Lazard Global Balanced Income Fund

RISK PROFILE

FUND DETAILS

Inception Date: 4-Nov-2014

Fund Net Asset Value: $20M

Fund Category:Global Equity

Balanced

Investment Style:

Number of Holdings: 465

Distribution Frequency: Monthly

Minimum Investment: $1,000

FUND NUMBER

SALESOPTION

MER(%)*

Total Cost (%) Fund Account

>$100K

BIP185 SC 2.16% 1.90%

BIP280 DSC 2.16% 2.16%

BIP285 LL 2.16% 2.16%

ANNUALIZED PERFORMANCE (%) 1-MTH 3-MTH YTD 1-YR 3-YR 5-YR 10-YR SINCE INCEPT¹Lazard Global Balanced Income Fund -3.66 -7.30 -9.97 -2.92 0.58 1.98 - 3.08

CALENDAR YEAR PERFORMANCE (%) 2012 2013 *2014 2015 2016 2017 2018 2019 2020 2021Lazard Global Balanced Income Fund - - 0.72 5.81 -0.24 9.75 -1.21 9.97 1.87 7.92

GROWTH OF $10,000 SINCE INCEPTION (C$)

PERFORMANCE

¹Since inception date November 4, 2014. Calendar year performance during the year of inception is from this date to the last business day of that year.*Adjusted MER is provided for Funds with management fee reductions in in calendar year 2020 and represents our best estimates of the actual MER for 2020. Management fee rebates are paid when Fund Accounts reach $100K to generate the fee shown in the "Total Cost" columns.

Series A (C$)as at April 30, 2022

Lazard Global Balanced Income Fund as at April 30, 2022

Series A (C$)

SECTOR EXPOSURESECTOR FUND (%)Information Technology 8.6Health Care 7.0Financials 5.9Industrials 4.6Consumer Staples 4.3Consumer Discretionary 4.3Communication Services 3.6Utilities 1.8Energy 1.8Real Estate 1.4Other Net Assets 56.9% of Total 100.0

TOP COUNTRIESCOUNTRY FUND (%)United States 29.0Japan 3.1United Kingdom 2.9Canada 2.0Australia 1.1Switzerland 0.9Denmark 0.9France 0.8Germany 0.6Netherlands 0.5% of Total 41.8Total Number of Countries 23

TOP 25 POSITIONSCOMPANY FUND (%)

1. Microsoft Corp. 1.82. Cash & Cash Equivalent 1.63. NZ Local Govt Fund Agency 2.25% Apr 15/24 1.54. Intl Bk Recon + Develop 1.9% 16 Jan 2025 1.45. Apple Inc. 1.46. Republic of Panama 8.875% Sep 30/27 1.37. Government Of Bermuda 3.717% Jan 25/27 1.38. Alphabet Inc 1.19. Government of New Zealand 1.50% Apr 20/29 1.110. Johnson & Johnson Inc. 1.011. John Deere Financial Inc. 2.41% Jan 14/25 1.012. Government of Singapore 3.375% Sep 01/33 1.013. Province of Quebec 1.85% Feb 13/27 1.014. Government of Czech Republic 1.00% Jun 26/26 0.915. New South Wales Treasury Corp 3.00% Feb 20/30 0.916. Telstra Corp Ltd 4.00% Apr 19/27 0.917. United Kingdom Gilt 0.875% Jul 31/33 0.918. Intl Bk Recon + Develop 1.25% Mar 16/26 0.919. Prologis LP 1.25% Oct 15/30 0.920. GlaxoSmithKline PLC ORD 0.921. CIBC 0.95% Oct 23/25 0.822. United States Treasury Notes 1.75% Aug 15/41 0.823. Daimler AG 0.75% Sep 10/30 0.824. Verizon Communications 3.875% Feb 08/29 0.825. Bunoi Poliennali Del Tes 1.45% Mar 01/36 0.8

% of Fund 27.0Total Number of Companies 377Total Number of Fixed Income Securities 88Total Net Assets ($MM) $20

REGIONAL MIX

REGION FUND (%)

North America 61.5Europe 17.9Asia 14.7Latin America 4.2Other 1.6Middle East 0.1

ASSET MIX

ASSET CLASS FUND (%)

Equity 44.4Fixed Income—Government 30.4Fixed Income—Corporate 23.6Cash & Other Assets 1.6

The portfolio does not contain any short positions. The investment portfolio may change due to ongoing portfolio transactions of the investment fund. An updated listing is available on a quarterly basis. Bridgehouse Asset Managers® is a trade name of Brandes Investment Partners & Co. (Bridgehouse.) As the manager of the Bridgehouse Funds, Bridgehouse has hired Lazard Asset Management LLC. (Lazard) as portfolio sub-advisor in respect of certain of the Bridgehouse Funds. Bridgehouse has taken reasonable steps to provide current, accurate information from sources believed to be reliable. Bridgehouse is not responsible for any errors or omissions contained herein. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions, and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Units and shares of the Bridgehouse Funds are available through registered dealers only. This material has been provided by Bridgehouse and is for informational purposes only. It should not be construed as a recommendation to buy or sell. Securities mentioned herein are not to be construed as a recommendation to buy or sell.

Summary of Investment Portfolio