 March 2019 Total

USD




Lazard Rathmore Alternative Fund at 31 March 2020 Total

USD




Lazard Rathmore Alternative Fund at 31 March 2019 Total

USD




Detailed below is the NAV information for Lazard Emerging Markets Bond Fund - A Acc EUR Hedged as at 31 March 2020 showing the financial statement NAV information after taking into account the adjustment for the posting of a subscription to the Fund after the last published NAV had been finalised.



shares in issue at 31 March 2020



A Acc EUR Hedged €3,304,904 27,435 €120.46

Detailed below is the NAV information for each of the above Funds as at 31 March 2020 and 31 March 2019 showing the financial statement NAV information at a share class level after taking into account the adjustment of expensing the organisational fee to each Fund.





Lazard Emerging Markets Corporate Debt Fund*

- A Acc USD $89,065 1,000 $89.07

- M Acc USD $8,858,327 9,900 $894.78


- A Acc EUR €576,569 5,905 €97.64

- A Dist EUR €6,549,751 66,414 €98.62

- BP Acc EUR €2,120,424 21,616 €98.10

- C Acc EUR €32,536,361 331,149 €98.25

- EA Acc CHF Hedged CHF28,437,087 290,000 CHF98.06

- EA Dist EUR €153,576,300 1,556,100 €98.69

- G Dist EUR €19,814,784 201,995 €98.10

- X Acc CHF Hedged CHF142,239,149 1,459,120 CHF97.48

17. Reconciliation Of Financial Statements NAV To Published NAV (continued)

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- A Acc USD $16,621 227 $73.09

- C Acc GBP £178,514 2,319 £76.99

- C Acc GBP Hedged £14,359 198 £72.58

- EA Acc EUR Hedged €71,819 1,000 €71.82

- EA Dist GBP £1,030,848 13,310 £77.45

- F Dist GBP £22,577,817 289,253 £78.06

- M Acc USD $789,687 1,018 $775.79


- A Acc CHF Hedged CHF609,560 6,410 CHF95.09

- A Acc EUR Hedged €84,837,300 885,379 €95.82

- A Acc GBP Hedged £1,535,198 15,788 £97.24

- A Acc USD $4,140,390 41,271 $100.32

- BP Acc EUR Hedged €228,973 2,446 €93.61

- C Acc EUR Hedged €6,402,909 67,618 €94.69

- C Acc USD $22,915 240 $95.49


- EA Acc EUR Hedged €28,293,128 292,408 €96.76

- EA Acc GBP Hedged £9,235,223 93,475 £98.80

- EA Acc USD $13,420,948 132,052 $101.63

- EA Dist EUR Hedged £7,336,707 75,791 £96.80

- EA Dist GBP Hedged €46,891,488 475,919 €98.53

- EA Dist USD $14,682,019 144,386 $101.69

- M Acc USD $946,541 944 $1,003.05

- S Acc GBP £7,894,296 81,028 £97.43

- S Acc GBP Hedged £25,748,444 271,389 £94.88

- S Acc USD $677,258 7,057 $95.97

- S Dist GBP Hedged £1,908,770 20,000 £95.44






- A Dist EUR €17,660 175 €101.07

- EA Dist EUR €45,747,748 452,519 €101.10


- A Acc USD $21,548 227 $94.75

- C Acc GBP £18,779 198 £94.92

- C Acc GBP Hedged £19,437 202 £96.37

- EA Acc EUR Hedged €95,518 1,000 €95.52

- EA Dist GBP £950,084 9,989 £95.11

- F Dist GBP £25,631,837 267,773 £95.72

- M Acc USD $1,712,479 17,975 $95.27


- A Acc CHF Hedged CHF50,223 504 CHF99.66

- A Acc EUR Hedged €42,211 422 €99.98

- A Acc GBP Hedged £37,438 371 £100.85

- A Acc USD $51,577 505 $102.20







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- EA Acc EUR Hedged €22,605,018 225,141 €100.41

- EA Acc GBP Hedged £14,885,897 146,444 £101.65

- EA Acc USD $1,062,679 10,347 $102.71

- EA Dist EUR Hedged €4,700,463 46,818 €100.40

- EA Dist GBP Hedged £35,655,735 351,581 £101.42

- EA Dist USD $9,075,692 88,348 $102.73

- M Acc USD $3,266,296 31,431 $103.92


18. Approval Of The Financial StatementsThe financial statements were approved by the Directors on 7 July 2020.







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Lazard Emerging Markets Bond FundPortfolio of Investments as at 31 March 2020

Portfolios of Investments

Principal Amount

Fair Value USD

% of NAV

Transferable Securities 91.17% (2019: 97.34%) Fixed Income Securities 91.17% (2019: 97.34%)

Principal Amount

Fair Value USD

% of NAV

Transferable Securities 91.17% (2019: 97.34%) (continued) Fixed Income Securities 91.17% (2019: 97.34%) (continued)

Angola 0.76% (2019: 1.89%)

Government Bonds

200,000 Angola Government 9.500% 12/11/2025 84,000 0.76

Argentina 0.81% (2019: 5.12%)

Government Bonds

41,000 Argentina Government 3.750% 31/12/2038 12,358 0.11










88,876 0.81

Azerbaijan Nil (2019: 1.71%)

Bahrain 1.73% (2019: Nil)

Government Bonds

200,000 Bahrain Government 7.000% 26/01/2026 190,344 1.73

Barbados 0.09% (2019: Nil)

Government Bonds

10,000 Barbados Government 6.500% 01/10/2029 9,900 0.09

Belarus 1.78% (2019: Nil)

Government Bonds

200,000 Belarus Government 6.875% 28/02/2023 195,500 1.78

Belize 0.06% (2019: 0.06%)

Government Bonds

12,000 Belize Government 4.938% 20/02/2034 6,915 0.06

Brazil 1.89% (2019: 3.02%)

Government Bonds

50,000 Brazil Government 4.500% 30/05/2029 51,734 0.46



207,996 1.89

British Virgin Islands 0.49% (2019: Nil)

Corporate Bonds

50,000 Sinopec Group Overseas Development 2018 Ltd 3.680% 08/08/2049 54,188 0.49

Canada Nil (2019: 1.59%)

Cayman Islands Nil (2019: 0.82%)

Chile 1.59% (2019: 1.90%)

Government Bonds

160,000 Chile Government 3.860% 21/06/2047 174,700 1.59

Colombia 1.88% (2019: 2.90%)

Government Bonds

85,000 Colombia Government 4.500% 28/01/2026 86,541 0.79




206,685 1.88

Costa Rica 2.72% (2019: 2.12%)

Government Bonds

230,000 Costa Rica Government 5.520% 10/11/2021 229,713 2.10


298,226 2.72

Dominican Republic 3.40% (2019: 3.51%)

Government Bonds

120,000 Dominican Republic 4.500% 30/01/2030 104,100 0.95






373,151 3.40

Ecuador 0.81% (2019: 3.47%)

Government Bonds

315,000 Ecuador Government 7.875% 27/03/2025 88,988 0.81

Egypt 4.10% (2019: 3.90%)

Government Bonds

40,000 Egypt Government 5.577% 21/02/2023 37,200 0.34




449,755 4.10

El Salvador 1.95% (2019: 0.98%)

Government Bonds

92,000 El Salvador Government 5.875% 30/01/2025 81,147 0.74


214,017 1.95

Ethiopia 1.64% (2019: Nil)

Government Bonds

200,000 Ethiopia Government 6.625% 11/12/2024 180,281 1.64

Ghana 0.94% (2019: 1.11%)

Government Bonds

130,000 Ghana Government 8.125% 18/01/2026 102,822 0.94

Guatemala 0.66% (2019: 0.44%)

Government Bonds

35,000 Guatemala Government 4.375% 05/06/2027 33,879 0.31



72,543 0.66

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Portfolios of Investments (continued)

Lazard Global Investment Funds plc Financial year ended 31 March 2020

Lazard Emerging Markets Bond Fund (continued)Portfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


Honduras 0.45% (2019: 0.45%)

Government Bonds

50,000 Honduras Government 7.500% 15/03/2024 49,156 0.45

Hungary 1.66% (2019: 1.05%)

Government Bonds

118,000 Hungary Government 7.625% 29/03/2041 182,399 1.66

Indonesia 3.44% (2019: 4.77%)

Corporate Bonds

75,000 Perusahaan Listrik Negara PT 4.125% 15/05/2027 73,553 0.67

Government Bonds

30,000 Indonesia Government 3.500% 14/02/2050 30,153 0.27





377,244 3.44

Iraq 1.18% (2019: 1.35%)

Government Bonds

160,000 Iraq Republic 6.752% 09/03/2023 130,050 1.18

Israel 0.31% (2019: 0.30%)

Corporate Bonds

35,000 Delek & Avner Tamar Bond Ltd 5.412% 30/12/2025 34,125 0.31

Ivory Coast 0.84% (2019: 0.81%)

Government Bonds

100,000 Ivory Coast Government 6.375% 03/03/2028 92,250 0.84

Jamaica 1.01% (2019: 0.96%)

Government Bonds

25,000 Jamaica Government 6.750% 28/04/2028 26,633 0.24




111,184 1.01

Kazakhstan 4.39% (2019: Nil)

Government Bonds

200,000 Kazakhstan Government 5.125% 21/07/2025 216,750 1.97


481,750 4.39

Kenya 3.45% (2019: 1.68%)

Government Bonds

200,000 Kenya Government 6.875% 24/06/2024 192,000 1.75


378,500 3.45

Lebanon Nil (2019: 2.12%)

Malaysia 0.15% (2019: Nil)

Corporate Bonds

10,000 Malaysia Sovereign Sukuk Bhd 4.236% 22/04/2045 11,545 0.10

5,000 Malaysia Sukuk Global Bhd 3.179% 27/04/2026 5,288 0.05

16,833 0.15

Mexico 3.76% (2019: 2.04%)

Corporate Bonds

50,000 Banco Nacional de Comercio Exterior SNC 3.800% 11/08/2026 45,867 0.42

25,000 Petroleos Mexicanos 4.625% 21/09/2023 20,325 0.19






Government Bonds

20,000 Mexico Government 3.250% 16/04/2030 18,930 0.17





412,440 3.76

Mongolia 1.07% (2019: 0.66%)

Government Bonds

130,000 Mongolia Government 5.125% 05/12/2022 117,366 1.07

Morocco Nil (2019: 1.77%)

Mozambique Nil (2019: 1.44%)

Namibia Nil (2019: 0.44%)

Netherlands Nil (2019: 0.04%)

Nigeria 1.62% (2019: 2.63%)

Government Bonds

200,000 Nigeria Government 7.625% 21/11/2025 156,313 1.43


177,557 1.62

Oman 1.48% (2019: 1.55%)

Government Bonds

210,000 Oman Government 4.875% 01/02/2025 163,013 1.48

Pakistan 0.98% (2019: 1.06%)

Government Bonds

120,000 Pakistan Government 8.250% 15/04/2024 107,213 0.98

Panama 1.72% (2019: 3.02%)

Government Bonds

50,000 Panama Government 3.870% 23/07/2060 50,453 0.46



188,953 1.72

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Paraguay 0.96% (2019: 1.82%)

Government Bonds

73,000 Paraguay Republic 4.700% 27/03/2027 74,517 0.68


105,323 0.96

Peru 1.94% (2019: 3.08%)

Government Bonds

72,000 Peru Government 5.625% 18/11/2050 105,840 0.97

75,000 Peru Government 6.550% 14/03/2037 106,887 0.97

212,727 1.94

Philippines 3.26% (2019: 2.11%)

Government Bonds

80,000 Philippines Government 3.700% 01/03/2041 88,350 0.80






357,490 3.26

Poland Nil (2019: 0.46%)

Qatar 6.15% (2019: 1.71%)

Government Bonds

200,000 Qatar Government 4.000% 14/03/2029 216,000 1.97



675,101 6.15

Romania 0.25% (2019: Nil)

Government Bonds

24,000 Romania Government 6.125% 22/01/2044 27,750 0.25

Russia 2.22% (2019: 1.66%)

Government Bonds

200,000 Russian Federation 5.250% 23/06/2047 243,969 2.22

Saudi Arabia Nil (2019: 1.61%)

Senegal 0.78% (2019: 0.78%)

Government Bonds

90,000 Senegal Government 6.250% 30/07/2024 85,247 0.78

South Africa 2.21% (2019: 2.51%)

Corporate Bonds

150,000 Eskom Holdings SOC Ltd 5.750% 26/01/2021 128,250 1.16

Government Bonds 0.00

25,000 South Africa Government 4.850% 30/09/2029 20,625 0.19




242,838 2.21

Spain 1.71% (2019: 2.16%)

Corporate Bonds

250,000 AI Candelaria Spain SLU 7.500% 15/12/2028 187,864 1.71

Sri Lanka 2.31% (2019: 2.70%)

Government Bonds

90,000 Sri Lanka Government 5.750% 18/01/2022 60,609 0.55






254,077 2.31

Suriname Nil (2019: 0.08%)

Turkey 5.42% (2019: 3.55%)

Government Bonds

30,000 Turkey Government 4.875% 09/10/2026 25,500 0.23









594,926 5.42

Ukraine 3.44% (2019: 3.43%)

Government Bonds

750 Ukraine Government 7.750% 01/09/2020 741 0.01

9,625 Ukraine Government 7.750% 01/09/2021 9,336 0.09

625 Ukraine Government 7.750% 01/09/2022 594 0.01



377,733 3.44

United Arab Emirates 1.70% (2019: Nil)

Government Bonds

200,000 Emirate of Dubai Government 5.250% 30/01/2043 186,563 1.70

United Kingdom 1.38% (2019: 1.34%)

Corporate Bonds

160,000 Ukreximbank Via Biz Finance Plc 9.750% 22/01/2025 151,200 1.38

Uruguay 1.82% (2019: 1.79%)

Government Bonds

60,000 Uruguay Government 4.975% 20/04/2055 68,156 0.62


199,741 1.82

Venezuela 0.81% (2019: 3.87%)

Corporate Bonds

50,000 Petroleos de Venezuela SA 5.375% 12/04/2027 3,500 0.03








Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


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Venezuela 0.81% (2019: 3.87%) (continued)

Government Bonds

41,000 Venezuela Government 6.000% 09/12/2020 4,100 0.04






89,510 0.81

Total Fixed Income Securities 10,010,979 91.17

Total Transferable Securities 10,010,979 91.17

Total Value of Investments excluding Financial Derivative Instruments 10,010,979 91.17

Principal Amount

Fair Value USD

% of NAV



Maturity Date

Amount Bought

Amount Sold

Unrealised Gain/(Loss)

USD

% of NAV

Financial Derivative Instruments (1.77)% (2019: 0.87%) Open Forward Foreign Currency Exchange Contracts (1.77)% (2019: 0.87%)

15/04/2020 EUR 3,192,173 USD 3,665,476 (161,320) (1.47)

15/04/2020 EUR 343,594 USD 394,539 (17,364) (0.16)

15/04/2020 EUR 156,924 USD 179,509 (7,249) (0.07)

15/04/2020 EUR 71,924 USD 80,094 (1,140) (0.01)

15/04/2020 EUR 139,090 USD 153,648 (965) (0.01)

15/04/2020 EUR 16,508 USD 18,884 (763) (0.01)

15/04/2020 EUR 8,251 USD 9,188 (131) (0.00)

15/04/2020 EUR 15,955 USD 17,625 (111) (0.00)

15/04/2020 EUR 6,259 USD 6,726 145 0.00

15/04/2020 EUR 58,930 USD 63,324 1,366 0.01

15/04/2020 USD 191,141 EUR 179,138 (5,505) (0.05)

15/04/2020 USD 207,585 EUR 192,769 (4,023) (0.04)

15/04/2020 USD 108,929 EUR 102,281 (3,348) (0.03)

15/04/2020 USD 65,025 EUR 60,420 (1,300) (0.01)

15/04/2020 USD 20,341 EUR 19,064 (586) (0.01)

15/04/2020 USD 11,590 EUR 10,883 (356) (0.00)

15/04/2020 USD 74,385 EUR 68,080 (350) (0.00)

15/04/2020 USD 6,949 EUR 6,457 (139) (0.00)

15/04/2020 USD 7,935 EUR 7,262 (37) (0.00)

15/04/2020 USD 10,160 EUR 9,089 183 0.00

15/04/2020 USD 19,907 EUR 17,893 266 0.00

15/04/2020 USD 19,268 EUR 17,044 559 0.01

15/04/2020 USD 95,377 EUR 85,324 1,714 0.02

15/04/2020 USD 187,094 EUR 168,159 2,500 0.02

15/04/2020 USD 140,257 EUR 124,065 4,067 0.04

Unrealised gain on open forward foreign currency exchange contracts 10,800 0.10

Unrealised loss on open forward foreign currency exchange contracts (204,687) (1.87)

Net unrealised loss on open forward foreign currency exchange contracts (193,887) (1.77)

Total Financial Derivative Instruments (193,887) (1.77)

Fair Value USD

% of NAV

Total Investments (2019: 98.21%) 9,817,092 89.40

Other Net Assets (2019: 1.79%) 1,163,814 10.60

Net Assets 10,980,906 100.00

Analysis of total assets (unaudited) % of Total assets

Transferable securities admitted to an official stock exchange listing 86.77

Transferable securities dealt in on another regulated market 1.67 Other transferable securities of the type referred to in Regulations 68 (1)(a), (b) and (c) 0.70

Over the counter financial derivative instruments 0.10

Other assets 10.76

Total Assets 100.00

The counterparty for the open forward foreign currency exchange contracts is State Street

Bank and Trust Company.

Fixed income securities are primarily classified by the country of incorporation of the issuer for corporate fixed income securities and country of issuer for government type fixed income securities.

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Lazard Emerging Markets Local Debt FundPortfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


Argentina Nil (2019: 0.07%)

Brazil 0.70% (2019: 0.17%)

Government Bonds

23,450,000 Brazil Letras do Tesouro Nacional - Zero coupon 01/07/2023 3,766,497 0.35

3,365,000 Brazil Notas do Tesouro Nacional Serie B 17.830% 15/08/2050 2,679,575 0.25

4,960,000 Brazil Notas do Tesouro Nacional Serie F 10.000% 01/01/2027 1,112,381 0.10

7,558,453 0.70

Chile 2.23% (2019: 2.77%)

Government Bonds

8,565,000,000 Bonos de la Tesoreria de la Republica 4.500% 01/03/2026 11,033,733 1.01




24,278,700 2.23

China Nil (2019: 0.07%)

Colombia 5.38% (2019: 6.04%)

Government Bonds

78,370,600,000 Colombia Government 6.000% 28/04/2028 18,016,687 1.65





58,626,799 5.38

Czech Republic 2.60% (2019: 2.88%)

Government Bonds

264,970,000 Czech Republic 2.500% 25/08/2028 11,609,838 1.07

301,060,000 Czech Republic 4.200% 04/12/2036 16,639,819 1.53

28,249,657 2.60


Government Bonds

132,900,000 Dominican Republic 8.900% 15/02/2023 2,294,341 0.21





11,613,594 1.05

Ghana Nil (2019: 0.00%)

Hungary 1.26% (2019: 1.09%)

Government Bonds


4,279,210,000 Hungary Government 3.000% 27/10/2027 13,762,839 1.26

13,764,176 1.26

Indonesia 11.84% (2019: 12.87%)

Government Bonds

80,230,000,000 Indonesia Government 6.125% 15/05/2028 4,377,971 0.40



Indonesia 11.84% (2019: 12.87%) (continued)

Government Bonds (continued)





129,001,303 11.84

Ivory Coast 0.55% (2019: 0.25%)

Corporate Bonds

39,350,000 African Development Bank 13.250% 26/02/2021 6,007,186 0.55

Malaysia 6.80% (2019: 5.29%)

Government Bonds

98,840,000 Malaysia Government 3.478% 14/06/2024 23,340,797 2.14



74,198,185 6.80

Mexico 10.00% (2019: 12.69%)

Corporate Bonds

6,641,000 Petroleos Mexicanos 7.470% 12/11/2026 216,517 0.02

Government Bonds

2,053,660,000 Mexico Government 5.750% 05/03/2026 83,328,649 7.65

56,318,000 Mexico Government 7.750% 13/11/2042 2,358,287 0.22



108,859,430 10.00

Peru 6.46% (2019: 6.54%)

Corporate Bonds

11,700,000 Banco de Credito del Peru 4.650% 17/09/2024 3,449,383 0.32

1,270,000 Banco de Credito del Peru 4.850% 30/10/2020 373,127 0.03

20,770,000 Fondo Mivivienda SA 7.000% 14/02/2024 6,365,949 0.58

Government Bonds

8,740,000 Peru Government 5.350% 12/08/2040 2,447,979 0.22

7,850,000 Peru Government 6.350% 12/08/2028 2,534,268 0.23

55,360,000 Peru Government 6.900% 12/08/2037 18,489,810 1.70

101,450,000 Peru Government 8.200% 12/08/2026 36,870,673 3.38

70,531,189 6.46

Philippines 0.78% (2019: 0.55%)

Corporate Bonds

253,800,000 Asian Development Bank 5.250% 09/03/2023 5,103,047 0.47


Government Bonds

50,000,000 Philippines Government 4.950% 15/01/2021 972,975 0.09


8,421,265 0.78

Poland 3.03% (2019: 4.38%)

Government Bonds

106,030,000 Poland Government 2.500% 25/07/2027 27,135,230 2.49


32,974,664 3.03

Romania 8.09% (2019: 1.66%)

Government Bonds

106,640,000 Romania Government 3.400% 08/03/2022 24,112,565 2.21

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Lazard Emerging Markets Local Debt Fund (continued)Portfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


Romania 8.09% (2019: 1.66%) (continued)








88,147,074 8.09

Russia 8.85% (2019: 6.85%)

Government Bonds

911,850,000 Russian Federation 7.050% 19/01/2028 11,979,404 1.10



1,400,550,000 Russian Federation 7.950% 07/10/2026 19,198,606 1.76


96,493,665 8.85

South Africa 9.91% (2019: 9.26%)

Government Bonds

386,570,000 South Africa Government 8.000% 31/01/2030 17,860,043 1.64





108,027,703 9.91

South Korea 0.83% (2019: 0.45%)

Government Bonds

59,450,000,000 Export-Import Bank of Korea 6.360% 14/02/2023 3,534,351 0.32

2,600,000,000 Export-Import Bank of Korea 6.650% 15/05/2023 155,444 0.01


9,167,553 0.83

Thailand 5.57% (2019: 5.75%)

Government Bonds

188,162,000 Thailand Government 2.875% 17/12/2028 6,392,526 0.59






60,700,546 5.57

Turkey 3.42% (2019: 2.65%)

Government Bonds

63,980,000 Turkey Government 7.100% 08/03/2023 8,470,475 0.78





37,140,581 3.42

Ukraine 0.49% (2019: Nil)

Government Bonds

48,220,000 Ukraine Government 15.840% 26/02/2025 1,554,963 0.14


5,411,736 0.49

United Kingdom 0.30% (2019: 0.29%)

Corporate Bonds

22,455,000,000 European Bank for Reconstruction & Development 7.500% 15/05/2022 1,401,063 0.13

12,320,000 European Bank for Reconstruction & Development 12.000% 24/02/2021 1,863,839 0.17

3,264,902 0.30

United States 3.07% (2019: 13.56%)

Corporate Bonds

3,600,000,000 International Finance Corp 8.000% 09/10/2023 231,242 0.02

Government Bonds

33,240,000 United States Treasury Bill - Zero coupon 14/04/2020 33,239,117 3.05

33,470,359 3.07

Uruguay 1.11% (2019: 0.16%)

Government Bonds

261,510,000 Uruguay Treasury Bill - Zero coupon 22/04/2020 6,051,130 0.56

26,490,000 Uruguay Treasury Bill - Zero coupon 15/05/2020 608,944 0.06




179,100,000 Uruguay Treasury Bill - Zero coupon 18/12/2020 3,841,881 0.35


12,010,412 1.11

Total Fixed Income Securities 1,027,919,132 94.32

Total Transferable Securities 1,027,919,132 94.32

Total Value of Investments excluding Financial Derivative Instruments 1,027,919,132 94.32

Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments (2.27)% (2019: (0.38)%) Open Forward Foreign Currency Exchange Contracts (2.69)% (2019: (0.78)%)

02/04/2020 BRL 272,842,418 USD 65,122,185 (12,516,928) (1.15)

02/04/2020 BRL 160,977,026 USD 37,977,924 (6,940,822) (0.64)

02/04/2020 BRL 111,865,391 USD 26,397,666 (4,829,511) (0.44)

02/04/2020 BRL 24,862,482 USD 5,710,000 (916,401) (0.09)

02/04/2020 BRL 14,756,110 USD 3,443,264 (598,220) (0.05)

02/04/2020 BRL 11,137,620 USD 2,620,000 (472,616) (0.04)

02/04/2020 BRL 11,643,929 USD 2,716,736 (471,733) (0.04)

02/04/2020 BRL 9,959,365 USD 2,210,000 (289,789) (0.03)

02/04/2020 BRL 6,672,050 USD 1,540,000 (253,599) (0.02)

02/04/2020 BRL 6,294,860 USD 1,430,000 (216,322) (0.02)

02/04/2020 BRL 3,102,700 USD 710,000 (111,785) (0.01)

05/05/2020 BRL 19,017,900 USD 4,271,574 (613,553) (0.06)

05/05/2020 BRL 75,996,863 USD 15,219,767 (602,058) (0.06)

05/05/2020 BRL 75,996,863 USD 15,174,789 (557,081) (0.05)

05/05/2020 BRL 59,108,671 USD 11,837,597 (468,268) (0.04)

05/05/2020 BRL 76,111,748 USD 14,972,607 (332,800) (0.03)

05/05/2020 BRL 10,689,885 USD 2,370,000 (313,841) (0.03)

05/05/2020 BRL 96,643,118 USD 18,869,344 (280,406) (0.03)

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Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments (2.27)% (2019: (0.38)%) (continued) Open Forward Foreign Currency Exchange Contracts (2.69)% (2019: (0.78)%) (continued)

Maturity Date

Amount Bought

Amount Sold


USD

% of NAV



05/05/2020 BRL 76,348,064 USD 14,869,910 (184,649) (0.02)

15/04/2020 CHF 5,149,279 USD 5,584,992 (259,638) (0.03)

15/04/2020 CHF 275,820 USD 297,322 (12,071) (0.00)

15/04/2020 CHF 126,523 USD 133,025 (2,176) (0.00)

15/04/2020 CHF 119,168 USD 123,943 (700) (0.00)

21/04/2020 CLP 2,599,984,321 USD 3,320,754 (268,704) (0.02)

21/04/2020 CLP 2,599,984,321 USD 3,316,518 (264,468) (0.02)

21/04/2020 CLP 2,490,810,000 USD 3,111,179 (187,286) (0.02)

20/04/2020 CNH 40,816,469 USD 5,821,070 (62,636) (0.01)

20/04/2020 CNH 39,298,240 USD 5,601,705 (57,465) (0.01)

20/04/2020 CNH 7,279,246 USD 1,037,225 (10,261) (0.00)

20/04/2020 COP 8,941,946,840 USD 2,284,372 (84,342) (0.01)

30/04/2020 CZK 16,884,441 USD 736,464 (60,093) (0.01)

20/05/2020 CZK 283,950,262 USD 12,601,809 (1,222,918) (0.11)

20/05/2020 CZK 189,300,174 USD 8,402,511 (816,584) (0.08)

14/05/2020 EUR 1,050,000 HUF 370,314,000 26,285 0.00

21/04/2020 EUR 15,113,850 RON 73,377,742 (38,954) (0.00)

21/04/2020 EUR 8,373,075 RON 40,709,891 (34,867) (0.00)

21/04/2020 EUR 8,373,075 RON 40,684,771 (29,173) (0.00)

26/05/2020 EUR 10,350,000 RON 50,720,175 (89,934) (0.01)

15/04/2020 EUR 77,615,104 USD 89,123,096 (3,922,373) (0.36)

15/04/2020 EUR 3,767,922 USD 4,310,220 (174,045) (0.02)

15/04/2020 EUR 1,325,499 USD 1,522,031 (66,986) (0.01)

15/04/2020 EUR 1,857,029 USD 2,067,958 (29,434) (0.00)

15/04/2020 EUR 247,446 USD 284,134 (12,505) (0.00)

15/04/2020 EUR 1,742,529 USD 1,924,923 (12,090) (0.00)

15/04/2020 EUR 63,381 USD 72,503 (2,928) (0.00)

15/04/2020 EUR 11,832 USD 13,535 (547) (0.00)

15/04/2020 EUR 32,598 USD 36,300 (517) (0.00)

15/04/2020 EUR 55,938 USD 61,890 (485) (0.00)

15/04/2020 EUR 8,012 USD 9,047 (252) (0.00)

15/04/2020 EUR 30,590 USD 33,792 (212) (0.00)

15/04/2020 EUR 7,681 USD 8,568 (137) (0.00)

15/04/2020 EUR 6,081 USD 6,771 (96) (0.00)

15/04/2020 EUR 5,691 USD 6,286 (39) (0.00)

03/04/2020 GBP 210,959 USD 261,853 (271) (0.00)

15/04/2020 GBP 3,742,154 USD 4,903,419 (262,268) (0.03)

15/04/2020 GBP 36,342 USD 47,650 (2,577) (0.00)

15/04/2020 GBP 86,965 USD 108,562 (705) (0.00)

15/04/2020 GBP 9,973 USD 12,856 (488) (0.00)

15/04/2020 GBP 31,923 USD 39,623 (30) (0.00)

15/04/2020 GBP 20,038 USD 23,040 1,812 0.00

15/04/2020 GBP 101,829 USD 124,137 2,155 0.00

14/05/2020 HUF 7,205,679,617 USD 24,171,211 (2,228,196) (0.21)

14/05/2020 HUF 2,889,135,140 USD 9,294,830 (496,723) (0.05)

14/04/2020 IDR 50,224,555,260 USD 3,487,332 (411,261) (0.04)

14/04/2020 IDR 57,646,000,000 USD 3,800,000 (269,392) (0.03)

14/04/2020 IDR 53,573,600,000 USD 3,340,000 (58,812) (0.01)

14/04/2020 IDR 3,997,070,000 USD 290,000 (45,194) (0.00)

14/04/2020 IDR 10,405,100,000 USD 670,000 (32,725) (0.00)

14/04/2020 IDR 43,354,000,000 USD 2,650,000 5,275 0.00

26/08/2020 IDR 7,155,379,098 USD 475,125 (42,646) (0.00)

21/04/2020 MXN 108,297,642 USD 5,322,973 (719,563) (0.07)

21/04/2020 MXN 64,186,070 USD 3,199,720 (471,362) (0.04)

21/04/2020 MXN 59,782,267 USD 3,007,397 (466,231) (0.04)

21/04/2020 MXN 33,356,537 USD 1,748,824 (330,937) (0.03)

21/04/2020 MXN 33,356,537 USD 1,748,704 (330,817) (0.03)

21/04/2020 MXN 23,883,615 USD 1,260,000 (244,779) (0.02)

21/04/2020 MXN 30,519,981 USD 1,530,000 (232,687) (0.02)

21/04/2020 MXN 42,886,620 USD 2,020,000 (197,018) (0.02)

21/04/2020 MXN 32,002,360 USD 1,272,425 87,900 0.01

21/04/2020 MXN 36,289,536 USD 1,450,286 92,274 0.01

20/05/2020 MXN 59,713,006 USD 2,427,522 99,456 0.01

21/04/2020 MYR 11,840,400 USD 2,860,000 (120,574) (0.01)

24/04/2020 MYR 28,388,620 USD 6,760,000 (192,209) (0.02)

24/04/2020 MYR 26,866,592 USD 6,382,371 (166,706) (0.02)

24/04/2020 MYR 24,823,890 USD 5,850,000 (106,920) (0.01)

24/04/2020 MYR 15,959,627 USD 3,767,262 (74,955) (0.01)

24/04/2020 MYR 5,686,152 USD 1,380,000 (64,492) (0.01)

24/04/2020 MYR 5,525,523 USD 1,327,198 (48,852) (0.00)

24/04/2020 MYR 3,490,980 USD 830,000 (22,351) (0.00)

24/04/2020 MYR 2,361,968 USD 560,000 (13,552) (0.00)

24/04/2020 MYR 4,090,700 USD 950,000 (3,604) (0.00)

24/04/2020 MYR 3,702,223 USD 850,021 6,499 0.00

24/04/2020 MYR 11,840,400 USD 2,675,960 63,352 0.01

24/04/2020 MYR 44,218,230 USD 10,164,176 65,842 0.01

24/04/2020 MYR 21,416,090 USD 4,832,914 121,762 0.01

13/04/2020 PHP 210,637,500 USD 4,110,000 29,074 0.00

29/06/2020 PLN 72,819,866 USD 19,130,148 (1,603,696) (0.15)

29/06/2020 PLN 61,441,762 USD 16,135,340 (1,347,396) (0.12)

29/06/2020 PLN 47,788,037 USD 12,572,160 (1,070,426) (0.10)

29/06/2020 PLN 45,512,416 USD 11,954,694 (1,000,662) (0.09)

29/06/2020 PLN 35,270,946 USD 9,160,928 (671,836) (0.06)

29/06/2020 PLN 23,534,733 USD 6,141,632 (477,238) (0.04)

29/06/2020 PLN 24,344,003 USD 6,238,207 (379,036) (0.04)

29/06/2020 PLN 18,998,884 USD 4,947,368 (374,674) (0.03)

29/06/2020 PLN 15,197,311 USD 3,918,011 (260,288) (0.03)

29/06/2020 PLN 12,826,851 USD 3,290,000 (202,804) (0.02)

29/06/2020 PLN 8,489,535 USD 2,190,000 (146,719) (0.01)

29/06/2020 PLN 8,746,630 USD 2,249,989 (144,830) (0.01)

29/06/2020 PLN 5,363,163 USD 1,380,000 (89,182) (0.01)

29/06/2020 PLN 3,223,637 USD 830,000 (54,128) (0.00)

21/04/2020 RON 7,013,123 EUR 1,440,000 8,681 0.00

10/04/2020 RON 13,029,065 USD 3,020,000 (63,798) (0.01)

10/04/2020 RON 8,774,002 USD 2,031,254 (40,496) (0.00)

10/04/2020 RON 5,721,935 USD 1,316,901 (18,635) (0.00)

10/04/2020 RON 6,267,962 USD 1,430,000 (7,844) (0.00)

10/04/2020 RON 7,468,205 USD 1,670,000 24,482 0.00

09/04/2020 RUB 3,770,254 USD 47,425 778 0.00

09/04/2020 RUB 89,499,300 USD 1,110,000 34,246 0.00

16/04/2020 RUB 177,764,450 USD 2,230,000 40,146 0.00

28/05/2020 RUB 691,322,417 USD 10,332,124 (1,561,125) (0.14)

18/05/2020 THB 652,363,527 USD 20,657,490 (775,682) (0.07)

18/05/2020 THB 407,727,205 USD 12,905,618 (479,489) (0.04)

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Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


26/05/2020 THB 212,122,267 USD 6,495,600 (30,621) (0.00)

26/05/2020 THB 118,931,801 USD 3,641,925 (17,168) (0.00)

26/05/2020 THB 60,061,890 USD 1,837,317 (6,774) (0.00)

18/08/2020 THB 248,063,184 USD 7,975,026 (410,933) (0.04)

21/08/2020 THB 249,126,220 USD 7,991,218 (394,597) (0.04)

20/05/2020 TRY 58,964,972 USD 8,964,716 (143,599) (0.01)

20/05/2020 TRY 8,403,140 USD 1,258,152 (1,048) (0.00)

11/05/2020 TWD 315,732,600 USD 10,620,000 (149,910) (0.01)

11/05/2020 TWD 315,785,700 USD 10,620,000 (148,149) (0.01)

11/05/2020 TWD 199,823,800 USD 6,710,000 (83,592) (0.01)

09/04/2020 UAH 54,108,720 USD 2,195,080 (247,222) (0.02)

02/04/2020 USD 6,880,000 BRL 35,686,560 (531) (0.00)

02/04/2020 USD 14,891,372 BRL 76,348,064 171,119 0.02

02/04/2020 USD 1,830,000 BRL 8,516,820 187,918 0.02

02/04/2020 USD 18,894,060 BRL 96,643,118 260,829 0.02

02/04/2020 USD 2,640,000 BRL 12,285,240 271,350 0.02

02/04/2020 USD 2,552,155 BRL 11,811,372 274,869 0.03

02/04/2020 USD 5,280,000 BRL 25,856,118 294,823 0.03

02/04/2020 USD 4,380,000 BRL 21,050,280 321,411 0.03

02/04/2020 USD 14,997,389 BRL 76,111,748 322,699 0.03

02/04/2020 USD 3,490,000 BRL 15,881,245 428,024 0.04

02/04/2020 USD 11,857,306 BRL 59,108,671 460,886 0.04

02/04/2020 USD 4,920,000 BRL 22,986,240 488,149 0.04

02/04/2020 USD 15,199,373 BRL 75,996,863 546,833 0.05

02/04/2020 USD 15,245,108 BRL 75,996,863 592,568 0.05

02/04/2020 USD 4,420,000 BRL 19,834,750 595,770 0.05

03/04/2020 USD 140,456 CHF 134,896 1,030 0.00

15/04/2020 USD 250,206 CHF 246,875 (5,111) (0.00)

15/04/2020 USD 100,240 CHF 99,124 (2,273) (0.00)

15/04/2020 USD 118,198 CHF 114,333 (44) (0.00)

15/04/2020 USD 34,195 CHF 32,596 484 0.00

15/04/2020 USD 378,880 CHF 360,398 6,158 0.00

15/04/2020 USD 234,362 CHF 219,799 7,048 0.00

21/04/2020 USD 1,417,505 CLP 1,160,582,030 55,130 0.01

21/04/2020 USD 1,390,358 CLP 1,102,206,305 96,509 0.01

21/04/2020 USD 2,482,495 CLP 2,031,922,346 97,278 0.01

20/04/2020 USD 1,560,000 COP 6,458,400,000 (28,991) (0.00)

16/04/2020 USD 1,258,000 EGP 20,568,300 (40,205) (0.00)

21/04/2020 USD 1,258,000 EGP 20,379,600 (25,297) (0.00)

23/04/2020 USD 1,258,000 EGP 20,455,080 (28,850) (0.00)

02/04/2020 USD 997 EUR 905 4 0.00

02/04/2020 USD 61,856 EUR 55,938 478 0.00

02/04/2020 USD 168,437 EUR 152,374 1,244 0.00

15/04/2020 USD 3,936,322 EUR 3,689,145 (113,378) (0.01)

15/04/2020 USD 1,562,102 EUR 1,466,763 (48,013) (0.01)

15/04/2020 USD 877,697 EUR 818,918 (21,256) (0.00)

15/04/2020 USD 1,877,172 EUR 1,718,078 (8,820) (0.00)

15/04/2020 USD 278,788 EUR 256,987 (3,315) (0.00)

15/04/2020 USD 67,966 EUR 63,698 (1,958) (0.00)

15/04/2020 USD 27,100 EUR 25,446 (833) (0.00)

15/04/2020 USD 12,693 EUR 11,896 (366) (0.00)

15/04/2020 USD 5,061 EUR 4,752 (156) (0.00)

15/04/2020 USD 32,322 EUR 29,583 (152) (0.00)

15/04/2020 USD 6,047 EUR 5,535 (28) (0.00)

15/04/2020 USD 19,115 EUR 17,181 255 0.00

15/04/2020 USD 11,954 EUR 10,574 347 0.00

15/04/2020 USD 102,345 EUR 91,987 1,368 0.00

15/04/2020 USD 63,910 EUR 56,532 1,853 0.00

15/04/2020 USD 99,054 EUR 87,199 3,333 0.00

15/04/2020 USD 239,191 EUR 211,837 6,651 0.00

15/04/2020 USD 609,630 EUR 546,479 9,742 0.00

15/04/2020 USD 5,976,491 EUR 5,371,644 79,856 0.01

15/04/2020 USD 3,769,377 EUR 3,334,206 109,306 0.01

15/04/2020 USD 203,829 GBP 177,884 (16,790) (0.00)

15/04/2020 USD 98,986 GBP 85,259 (6,756) (0.00)

15/04/2020 USD 107,060 GBP 91,174 (6,017) (0.00)

15/04/2020 USD 318,078 GBP 257,365 (1,116) (0.00)

15/04/2020 USD 13,822 GBP 11,740 (739) (0.00)

15/04/2020 USD 261,910 GBP 210,959 271 0.00

15/04/2020 USD 201,509 GBP 156,298 7,663 0.00

14/05/2020 USD 2,290,000 HUF 745,741,019 19,041 0.00

13/04/2020 USD 1,310,000 IDR 19,287,130,000 128,625 0.01

14/04/2020 USD 1,462,339 IDR 20,659,924,191 196,994 0.02

14/04/2020 USD 1,438,284 IDR 19,787,909,512 226,346 0.02

14/04/2020 USD 1,612,668 IDR 22,077,419,704 260,506 0.02

14/04/2020 USD 1,719,928 IDR 23,549,247,684 277,622 0.03

14/04/2020 USD 2,550,503 IDR 35,357,621,850 384,977 0.04

14/04/2020 USD 2,554,327 IDR 35,390,201,920 386,806 0.04

14/04/2020 USD 2,561,587 IDR 35,334,524,800 397,475 0.04

14/04/2020 USD 2,562,388 IDR 35,343,017,920 397,757 0.04

14/04/2020 USD 2,569,364 IDR 35,357,022,283 403,875 0.04

14/04/2020 USD 4,710,000 IDR 68,035,950,000 543,045 0.05

14/04/2020 USD 3,633,597 IDR 50,103,673,200 564,930 0.05

14/04/2020 USD 4,465,348 IDR 61,867,396,620 676,195 0.06

14/04/2020 USD 4,520,000 IDR 62,339,840,000 701,912 0.06

14/04/2020 USD 6,244,511 IDR 86,561,411,970 942,939 0.09

14/04/2020 USD 13,123,051 IDR 196,110,878,105 1,111,973 0.10

26/08/2020 USD 187,077 IDR 2,690,729,860 24,447 0.00

26/08/2020 USD 192,784 IDR 2,773,386,150 25,157 0.00

26/08/2020 USD 681,625 IDR 9,483,585,035 108,427 0.01

21/04/2020 USD 1,274,704 MXN 23,985,372 255,158 0.02

21/04/2020 USD 1,610,000 MXN 31,601,483 266,715 0.02

21/04/2020 USD 9,395,704 MXN 178,639,583 1,802,267 0.17

21/04/2020 USD 10,262,288 MXN 194,100,907 2,011,636 0.18

21/04/2020 USD 10,271,955 MXN 194,100,907 2,021,302 0.19

20/05/2020 USD 830,000 MXN 20,559,068 (40,033) (0.00)

21/04/2020 USD 2,675,797 MYR 11,840,400 (63,629) (0.01)

24/04/2020 USD 1,000,000 MYR 4,398,000 (17,490) (0.00)

24/04/2020 USD 3,270,000 MYR 13,733,673 92,674 0.01

24/04/2020 USD 2,781,819 MYR 11,570,977 104,840 0.01

24/04/2020 USD 5,587,489 MYR 23,188,079 222,858 0.02

24/04/2020 USD 7,077,367 MYR 29,351,964 286,703 0.03

24/04/2020 USD 24,822,969 MYR 101,389,418 1,366,228 0.13

24/04/2020 USD 2,660,000 PEN 9,352,560 (57,656) (0.01)

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Unrealised gain on open forward foreign currency exchange contracts 30,673,755 2.81

Unrealised loss on open forward foreign currency exchange contracts (59,993,993) (5.50)

Net unrealised loss on open forward foreign currency exchange contracts (29,320,238) (2.69)


CCY Notional Amount

Fund Pays

Fund Receives

Termination Date

Fair Value

USD

% of NAV

Interest Rate Swaps 0.42% (2019: 0.37%)

BRL 17,949,397 Less than 1 Month BRCDI Fixed 4.020% 01/04/2020 304 0.00

BRL 54,921,003 Less than 1 Month BRCDI Fixed 7.045% 02/01/2023 701,855 0.06


BRL 51,778,281 Less than 1 Month BRCDI Fixed 8.210% 02/01/2023 1,161,096 0.11




BRL 14,468,320 Less than 1 Month BRCDI Fixed 6.237% 02/01/2025 (21,415) (0.00)






BRL 4,770,047 Less than 1 Month CETIP Fixed 9.865% 04/01/2027 296,665 0.03


CNY 32,000,000 Less than 1 Month CNRR Fixed 2.492% 26/02/2025 58,150 0.01




THB 305,090,000

Less than 6 Months THBSR Fixed 1.285% 23/03/2025 136,341 0.01

THB 233,180,000

Less than 6 Months THBSR Fixed 1.400% 23/03/2030 166,886 0.02

Notional Amount

Fair Value USD

% of NAV

Options Purchased Nil (2019: 0.06%)

Options Written Nil (2019: (0.03)%)

30/04/2020 USD 6,354,740 PEN 22,617,154 (216,017) (0.02)

30/04/2020 USD 3,250,329 PEN 11,248,740 (17,665) (0.00)

30/04/2020 USD 1,250,000 PEN 4,329,375 (7,774) (0.00)

30/04/2020 USD 3,230,000 PEN 11,111,200 1,964 0.00

30/04/2020 USD 1,210,000 PEN 4,149,090 4,603 0.00

30/04/2020 USD 10,976,180 PEN 37,463,896 92,134 0.01

04/05/2020 USD 2,640,000 PEN 9,082,920 1,572 0.00

13/04/2020 USD 3,150,000 PHP 162,697,500 (47,043) (0.00)

13/04/2020 USD 4,036,012 PHP 207,338,008 (38,227) (0.00)

13/04/2020 USD 560,000 PHP 29,187,200 (13,535) (0.00)

13/04/2020 USD 3,150,000 PHP 160,776,000 (9,285) (0.00)

29/06/2020 USD 3,350,000 PLN 13,938,824 (4,828) (0.00)

29/06/2020 USD 3,210,000 PLN 12,659,598 163,059 0.01

29/06/2020 USD 2,510,000 PLN 9,662,978 184,292 0.02

29/06/2020 USD 4,160,000 PLN 16,028,480 302,229 0.03

29/06/2020 USD 6,250,599 PLN 23,871,519 505,147 0.05

10/04/2020 USD 7,095,174 RON 31,522,332 (57,018) (0.01)

10/04/2020 USD 6,909,771 RON 30,681,456 (51,632) (0.00)

10/04/2020 USD 6,696,011 RON 29,704,175 (43,654) (0.01)

10/04/2020 USD 150,196 RON 649,552 2,817 0.00

10/04/2020 USD 2,510,000 RON 11,022,665 9,036 0.00

10/04/2020 USD 790,000 RON 3,403,138 17,852 0.00

10/04/2020 USD 15,067,037 RON 66,225,656 40,910 0.00

10/04/2020 USD 4,194,553 RON 18,237,915 56,500 0.01

10/04/2020 USD 5,077,736 RON 22,000,000 86,093 0.01

10/04/2020 USD 3,180,000 RON 13,504,506 115,924 0.01

10/04/2020 USD 14,053,049 RON 60,832,276 250,641 0.02

09/04/2020 USD 555,480 RUB 39,939,752 44,851 0.00

09/04/2020 USD 844,520 RUB 60,870,309 66,295 0.01

16/04/2020 USD 2,960,000 RUB 219,143,600 161,421 0.01

16/04/2020 USD 6,992,310 RUB 532,079,861 197,371 0.02

16/04/2020 USD 7,095,817 RUB 532,079,861 300,878 0.03

28/05/2020 USD 47,053 RUB 3,770,254 (782) (0.00)

28/05/2020 USD 5,339,526 RUB 368,480,686 664,509 0.06

18/05/2020 USD 2,620,000 THB 86,507,160 (16,442) (0.00)

18/05/2020 USD 2,380,000 THB 75,255,600 86,467 0.01

18/05/2020 USD 2,512,877 THB 79,017,405 104,697 0.01

18/05/2020 USD 2,507,757 THB 78,843,867 104,865 0.01

20/05/2020 USD 830,000 TRY 5,432,836 17,252 0.00

20/05/2020 USD 1,670,000 TRY 11,034,301 19,276 0.00

20/05/2020 USD 7,775,220 TRY 48,826,824 470,762 0.04

20/05/2020 USD 10,735,157 TRY 67,427,519 648,048 0.06

11/05/2020 USD 27,940,000 TWD 838,848,208 122,739 0.01

09/04/2020 USD 2,213,036 UAH 54,108,720 265,177 0.02

20/05/2020 USD 2,473,310 ZAR 44,546,737 (4,013) (0.00)

20/05/2020 USD 806,690 ZAR 14,574,872 (3,845) (0.00)

20/05/2020 USD 4,405,002 ZAR 71,724,446 416,278 0.04

20/05/2020 USD 5,728,433 ZAR 95,461,472 419,651 0.04

20/05/2020 USD 4,416,584 ZAR 71,724,446 427,860 0.04

20/05/2020 USD 9,525,553 ZAR 159,102,453 677,583 0.06

20/05/2020 USD 10,631,945 ZAR 173,194,384 1,000,297 0.09

20/05/2020 ZAR 65,709,786 USD 3,818,876 (164,638) (0.02)

Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


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116





Transferable securities dealt in on another regulated market 30.75Other transferable securities of the type referred to in Regulations 68 (1)(a), (b) and (c) 4.89


Other assets 8.60

Total Assets 100.00

The counterparties for the open forward foreign currency exchange contracts are:

Bank of America Merrill Lynch

Barclays Bank Plc

Citibank NA

Goldman Sachs

HSBC Bank Plc

JP Morgan Chase and Company

Morgan Stanley

Standard Chartered Bank

State Street Bank and Trust Company

UBS AG

The counterparties for the interest rate swaps are:


Goldman Sachs


Morgan Stanley


Interest Rate Swaps at positive fair value 5,025,540 0.46

Interest Rate Swaps at negative fair value (496,711) (0.04)

Interest rate swaps at fair value 4,528,829 0.42

Total Financial Derivative Instruments (24,791,409) (2.27)

Total Investments (2019: 96.20%) 1,003,127,723 92.05

Other Net Assets (2019: 3.80%) 86,699,487 7.95

Net Assets 1,089,827,210 100.00

Fair Value USD

% of NAV

Interest Rate Swaps 0.42% (2019: 0.37%) (continued)


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Lazard Emerging Markets Total Return Debt FundPortfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


Angola Nil (2019: 1.00%)


Azerbaijan Nil (2019: 2.45%)

Bangladesh Nil (2019: 0.65%)

Bermuda Nil (2019: 0.30%)

Brazil 0.60% (2019: 1.58%)

Corporate Bonds

200,000 Banco BTG Pactual SA 4.500% 10/01/2025 176,000 0.16

500,000 Cemig Geracao e Transmissao SA 9.250% 05/12/2024 482,500 0.44

658,500 0.60

British Virgin Islands Nil (2019: 0.54%)

Canada 0.65% (2019: 0.89%)

Corporate Bonds

800,000 First Quantum Minerals Ltd 7.250% 15/05/2022 720,600 0.65

Cayman Islands 2.65% (2019: 2.93%)

Corporate Bonds

1,255,000 Comunicaciones Celulares SA Via Comcel Trust 6.875% 06/02/2024 1,230,292 1.12

200,000 Country Garden Holdings Co Ltd 4.750% 28/09/2023 190,750 0.17

200,000 Country Garden Holdings Co Ltd 8.000% 27/01/2024 205,000 0.19

155,000 G3 Exploration Ltd - Zero coupon 31/12/2099 - 0.00



3,100,000 G3 Exploration Ltd - Zero coupon 31/12/2099 - 0.00

400,000 Logan Property Holdings Co Ltd 5.250% 23/02/2023 371,188 0.34

200,000 MAF Sukuk Ltd 4.638% 14/05/2029 200,063 0.18

300,000 Shimao Property Holdings Ltd 6.125% 21/02/2024 299,391 0.27

525,000 Termocandelaria Power Ltd 7.875% 30/01/2029 422,625 0.38

2,919,309 2.65

Chile 1.74% (2019: 3.62%)

Corporate Bonds

500,000 AES Gener SA 7.125% 26/03/2079 385,000 0.35

578,200 Empresa Electrica Angamos SA 4.875% 25/05/2029 557,873 0.51

400,000 Empresa Electrica Cochrane SpA 5.500% 14/05/2027 364,125 0.33

Government Bonds


1,909,717 1.74

Colombia 0.16% (2019: 3.24%)

Corporate Bonds

200,000 Bancolombia SA 4.625% 18/12/2029 178,000 0.16

Costa Rica 1.80% (2019: 1.78%)

Government Bonds



1,400,000 Costa Rica Government 5.520% 23/08/2023 1,370,250 1.24


1,988,583 1.80


Government Bonds

13,600,000 Dominican Republic 10.750% 08/11/2029 230,881 0.21



848,278 0.77

Egypt Nil (2019: 4.42%)

Georgia Nil (2019: 0.40%)

Ghana Nil (2019: 1.69%)

Hungary Nil (2019: 3.13%)

India 0.24% (2019: 0.19%)

Corporate Bonds

300,000 Adani Green Energy Ltd 6.250% 10/12/2024 267,356 0.24

Indonesia Nil (2019: 3.64%)

Iraq 3.04% (2019: 2.13%)

Government Bonds

2,830,000 Iraq Republic 5.800% 15/01/2028 2,193,691 1.99

1,420,000 Iraq Republic 6.752% 09/03/2023 1,154,194 1.05

3,347,885 3.04

Ireland Nil (2019: 0.30%)

Israel 0.75% (2019: Nil)

Corporate Bonds



829,375 0.75

Kuwait 0.53% (2019: Nil)

Government Bonds

565,000 Kuwait Government 3.500% 20/03/2027 588,571 0.53

Laos 0.60% (2019: Nil)

Government Bonds

660,000 Laos Government 6.875% 30/06/2021 660,208 0.60

Luxembourg Nil (2019: 1.32%)

Malaysia 0.17% (2019: Nil)

Government Bonds


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118



Mauritius 1.22% (2019: 0.68%)

Corporate Bonds

200,000 Greenko Solar Mauritius Ltd 5.950% 29/07/2026 163,905 0.15

900,000 HTA Group Ltd 9.125% 08/03/2022 846,000 0.77

400,000 Neerg Energy Ltd 6.000% 13/02/2022 334,230 0.30

1,344,135 1.22

Mexico 0.49% (2019: 0.49%)

Corporate Bonds

170,000 BBVA Bancomer SA 7.250% 22/04/2020 169,788 0.15

400,000 Cemex SAB de CV 7.750% 16/04/2026 370,000 0.34

539,788 0.49

Morocco 0.25% (2019: 0.30%)

Corporate Bonds

275,000 OCP SA 5.625% 25/04/2024 276,581 0.25

Netherlands 2.36% (2019: 2.72%)

Corporate Bonds

275,000 Greenko Dutch BV 5.250% 24/07/2024 224,137 0.20

875,000 Minejesa Capital BV 4.625% 10/08/2030 796,250 0.72

750,000 Mong Duong Finance Holdings BV 5.125% 07/05/2029 634,247 0.58

1,183,272 MV24 Capital BV 6.748% 01/06/2034 944,843 0.86

2,599,477 2.36

Nigeria 0.53% (2019: Nil)

Corporate Bonds

600,000 Africa Finance Corp 4.375% 17/04/2026 587,436 0.53

Panama 6.00% (2019: 3.54%)

Government Bonds

1,670,000 Panama Government 3.160% 23/01/2030 1,675,480 1.52




6,618,744 6.00

Paraguay Nil (2019: 2.91%)

Peru 1.87% (2019: 0.81%)

Corporate Bonds

400,000 Banco Internacional del Peru SAA 3.250% 04/10/2026 360,625 0.33

1,475,000 Hunt Oil Co of Peru LLC Sucursal Del Peru 6.375% 01/06/2028 1,049,094 0.95

600,000 Peru LNG Srl 5.375% 22/03/2030 375,000 0.34

Government Bonds

265,000 Peru Government 2.844% 20/06/2030 277,753 0.25

2,062,472 1.87

Philippines 0.53% (2019: Nil)

Government Bonds


Qatar 0.54% (2019: 2.58%)

Government Bonds


Romania Nil (2019: 2.17%)

Russia 0.58% (2019: Nil)

Government Bonds


Singapore 0.75% (2019: Nil)

Corporate Bonds

450,000 BOC Aviation Ltd 3.000% 11/09/2029 437,468 0.40

384,520 LLPL Capital Pte Ltd 6.875% 04/02/2039 381,636 0.35

819,104 0.75


South Africa 1.66% (2019: 3.11%)

Government Bonds


South Korea 0.18% (2019: 0.65%)

Corporate Bonds

200,000 Heungkuk Life Insurance Co Ltd 4.475% 09/11/2047 193,375 0.18

Spain 0.95% (2019: 0.75%)

Corporate Bonds

1,400,000 AI Candelaria Spain SLU 7.500% 15/12/2028 1,052,041 0.95

Sri Lanka 2.75% (2019: Nil)

Government Bonds

3,525,000 Sri Lanka Government 5.750% 18/04/2023 2,312,311 2.10

1,060,000 Sri Lanka Government 5.875% 25/07/2022 714,232 0.65

3,026,543 2.75

Thailand Nil (2019: 0.18%)

Turkey 3.74% (2019: 1.28%)

Government Bonds


Ukraine 4.42% (2019: 4.00%)

Government Bonds



6,190,000 Ukraine Government 15.840% 26/02/2025 199,611 0.18



4,880,183 4.42

United Arab Emirates 2.68% (2019: 0.89%)

Corporate Bonds

1,425,000 Acwa Power Management And Investments One Ltd 5.950% 15/12/2039 1,275,374 1.16

1,175,000 NBK Tier 1 Financing Ltd 4.500% 31/12/2099 1,083,703 0.98

Government Bonds

615,000 Abu Dhabi Government 2.500% 30/09/2029 599,625 0.54

2,958,702 2.68

United Kingdom 0.98% (2019: 1.32%)

Corporate Bonds

1,375,000 Liquid Telecommunications Financing Plc 8.500% 13/07/2022 1,079,375 0.98

Lazard Emerging Markets Total Return Debt Fund (continued)Portfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


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15/04/2020 EUR 99,286 USD 113,576 (4,586) (0.00)

15/04/2020 EUR 43,957 USD 50,475 (2,221) (0.00)

15/04/2020 EUR 11,840 USD 13,595 (598) (0.00)

15/04/2020 EUR 5,749 USD 6,576 (266) (0.00)

15/04/2020 EUR 4,591 USD 5,216 (176) (0.00)

15/04/2020 EUR 14,281 USD 15,849 (172) (0.00)

15/04/2020 EUR 3,398 USD 3,836 (107) (0.00)

15/04/2020 EUR 2,103 USD 2,406 (97) (0.00)

15/04/2020 EUR 3,500 USD 3,879 (37) (0.00)

15/04/2020 EUR 567 USD 648 (26) (0.00)

15/04/2020 EUR 2,154 USD 2,376 (11) (0.00)

15/04/2020 EUR 223 USD 255 (10) (0.00)

15/04/2020 EUR 500 USD 558 (9) (0.00)

15/04/2020 EUR 188 USD 210 (3) (0.00)

15/04/2020 EUR 42 USD 46 1 0.00

15/04/2020 EUR 94 USD 101 3 0.00

15/04/2020 EUR 500 USD 542 7 0.00

15/04/2020 EUR 951 USD 1,028 16 0.00

15/04/2020 EUR 3,077 USD 3,298 80 0.00

15/04/2020 EUR 7,787 USD 8,385 163 0.00

14/04/2020 IDR 22,229,826,622 USD 1,519,988 (158,492) (0.14)

14/04/2020 IDR 13,111,381,232 USD 897,241 (94,216) (0.09)

14/04/2020 IDR 13,111,381,232 USD 896,505 (93,480) (0.08)

14/04/2020 IDR 8,873,354,057 USD 603,424 (59,964) (0.05)

14/04/2020 IDR 144,130,267 USD 9,826 (999) (0.00)

09/04/2020 INR 133,198,229 USD 1,852,999 (93,428) (0.08)

09/04/2020 INR 44,399,410 USD 617,609 (31,085) (0.03)

21/04/2020 MXN 62,151,897 USD 3,185,137 (543,245) (0.50)

21/04/2020 MXN 45,367,895 USD 2,378,558 (450,104) (0.42)

21/04/2020 MXN 45,367,895 USD 2,378,396 (449,942) (0.42)

21/04/2020 MXN 33,939,491 USD 1,756,366 (313,699) (0.28)

21/04/2020 MXN 23,541,847 USD 1,207,962 (207,268) (0.19)

21/04/2020 MXN 20,717,299 USD 1,061,054 (180,424) (0.16)

21/04/2020 MXN 15,784,609 USD 809,031 (138,075) (0.13)

21/04/2020 MXN 15,458,971 USD 774,975 (117,860) (0.11)

24/04/2020 MYR 161,503 USD 36,789 575 0.00

24/04/2020 MYR 1,092,316 USD 249,946 2,764 0.00

24/04/2020 MYR 9,067,531 USD 2,081,882 15,919 0.01

30/04/2020 PEN 2,063,997 USD 579,921 19,713 0.02

12/05/2020 PHP 101,076,675 USD 1,995,000 (13,620) (0.01)

12/05/2020 PHP 67,697,850 USD 1,335,000 (7,937) (0.01)

12/05/2020 PHP 56,299,200 USD 1,110,000 (6,381) (0.01)

12/05/2020 PHP 13,182,000 USD 260,000 (1,597) (0.00)

12/05/2020 PHP 6,591,000 USD 130,000 (798) (0.00)

29/06/2020 PLN 14,308,627 USD 3,680,761 (236,928) (0.21)

13/05/2020 TWD 17,157,335 USD 565,279 3,744 0.00

13/05/2020 TWD 18,748,973 USD 618,064 3,745 0.00

13/05/2020 TWD 26,578,163 USD 875,722 5,742 0.01

13/05/2020 TWD 27,326,359 USD 900,968 5,310 0.00

13/05/2020 TWD 27,330,864 USD 900,968 5,459 0.00

13/05/2020 TWD 27,588,133 USD 908,999 5,960 0.01

15/04/2020 USD 363,095 AUD 632,557 (24,089) (0.02)

15/04/2020 USD 44,318 AUD 77,000 (2,813) (0.00)

Principal Amount

Fair Value USD

% of NAV



Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments (7.15)% (2019: 0.37%) (continued) Open Forward Foreign Currency Exchange Contracts (4.56)% (2019: (0.52)%) (continued)

United States 47.85% (2019: 15.70%)

Government Bonds





52,777,188 47.85

Uruguay 0.54% (2019: 0.48%)

Government Bonds





Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Open Forward Foreign Currency Exchange Contracts (4.56)% (2019: (0.52)%)

01/04/2020 AUD 81,636 USD 49,353 612 0.00

15/04/2020 AUD 17,964,701 USD 11,855,445 (859,357) (0.79)

02/04/2020 BRL 3,428,168 USD 818,237 (157,271) (0.14)

02/04/2020 BRL 2,022,619 USD 477,179 (87,209) (0.08)

02/04/2020 BRL 1,405,549 USD 331,677 (60,681) (0.06)

02/04/2020 BRL 79,932 USD 16,035 (623) (0.00)

02/04/2020 BRL 79,932 USD 15,986 (575) (0.00)

02/04/2020 BRL 62,169 USD 12,471 (485) (0.00)

02/04/2020 BRL 74,711 USD 14,606 (202) (0.00)

02/04/2020 BRL 59,021 USD 11,512 (132) (0.00)

01/04/2020 EUR 5,193 USD 5,724 (27) (0.00)

03/04/2020 EUR 373 USD 411 (2) (0.00)

15/04/2020 EUR 63,510,682 USD 72,927,410 (3,209,590) (2.91)

15/04/2020 EUR 21,916,357 USD 25,165,895 (1,107,571) (1.01)

15/04/2020 EUR 3,039,153 USD 3,476,563 (140,382) (0.13)

15/04/2020 EUR 2,079,270 USD 2,387,563 (105,078) (0.10)

15/04/2020 EUR 1,047,487 USD 1,198,247 (48,385) (0.04)

15/04/2020 EUR 120,091 USD 137,897 (6,069) (0.01)

Notional Amount USD

Average Cost Price


USD

% of NAV

Financial Derivative Instruments (7.15)% (2019: 0.37%) Open Futures Contracts 0.19% (2019: 0.07%)

16,566,375 137 121 of US 10 Year Note Futures 214,812 0.19

Long Futures Contract

Expiring 19/06/2020

Net unrealised gain on open futures contracts 214,812 0.19

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120



15/04/2020 USD 49,358 AUD 81,636 (611) (0.00)

15/04/2020 USD 40,781 AUD 62,662 2,426 0.00

15/04/2020 USD 33,943 AUD 50,998 2,727 0.00

15/04/2020 USD 333,703 AUD 540,248 3,020 0.00

15/04/2020 USD 206,312 AUD 309,970 16,581 0.02

02/04/2020 USD 455,213 BRL 2,119,244 46,613 0.04

02/04/2020 USD 455,213 BRL 2,117,878 46,876 0.04

02/04/2020 USD 639,574 BRL 2,974,979 65,985 0.06

05/05/2020 USD 11,495 BRL 59,021 143 0.00

05/05/2020 USD 14,587 BRL 74,711 217 0.00

05/05/2020 USD 12,451 BRL 62,169 493 0.00

05/05/2020 USD 15,961 BRL 79,932 586 0.00

05/05/2020 USD 16,008 BRL 79,932 633 0.00

16/04/2020 USD 114,000 EGP 1,863,900 (3,643) (0.00)

17/06/2020 USD 114,000 EGP 1,894,680 (2,332) (0.00)

18/06/2020 USD 114,000 EGP 1,938,000 (4,943) (0.00)

22/06/2020 USD 114,000 EGP 1,932,300 (4,399) (0.00)

22/06/2020 USD 114,000 EGP 1,915,200 (3,351) (0.00)

01/04/2020 USD 2,374 EUR 2,154 11 0.00

15/04/2020 USD 2,524,435 EUR 2,365,917 (72,711) (0.07)

15/04/2020 USD 503,249 EUR 471,648 (14,495) (0.01)

15/04/2020 USD 620,577 EUR 567,982 (2,916) (0.00)

15/04/2020 USD 81,313 EUR 76,207 (2,342) (0.00)

15/04/2020 USD 44,462 EUR 40,985 (529) (0.00)

15/04/2020 USD 16,035 EUR 14,890 (311) (0.00)

15/04/2020 USD 15,676 EUR 14,509 (251) (0.00)

15/04/2020 USD 8,498 EUR 7,866 (136) (0.00)

15/04/2020 USD 2,787 EUR 2,612 (80) (0.00)

15/04/2020 USD 2,486 EUR 2,324 (65) (0.00)

15/04/2020 USD 1,746 EUR 1,636 (50) (0.00)

15/04/2020 USD 3,649 EUR 3,366 (46) (0.00)

15/04/2020 USD 3,437 EUR 3,145 (16) (0.00)

15/04/2020 USD 469 EUR 440 (14) (0.00)

15/04/2020 USD 575 EUR 536 (14) (0.00)

15/04/2020 USD 412 EUR 373 2 0.00

15/04/2020 USD 378 EUR 339 5 0.00

15/04/2020 USD 1,469 EUR 1,320 20 0.00

15/04/2020 USD 5,728 EUR 5,193 28 0.00

15/04/2020 USD 2,910 EUR 2,603 52 0.00

15/04/2020 USD 8,995 EUR 8,063 144 0.00

15/04/2020 USD 15,630 EUR 14,084 170 0.00

15/04/2020 USD 9,708 EUR 8,488 391 0.00

15/04/2020 USD 44,315 EUR 39,988 419 0.00

15/04/2020 USD 39,184 EUR 35,125 626 0.00

15/04/2020 USD 72,908 EUR 65,529 974 0.00

15/04/2020 USD 44,831 EUR 39,704 1,247 0.00

15/04/2020 USD 37,384 EUR 32,910 1,258 0.00

15/04/2020 USD 602,836 EUR 539,293 10,836 0.01

15/04/2020 USD 2,152,755 EUR 1,934,887 28,764 0.03

14/04/2020 USD 292,837 IDR 4,137,195,043 39,448 0.04

14/04/2020 USD 466,577 IDR 6,419,161,025 73,426 0.07

14/04/2020 USD 796,556 IDR 11,695,830,590 80,229 0.07

14/04/2020 USD 523,146 IDR 7,161,873,870 84,508 0.08

14/04/2020 USD 557,941 IDR 7,639,332,128 90,060 0.08

14/04/2020 USD 1,433,758 IDR 20,517,071,263 177,162 0.16

09/04/2020 USD 173,213 INR 12,488,639 8,236 0.01

09/04/2020 USD 2,290,000 INR 165,109,000 108,882 0.10

21/04/2020 USD 100,000 MXN 2,265,400 3,705 0.00

21/04/2020 USD 233,220 MXN 4,404,010 46,019 0.04

21/04/2020 USD 446,113 MXN 8,787,981 72,562 0.07

21/04/2020 USD 426,780 MXN 8,064,131 83,998 0.08

21/04/2020 USD 563,887 MXN 11,069,721 93,346 0.08

21/04/2020 USD 680,000 MXN 12,827,860 134,726 0.12

21/04/2020 USD 1,621,652 MXN 34,471,450 156,373 0.14

21/04/2020 USD 2,856,404 MXN 54,308,519 547,910 0.50

21/04/2020 USD 3,349,896 MXN 63,359,940 656,654 0.62

21/04/2020 USD 3,353,052 MXN 63,359,940 659,809 0.61

24/04/2020 USD 600,000 MYR 2,493,900 23,029 0.02

24/04/2020 USD 640,983 MYR 2,647,450 28,487 0.03

24/04/2020 USD 1,250,000 MYR 5,180,000 51,592 0.05

30/04/2020 USD 627,949 PEN 2,143,316 5,271 0.00

12/05/2020 USD 876,359 PHP 44,939,685 (4,582) (0.00)

12/05/2020 USD 875,046 PHP 44,872,377 (4,575) (0.00)

12/05/2020 USD 608,595 PHP 31,226,996 (3,540) (0.00)

12/05/2020 USD 900,834 PHP 46,113,698 (3,121) (0.00)

12/05/2020 USD 900,834 PHP 46,109,194 (3,032) (0.00)

12/05/2020 USD 628,332 PHP 32,170,588 (2,300) (0.00)

29/06/2020 USD 170,763 PLN 661,016 11,668 0.01

29/06/2020 USD 1,482,558 PLN 5,624,974 128,727 0.12

29/06/2020 USD 2,077,442 PLN 7,886,966 179,189 0.16

16/04/2020 USD 541,088 RUB 41,174,121 15,273 0.01

16/04/2020 USD 549,098 RUB 41,174,121 23,283 0.02

13/05/2020 USD 130,000 TWD 3,877,250 1,411 0.00

13/05/2020 USD 260,000 TWD 7,757,100 2,736 0.00

13/05/2020 USD 1,110,000 TWD 33,094,650 12,417 0.01

13/05/2020 USD 1,335,000 TWD 39,823,451 14,256 0.01

13/05/2020 USD 1,995,000 TWD 59,530,800 20,663 0.02

19/01/2021 USD 252,787 UYU 12,700,000 (19,570) (0.02)

20/05/2020 USD 290,000 ZAR 5,247,550 (1,826) (0.00)

20/05/2020 USD 218,680 ZAR 3,938,641 (355) (0.00)

20/05/2020 USD 71,320 ZAR 1,288,574 (340) (0.00)

20/05/2020 USD 210,000 ZAR 3,513,930 14,584 (0.01)

20/05/2020 USD 441,298 ZAR 7,354,013 32,328 0.03

20/05/2020 USD 353,794 ZAR 5,760,644 33,434 0.03

20/05/2020 USD 354,724 ZAR 5,760,644 34,364 0.03

20/05/2020 USD 733,815 ZAR 12,256,688 52,199 0.05

20/05/2020 USD 1,414,470 ZAR 23,041,722 133,079 0.12

16/04/2020 UYU 11,884,375 USD 312,500 (37,303) (0.03)

19/01/2021 UYU 12,700,000 USD 312,500 (40,143) (0.04)

20/05/2020 ZAR 14,193,607 USD 800,429 (11,097) (0.01)





Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

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FU

ND

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LC



The counterparty for the open futures contracts is Natwest Markets Plc.



Barclays Bank Plc

Citibank NA

Goldman Sachs

HSBC Bank Plc



State Street Bank & Trust Company

UBS AG

The counterparties for the options are:

Goldman Sachs


The counterparty for the interest rate swaps is Morgan Stanley.

The counterparty for the credit default swaps is Morgan Stanley.

* In the event of bankruptcy or modified restructuring, the Fund will pay/receive the notional amount to the counterparty.






Exchange traded financial derivative instruments 0.16


Other assets 18.27

Total Assets 100.00

CCY Notional Amount

Fund Pays

Fund Receives

Termination Date

Fair Value

USD

% of NAV


ZAR 12,576,000 3 Month JIBAR Fixed 6.500% 27/02/2025 6,193 0.00

ZAR 17,003,000 3 Month JIBAR Fixed 6.500% 27/02/2025 8,374 0.01

Interest rate swaps at fair value 14,567 0.01

Notional Amount

Fair Value USD

% of NAV

Options Purchased 0.11% (2019: 0.22%)

3,040,000 Call at 0.943 USD Put EUR Exporting April 2020 6,171 0.01

20,660,000 Call at 0.943 USD Put EUR Exporting April 2020 41,940 0.03

5,960,000 Put at 71.715 USD Put INR Exporting May 2020 4,857 0.00

9,560,000 Call at 30.430 USD Put TWD Exporting August 2020 72,427 0.07

Options purchased at fair value 125,395 0.11

Options Written Nil (2019: (0.07)%)

CCY Notional Amount

Security Name

Fund Pays

Fund Receives

Termination Date

Fair Value

USD

% of NAV

Credit Default Swaps (2.90)% (2019: 0.20%)

USD (27,630,000) Markit CDX EM 33 Series 1.00% * 20/06/2025 (3,205,526) (2.90)

Credit Default Swaps at fair value (3,205,526) (2.90)

Total Financial Derevative Instruments (7,878,090) (7.15)


Other Net Assets (2019: 9.74%) 13,870,728 12.58

Net Assets 110,294,642 100.00

LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

NT

FU

ND

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122



Lazard Emerging Markets Debt Blend FundPortfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


Angola Nil (2019: 1.31%)


Azerbaijan 0.09% (2019: 0.25%)

Government Bonds

150,000 Azerbaijan Republic 3.500% 01/09/2032 126,703 0.09

Bahrain Nil (2019: 0.32%)


Government Bonds


Belarus 0.64% (2019: 0.27%)

Government Bonds

880,000 Belarus Government 7.625% 29/06/2027 886,325 0.64

Belize 0.13% (2019: 0.05%)

Government Bonds


Brazil 1.57% (2019: 1.92%)

Government Bonds






480,000 Brazil Notas do Tesouro Nacional Serie B 6.000% 15/08/2050 382,228 0.28

2,178,768 1.57


Corporate Bonds


885,000 State Grid Overseas Investment 2016 Ltd 3.500% 04/05/2027 953,698 0.69

500,000 State Grid Overseas Investment 2016 Ltd 4.250% 02/05/2028 570,313 0.41

1,773,274 1.28

Canada 0.37% (2019: 0.34%)

Corporate Bonds


Cayman Islands 0.43% (2019: 0.99%)

Corporate Bonds

600,000 Comunicaciones Celulares SA Via Comcel Trust 6.875% 06/02/2024 588,188 0.43

Chile 2.82% (2019: 2.31%)

Corporate Bonds

545,000 Corp Nacional del Cobre de Chile 4.375% 05/02/2049 532,844 0.39


400,000 Empresa Electrica Guacolda SA 4.560% 30/04/2025 278,198 0.20

Chile 2.82% (2019: 2.31%) (continued)

Government Bonds

415,000,000 Bonos de la Tesoreria de la Republica 4.500% 01/03/2026 534,618 0.39







3,883,432 2.82

Colombia 4.55% (2019: 4.60%)

Government Bonds

1,190,000 Colombia Government 3.875% 25/04/2027 1,175,869 0.85



1,688,700,000 Colombia Government 6.000% 28/04/2028 388,217 0.28






861,000,000 Colombia Government 9.850% 28/06/2027 242,669 0.18


6,281,377 4.55

Costa Rica 1.53% (2019: 1.82%)

Government Bonds




2,122,034 1.53

Czech Republic 1.65% (2019: 1.30%)

Government Bonds

9,280,000 Czech Republic 2.500% 25/08/2028 406,609 0.29

7,730,000 Czech Republic 3.750% 12/09/2020 314,081 0.23

28,340,000 Czech Republic 4.200% 04/12/2036 1,566,374 1.13

2,287,064 1.65


Government Bonds










2,879,200 2.09

Ecuador Nil (2019: 1.36%)

LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

NT

FU

ND

S P

LC



Egypt 2.02% (2019: 3.15%)

Government Bonds







2,778,928 2.02

El Salvador 1.04% (2019: 0.54%)

Government Bonds







1,456,057 1.04

Ghana 0.88% (2019: 1.22%)

Government Bonds





1,223,271 0.88

Guatemala 0.16% (2019: 0.10%)

Government Bonds


Honduras 0.13% (2019: 0.23%)

Government Bonds


Hungary 3.03% (2019: 1.32%)

Government Bonds

622,920,000 Hungary Government 1.500% 24/08/2022 1,909,997 1.38


666,000 Hungary Government 7.625% 29/03/2041 1,029,470 0.74

4,200,039 3.03

Indonesia 5.44% (2019: 8.99%)

Government Bonds








7,635,000,000 Indonesia Government 7.000% 15/05/2027 444,712 0.32


143,000,000 Indonesia Government 8.125% 15/05/2024 9,018 0.01



Indonesia 5.44% (2019: 8.99%) (continued)







7,510,684 5.44

Iraq Nil (2019: 0.74%)

Ivory Coast 1.53% (2019: Nil)

Corporate Bonds


Government Bonds



2,119,742 1.53

Jamaica 0.68% (2019: Nil)

Government Bonds




932,735 0.68


Corporate Bonds

525,000 Development Bank of Kazakhstan JSC 4.125% 10/12/2022 514,500 0.37

660,000 KazMunayGas National Co JSC 5.750% 19/04/2047 661,650 0.48

Government Bonds




2,099,419 1.52

Kenya 1.30% (2019: 0.48%)

Government Bonds




1,791,570 1.30

Kuwait 0.40% (2019: Nil)

Government Bonds

525,000 Kuwait Government 3.500% 20/03/2027 546,902 0.40

Malaysia 4.69% (2019: 1.99%)

Government Bonds


2,110,000 Malaysia Government 3.800% 17/08/2023 503,543 0.36






6,488,692 4.69

Lazard Emerging Markets Debt Blend Fund (continued)Portfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

NT

FU

ND

S P

LC

124



Mauritius 0.24% (2019: Nil)

Corporate Bonds

400,000 Greenko Solar Mauritius Ltd 5.950% 29/07/2026 327,810 0.24

Mexico 7.69% (2019: 8.85%)

Corporate Bonds









Government Bonds





9,366,000 Mexico Government 7.750% 13/11/2042 392,195 0.28




10,639,623 7.69

Mongolia 0.44% (2019: 0.29%)

Government Bonds


Morocco 0.48% (2019: 0.37%)

Government Bonds

618,000 Morocco Government 5.500% 11/12/2042 658,170 0.48

Namibia 0.14% (2019: 0.20%)

Government Bonds

200,000 Namibia Government 5.500% 03/11/2021 190,250 0.14


Nigeria 1.00% (2019: 1.42%)

Government Bonds





1,382,093 1.00

Oman Nil (2019: 0.62%)

Pakistan 0.79% (2019: 0.90%)

Government Bonds



1,088,002 0.79

Panama 2.88% (2019: 1.70%)

Government Bonds




Panama 2.88% (2019: 1.70%) (continued)








3,971,235 2.88

Paraguay 0.46% (2019: 1.28%)

Government Bonds





633,674 0.46

Peru 4.78% (2019: 6.83%)

Corporate Bonds

516,000 Banco de Credito del Peru 4.850% 30/10/2020 151,601 0.11

3,384,000 Fondo Mivivienda SA 7.000% 14/02/2024 1,037,187 0.75

593,000 Hunt Oil Co of Peru LLC Sucursal Del Peru 6.375% 01/06/2028 421,771 0.31

Government Bonds

820,000 Peru Government 2.844% 20/06/2030 859,463 0.62

45,000 Peru Government 4.125% 25/08/2027 50,794 0.04

860,000 Peru Government 5.350% 12/08/2040 240,877 0.17

695,000 Peru Government 5.625% 18/11/2050 1,021,653 0.74

1,326,000 Peru Government 6.900% 12/08/2037 442,874 0.32

550,000 Peru Government 6.950% 12/08/2031 183,725 0.13

6,035,000 Peru Government 8.200% 12/08/2026 2,193,342 1.59

6,603,287 4.78

Philippines 2.34% (2019: 1.65%)

Corporate Bonds

2,710,000 Asian Development Bank 16.250% 12/01/2021 420,157 0.30

Government Bonds




1,485,000 Philippines Government 3.700% 02/02/2042 1,649,278 1.19

3,249,129 2.34

Poland 0.60% (2019: 1.78%)

Government Bonds

3,230,000 Poland Government 2.500% 25/07/2027 826,623 0.60

Qatar 2.33% (2019: 0.98%)

Government Bonds

2,280,000 Qatar Government 4.817% 14/03/2049 2,700,731 1.95


3,224,794 2.33


Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

NT

FU

ND

S P

LC



Romania 2.73% (2019: 0.63%)

Government Bonds

3,370,000 Romania Government 4.250% 28/06/2023 773,594 0.56





3,773,507 2.73

Russia 7.56% (2019: 4.12%)

Government Bonds




47,814,000 Russian Federation 7.050% 19/01/2028 628,155 0.45






10,458,197 7.56


Senegal 0.65% (2019: 0.56%)

Government Bonds



897,862 0.65

Singapore Nil (2019: 0.18%)

South Africa 6.23% (2019: 5.66%)

Government Bonds







15,873,000 South Africa Government 8.750% 28/02/2048 671,796 0.49


8,609,446 6.23

South Korea 1.48% (2019: Nil)

Government Bonds



2,045,758 1.48

Spain 0.38% (2019: 0.27%)

Corporate Bonds


Sri Lanka 0.90% (2019: 1.95%)

Government Bonds




Sri Lanka 0.90% (2019: 1.95%) (continued)





1,257,834 0.90


Tajikistan Nil (2019: 0.18%)

Thailand 3.65% (2019: 2.03%)

Government Bonds

11,513,000 Thailand Government 2.875% 17/12/2028 391,137 0.28






5,060,337 3.65

Tunisia Nil (2019: 0.17%)

Turkey 4.33% (2019: 4.02%)

Corporate Bonds

287,000 Export Credit Bank of Turkey 5.375% 08/02/2021 282,695 0.20

Government Bonds







3,560,000 Turkey Government 7.100% 08/03/2023 471,317 0.34






6,001,128 4.33

Ukraine 2.34% (2019: 1.53%)

Government Bonds






3,250,656 2.34


Government Bonds




500,000 Emirate of Dubai Government 5.250% 30/01/2043 466,406 0.34

1,701,746 1.23


Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

NT

FU

ND

S P

LC

126



United Kingdom 0.97% (2019: 1.23%)

Corporate Bonds

8,415,000,000 European Bank for Reconstruction & Development 7.500% 15/05/2022 525,048 0.38

2,690,000 European Bank for Reconstruction & Development 12.000% 24/02/2021 406,958 0.29

480,000 NAK Naftogaz Ukraine via Kondor Finance Plc 7.625% 08/11/2026 410,400 0.30

1,342,406 0.97

United States 0.07% (2019: 0.55%)

Corporate Bonds


Uruguay 1.38% (2019: 0.66%)

Government Bonds


1,305,000 Uruguay Government 4.975% 20/04/2055 1,482,398 1.07

1,913,914 1.38

Zambia Nil (2019: 0.04%)



Total Value of Investments excluding Financial

Derivative Instruments 135,692,905 98.13


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments (3.91)% (2019: 0.12%) Open Forward Foreign Currency Exchange Contracts (4.18)% (2019: (0.54)%)

02/04/2020 BRL 24,838,556 USD 5,928,481 (1,139,495) (0.83)

02/04/2020 BRL 14,654,747 USD 3,457,368 (631,867) (0.47)

02/04/2020 BRL 10,183,808 USD 2,403,145 (439,661) (0.32)

02/04/2020 BRL 2,826,657 USD 659,586 (114,594) (0.08)

02/04/2020 BRL 2,230,493 USD 520,414 (90,365) (0.07)

02/04/2020 BRL 721,040 USD 160,000 (20,980) (0.02)

05/05/2020 BRL 5,528,901 USD 1,107,264 (43,801) (0.03)

05/05/2020 BRL 5,528,901 USD 1,103,992 (40,529) (0.03)

05/05/2020 BRL 4,300,256 USD 861,205 (34,067) (0.02)

05/05/2020 BRL 1,082,520 USD 240,000 (31,781) (0.02)

05/05/2020 BRL 5,537,258 USD 1,089,282 (24,212) (0.02)

05/05/2020 BRL 7,030,950 USD 1,372,777 (20,400) (0.01)

05/05/2020 BRL 5,554,451 USD 1,081,811 (13,434) (0.01)

15/04/2020 CHF 3,334,680 USD 3,616,849 (168,142) (0.12)

15/04/2020 CHF 178,412 USD 192,320 (7,808) (0.01)

15/04/2020 CHF 86,049 USD 90,472 (1,480) (0.00)

15/04/2020 CHF 119,853 USD 124,655 (704) (0.00)

21/04/2020 CLP 189,805,168 USD 242,423 (19,616) (0.01)

21/04/2020 CLP 189,805,168 USD 242,114 (19,307) (0.01)

21/04/2020 CLP 192,832,557 USD 237,771 (11,411) (0.01)

21/04/2020 CLP 489,945,148 USD 569,869 5,264 0.00

20/04/2020 CNH 2,587,882 USD 369,073 (3,971) (0.00)

20/04/2020 CNH 2,491,622 USD 355,164 (3,643) (0.00)

20/04/2020 CNH 461,525 USD 65,763 (651) (0.00)

20/05/2020 CZK 14,798,016 USD 656,741 (63,732) (0.05)

20/05/2020 CZK 9,865,344 USD 437,895 (42,556) (0.03)

02/04/2020 EUR 6,553,642 USD 7,247,017 (56,031) (0.04)

15/04/2020 EUR 68,130,808 USD 78,232,563 (3,443,073) (2.50)

15/04/2020 EUR 3,222,747 USD 3,700,584 (162,865) (0.12)

15/04/2020 EUR 3,308,527 USD 3,784,707 (152,825) (0.11)

15/04/2020 EUR 609,680 USD 700,077 (30,811) (0.02)

15/04/2020 EUR 1,359,140 USD 1,513,517 (21,543) (0.02)

15/04/2020 EUR 1,883,495 USD 2,080,644 (13,068) (0.01)

15/04/2020 EUR 154,350 USD 176,565 (7,130) (0.01)

15/04/2020 EUR 64,466 USD 73,231 (2,464) (0.00)

15/04/2020 EUR 28,103 USD 32,148 (1,298) (0.00)

15/04/2020 EUR 150,914 USD 166,463 (800) (0.00)

15/04/2020 EUR 16,546 USD 18,425 (262) (0.00)

15/04/2020 EUR 14,680 USD 16,348 (233) (0.00)

15/04/2020 EUR 20,392 USD 22,527 (141) (0.00)

15/04/2020 EUR 16,036 USD 17,325 278 0.00

15/04/2020 EUR 512,373 USD 555,461 6,989 0.01

01/04/2020 GBP 544 USD 679 (4) (0.00)

01/04/2020 GBP 19,879 USD 24,138 511 0.00

15/04/2020 GBP 133,228 USD 174,571 (9,337) (0.01)

15/04/2020 GBP 91,517 USD 119,916 (6,414) (0.00)

15/04/2020 GBP 2,617 USD 3,431 (186) (0.00)

15/04/2020 GBP 1,308 USD 1,715 (93) (0.00)

15/04/2020 GBP 3,196 USD 3,990 (26) (0.00)

15/04/2020 GBP 2,248 USD 2,806 (18) (0.00)

15/04/2020 GBP 3,072 USD 3,746 65 0.00

15/04/2020 GBP 4,368 USD 5,325 92 0.00

14/04/2020 IDR 21,567,246,840 USD 1,565,112 (244,197) (0.19)

14/04/2020 IDR 16,941,910,976 USD 1,229,457 (191,826) (0.15)

14/04/2020 IDR 12,973,232,038 USD 940,839 (146,276) (0.11)

14/04/2020 IDR 8,688,960,000 USD 630,000 (97,833) (0.07)

14/04/2020 IDR 2,600,223,695 USD 176,502 (17,247) (0.01)

14/04/2020 IDR 1,516,130,000 USD 110,000 (17,143) (0.01)

14/04/2020 IDR 758,500,000 USD 50,000 (3,545) (0.00)

26/08/2020 IDR 29,050,637,295 USD 1,928,993 (173,142) (0.13)

09/04/2020 INR 61,420,650 USD 854,459 (43,082) (0.03)

09/04/2020 INR 20,473,550 USD 284,793 (14,334) (0.01)

21/04/2020 MXN 3,749,720 USD 174,308 (14,919) (0.01)

20/05/2020 MXN 2,769,446 USD 112,587 4,613 0.00

24/04/2020 MYR 2,394,708 USD 584,118 (30,095) (0.02)

24/04/2020 MYR 2,033,899 USD 488,883 (18,334) (0.01)

24/04/2020 MYR 3,544,979 USD 835,489 (15,347) (0.01)

24/04/2020 MYR 253,068 USD 60,000 (1,452) (0.00)

30/04/2020 PEN 771,856 USD 215,904 8,337 0.01

29/06/2020 PLN 10,310,124 USD 2,708,522 (227,058) (0.16)

29/06/2020 PLN 8,699,168 USD 2,284,505 (190,770) (0.14)

29/06/2020 PLN 6,766,019 USD 1,780,016 (151,555) (0.11)

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29/06/2020 PLN 6,443,828 USD 1,692,593 (141,678) (0.10)

29/06/2020 PLN 5,275,476 USD 1,370,200 (100,487) (0.07)

29/06/2020 PLN 3,525,384 USD 919,985 (71,488) (0.05)

29/06/2020 PLN 2,838,403 USD 739,129 (55,976) (0.04)

29/06/2020 PLN 349,551 USD 90,000 (5,869) (0.00)

10/04/2020 RON 1,366,901 USD 315,489 (5,349) (0.00)

10/04/2020 RON 192,375 USD 44,275 (627) (0.00)

10/04/2020 RON 798,293 USD 180,114 1,013 0.00

09/04/2020 RUB 78,057,542 USD 981,856 16,107 0.01

18/05/2020 THB 71,347,217 USD 2,259,253 (84,834) (0.06)

18/05/2020 THB 44,592,011 USD 1,411,452 (52,440) (0.04)

18/05/2020 THB 14,264,701 USD 437,687 (2,948) (0.00)

20/05/2020 TRY 10,052,667 USD 1,528,353 (24,482) (0.02)

20/05/2020 TRY 319,460 USD 47,831 (40) (0.00)

02/04/2020 USD 20,000 BRL 94,190 1,840 0.00

02/04/2020 USD 270,000 BRL 1,372,275 5,419 0.00

02/04/2020 USD 1,083,372 BRL 5,554,451 12,449 0.01

02/04/2020 USD 1,374,575 BRL 7,030,950 18,976 0.01

02/04/2020 USD 1,091,085 BRL 5,537,258 23,477 0.02

02/04/2020 USD 862,639 BRL 4,300,256 33,530 0.02

02/04/2020 USD 1,105,780 BRL 5,528,901 39,783 0.03

02/04/2020 USD 1,109,107 BRL 5,528,901 43,110 0.03

02/04/2020 USD 320,000 BRL 1,436,000 43,133 0.03

02/04/2020 USD 470,000 BRL 2,099,725 65,164 0.05

02/04/2020 USD 450,000 BRL 1,990,125 66,295 0.05

02/04/2020 USD 800,000 BRL 3,734,400 79,991 0.06

02/04/2020 USD 540,000 BRL 2,355,210 85,905 0.06

02/04/2020 USD 1,860,000 BRL 8,892,660 145,455 0.11

05/05/2020 USD 340,000 BRL 1,741,480 5,033 0.00

15/04/2020 USD 167,332 CHF 165,105 (3,418) (0.00)

15/04/2020 USD 81,689 CHF 80,780 (1,853) (0.00)

15/04/2020 USD 74,059 CHF 71,638 (28) (0.00)

15/04/2020 USD 238,464 CHF 226,832 3,876 0.00

15/04/2020 USD 151,967 CHF 142,523 4,570 0.00

21/04/2020 USD 140,000 CLP 117,054,000 2,594 0.00

21/04/2020 USD 119,943 CLP 98,203,094 4,665 0.00

21/04/2020 USD 440,000 CLP 370,260,000 5,362 0.00

21/04/2020 USD 210,057 CLP 171,931,892 8,231 0.01

21/04/2020 USD 223,322 CLP 177,038,516 15,501 0.01

20/04/2020 USD 791,983 COP 3,100,138,369 29,241 0.02

20/05/2020 USD 170,000 CZK 4,200,666 1,664 0.00

01/04/2020 USD 166,367 EUR 150,914 777 0.00

15/04/2020 USD 3,198,725 EUR 2,997,865 (92,133) (0.07)

15/04/2020 USD 7,327,947 EUR 6,754,902 (87,137) (0.06)

15/04/2020 USD 1,356,594 EUR 1,273,797 (41,696) (0.03)

15/04/2020 USD 1,424,948 EUR 1,304,180 (6,695) (0.00)

15/04/2020 USD 90,971 EUR 84,201 (1,459) (0.00)

15/04/2020 USD 30,132 EUR 28,240 (868) (0.00)

15/04/2020 USD 14,635 EUR 13,742 (450) (0.00)

15/04/2020 USD 25,747 EUR 23,750 (324) (0.00)

15/04/2020 USD 10,852 EUR 10,125 (263) (0.00)

15/04/2020 USD 2,485 EUR 2,329 (72) (0.00)

15/04/2020 USD 13,525 EUR 12,379 (64) (0.00)

15/04/2020 USD 1,368 EUR 1,233 15 0.00

15/04/2020 USD 2,295 EUR 2,063 31 0.00

15/04/2020 USD 6,963 EUR 6,283 66 0.00

15/04/2020 USD 5,077 EUR 4,496 141 0.00

15/04/2020 USD 9,143 EUR 8,196 146 0.00

15/04/2020 USD 7,514 EUR 6,670 193 0.00

15/04/2020 USD 25,550 EUR 23,022 278 0.00

15/04/2020 USD 45,400 EUR 40,805 607 0.00

15/04/2020 USD 20,658 EUR 18,062 832 0.00

15/04/2020 USD 32,804 EUR 29,016 951 0.00

15/04/2020 USD 174,768 EUR 156,664 2,793 0.00

15/04/2020 USD 150,403 EUR 133,039 4,361 0.00

15/04/2020 USD 7,250,949 EUR 6,553,642 56,795 0.04

15/04/2020 USD 4,604,319 EUR 4,138,342 61,521 0.04

15/04/2020 USD 1,681,789 EUR 1,470,383 67,700 0.05

15/04/2020 USD 2,043,290 EUR 1,798,737 68,755 0.05

15/04/2020 USD 2,626,378 EUR 2,323,165 76,161 0.06

15/04/2020 USD 8,705,615 EUR 7,663,677 292,938 0.21

15/04/2020 USD 7,392 GBP 6,451 (609) (0.00)

15/04/2020 USD 5,198 GBP 4,536 (428) (0.00)

15/04/2020 USD 3,532 GBP 3,050 (251) (0.00)

15/04/2020 USD 3,353 GBP 2,888 (229) (0.00)

15/04/2020 USD 2,484 GBP 2,145 (176) (0.00)

15/04/2020 USD 2,358 GBP 2,031 (161) (0.00)

15/04/2020 USD 11,038 GBP 8,931 (39) (0.00)

15/04/2020 USD 7,761 GBP 6,280 (27) (0.00)

15/04/2020 USD 3,885 GBP 3,014 148 0.00

15/04/2020 USD 6,381 GBP 4,949 243 0.00

14/05/2020 USD 120,000 HUF 38,743,620 2,016 0.00

14/05/2020 USD 140,000 HUF 44,976,771 3,035 0.00

14/05/2020 USD 251,514 HUF 74,978,951 23,186 0.02

14/04/2020 USD 180,000 IDR 2,795,400,000 8,792 0.01

14/04/2020 USD 300,000 IDR 4,248,000,000 39,825 0.03

14/04/2020 USD 346,197 IDR 4,891,077,901 46,637 0.03

14/04/2020 USD 398,182 IDR 5,478,185,035 62,663 0.05

14/04/2020 USD 446,459 IDR 6,112,024,626 72,120 0.05

14/04/2020 USD 476,153 IDR 6,519,492,934 76,858 0.06

14/04/2020 USD 3,458,121 IDR 49,779,656,906 409,297 0.30

26/08/2020 USD 300,000 IDR 5,043,000,000 (4,804) (0.00)

26/08/2020 USD 762,427 IDR 10,965,993,360 99,631 0.07

26/08/2020 USD 785,684 IDR 11,302,856,962 102,527 0.07

09/04/2020 USD 120,000 INR 8,658,000 5,626 0.00

09/04/2020 USD 980,000 INR 73,010,000 15,525 0.01

21/04/2020 USD 191,996 MXN 4,501,632 645 0.00

21/04/2020 USD 490,000 MXN 11,501,158 1,120 0.00

21/04/2020 USD 187,984 MXN 3,555,522 36,849 0.03

21/04/2020 USD 188,161 MXN 3,555,522 37,026 0.03

24/04/2020 USD 90,000 MYR 395,820 (1,574) (0.00)

24/04/2020 USD 340,000 MYR 1,433,950 8,251 0.01

24/04/2020 USD 1,310,000 MYR 5,509,729 35,308 0.03

24/04/2020 USD 1,328,548 MYR 5,426,455 73,122 0.05

Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV



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128



30/04/2020 USD 1,772,790 PEN 6,309,536 (60,261) (0.04)

13/04/2020 USD 293,385 PHP 15,071,763 (2,779) (0.00)

29/06/2020 USD 150,000 PLN 623,585 (86) (0.00)

29/06/2020 USD 280,000 PLN 1,146,446 4,071 0.00

29/06/2020 USD 290,000 PLN 1,143,702 14,731 0.01

29/06/2020 USD 250,000 PLN 956,919 19,687 0.01

29/06/2020 USD 470,000 PLN 1,854,818 23,578 0.02

29/06/2020 USD 453,457 PLN 1,782,212 24,510 0.02

29/06/2020 USD 510,000 PLN 1,962,633 37,629 0.03

29/06/2020 USD 684,244 PLN 2,659,937 44,044 0.03

29/06/2020 USD 757,937 PLN 2,875,689 65,810 0.05

29/06/2020 USD 1,062,063 PLN 4,032,101 91,608 0.07

10/04/2020 USD 1,003,287 RON 4,450,681 (6,540) (0.00)

10/04/2020 USD 150,000 RON 663,527 (549) (0.00)

10/04/2020 USD 200,000 RON 878,300 720 0.00

10/04/2020 USD 150,000 RON 656,693 1,001 0.00

10/04/2020 USD 110,000 RON 474,007 2,451 0.00

10/04/2020 USD 550,000 RON 2,318,525 23,943 0.02

09/04/2020 USD 380,000 RUB 27,512,000 28,260 0.02

09/04/2020 USD 1,138,734 RUB 81,876,491 91,945 0.07

09/04/2020 USD 1,731,266 RUB 124,784,134 135,905 0.10

16/04/2020 USD 230,424 RUB 17,534,133 6,504 0.00

16/04/2020 USD 233,835 RUB 17,534,133 9,915 0.01

28/05/2020 USD 974,155 RUB 78,057,542 (16,183) (0.01)

18/05/2020 USD 770,000 THB 24,596,880 20,371 0.01

18/05/2020 USD 510,000 THB 16,049,700 20,860 0.02

20/05/2020 USD 150,000 TRY 990,580 1,810 0.00

20/05/2020 USD 250,000 TRY 1,569,182 15,252 0.01

20/05/2020 USD 1,284,395 TRY 8,065,742 77,766 0.06

20/05/2020 USD 1,773,349 TRY 11,138,405 107,051 0.08

14/09/2020 USD 150,357 UYU 7,242,700 (10,698) (0.01)

20/05/2020 USD 271,460 ZAR 4,889,261 (440) (0.00)

20/05/2020 USD 88,540 ZAR 1,599,696 (422) (0.00)

20/05/2020 USD 281,258 ZAR 4,967,188 5,024 0.00

20/05/2020 USD 248,609 ZAR 4,047,980 23,494 0.02

20/05/2020 USD 249,263 ZAR 4,047,980 24,148 0.02

20/05/2020 USD 336,697 ZAR 5,610,895 24,666 0.02

20/05/2020 USD 559,879 ZAR 9,351,492 39,826 0.03

20/05/2020 USD 624,909 ZAR 10,179,767 58,794 0.04

14/09/2020 UYU 7,242,700 USD 171,827 (10,770) (0.01)

20/05/2020 ZAR 3,707,526 USD 215,954 (9,772) (0.01)




Maturity Date

Amount Bought

Amount Sold


USD

% of NAV



CCY Notional Amount

Fund Pays

Fund Receives

Termination Date

Fair Value

USD

% of NAV

Financial Derivative Instruments (3.91)% (2019: 0.12%)Interest Rate Swaps 0.27% (2019: 0.66%)


BRL 10,908,671 Less than 1 Month BRCDI Fixed 6.935% 02/01/2025 - 0.00







Interest Rate Swaps at positive fair value 401,833 0.29


Interest Rate Swaps at fair value 378,772 0.28



Other Net Assets (2019: 6.00%) 7,980,162 5.77

Net Assets 138,276,797 100.00





Other assets 12.68

Total Assets 100.00



Barclays Bank Plc

Citibank NA

HSBC Bank Plc




UBS AG



Morgan Stanley


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Lazard Emerging Markets Debt Unrestricted Blend FundPortfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


Angola 0.16% (2019: 1.29%)

Government Bonds

1,225,000 Angola Government 9.375% 08/05/2048 496,125 0.08

1,095,000 Angola Government 9.500% 12/11/2025 459,900 0.08

956,025 0.16

Argentina 1.86% (2019: 3.26%)

Government Bonds

3,317,000 Argentina Government 4.625% 11/01/2023 984,216 0.16

3,400,000 Argentina Government 5.625% 26/01/2022 1,045,500 0.17











11,259,723 1.86

Azerbaijan 0.10% (2019: Nil)

Government Bonds



598,188 0.10

Bahrain Nil (2019: 0.24%)


Government Bonds


Belarus 0.19% (2019: 0.19%)

Government Bonds

1,160,000 Belarus Government 7.625% 29/06/2027 1,168,338 0.19

Belize 0.08% (2019: 0.04%)

Government Bonds


Brazil 1.36% (2019: 2.03%)

Government Bonds

1,285,000 Brazil Government 4.250% 07/01/2025 1,359,490 0.22





1,770,000 Brazil Notas do Tesouro Nacional Serie B 6.000% 15/08/2050 1,409,464 0.23

8,297,123 1.36


Corporate Bonds


1,395,000 State Grid Overseas Investment 2016 Ltd 3.500% 04/05/2027 1,503,287 0.25

2,435,312 0.40

Canada 0.30% (2019: 0.39%)

Corporate Bonds

2,025,000 First Quantum Minerals Ltd 7.250% 15/05/2022 1,824,019 0.30

Cayman Islands 0.49% (2019: 0.52%)

Corporate Bonds

3,049,000 Comunicaciones Celulares SA Via Comcel Trust 6.875% 06/02/2024 2,988,973 0.49

Chile 3.10% (2019: 2.28%)

Corporate Bonds

1,210,000 Corp Nacional del Cobre de Chile 4.375% 05/02/2049 1,183,011 0.20


2,750,000 Empresa Electrica Guacolda SA 4.560% 30/04/2025 1,912,608 0.32

Government Bonds





3,255,000 Chile Government 2.550% 27/01/2032 3,269,749 0.54


2,905,000 Chile Government 3.500% 25/01/2050 3,050,250 0.50

18,780,283 3.10

Colombia 3.95% (2019: 4.85%)

Government Bonds











23,730,197 3.95

Costa Rica 1.04% (2019: 1.54%)

Government Bonds





6,295,278 1.04

Czech Republic 1.62% (2019: 1.45%)

Government Bonds

38,340,000 Czech Republic 2.500% 25/08/2028 1,679,893 0.28

32,000,000 Czech Republic 3.750% 12/09/2020 1,300,206 0.21

123,960,000 Czech Republic 4.200% 04/12/2036 6,851,365 1.13

9,831,464 1.62

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130




Government Bonds











11,661,628 1.94

Ecuador 0.42% (2019: 1.29%)

Government Bonds

1,115,000 Ecuador Government 7.875% 27/03/2025 314,988 0.05






2,510,183 0.42

Egypt 1.86% (2019: 2.74%)

Government Bonds

1,560,000 Egypt Government 4.550% 20/11/2023 1,384,500 0.23




1,050,000 Egypt Government 6.588% 21/02/2028 893,320 0.15



11,227,022 1.86

El Salvador 0.53% (2019: 0.50%)

Government Bonds







3,255,191 0.53

Gabon 0.17% (2019: 0.14%)

Government Bonds

1,502,000 Gabon Government 6.375% 12/12/2024 1,046,472 0.17

Ghana 0.66% (2019: 0.98%)

Government Bonds

3,550,000 Ghana Government 6.375% 11/02/2027 2,612,023 0.43


1,345,000 Ghana Government 8.627% 16/06/2049 950,327 0.16

3,973,475 0.66

Guatemala 0.15% (2019: 0.09%)

Government Bonds


Honduras 0.11% (2019: 0.25%)

Government Bonds


Hungary 2.65% (2019: 1.23%)

Government Bonds




16,063,263 2.65

Indonesia 5.71% (2019: 9.21%)

Government Bonds

1,775,000 Indonesia Government 3.500% 14/02/2050 1,784,026 0.29


















34,680,945 5.71

Iraq 0.30% (2019: 1.07%)

Government Bonds

2,325,000 Iraq Republic 5.800% 15/01/2028 1,802,238 0.30

Ivory Coast 1.03% (2019: 0.41%)

Corporate Bonds


Government Bonds

1,186,740 Ivory Coast Government 5.750% 31/12/2032 1,073,443 0.18

1,430,000 Ivory Coast Government 6.125% 15/06/2033 1,255,719 0.21

6,196,049 1.03

Jamaica 0.44% (2019: Nil)

Government Bonds

1,040,000 Jamaica Government 6.750% 28/04/2028 1,107,925 0.18


1,045,000 Jamaica Government 8.000% 15/03/2039 1,155,868 0.19

2,695,793 0.44


Corporate Bonds

1,425,000 Development Bank of Kazakhstan JSC 4.125% 10/12/2022 1,396,500 0.23

1,650,000 KazMunayGas National Co JSC 5.750% 19/04/2047 1,654,125 0.27

Lazard Emerging Markets Debt Unrestricted Blend Fund (continued)Portfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


LA

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Kazakhstan 1.67% (2019: Nil) (continued)

Government Bonds

1,690,000 Kazakhstan Government 4.875% 14/10/2044 1,937,163 0.32

3,690,000 Kazakhstan Government 5.125% 21/07/2025 3,999,037 0.66

890,000 Kazakhstan Government 6.500% 21/07/2045 1,179,250 0.19

10,166,075 1.67

Kenya 0.60% (2019: 0.39%)

Government Bonds

2,770,000 Kenya Government 6.875% 24/06/2024 2,659,200 0.44

1,035,000 Kenya Government 8.250% 28/02/2048 967,725 0.16

3,626,925 0.60

Kuwait 0.39% (2019: Nil)

Government Bonds

2,285,000 Kuwait Government 3.500% 20/03/2027 2,380,327 0.39

Lebanon 1.74% (2019: 0.99%)

Government Bonds

6,895,000 Lebanon Government 6.000% 27/01/2023 1,413,475 0.23


2,810,000 Lebanon Government 6.200% 26/02/2025 562,000 0.09









485,000 Lebanon Government 7.050% 02/11/2035 97,000 0.02



10,579,955 1.74

Malaysia 5.05% (2019: 1.98%)

Government Bonds







2,020,000 Malaysia Sukuk Global Bhd 3.179% 27/04/2026 2,136,466 0.35

30,613,167 5.05

Mauritius Nil (2019: 0.19%)

Mexico 7.35% (2019: 8.97%)

Corporate Bonds

1,855,000 Petroleos Mexicanos 3.500% 30/01/2023 1,502,550 0.25








Mexico 7.35% (2019: 8.97%) (continued)

Government Bonds










44,468,437 7.35

Mongolia 0.29% (2019: 0.31%)

Government Bonds




1,749,113 0.29

Morocco 0.18% (2019: 0.21%)

Government Bonds

1,045,000 Morocco Government 5.500% 11/12/2042 1,112,925 0.18

Mozambique 0.09% (2019: 0.68%)

Government Bonds

724,000 Mozambique Government 5.000% 15/09/2031 562,458 0.09

Namibia 0.09% (2019: 0.11%)

Government Bonds

595,000 Namibia Government 5.500% 03/11/2021 565,994 0.09


Nigeria 0.83% (2019: 1.22%)

Government Bonds

2,765,000 Nigeria Government 6.375% 12/07/2023 2,310,935 0.38




5,038,252 0.83

Oman Nil (2019: 0.50%)

Pakistan 0.40% (2019: 0.79%)

Government Bonds


1,020,000 Pakistan Government 8.250% 15/04/2024 911,306 0.15


330,000 Third Pakistan 5.500% 13/10/2021 320,358 0.05

2,460,515 0.40

Panama 2.53% (2019: 1.69%)

Government Bonds






Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


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132



Panama 2.53% (2019: 1.69%) (continued)






15,328,693 2.53

Paraguay 0.39% (2019: 1.27%)

Government Bonds





2,393,719 0.39

Peru 4.20% (2019: 6.31%)

Corporate Bonds

1,165,000 Banco de Credito del Peru 4.850% 30/10/2020 342,278 0.06

2,110,000 Fondo Mivivienda SA 7.000% 14/02/2024 646,709 0.11

2,350,000 Hunt Oil Co of Peru LLC Sucursal Del Peru 6.375% 01/06/2028 1,671,437 0.28

Government Bonds

3,565,000 Peru Government 2.844% 20/06/2030 3,736,566 0.62

450,000 Peru Government 4.125% 25/08/2027 507,938 0.08

2,730,000 Peru Government 5.350% 12/08/2040 764,643 0.13

1,965,000 Peru Government 5.625% 18/11/2050 2,888,560 0.48

7,857,000 Peru Government 6.900% 12/08/2037 2,624,177 0.43

1,940,000 Peru Government 6.950% 12/08/2031 648,047 0.11

31,637,000 Peru Government 8.200% 12/08/2026 11,498,053 1.90

25,328,408 4.20

Philippines 1.51% (2019: 1.61%)

Corporate Bonds


Government Bonds




9,199,797 1.51

Poland 0.68% (2019: 1.42%)

Government Bonds


Qatar 2.28% (2019: 0.93%)

Government Bonds



13,773,148 2.28

Romania 2.38% (2019: 0.51%)

Government Bonds






14,381,688 2.38

Russia 7.12% (2019: 4.15%)

Government Bonds









43,029,508 7.12


Senegal 0.32% (2019: 0.27%)

Government Bonds

1,380,000 Senegal Government 6.250% 23/05/2033 1,246,528 0.21


1,919,540 0.32

South Africa 5.82% (2019: 5.54%)

Corporate Bonds

1,788,000 Eskom Holdings SOC Ltd 5.750% 26/01/2021 1,528,740 0.25

Government Bonds









35,133,661 5.82

South Korea 0.16% (2019: Nil)

Government Bonds


Spain 0.31% (2019: 0.27%)

Corporate Bonds

2,525,000 AI Candelaria Spain SLU 7.500% 15/12/2028 1,897,430 0.31

Sri Lanka 0.68% (2019: 1.58%)

Government Bonds





2,758,000 Sri Lanka Government 6.850% 03/11/2025 1,568,613 0.26

4,122,869 0.68


Tajikistan Nil (2019: 0.07%)


Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


LA

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Thailand 3.40% (2019: 2.44%)

Government Bonds







20,524,318 3.40

Tunisia Nil (2019: 0.08%)

Turkey 4.25% (2019: 3.51%)

Corporate Bonds

1,244,000 Export Credit Bank of Turkey 5.375% 08/02/2021 1,225,340 0.20

Government Bonds














25,761,668 4.25

Ukraine 3.16% (2019: 2.31%)

Government Bonds










19,128,470 3.16


Corporate Bonds

775,000 Tabreed Sukuk Spc Ltd 5.500% 31/10/2025 817,625 0.14

Government Bonds



2,260,000 Abu Dhabi Government 3.125% 30/09/2049 2,114,159 0.35

1,365,000 Abu Dhabi Government 4.125% 11/10/2047 1,488,277 0.25

1,305,000 Emirate of Dubai Government 5.250% 30/01/2043 1,217,320 0.20

6,897,552 1.15

United Kingdom 0.86% (2019: 1.34%)

Corporate Bonds

20,296,000,000 European Bank for Reconstruction & Development 7.500% 15/05/2022 1,266,353 0.21

8,570,000 European Bank for Reconstruction & Development 12.000% 24/02/2021 1,296,518 0.21

1,500,000 NAK Naftogaz Ukraine via Kondor Finance Plc 7.625% 08/11/2026 1,282,500 0.21

1,455,000 Ukreximbank Via Biz Finance Plc 9.750% 22/01/2025 1,374,975 0.23

5,220,346 0.86

United States 1.16% (2019: Nil)

Corporate Bonds


Government Bonds 0.00


6,961,908 1.16

Uruguay 1.18% (2019: 0.61%)

Government Bonds



7,158,944 1.18

Uzbekistan 0.08% (2019: Nil)

Government Bonds

490,000 Uzbekistan Republic 5.375% 20/02/2029 487,320 0.08

Venezuela 0.99% (2019: 1.92%)

Corporate Bonds

1,514,000 Petroleos de Venezuela SA 5.375% 12/04/2027 105,980 0.02








Government Bonds


4,051,000 Venezuela Government 7.000% 31/03/2038 405,100 0.07


11,483,000 Venezuela Government 8.250% 13/10/2024 1,148,300 0.18







6,016,097 0.99

Zambia Nil (2019: 0.23%)





Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

NT

FU

ND

S P

LC

134



Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments (1.11)% (2019: (0.05)%) Open Forward Foreign Currency Exchange Contracts (1.43)% (2019: (0.50)%)


02/04/2020 BRL 78,238,708 USD 18,674,060 (3,589,282) (0.60)

02/04/2020 BRL 46,160,838 USD 10,890,329 (1,990,310) (0.33)

02/04/2020 BRL 32,077,870 USD 7,569,642 (1,384,883) (0.23)

02/04/2020 BRL 9,270,478 USD 2,163,220 (375,829) (0.06)

02/04/2020 BRL 7,315,260 USD 1,706,780 (296,365) (0.05)

02/04/2020 BRL 2,523,640 USD 560,000 (73,431) (0.01)

05/05/2020 BRL 7,938,480 USD 1,760,000 (233,063) (0.04)

05/05/2020 BRL 22,623,700 USD 4,530,811 (179,228) (0.03)

05/05/2020 BRL 22,623,700 USD 4,517,422 (165,839) (0.03)

05/05/2020 BRL 17,596,211 USD 3,523,964 (139,400) (0.02)

05/05/2020 BRL 22,657,901 USD 4,457,233 (99,072) (0.02)

05/05/2020 BRL 28,769,937 USD 5,617,263 (83,475) (0.01)

05/05/2020 BRL 22,728,250 USD 4,426,661 (54,969) (0.01)

15/04/2020 CHF 2,877,463 USD 3,120,943 (145,088) (0.02)

15/04/2020 CHF 153,621 USD 165,597 (6,723) (0.00)

15/04/2020 CHF 59,075 USD 62,112 (1,016) (0.00)

15/04/2020 CHF 96,521 USD 100,388 (567) (0.00)

21/04/2020 CLP 1,066,920,499 USD 1,362,693 (110,265) (0.02)

21/04/2020 CLP 1,066,920,499 USD 1,360,955 (108,526) (0.02)

20/04/2020 CNH 10,417,044 USD 1,485,634 (15,986) (0.00)

20/04/2020 CNH 10,029,567 USD 1,429,649 (14,666) (0.00)

20/04/2020 CNH 1,857,785 USD 264,717 (2,619) (0.00)

20/05/2020 CZK 50,832,224 USD 2,255,951 (218,924) (0.04)

20/05/2020 CZK 33,888,150 USD 1,504,201 (146,183) (0.02)

14/04/2020 IDR 68,275,948,680 USD 4,954,713 (773,060) (0.13)

14/04/2020 IDR 53,635,898,429 USD 3,892,300 (607,297) (0.10)

14/04/2020 IDR 41,069,985,950 USD 2,978,460 (463,073) (0.08)

14/04/2020 IDR 19,722,560,000 USD 1,430,000 (222,065) (0.04)

14/04/2020 IDR 4,854,400,000 USD 320,000 (22,686) (0.00)

14/04/2020 IDR 964,810,000 USD 70,000 (10,909) (0.00)

09/04/2020 INR 178,292,925 USD 2,480,338 (125,058) (0.02)

09/04/2020 INR 59,430,975 USD 826,702 (41,609) (0.01)

21/04/2020 MXN 20,954,901 USD 974,103 (83,372) (0.01)

20/05/2020 MXN 9,770,240 USD 397,191 16,273 0.00

24/04/2020 MYR 5,843,087 USD 1,425,248 (73,432) (0.01)

24/04/2020 MYR 2,994,638 USD 710,000 (17,182) (0.00)

29/06/2020 PLN 29,612,876 USD 7,779,453 (652,158) (0.11)

29/06/2020 PLN 24,985,864 USD 6,561,586 (547,931) (0.09)

29/06/2020 PLN 19,433,450 USD 5,112,586 (435,299) (0.07)

29/06/2020 PLN 18,508,048 USD 4,861,488 (406,928) (0.07)

29/06/2020 PLN 16,454,719 USD 4,273,787 (313,427) (0.05)

29/06/2020 PLN 10,991,478 USD 2,868,340 (222,886) (0.04)

29/06/2020 PLN 8,861,885 USD 2,307,662 (174,764) (0.03)

29/06/2020 PLN 2,088,057 USD 537,133 (34,575) (0.01)

29/06/2020 PLN 1,281,687 USD 330,000 (21,521) (0.00)

10/04/2020 RON 1,780,552 USD 410,962 (6,968) (0.00)

10/04/2020 RON 644,100 USD 148,239 (2,098) (0.00)

09/04/2020 RUB 399,888,961 USD 5,030,050 82,518 0.01

18/05/2020 THB 301,008,966 USD 9,531,633 (357,910) (0.06)

18/05/2020 THB 188,130,603 USD 5,954,819 (221,242) (0.04)

20/05/2020 TRY 30,008,103 USD 4,562,270 (73,079) (0.01)

20/05/2020 TRY 2,059,115 USD 308,299 (257) (0.00)

02/04/2020 USD 4,433,051 BRL 22,728,250 50,941 0.01

02/04/2020 USD 690,000 BRL 3,249,555 63,471 0.01

02/04/2020 USD 5,624,621 BRL 28,769,937 77,647 0.01

02/04/2020 USD 4,464,611 BRL 22,657,901 96,065 0.02

02/04/2020 USD 3,529,832 BRL 17,596,211 137,202 0.02

02/04/2020 USD 1,120,000 BRL 5,026,000 150,964 0.02

02/04/2020 USD 4,524,740 BRL 22,623,700 162,788 0.03

02/04/2020 USD 4,538,355 BRL 22,623,700 176,403 0.03

02/04/2020 USD 6,340,000 BRL 30,311,540 495,799 0.09

15/04/2020 USD 159,754 CHF 157,628 (3,263) (0.00)

15/04/2020 USD 65,792 CHF 65,059 (1,492) (0.00)

15/04/2020 USD 75,163 CHF 72,705 (28) (0.00)

15/04/2020 USD 208,069 CHF 197,920 3,382 0.00

15/04/2020 USD 124,065 CHF 116,355 3,731 0.00

21/04/2020 USD 414,348 CLP 339,247,057 16,115 0.00

21/04/2020 USD 1,520,000 CLP 1,279,080,000 18,523 0.00

21/04/2020 USD 725,652 CLP 593,946,530 28,435 0.00

21/04/2020 USD 713,189 CLP 565,380,580 49,504 0.01

20/04/2020 USD 206,010 COP 806,407,240 7,606 0.00

14/04/2020 USD 370,000 IDR 5,359,450,000 41,753 0.01

14/04/2020 USD 800,528 IDR 11,309,854,656 107,840 0.02

14/04/2020 USD 920,733 IDR 12,667,448,317 144,898 0.02

14/04/2020 USD 1,032,367 IDR 14,133,103,495 166,766 0.03

14/04/2020 USD 1,101,031 IDR 15,075,310,395 177,723 0.03

14/04/2020 USD 7,687,010 IDR 111,192,601,216 876,869 0.15

09/04/2020 USD 3,190,000 INR 237,655,000 50,537 0.01

21/04/2020 USD 881,181 MXN 20,660,613 2,960 0.00

21/04/2020 USD 1,062,588 MXN 20,097,783 208,291 0.03

21/04/2020 USD 1,063,589 MXN 20,097,783 209,292 0.03

24/04/2020 USD 4,890,000 MYR 20,566,851 131,798 0.02

24/04/2020 USD 4,661,404 MYR 19,039,503 256,558 0.04

30/04/2020 USD 3,488,357 PEN 12,415,410 (118,580) (0.02)

13/04/2020 USD 416,611 PHP 21,402,165 (3,946) (0.00)

29/06/2020 USD 220,000 PLN 867,636 11,175 0.00

29/06/2020 USD 2,702,754 PLN 10,254,518 234,673 0.04

29/06/2020 USD 3,787,246 PLN 14,378,205 326,667 0.05

10/04/2020 USD 3,359,153 RON 14,901,540 (21,900) (0.00)

10/04/2020 USD 550,000 RON 2,415,325 1,980 0.00

10/04/2020 USD 1,820,000 RON 7,672,210 79,230 0.01

09/04/2020 USD 1,980,000 RUB 143,352,000 147,249 0.02

09/04/2020 USD 4,134,357 RUB 297,265,866 333,822 0.07

09/04/2020 USD 6,285,643 RUB 453,049,017 493,425 0.09

16/04/2020 USD 1,272,299 RUB 96,815,594 35,913 0.01

16/04/2020 USD 1,291,133 RUB 96,815,594 54,747 0.01

28/05/2020 USD 4,990,596 RUB 399,888,961 (82,906) (0.01)

18/05/2020 USD 1,410,000 THB 45,063,600 36,616 0.01

18/05/2020 USD 2,950,000 THB 94,234,800 78,046 0.01

20/05/2020 USD 4,142,133 TRY 26,011,764 250,791 0.04

20/05/2020 USD 5,718,995 TRY 35,921,008 345,238 0.07

14/09/2020 USD 629,624 UYU 30,329,000 (44,803) (0.01)

20/05/2020 USD 1,131,090 ZAR 20,372,039 (1,835) (0.00)

20/05/2020 USD 368,910 ZAR 6,665,281 (1,758) (0.00)

20/05/2020 USD 1,418,010 ZAR 25,042,908 25,329 0.00

20/05/2020 USD 831,265 ZAR 13,535,067 78,556 0.01

LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

NT

FU

ND

S P

LC



20/05/2020 USD 833,450 ZAR 13,535,067 80,741 0.01

20/05/2020 USD 1,112,668 ZAR 18,542,048 81,511 0.01

20/05/2020 USD 1,850,205 ZAR 30,903,413 131,611 0.02

20/05/2020 USD 2,065,106 ZAR 33,640,573 194,294 0.03

14/09/2020 UYU 30,329,000 USD 719,532 (45,105) (0.01)





Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


CCY Notional Amount

Fund Pays

Fund Receives

Termination Date

Fair Value

USD

% of NAV



BRL 54,543,357 Less than 1 Month BRCDI Fixed 6.935% 02/01/2025 - 0.00

BRL 23,516,113 Less than 1 Month CETIP Fixed 9.790% 02/01/2025 1,305,154 0.22







Interest Rate Swaps at positive fair value 2,008,580 0.34


Interest rate swaps at fair value 1,882,908 0.32



Other Net Assets (2019: 6.00%) 43,230,815 7.14

Net Assets 605,261,378 100.00





Other assets 9.71

Total Assets 100.00



Barclays Bank Plc

Citibank NA

HSBC Bank Plc


Standard Chartered Plc


UBS AG



Morgan Stanley


LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

NT

FU

ND

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136



Lazard Emerging Markets Corporate Debt FundPortfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV

Transferable Securities 96.80% Fixed Income Securities 96.80%

Principal Amount

Fair Value USD

% of NAV

Transferable Securities 96.80% (continued) Fixed Income Securities 96.80% (continued)

Argentina 0.93%

Government Bonds


Bermuda 2.02%

Corporate Bonds

200,000 China Water Affairs Group Ltd 5.250% 07/02/2022 181,078 2.02

Brazil 1.96%

Corporate Bonds

200,000 Globo Comunicacao e Participacoes SA 4.875% 22/01/2030 175,000 1.96

British Virgin Islands 8.73%

Corporate Bonds

200,000 Huarong Finance II Co Ltd 4.625% 03/06/2026 205,063 2.29

200,000 JIC Zhixin Ltd 3.500% 24/11/2027 213,093 2.38

200,000 Leader Goal 4.250% 31/12/2099 194,469 2.17

184,000 Star Energy Geothermal Wayang Windu Ltd 6.750% 24/04/2033 168,663 1.89

781,288 8.73

Canada 1.89%

Corporate Bonds


Cayman Islands 7.69%

Corporate Bonds

200,000 Comunicaciones Celulares SA Via Comcel Trust 6.875% 06/02/2024 196,062 2.19

200,000 Grupo Aval Ltd 4.375% 04/02/2030 162,040 1.81

200,000 MAF Global Securities Ltd 5.500% 31/12/2099 149,063 1.67

200,000 Sunac China Holdings Ltd 7.500% 01/02/2024 181,000 2.02

688,165 7.69

Chile 5.92%

Corporate Bonds

200,000 AES Gener SA 6.350% 07/10/2079 160,000 1.79

200,000 Colbun SA 3.150% 06/03/2030 188,000 2.10

200,000 Empresa Electrica Cochrane SpA 5.500% 14/05/2027 182,063 2.03

530,063 5.92

Colombia 1.99%

Corporate Bonds

200,000 Bancolombia SA 4.625% 18/12/2029 178,000 1.99

Egypt 2.05%

Corporate Bonds

200,000 African Export-Import Bank 3.994% 21/09/2029 183,000 2.05

India 1.95%

Corporate Bonds

200,000 Indian Railway Finance Corp Ltd 3.950% 13/02/2050 174,375 1.95

Ireland 2.05%

Corporate Bonds

200,000 Borets Finance DAC 6.500% 07/04/2022 183,844 2.05

Isle of Man 1.59%

Corporate Bonds

150,000 AngloGold Ashanti Holdings Plc 6.500% 15/04/2040 142,688 1.59

Israel 4.26%

Corporate Bonds

200,000 Bank Leumi Le-Israel BM 3.275% 29/01/2031 186,431 2.08


381,431 4.26

Luxembourg 0.85%

Corporate Bonds

200,000 Puma 5.125% 06/10/2024 76,000 0.85

Mauritius 3.66%

Corporate Bonds

200,000 Neerg Energy Ltd 6.000% 13/02/2022 167,115 1.87

200,000 Network i2i Ltd 5.650% 31/12/2099 159,750 1.79

326,865 3.66

Mexico 4.15%

Corporate Bonds

200,000 Grupo Bimbo SAB de CV 5.950% 31/12/2099 187,188 2.09

200,000 Trust F/1401 6.390% 15/01/2050 184,090 2.06

371,278 4.15

Morocco 2.46%

Corporate Bonds

200,000 OCP SA 6.875% 25/04/2044 219,875 2.46

Netherlands 7.89%

Corporate Bonds

200,000 AES Andres BV 7.950% 11/05/2026 179,000 2.00

200,000 IHS Netherlands Holdco BV 8.000% 18/09/2027 173,040 1.93

197,212 MV24 Capital BV 6.748% 01/06/2034 157,473 1.76

200,000 Teva Pharmaceutical Finance Netherlands III BV 7.125% 31/01/2025 197,000 2.20

706,513 7.89

Nigeria 2.19%

Corporate Bonds

200,000 Africa Finance Corp 4.375% 17/04/2026 195,812 2.19

Panama 2.03%

Corporate Bonds

200,000 Intercorp Financial Services Inc 4.125% 19/10/2027 181,500 2.03

Peru 1.40%

Corporate Bonds

200,000 Peru LNG Srl 5.375% 22/03/2030 125,000 1.40

Singapore 2.13%

Corporate Bonds

192,260 LLPL Capital Pte Ltd 6.875% 04/02/2039 190,818 2.13

LA

ZA

RD

GL

OB

AL

IN

VE

ST

ME

NT

FU

ND

S P

LC



South Korea 6.58%

Corporate Bonds

200,000 Hanwha Life Insurance Co Ltd 4.700% 23/04/2048 200,226 2.24

200,000 Heungkuk Life Insurance Co Ltd 4.475% 09/11/2047 193,375 2.16

200,000 Woori Bank 5.250% 31/12/2099 195,438 2.18

589,039 6.58

Spain 2.10%

Corporate Bonds


Thailand 2.00%

Corporate Bonds

200,000 Bangkok Bank PCL 3.733% 25/09/2034 179,024 2.00

Turkey 3.97%

Corporate Bonds

200,000 Petkim Petrokimya Holding AS 5.875% 26/01/2023 166,313 1.86

200,000 Turkiye Vakiflar Bankasi TAO 5.625% 30/05/2022 188,625 2.11

354,938 3.97

Ukraine 1.91%

Corporate Bonds

200,000 VF Ukraine PAT via VFU Funding Plc 6.200% 11/02/2025 171,000 1.91

United Arab Emirates 6.20%

Corporate Bonds

200,000 Acwa Power Management And Investments One Ltd 5.950% 15/12/2039 179,000 2.00

200,000 NBK Tier 1 Financing Ltd 4.500% 31/12/2099 184,460 2.06

200,000 NBK Tier 1 Financing Ltd 5.750% 29/12/2049 191,280 2.14

554,740 6.20

United Kingdom 4.25%

Corporate Bonds

100,000 DTEK Finance Plc 10.750% 31/12/2024 52,520 0.59

200,000 NAK Naftogaz Ukraine via Kondor Finance Plc 7.625% 08/11/2026 171,000 1.91

200,000 Liquid Telecommunications Financing Plc 8.500% 13/07/2022 157,000 1.75

380,520 4.25



Total Investments 8,661,480 96.80

Other Net Assets 285,913 3.20

Net Assets 8,947,393 100.00

Lazard Emerging Markets Corporate Debt Fund (continued)Portfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV

Transferable Securities 96.80% (continued) Fixed Income Securities 96.80% (continued)

Fair Value USD

% of NAV




Other assets 3.98

Total Assets 100.00


LA

ZA

RD

GL

OB

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IN

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138



Lazard Scandinavian High Quality Bond FundPortfolio of Investments as at 31 March 2020

Principal Amount

Fair Value EUR

% of NAV


Principal Amount

Fair Value EUR

% of NAV


Canada 0.47% (2019: Nil)

Corporate Bonds

20,000,000 Daimler Canada Finance Inc 2.000% 11/09/2023 1,771,483 0.47

Denmark 57.45% (2019: 48.56%)

Corporate Bonds

3,200,000 Carlsberg Breweries A/S 2.500% 28/05/2024 3,359,182 0.89

59,943,786 Jyske Realkredit A/S 1.000% 01/10/2050 7,751,214 2.06



81,295,345 Nordea Kredit Realkreditaktieselskab 1.000% 01/10/2050 10,410,934 2.77



210,389,218 Nykredit Realkredit A/S 0.500% 01/10/2050 26,231,901 6.98






1,500,000 Orsted A/S 1.500% 26/11/2029 1,557,409 0.41

42,075,306 Realkredit Danmark A/S 0.500% 01/10/2050 5,246,233 1.40

107,876,759 Realkredit Danmark A/S 2.000% 01/10/2047 14,968,803 3.98

216,053,230 57.45

Finland 9.42% (2019: 2.49%)

Corporate Bonds

5,000,000 Aktia Bank OYJ 0.375% 05/03/2026 5,119,800 1.36

2,300,000 Finnvera OYJ 0.500% 13/04/2026 2,400,473 0.64

2,500,000 Fortum OYJ 1.625% 27/02/2026 2,493,338 0.66

2,700,000 Fortum OYJ 2.250% 06/09/2022 2,789,408 0.74

4,700,000 Municipality Finance Plc 0.625% 26/11/2026 4,948,061 1.32

2,150,000 Nordic Investment Bank 0.375% 01/02/2024 198,103 0.05

Government Bonds

16,600,000 Finland Government 0.500% 15/09/2029 17,479,667 4.65

35,428,850 9.42

France 0.78% (2019: 1.58%)

Corporate Bonds

21,000,000 Council Of Europe Development Bank 1.625% 26/02/2024 1,891,991 0.50

Government Bonds

12,000,000 Caisse des Depots et Consignations 1.644% 06/12/2022 1,064,622 0.28

2,956,613 0.78

Germany 0.26% (2019: 6.00%)

Corporate Bonds

10,000,000 Landwirtschaftliche Rentenbank 1.230% 20/11/2028 964,188 0.26

Iceland 1.09% (2019: Nil)

Government Bonds

3,100,000 Iceland Government 0.100% 20/06/2024 3,108,417 0.82

1,000,000 Iceland Government 0.500% 20/12/2022 1,007,812 0.27

4,116,229 1.09

Ireland 0.61% (2019: Nil)

Corporate Bonds

2,500,000 Atlas Copco Finance DAC 0.125% 03/09/2029 2,282,293 0.61

Ivory Coast 0.52% (2019: Nil)

Corporate Bonds


Luxembourg 0.26% (2019: 4.22%)

Corporate Bonds

6,600,000 European Investment Bank 1.500% 26/01/2024 590,128 0.16

4,000,000 European Investment Bank 2.770% 15/02/2024 368,035 0.10

958,163 0.26

Netherlands 0.56% (2019: 1.12%)

Corporate Bonds

12,000,000 BNG Bank NV 1.250% 13/06/2022 1,051,323 0.28

12,000,000 Volkswagen Financial Services NV 0.968% 21/01/2023 1,046,068 0.28

2,097,391 0.56

Norway 12.33% (2019: 10.45%)

Corporate Bonds

2,500,000 Avinor AS 1.250% 09/02/2027 2,481,703 0.66

7,000,000 DNB Boligkreditt AS 0.750% 31/01/2024 651,252 0.17

20,000,000 DNB Boligkreditt AS 2.125% 28/05/2026 1,807,428 0.48

2,500,000 Equinor ASA 1.250% 17/02/2027 2,504,048 0.67

47,000,000 KLP Boligkreditt AS 2.090% 26/09/2024 4,036,814 1.07

10,000,000 Kommunalbanken AS 0.125% 21/03/2022 920,185 0.24

50,000,000 Kommunalbanken AS 0.125% 28/08/2026 4,546,118 1.21

3,500,000 Kommunalbanken AS 1.500% 19/04/2022 308,703 0.08

26,000,000 Moere Boligkreditt AS 1.930% 20/03/2024 2,250,845 0.60

40,000,000 Nordea Eiendomskreditt AS 1.820% 21/06/2023 3,463,306 0.92

2,500,000 Norsk Hydro ASA 2.000% 11/04/2029 2,218,260 0.59

62,000,000 SpareBank 1 Boligkreditt AS 1.800% 15/05/2024 5,315,177 1.41

34,000,000 SpareBank 1 Boligkreditt AS 2.020% 17/02/2025 2,918,315 0.78

30,000,000 Sparebanken Oest Boligkreditt AS 2.080% 19/06/2024 2,596,582 0.69

30,000,000 Sparebanken Soer Boligkreditt AS 2.200% 24/09/2025 2,570,935 0.68

61,000,000 Sparebanken Vest Boligkreditt AS 2.040% 19/06/2024 5,278,180 1.40

Government Bonds

17,000,000 City of Oslo Norway 1.870% 06/05/2026 1,490,783 0.40

12,000,000 City of Oslo Norway 3.550% 12/02/2021 1,064,544 0.28

46,423,178 12.33

Philippines 0.66% (2019: 0.68%)

Corporate Bonds


Sweden 10.05% (2019: 15.48%)

Corporate Bonds

600,000 Atlas Copco AB 2.500% 28/02/2023 633,589 0.17

1,000,000 Heimstaden Bostad AB 1.125% 21/01/2026 960,547 0.26

2,000,000 Heimstaden Bostad AB 2.125% 05/09/2023 2,053,060 0.55

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Sweden 10.05% (2019: 15.48%) (continued)

Corporate Bonds (continued)

1,200,000 Lansforsakringar Hypotek AB 0.625% 29/01/2026 1,245,156 0.33

1,900,000 Sagax AB 2.250% 13/03/2025 1,907,554 0.51

2,000,000 Samhallsbyggnadsbolaget i Norden AB 1.000% 12/08/2027 1,800,034 0.48

3,000,000 Securitas AB 1.250% 15/03/2022 2,992,026 0.80

8,000,000 Skandiabanken AB 0.721% 24/04/2024 748,534 0.20

500,000 Skandinaviska Enskilda Banken AB 0.375% 09/02/2026 511,390 0.14

600,000 SKF AB 2.375% 29/10/2020 607,817 0.16

36,000,000 Stadshypotek AB 1.500% 01/03/2024 3,459,543 0.92

48,000,000 Sveriges Sakerstallda Obligationer AB 2.000% 17/06/2026 4,775,700 1.28

31,200,000 Swedbank Hypotek AB 1.000% 18/09/2024 2,944,524 0.78

1,000,000 Telia Co AB 1.375% 11/05/2081 876,130 0.23

4,500,000 Telia Co AB 3.000% 04/04/2078 4,376,070 1.17

2,500,000 Vattenfall AB 0.500% 24/06/2026 2,425,155 0.65

Government Bonds

32,000,000 City of Stockholm Sweden 0.332% 21/05/2024 2,931,097 0.78

4,000,000 City of Stockholm Sweden 0.597% 21/02/2024 370,629 0.10

12,000,000 Kommuninvest I Sverige AB 0.625% 13/11/2023 1,115,447 0.30

500,000 Stockholms Lans Landsting 2.125% 12/09/2022 529,448 0.14

3,900,000 Sweden Government 1.000% 12/11/2026 389,267 0.10

37,652,717 10.05

United States 0.80% (2019: 2.39%)

Corporate Bonds

2,500,000 Autoliv Inc 0.750% 26/06/2023 2,407,662 0.64

6,000,000 International Finance Corp 1.250% 05/04/2027 587,434 0.16

2,995,096 0.80




Lazard Scandinavian High Quality Bond Fund (continued)Portfolio of Investments as at 31 March 2020

Principal Amount

Fair Value EUR

% of NAV


Notional Amount USD

Average Cost Price


USD

% of NAV

Financial Derivative Instruments 2.63% (2019: (0.16)%) Open Futures Contracts (0.23)% (2019: (0.13)%)

(85,157,720) (135) 632 of Euro-Bobl Future Index (295,000) (0.08)

Short Futures Contracts

Expiring 08/06/2020

(33,233,250) (170) 196 of Euro-Bund Future Index (578,710) (0.15)

Short Futures Contracts

Expiring 08/06/2020

Net unrealised loss on open futures contracts (873,710) (0.23)

Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments 2.63% (2019: (0.16)%) (continued) Open Forward Foreign Currency Exchange Contracts 2.86% (2019: (0.03)%)

15/04/2020 CHF 144,014,936 EUR 136,026,122 (347,123) (0.09)

15/04/2020 CHF 28,786,813 EUR 27,189,947 (69,386) (0.02)

15/04/2020 CHF 747,888 EUR 704,745 (147) (0.00)

15/04/2020 CHF 149,494 EUR 140,870 (29) (0.00)

15/04/2020 EUR 876,315 CHF 923,464 6,304 0.00

15/04/2020 EUR 2,710,029 CHF 2,852,986 22,181 0.01

16/04/2020 EUR 163,784,187 DKK 1,223,300,000 (154,867) (0.05)

16/04/2020 EUR 8,341,155 DKK 62,300,000 (7,904) (0.00)

16/04/2020 EUR 8,716,843 DKK 65,100,000 (7,454) (0.00)

16/04/2020 EUR 4,015,951 DKK 30,000,000 (4,463) (0.00)

16/04/2020 EUR 3,922,535 DKK 29,300,000 (4,069) (0.00)

16/04/2020 EUR 8,174,752 DKK 61,000,000 (88) (0.00)

16/04/2020 EUR 3,344,202 NOK 34,000,000 393,999 0.10

16/04/2020 EUR 3,739,230 NOK 38,300,000 415,913 0.11

16/04/2020 EUR 4,226,075 NOK 42,000,000 581,706 0.15

16/04/2020 EUR 57,035,252 NOK 567,900,000 7,758,181 2.07

16/04/2020 EUR 1,039,801 SEK 11,000,000 28,123 0.01

16/04/2020 EUR 4,001,548 SEK 42,400,000 101,990 0.03

16/04/2020 EUR 44,420,635 SEK 468,500,000 1,332,364 0.35

16/04/2020 NOK 55,700,000 EUR 4,739,095 94,032 0.03

16/04/2020 NOK 134,200,000 EUR 11,262,169 382,457 0.10

16/04/2020 SEK 117,900,000 EUR 10,716,039 127,307 0.03

16/04/2020 SEK 101,000,000 EUR 9,168,667 120,373 0.03



Net unrealised gain on open forward foreign currency exchange contracts 10,769,400 2.86

Total Financial Derivative Instruments 9,895,690 2.63

Total Investments 368,019,844 97.89

Other Net Assets 7,920,229 2.11

Net Assets 375,940,073 100.00


Transferable securities admitted to an official stock exchange listing 92.14 Other transferable securities of the type referred to in Regulations 68 (1)(a), (b) and (c) 0.90


Other assets 4.01

Total Assets 100.00

The counterparty for the open futures contracts is Morgan Stanley.





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01/04/2020 GBP 4,196 USD 5,181 22 0.00

01/04/2020 USD 4,074 GBP 3,299 (17) (0.00)

01/04/2020 USD 665 GBP 539 (3) (0.00)

02/04/2020 GBP 35,901 USD 44,534 (19) (0.00)

02/04/2020 USD 84,506 GBP 68,124 35 0.00

15/04/2020 EUR 78,643 USD 90,304 (3,974) (0.02)

15/04/2020 EUR 3,904 USD 4,465 (180) (0.00)

15/04/2020 EUR 1,645 USD 1,853 (48) (0.00)

15/04/2020 EUR 2,396 USD 2,551 78 0.00

15/04/2020 EUR 2,978 USD 3,247 23 0.00

15/04/2020 GBP 16,424 USD 21,521 (1,151) (0.00)

15/04/2020 GBP 331 USD 424 (14) (0.00)

15/04/2020 GBP 155 USD 204 (11) (0.00)

15/04/2020 GBP 577 USD 686 29 0.00

15/04/2020 GBP 489 USD 566 40 0.00

15/04/2020 USD 3,938 EUR 3,691 (113) (0.00)

15/04/2020 USD 4,414 EUR 4,005 17 0.00

15/04/2020 USD 4,442 EUR 3,993 59 0.00

15/04/2020 USD 4,510 EUR 3,989 131 0.00

15/04/2020 USD 864 GBP 754 (71) (0.00)

15/04/2020 USD 994 GBP 823 (27) (0.00)

15/04/2020 USD 1,018 GBP 823 (4) (0.00)

15/04/2020 USD 1,040 GBP 807 40 0.00

Unrealised gain on open forward foreign currency exchange contracts 474 0.00


Net unrealised loss on open forward foreign currency exchange contracts (5,158) (0.02)

Principal Amount

Fair Value USD

% of NAV


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments (21.87)% (2019: 0.88%) Open Forward Foreign Currency Exchange Contracts (0.02)% (2019: (0.00)%)

Lazard Commodities Fund Portfolio of Investments as at 31 March 2020

United States 96.84% (2019: 87.54%)

Government Bonds









Number of Shares

Fair Value USD

% of NAV

Equities 2.17% (2019: 9.39%)

Australia Nil (2019: 0.61%)

Bermuda 0.50% (2019: Nil)

3,700 Bunge Ltd 151,811 0.50

Canada Nil (2019: 3.00%)


1,000 Linde Plc 173,000 0.57

Mexico Nil (2019: 0.61%)

South Korea Nil (2019: 0.54%)

United Kingdom Nil (2019: 0.98%)

United States 1.10% (2019: 3.65%)

4,675 CF Industries Holdings Inc 127,160 0.42

1,912 Vulcan Materials Co 206,630 0.68

333,790 1.10

Total Equities 658,601 2.17



Number of Shares Notional Amount

Fair Value USD

% of NAV

Total Return Swaps (21.85)% (2019: 0.88%)

USD CIBC Aluminum Subindex Capped Index (144) 795 0.00

USD CIBC Brent Crude Subindex Capped Index 23,106 (384,686) (1.26)

USD CIBC Coffee Subindex Capped Index 12,234 (64,185) (0.21)

USD CIBC Commodity Gas Oil Capped E. Index 5,942 (190,145) (0.63)

USD CIBC Copper Subindex Capped Index 13,055 (432,817) (1.42)

USD CIBC Corn Subindex Capped Index 12,759 (138,353) (0.46)

USD CIBC Cotton Subindex Capped Index (3,641) 46,196 0.15

USD CIBC Gold Subindex Capped Index 32,487 (674,118) (2.22)

USD CIBC Heating Oil Subindex Capped Index 10,046 (273,251) (0.90)

USD CIBC Kansas Wheat Subindex Capped Index 9,220 (66,982) (0.22)

USD CIBC Lean Hogs Subindex Capped Index live Index (3,958) 32,631 0.11

USD CIBC Live Cattle Subindex Capped Index 4,610 (28,363) (0.09)

USD CIBC Natural Gas Subindex Capped Index 53,948 (240,925) (0.79)

USD CIBC Nickel Subindex Capped Index 1,455 (38,603) (0.13)

USD CIBC Silver Subindex Capped Index 4,008 (126,176) (0.42)

USD CIBC Soybean Meal Subindex Capped Index 6,222 (15,038) (0.05)

USD CIBC Soybean Oil Subindex Capped Index 3,733 (65,248) (0.21)

USD CIBC Soybeans Subindex Capped Index 7,107 (98,187) (0.32)

USD CIBC Sugar Subindex Capped Index 3,133 (70,012) (0.23)

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USD CIBC Unleaded Gasoline Subindex Capped Index (1,824) 54,488 0.18

USD CIBC Wheat Subindex Capped Index 12,067 (114,860) (0.38)

USD CIBC WTI Crude Oil Subindex Capped Index 15,555 (427,964) (1.40)

USD CIBC Zinc Subindex Capped Index 272 (4,676) (0.02)

USD UBSW Aluminum Subindex Capped Index (144) 795 0.00

USD UBSW Brent Crude Subindex Capped Index 23,106 (384,686) (1.27)

USD UBSW Coffee Subindex Capped Index 12,234 (64,185) (0.21)

USD UBSW Commodity Gas Oil Capped E. Index 5,942 (190,145) (0.63)

USD UBSW Copper Subindex Capped Index 13,055 (432,817) (1.42)

USD UBSW Corn Subindex Capped Index 12,759 (138,353) (0.46)

USD UBSW Cotton Subindex Capped Index (3,641) 46,196 0.15

USD UBSW Gold Subindex Capped Index 32,487 (674,118) (2.22)

USD UBSW Heating Oil Subindex Capped Index 10,046 (273,251) (0.90)

USD UBSW Kansas Wheat Subindex Capped Index 9,220 (66,982) (0.22)

USD UBSW Lean Hogs Subindex Capped Index live Index (3,958) 32,631 0.11

USD UBSW Live Cattle Subindex Capped Index 4,610 (28,363) (0.09)

USD UBSW Natural Gas Subindex Capped Index 53,948 (240,925) (0.79)

USD UBSW Nickel Subindex Capped Index 1,455 (38,603) (0.13)

USD UBSW Silver Subindex Capped Index 4,008 (126,176) (0.42)

USD UBSW Soybean Meal Subindex Capped Index 6,222 (15,038) (0.05)

USD UBSW Soybean Oil Subindex Capped Index 3,733 (65,248) (0.21)

USD UBSW Soybeans Subindex Capped Index 7,107 (98,187) (0.32)

USD UBSW Sugar Subindex Capped Index 3,133 (70,012) (0.23)

USD UBSW Unleaded Gasoline Subindex Capped Index (1,824) 54,489 0.18

USD UBSW Wheat Subindex Capped Index 12,067 (114,860) (0.38)

USD UBSW WTI Crude Oil Subindex Capped Index 15,555 (427,964) (1.40)

USD UBSW Zinc Subindex Capped Index 272 (4,676) (0.02)

Total Return Swaps at positive fair value 268,221 0.88

Total Return Swaps at negative fair value (6,909,178) (22.73)

Total Return Swaps at fair value (6,640,957) (21.85)



Other Net Assets (2019: 2.19%) 6,949,359 22.86

Net Assets 30,397,833 100.00


Transferable securities admitted to an official stock exchange listing 1.76Other transferable securities of the type referred to in Regulations 68 (1)(a), (b) and (c) 78.44


Other assets 19.08

Total Assets 100.00

Number of Shares Notional Amount

Fair Value USD

% of NAV

Total Return Swaps (21.85)% (2019: 0.88%) (continued)

Lazard Commodities Fund (continued)Portfolio of Investments as at 31 March 2020

The counterparty for the open forward foreign currency exchange contracts is State Street Bank and Trust Company.

The counterparties for the total return swaps are:

CIBC World Markets

UBS Securities

Equities are primarily classified by the country of incorporation of the entity in which the Fund holds shares. Fixed income securities are primarily classified by the country of incorporation of the issuer for corporate fixed income securities and country of issuer for government type fixed income securities.

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Lazard Diversified Return FundPortfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


Australia 0.58% (2019: 1.09%)

Corporate Bonds

140,000 Telstra Corp Ltd 4.000% 16/09/2022 90,164 0.37

Government Bonds

75,000 Queensland Treasury Corp 3.000% 22/03/2024 49,909 0.21

140,073 0.58

Bermuda 1.26% (2019: 1.13%)

Government Bonds

275,000 Bermuda Government 4.854% 06/02/2024 306,281 1.26

Canada 4.13% (2019: 2.68%)

Corporate Bonds

180,000 Canadian Imperial Bank of Commerce 2.900% 14/09/2021 127,968 0.53

375,000 Export Development Canada 1.800% 01/09/2022 270,464 1.11

180,000 John Deere Canada Funding Inc 2.050% 17/09/2020 126,267 0.52

140,000 Rogers Communications Inc 3.250% 01/05/2029 97,110 0.40

Government Bonds

88,000 City of Vancouver 2.900% 20/11/2025 66,096 0.27

225,000 Province of Quebec Canada 1.650% 03/03/2022 160,500 0.66

143,000 Province of Quebec Canada 2.500% 20/04/2026 155,244 0.64

1,003,649 4.13

Chile 1.20% (2019: 1.32%)

Government Bonds



293,735 1.20

Czech Republic 1.29% (2019: 0.74%)

Government Bonds

7,950,000 Czech Republic 2.130% 19/11/2027 314,466 1.29

Denmark Nil (2019: 0.55%)

France 1.22% (2019: 0.72%)

Corporate Bonds

95,000 Schneider Electric SE 2.950% 27/09/2022 95,028 0.39

Government Bonds

150,000 French Republic 1.750% 25/06/2039 202,577 0.83

297,605 1.22

Germany 0.35% (2019: Nil)

Corporate Bonds

140,000 Kreditanstalt fuer Wiederaufbau 2.750% 16/04/2020 85,754 0.35

Hungary 1.63% (2019: 1.12%)

Government Bonds

30,290,000 Hungary Government 2.500% 24/10/2024 96,419 0.40




396,560 1.63

Ireland Nil (2019: 0.74%)

Italy 0.40% (2019: 0.37%)

Government Bonds

85,000 Italy Government 6.875% 27/09/2023 97,563 0.40

Ivory Coast 0.19% (2019: 0.38%)

Corporate Bonds

45,000 African Development Bank 0.750% 03/04/2023 45,034 0.19

Japan 0.87% (2019: 0.43%)

Government Bonds

200,000 Japan International Cooperation Agency 2.125% 20/10/2026 212,670 0.87

Luxembourg 0.41% (2019: 0.35%)

Corporate Bonds

140,000 European Investment Bank 1.125% 16/09/2021 99,120 0.41

Mexico 1.16% (2019: 0.36%)

Government Bonds

43,279,000 Mexico Treasury Bill - Zero coupon 23/04/2020 183,827 0.76


282,110 1.16

Netherlands 0.80% (2019: 1.72%)

Corporate Bonds

100,000 BMW Finance NV 0.875% 16/08/2022 117,763 0.48

130,000 BNG Bank NV 5.000% 16/09/2020 78,517 0.32

196,280 0.80

New Zealand 0.41% (2019: 0.78%)

Government Bonds

140,000 New Zealand Government 4.500% 15/04/2027 99,308 0.41

Norway 1.64% (2019: 2.26%)

Corporate Bonds

200,000 Kommunalbanken AS 1.375% 26/10/2020 200,668 0.83

Government Bonds

1,000,000 City of Oslo Norway 2.200% 06/05/2026 96,221 0.40

1,000,000 City of Oslo Norway 2.350% 04/09/2024 98,666 0.41

395,555 1.64

Panama 1.29% (2019: 0.70%)

Government Bonds


Philippines 0.84% (2019: 0.65%)

Corporate Bonds

75,000 Asian Development Bank 1.000% 15/12/2022 94,199 0.39

103,000 Asian Development Bank 2.125% 19/03/2025 110,060 0.45

204,259 0.84

Poland 1.19% (2019: 0.68%)

Government Bonds

1,250,000 Poland Government 1.790% 25/05/2028 288,373 1.19

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Romania 0.89% (2019: 0.72%)

Government Bonds



216,833 0.89

Singapore Nil (2019: 1.31%)

Spain Nil (2019: 0.37%)

United Kingdom 1.20% (2019: 0.75%)

Corporate Bonds

55,000 European Bank for Reconstruction & Development 1.625% 27/09/2024 57,457 0.24

Government Bonds

80,000 United Kingdom Gilt 1.500% 22/07/2047 115,849 0.48

80,000 United Kingdom Gilt 1.750% 07/09/2037 115,722 0.48

289,028 1.20

United States 19.59% (2019: 13.85%)

Corporate Bonds

89,000 ABB Finance USA Inc 3.375% 03/04/2023 92,642 0.38

110,000 Adobe Inc 2.300% 01/02/2030 110,573 0.45

105,000 Amazon.com Inc 3.150% 22/08/2027 115,123 0.47

115,000 American Express Co 3.000% 30/10/2024 117,860 0.48

142,000 Apple Inc 3.850% 04/05/2043 169,610 0.70

200,000 Ashtead Capital Inc 4.125% 15/08/2025 184,000 0.76

115,000 Bank of America Corp 3.499% 17/05/2022 116,418 0.48

132,000 Citigroup Inc 2.406% 04/05/2021 80,096 0.33

106,000 Constellation Brands Inc 4.250% 01/05/2023 107,127 0.44

55,000 DaVita Inc 5.125% 15/07/2024 55,179 0.23

51,000 Fresenius Medical Care US Finance II Inc 4.125% 15/10/2020 50,674 0.21

109,000 Goldman Sachs Group Inc 3.625% 22/01/2023 112,007 0.46

55,000 HCA Inc 5.000% 15/03/2024 57,038 0.23

75,000 Home Depot Inc 5.875% 16/12/2036 102,048 0.42

660,000,000 Inter-American Development Bank 7.875% 14/03/2023 41,933 0.17

75,000 International Bank for Reconstruction & Development 1.900% 16/01/2025 54,653 0.22




142,000 International Finance Corp 2.700% 15/03/2023 91,561 0.38

110,000 International Finance Corp 3.625% 20/05/2020 65,456 0.27

45,000 Johnson & Johnson 3.625% 03/03/2037 50,838 0.21

78,000 JPMorgan Chase & Co 4.500% 24/01/2022 81,537 0.34

185,000 McDonald's Corp 3.125% 04/03/2025 130,897 0.54

127,000 Microsoft Corp 4.450% 03/11/2045 167,692 0.69

55,000 Morgan Stanley 3.625% 20/01/2027 58,988 0.24

40,000 New York State Urban Development Corp 3.900% 15/03/2033 45,277 0.19

160,000 PepsiCo Inc 2.875% 15/10/2049 166,337 0.68

80,000 Pfizer Inc 2.625% 01/04/2030 84,226 0.35

85,000 Procter & Gamble Co 2.450% 25/03/2025 89,375 0.37

50,000 Sealed Air Corp 4.875% 01/12/2022 50,484 0.21

Lazard Diversified Return Fund (continued)Portfolio of Investments as at 31 March 2020

Principal Amount

Fair Value USD

% of NAV


Principal Amount

Fair Value USD

% of NAV


Number of Shares

Fair Value USD

% of NAV

Equities 21.05% (2019: 39.04%)

Australia 0.32% (2019: 0.78%)

870 AGL Energy Ltd 9,153 0.03

3,937 Evolution Mining Ltd 9,205 0.03

1,156 Fortescue Metals Group Ltd 7,075 0.03

497 JB Hi-Fi Ltd 8,517 0.04

493 Newcrest Mining Ltd 6,955 0.03

997 Northern Star Resources Ltd 6,426 0.03

3,870 Regis Resources Ltd 8,622 0.04

149 Rio Tinto Ltd 7,712 0.03

3,672 Saracen Mineral Holdings Ltd 8,248 0.03

284 Woolworths Group Ltd 6,101 0.03

78,014 0.32

Belgium 0.14% (2019: 0.76%)

207 Colruyt SA 11,191 0.04

411 Proximus 9,412 0.04

266 Telenet Group Holding NV 8,009 0.03

231 Warehouses De Pauw CVA 6,633 0.03

35,245 0.14

Bermuda 0.03% (2019: 0.14%)

300 Jardine Strategic Holdings Ltd 6,660 0.03

Brazil 0.19% (2019: 0.57%)

500 BB Seguridade Participacoes SA 2,396 0.01

1,000 CCR SA 2,262 0.01

400 Cia de Saneamento de Minas Gerais 3,154 0.01

5,100 Cia de Saneamento do Parana 4,730 0.01

1,000 CPFL Energia SA 5,181 0.02

400 Grupo SBF SA 1,856 0.01

1,500 IRB Brasil Resseguros SA 2,800 0.01

United States 19.59% (2019: 13.85%) (continued)

Corporate Bonds (continued)

48,000 Service Corp 4.625% 15/12/2027 48,334 0.20

140,000 Starbucks Corp 4.450% 15/08/2049 161,311 0.66

140,000 Unilever Capital Corp 3.250% 07/03/2024 148,133 0.61

55,000 United Rentals North America Inc 4.875% 15/01/2028 53,655 0.22

102,000 Verizon Communications Inc 3.875% 08/02/2029 113,053 0.47

Government Bonds

70,000 State of California 7.500 % 01/04/2034 110,613 0.46

70,000 State of California 7.550% 01/04/2039 113,863 0.47

102,435 United States Treasury Inflation Index Bond 0.125% 15/04/2020 102,540 0.42

275,000 United States Treasury Note 1.750% 15/05/2023 287,450 1.17




4,763,061 19.59


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Brazil 0.19% (2019: 0.57%) (continued)

900 JSL SA 2,247 0.01

500 Linx SA 1,605 0.01

600 Log-in Logistica Intermodal SA 1,650 0.01

900 Marfrig Global Foods SA 1,536 0.01

2,600 Minerva SA 3,985 0.02

600 Qualicorp Consultoria e Corretora de Seguros SA 2,730 0.01

600 Vale SA 5,000 0.02

2,300 Wiz Solucoes e Corretagem de Seguros SA 4,000 0.01

400 YDUQS Participacoes 1,710 0.01

46,842 0.19

British Virgin Islands Nil (2019: 0.07%)

Canada 0.68% (2019: 1.04%)

516 Alimentation Couche-Tard Inc 12,018 0.05

270 Atco Ltd 7,392 0.03

2,674 CAE Inc 33,421 0.14

462 Canadian Utilities Ltd 10,919 0.04

1,335 Centerra Gold Inc 7,850 0.03

263 CGI Inc 14,078 0.06

666 CI Financial Corp 6,537 0.03

245 Cogeco Communications Inc 16,433 0.07

441 Empire Co Ltd 8,530 0.04

19 Fairfax Financial Holdings Ltd 5,759 0.02

271 Kirkland Lake Gold Ltd 7,892 0.03

802 Northland Power Inc 15,828 0.07

451 Rogers Communications Inc 18,612 0.07

165,269 0.68

Cayman Islands 0.05% (2019: Nil)

1,000 CK Hutchison Holidings Ltd 6,748 0.03

4,000 Tianli Education 1,749 0.01

1,000 Zhen Ding Technology Holding Ltd 3,075 0.01

11,572 0.05

Chile 0.06% (2019: 0.08%)

16,113 AES Gener SA 1,966 0.01

9,518 Aguas Andinas SA 2,814 0.01

23,297 Colbun SA 2,542 0.01

5,977 Engie Energia Chile SA 6,620 0.03

13,942 0.06

China 0.11% (2019: Nil)

600 Beijing New Building Materials PLC 1,996 0.01

1,700 Dongjiang Environmental Co 2,267 0.01

1,600 Gansu Shangfeng Cement Co Ltd 4,426 0.01

5,100 Huafa Industrial Zhuhai Co Ltd 4,623 0.02

300 Luxshare Precision Industry Co Ltd 1,614 0.01

700 Ningbo Huaxiang Electronic Co Ltd 1,632 0.01

1,400 Ningbo Orient Wires & Cable 2,408 0.01

500 Shanghai Daimay Automotive 1,831 0.01

200 YiChang HEC ChangJiang Pharmaceutical Co Ltd 944 0.00

5,200 Youngor Group Co Ltd 4,670 0.02

26,411 0.11

Denmark 0.27% (2019: 0.21%)

303 Carlsberg A/S 34,297 0.14

Denmark 0.27% (2019: 0.21%) (continued)

156 Coloplast A/S 22,631 0.09

143 Novo Nordisk A/S 8,603 0.04

65,531 0.27

Egypt 0.01% (2019: Nil)

2,354 Eastern Co SAE 1,849 0.01

Finland 0.24% (2019: Nil)

2,026 Sampo OYJ 59,177 0.24

France 0.60% (2019: 0.49%)

560 Orange SA 6,842 0.03

440 TOTAL SA 17,086 0.07

5,741 Vivendi SA 122,994 0.50

146,922 0.60

Germany 0.12% (2019: 0.52%)

62 Allianz SE 10,672 0.04

592 Deutsche Telekom AG 7,674 0.03

52 Muenchener Rueckversicherungs-Gesellschaft AG 10,504 0.04

451 Schaeffler AG 2,746 0.01

31,596 0.12

Greece 0.01% (2019: 0.01%)

247 Hellenic Telecommunications Organization SA 2,976 0.01

Guernsey 0.02% (2019: Nil)

106 Amdocs Ltd 5,827 0.02

Hong Kong 0.09% (2019: 0.18%)

2,500 CLP Holdings Ltd 23,062 0.09

Hungary 0.01% (2019: 0.03%)

110 Richter Gedeon Nyrt 2,066 0.01

Indonesia 0.06% (2019: 0.06%)

1,500 Gudang Garam Tbk PT 3,780 0.01

2,900 Indofood CBP Sukses Makmur Tbk PT 1,818 0.01

26,700 Media Nusantara Citra Tbk PT 1,482 0.01

110,200 Pakuwon Jati Tbk PT 2,081 0.01

19,900 Telekomunikasi Indonesia Persero Tbk PT 3,856 0.02

13,017 0.06

Ireland 1.21% (2019: 1.10%)

98 Accenture Plc 15,999 0.07

91 Cimpress Plc 4,841 0.02

89 Eaton Corp Plc 6,914 0.03

2,545 Medtronic Plc 229,508 0.94

557 Ryanair Holdings Plc 29,571 0.12

51 Steris Plc 7,138 0.03

293,971 1.21

Israel 0.43% (2019: 0.20%)

2,921 Bank Leumi Le-Israel BM 16,184 0.07

23,218 Israel Discount Bank Ltd 68,917 0.28

158 Mellanox Technologies Ltd 19,169 0.08

104,270 0.43

Number of Shares

Fair Value USD

% of NAV

Transferable Securities 63.59% (2019: 74.81%) (continued) Equities 21.05% (2019: 39.04%) (continued)

Number of Shares

Fair Value USD

% of NAV



LA

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Italy 0.04% (2019: 0.85%)

1,156 Poste Italiane SpA 9,792 0.04

Japan 1.84% (2019: 2.39%)

800 Dai-ichi Life Holdings Inc 9,600 0.04

100 Daito Trust Construction Co Ltd 9,323 0.04

800 Daiwa House Industry Co Ltd 19,842 0.08

300 East Japan Railway Co 22,721 0.09

500 Fuji Media Holdings Inc 4,988 0.02

2,700 Gunma Bank Ltd 8,203 0.03

1,900 Hachijuni Bank Ltd 6,882 0.03

1,700 Japan Post Holdings Co Ltd 13,317 0.05

900 Kandenko Co Ltd 7,178 0.03

600 Kansai Electric Power Co Inc 6,689 0.03

500 KDDI Corp 14,775 0.06

500 Kinden Corp 7,387 0.03

300 Lawson Inc 16,479 0.07

300 McDonald's Holdings Co Japan Ltd 13,533 0.06

7 MCUBS MidCity Investment Corp 4,960 0.02

14 Mirai Corp 4,759 0.02

300 Mitsubishi Heavy Industries Ltd 7,593 0.03

2,900 Nexon Co Ltd 47,413 0.20

200 Nintendo Co Ltd 77,089 0.31

300 NOF Corp 9,532 0.04

1,500 NTT DOCOMO Inc 46,922 0.19

600 ORIX Corp 7,228 0.03

1,600 Rengo Co Ltd 12,479 0.05

300 Sankyo Co Ltd 8,740 0.04

700 Seven & i Holdings Co Ltd 23,187 0.10

1,100 Shizuoka Bank Ltd 6,694 0.03

300 Sumitomo Mitsui Trust Holdings Inc 8,681 0.04

300 West Japan Railway Co 20,553 0.08

446,747 1.84

Luxembourg 0.02% (2019: 0.45%)

542 PLAY Communications SA 3,821 0.02

Malaysia 0.05% (2019: 0.09%)

500 Carlsberg Brewery Malaysia Bhd 2,894 0.01

200 Nestle Malaysia Bhd 6,329 0.03

1,900 RHB Bank Bhd 2,063 0.01

11,286 0.05

Malta 0.02% (2019: 0.05%)

1,208 Kindred Group Plc 4,517 0.02

Mexico 0.10% (2019: 0.25%)

4,100 Alfa SAB de CV 1,108 0.00

14,600 America Movil SAB de CV 8,775 0.03

1,700 Bolsa Mexicana de Valores SAB de CV 2,617 0.01

500 Coca-Cola Femsa SAB de CV 2,024 0.01

2,800 Kimberly-Clark de Mexico SAB de CV 4,304 0.02

2,400 Qualitas Controladora SAB de CV 6,204 0.03

25,032 0.10

Netherlands 0.15% (2019: 0.21%)

302 NN Group NV 8,152 0.03

373 Unilever NV 18,338 0.08

144 Wolters Kluwer NV 10,141 0.04

36,631 0.15

New Zealand Nil (2019: 0.07%)

Norway 0.09% (2019: 0.32%)

1,040 Orkla ASA 8,816 0.04

142 Salmar ASA 4,698 0.02

566 Telenor ASA 8,187 0.03

21,701 0.09

Panama Nil (2019: 0.05%)

Philippines 0.06% (2019: 0.08%)

138 Altus San Nicolas Corp 14 0.00

24,600 DMCI Holdings Inc 1,823 0.01

5,900 First Gen Corp 1,914 0.01

32,000 Megaworld Corp 1,573 0.01

7,200 Robinsons Land Corp 2,101 0.01

270 SM Investments Corp 4,343 0.02

11,768 0.06

Poland 0.06% (2019: 0.12%)

284 Dino Polska SA 11,084 0.04

16,279 Tauron Polska Energia SA 4,382 0.02

15,466 0.06

Portugal Nil (2019: 0.06%)

Puerto Rico 0.02% (2019: Nil)

260 EVERTEC Inc 5,910 0.02

Qatar 0.03% (2019: 0.02%)

5,710 Commercial Bank PSQC 6,111 0.03

Russia 0.01% (2019: Nil)

391 Gazprom PJSC 1,814 0.01

Singapore 0.14% (2019: 0.26%)

200 BOC Aviation Ltd 1,280 0.01

600 Jardine Cycle & Carriage Ltd 8,289 0.03

6,500 Keppel DC REIT 10,454 0.04

3,400 Singapore Technologies Engineering Ltd 7,450 0.03

800 Venture Corp Ltd 7,624 0.03

35,097 0.14

South Korea 0.33% (2019: 0.51%)

65 AfreecaTV Co Ltd 2,803 0.01

19 BGF retail Co Ltd 2,060 0.01

35 Coway Co Ltd 1,662 0.01

54 Daelim Industrial Co Ltd 3,269 0.01

199 Dongjin Semichem Co Ltd 2,182 0.01

56 Hansol Chemical Co Ltd 3,630 0.01

39 Hyundai Department Store Co Ltd 1,884 0.01

972 JB Financial Group Co Ltd 3,573 0.01

Number of Shares

Fair Value USD

% of NAV


Number of Shares

Fair Value USD

% of NAV



LA

ZA

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146



South Korea 0.33% (2019: 0.51%) (continued)

158 KEPCO Plant Service & Engineering Co Ltd 3,770 0.02

180 Kia Motors Corp 3,844 0.02

3 LG Household & Health Care Ltd 2,760 0.01

516 LG Uplus Corp 4,578 0.02

106 MegaStudyEdu Co Ltd 3,252 0.01

138 NEPES Corp 3,253 0.01

125 NHN KCP Corp 3,142 0.01

168 NICE Information Service Co Ltd 1,835 0.01

140 S-1 Corp 9,200 0.03

171 Samsung Card Co Ltd 4,200 0.02

30 Samsung Electro-Mechanics Co Ltd 2,408 0.01

133 Samsung Electronics Co Ltd 5,217 0.02

183 Samsung Engineering Co Ltd 1,526 0.01

21 Samsung SDS Co Ltd 2,579 0.01

12 Shinsegae 1,848 0.01

88 Soulbrain Co Ltd 4,590 0.02

77 Youngone Corp 1,414 0.01

80,479 0.33

Spain 0.27% (2019: 0.48%)

491 Enagas SA 9,749 0.04

802 Iberdrola SA 7,906 0.03

3,212 Siemens Gamesa Renewable Energy SA 48,390 0.20

66,045 0.27

Sweden 0.04% (2019: 0.16%)

434 Axfood AB 8,857 0.04

Switzerland 0.38% (2019: 0.35%)

84 Helvetia Holding AG 7,232 0.03

179 Novartis AG 14,773 0.06

192 Roche Holding AG 62,320 0.26

522 SIG Combibloc Group AG 7,812 0.03

92,137 0.38

Taiwan 0.64% (2019: 0.77%)

2,000 Advantech Co Ltd 16,501 0.06

8,000 Asia Cement Corp 10,423 0.04

1,000 Asia Optical Co Inc 2,017 0.01

6,000 Chicony Electronics Co Ltd 15,039 0.06

1,000 Delta Electronics Inc 3,985 0.02

2,200 Feng TAY Enterprise Co Ltd 9,457 0.04

1,000 Fusheng Precision Co Ltd 5,142 0.02

1,000 International Games System Co Ltd 18,253 0.07

1,000 Lotes Co Ltd 9,093 0.04

1,000 Radiant Opto-Electronics Corp 2,612 0.01

1,000 Shin Zu Shing Co Ltd 3,852 0.02

1,000 Sitronix Technology Corp 3,902 0.02

5,000 Standard Foods Corp 10,085 0.04

4,000 Taiwan Hon Chuan Enterprise Co Ltd 6,541 0.03

5,000 TXC Corp 7,275 0.03

3,000 Unitech Printed Circuit Board Corp 1,934 0.01

2,000 United Integrated Services Co Ltd 10,945 0.05

4,000 Wistron Corp 3,241 0.01

30,000 Yuanta Financial Holding Co Ltd 15,426 0.06

155,723 0.64

Thailand 0.05% (2019: 0.14%)

800 Advanced Info Service PCL 4,900 0.02

2,500 Krungthai Card PCL 2,076 0.01

1,000 PTT Exploration & Production PCL 2,057 0.01

2,500 Thanachart Capital PCL 2,533 0.01

11,566 0.05

Turkey 0.08% (2019: 0.07%)

652 BIM Birlesik Magazalar A/S 4,962 0.02

2,064 Haci Omer Sabanci Holding A/S 2,346 0.01

179 Koza Altin Isletmeleri A/S 1,666 0.01

1,174 Tekfen Holding A/S 2,262 0.01

6,875 Turk Telekomunikasyon A/S 6,989 0.02

1,158 Turkcell Iletisim Hizmetleri A/S 2,165 0.01

20,390 0.08

United Arab Emirates 0.02% (2019: Nil)

6,117 Abu Dhabi National Oil Co 4,496 0.02

United Kingdom 1.08% (2019: 2.62%)

395 Admiral Group Plc 10,922 0.04

382 Anglo American Plc 6,709 0.03

170 Aon Plc 28,057 0.12

1,338 Auto Trader Group Plc 7,285 0.03

2,812 BT Group PLC 4,111 0.02

1,365 Coca Cola European Partners 51,897 0.21

427 Compass Group Plc 6,692 0.03

2,160 easyJet Plc 15,293 0.06

347 Imperial Tobacco Group Plc 6,440 0.03

6,630 Informa Plc 36,386 0.15

13,072 Lloyds Banking Group Plc 5,187 0.02

3,950 Prudential Plc 50,718 0.21

1,256 RELX Plc 26,974 0.11

342 SSE PLC 5,534 0.02

262,205 1.08

United States 10.88% (2019: 22.43%)

137 AAON Inc 6,620 0.02

176 Abbott Laboratories 13,888 0.06

196 AbbVie Inc 14,933 0.06

146 Alphabet Inc Class C 169,646 0.69

109 American Express Co 9,331 0.04

88 American States Water Co 7,193 0.03

133 American Tower Corp 28,961 0.12

90 AmerisourceBergen Corp 7,965 0.03

46 Amgen Inc 9,326 0.04

70 Amphenol Corp 5,102 0.02

1,242 Analog Devices Inc 111,345 0.45

36 Apple Inc 9,154 0.04

1,375 Armstrong World Industries Inc 109,203 0.44

86 Atmos Energy Corp 8,534 0.04

22 AutoZone Inc 18,612 0.08

70 Avery Dennison Corp 7,131 0.03

1,465 Baxter International Inc 118,943 0.48

259 Booz Allen Hamilton Holding Corp 17,778 0.07

185 Brinker 2,222 0.01

301 Bristol-Myers Squibb Co 16,778 0.07

Number of Shares

Fair Value USD

% of NAV


Number of Shares

Fair Value USD

% of NAV



LA

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39 Burlington Stores Inc 6,180 0.03

12 Cable One Inc 19,728 0.08

182 Cadence Design Systems Inc 12,019 0.05

176 Campbell Soup Co 8,124 0.03

41 Casey's General Stores Inc 5,432 0.02

186 Cboe Global Markets Inc 16,601 0.07

169 CDW Corp 15,763 0.06

18 Chemed Corp 7,798 0.03

84 Chevron Corp 6,087 0.03

90 Choice Hotels 5,513 0.02

135 Church & Dwight Co Inc 8,664 0.04

65 Cigna Corp 11,517 0.05

183 Cisco Systems Inc 7,194 0.03

52 Clorox Co 9,009 0.04

303 Coca-Cola Co 13,408 0.06

320 Colgate-Palmolive Co 21,235 0.09

327 Comcast Corp 11,242 0.05

85 CONMED Corp 4,868 0.02

211 ConocoPhillips 6,499 0.03

107 Copart Inc 7,332 0.03

92 CorVel Corp 5,015 0.02

52 Cracker Barrel Old Country Store Inc 4,327 0.02

90 Curtiss-Wright Corp 8,317 0.03

43 Domino's Pizza Inc 13,935 0.06

82 DTE Energy Co 7,788 0.03

54 Edwards Lifesciences Corp 10,185 0.04

217 Eli Lilly & Co 30,102 0.12

200 Ensign Group Inc 7,522 0.03

58 Estee Lauder Cos Inc 9,242 0.04

321 Evo Payments Inc 4,911 0.02

176 Exelon Corp 6,479 0.03

169 ExlService Holdings Inc 8,793 0.04

58 Facebook Inc 9,674 0.04

54 FactSet Research Systems Inc 14,077 0.06

158 First American Financial Corp 6,701 0.03

1,612 Fiserv Inc 153,124 0.62

573 Gaming and Leisure Propertie 15,878 0.07

160 General Mills Inc 8,443 0.03

201 Graco Inc 9,795 0.04

353 H&R Block Inc 4,970 0.02

58 HCA Healthcare Inc 5,211 0.02

108 Henry Schein Inc 5,456 0.02

401 Hershey Co 53,133 0.22

42 Home Depot Inc 7,842 0.03

85 Honeywell International Inc 11,372 0.05

338 Hormel Foods Corp 15,764 0.06

383 Intel Corp 20,728 0.09

1,670 Intercontinental Exchange Inc 134,853 0.54

991 Interpublic Group of Cos Inc 16,044 0.07

37 Intuit Inc 8,510 0.04

167 J2 Global Inc 12,500 0.05

70 Jack Henry & Associates Inc 10,867 0.04


316 Johnson & Johnson 41,437 0.17

159 Kellogg Co 9,538 0.04

88 Keysight Technologies IN 7,364 0.03

257 Kforce Inc 6,571 0.03

294 Kimberly-Clark Corp 37,594 0.15

120 Lamb Weston Holdings Inc 6,852 0.03

176 Life Storage Inc 16,641 0.07

102 Lockheed Martin Corp 34,573 0.14

51 Lululemon Athletica Inc 9,667 0.04

17 MarketAxess Holdings Inc 5,654 0.02

47 Martin Marietta Materials Inc 8,894 0.04

126 MasTec Inc 4,124 0.02

71 McCormick & Co Inc 10,026 0.04

169 McGrath RentCorp 8,852 0.04

956 MDU Resources Group Inc 20,554 0.08

443 Merck & Co Inc 34,084 0.14

239 MetLife Inc 7,306 0.03

48 Morningstar Inc 5,580 0.02

512 Motorola Solutions Inc 68,055 0.28

204 Nasdaq Inc 19,370 0.08

482 National Retail Properties Inc 15,516 0.06

41 NextEra Energy Inc 9,865 0.04

265 NIKE Inc 21,926 0.09

89 Northrop Grumman Corp 26,927 0.11

3 NVR Inc 7,707 0.03

108 Omnicom Group Inc 5,929 0.02

187 Owens Corning 7,257 0.03

323 Pennymac Financial Services 7,142 0.03

337 PepsiCo Inc 40,474 0.17

431 Pfizer Inc 14,068 0.06

195 Portland General Electric Co 9,348 0.04

541 Premier Inc 17,702 0.07

521 Procter & Gamble Co 57,310 0.24

362 Public Service Enterprise Group Inc 16,257 0.07

492 PulteGroup Inc 10,981 0.05

94 QUALCOMM Inc 6,359 0.03

341 Radian Group Inc 4,416 0.02

617 Rambus Inc 6,849 0.03

98 Raytheon Co 12,853 0.05

245 Republic Services Inc 18,390 0.08

180 Ross Stores Inc 15,655 0.06

77 Sempra Energy 8,700 0.04

14 Sherwin-Williams Co 6,433 0.03

292 Simon Property Group Inc 16,019 0.07

830 Skyworks Solutions Inc 74,185 0.30

170 Spirit Realty Capital Inc 4,446 0.02

474 Sysco Corp 21,629 0.09

125 Target Corp 11,621 0.05

52 UniFirst Corp 7,857 0.03

71 UnitedHealth Group Inc 17,706 0.07

851 Verizon Communications Inc 45,724 0.19

131 Visa Inc 21,107 0.09


Number of Shares

Fair Value USD

% of NAV


Number of Shares

Fair Value USD

% of NAV


LA

ZA

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148




508 Vistra Energy Corp 8,108 0.03

824 Vulcan Materials Co 89,050 0.37

312 Walmart Inc 35,449 0.15

248 Waste Management Inc 22,955 0.09

71 WEC Energy Group Inc 6,257 0.03

122 Zoetis Inc 14,358 0.06

2,645,707 10.88

Total Equities 5,117,517 21.05


Investment Funds 14.20% (2019: 13.75%)

917 Lazard European Alternative Fund 933,755 3.84

1,018 Lazard Commodities Fund 794,114 3.27

950 Lazard Global Thematic Focus Fund 776,831 3.20

944 Lazard Rathmore Alternative Fund 946,956 3.89

Total Investment Funds 3,451,656 14.20


Number of Shares

Fair Value USD

% of NAV


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments 5.94% (2019: (1.45)%) (continued) Open Forward Foreign Currency Exchange Contracts 0.43% (2019: (0.21)%) (continued)


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments 5.94% (2019: (1.45)%) Open Forward Foreign Currency Exchange Contracts 0.43% (2019: (0.21)%)

22/04/2020 AUD 81,547 USD 54,000 (4,083) (0.02)

22/04/2020 AUD 15,121 USD 10,200 (944) (0.00)

22/04/2020 AUD 12,325 USD 8,000 (456) (0.00)

22/04/2020 AUD 94,909 USD 56,000 2,096 0.01

22/04/2020 CAD 31,562 USD 23,800 (1,621) (0.01)

22/04/2020 CAD 19,282 USD 14,000 (450) (0.00)

22/04/2020 CHF 2,806 USD 3,000 (97) (0.00)

22/04/2020 CHF 56,068 USD 57,621 388 0.00

22/04/2020 CNH 653,526 USD 94,000 (1,800) (0.01)

22/04/2020 CNH 27,892 USD 4,000 (65) (0.00)

22/04/2020 CZK 621,580 USD 27,200 (2,302) (0.01)

22/04/2020 CZK 343,161 USD 15,000 (1,255) (0.01)

15/04/2020 EUR 1,498,609 USD 1,720,808 (75,734) (0.32)

15/04/2020 EUR 73,096 USD 83,617 (3,376) (0.01)

22/04/2020 EUR 646,956 USD 722,982 (12,590) (0.05)

22/04/2020 EUR 445,511 USD 497,896 (8,701) (0.04)

22/04/2020 EUR 363,982 USD 406,773 (7,101) (0.03)

22/04/2020 EUR 86,385 USD 98,000 (3,145) (0.01)

22/04/2020 EUR 79,642 USD 90,000 (2,549) (0.01)

22/04/2020 EUR 119,459 USD 132,000 (827) (0.00)

22/04/2020 EUR 81,646 USD 89,000 651 0.00

22/04/2020 EUR 126,116 USD 137,700 782 0.00

22/04/2020 EUR 102,948 USD 112,139 904 0.00

22/04/2020 GBP 30,112 USD 39,100 (1,748) (0.01)

22/04/2020 GBP 17,901 USD 23,000 (796) (0.00)

22/04/2020 GBP 87,917 USD 106,000 3,056 0.01

22/04/2020 JPY 8,118,630 USD 78,000 (2,732) (0.01)

22/04/2020 JPY 4,430,988 USD 40,517 563 0.00

22/04/2020 JPY 14,168,989 USD 129,200 2,161 0.01

22/04/2020 JPY 19,378,833 USD 177,218 2,444 0.01

22/04/2020 JPY 134,179,726 USD 1,227,011 16,975 0.07

22/04/2020 KRW 71,909,350 USD 60,403 (1,296) (0.01)

05/06/2020 KRW 141,540,000 USD 120,000 (3,475) (0.01)

22/04/2020 MXN 159,795 USD 8,500 (1,709) (0.01)

22/04/2020 NOK 86,307 USD 9,350 (1,130) (0.00)

22/04/2020 NZD 46,119 USD 29,000 (1,663) (0.01)

22/04/2020 NZD 4,785 USD 3,000 (164) (0.00)

22/04/2020 NZD 91,789 USD 53,000 1,408 0.01

22/04/2020 PLN 69,783 USD 17,850 (1,052) (0.00)

22/04/2020 PLN 38,398 USD 10,000 (757) (0.00)

22/04/2020 RON 74,698 USD 17,000 (68) (0.00)

22/04/2020 SEK 471,863 USD 48,973 (1,326) (0.01)

22/04/2020 SGD 101,112 USD 73,000 (1,965) (0.01)

22/04/2020 SGD 4,183 USD 3,000 (61) (0.00)

15/04/2020 USD 62,239 EUR 58,331 (1,793) (0.01)

15/04/2020 USD 12 EUR 11 0 0.00

15/04/2020 USD 52,833 EUR 47,486 706 0.00

22/04/2020 USD 7,001 AUD 11,141 181 0.00

22/04/2020 USD 16,611 AUD 26,126 619 0.00

22/04/2020 USD 18,231 AUD 27,052 1,672 0.01

22/04/2020 USD 124,438 AUD 186,151 10,491 0.04

22/04/2020 USD 236,432 AUD 353,717 19,914 0.08

22/04/2020 USD 29,739 CAD 40,887 1,008 0.00

22/04/2020 USD 17,082 CAD 22,627 1,181 0.00

22/04/2020 USD 53,765 CAD 74,343 1,524 0.01

22/04/2020 USD 36,432 CAD 48,926 2,052 0.01

22/04/2020 USD 71,765 CAD 95,588 4,595 0.02

22/04/2020 USD 73,849 CAD 97,907 5,050 0.02

22/04/2020 USD 170,620 CAD 227,259 10,925 0.04

22/04/2020 USD 727,365 CAD 968,770 46,606 0.20

22/04/2020 USD 86,272 CLP 66,625,189 8,060 0.03

22/04/2020 USD 1,296 CZK 29,382 119 0.00

22/04/2020 USD 24,912 CZK 583,846 1,526 0.01

22/04/2020 USD 27,423 CZK 629,610 2,204 0.01

22/04/2020 USD 266,270 EUR 243,000 (557) (0.00)

22/04/2020 USD 26,506 EUR 24,352 (233) (0.00)

22/04/2020 USD 15,202 EUR 13,506 372 0.00

04/05/2020 USD 75,775 EUR 67,687 1,413 0.01

22/04/2020 USD 5,891 GBP 5,086 (417) (0.00)

22/04/2020 USD 2,626 GBP 2,030 108 0.00

22/04/2020 USD 28,016 GBP 22,084 622 0.00

22/04/2020 USD 14,624 GBP 11,175 762 0.00

22/04/2020 USD 19,589 GBP 15,068 898 0.00

22/04/2020 USD 57,136 GBP 44,172 2,344 0.01

22/04/2020 USD 24,431 HUF 7,592,548 1,323 0.01

22/04/2020 USD 23,632 HUF 7,099,910 2,024 0.01

LA

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22/04/2020 USD 275,047 HUF 83,105,936 22,115 0.10

22/04/2020 USD 58,884 KRW 71,909,350 (222) (0.00)

22/04/2020 USD 58,000 MXN 1,412,274 (2,023) (0.01)

22/04/2020 USD 18,608 MXN 350,484 3,712 0.02

22/04/2020 USD 112,485 MXN 2,129,530 21,978 0.09

22/04/2020 USD 91,000 NOK 870,561 8,087 0.03

22/04/2020 USD 117,390 NOK 1,090,718 13,509 0.06

22/04/2020 USD 5,901 NZD 10,452 (294) (0.00)

22/04/2020 USD 7,700 NZD 11,933 627 0.00

22/04/2020 USD 20,141 NZD 32,578 831 0.00

22/04/2020 USD 123,224 NZD 192,823 8,928 0.04

22/04/2020 USD 167,365 NZD 261,838 12,161 0.05

22/04/2020 USD 26,392 PLN 103,496 1,478 0.01

22/04/2020 USD 83,789 PLN 327,745 4,896 0.02

22/04/2020 USD 18,053 RON 79,562 18 0.00

22/04/2020 USD 22,375 RON 97,954 172 0.00



Net unrealised gain on open forward foreign currency exchange contracts 105,662 0.43


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments 5.94% (2019: (1.45)%) (continued) Open Forward Foreign Currency Exchange Contracts 0.43% (2019: (0.21)%) (continued)

Notional Amount Security


USD

% of NAV

Financial Derivative Instruments 5.94% (2019: (1.45)%) (continued) Contracts for Difference 0.65% (2019: (0.06)%) (continued)



USD

% of NAV

Contracts for Difference 0.65% (2019: (0.06)%)

(13,000) Acer Inc 384 0.00

(60,000) Alibaba Pictures Group Ltd 2,275 0.01

(496) Alior Bank SA 3,059 0.01

(4,300) Alpek SAB de CV 3,428 0.01

(2,700) Alupar Investimento SA (894) (0.00)

115 Anglo American Platinum Ltd (1,012) (0.00)

7,500 Anhui Hengyuan Coal Industry and Electricity Power Co Ltd (901) (0.00)

267 Astral Foods Ltd (1,857) (0.01)

(3,729) Attacq Ltd 2,855 0.01

(17,000) AviChina Industry & Technology Co Ltd 1,151 0.00

(300) B3 SA - Brasil Bolsa Balcao 1,080 0.00

(1,600) Banco ABC Brasil SA 3,571 0.02

(182) Banco Santander Chile 2,369 0.01

(4,200) Becle SAB de CV 1,344 0.01

2,000 Beijing Capital Development Co Ltd (459) (0.00)

(4,000) Beijing Enterprises Water Group Ltd 561 0.00

(1,300) Berli Jucker PCL 637 0.00

(24,000) BES Engineering Corp 1,671 0.01

(382) Bid Corp Ltd 3,255 0.01

(313) Bidvest Group Ltd/The 1,721 0.01

(500) BRF SA 2,067 0.01

(2,090) BTS Group Holdings PCL (37) (0.00)

(20,900) BTS Group Holdings PCL (87) (0.00)

(801) Bukwang Pharmaceutical Co Ltd (7,768) (0.04)

2,400 C&S Paper Co Ltd 973 0.00

(6,000) CAR Inc 1,019 0.00

(114) CCC SA 2,986 0.01

(3,677) Cencosud SA 4,869 0.03

(2,000) Center Laboratories Inc 1,272 0.01

(299) CEZ AS 1,802 0.01

737 Chacha Food Co Ltd 2,157 0.01

2,000 China Aoyuan Group Ltd 46 0.00

(14,000) China Cinda Asset Management Co Ltd 292 0.00

(27,000) China Development Financial Holding Corp 1,594 0.01

(24,000) China Dongxiang Group Co Ltd 1,994 0.01

(7,000) China Everbright International Ltd 2,232 0.01

(2,000) China Everbright Ltd (13) (0.00)

(15,000) China Hongqiao Group Ltd 2,112 0.01

9,000 China Lesso Group Holdings Ltd 4,425 0.03

(3,000) China Life Insurance Co Ltd/Taiwan 830 0.00

(10,000) China Merchants Port Holdings Co Ltd 4,043 0.02

(22,000) China Petrochemical Development Corp 1,665 0.01

(21,000) China Reinsurance Group Corp 498 0.00

(10,000) China Resources Pharmaceutical Group Ltd 2,592 0.01

(11,000) China Steel Corp 1,452 0.01

14,000 China Telecom Corp Ltd (2,011) (0.01)

(28,000) China Travel International Investment Hong Kong Ltd 872 0.00

4,000 China Unicom Hong Kong Ltd (1,806) (0.01)

4,609 China Union Holdings Ltd (823) (0.00)

(11,600) China Zhongwang Holdings Ltd 950 0.00

(4,000) Chunghwa Telecom Co Ltd (565) (0.00)

(200) Cia Brasileira de Distribuicao 1,719 0.01

(219) Cia Cervecerias Unidas SA 557 0.00

(400) Cia Energetica de Sao Paulo 914 0.00

(10,200) CK Power PCL 1,148 0.00

(3,000) Clevo Co 825 0.00

449 Clicks Group Ltd 147 0.00

4,000 CNOOC Ltd (1,707) (0.01)

(4,300) Cogna Educacao 6,414 0.04

(25,000) Compal Electronics Inc 346 0.00

(2,000) Coretronic Corp 529 0.00

1,428 Coronation Fund Managers Ltd (3,757) (0.02)

(300) Cosan SA 805 0.00

(4,000) COSCO SHIPPING Ports Ltd 1,592 0.01

4,000 Country Garden Holdings Co Ltd (966) (0.00)

4,000 CSPC Pharmaceutical Group Ltd (1,939) (0.01)

(335) Despegar.com Corp 2,502 0.01

(612) Discovery Ltd 3,359 0.01

(239) Dongsuh Cos Inc 2,272 0.01

6,000 Dongyue Group Ltd (1,708) (0.01)

(9,260) Dubai Investments PJSC 426 0.00

314 Ecopetrol SA (2,448) (0.01)

(2,099) Enka Insaat ve Sanayi AS 459 0.00

(3,200) Equatorial Energia SA 2,267 0.01

418 Exxaro Resources Ltd (1,929) (0.01)

(2,000) Far EasTone Telecommunications Co Ltd 542 0.00

(1,000) Formosa Petrochemical Corp 152 0.00

(2,000) Fosun International Ltd 331 0.00

711 Fujian Sunner Development Co Ltd (297) (0.00)

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2,238 Gansu Qilianshan Cement Group Co Ltd 1,565 0.01

(56) Genexine Co Ltd 84 0.00

(53,000) GOME Retail Holdings Ltd (178) (0.00)

(7,672) Growthpoint Properties Ltd 6,250 0.04

256 Grupo Aeroportuario del Centro Norte SAB de CV (4,961) (0.03)

(624) Grupo Argos SA/Colombia 2,185 0.01

(610) Grupo Televisa SAB 1,925 0.01

(4,000) Guangzhou Automobile Group Co Ltd (322) (0.00)

(15) Hanmi Pharm Co Ltd 357 0.00

(39) Hanssem Co Ltd 698 0.00

1,790 Harmony Gold Mining Co Ltd 66 0.00

(212) HDC Holdings Co Ltd 871 0.00

(2,000) Hengan International Group Co Ltd (1,429) (0.01)

(9,000) Highwealth Construction Corp 1,575 0.01

(356) Hite Jinro Co Ltd (2,474) (0.01)

(2,000) Hon Hai Precision Industry Co Ltd 766 0.00

(2,000) HTC Corp 312 0.00

(7,000) Hua Nan Financial Holdings Co Ltd 903 0.00

1,100 Huaxin Cement Co Ltd 1,632 0.01

(106) Hyosung Corp 1,247 0.01

(10) Hyundai Heavy Industries Holdings Co Ltd 685 0.00

(109) Hyundai Mipo Dockyard Co Ltd 957 0.00

420 Impala Platinum Holdings Ltd (350) (0.00)

836 Infosys Ltd (1,860) (0.01)

(91) Innocean Worldwide Inc 1,239 0.01

(57,500) IRPC PCL 4,486 0.03

(6,900) Jasa Marga Persero Tbk PT 1,627 0.01

1,000 Jiangsu Hengli Hydraulic Co Ltd 4,736 0.03

6,200 Jiangsu Kanion Pharmaceutical Co Ltd (936) (0.00)

(2,000) Kingboard Laminates Holdings Ltd 280 0.00

(1,000) Kingdee International Software Group Co Ltd (23) (0.00)

(86) Kolmar Korea Co Ltd 763 0.00

(183) Kolon Industries Inc 3,764 0.02

(66) Korea Shipbuilding & Offshore Engineering Co Ltd 1,686 0.01

6,000 Kunlun Energy Co Ltd (1,424) (0.01)

303 Leejam Sports Co JSC (2,378) (0.01)

(1,200) Legend Holdings Corp 977 0.00

(4,000) Lenovo Group Ltd 373 0.00

(284) LF Corp 1,717 0.01

2,000 Li Ning Co Ltd 2,298 0.01

(380) Lotte Corp 5,828 0.03

(259) LOTTE Himart Co Ltd 3,424 0.01

56 LUKOIL PJSC (481) (0.00)

330 Magnitogorsk Iron & Steel Works PJSC (1,011) (0.00)

(1,806) Mahindra & Mahindra Ltd 6,774 0.04

(101) Mail.Ru Group Ltd 898 0.00

(8,000) Mercuries Life Insurance Co Ltd 869 0.00

(2,800) Minor International PCL 2,011 0.01

(1,074) Moneta Money Bank AS 1,383 0.01

298 MTN Group Ltd (1,387) (0.01)

(17) Naspers Ltd (44) (0.00)

(82) Noah Holdings Ltd 267 0.00

(159) OCI Co Ltd 3,562 0.01

(1,201) Omega Geracao SA 184 0.00

(1,875) Ooredoo QPSC 358 0.00

(8,400) Orient Securities Co Ltd/China 734 0.00

(915) Promotora y Operadora de Infraestructura SAB de CV 2,389 0.01

(757) Qatar Electricity & Water Co QSC 187 0.00

(5,876) Qatar Gas Transport Co Ltd 140 0.00

4,200 Qingdao Port International Co Ltd (962) (0.00)

189 QIWI plc (1,539) (0.01)

(4,000) Quanta Computer Inc (1,041) (0.00)

(2,768) Rand Merchant Investment Holdings Ltd 3,629 0.02

(7,214) Redefine Properties Ltd 2,818 0.01

600 Resilient REIT Ltd (1,641) (0.01)

(1,000) Road King Infrastructure Ltd 240 0.00

2,500 Ronshine China Holdings Ltd (428) (0.00)

1,003 Rosseti PJSC (4) (0.00)

8,670 RusHydro PJSC (835) (0.00)

(676) Samsung Heavy Industries Co Ltd 1,702 0.01

(19) Samsung SDI Co Ltd (26) (0.00)

(125) Santander Bank Polska SA 5,796 0.03

2,000 Sany Heavy Industry Co Ltd 1,089 0.00

(4,000) Shanghai Industrial Holdings Ltd 1,680 0.01

200 Shanghai International Airport Co Ltd (554) (0.00)

4,300 Shanghai Pudong Development Bank Co Ltd (765) (0.00)

400 Shenzhen Desay Battery Technology Co (254) (0.00)

(16,000) Shui On Land Ltd 539 0.00

(300) Siam Cement PCL/The 1,100 0.00

2,174 Sibanye Stillwater Ltd 118 0.00

(84) Silicon Works Co Ltd 441 0.00

(61) SINA Corp/China 364 0.00

(4,000) Sinopec Engineering Group Co Ltd 665 0.00

(16,000) Sinopec Shanghai Petrochemical Co Ltd 639 0.00

(800) Sinopharm Group Co Ltd 884 0.00

(658) SK Networks Co Ltd (15) (0.00)

(8,500) SOHO China Ltd (1,351) (0.01)

(182) S-Oil Corp 3,446 0.01

130 State Bank of India (1,790) (0.01)

(19,395) Taishin Financial Holding Co Ltd 943 0.00

(7,000) Taiwan Fertilizer Co Ltd (92) (0.00)

370 Taiwan Semiconductor Manufacturing Co Ltd 3,004 0.01

(4,000) Taiwan TEA Corp 464 0.00

1,500 Tangshan Jidong Cement Co Ltd 333 0.00

(4,700) Telesites SAB de CV 489 0.00

(1,000) Thai Oil PCL 1,171 0.00

200 Topchoice Medical Corp 411 0.00

(1,600) Transmissora Alianca de Energia Eletrica SA 3,395 0.01

(2,000) TravelSky Technology Ltd 576 0.00

(151) Trip.com Group Ltd 1,331 0.01

(3,000) TSRC Corp 1,114 0.00

(3,000) Tung Ho Steel Enterprise Corp (148) (0.00)

(1,503) Ulker Biskuvi Sanayi AS 270 0.00

(500) Ultrapar Participacoes SA 1,003 0.00

187 Vipshop Holdings Ltd 487 0.00



USD

% of NAV




USD

% of NAV



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312 Vodacom Group Ltd (309) (0.00)

(5,714) Vodafone Qatar QSC 594 0.00

1,687 VTB Bank PJSC (545) (0.00)

(2,519) Vukile Property Fund Ltd 1,331 0.01

1,400 Weichai Power Co Ltd 160 0.00

20,000 West China Cement Ltd 515 0.00

107 WNS Holdings Ltd (2,069) (0.01)

(92) WONIK IPS Co Ltd 789 0.00

(8,000) WPG Holdings Ltd 538 0.00

(14,000) Yuexiu Real Estate Investment Trust 2,428 0.01

8,000 Yuexiu Transport Infrastructure Ltd (1,213) (0.00)

(10,000) Yulon Motor Co Ltd 1,789 0.01

(569) Yungjin Pharmaceutical Co Ltd 216 0.00

(20,000) Zhejiang Expressway Co Ltd 4,222 0.02

1,200 Zhejiang Garden Bio-Chemical High-tech Co Ltd 511 0.00

3,600 Zhejiang Jingxin Pharmaceutical Co Ltd (736) (0.00)

Unrealised gain on contracts for difference 227,675 0.93

Unrealised loss on contracts for difference (68,559) (0.28)

Net unrealised gain on contracts for difference 159,116 0.65




USD

% of NAV


CCY Notional Amount

Fair Value USD

% of NAV

Total Return Swaps 4.86% (2019: (1.19)%)

USD USD Bloomberg Commodity Index (6,046) 204,030 0.84

USD USD MSCI Daily TR AC Word Ex USA Index (3,398) 107,883 0.44

USD USD MSCI Daily TR AC Word Index (3,488) 238,213 0.99

USD USD MSCI Daily TR Gross EM Index (59) 26,764 0.11

USD USD MSCI Daily TR Gross Europe Index (31) 68,759 0.28

USD USD MSCI Daily TR Gross World Index (219) 319,791 1.32

USD USD S&P 500 TR Index SM (196) 213,730 0.88

Total Return Swaps at positive fair value 1,179,170 4.86

Total Financial Derivative Instruments 1,443,948 5.94


Other Net Assets (2019: 16.27%) 3,954,447 16.27

Net Assets 24,309,182 100.00




Investment funds 13.97


Other assets 16.72

Total Assets 100.00


Citibank NA

Citigroup Global Markets Inc

HSBC Bank Plc



The counterparty for the contracts for difference is Morgan Stanley.

The counterparty for the total return swaps is Morgan Stanley.


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Sweden 8.68% (2019: Nil) (continued)

142,172 Swedish Match AB 7,428,204 2.10

977,366 Telefonaktiebolaget LM Ericsson 7,287,612 2.06

30,645,796 8.68

Switzerland 10.78% (2019: 6.53%)

19,086 Lonza Group AG 7,230,658 2.05

117,731 Nestle SA 11,028,500 3.12

22,686 Roche Holding AG 6,710,850 1.90

44,824 Sonova Holding AG 7,363,392 2.09

11,675 Swisscom AG 5,720,686 1.62

38,054,086 10.78



Total Investments excluding Financial Derivative Instruments 308,243,343 87.31

Lazard European Alternative Fund Portfolio of Investments as at 31 March 2020

Principal Amount

Fair Value EUR

% of NAV


Number of Shares

Fair Value EUR

% of NAV


Germany 48.11% (2019: 66.02%)

Government Bonds

16,335,000 Bundesschatzanweisungen - Zero coupon 12/06/2020* 16,357,738 4.63

44,750,000 Bundesschatzanweisungen - Zero coupon 11/12/2020* 44,971,781 12.74

16,680,000 German Treasury Bill - Zero coupon 10/06/2020* 16,700,326 4.73

29,165,000 German Treasury Bill - Zero coupon 08/07/2020 29,214,986 8.28



169,852,467 48.11


Number of Shares

Fair Value EUR

% of NAV

Equities 39.20% (2019: 25.80%)

Belgium 0.93% (2019: Nil)

103,344 Umicore SA 3,291,506 0.93

Denmark Nil (2019: 1.46%)

Finland 1.37% (2019: Nil)

1,683,302 Nokia OYJ 4,829,393 1.37

Germany 10.29% (2019: 7.69%)

302,855 Deutsche Post AG 7,503,233 2.13

69,729 Merck KGaA 6,528,029 1.85

47,700 MTU Aero Engines AG 6,360,795 1.80

61,419 Puma SE 3,341,194 0.95

71,795 SAP SE 7,380,526 2.09

48,677 Volkswagen AG 5,200,651 1.47

36,314,428 10.29


46,169 Linde Plc 7,412,433 2.10

Netherlands 3.36% (2019: 3.37%)

123,391 Akzo Nobel NV 7,404,694 2.10

70,718 Prosus NV 4,465,842 1.26

11,870,536 3.36

Norway 0.35% (2019: 1.38%)

89,478 Mowi ASA 1,232,026 0.35

Portugal Nil (2019: 1.90%)

Spain 1.34% (2019: 3.47%)

216,766 Ferrovial SA 4,740,672 1.34

Sweden 8.68% (2019: Nil)

476,270 Hennes & Mauritz AB 5,607,698 1.59

109,315 Hexagon AB 4,263,507 1.21

345,755 Lundin Petroleum AB 6,058,775 1.72

Notional Amount

Average Cost Price


EUR

% of NAV

Financial Derivative Instruments (2.16)% (2019: 0.08%) Open Futures Contracts (0.61)% (2019: (0.09)%)

(17,258,909) (9,457)(73) of Dax Index Futures Short Futures Contracts Expiring 19/06/2020

(822,279) (0.24)

(10,850,980) (2,733)(397) of Euro STOXX 50 Short Futures Contracts Expiring 19/06/2020

(54,610) (0.02)

(18,000,706) (130)(1388) of Omxs30 Index Futures Short Futures Contracts Expiring 17/04/2020

(895,412) (0.25)

(18,442,930) (2,349)(157) of S&P 500 E-mini Futures Short Futures Contracts Expiring 19/06/2020

58,663 0.02

(18,710,451) (8,390)(223) of Swiss Market Index Futures Short Futures Contracts Expiring 19/06/2020

(435,739) (0.12)

Unrealised gain on open futures contracts 58,663 0.02

Unrealised loss on open futures contracts (2,208,040) (0.63)

Net unrealised loss on open futures contracts (2,149,377) (0.61)

Maturity Date

Amount Bought

Amount Sold


EUR

% of NAV

Open Forward Foreign Currency Exchange Contracts 0.06% (2019: 0.00%)

15/04/2020 EUR 2,755 GBP 2,517 (89) (0.00)

15/04/2020 EUR 2,961 GBP 2,596 27 0.00

15/04/2020 EUR 3,849 GBP 3,358 55 0.00

15/04/2020 EUR 176,070 USD 201,411 (7,409) (0.00)

15/04/2020 EUR 98,023 USD 110,816 (2,927) (0.00)

15/04/2020 EUR 83,626 USD 93,638 (1,674) (0.00)

15/04/2020 EUR 39,373 USD 45,040 (1,657) (0.00)

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15/04/2020 EUR 60,752 USD 67,800 (1,012) (0.00)

15/04/2020 EUR 98,132 USD 108,566 (768) (0.00)

15/04/2020 EUR 156,204 USD 172,309 (764) (0.00)

15/04/2020 EUR 22,899 USD 25,888 (684) (0.00)

15/04/2020 EUR 19,452 USD 21,780 (389) (0.00)

15/04/2020 EUR 8,654 USD 9,899 (364) (0.00)

15/04/2020 EUR 4,309 USD 4,855 (113) (0.00)

15/04/2020 EUR 2,408 USD 2,755 (101) (0.00)

15/04/2020 EUR 1,527 USD 1,726 (46) (0.00)

15/04/2020 EUR 1,150 USD 1,288 (23) (0.00)

15/04/2020 EUR 5,428 USD 5,981 (21) (0.00)

15/04/2020 GBP 93,220 EUR 106,379 (1,057) (0.00)

15/04/2020 GBP 23,503 EUR 26,831 (278) (0.00)

01/04/2020 USD 108,566 EUR 98,179 765 0.00

15/04/2020 USD 3,944 EUR 3,570 23 0.00

15/04/2020 USD 60,499 EUR 52,687 2,426 0.00

15/04/2020 USD 217,387 EUR 189,317 8,716 0.00

15/04/2020 USD 1,022,405 EUR 890,387 40,990 0.01

15/04/2020 USD 4,385,958 EUR 3,819,622 175,842 0.05



Net unrealised gain on open forward foreign currency exchange contracts 209,468 0.06

Lazard European Alternative Fund (continued)Portfolio of Investments as at 31 March 2020

Maturity Date

Amount Bought

Amount Sold


EUR

% of NAV

Financial Derivative Instruments (2.16)% (2019: 0.08%) (continued) Open Forward Foreign Currency Exchange Contracts 0.06% (2019: 0.00%) (continued)



EUR

% of NAV

Financial Derivative Instruments (2.16)% (2019: 0.08%) (continued) Contracts for Difference (1.61)% (2019: 0.17%) (continued)



EUR

% of NAV

Contracts for Difference (1.61)% (2019: 0.17%)

(5,116) Adyen NV (275,313) (0.08)

57,694 Airbus SE (254,576) (0.07)

(668,508) Bae Systems Plc (270,419) (0.08)

(1,120,446) Boohoo Group Plc 194,696 0.06

3,197,909 BT Group Plc (207,001) (0.06)

235,970 Coca-Cola HBC AG (296,267) (0.08)

(103,900) Compagnie Financiere Richemont SA (65,464) (0.02)

539,409 Compass Group Plc 209,165 0.06

241,123 CRH Plc 180,619 0.05

182,325 Diageo Plc 197,308 0.06

(17,000) Draegerwerk AG & Co KGAA 53,301 0.02

(349,503) EQT (261,638) (0.07)

68,445 EssilorLuxottica SA (1,509,986) (0.43)

(9,168) Eurofins Scientific (90,092) (0.03)

(57,436) Grenke AG 685,773 0.19

335,768 Hargreaves Lansdown Plc (34,006) (0.01)

53,557 Iliad SA 197,527 0.06

123,311 InterContinental Hotels Group Plc 58,348 0.02

(10,951) Kering (212,161) (0.06)

(15,066) LVMH Moet Hennessy Louis Vuitton SE (98,525) (0.03)

(92,394) Novozymes A/S (231,082) (0.07)

550,872 Orange SA (548,555) (0.16)

(1,165,938) Rotork Plc (120,380) (0.03)

(91,090) Salmar ASA 437,374 0.12

83,481 Sanofi (544,426) (0.15)

61,067 Schnieider Electric SE (940,266) (0.27)

(7,898) Straumann AG (595,819) (0.17)

19,504 Teleperformance 10,720 0.00

(22,600) Temenos AG (21,702) (0.01)

2,637,333 Tesco Plc 247,557 0.07

71,012 Vinci SA 87,810 0.02

580,053 Vivendi SA (1,659,164) (0.46)

Unrealised gain on contracts for difference 2,560,198 0.73

Unrealised loss on contracts for difference (8,236,842) (2.34)

Net unrealised loss on contracts for difference (5,676,644) (1.61)



Other Net Assets (2019: 8.10%) 52,419,867 14.85

Net Assets 353,046,657 100.00

Analysis of total assets (unadited) % of Total assets


Transferable securities dealt in on another regulated market 4.50



Other assets 16.11

Total Assets 100.00

The counterparty for the open futures contracts is Morgan Stanley.

The counterparty for the open forward foreign currency exchange contracts is State Street Bank and Trust Company.

The counterparties for the contracts for difference are:


Morgan Stanley

* A portion of these securities is pledged as collateral in connection with the collateral requirements for contracts for difference held by the Fund. The amount of collateral that is pledged is EUR 68,044,184.


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Principal Amount

Fair Value USD

% of NAV


Number of Shares

Fair Value USD

% of NAV

Transferable Securities 109.60% (2019: 98.74%) (continued) Equities 4.63% (2019: 0.87%)

Lazard Rathmore Alternative Fund Portfolio of Investments as at 31 March 2020

Bermuda Nil (2019: 019%)


Convertible Bonds

6,500,000 ANLLIAN Capital Ltd - Zero coupon 05/02/2025 6,192,050 2.10

Canada 0.42% (2019: 2.11%)

Convertible Bonds

2,963,000 Aurora Cannabis Inc 5.500% 28/02/2024 1,238,313 0.42

Cayman Islands 1.58% (2019: 3.56%)

Convertible Bonds

1,600,000 Bosideng International SR 1.000% 17/12/2024 1,159,072 0.39

3,571,000 Sino Biopharmaceutical Ltd - Zero coupon 17/02/2025 3,499,632 1.19

4,658,704 1.58

Marshall Islands Nil (2019: 0.27%)

Mexico Nil (2019: 3.05%)

Netherlands 2.13% (2019: 0.97%)

Convertible Bonds

2,300,000 Pharming Group NV 3.000% 21/01/2025 2,300,646 0.78

4,600,000 Yandex NV 0.750% 03/03/2025 3,989,278 1.35

6,289,924 2.13

Taiwan 0.45% (2019: Nil)

Convertible Bonds

1,600,000 Innolux Corp - Zero coupon 22/01/2025 1,320,000 0.45

United States 98.29% (2019: 0.60%)

Convertible Bonds

7,398,000 Allscripts Healthcare Solutions Inc 1.250% 01/07/2020 7,126,301 2.41

2,926,000 Encore Capital Group Inc 2.875% 15/03/2021 2,634,778 0.89

1,828,000 Liberty Interactive LLC 3.750% 15/02/2030 1,195,055 0.40

2,534,000 Tilray Inc 5.000% 01/10/2023 813,511 0.28

Government Bonds

39,995,000 United States Treasury Bill - Zero coupon 23/04/2020* 39,994,474 13.55







290,183,365 98.29


Cayman Islands 0.13% (2019: 0.17%)

14,507 Momo Inc 314,657 0.11

1,840 Pinduoduo Inc 66,295 0.02

380,952 0.13

Israel 0.22% (2019: Nil)

7,511 CyberArk Software Ltd 642,641 0.22

United Kingdom 0.12% (2019: 0.10%)

16,241 Cardtronics Plc 339,762 0.12

United States 4.16% (2019: 0.60%)

3,062 Air Transport Services Group Inc 55,973 0.02

11,431 Akamai Technologies Inc 1,045,822 0.35

4,835 BioMarin Pharmaceutical Inc 408,558 0.14

9,280 Cleveland-Cliffs Inc 36,656 0.01

2,070 Cree Inc 73,402 0.02

6,245 Encore Capital Group Inc 146,008 0.05

8,007 Enphase Energy Inc 258,546 0.09

25,206 Etsy Inc 968,919 0.33

1,020 Exact Sciences Corp 59,160 0.02

10,040 Guidewire Software Inc 796,272 0.27

46,150 Hope Bancorp Inc 379,353 0.13

2,357 Insulet Corp 390,508 0.13

6,902 Lumentum Holdings Inc 508,677 0.17

5,824 MongoDB Inc 795,209 0.27

5,092 Okta Inc 622,548 0.21

78,319 ON Semiconductor Corp 974,288 0.33

1,185 Pegasystems Inc 84,408 0.03

3,405 PRA Group Inc 94,387 0.03

7,180 Proofpoint Inc 736,596 0.25

780 Pure Storage Inc 9,594 0.00

1,642 RingCentral Inc 347,956 0.12

5,118 Splunk Inc 646,045 0.22

19,467 Square Inc 1,019,681 0.35

8,637 Workday Inc 1,124,710 0.38

103,663 Zynga Inc 710,092 0.24

12,293,368 4.16



Total Value of Investments excluding Financial

Derivative Instruments 323,539,079 109.60

Notional Amount

Average Cost Price


USD

% of NAV

Financial Derivative Instruments (10.54)% (2019: (0.68)%) Open Futures Contracts 0.01% (2019: (0.01)%)

(19,288,175) (2,572)(150) of S&P500 E-mini Futures Short Futures Contracts Expiring 18/09/2020

38,675 0.01

Net unrealised gain on open futures contracts 38,675 0.01

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Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments (10.54)% (2019: (0.68)%) (continued) Open Forward Foreign Currency Exchange Contracts (5.33)% (2019: 0.00%)

Maturity Date

Amount Bought

Amount Sold


USD

% of NAV

Financial Derivative Instruments (10.54)% (2019: (0.68)%) (continued) Open Forward Foreign Currency Exchange Contracts (5.33)% (2019: 0.00%) (continued)

Lazard Rathmore Alternative Fund (continued) Portfolio of Investments as at 31 March 2020

22/04/2020 CAD 2,503,000 USD 1,762,634 (3,767) (0.00)

01/04/2020 CHF 19,978 USD 20,897 (248) (0.00)

15/04/2020 CHF 5,620,322 USD 6,095,893 (283,389) (0.10)

15/04/2020 CHF 612,317 USD 664,129 (30,874) (0.01)

15/04/2020 CHF 302,960 USD 326,578 (13,259) (0.00)

15/04/2020 CHF 37,531 USD 40,456 (1,642) (0.00)

15/04/2020 CHF 143,579 USD 149,332 (843) (0.00)

15/04/2020 CHF 15,873 USD 16,509 (93) (0.00)

01/04/2020 EUR 3,063,564 USD 3,387,689 (26,192) (0.01)

01/04/2020 EUR 34,326 USD 37,958 (293) (0.00)

01/04/2020 EUR 2,447 USD 2,705 (21) (0.00)

15/04/2020 EUR 102,964,445 USD 118,000,000 (5,203,434) (1.77)

15/04/2020 EUR 34,115,809 USD 39,174,160 (1,724,085) (0.58)

15/04/2020 EUR 7,496,400 USD 8,607,891 (378,840) (0.13)

15/04/2020 EUR 6,968,261 USD 8,001,445 (352,150) (0.12)

15/04/2020 EUR 4,775,483 USD 5,462,794 (220,585) (0.07)

15/04/2020 EUR 1,635,777 USD 1,871,206 (75,559) (0.03)

15/04/2020 EUR 361,595 USD 413,637 (16,703) (0.01)

15/04/2020 EUR 2,263,271 USD 2,500,172 (15,703) (0.01)

15/04/2020 EUR 339,636 USD 388,518 (15,688) (0.01)

15/04/2020 EUR 243,264 USD 279,333 (12,294) (0.00)

15/04/2020 EUR 828,690 USD 915,431 (5,750) (0.00)

15/04/2020 EUR 190,742 USD 210,708 (1,323) (0.00)

15/04/2020 EUR 180,803 USD 199,728 (1,254) (0.00)

15/04/2020 EUR 31,143 USD 35,383 (1,196) (0.00)

15/04/2020 EUR 11,641 USD 13,317 (538) (0.00)

15/04/2020 EUR 37,057 USD 41,137 (458) (0.00)

15/04/2020 EUR 23,604 USD 26,343 (432) (0.00)

15/04/2020 EUR 2,624 USD 2,963 (83) (0.00)

15/04/2020 EUR 5,269 USD 5,842 (58) (0.00)

15/04/2020 EUR 3,143 USD 3,507 (57) (0.00)

15/04/2020 EUR 6,544 USD 7,240 (56) (0.00)

15/04/2020 EUR 1,616 USD 1,825 (51) (0.00)

15/04/2020 EUR 975 USD 1,115 (45) (0.00)

15/04/2020 EUR 6,038 USD 6,670 (42) (0.00)

15/04/2020 EUR 2,046 USD 2,271 (25) (0.00)

15/04/2020 EUR 406 USD 462 (16) (0.00)

15/04/2020 EUR 1,995 USD 2,200 (11) (0.00)

15/04/2020 EUR 2,008 USD 2,216 (11) (0.00)

15/04/2020 EUR 625 USD 698 (11) (0.00)

15/04/2020 EUR 1,921 USD 2,119 (10) (0.00)

15/04/2020 EUR 2,516 USD 2,766 (4) (0.00)

15/04/2020 EUR 525 USD 579 (3) (0.00)

15/04/2020 EUR 424 USD 460 5 0.00

15/04/2020 EUR 448 USD 482 9 0.00

15/04/2020 EUR 2,024 USD 2,179 42 0.00

15/04/2020 EUR 5,703 USD 6,163 98 0.00

15/04/2020 EUR 6,532 USD 6,988 183 0.00

15/04/2020 EUR 17,683 USD 19,170 241 0.00

15/04/2020 EUR 152,422 USD 165,366 1,953 0.00

15/04/2020 EUR 750,000 USD 813,088 10,213 0.00

22/04/2020 EUR 4,991,000 USD 5,432,559 47,823 0.02

22/04/2020 EUR 8,854,000 USD 9,642,502 79,659 0.03

01/04/2020 GBP 18,745 USD 23,158 85 0.00

01/04/2020 GBP 29,059 USD 35,899 132 0.00

01/04/2020 GBP 1,000,000 USD 1,235,400 4,550 0.00

15/04/2020 GBP 50,059,681 USD 65,594,201 (3,508,417) (1.20)

15/04/2020 GBP 29,888,541 USD 39,163,553 (2,094,730) (0.71)

15/04/2020 GBP 11,169,533 USD 14,635,662 (782,813) (0.27)

15/04/2020 GBP 2,014,953 USD 2,640,233 (141,217) (0.05)

15/04/2020 GBP 1,660,162 USD 2,175,343 (116,352) (0.04)

15/04/2020 GBP 487,750 USD 639,516 (34,592) (0.01)

15/04/2020 GBP 279,998 USD 367,121 (19,858) (0.01)

15/04/2020 GBP 109,617 USD 143,725 (7,774) (0.00)

15/04/2020 GBP 500,000 USD 627,715 (7,597) (0.00)

15/04/2020 GBP 19,734 USD 25,875 (1,400) (0.00)

15/04/2020 GBP 17,611 USD 23,091 (1,249) (0.00)

15/04/2020 GBP 38,145 USD 47,889 (580) (0.00)

15/04/2020 GBP 2,652 USD 3,477 (188) (0.00)

15/04/2020 GBP 2,052 USD 2,646 (101) (0.00)

15/04/2020 GBP 55,204 USD 68,538 (72) (0.00)

15/04/2020 GBP 14,239 USD 17,678 (19) (0.00)

15/04/2020 GBP 2,552 USD 3,168 (3) (0.00)

15/04/2020 GBP 59 USD 68 5 0.00

15/04/2020 GBP 668 USD 787 42 0.00

15/04/2020 GBP 6,494 USD 7,629 424 0.00

15/04/2020 GBP 6,654 USD 7,769 484 0.00

15/04/2020 GBP 18,654 USD 22,644 492 0.00

15/04/2020 GBP 8,358 USD 9,820 546 0.00

15/04/2020 GBP 10,699 USD 12,587 682 0.00

15/04/2020 GBP 39,901 USD 48,642 844 0.00

15/04/2020 GBP 48,705 USD 59,375 1,031 0.00

15/04/2020 GBP 325,469 USD 402,179 1,479 0.00

15/04/2020 GBP 226,996 USD 276,725 4,804 0.00

15/04/2020 GBP 677,600 USD 826,043 14,341 0.00

15/04/2020 GBP 1,202,560 USD 1,466,006 25,451 0.01

15/04/2020 GBP 1,000,000 USD 1,178,858 61,377 0.02

22/04/2020 USD 489,666 CAD 652,000 31,503 0.01

15/04/2020 USD 251,817 CHF 248,465 (5,144) (0.00)

15/04/2020 USD 144,946 CHF 142,534 (2,462) (0.00)

15/04/2020 USD 27,650 CHF 27,142 (419) (0.00)

15/04/2020 USD 16,176 CHF 15,961 (330) (0.00)

15/04/2020 USD 15,906 CHF 15,641 (270) (0.00)

15/04/2020 USD 24,644 CHF 24,089 (268) (0.00)

15/04/2020 USD 11,307 CHF 11,082 (154) (0.00)

15/04/2020 USD 11,821 CHF 11,486 (58) (0.00)

15/04/2020 USD 19,232 CHF 18,603 (7) (0.00)

15/04/2020 USD 11,148 CHF 10,727 55 0.00

15/04/2020 USD 20,911 CHF 19,978 249 0.00

15/04/2020 USD 15,912 CHF 15,136 259 0.00

15/04/2020 USD 11,317 CHF 10,500 458 0.00

15/04/2020 USD 194,709 CHF 184,115 4,298 0.00

01/04/2020 USD 7,236 EUR 6,544 56 0.00

15/04/2020 USD 6,197,512 EUR 5,793,171 (161,848) (0.05)

15/04/2020 USD 2,625,377 EUR 2,460,520 (75,619) (0.03)

15/04/2020 USD 2,438,176 EUR 2,265,511 (48,751) (0.02)

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15/04/2020 USD 1,534,106 EUR 1,437,773 (44,187) (0.01)

15/04/2020 USD 880,317 EUR 817,975 (17,602) (0.01)

15/04/2020 USD 3,243,311 EUR 2,968,434 (15,239) (0.01)

15/04/2020 USD 351,858 EUR 329,763 (10,135) (0.00)

15/04/2020 USD 333,862 EUR 312,897 (9,616) (0.00)

15/04/2020 USD 583,898 EUR 538,593 (7,334) (0.00)

15/04/2020 USD 202,248 EUR 187,925 (4,044) (0.00)

15/04/2020 USD 191,814 EUR 178,230 (3,835) (0.00)

15/04/2020 USD 134,850 EUR 124,798 (2,145) (0.00)

15/04/2020 USD 78,644 EUR 73,372 (1,899) (0.00)

15/04/2020 USD 115,377 EUR 106,425 (1,449) (0.00)

15/04/2020 USD 60,978 EUR 56,247 (766) (0.00)

15/04/2020 USD 11,613 EUR 10,883 (334) (0.00)

15/04/2020 USD 12,641 EUR 11,699 (201) (0.00)

15/04/2020 USD 6,706 EUR 6,231 (134) (0.00)

15/04/2020 USD 3,656 EUR 3,417 (95) (0.00)

15/04/2020 USD 2,974 EUR 2,775 (72) (0.00)

15/04/2020 USD 4,925 EUR 4,543 (62) (0.00)

15/04/2020 USD 418 EUR 391 (11) (0.00)

15/04/2020 USD 1,799 EUR 1,621 20 0.00

15/04/2020 USD 2,707 EUR 2,447 21 0.00

15/04/2020 USD 16,542 EUR 15,045 26 0.00

15/04/2020 USD 4,310 EUR 3,887 43 0.00

15/04/2020 USD 9,102 EUR 8,251 44 0.00

15/04/2020 USD 37,244 EUR 33,874 59 0.00

15/04/2020 USD 2,178 EUR 1,928 61 0.00

15/04/2020 USD 63,629 EUR 57,872 101 0.00

15/04/2020 USD 7,441 EUR 6,667 122 0.00

15/04/2020 USD 7,304 EUR 6,523 143 0.00

15/04/2020 USD 23,790 EUR 21,458 235 0.00

15/04/2020 USD 37,976 EUR 34,326 295 0.00

15/04/2020 USD 17,334 EUR 15,257 586 0.00

15/04/2020 USD 14,695 EUR 12,847 592 0.00

15/04/2020 USD 33,823 EUR 29,570 1,363 0.00

15/04/2020 USD 172,648 EUR 154,189 3,389 0.00

15/04/2020 USD 272,571 EUR 243,429 5,351 0.00

15/04/2020 USD 813,408 EUR 726,442 15,967 0.01

15/04/2020 USD 3,790,966 EUR 3,435,607 19,584 0.01

15/04/2020 USD 1,580,481 EUR 1,416,181 25,891 0.01

15/04/2020 USD 3,389,307 EUR 3,063,564 26,329 0.01

15/04/2020 USD 827,584 EUR 728,413 27,981 0.01

15/04/2020 USD 2,473,034 EUR 2,222,752 33,044 0.01

15/04/2020 USD 1,063,693 EUR 936,229 35,964 0.01

15/04/2020 USD 8,302,796 EUR 7,439,675 136,015 0.06

22/04/2020 USD 29,437,554 EUR 26,772,000 40,482 0.01

01/04/2020 USD 402,084 GBP 325,469 (1,481) (0.00)

01/04/2020 USD 11,113 GBP 9,000 (46) (0.00)

15/04/2020 USD 2,626,875 GBP 2,250,000 (163,654) (0.06)

15/04/2020 USD 1,759,179 GBP 1,515,227 (120,060) (0.04)

15/04/2020 USD 1,418,315 GBP 1,237,784 (116,829) (0.04)

15/04/2020 USD 1,530,597 GBP 1,300,000 (81,709) (0.03)

15/04/2020 USD 1,450,067 GBP 1,234,895 (81,494) (0.03)

15/04/2020 USD 1,052,124 GBP 906,222 (71,805) (0.02)

15/04/2020 USD 846,089 GBP 738,394 (69,694) (0.02)

15/04/2020 USD 825,395 GBP 702,916 (46,387) (0.02)

15/04/2020 USD 559,802 GBP 488,547 (46,112) (0.02)

15/04/2020 USD 471,543 GBP 400,000 (24,551) (0.01)

15/04/2020 USD 451,058 GBP 375,000 (14,030) (0.00)

15/04/2020 USD 230,149 GBP 195,997 (12,934) (0.00)

15/04/2020 USD 100,790 GBP 87,961 (8,302) (0.00)

15/04/2020 USD 128,865 GBP 109,535 (6,984) (0.00)

15/04/2020 USD 1,616,204 GBP 1,307,714 (5,669) (0.00)

15/04/2020 USD 1,235,691 GBP 1,000,000 (4,544) (0.00)

15/04/2020 USD 58,566 GBP 50,444 (3,997) (0.00)

15/04/2020 USD 47,128 GBP 41,130 (3,882) (0.00)

15/04/2020 USD 298,039 GBP 243,189 (3,572) (0.00)

15/04/2020 USD 63,666 GBP 54,189 (3,541) (0.00)

15/04/2020 USD 942,605 GBP 762,687 (3,306) (0.00)

15/04/2020 USD 57,795 GBP 49,219 (3,248) (0.00)

15/04/2020 USD 128,115 GBP 105,543 (2,783) (0.00)

15/04/2020 USD 48,253 GBP 41,093 (2,712) (0.00)

15/04/2020 USD 79,185 GBP 64,612 (949) (0.00)

15/04/2020 USD 52,875 GBP 42,782 (185) (0.00)

15/04/2020 USD 6,838 GBP 5,633 (149) (0.00)

15/04/2020 USD 2,812 GBP 2,386 (146) (0.00)

15/04/2020 USD 35,908 GBP 29,059 (132) (0.00)

15/04/2020 USD 1,461 GBP 1,271 (115) (0.00)

15/04/2020 USD 23,164 GBP 18,745 (85) (0.00)

15/04/2020 USD 1,484 GBP 1,261 (79) (0.00)

15/04/2020 USD 263 GBP 225 (16) (0.00)

15/04/2020 USD 33,025 GBP 26,600 35 0.00

15/04/2020 USD 3,742 GBP 2,891 157 0.00

15/04/2020 USD 434,451 GBP 350,000 368 0.00

15/04/2020 USD 29,592 GBP 22,954 1,124 0.00

15/04/2020 USD 42,800 GBP 32,643 2,315 0.00




Maturity Date

Amount Bought

Amount Sold


USD

% of NAV


Maturity Date

Amount Bought

Amount Sold


USD

% of NAV



Notional Amount

Fair Value USD

% of NAV

Options Purchased 0.00% (2019: 0.68%)

4,400 Call at 45.000 USD Apellis Pharmaceuticals Inc Expiring April 2020 880 0.00

2,200 Put at 15.000 USD Apellis Pharmaceuticals Inc Expiring April 2020 3,300 0.00

57,600 Call at 4.000 USD Cemex Sab De Cv Expiring April 2020 576 0.00

4,600 Call at 70.000 USD Etsy Inc Expiring April 2020 138 0.00

2,500 Put at 55.000 USD Everbridge Inc Expiring May 2020 125 0.00

10,500 Call at 9.000 USD Infinera Corp Expiring April 2020 525 0.00

20,400 Call at 20.000 USD Nuance Communications Inc Expiring April 2020 2,040 0.00

3,000 Put at 22.500 USD Pacira Biosciences Inc Expiring May 2020 450 0.00

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11,100 Call at 22.500 USD Pluralsight Inc Expiring April 2020 555 0.00

Options purchased at fair value 8,589 0.00

Options Written (0.01)% (2019: (0.07)%)

(2,200) Put at 35.000 USD Apellis Pharmaceuticals Inc Expiring April 2020 (18,502) (0.01)

Options written at fair value (18,502) (0.01)

Notional Amount


USD

% of NAV

Financial Derivative Instruments (10.54)% (2019: (0.68)%) (continued) Options Purchased 0.00% (2019: 0.68%) (continued)



USD

% of NAV

Financial Derivative Instruments (10.54)% (2019: (0.68)%) (continued) Contracts for Difference (5.21)% (2019: (1.28)%) (continued)




USD

% of NAV

Contracts for Difference (5.21)% (2019: (1.28)%)

33,940 8x8 Inc (66,611) (0.02)

(62,391) 8x8 Inc - Short 350,003 0.12

31,580 Aerie Pharmaceuticals Inc (962,117) (0.33)

(68,281) Aerie Pharmaceuticals Inc - Short 718,911 0.24

35,690 Air Transport Services Group Inc (419,518) (0.14)

(68,412) Air Transport Services Group Inc - Short (21,208) (0.01)

(15,530) Akamai Technologies Inc - Short (152,497) (0.05)

81,208 Alder Biopharmaceuticals Inc 71,463 0.02

79,620 Allegheny Technologies Inc 532,763 0.18

(369,149) Allegheny Technologies Inc - Short (903,990) (0.31)

16,130 Allscripts Healthcare Solutions Inc (272,459) (0.09)

(64,277) Allscripts Healthcare Solutions Inc - Short 120,957 0.04

4,040 Alteryx Inc (253,966) (0.09)

(24,417) Alteryx Inc - Short 923,786 0.31

60,650 Alteryx Inc - Voting Rights (1,126,679) (0.38)

(134,200) ANTA Sports Products Ltd - Short 320,284 0.11

41,990 Apellis Pharmaceuticals Inc (1,317,414) (0.45)

(73,821) Apellis Pharmaceuticals Inc - Short 573,528 0.19

43,440 Aphria Inc (418,976) (0.14)

(9,344) Aphria Inc - Short 11,269 0.00

55,780 Atlas Air Worldwide Holdings Inc (375,369) (0.13)

(48,522) Atlas Air Worldwide Holdings Inc - Short 8,272 0.00

(4,440) Atlassian Corp Plc - Short 27,706 0.01

(67,336) Atlassian Corp Plc - Short (212,858) (0.07)

4,000 Atlassian Inc (32,932) (0.01)

61,380 Atlassian Inc 249,700 0.08

32,550 Aurora Cannabis Inc (780,510) (0.26)

(3,707) Aurora Cannabis Inc - Short 5,965 0.00

16,660 Avadel Finance Cayman Ltd (166,745) (0.06)

(91,282) Avadel Pharmaceuticals Plc ADR - Short 180,823 0.06

53,450 Avaya Holdings Corp (523,339) (0.18)

(23,252) Avaya Holdings Group - Short 91,765 0.03

21,640 Bandwidth Inc 4,605 0.00

(16,452) Bandwidth Inc - Short (33,158) (0.01)

9,530 Benefitfocus Inc (80,185) (0.03)

(1,417) Benefitfocus Inc - Short 6,917 0.00

53,320 Bilibili Inc (457,128) (0.15)

(179,482) Bilibili Inc - Short 350,881 0.12

(13,250) BioMarin Pharmaceuticals Inc - Short (68,970) (0.02)

27,710 Blackline Inc (316,422) (0.11)

(24,694) Blackline Inc - Short 262,794 0.09

(902,400) Bosideng International Holdings Ltd - Short 129,832 0.04

52,550 Bridgebio Pharma Inc 418,745 0.14

(91,219) Bridgebio Pharma Inc - Short 140,317 0.05

56,900 Canopy Growth Corp (1,244,067) (0.42)

(1,895) Canopy Growth Corp - Short 5,786 0.00

106,430 Cardtronics Inc (14,707) (0.00)

(17,572) Charter Communications Inc - Short 1,179,279 0.40

42,810 Chefs' Warehouse Inc (1,744,224) (0.59)

(27,207) Chefs' Warehouse Inc - Short 267,916 0.09

26,500 Chegg Inc (377,300) (0.13)

(78,663) Chegg Inc - Short 124,237 0.04

68,701 Cleveland-Cliffs Inc (237,358) (0.08)

(7,250) Cleveland-Cliffs Inc - Short 273,542 0.09

22,270 Collegium Pharmaceuticals Inc (256,496) (0.09)

(46,477) Collegium Pharmaceuticals Inc - Short 307,558 0.10

26,080 Coupa Software Inc (402,160) (0.14)

(12,256) Coupa Software Inc - Short 239,119 0.08

47,710 Cree Inc (73,461) (0.02)

(36,286) Cree Inc - Short 470,486 0.16

33,180 CSG Systems International Inc (424,234) (0.14)

(2,838) CSG Systems International Inc - Short (614) (0.00)

(15,780) CyberArk Software Ltd - Short (98,594) (0.03)

18,870 Cytokinetics Inc (338,212) (0.11)

(154,769) Cytokinetics Inc - Short 189,698 0.06

28,930 DexCom Inc 826,718 0.28

(14,792) DexCom Inc - Short (589,716) (0.20)

24,430 DHT Holdings Inc (55,578) (0.02)

(389,372) DHT Holdings Inc - Short (416,606) (0.14)

23,070 DISH Network Corp (495,118) (0.17)

(11,627) DISH Network Corp - Short 10,362 0.00

26,220 Element Fleet Management Corp (50,693) (0.02)

7,950 Element Fleet Management Corp 3,536 0.00

(75,506) Element Fleet Management Corp - Short 131,251 0.04

55,340 Encore Capital Group Inc (940,651) (0.32)

(71,417) Encore Capital Group Inc - Short 863,977 0.29

12,840 Encore Capital Group Inc - Voting Rights (440,636) (0.15)

23,030 Endeavour Mining Corp (374,621) (0.13)

(34,686) Endeavour Mining Corp - Short 133,613 0.05

48,520 Enphase Energy Inc 12,946 0.00

(8,150) Enphase Energy Inc - Short 32,712 0.01

(208,204) Enphase Energy Inc - Short 344,895 0.12

31,000 Etsy Inc (790,429) (0.27)

(30,630) Etsy Inc - Short 70,078 0.02

(64,565) Etsy Inc - Short 1,045,308 0.36

25,270 Everbridge Inc (106,619) (0.04)

(14,945) Everbridge Inc - Short (86,711) (0.03)

5,740 Evolent Health Inc 25,406 0.01

(26,721) Evolent Health Inc - Short 138,926 0.05

17,330 Evolent Health Inc - Voting Rights (155,922) (0.05)

10,460 Exact Sciences Corp (374,048) (0.13)

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22,420 Exact Sciences Corp 223,417 0.08

(13,373) Exact Sciences Corp - Short 439,561 0.15

24,270 EZCORP Inc (311,240) (0.11)

13,230 EZCORP Inc (159,231) (0.05)

(148,761) EZCORP Inc - Short 310,876 0.11

35,370 First Majestic Silver Corp (461,546) (0.16)

(224,285) First Majestic Silver Corp - Short 658,480 0.22

40,020 Five9 Inc 721,643 0.24

(92,335) Five9 Inc - Short (787,184) (0.27)

35,470 Flexion Therapeutics Inc (968,982) (0.33)

(34,372) Flexion Therapeutics Inc - Short 322,955 0.11

32,470 GCI Liberty Inc (582,263) (0.20)

32,620 GDS Holdings Ltd 171,434 0.06

(52,488) GDS Holdings Ltd - Short (113,776) (0.04)

48,590 GOL Equity Finance SA (131,355) (0.04)

(120,068) Gol Linhas Aereas Inteligentes SA - Short 56,432 0.02

23,490 Greenbrier Cos Inc (414,104) (0.14)

(8,368) Greenbrier Cos Inc - Short 40,049 0.01

(14,090) Guidewire Software Inc - Short 3,746 0.00

32,310 Halozyme Therapeutics Inc (137,981) (0.05)

(88,040) Halozyme Therapeutics Inc - Short 93,223 0.03

32,450 Helix Energy Solutions Group Inc (952,073) (0.32)

(81,745) Helix Energy Solutions Group Inc - Short 580,290 0.20

81,910 Herbalife Nutrition Ltd (1,713,805) (0.58)

(48,269) Herbalife Nutrition Ltd - Short 503,687 0.17

39,610 Hope Bancorp Inc (407,913) (0.14)

(2,171) Hope Bancorp Inc - Short 13,829 0.00

42,200 Horizon Pharma Investment Ltd 77,367 0.03

(58,908) Horizon Therapeutics Plc - Short 335,084 0.11

98,390 Huazhu Group Ltd (1,063,554) (0.36)

(70,908) Huazhu Group Ltd - Short 467,532 0.16

(36,225) I3 Verticals Inc - Short 387,436 0.13

26,920 i3 Verticals LLC 163,889 0.06

14,490 IAC Financeco 2 Inc (363,517) (0.12)

17,390 IAC Financeco 3 Inc (551,859) (0.19)

40,560 IAC FinanceCo Inc (54,591) (0.02)

(27,149) IAC/InterActiveCorp - Short 1,056,661 0.36

56,750 IIP Operating Partnership LP (670,565) (0.23)

43,830 II-VI Inc (658,994) (0.22)

(41,912) II-VI Inc - Short 28,460 0.01

16,000 Impinj Inc (471,217) (0.16)

(28,517) Impinj Inc - Short 362,650 0.12

20,910 Infinera Corp (453,002) (0.15)

(113,624) Infinera Corp - Short 94,775 0.03

(390,000) Innolux Corp - Short 49,865 0.02

(66,680) Innovative Industrial Properties Inc - Short 381,766 0.13

81,840 Innoviva Inc (627,034) (0.21)

(165,585) Innoviva Inc - Short 323,641 0.11

63,100 Inphi Corp 1,783,784 0.60

(152,398) Inphi Corp - Short 561,381 0.19

24,380 Insmed Inc (369,235) (0.13)

(24,095) Insmed Inc - Short 295,570 0.10

(7,690) Insulet Corp - Short 24,035 0.01

14,540 Integra LifeSciences Holdings Corp (195,464) (0.07)

(5,898) Integra LifeSciences Holdings Corp - Short 37,062 0.01

21,430 Intercept Pharmaceuticals Inc (552,802) (0.19)

29,620 Intercept Pharmaceuticals Inc (459,875) (0.16)

(19,040) Intercept Pharmaceuticals Inc - Short 813,343 0.28

14,810 Ionis Pharmaceuticals Inc (186,529) (0.06)

(8,867) Ionis Pharmaceuticals Inc - Short 8,273 0.00

97,340 iQIYI Inc (1,606,650) (0.54)

23,190 iQIYI Inc (391,646) (0.13)

(262,751) iQIYI Inc - Short 225,966 0.08

46,100 Ironwood Pharmaceuticals Inc (748,271) (0.25)

34,280 Ironwood Pharmaceuticals Inc 193,807 0.07

(340,383) Ironwood Pharmaceuticals Inc - Short 616,185 0.21

21,740 Issued - Short (301,024) (0.10)

10,770 J2 Global Inc (140,548) (0.05)

(3,785) J2 Global Inc - Short 84,351 0.03

27,890 JOYY Inc (153,789) (0.05)

(15,227) JOYY Inc - Short 113,316 0.04

29,320 Kaman Corp (579,345) (0.20)

(13,987) Kaman Corp - Short 278,385 0.09

26,920 Karyopharm Therapeutics Inc 477,139 0.16

(134,136) Karyopharm Therapeutics Inc - Short (179,073) (0.06)

33,570 KBR Inc (736,977) (0.25)

(76,409) KBR Inc - Short 375,477 0.13

35,860 Knowles Corp 61,736 0.02

(87,582) Knowles Corp - Short 237,327 0.08

35,020 LendingTree Inc (1,481,372) (0.50)

(9,922) LendingTree Inc - Short 1,298,475 0.45

25,000 Lexicon Pharmaceuticals Inc (38,177) (0.01)

(251,717) Lexicon Pharmaceuticals Inc - Short 570,656 0.19

40,500 Liberty Interactive LLC (809,614) (0.27)

84,250 Liberty Interactive LLC 83,939 0.03

35,960 Liberty Latin America Ltd (686,429) (0.23)

(68,945) Liberty Latin America Ltd - Short 527,188 0.18

70,630 Liberty Media Corp - Voting Rights (1,665,617) (0.56)

82,640 Liberty Media Corp - Voting Rights (1,500,569) (0.51)

8,570 Liberty Media Corp (192,160) (0.07)

7,920 Liberty Media Corp 28,167 0.01

(2,924) Liberty Media Corp - Short (18,948) (0.01)

(17,208) Liberty Media Corp - Short 188,772 0.06

(48,674) Liberty Media Corp - Short 409,647 0.14

(1,271) Liberty Media Corp-Liberty Braves - Short (2,440) (0.00)

41,460 Liberty Media Corp-Liberty Formula One (1,565,152) (0.53)

(11,697) Liberty Media Corp-Liberty SiriusXM - Short (17,195) (0.01)

5,710 Live Nation Entertainment Inc (92,282) (0.03)

(72,380) Live Nation Entertainment Inc - Short 789,120 0.27

39,270 Live Nation Entertainment Inc - Voting Rights (761,938) (0.26)

24,990 LivePerson Inc (834,665) (0.28)

(30,471) LivePerson Inc - Short 51,157 0.02

58,610 Luckin Coffee Inc 330,010 0.11

(71,346) Luckin Coffee Inc - Short 807,656 0.27

46,980 Lumentum Holdings Inc (539,229) (0.18)

(9,370) Lumentum Holdings Inc - Short (45,781) (0.02)




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(63,023) Lumentum Holdings Inc - Short 388,619 0.13

52,600 Marriott Vacations Worldwide Corp (1,473,935) (0.50)

(8,957) Marriott Vacations Worldwide Corp - Short 18,576 0.01

41,650 MercadoLibre Inc (1,517,042) (0.50)

(7,515) MercadoLibre Inc - Short 1,232,242 0.42

41,650 Mesa Laboratories Inc (420,118) (0.14)

(10,121) Mesa Laboratories Inc - Short 234,959 0.08

43,990 Microchip Technology Inc (41,820) (0.01)

105,000 Microchip Technology Inc 120,058 0.04

(245,504) Microchip Technology Inc - Short 8,293,101 2.83

(15,400) Momo Inc - Short (151,380) (0.05)

(15,380) MongoDB Inc - Short (42,202) (0.01)

21,710 NanoString Technologies Inc 171,750 0.06

(22,704) NanoString Technologies Inc - Short 195,721 0.07

60,750 Neurocrine Biosciences Inc (940,840) (0.32)

(54,185) Neurocrine Biosciences Inc - Short 1,016,003 0.34

28,090 Nevro Corp 292,655 0.10

(18,685) Nevro Corp - Short 316,223 0.11

21,850 New Relic Inc (333,656) (0.11)

8,173 NextEra Energy Inc 35,896 0.01

32,760 NIO Inc (484,483) (0.16)

(327,390) NIO Inc - Short 364,325 0.12

18,520 Nuance Communications Inc (56,010) (0.02)

(13,820) Nuance Communications Inc - Short 41,536 0.01

48,680 Nutanix Inc (1,096,178) (0.37)

(24,017) Nutanix Inc - Short 326,931 0.11

39,700 NuVasive Inc 224,615 0.08

(17,737) NuVasive Inc - Short (20,899) (0.01)

10,700 NuVasive Inc - Voting Rights 90,513 0.03

(15,330) Okta Inc - Short 9,504 0.00

32,470 Omeros Corp (344,418) (0.12)

(123,299) Omeros Corp - Short (257,688) (0.09)

(30,810) ON Semiconductor Corp - Short (62,398) (0.02)

30,630 OSI Systems Inc (340,340) (0.12)

(9,649) OSI Systems Inc - Short 127,930 0.04

21,190 Pacira BioSciences Inc (89,507) (0.03)

8,643 Pacira BioSciences Inc 19,931 0.01

(11,811) Pacira BioSciences Inc - Short 117,516 0.04

16,380 PAR Technology Corp (430,902) (0.15)

(16,010) PAR Technology Corp - Short 260,803 0.09

35,270 Patrick Industries Inc (588,641) (0.20)

(4,013) Patrick Industries Inc - Short 72,443 0.02

2,120 Pegasystems Inc (4,046) (0.00)

20,150 Perficient Inc (842,009) (0.29)

(24,116) Perficient Inc - Short 492,564 0.17

(561,187) Pharming Group NV - Short 290,422 0.10

96,750 Pinduoduo Inc (878,728) (0.30)

(158,278) Pinduoduo Inc - Short 362,334 0.12

4,860 Plug Power Inc (136,039) (0.05)

(184,476) Plug Power Inc - Short 136,209 0.05

26,020 Pluralsight Inc (352,132) (0.12)

5,040 Pluralsight Inc (90,816) (0.03)

(5,195) Pluralsight Inc - Short 43,378 0.01

(9,760) Pluralsight Inc - Short 72,836 0.02

61,700 PRA Group Inc (1,110,858) (0.38)

30,680 PRA Group Inc (45,540) (0.02)

(63,977) PRA Group Inc - Short 469,965 0.16

34,900 Pretium Resources Inc (126,288) (0.04)

(54,636) Pretium Resources Inc - Short 54,572 0.02

(15,780) Proofpoint Inc - Short (53,154) (0.02)

18,610 PROS Holdings Inc (553,175) (0.19)

(8,048) PROS Holdings Inc - Short 188,051 0.06

25,850 PTC Therapeutics Inc (221,101) (0.07)

12,640 PTC Therapeutics Inc (123,490) (0.04)

(13,468) PTC Therapeutics Inc - Short 144,646 0.05

(20,006) PTC Therapeutics Inc - Short 176,192 0.06

4,100 Pure Storage Inc (63,132) (0.02)

(2,485) Pure Storage Inc - Short (2,172) (0.00)

(2,196) Pure Storage Inc - Short 12,693 0.00

17,370 Q2 Holdings Inc (734,464) (0.25)

(37,938) Q2 Holdings Inc - Short 911,422 0.31

28,320 Q2 Holdings Inc - Voting Rights (802,722) (0.27)

19,960 Radius Health Inc (305,399) (0.10)

(12,496) Radius Health Inc - Short 80,128 0.03

12,780 Rambus Inc (102,164) (0.03)

(13,511) Rambus Inc - Short 4,005 0.00

56,880 Rapid7 Inc (1,483,646) (0.50)

(101,212) Rapid7 Inc - Short 1,009,262 0.34

24,580 Redfin Corp (430,868) (0.15)

(38,620) Redfin Corp - Short 372,450 0.13

25,610 Repligen Corp (136,208) (0.05)

(13,811) Repligen Corp - Short 49,920 0.02

22,180 Revance Therapeutics Inc (110,597) (0.04)

(36,722) Revance Therapeutics Inc - Short 334,714 0.11

40,200 RH (1,570,357) (0.53)

(10,895) RH - Short 885,548 0.30

(9,200) RingCentral Inc - Short 41,238 0.01

35,690 SailPoint Technologies Holding Inc (911,173) (0.31)

3,540 SailPoint Technologies Holding Inc (87,900) (0.03)

(8,637) SailPoint Technologies Holding Inc - Short 76,783 0.03

(76,695) SailPoint Technologies Holding Inc - Short 757,802 0.26

29,620 Sarepta Therapeutics Inc (1,213,179) (0.41)

(34,383) Sarepta Therapeutics Inc - Short 1,116,451 0.38

52,440 Sea Ltd 231 0.00

108,900 Sea Ltd 3,308,496 1.14

(586,931) Sea Ltd - Short 88,040 0.03

22,510 SFL Corp Ltd 18,575 0.01

(36,833) SFL Corp Ltd - Short 36,024 0.01

(298,000) Sino Biopharmaceutical Ltd - Short 44,775 0.02

(424,538) Sirius XM Holdings Inc - Short 664,915 0.23

16,260 SMART Global Holdings Inc (191,726) (0.06)

(24,476) SMART Global Holdings Inc - Short 194,064 0.07

32,600 Snap Inc (863) (0.00)

(88,229) Snap Inc - Short 429,538 0.15

(10,870) Splunk Inc - Short (61,898) (0.02)

15,390 Square Inc (1,061,866) (0.36)




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(23,430) Square Inc - Short (172,645) (0.06)

(66,197) Square Inc - Short 1,221,203 0.41

6,690 Square Inc - Voting Rights 38,146 0.01

27,950 SSR Mining Inc (747,589) (0.25)

(84,017) SSR Mining Inc - Short 558,521 0.19

39,850 Synaptics Inc 324,858 0.11

(28,378) Synaptics Inc - Short 361,261 0.12

39,230 Tabula Rasa HealthCare Inc (383,573) (0.13)

(41,967) Tabula Rasa HealthCare Inc - Short 95,730 0.03

29,130 Team Inc (736,479) (0.25)

(46,440) Team Inc - Short 368,968 0.12

19,220 Tesla Inc (1,091,916) (0.37)

(5,334) Tesla Inc - Short 810,548 0.27

21,950 Theravance Biopharma Inc (203,472) (0.07)

(40,665) Theravance Biopharma Inc - Short 124,502 0.04

31,750 Tilray Inc (1,617,898) (0.54)

(4,051) Tilray Inc - Short 947 0.00

51,540 Tricon Capital Group Inc (610,177) (0.21)

(11,655) Tricon Capital Group Inc - Short 43,936 0.01

27,800 TTM Technologies Inc 201,953 0.07

(164,728) TTM Technologies Inc - Short 678,160 0.23

38,720 Turning Point Brands Inc (526,267) (0.18)

(32,652) Turning Point Brands Inc - Short 230,377 0.08

77,030 Twilio Inc (543,200) (0.18)

(81,408) Twilio Inc - Short 1,307,511 0.44

7,700 Twitter Inc (61,649) (0.02)

(5,046) Twitter Inc - Short 54,702 0.02

(70,500) United States Treasury Note - Short (724,474) (0.25)

(34,000) United States Treasury Note- Short (225,963) (0.08)

(9,583) Vishay Intertechnology Inc - Short 32,099 0.01

20,840 Wayfair Inc (1,548,772) (0.52)

82,910 Wayfair Inc (45,939) (0.02)

(60,693) Wayfair Inc - Short 977,773 0.33

16,570 Western Digital Corp (224,740) (0.08)

(2,321) Western Digital Corp - Short 4,749 0.00

29,560 Winnebago Industries Inc (944,420) (0.32)

(25,181) Winnebago Industries Inc - Short 566,682 0.19

(15,880) Workday Inc - Short (94,668) (0.03)

19,870 Workiva Inc (251,705) (0.09)

(9,830) Workiva Inc - Short 97,104 0.03

12,240 Wright Medical Group Inc (49,375) (0.02)

44,610 Wright Medical Group NV (112,414) (0.04)

(153,463) Wright Medical Group NV - Short (781,138) (0.26)

(30,628) Yandex NV - Short 135,086 0.05

14,474 Zendesk Inc 72,515 0.02

(11,410) Zendesk Inc - Short (50,128) (0.02)

32,600 Zillow Group Inc (680,692) (0.23)

55,820 Zillow Group Inc (14,624) (0.00)

(128,950) Zillow Group Inc - Short 1,948,332 0.68

38,880 Zillow Group Inc - Voting Rights (913,832) (0.31)

(7,410) Zynga Inc - Short (5,737) (0.00)

Unrealised gain on contracts for difference 68,435,063 23.19

Unrealised loss on contracts for difference (83,824,061) (28.40)

Net unrealised loss on contracts for difference (15,388,998) (5.21)



Other Net Assets (2019: 1.94%) 2,775,526 0.94

Net Assets 295,202,219 100.00






Other assets 9.26

Total Assets 100.00

The counterparty for the open futures contracts is UBS AG.

The counterparty for the open forward foreign currency exchange contracts is State Street Bank & Trust Company.

The counterparty for the options is UBS AG.

The counterparties for the contracts for difference are BNP Paribas and Societe Generale.

* A portion of these securities is pledged as collateral in connection with the collateral requirements for contracts for difference held by the Fund. The amount of collateral that is pledged is USD 197,889,662.





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Statements of Major Changes in Investments (unaudited)


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

Acquisitions Cost

USD

Ecuador Government 7.875% 27/03/2025 400,963

Hungary Government 7.625% 29/03/2041 370,197

Ukraine Government 7.750% 01/09/2025 329,100

Qatar Government 6.400% 20/01/2040 230,750

Kazakhstan Government 6.500% 21/07/2045 230,000

Angola Government 9.500% 12/11/2025 228,000

Turkey Government 7.250% 23/12/2023 225,494



Kazakhstan Government 5.125% 21/07/2025 221,000

Russian Federation 4.750% 27/05/2026 220,818

Emirate of Dubai Government 5.250% 30/01/2043 220,600

Ethiopia Government 6.625% 11/12/2024 219,072

Egypt Government 5.875% 11/06/2025 218,880


Kenya Government 6.875% 24/06/2024 218,400

Brazil Government 6.000% 07/04/2026 216,250

Belarus Government 6.875% 28/02/2023 216,200


Oman Government 4.875% 01/02/2025 209,250


Namibia Government 5.250% 29/10/2025 200,580

Empresa Electrica Guacolda SA 4.560% 30/04/2025 190,750

Philippines Government 3.750% 14/01/2029 171,199

El Salvador Government 7.750% 24/01/2023 160,139




Dominican Republic 4.500% 30/01/2030 121,322

El Salvador Government 5.875% 30/01/2025 120,013

Sinopec Group Overseas Development 2016 Ltd 2.750% 29/09/2026 119,313


Chile Government 3.860% 21/06/2047 114,928

Petroleos Mexicanos 6.950% 28/01/2060 111,667




Disposals Proceeds

USD


Namibia Government 5.250% 29/10/2025 255,663


Indonesia Government 4.750% 08/01/2026 233,123

Panama Government 3.875% 17/03/2028 231,925


Mozambique Government 5.000% 15/09/2031 225,079

Russian Federation 4.750% 27/05/2026 221,600


Angola Government 9.500% 12/11/2025 218,028

Morocco Government 5.500% 11/12/2042 215,220

Azerbaijan Republic 4.750% 18/03/2024 214,750



First Quantum Minerals Ltd 7.500% 01/04/2025 197,750

Saudi Government 3.250% 26/10/2026 197,580

Egypt Government 8.500% 31/01/2047 196,620

Oman Government 5.375% 08/03/2027 185,600


Empresa Electrica Guacolda SA 4.560% 30/04/2025 184,900


Brazil Government 4.625% 13/01/2028 169,917

Dominican Republic 5.950% 25/01/2027 169,633




Caixa Economica Federal 3.500% 07/11/2022 152,700




Argentina Government 6.875% 26/01/2027 127,390

Perusahaan Listrik Negara PT 4.125% 15/05/2027 125,841


Generacion Mediterranea SA 9.625% 27/07/2023 124,500

Peru Government 4.125% 25/08/2027 121,855



Uruguay Government 4.375% 23/01/2031 109,162




South Africa Government 5.650% 27/09/2047 101,836


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Statements of Major Changes in Investments (unaudited) (continued)


Acquisitions Cost

USD

Mexico Government 5.750% 05/03/2026 133,938,121

United States Treasury Bill - Zero coupon 13/08/2019 99,856,958









Hungary Government 2.500% 24/10/2024 58,806,486



Russian Federation 8.500% 17/09/2031 54,422,757

Malaysia Government 3.955% 15/09/2025 50,640,160

Indonesia Government 8.375% 15/09/2026 48,340,136


South Africa Government 10.500% 21/12/2026 43,831,890








Romania Government 4.250% 28/06/2023 35,739,640



Peru Government 8.200% 12/08/2026 34,987,586




Poland Government 2.500% 25/07/2027 27,139,172

Disposals Proceeds

USD













Thailand Government 3.850% 12/12/2025 26,441,166

Thailand Government 2.400% 17/12/2023 26,425,602

Peru Government 6.900% 12/08/2037 26,075,195

Peru Government 8.200% 12/08/2026 25,893,620


Turkey Government 10.700% 17/02/2021 22,682,117







Peru Government 6.350% 12/08/2028 19,538,616




Czech Republic 2.500% 25/08/2028 18,667,224


Bonos de la Tesoreria de la Republica 6.000% 01/01/2043 17,769,314





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Acquisitions Cost

USD

























Philippines Government 3.750% 14/01/2029 9,889,263








Disposals Proceeds

USD











Saudi Government 4.000% 17/04/2025 6,626,606

Qatar Government 5.103% 23/04/2048 5,899,283

Chile Government 3.500% 25/01/2050 5,630,426



Corp Nacional del Cobre de Chile 4.375% 05/02/2049 5,529,486



Azerbaijan Republic 4.750% 18/03/2024 4,846,986

Peru Government 2.844% 20/06/2030 4,719,533

Petroleos Mexicanos 6.950% 28/01/2060 4,188,773

Egypt Government 7.600% 01/03/2029 4,103,575


Paraguay Republic 4.700% 27/03/2027 3,966,008

Egypt Government 7.600% 01/03/2029 3,933,186



Abu Dhabi Government 3.125% 11/10/2027 3,667,634


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Acquisitions Cost

USD








Peru Government 8.200% 12/08/2026 5,099,808


European Bank for Reconstruction & Development 27.500% 23/11/2020 4,928,934











Colombia Government 6.250% 26/11/2025 4,014,639





Disposals Proceeds

USD






Peru Government 8.200% 12/08/2026 10,512,139

Peru Government 6.900% 12/08/2037 8,251,176


Indonesia Treasury Bond 5.625% 15/05/2023 7,585,230













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Acquisitions Cost

USD








Peru Government 8.200% 12/08/2026 16,605,071














Disposals Proceeds

USD





Peru Government 8.200% 12/08/2026 23,406,534



Peru Government 6.900% 12/08/2037 17,452,834






Peru Government 6.350% 12/08/2028 13,057,029



Colombia Government 10.000% 24/07/2024 12,695,070





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Lazard Emerging Markets Corporate Debt Fund

United States Treasury Note 1.625% 15/08/2029 1,522,734


Industrias Penoles SAB de CV 5.650% 12/09/2049 399,944

BOC Aviation Ltd 3.000% 11/09/2029 396,720

ICBCIL Finance Co Ltd 3.108% 15/05/2021 300,237

AI Candelaria Spain SLU 7.500% 15/12/2028 282,500

AngloGold Ashanti Holdings Plc 6.500% 15/04/2040 281,875

OCP SA 6.875% 25/04/2044 252,000

LLPL Capital Pte Ltd 6.875% 04/02/2039 235,577

Banco de Bogota SA 6.250% 12/05/2026 226,990

Acwa Power Management And Investments One Ltd 5.950% 15/12/2039 223,000

Tencent Holdings Ltd 3.925% 19/01/2038 216,760

Peru LNG Srl 5.375% 22/03/2030 215,600

Huarong Finance II Co Ltd 4.625% 03/06/2026 214,740

Trust F/1401 6.390% 15/01/2050 214,500

AES Andres BV 7.950% 11/05/2026 214,000

Telefonica Celular del Paraguay SA 5.875% 15/04/2027 212,750

AES Gener SA 7.125% 26/03/2079 212,750

Gazprom OAO Via Gaz Capital SA 8.625% 28/04/2034 212,625

Africa Finance Corp 4.375% 17/04/2026 211,600

Empresas Publicas de Medellin ESP 4.250% 18/07/2029 210,300

Grupo Bimbo SAB de CV 5.950% 31/12/2099 210,192

JIC Zhixin Ltd 3.500% 24/11/2027 207,846

Metinvest BV 7.750% 23/04/2023 207,700

NBK Tier 1 Financing Ltd 5.750% 29/12/2049 207,500

Comunicaciones Celulares SA Via Comcel Trust 6.875% 06/02/2024 207,500

Woori Bank 5.250% 31/12/2099 207,480

Delek & Avner Tamar Bond Ltd 5.412% 30/12/2025 207,200

Intercorp Financial Services Inc 4.125% 19/10/2027 207,000

Borets Finance DAC 6.500% 07/04/2022 206,000

Leader Goal 4.250% 31/12/2099 203,500

MAF Global Securities Ltd 5.500% 31/12/2099 203,250

MV24 Capital BV 6.748% 01/06/2034 202,980

Itau Unibanco Holding SA 6.125% 31/12/2099 202,900

Hanwha Life Insurance Co Ltd 4.700% 23/04/2048 202,500

China Water Affairs Group Ltd 5.250% 07/02/2022 202,000

Greenko Solar Mauritius Ltd 5.950% 29/07/2026 200,400

Cemex SAB de CV 5.450% 19/11/2029 200,000

VF Ukraine PAT via VFU Funding Plc 6.200% 11/02/2025 200,000

Globo Comunicacao e Participacoes SA 4.875% 22/01/2030 200,000

Adani Renewable Energy RJ Ltd 4.625% 15/10/2039 200,000

Sovcombank Via SovCom Capital DAC 7.750% 200,000

Centrais Eletricas Brasileiras SA 3.625% 04/02/2025 200,000

Network i2i Ltd 5.650% 31/12/2099 200,000

Severstal OAO Via Steel Capital SA 3.150% 16/09/2024 200,000

NAK Naftogaz Ukraine via Kondor Finance Plc 7.625% 08/11/2026 200,000

IHS Netherlands Holdco BV 8.000% 18/09/2027 200,000

African Export-Import Bank 3.994% 21/09/2029 200,000

Bancolombia SA 4.625% 18/12/2029 200,000

AES Gener SA 6.350% 07/10/2079 200,000

Bangkok Bank PCL 3.733% 25/09/2034 200,000

Teva Pharmaceutical Finance Netherlands III BV 7.125% 31/01/2025 200,000

NBK Tier 1 Financing Ltd 4.500% 31/12/2099 200,000

Prosus NV 3.680% 21/01/2030 200,000

Bank Leumi Le-Israel BM 3.275% 29/01/2031 200,000

Indian Railway Finance Corp Ltd 3.950% 13/02/2050 200,000

Empresa Electrica Cochrane SpA 5.500% 14/05/2027 199,996

Celulosa Arauco y Constitucion SA 4.200% 29/01/2030 199,862

Banco de Credito del Peru 2.700% 11/01/2025 199,826

Turkiye Vakiflar Bankasi TAO 5.250% 05/02/2025 198,916

Banco BTG Pactual SA 4.500% 10/01/2025 198,870

Grupo Aval Ltd 4.375% 04/02/2030 198,864

Star Energy Geothermal Wayang Windu Ltd 6.750% 24/04/2033 198,785

Engie Energia Chile SA 3.400% 28/01/2030 198,592

Geopark Ltd 5.500% 17/01/2027 198,570

Sunac China Holdings Ltd 7.500% 01/02/2024 198,116

Cable Onda SA 4.500% 30/01/2030 197,990

Neerg Energy Ltd 6.000% 13/02/2022 197,700

Joy Treasure Assets Holdings Inc 3.500% 24/09/2029 197,538

Colbun SA 3.150% 06/03/2030 196,876

Liquid Telecommunications Financing Plc 8.500% 13/07/2022 196,300

Heungkuk Life Insurance Co Ltd 4.475% 09/11/2047 195,600

Petkim Petrokimya Holding AS 5.875% 26/01/2023 195,250


Disposals Proceeds

USD

United States Treasury Note 1.625% 15/08/2029 1,518,262


Industrias Penoles SAB de CV 5.650% 12/09/2049 409,474

BOC Aviation Ltd 3.000% 11/09/2029 392,902

ICBCIL Finance Co Ltd 3.108% 15/05/2021 300,075

Banco de Bogota SA 6.250% 12/05/2026 227,380

Gazprom OAO Via Gaz Capital SA 8.625% 28/04/2034 214,782

Cemex SAB de CV 5.450% 19/11/2029 213,400

Telefonica Celular del Paraguay SA 5.875% 15/04/2027 213,000

Tencent Holdings Ltd 3.925% 19/01/2038 211,200

Empresas Publicas de Medellin ESP 4.250% 18/07/2029 210,310

Cable Onda SA 4.500% 30/01/2030 209,500

Metinvest BV 7.750% 23/04/2023 208,020

AES Gener SA 7.125% 26/03/2079 208,000

Itau Unibanco Holding SA 6.125% 31/12/2099 206,360

Banco BTG Pactual SA 4.500% 10/01/2025 205,800

Sovcombank Via SovCom Capital DAC 7.750% 31/12/2049 205,600

Prosus NV 3.680% 21/01/2030 204,060

Celulosa Arauco y Constitucion SA 4.200% 29/01/2030 203,700

Engie Energia Chile SA 3.400% 28/01/2030 203,500

Greenko Solar Mauritius Ltd 5.950% 29/07/2026 202,300

Adani Renewable Energy RJ Ltd 4.625% 15/10/2039 201,600

Geopark Ltd 5.500% 17/01/2027 201,320

Centrais Eletricas Brasileiras SA 3.625% 04/02/2025 200,942

Joy Treasure Assets Holdings Inc 3.500% 24/09/2029 200,796

Banco de Credito del Peru 2.700% 11/01/2025 200,250

Severstal OAO Via Steel Capital SA 3.150% 16/09/2024 199,500


AngloGold Ashanti Holdings Plc 6.500% 15/04/2040 112,550

Acquisitions Cost

USD

Acquisitions Cost

USD


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LC

167



Acquisitions Cost

EUR

Nordea Kredit Realkreditaktieselskab 1.500% 01/10/2050 29,780,354

Nykredit Realkredit A/S 0.500% 01/10/2050 26,563,471 Nordea Kredit Realkreditaktieselskab 2.000% 01/10/2047 (Serial Repayment of Capital) 25,373,023

Nykredit Realkredit A/S 2.000% 01/10/2047 23,779,586

Jyske Realkredit A/S 1.500% 01/10/2050 22,639,957

Finland Government 0.500% 15/09/2029 21,537,400


Realkredit Danmark A/S 2.000% 01/10/2047 16,726,118

Denmark Government 0.500% 15/11/2029 15,122,060









European Investment Bank 1.250% 12/05/2025 6,956,307


SpareBank 1 Boligkreditt AS 2.010% 15/05/2024 6,166,241

Swedbank Hypotek AB 1.000% 18/09/2024 6,051,305

Sveriges Sakerstallda Obligationer AB 2.000% 17/06/2026 5,895,650

Sparebanken Vest Boligkreditt AS 1.740% 19/06/2024 5,689,986

Sparebanken Oest Boligkreditt AS 1.780% 19/06/2024 5,382,774


Disposals Proceeds

EUR




DLR Kredit A/S 1.500% 01/10/2037 5,594,285




SR-Boligkreditt AS 2.030% 29/05/2023 4,114,979

Eika Boligkreditt AS 2.100% 18/08/2023 4,032,052







Swedbank Hypotek AB 1.000% 18/09/2024 3,343,847

Sparebanken Vest Boligkreditt AS 1.980% 17/06/2025 3,335,378



OBOS Boligkreditt AS 1.790% 19/06/2024 3,213,930

Skandinaviska Enskilda Banken AB 1.000% 20/12/2023 3,158,820

Bustadkreditt Sogn og Fjordane AS 2.280% 15/04/2024 3,090,730

Sparebanken Oest Boligkreditt AS 1.780% 19/06/2024 2,993,564

International Finance Corp 0.900% 12/05/2025 2,947,704




Kreditanstalt fuer Wiederaufbau 1.625% 03/04/2024 2,752,978




Lansforsakringar Hypotek AB 1.250% 17/09/2025 2,434,981

Kommuninvest I Sverige AB 1.000% 13/11/2023 2,375,420





Nordic Investment Bank 1.375% 19/06/2023 1,874,153

DLR Kredit A/S 2.000% 01/10/2050 1,838,449

Sveriges Sakerstallda Obligationer AB 2.000% 17/06/2026 1,758,863


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168



Acquisitions Cost

USD










United States Treasury Bill - Zero coupon 07/11/2019 990,407

WH Group Ltd 355,153

Teck Resources Ltd 311,802

Norbord Inc 293,379

ArcelorMittal SA 291,089

Weyerhaeuser Co 264,220

Linde Plc 202,565



Bunge Ltd 180,621

Agnico Eagle Mines Ltd 120,145

Disposals Proceeds

USD









Agnico Eagle Mines Ltd 728,095


Kirkland Lake Gold Ltd 536,120


BP Plc 336,515

WH Group Ltd 309,159

Newmont Corp 299,833

Weyerhaeuser Co 247,067

Fortescue Metals Group Ltd 244,969

Norbord Inc 235,963

Marathon Petroleum Corp 234,257



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169



Acquisitions Cost

USD

Lazard European Alternative Fund 2,872,341

Lazard Commodity Blend Strategy Fund 1,859,525

Lazard Rathmore UCITS Fund 1,777,763

Lazard Global Active MENA Fund 1,000,000

United States Treasury Note 1.750% 15/05/2023 890,638

Czech Republic 2.130% 19/11/2027 457,397

Kreditanstalt fuer Wiederaufbau 2.750% 16/04/2020 412,184


Poland Government 1.790% 25/05/2028 384,943



Mexico Treasury Bill - Zero coupon 23/04/2020 262,327

Intercontinental Exchange Inc 239,566

French Republic 1.750% 25/06/2039 238,095

Starbucks Corp 4.450% 15/08/2049 225,332

McDonald's Corp 3.125% 04/03/2025 222,773


Vivendi SA 183,680

Spain Government 1.400% 30/04/2028 182,981

Ireland Government 1.350% 18/03/2031 182,745

Disposals Proceeds

USD

Lazard European Alternative Fund 4,727,341

Lazard Commodity Blend Strategy Fund 2,561,525

Lazard Rathmore UCITS Fund 2,535,763





Cisco Systems Inc 484,436


Ireland Government 1.700% 15/05/2037 410,095

Singapore Government 3.000% 01/09/2024 392,198


Czech Republic 2.500% 25/08/2028 371,642

Spain Government Bond 1.400% 30/04/2028 363,925

City of Oslo Norway 1.600% 05/05/2022 344,671

Coca-Cola Co 343,313

Poland Government 2.500% 25/07/2026 329,519

Medtronic Plc 323,698

Kreditanstalt fuer Wiederaufbau 2.750% 16/04/2020 309,252

Sysco Corp 286,252


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170



Acquisitions Cost

EUR

Bundesschatzanweisungen - Zero coupon 12/06/2020 127,959,172

Nestle SA 99,779,410

German Treasury Bill - Zero coupon 16/10/2019 87,946,394


Siemens AG 77,828,809




Bundesrepublik Deutschland 3.250% 04/01/2020 62,750,632


Vonovia SE 46,196,965


Infineon Technologies AG 42,709,219

SAP SE 39,858,240



ASML Holdings NV 36,444,427

Covestro AG 31,615,797


Commerzbank AG 25,567,533


UniCredit SpA 24,556,866

ArcelorMittal SA 23,460,923

Bankinter SA 23,263,071

Disposals Cost

EUR



Siemens AG 102,540,965




Nestle SA 89,332,899




Vonovia SE 45,898,770


Infineon Technologies AG 40,365,733



ASML Holdings NV 37,283,122

Bankinter SA 33,661,683

SAP SE 32,309,361

Bundesrepublik Deutschland 3.250% 04/01/2020 30,888,494

Merck KGaA 30,012,897

Mowi ASA 29,983,139

Covestro AG 29,014,570

Vestas Wind Systems A/S 27,468,766

LafargeHolcim Ltd 27,160,451

Koninklijke KPN NV 26,969,500

Beiersdorf AG 24,183,260


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171



Acquisitions Cost

USD











RingCentral Inc - Zero coupon 15/03/2023 20,502,882

Alteryx Inc 0.500% 01/06/2023 19,449,787

Inphi Corp 1.125% 01/12/2020 15,658,747

Alteryx Inc 15,049,904

MongoDB Inc 0.750% 15/06/2024 15,019,951


Okta Inc 0.250% 15/02/2023 14,703,418

NuVasive Inc 2.250% 15/03/2021 13,845,135

Okta Inc 0.250% 13/04/2020 13,721,953

Allscripts Healthcare Solutions Inc 1.250% 01/07/2020 12,056,468

Disposals Proceeds

USD








RingCentral Inc - Zero coupon 15/03/2023 23,972,408


Alteryx Inc 0.500% 01/06/2023 19,449,787

MongoDB Inc 0.750% 15/06/2024 16,203,946

Alteryx Inc 16,067,408

Okta Inc 0.250% 15/02/2023 15,731,920

Caesars Entertainment Corp 5.000% 01/10/2024 15,445,466

Tesla Inc 1.250% 01/03/2021 15,105,399

Inphi Corp 1.125% 01/12/2020 14,316,693

NuVasive Inc 2.250% 15/03/2021 12,055,811

Sea Ltd 2.250% 01/07/2023 11,279,711

Okta Inc 0.250% 13/04/2020 11,123,864

Zillow Group Inc 2.000% 01/12/2021 11,059,653

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UCITS V Remuneration Disclosure (unaudited)

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

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

The table below provides an overview of the following;

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

HeadcountTotal Remuneration

USD

Remuneration paid to staff of the Manager 101 14,075,625

of which

Fixed remuneration 101 3,616,835

Variable remuneration 101 10,458,790

Aggregate remuneration paid to UCITS Remuneration Code staff 93 13,032,373

of which

Senior Management 6 6,426,682

Other code staff/risk takers 87 6,605,691

1) ‘ UCITS Remuneration Code Staff ’ relates to the total number of UCITS Code Staff who are employed by the Manager, including directors and similar. It also includes employees of other entities within the LAM Group to whom certain functions in respect of the Fund (in particular investment management) have been delegated.

2) Please note, because of the global way in which LAM operates, the majority of these staff members provide services to more than one LAM Group entity.

3) The remuneration disclosed above only relates to the provision of services by these employees to the Fund (on a pro rata basis) rather than the total remuneration paid to those employees in the year. Remuneration is pro-rated on the basis of assets under management within the Fund.

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

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

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

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

The general principles of the applicable remuneration policies, and the implementation of the remuneration policies is reviewed at least annually.

Lazard Global Investment Funds plc · Registered Office 6th Floor 2 Grand Canal Square Dublin 2 D02...

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