UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number     811-06312

The Lazard Funds, Inc.
(Exact name of registrant as specified in charter)

30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices)     (Zip code)

Nathan A. Paul, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)

Registrant’s telephone number, including area code:    (212) 632-6000

Date of fiscal year end:     12/31

Date of reporting period:   6/30/13

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds
Semi-Annual Report
June 30, 2013

US Equity	Emerging Markets
Lazard US Equity Concentrated Portfolio	Lazard Emerging Markets Equity Portfolio
Lazard US Strategic Equity Portfolio	Lazard Developing Markets Equity Portfolio
Lazard US Mid Cap Equity Portfolio	Lazard Emerging Markets Equity Blend Portfolio
Lazard US Small-Mid Cap Equity Portfolio	Lazard Emerging Markets Multi-Strategy Portfolio
	Lazard Emerging Markets Debt Portfolio
Global Equity	Lazard Explorer Total Return Portfolio
Lazard Global Listed Infrastructure Portfolio
International Equity	Real Estate Lazard US Realty Income Portfolio
Lazard International Equity Portfolio	Lazard US Realty Equity Portfolio
Lazard International Equity Select Portfolio	Lazard International Realty Equity Portfolio
Lazard International Strategic Equity Portfolio
Lazard International Small Cap Equity Portfolio	US Fixed Income
	Lazard US Short Duration Fixed Income Portfolio
	Lazard US Corporate Income Portfolio
	Global Fixed Income
	Lazard Global Fixed Income Portfolio
	Tactical Asset Allocation
	Lazard Capital Allocator Opportunistic Strategies Portfolio

   The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overviews
16	Performance Overviews
37	Information About Your Portfolio’s Expenses
41	Portfolio Holdings Presented by Sector
43	Portfolio Holdings Presented by Region and Credit Rating
44	Portfolios of Investments
44	Lazard US Equity Concentrated Portfolio
45	Lazard US Strategic Equity Portfolio
47	Lazard US Mid Cap Equity Portfolio
49	Lazard US Small-Mid Cap Equity Portfolio
51	Lazard Global Listed Infrastructure Portfolio
53	Lazard International Equity Portfolio
55	Lazard International Equity Select Portfolio
57	Lazard International Strategic Equity Portfolio
59	Lazard International Small Cap Equity Portfolio
61	Lazard Emerging Markets Equity Portfolio
63	Lazard Developing Markets Equity Portfolio
65	Lazard Emerging Markets Equity Blend Portfolio
68	Lazard Emerging Markets Multi-Strategy Portfolio
81	Lazard Emerging Markets Debt Portfolio
90	Lazard US Realty Income Portfolio
92	Lazard US Realty Equity Portfolio
93	Lazard International Realty Equity Portfolio
95	Lazard US Short Duration Fixed Income Portfolio
97	Lazard US Corporate Income Portfolio
102	Lazard Global Fixed Income Portfolio
107	Lazard Capital Allocator Opportunistic Strategies Portfolio
108	Notes to Portfolios of Investments
112	Statements of Assets and Liabilities
120	Statements of Operations
128	Statements of Changes in Net Assets
137	Financial Highlights
158	Notes to Financial Statements
177	Proxy Voting Results
178	Board of Directors and Officers Information
180	Other Information

Please consider a Portfolio’s investment objectives, risks, charges and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. (the “Fund”), you may obtain a prospectus or summary prospectus by calling 800-823-6300, or online, at www.LazardNet.com. Read the prospectus or each Portfolio’s summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses and other information about Portfolios of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Semi-Annual Report  1

   The Lazard Funds, Inc. A Message from Lazard

Dear Shareholder,

Global equities rose in the first half of 2013, with gains in North America and Asia offsetting steep emerging-market equity declines. Elsewhere, European and Middle Eastern countries recorded more muted performance. Fixed-income markets were volatile during the period. Despite strong performance at the start of the year, political headlines and the Cyprus banking crisis negatively affected sentiment. Investors were encouraged by progress in the euro zone and stronger US economic data. However, comments from the US Federal Reserve (the Fed) Chairman Ben Bernanke regarding the “tapering” of liquidity measures caused a sharp sell-off in the emerging markets—particularly for emerging-market currencies. As a result, emerging-market equities underperformed their developed-market counterparts by a considerable margin during the first half of the year.

At Lazard Asset Management, we remain focused on fundamental, active management, particularly during these challenging financial times. Corporate profitability and cash generation remain robust, and valuations remain attractive by historical standards.

We believe that financial markets offer attractive opportunities, and that we possess and continually cultivate the skills, knowledge, and experience to take advantage of these opportunities. We are committed to leveraging our strengths to help you, a valued shareholder in Lazard Funds, achieve your financial goals.

We appreciate your continued confidence in our management capabilities, and feel privileged that you have turned to Lazard for your investment needs.

Sincerely,

Lazard Asset Management LLC

2  Semi-Annual Report

   The Lazard Funds, Inc. Investment Overviews

US Equities

The market rallied over the last six months as gathering momentum of the US recovery was evident on several fronts. Housing prices continued to rebound, household assets and net worth reached new record highs, and federal fiscal deficits declined. However, toward the end of May the market grew increasingly volatile amid uncertainty over US monetary policy. US Treasury yields rose and equity markets declined globally after the Fed Chairman Ben Bernanke suggested late in the second quarter that the Fed may start to scale back on its bond purchases, focusing investors on the fact that the exceptionally loose monetary policy created by the financial crisis must inevitably end.

International Equities

International markets rose during the first half of 2013 propelled by positive macroeconomic developments. In Europe, some financial institutions repaid a larger-than-expected €137 billion of central bank loans two years early, and Greece received another round of financial aid. In June, some European governments announced more balanced approaches between austerity and stimulus, for further efforts to improve the slow-growth environment. In Japan, the Bank of Japan (BoJ) announced a two percent inflation target, and committed to unlimited monetary easing, through an asset purchase program, until that target is met.

Investors also faced some headwinds. In the United States, continued encouraging data from the economy, led by housing, prompted the Fed Chairman to announce that the bank might reduce its monthly bond buying later in 2013, which resulted in rising US bond yields. Japanese markets rose into May before pulling back significantly amid concerns over the effectiveness of the government’s stimulus and restructuring programs. In emerging markets, China’s economy showed weakness suggesting the recent growth model is reaching its limits, which also pressured commodity prices. In addition, a cash shortage in China’s interbank lending market caused shares to decline in June.

Market leadership was mixed as consumer discretionary and health care performed well, while materials and utilities lagged, and emerging markets underperformed developed markets. Within currency markets, the US dollar appreciated relative to most currencies.

Emerging Markets Equities and Debt

Faced with a tacit confirmation by the Fed that quantitative easing would be increasingly tapered and short-term interest rates would be allowed to rise, shares and currencies in emerging markets significantly declined in the first six months of 2013. As the US economy performed better than expected, perceived risk in European markets declined and worries about Chinese shadow banking and a potential global commodity collapse ensued. Subsequently, emerging markets equities underperformed their counterparts in industrialized markets by a considerable margin. Commodities and economically-sensitive industries were especially weak as investors were concerned about the sustainability of Chinese, and therefore global, economic activity. The Morgan Stanley Capital International (MSCI^®) Emerging Markets Index (the “EM Index”) declined by approximately 9.6% over the six-month period, in US dollar terms, as shares in Asia lost considerably less ground than those in eastern Europe and, especially, in Latin America.

Although there have been market concerns about a slowdown in Chinese economic activity, local equities were helped by a relatively stable currency and only slightly underperformed the broad EM Index. Stocks in countries with more openly-traded currencies, such as South Korea, were more negatively affected. On the other hand, Malaysian equities continued to perform relatively well as the economy continued its impressive growth. Pakistani shares rose sharply following the successful general election of the pro-business Pakistan Muslim League party.

Major Latin American markets markedly weakened over the six-month period. Within the region, Argentinean shares performed best, helped by relatively stable crude oil prices. The decline in Mexican equities was moderated by the trade relationship between Mexico and the United States in terms of its effect on the peso. Peruvian equities were the poorest performing in the region, as commodity prices fell. Brazilian equities were pressured by weak performance in mining and oil shares as well as widespread demonstrations over the rising cost of public services and their poor quality.

Shares across most of eastern Europe, the Middle East, and Africa registered poor returns. Share prices fell in both Poland and the Czech Republic as economic prospects appeared lackluster. Russian shares were weighed down by lower crude oil prices, lower dividend guidance by Gazprom,

Semi-Annual Report  3

and uncertainty surrounding governance issues between Rosneft and TNK-BP minority shareholders. Markets were weak in Turkey and Egypt, undermined by large demonstrations against their respective governments. A bright spot was Hungary, where previously depressed shares rallied.

With respect to emerging markets debt, the first half of the year was characterized by significant volatility. The strong rally at the beginning of the year was amplified by the Japanese government’s announcement of unprecedented stimulus. However, the most important development for global markets was the Fed Chairman’s May testimony, in which he set a timetable for the “tapering” of quantitative easing, which is expected to begin in September. The prospect of tighter global liquidity, along with a slowdown in China, led to a sharp sell-off across emerging-market asset classes. US dollar-denominated debt, as represented by the JPMorgan Emerging Market Bond Index (“EMBI”) Global Diversified^® Index, declined by 7.77% in the six-month period ended June 30, 2013. Performance was driven by spread widening and the US Treasury sell-off, both of which affected credits across the high-yield and the investment-grade spaces. The JPMorgan Government Bond Index – Emerging Markets (“GBI-EM”) Global Diversified^® Index declined 7.15% over the period, with higher volatility largely as a result of a rise in yields and a broad-based sell-off in emerging-market currencies, particularly in countries that have relied on portfolio inflows to fund their external imbalances.

Real Estate Securities

The global listed property market continues to perform well in an environment of modestly improving economies, shifting monetary policies, and less predictable political influences. We see an environment where global property is likely to continue to perform well given positive rental growth, attractive spreads to real bonds, and limited supply growth. Predictable earnings growth and accretive growth opportunities in an environment where we believe are likely to see more volatile equity and debt markets should be favorable.

With GDP and rent growth expectations amongst the global leaders, we expect positive alpha generation in the healthier economies and property markets of China, Hong Kong, Latin America, and the United States. Of note, we continue to believe Chinese property companies remain undervalued relative to global peers, and that the potential pressures from volume activity and new supply have been alleviated.

Meanwhile, in the United States, we believe it is likely that the environment for the remainder of 2013 will be similar to that of the last few quarters, but more subdued due to slower asset-level price growth, a modest increase in new supply, and some uncertainty over the near-term direction of interest rate movements.

US Short Duration Fixed Income

Interest rates were quite volatile during the second quarter of 2013. The US 10-year Treasury yield fell from 1.82% (around the middle of its recent trading range) down to 1.65% in the thick of the Cyprus banking crisis. Rates backed up towards the 1.90% level and then began to rise sharply following Fed Chairman Ben Bernanke’s May 22 testimony, which indicated that the Fed could begin to taper quantitative easing based on the pace of economic growth. With this move in late May, rates seem to have broken through the prior range. The anticipation of the Fed tapering its quantitative easing programs has likely established a new plateau for yields, as they continue to move up toward levels consistent with underlying economic activity.

In the second quarter of 2013, the municipal market posted the worst quarterly performance since the fourth quarter of 2010, and is solidly negative year to date through June 30, 2013. Mutual fund flows turned sharply negative in June. According to Lipper, municipal bond fund outflows for the week ending June 26, 2013 were the largest on record. One of the main catalysts for this activity was the potential reduction of quantitative easing by the Fed. The sharp backup in interest rates, and the outflows that followed, exposed the inability of the municipal market to maintain reasonable liquidity brought about by rapid and significant selling pressure. Conservative dealer balance sheets, combined with a challenging hedging environment, have translated into substantial volatility in prices.

Despite these negatives, there are some positive supporting factors for the sector. New-issue supply continues to be manageable due to more conservative fiscal practices. As of the end of May, supply was running approximately 1.4% lower than the comparable period in 2012. In addition, the municipal market has historically performed well in July due to seasonal reinvestment flows, with a few exceptions. Finally, AAA-rated municipals offer an attractive after-tax yield versus US Treasuries.

4  Semi-Annual Report

US Corporate Fixed Income

For the first half of 2013, the US high yield market posted modestly positive returns, outperforming most fixed income sectors. Lower-quality and distressed credits materially outperformed in the first half of 2013, as yield-hungry investors pushed up demand and pricing. The market volatility suffered in June this year did not dampen the returns of these sectors.

High yield market spreads, as measured by the Bank of America Merrill Lynch High Yield Master II^® Index (the “High Yield Index”), tightened by about 13 basis points (bps) during the first half, to 521 bps. The continued rally in distressed securities led to the spread tightening, even though market yields were rising. Intermediate Treasury yields increased about 74 bps providing a yield of approximately 2.4%. The High Yield Index has a current yield of approximately 7.4%, or 500 bps above intermediate Treasury yields. High-yield market flows reversed in the second quarter as investors withdrew approximately $11 billion from high yield mutual funds and exchange-traded funds (ETFs). Net ETF and mutual fund outflows year to date totaled $10.1 billion. New high yield bond issuance in the US market was $99 billion in the second quarter, pushing year-to-date issuance to $220 billion. The Moody’s trailing 12-month issuer default rate was 2.9% at the end of June, compared to 3.2% at year end.

Global Fixed Income

Overall for the first half of 2013, global fixed income markets posted modestly negative returns due to generally higher yields, wider credit spreads, and weaker currencies (versus the US dollar). Investors began the year in a relatively upbeat and complacent mood, shrugging off negative implications from the hastily-crafted US “fiscal cliff” agreement. Bond yields initially rose in many countries around the world given the positive risk sentiment, but rates shifted lower during the remainder of the first quarter as investors digested new market catalysts, including the US sequester, Italian political theatrics, and the Cypriot banking crisis. Credit behavior was mixed during the first quarter and valuations in certain sectors appeared to be at a crossroads; but appetite for higher yields was prevalent. Lower-quality (high yield) securities generally outperformed investment-grade issues by a considerable margin. The US dollar strengthened against many currencies during the first quarter of the year based on currently favorable growth differentials, especially compared to Japan and the euro zone (as

well as certain emerging markets). Cross-related consolidation also affected various currencies. The persistence of capital inflows is bringing a new round of “currency wars” with authorities in select export-oriented countries showing less tolerance for currency appreciation.

Volatility prevailed throughout the second quarter of 2013, as global bonds (and higher-risk assets) initially rallied during April in response to the BoJ’s “shock and awe” quantitative easing policy, however, a reversal in sentiment and market movements ensued in May and June, as Ben Bernanke’s clarification on tapering the Fed’s quantitative easing program unsettled investors. The yield on the US 10-year maturity bond ranged from a low of 1.62% on May 1 to a high of 2.66% on June 24. Yields for many non-US markets rose more dramatically, as flows and technical factors overwhelmed fundamentals for many of these countries. The magnitude of yield movements for core markets such as Germany, Canada, and Australia were similar to those in the United States, but the more “crowded” positioning in Italy, Ireland, Indonesia, and other emerging-market countries led to greatly exaggerated yield movements in those countries. Growth and inflation trends – especially outside of the United States – certainly do not warrant these movements, and run counter to monetary policy easing in many countries.

Most credit sectors mirrored the rise in rates, and spread widening for certain bonds exacerbated these moves. During June, corporate bonds and other sectors such as sovereign external debt underperformed as they were more susceptible to position adjustments, especially outflows from ETFs and mutual funds. One historical parallel to June’s events was the spread widening in certain sectors in early 2004, which coincided with a large-scale US Treasury sell-off in anticipation of the Fed embarking on a tightening cycle, as it eventually did in the middle of that year. In that episode, spreads began to rally back as soon as it was clear to the market that US Treasury yields had settled at a new, higher level. The majority of our spread product is positioned in short to intermediate maturities around the world, which provided some insulation against higher rates in longer maturities.

Currencies were mixed during the period, but the “risk-off” meltdown toward the end of the quarter was a catalyst for a stronger US dollar. High beta emerging-market currencies were hard hit due to the extraordinary equity and bond flows.

Semi-Annual Report  5

We have maintained a more defensive posture for our currency exposure in recent months, which has protected returns. Given the overshoot in certain currencies, we plan to look for opportunities to re-establish exposure. Recent market volatility, along with uneven growth and interest rate cycles, present opportunities to add value through country allocations, local yield curve positioning, security selection, and currency exposure. We believe it is healthy to see some consolidation in over-extended areas of the market, and we will look for opportunities to take advantage of these movements.

Lazard US Equity Concentrated Portfolio

For the six months ended June 30, 2013, the Lazard US Equity Concentrated Portfolio’s Institutional Shares posted a total return of 14.01%, while Open Shares posted a total return of 13.83%, as compared with the 13.82% return for the S&P 500^® Index.

Stock selection in the information technology sector contributed to performance. The Portfolio was helped by an underweight position in Apple, as the stock fell due to uncertainty surrounding gross margin trajectory and iPhone demand. An overweight position in the health care sector also helped returns. Shares of medical device maker CareFusion rose as investors were encouraged by the prospect that the company might seek to further deploy capital in the form of accretive acquisitions, including speculation that it would purchase Smiths Medical. CareFusion also reported strong earnings, driven by gross margin expansion.

In contrast, stock selection and an underweight position in the financials sector detracted from performance. Shares of office and retail real estate investment trust (“REIT”) Vornado Realty Trust lagged in-line with peers as some investors anticipated that a potential rising rate environment would hurt the traditionally high-yielding asset class. We sold our position during the second quarter. Stock selection and an overweight position in the materials sector also hurt returns. Shares of metals streaming company Silver Wheaton fell as a broad commodities sell-off put pressure on silver prices.

Lazard US Strategic Equity Portfolio

For the six months ended June 30, 2013, the Lazard US Strategic Equity Portfolio’s Institutional Shares posted a total return of 12.27%, while Open Shares posted a total return of 12.13%, as compared with the 13.82% return for the S&P 500 Index.

Stock selection in the information technology sector contributed to performance. The Portfolio was helped by an underweight position in Apple, as the stock fell due to uncertainty surrounding gross margin trajectory and iPhone demand. A position in networking technology provider Cisco Systems helped returns, as shares rose after the company reported strong earning, led by strength in its US and Emerging Markets segments. Gross margins were at the high end of management’s 61% to 62% guidance. An overweight position in the health care sector also helped returns. Shares of medical device maker CareFusion rose as investors were encouraged by the prospect that the company might seek to further deploy capital in the form of accretive acquisitions, including speculation that it would purchase Smiths Medical. CareFusion also reported strong earnings, driven by gross margin expansion.

In contrast, stock selection in the energy sector detracted from performance. Shares of thermal coal producer Consol Energy lagged in-line with peers as ongoing uncertainty in the global steel market put pressure on coal producers. Stock selection in the consumer discretionary sector also hurt returns. Shares of clothing retailer American Eagle Outfitters fell after the company reported quarterly earnings. While results were largely as expected, same-store sales declined, which the company attributed to bad weather and macroeconomic headwinds. The Portfolio’s exposure to metallurgical (met) coal producer Walter Energy, which is in the materials sector, also fell due to the uncertainty in the steel markets. However, we sold our position in Walter as we do not expect the met coal market to improve in the near term.

Lazard US Mid Cap Equity Portfolio

For the six months ended June 30, 2013, the Lazard US Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 14.54%, while Open Shares posted a total return of 14.41%, as compared with the 15.45% return for the Russell Midcap^® Index.

Stock selection in the health care sector contributed to performance. Shares of pharmaceutical maker Vertex Pharmaceuticals rose after the company announced encouraging data for a cystic fibrosis treatment that could address approximately 50% of the patient population. Also in the health care sector, shares of medical device maker CareFusion rose as investors were encouraged by the prospect that the com-

6  Semi-Annual Report

pany might seek further capital deployment in the form of accretive acquisitions, including speculation that it would purchase Smiths Medical. CareFusion also reported quarterly earnings above expectations, driven by strong gross margin expansion. Stock selection in the financials sector also helped returns. Shares of banking services provider Regions Financial rose after the company reported quarterly results above expectations, helped by an expansion in net interest margin, loan balance stabilization, and better-than-expected expense control.

In contrast, stock selection in the industrials sector detracted from performance. Shares of mining equipment maker Joy Global lagged in-line with peers as slowing economic conditions and depressed commodities prices caused investor concerns. Shares of freight transporter Landstar System, also in the industrials sector, fell after management reduced its guidance for the current quarter, citing a difficult demand environment, specifically in its flatbed business. We sold our position during the second quarter. Stock selection and an overweight position in the information technology sector also hurt returns. Shares of network equipment maker F5 Networks fell after the company lowered its earnings guidance for its current fiscal quarter due to weakness in its North American business, citing reduced sales to the federal government.

Lazard US Small-Mid Cap Equity Portfolio

For the six months ended June 30, 2013, the Lazard US Small-Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 14.60%, while Open Shares posted a total return of 14.48%, as compared with the 15.42% return for the Russell 2500^® Index.

For the period, stock selection in the consumer discretionary and industrials sectors detracted from performance, while stock selection in the energy and materials sectors helped returns.

Vera Bradley and American Eagle Outfitters were the largest detractors in the consumer discretionary sector. Shares of Vera Bradley, a designer and retailer of fashion accessories for women, declined amid weaker-than-anticipated fourth-quarter 2012 store traffic, decreased full-year earnings guidance for 2013, and an announcement that the company’s CEO would be leaving. We sold our position in Vera Bradley during the period. American Eagle Outfitters, a clothing re-

tailer, posted solid 2012 holiday sales, but not strong enough for the high expectations of investors, which sent the company’s share price lower.

II-VI, a manufacturer of optical and optoelectronic devices for various uses, detracted from performance in the industrials sector after it missed earnings expectations and cut guidance for fiscal 2013. We exited our position in II-VI in April. Joy Global, a manufacturer of mining equipment, also weighed on returns in the sector. In June the company cut revenue and earnings estimates for the year, as excess commodity supply curbed demand for mining equipment from producers.

PDC Energy—which is engaged in the exploration, development, and production of crude oil and natural gas—helped returns in the energy sector following two consecutive quarterly earnings announcements that beat expectations.

Oil States International, a provider of products and services to the oil and natural gas industry, also outperformed after an activist investor disclosed a large stake in the company in April.

US Silica Holdings, a producer of commercial silica used in hydraulic fracturing, outperformed the materials sector. Shares of the company rallied due to better-than-expected fourth-quarter earnings, and after management provided solid guidance for 2013 and 2014. Rock-Tenn, a manufacturer of packaging products, also added to performance for the period following a stronger-than-expected earnings report.

Lazard Global Listed Infrastructure Portfolio

For the six months ended June 30, 2013, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares posted a total return of 12.89%, while Open Shares posted a total return of 12.79%, as compared with the 10.50% return for the UBS Global 50/50 Infrastructure & Utilities^® Index (Hedged) and 8.43% return for the MSCI World^® Index.

The Portfolio’s holdings in Japanese gas utilities, Osaka Gas and Tokyo Gas, performed strongly over the period. The prospect of a looser monetary policy in Japan is increasing expectations that Japanese output could be higher than previously anticipated. This could accelerate the demand growth trend for natural gas.

Semi-Annual Report  7

US railroad company CSX also performed strongly, reporting solid increases in operating margins despite slightly weaker railroad volumes. The higher operating margins were achieved in an environment of negative volume growth, due to the combination of above-inflation pricing and productivity gains. CSX has pricing power, a diverse mix of customers, and very high barriers to entry.

In what was a strong period for the Portfolio, there were few detractors from performance. Atlantia and Societa Iniziative Autostradali e Servizi declined after a very strong re-rating in the previous six months. Atlantia announced a merger with Gemina, which was received with skepticism by the market. However, we think that this merger is largely value neutral.

Lazard International Equity Portfolio

For the six months ended June 30, 2013, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of 2.84%, while Open Shares posted a total return of 2.68%, as compared with the 4.10% return of the MSCI EAFE^® (Europe, Australasia, Far East) Index (the “EAFE Index”).

Within the energy sector, French seismic surveyor CGG, which was sold during the period, underperformed as its equipment supply unit faced increased competition and higher research-and-development costs. Within the telecom services sector, Canadian wireless carrier Rogers Communications underperformed on concern over new competition from Verizon. Exposure to emerging markets negatively impacted the Portfolio as Hyundai Mobis and Samsung Electronics underperformed.

Positive relative returns were driven by stock selection in the financials sector. Japanese company Sumitomo Mitsui Financial Group performed well resulting from the BoJ’s stimulus efforts. In materials, low exposure to this underperforming sector contributed to relative returns. High exposure to the outperforming consumer discretionary sector also positively impacted the Portfolio.

Lazard International Equity Select Portfolio

For the six months ended June 30, 2013, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of 0.82%, while Open Shares posted a total re-

turn of 0.58%, as compared with the -0.04% return of the MSCI All Country World ex-US (ACWI^® ex-US) Index.

The Portfolio’s outperformance was primarily driven by stock selection in the financials sector. Japanese financial services company Sumitomo Mitsui Financial Group performed well as a result of the BoJ’s stimulus efforts. Stock selection in emerging markets positively impacted the Portfolio as Indonesian companies, Telekomunikasi Indonesia and Bank Mandiri performed well. In addition, low exposure to the underperforming materials sector contributed to relative returns.

Stock selection in the energy and consumer discretionary sectors detracted from relative returns. Within the energy sector, Norwegian oilfield services company Petroleum Geo-Services negatively impacted the Portfolio due to weak demand in the Gulf of Mexico. Within the consumer discretionary sector, South Korean auto-parts producer Hyundai Mobis negatively impacted the Portfolio due to weaker-than-expected results.

Lazard International Strategic Equity Portfolio

For the six months ended June 30, 2013, the Lazard International Strategic Equity Portfolio’s Institutional Shares posted a total return of 7.17%, while Open Shares posted a total return of 7.03%, as compared with the 4.10% return for the EAFE Index.

Encouraging results were reported by power tool maker Makita and airline Ryanair in the industrials sector, as well as by Japanese retailer Don Quijote, German pay-TV company Sky Deutschland, US-dominated jeweller Signet Jewelers, and insurance companies Prudential and Sampo. Investors’ appetite for domestic European companies improved, and shares of TV companies Mediaset Espana and Mediaset (in Italy) gained, as hopes rose that we are nearing the low point for the European economy. The Portfolio also benefited from its lack of exposure to mining companies within the materials sector.

In contrast, in the energy sector, Australian oil marketer Caltex, seismic services business CGG, and oil exploration company Tullow Oil reported weak results. The position in CGG was sold during the period. The Portfolio was also negatively affected by its lack of exposure to the telecom services sector, and as health care company Getinge re-

8  Semi-Annual Report

ported disappointing sales in Europe. The Portfolio’s emerging-market holdings overall performed in-line with the broader market, despite the very weak performance of many emerging-market indices during the period and some share price declines following the Fed’s announcements, which indicate a change of stance on monetary policy. Strong results from Indonesian TV company Media Nusantara Citra and Philippines consumer stock Alliance Global Group were supportive, while the Portfolio was hurt by the weak South African rand and by poor results from packaging company Nampak. In Japan, the Portfolio was hurt by its relatively low exposure to the very strong market, though this was offset in part by the depreciation of the yen, and as some of the Portfolio’s Japanese holdings outperformed the local market.

Lazard International Small Cap Equity Portfolio

For the six months ended June 30, 2013, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of 7.88%, while Open Shares posted a total return of 7.71%, as compared with the 5.69% return for the MSCI EAFE Small Cap^® Index.

The Portfolio benefited from strong stock selection in the financials, consumer staples, and industrials sectors. However, in the information technology and energy sectors stock selection detracted from performance. The Portfolio was also aided by an underweight position in Asia (excluding Japan) and strong stock selection in Asia (excluding Japan) and the United Kingdom. Stock selection in Japan hurt performance.

During the period, Prince Frog International Holdings contributed to strong performance in Asia (excluding Japan) and the consumer discretionary sector. The company’s stock price appreciated greatly during the spring as the company continued to gain market share across its core product lines, which include children’s moisturizing lotions, bath and hair care products.

Azimut Holding, an Italian asset manager, contributed to the period’s performance. Net inflows have been extremely strong in the beginning of 2013, and the company has already achieved two-thirds of its full-year target. In May, Azimut announced strong results for the first quarter, with revenues and management fees higher than expected. Net cash continued to increase in the first quarter as well. The

portfolio management team continues to hold Azimut due to the positive risk-reward prospects and the expectation—supported by management’s statements—of material returns to shareholders, given the company’s strong net cash position.

One detractor from performance this period was Swiss-headquartered AMS, which develops and manufactures high-performance analog semiconductors. AMS applications have diversified end markets, including consumer, industrial, automotive, medical, and mobile communications. The single-largest growth driver in recent quarters has been the consumer segment, including applications for smart phones and notebooks. During its first-quarter results announcement in April, AMS commented on the delay from a major customer in its consumer segment (Apple) for rolling out various product models that AMS has already designed equipment for. In June, the company provided further guidance and reduced its outlook for the second half of the year as the implementation delay is expected to last six months. We maintain a position in AMS, as we believe that momentum in other segments—automotive, medical, and general industry—remains quite positive, and that prospects in the consumer electronics segment are extremely strong on a medium- and longer-term horizon.

A second detractor from Portfolio performance was Norwegian company Petroleum Geo-Services (PGS). PGS is an oilfield service company primarily involved in geophysical and floating production services. The company provides a range of seismic and reservoir services, and operates worldwide. Analysts have begun to conclude that, while 2013 should be a good year for the seismic market, performance may not be as strong as was expected at the beginning of the year. There also seems to be investor concern that seismic rates will decline next year, due to the decline in oil price year to date, and oil companies’ limited free cash flow. The portfolio management team views these concerns as overly-pessimistic, and considers PSG shares undervalued given the limited growth in supply and the likely increase in seismic demand in new regions.

Lazard Emerging Markets Equity Portfolio

For the six months ended June 30, 2013, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares posted a total return of -8.44%, while the Open Shares posted a total

Semi-Annual Report  9

return of -8.59%, as compared with the -9.57% return for the EM Index.

Shares of Telekomunikasi Indonesia, the incumbent telecommunications firm, increased following the announcement of strong earnings. Cielo, a Brazilian credit card processor, announced better than expected results with a recovery in margins. NetEase, a Chinese internet portal and online gaming company, reported strong first-quarter results and provided an optimistic outlook amid recent price increases. Shares of Taiwan Semiconductor Manufacturing (TSMC), a Taiwanese manufacturer of integrated circuits, rose amid expectations for a stronger third quarter and market anticipation that TSMC will be soon producing chips for Apple’s next-generation phone. Magnit, a Russian operator of discount supermarkets, performed well after announcing strong sales volume in May.

In contrast, shares of Banco do Brasil, a Brazilian bank, declined amid macroeconomic and political uncertainty given recent mass street protests. Shares of Samsung Electronics, a South Korean manufacturer of electronic equipment, declined due to concerns that profitability for the handset business. Shares of Jindal Steel & Power, an Indian steel manufacturer and power company, declined after the company announced weak (fiscal) fourth-quarter results. Shoprite, a South African supermarket chain operator, experienced profit taking due to negative sentiment for the South African retail sector driven by currency weakness and concerns over the health of the South African consumer.

Lazard Developing Markets Equity Portfolio

For the six months ended June 30, 2013, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of -13.15%, while the Open Shares posted a total return of -13.31%, as compared with the -9.57% return for the EM Index.

Contributors to performance during the six months under review included AAC Technologies Holdings, a Chinese acoustical components manufacturer, which outperformed on continued unit growth of smartphones. Yandex, a Russian internet search company, rose on strong earnings and news that its search engines can be set as the default search on the new Apple operating system update. China State Construction International Holdings, a Chinese building construction and engineering firm, did well as the company’s order book

remained strong. Bank Rakyat Indonesia, an Indonesian bank, did well on strong earnings growth and improving asset quality. Novatek, a Russian gas and gas condensate exploration and production company, performed well on news that CNPC (China National Petroleum Corporation) could partner with Novatek on the Yamal LNG (liquefied natural gas) project.

Detractors from performance for the six months under review included shares of Zoomlion Heavy Industry Science and Technology, a Chinese construction machinery company, which declined due to poor results and investor concerns that a slowdown in the Chinese economy would have an outsized impact on the industrial sector. Pacific Rubiales Energy, a Colombian oil and gas exploration and production company, fell on media reports, which the company subsequently denied, of involvement in plots against the Venezuelan government. Samsung Electronics, a Korean technology company, went lower on concerns that unit volumes of the Galaxy S4 smartphone were not meeting expectations. Daphne International Holdings, a Chinese women’s footwear retailer, underperformed on a weak sales outlook. Zhuzhou CSR Times Electric, a Chinese developer of electrical systems for railways, fell after it announced a profit warning for the first quarter and concerns about a slowdown in the Chinese economy.

Lazard Emerging Markets Equity Blend Portfolio

For the six months ended June 30, 2013, the Lazard Emerging Markets Equity Blend Portfolio’s Institutional Shares posted a total return of -7.77%, while Open Shares posted a total return of -8.04%, as compared with the -9.57% return of the EM Index.

Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), allocates the Portfolio’s assets between the Investment Manager’s emerging markets relative value and relative growth investment strategies. The Investment Manager considers four broad economic contexts pertinent to allocation decisions between the relative value and growth strategies: Differentiation, Expansion, Mania, and Panic.

Changes made to the weighting of these economic contexts during the six months ended June 30, 2013 reflected a consideration of many factors: Monetary policies of central banks around the globe; global macro data readings (particu-

10  Semi-Annual Report

larly the Purchasing Managers’ Index, which measures economic activity) in China, the United States, the euro zone, and Japan; fiscal policy in developed and emerging markets; and equity valuations, along with other data.

We started the period with a 10% overweight to relative growth and an 8% overall weight of small-cap stocks. In mid-February, while keeping constant our overweight to growth, we increased the weight of small-cap stocks to 12%, due to their high degree of stock-specific risk. At the beginning of April, we kept our overweight to relative growth constant, but we further increased the weight of small caps to 15%. Finally, at the end of May, we further increased the weight of small-cap stocks to 17%, and reduced the overweight to relative growth versus relative value to 5%, as we thought that revenue and earnings growth objectives for many economically sensitive companies had been reset lower.

For the first six months of 2013, stock selection and a lower-than-index exposure to the materials sector, stock selection and a higher-than-index exposure to the information technology sector, and stock selection in the telecom services sector, added value, as did stock selection in Russia and China, and a higher-than-index exposure to Indonesia. Our increase in the weight of small-cap stocks also contributed. In contrast, stock selection in the consumer discretionary sector detracted from performance, as did stock selection and a lower-than-index exposure to Taiwan, stock selection in South Africa, and a higher-than-index exposure to Colombia. Our average overweight to relative growth versus relative value during the period also detracted.

Lazard Emerging Markets Multi-Strategy Portfolio

For the six months ended June 30, 2013, the Lazard Emerging Markets Multi-Strategy Portfolio’s Institutional Shares posted a total return of -6.91%, while Open Shares posted a total return of -7.00%, as compared with the -9.57% return of the EM Index.

The Investment Manager allocates the Portfolio’s assets among various emerging markets equity, debt, and currency investment strategies managed by the Investment Manager. The Investment Manager considers four broad economic contexts pertinent to allocation decisions among the strategies: Differentiation, Expansion, Mania, and Panic.

Changes made to the weighting of these economic contexts during the six months ended June 30, 2013 reflected a consideration of many factors: Monetary policies of central banks around the globe; global macro data readings (particularly the Purchasing Managers’ Index, which measures economic activity) in China, the United States, the euro zone, and Japan; fiscal policy in developed and emerging markets; and equity valuations, along with other data.

We started the period with a 17% overweight to equity, a 10% overweight to relative growth within equity, an 8% allocation to small-cap within equity, and a 10% overweight to debt within the fixed-income allocation. In mid-February, while keeping constant our overweight to equity, we increased the weight of small-cap within equity to 12%, due to its high degree of stock-specific risk. We also increased the allocation of currencies within fixed income by 3%, to 43%, due to a marginal improvement in emerging-market local interest rate dynamics. At the beginning of April, we reduced our overweight to equity by 5%, to 12%, and further increased the weight of small-cap within equity to 15%. We also increased the overweight to debt within fixed income to 13%, as we thought conditions favored it, compared to currencies. Finally, at the end of May, we further increased the weight of small-cap within equity to 17%, and reduced the overweight to relative growth to 5%, as we thought that revenue and earnings growth objectives for many economically-sensitive companies had been reset lower.

For the first six months of 2013, stock selection and a lower-than-index exposure to the materials sector, stock selection and a higher-than-index exposure to the information technology sector, and stock selection in the telecom services sector, added value, as did stock selection in Russia and China, and a higher-than-index exposure to Indonesia. Our increase in the weight of small-cap stocks also contributed. In contrast, stock selection in the consumer discretionary sector detracted from performance, as did stock selection and a lower-than-index exposure to Taiwan, stock selection in South Africa, a higher-than-index exposure to Colombia, long positions in the Brazilian real, Indian rupee, and the Russian rouble, and select positions in sovereign and corporate external debt. Our average overweight to relative growth versus relative value during the period also detracted.

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Lazard Emerging Markets Debt Portfolio

For the six months ended June 30, 2013, the Lazard Emerging Markets Debt Portfolio’s Institutional Shares posted a total return of -7.78%, while Open Shares posted a total return of -7.91%, as compared with the -7.45% blended index return of the 50% JPMorgan EMBI Global Diversified Index/50% JPMorgan GBI-EM Global Diversified Index (the “Global Diversified Index”).

The sell-off was driven by spread widening on credit products, a rise in yields, and a broad-based decline in emerging-market currencies relative to the US dollar. The Portfolio began the year with a significant overweight (nearly two-thirds of the Portfolio) in local rates and foreign exchange, where we believed there was the most value, and gradually moved to an overweight in hard currency debt. This transition is based on our view that the headwinds facing emerging markets, and the trend toward higher US Treasury yields and a stronger US dollar, complicate the prospect for returns in local emerging-market assets.

Lazard US Realty Income Portfolio

For the six months ended June 30, 2013, the Lazard US Realty Income Portfolio’s Institutional Shares posted a total return of 8.25%, while Open Shares posted a total return of 8.13%, as compared with the 3.66% blended index return of the 50% FTSE NAREIT All Equity REITs^® Index/50% Wells Fargo Hybrid and Preferred Securities REIT^® Index (the “Hybrid Index”).

During the first half of 2013, the Portfolio was, on average, invested 63% in common stocks, 31% in preferred stocks, and the remainder in cash and bond positions. The Portfolio’s common stock holdings significantly outperformed their underlying index, while the preferred stock holdings outperformed their underlying index as well, but to a more modest degree.

In terms of relative performance, the Portfolio benefited from an overweight position in Commonwealth REIT, an office REIT, which appreciated due to activist shareholder activity which shed light on the company’s excessive discount to private market value. This position was sold during the period as the stock appreciated in excess of our price target. Also helping the Portfolio was an overweight position to Sun Communities, a manufactured housing REIT, which benefited from the defensive and stable nature of its property type; and an overweight position to Highwoods Properties,

an office REIT, which benefited from an improved labor outlook in its markets.

An overweight position in Campus Crest, a student housing REIT, hurt relative performance as leasing velocity throughout the student housing industry fell short of the prior year’s level. Other detractors from relative performance included an overweight position to Mack-Cali Realty, an office and apartment REIT owner, whose shares suffered when management poorly communicated a significant shift in the company’s strategy; and an overweight position to Digital Realty, a data center REIT, which underperformed as an influential investor presented his short-sale thesis on the company to the broader market.

Lazard US Realty Equity Portfolio

For the six months ended June 30, 2013, the Lazard US Realty Equity Portfolio’s Institutional Shares posted a total return of 5.00%, while Open Shares posted a total return of 4.87%, as compared with the 5.79% return of the FTSE NAREIT All Equity REITs Index.

In terms of relative performance, the Portfolio benefited from a put option hedge that was employed during the year as REITs dropped approximately 12% from their intra-year high to end the second quarter of 2013. Also helping the Portfolio’s performance was an overweight position to American Campus Communities, a student housing REIT, which benefited from an improvement in leasing trends coupled with organic growth in-line with expectations; and an overweight position to Strategic Hotels & Resorts, a lodging REIT, which appreciated from the removal of anti-takeover corporate bylaw provisions paving the way for a potential selective strategic disposition (or outright sale) of its portfolio.

An overweight position to Digital Realty, a data center REIT, underperformed due to a lack of clarity on the company’s growth potential amid activist pressure from an influential short seller. Other detractors from performance included a combination of April and June put option hedges that were implemented as the REIT markets traded at a high premium but eventually expired (sold) below cost basis; and an underweight position to Omega Healthcare Investors, a health care (skilled nursing facility) REIT, which outperformed amid accretive external growth opportunities utilizing its cheaper cost of capital. This security was sold, as we identified it as one of our most interest-rate sensitive investments.

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Lazard International Realty Equity Portfolio¹

For the six months ended June 30, 2013, the Lazard International Realty Equity Portfolio’s Institutional Shares posted a total return of -2.77%, while Open Shares posted a total return of -2.89%, as compared with the -2.19% return of the FTSE EPRA/NAREIT Global ex-US^® Index.

In terms of relative performance, overweight positions in Japanese developers Mitsui Fudosan, Mitsubishi Estate, and Sumitomo Realty & Development helped performance as these companies continued to outperform on Japan’s expansionary monetary policy, and also benefited from improving office fundamentals. Positions were trimmed during the half of the year on relative strength. An overweight position in Wharf Holdings also helped the Portfolio as the company posted record results in fiscal year 2012 and benefited from resilient strength in retail sales within its Hong Kong property portfolio. Other contributors included overweight positions to UK-based Countrywide, Capital & Counties Properties, and SERGO, as direct property market transactions have indicated upside to these companies’ net asset value.

Detractors from relative performance included an overweight position to Longfor Properties, a Chinese real estate developer, which has de-rated due to concerns regarding sales growth and margin compression; and an overweight position to Cheung Kong Holdings, a diversified Hong Kong real estate company, which underperformed as a result of new policy measures in Hong Kong that have slowed down primary market transaction volume. An overweight position to Brazilian companies Aliansce Shopping Centers, BR Properties, and Gafisa hurt performance as the macroeconomic situation weighed heavily on the Brazilian equities market. During the period, we sold our position in Gafisa amid a dramatic share price decline in Brazilian real estate companies, and in order to reduce our exposure to home-builders in the region in favor of mall and office companies.

Lazard US Short Duration Fixed Income Portfolio²

For the six months ended June 30, 2013, the Lazard US Short Duration Fixed Income Portfolio’s Institutional Shares posted a total return of -1.95%, while Open Shares posted a total return of -2.11%, as compared with the -1.02% return for the Bank of America Merrill Lynch 1-10 Year Municipal Bond^® Index.

The Portfolio’s underperformance can be primarily attributed to yield curve positioning and a higher-quality profile. Year to date, the overweight exposure to longer-dated maturities detracted from returns due to the significant yield curve steepening, as longer-maturity allocations significantly underperformed amid the interest rate backup. For example, 10-year AAA-rated municipal bond yields rose 0.25% more than 5-year bonds, and 0.65% more than 2-year bonds. In addition, intermediate higher-quality issues lagged, as lower-rated bonds have outperformed for the majority of the year-to-date period.

Lazard US Corporate Income Portfolio³

For the six months ended June 30, 2013, the Lazard US Corporate Income Portfolio’s Institutional Shares posted a total return of 1.02%, while Open Shares posted a total return of 0.88%, as compared with the 1.50% return for the High Yield Index.

The Portfolio modestly underperformed over the first six months of 2013 as lower-quality and distressed securities continued to outperform. The High Yield Index’s CCC rated sector returned 5.1%, while the BB sector’s performance was flat. Performance was helped by overweight positions in the automotive and gaming sectors, and by underweight positions in energy. In addition, the Portfolio’s shorter duration relative to the High Yield Index helped performance. In contrast, performance was hurt by very limited exposure to lower-quality and distressed securities, and to the technology sector. The Portfolio is materially underweight lower-quality and distressed securities by design, and is overweight higher-quality securities. Overweight positions in the cable and metals sectors also detracted from performance.

Throughout the market volatility of the past several years, we have maintained our credit discipline. As of June 30, 2013, approximately 49% of the holdings by market value were rated BB- or better by Standard & Poor’s, and 76% were rated B+ or better.

Lazard Global Fixed Income Portfolio

For the six months ended June 30, 2013, the Lazard Global Fixed Income Portfolio’s Institutional Shares posted a total return of -6.16%, while Open Shares posted a total return of -6.30%, as compared with the -4.83% return of the Barclays Capital Global Aggregate Bond^® Index.

Semi-Annual Report  13

The Portfolio’s relative performance was helped by our underweight positions in government and US mortgage-backed securities. In addition, yield curve positioning in the United States, Australia, and the euro zone also added value, as we focused our positioning in short to intermediate issues, while generally avoiding long-maturity securities. Finally, tactically hedging certain currencies added value, as the US dollar gained momentum in May and June. On the other hand, the Portfolio’s relative performance was negatively affected by sector allocation, primarily due to an overweight in select emerging markets, taxable municipal bonds, and, in June, high-yield bonds. Modest currency exposure also detracted from performance based on our underweight to the euro and overweight to the Australian dollar.

Lazard Capital Allocator Opportunistic Strategies Portfolio

For the six months ended June 30, 2013, the Lazard Capital Allocator Opportunistic Strategies Portfolio’s Institutional Shares posted a total return of -0.40%, while Open Shares posted a total return of -0.60%. The benchmark returns for the six months ended June 30, 2013 were 8.43% for the MSCI World Index and 4.02% for the Global Asset Allocation Blended Index.⁴

The thematic sector, which represented 49% of the Portfolio as of June 30, 2013, underperformed the MSCI World Index,

but outperformed the Global Asset Allocation Blended Index. Positive returns were generated by equity investments in a hedged Japan position, US financials, and US information technology. These returns were somewhat offset by underperformance from investments in small-cap Japanese equity and gaming equities.

The diversifying sector, which represented 30% of the Portfolio at the end of the period, underperformed the benchmarks. The main detractors were positions in gold and Build America Bonds. Exposure to high-yield fixed income helped performance in the sector.

Contrarian investments, which represented 14% of the Portfolio as of the end of the period, underperformed the benchmarks, but contributed to performance on an absolute basis. Exposure to gold mining companies detracted from returns, but this was mitigated by strong gains from a position in US information technology equities.

Investments in the discounted sector, which represented 7% of the Portfolio as of June 30, 2013, underperformed the MSCI World Index, but outperformed the Global Asset Allocation Blended Index. Discount tightening in a European small-cap equity closed-end fund was the main contributor in the sector, while discount widening in a Mexican equity closed-end fund detracted from performance.

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Notes to Investment Overviews:

All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolios may have been waived or reimbursed by the Investment Manager and State Street Bank and Trust Company, the Fund’s Administrator (“State Street”); without such waiver/reimbursement of expenses, the Portfolios’ returns would have been lower. Past performance is not indicative, or a guarantee, of future results.

The performance data of the indices and other market data have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. These indices are unmanaged, have no fees or costs and are not available for investment.

The views of the Investment Manager and the securities described in this report are as of June 30, 2013; these views and portfolio holdings may have changed subsequent to this date. Nothing herein should be construed as a recommendation to buy, sell, or hold a particular security. There is no assurance that the securities discussed herein will remain in each Portfolio at the time you receive this report, or that securities sold will not have been repurchased. The specific securities discussed may, in aggregate, represent only a small percentage of each Portfolio’s holdings. It should not be assumed that securities identified and discussed were, or will be, profitable, or that the investment decisions made in the future will be profitable, or equal the investment performance of the securities discussed herein.

The views and opinions expressed are provided for general information only, and do not constitute specific tax, legal, or investment advice to, or recommendations for, any person. There can be no guarantee as to the accuracy of the outlooks for markets, sectors and securities as discussed herein. You should read the Fund’s prospectus or each Portfolio’s summary prospectus for a more detailed discussion of each Portfolio’s investment objectives, strategies, risks and fees.

1	Effective August 15, 2013, International Realty Equity Portfolio changed its name to Global Realty Equity Portfolio and its investment policy, as fully described in the Supplement to Prospectus and Summary Prospectus dated May 1, 2013, which may be accessed at www.lazardnet.com.
2	For the majority of the period covered by this report, the Portfolio was named Lazard US Municipal Portfolio and invested in municipal securities. As such, the commentary and performance analysis reflect the municipal strategy and corresponding benchmark. As of June 28, 2013, the Portfolio changed its name from “Lazard US Municipal Portfolio” to “Lazard US Short Duration Fixed Income Portfolio,” and adopted the Portfolio’s current investment policies and strategies.
3	For the majority of the period covered by this report, the Portfolio was named Lazard US High Yield Portfolio and utilized the High Yield Index. As such, the commentary and performance analysis reflect such prior benchmark. As of June 28, 2013, the Portfolio changed its name from “Lazard US High Yield Portfolio” to “Lazard US Corporate Income Portfolio” and adopted the Portfolio’s current investment policies.
4	The Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Portfolio’s Investment Manager, composed of 60% MSCI World (Net) Index and 40% Barclays Capital US Aggregate Bond® Index.

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   The Lazard Funds, Inc. Performance Overviews (unaudited)

Lazard US Equity Concentrated Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Equity Concentrated Portfolio, S&P 500^® Index and Russell 1000 Value/S&P 500 Linked Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Five Years		Since Inception		†
Institutional Shares**		24.82%		6.15%		5.35%
Open Shares**		24.34%		5.84%		5.06%
S&P 500 Index		20.60%		7.01%		5.74%
Russell 1000 Value/S&P 500 Linked Index		20.60%		5.63%		4.48%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The Portfolio was previously known as Lazard US Equity Value Portfolio. As of May 31, 2012, the Portfolio changed its name to Lazard US Equity Concentrated Portfolio and changed its investment strategy to invest in primarily equity securities, principally common stocks, of US companies of any market capitalization. The Portfolio has a concentrated portfolio of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $350 million.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The S&P 500 Index is a market capitalization-weighted index of 500 common stocks, designed to measure performance of the broad domestic economy through changes in the aggregate market value of these stocks, which represent all major industries. The Russell 1000 Value/S&P 500 Linked Index is an index created by the Portfolio’s Investment Manager, which links the performance of the Russell 1000® Value Index for all periods through May 30, 2012 and the S&P 500 Index for all periods thereafter. The Russell 1000 Value Index measures the performance of those Russell 1000 companies (the 1,000 largest companies in the Russell 3000® Index, which consists of the 3,000 largest US companies by capitalization) with lower price-to-book ratios and lower forecasted growth values. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was September 30, 2005.

16  Semi-Annual Report

Lazard US Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Strategic Equity Portfolio and S&P 500 Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One		Five		Since
	Year		Years		Inception		†
Institutional Shares**		21.73%		6.42%		5.00%
Open Shares**		21.37%		6.08%		4.69%
S&P 500 Index		20.60%		7.01%		5.54%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The S&P 500 Index is a market capitalization-weighted index of 500 common stocks, designed to measure performance of the broad domestic economy through changes in the aggregate market value of these stocks, which represent all major industries. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was December 30, 2004.

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Lazard US Mid Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Mid Cap Equity Portfolio and Russell Midcap^® Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Five Years		Ten Years
Institutional Shares**		17.47%		5.79%		7.91%
Open Shares**		17.14%		5.51%		7.62%
Russell Midcap Index		25.41%		8.28%		10.65%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index (which consists of the 1,000 largest US companies by capitalization). The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

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Lazard US Small-Mid Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Small-Mid Cap Equity Portfolio, Russell 2500^® Index and Russell 2000/2500 Linked Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Five Years		Ten Years
Institutional Shares**		23.52%		10.56%		9.39%
Open Shares**		23.08%		10.23%		9.03%
Russell 2500 Index		25.61%		9.21%		10.34%
Russell 2000/2500 Linked Index		25.61%		9.97%		10.13%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The Portfolio was previously known as Lazard US Small Cap Equity Portfolio. As of August 25, 2008, the Portfolio changed its name to Lazard US Small-Mid Cap Equity Portfolio and changed its investment strategy to invest in equity securities of small-mid cap US companies.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The Russell 2500 Index is comprised of the 2,500 smallest US companies included in the Russell 3000 Index (which consists of the 3,000 largest US companies by capitalization). The Russell 2000/2500 Linked Index is an index created by the Portfolio’s Investment Manager, which links the performance of the Russell 2000® Index for all periods through August 24, 2008 and the Russell 2500 Index for all periods thereafter. The Russell 2000 Index is comprised of the 2,000 smallest US companies included in the Russell 3000 Index. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

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Lazard Global Listed Infrastructure Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Listed Infrastructure Portfolio, UBS Global 50/50 Infrastructure & Utilities^® Index (Hedged) and MSCI World^® Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Since Inception		†
Institutional Shares**		26.03%		10.07%
Open Shares**		25.58%		9.68%
UBS Global 50/50 Infrastructure & Utilities Index (Hedged)		17.65%		7.37%
MSCI World Index		18.58%		8.39%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or Boston Financial Data Services, Inc., the Fund’s transfer and dividend disbursing agent (“BFDS”); without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The UBS Global 50/50 Infrastructure & Utilities Index (Hedged) tracks a 50% exposure to the global developed-market utilities sector and a 50% exposure to the global developed-market infrastructure sector. The MSCI World Index is a market capitalization-weighted index of companies representative of the market structure of 24 developed market countries in North America, Europe, and the Asia/Pacific region. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was December 31, 2009.

20  Semi-Annual Report

Lazard International Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Portfolio and EAFE Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Five Years		Ten Years
Institutional Shares**		17.80%		2.59%		7.59%
Open Shares**		17.37%		2.28%		7.25%
EAFE Index		18.62%		–0.63%		7.67%

*	All returns reflect reinvestment of all dividends and distributions, if any.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EAFE Index is a broadly diversified international index comprised of equity securities of approximately 1,000 companies located in developed countries outside the United States. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  21

Lazard International Equity Select Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Select Portfolio, MSCI ACWI^®
ex-US and MSCI EAFE/ACWI ex-US Linked Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Five Years		Ten Years
Institutional Shares**		15.52%		0.47%		6.42%
Open Shares**		15.24%		0.17%		6.11%
MSCI ACWI ex-US		13.63%		–0.80%		8.62%
MSCI EAFE/ACWI ex-US Linked Index		13.63%		–1.75%		7.07%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The MSCI ACWI ex-US is a free floated-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI EAFE/ACWI ex-US Linked Index is an index created by the Portfolio’s Investment Manager, which links the performance of the EAFE Index for all periods through June 30, 2010 and the MSCI ACWI ex-US for all periods thereafter. The EAFE Index is a broadly diversified international index comprised of equity securities of approximately 1,000 companies located in developed countries outside the United States. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

22  Semi-Annual Report

Lazard International Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Strategic Equity Portfolio and EAFE Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

		Institutional Shares							Open Shares
	One Year		Five Years		Since Inception		†	One Year		Five Years		Since Inception		†
International Strategic Equity Portfolio**		24.01%		3.88%		6.60%			23.65%		3.58%		4.49%
EAFE Index		18.62%		–0.63%		3.47%			18.62%		–0.63%		1.80%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EAFE Index is a broadly diversified international index comprised of equity securities of approximately 1,000 companies located in developed countries outside the United States. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional Shares was October 31, 2005 and for Open Shares was February 3, 2006.

Semi-Annual Report  23

Lazard International Small Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Small Cap Equity Portfolio and MSCI EAFE Small Cap^® Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Five Years		Ten Years
Institutional Shares**		21.77%		1.41%		8.44%
Open Shares**		21.61%		1.13%		8.14%
MSCI EAFE Small Cap Index		20.88%		2.48%		10.38%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The MSCI EAFE Small Cap Index is an arithmetic, market value-weighted average of the performance of securities of small cap companies listed on the stock exchanges of EAFE Index countries. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

24  Semi-Annual Report

Lazard Emerging Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Equity Portfolio and EM Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Five Years		Ten Years
Institutional Shares**		3.47%		1.69%		15.93%
Open Shares**		3.15%		1.35%		15.61%
EM Index		2.87%		–0.43%		13.66%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EM Index is comprised of emerging market securities in countries open to non-local investors. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  25

Lazard Developing Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Developing Markets Equity Portfolio and EM Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Since Inception		†
Institutional Shares**		–4.17%		6.01%
Open Shares**		–4.47%		5.70%
EM Index		2.87%		6.35%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EM Index is comprised of emerging market securities in countries open to non-local investors. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was September 30, 2008.

26  Semi-Annual Report

Lazard Emerging Markets Equity Blend Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Equity Blend Portfolio and EM Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Since Inception		†
Institutional Shares**		1.53%		2.56%
Open Shares**		1.13%		2.22%
EM Index		2.87%		3.04%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EM Index is comprised of emerging market securities in countries open to non-local investors. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was May 28, 2010.

Semi-Annual Report  27

Lazard Emerging Markets Multi-Strategy Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Multi-Strategy Portfolio and EM Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Since Inception		†
Institutional Shares**		0.29%		–3.86%
Open Shares**		0.00%		–4.13%
EM Index		2.87%		–6.74%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EM Index is comprised of emerging market securities in countries open to non-local investors. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was March 31, 2011.

28  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Debt Portfolio, JPMorgan EMBI Global Diversified^® Index, JPMorgan GBI-EM Global Diversified^® Index and Global Diversified Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Since Inception		†
Institutional Shares**		2.03%		4.77%
Open Shares**		1.70%		4.46%
JPMorgan EMBI Global Diversified Index		1.11%		6.82%
JPMorgan GBI-EM Global Diversified Index		1.32%		2.77%
Global Diversified Index		1.24%		4.87%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The JPMorgan EMBI Global Diversified Index is a uniquely-weighted version of the EMBI Global. The JPMorgan GBI-EM Global Diversified Index is a uniquely-weighted version of the GBI-EM Global. These indices limit the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The Global Diversified Index is a 50/50 blend of the JPMorgan EMBI Global Diversified Index and the JPMorgan GBI-EM Global Diversified Index. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was February 28, 2011.

Semi-Annual Report  29

Lazard US Realty Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Open Shares of Lazard US Realty Income Portfolio, FTSE NAREIT All Equity REITs^® Index, Wells Fargo Hybrid and Preferred Securities REIT^® Index, Hybrid Index and S&P 500 Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

		Institutional Shares					Open Shares
	One Year		Since Inception		†	One Year		Since Inception		†
US Realty Income Portfolio**		17.27%		24.19%			16.98%		14.26%
FTSE NAREIT All Equity REITs Index		10.21%		22.86%			10.21%		6.80%
Wells Fargo Hybrid and Preferred Securities REIT Index		5.03%		9.63%			5.03%		14.39%
Hybrid Index		7.69%		16.34%			7.69%		11.30%
S&P 500 Index		20.60%		24.42%			20.60%		7.03%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The FTSE NAREIT All Equity REITs Index is a free-float adjusted market capitalization index that is designed to measure the performance of equity REITs across all industries. The Wells Fargo Hybrid and Preferred Securities REIT Index tracks the performance of fixed-rate US dollar-denominated preferred securities issued in the US domestic market. The Hybrid Index is a 50/50 blend of the FTSE NAREIT All Equity REITs Index and the Wells Fargo Hybrid and Preferred Securities REIT Index. The S&P 500 Index is a market capitalized-weighted index of 500 common stocks, designed to measure performance of the broad domestic economy through changes in the aggregate market value of these stocks, which represent all major industries. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional Shares was September 26, 2011 and for Open Shares was July 30, 2008.

30  Semi-Annual Report

Lazard US Realty Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Open Shares of Lazard US Realty Equity Portfolio, and FTSE NAREIT All Equity REITs Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

		Institutional Shares					Open Shares
	One Year		Since Inception		†	One Year		Since Inception		†
US Realty Equity Portfolio**		10.41%		27.45%			10.14%		27.70%
FTSE NAREIT All Equity REITs Index		10.21%		22.86%			10.21%		19.69%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The FTSE NAREIT All Equity REITs Index is a free-float adjusted market capitalization index that is designed to measure the performance of equity REITs across all industries. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional Shares was September 26, 2011 and for Open Shares was December 31, 2008.

Semi-Annual Report  31

Lazard International Realty Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Open Shares of Lazard International Realty Equity Portfolio and FTSE EPRA/NAREIT Global ex-US^® Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	Institutional Shares				Open Shares
	One Year	Since Inception		†	One Year	Since Inception		†
International Realty Equity Portfolio**	18.14%		21.66%		17.87%		21.03%
FTSE EPRA/NAREIT Global ex-US Index	17.74%		19.99%		17.74%		15.78%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The FTSE EPRA/NAREIT Global ex-US Index is a free-float adjusted market capitalization index that is designed to measure the performance of REITs in both developed and emerging markets while excluding those listed or incorporated in the United States. There are currently 46 countries eligible for inclusion in the index with 24 classified as developed and 22 as emerging. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional Shares was September 26, 2011 and for Open Shares was December 31, 2008.

32  Semi-Annual Report

Lazard US Short Duration Fixed Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Short Duration Fixed Income Portfolio, Bank of America Merrill Lynch 1-3 Year Treasury^® Index and Bank of America Merrill Lynch 1-10 Year Municipal Bond^® Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Since Inception		†
Institutional Shares**		–0.90%		2.12%
Open Shares**		–1.21%		1.81%
Bank of America Merrill Lynch 1-3 Year Treasury Index		0.33%		0.82%
Bank of America Merrill Lynch 1-10 Year Municipal Bond Index		0.39%		3.40%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The Portfolio was previously known as Lazard US Municipal Portfolio. As of June 28, 2013, the Portfolio changed its name to Lazard US Short Duration Fixed Income Portfolio and changed its investment objective and investment strategy and policies (including the policy with respect to the investment of 80% of its assets). The Portfolio invests at least 80% of its assets in fixed-income securities of US issuers, including US government securities, corporate securities, mortgage-related and asset-backed securities, convertible securities, municipal securities, structured products, preferred stocks and inflation-indexed securities. The Bank of America Merrill Lynch 1-3 Year Treasury Index will replace the Bank of America Merrill Lynch 1-10 Year Municipal Bond Index to reflect its changes from a municipal fund to its current investment strategy.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The Bank of America Merrill Lynch 1-3 Year Treasury Index tracks the performance of the direct sovereign debt of the US Government having a maturity of at least one year and less than three years. The Bank of America Merrill Lynch 1-10 Year Municipal Bond Index is a subset of the Bank of America Merrill Lynch US Municipal Securities® Index including all securities with a remaining term to final maturity less than 10 years. The Bank of America Merrill Lynch US Municipal Securities Index tracks the performance of US dollar-denominated investment grade tax-exempt debt publicly issued by US states and territories, and their political subdivisions. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was February 28, 2011.

Semi-Annual Report  33

Lazard US Corporate Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Corporate Income Portfolio, Bank of America Merrill Lynch BB-B US Cash Pay Non-Distressed High Yield^® Index and High Yield Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Five Years		Ten Years
Institutional Shares**		7.11%		7.34%		7.23%
Open Shares**		6.78%		7.07%		6.98%
Bank of America Merrill Lynch BB-B US Cash Pay Non-Distressed High Yield Index		8.11%		8.18%		7.32%
High Yield Index		9.57%		10.63%		8.75%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The Portfolio was previously known as Lazard US High Yield Portfolio. As of June 28, 2013, the Portfolio changed its name to Lazard US Corporate Income Portfolio and changed its policy with respect to the investment of 80% of its assets and certain related policies. The Portfolio invests at least 80% of its assets in fixed-income securities issued by corporations or other non-government issuers similar to corporations, which securities are tied economically to the US. The Bank of America Merrill Lynch BB-B US Cash Pay Non-Distressed High Yield Index will replace the High Yield Index to reflect the Portfolio’s focus on higher-yielding securities that may be considered “better quality.”
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The Bank of America Merrill Lynch BB-B US Cash Pay Non-Distressed High Yield Index is constructed to mirror the BB-B Non Distressed sector of the public high yield corporate debt market and is a subset of the Merrill Lynch High Yield Cash Pay® Index. The High Yield Index provides a broad-based measure of the performance of the non-investment grade US domestic bond market. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

34  Semi-Annual Report

Lazard Global Fixed Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Fixed Income Portfolio and Barclays Capital Global Aggregate Bond^® Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

	One Year		Since Inception		†
Institutional Shares**		–3.14%		–2.45%
Open Shares**		–3.42%		–2.73%
Barclays Capital Global Aggregate Bond Index		–2.18%		–1.27%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The Barclays Capital Global Aggregate Bond Index provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt, securitized debt, and global Treasury. It covers the investment-grade, US dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS, with maturities of no less than one year. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was March 30, 2012.

Semi-Annual Report  35

Lazard Capital Allocator Opportunistic Strategies Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Capital Allocator Opportunistic Strategies Portfolio, MSCI World Index and Global Asset Allocation Blended Index*

Average Annual Total Returns*
Periods Ended June 30, 2013

		Institutional Shares						Open Shares
	One Year		Five Years		Since Inception		†	One Year		Five Years		Since Inception		†
Capital Allocator Opportunistic Strategies Portfolio**		4.77%		1.58%		2.09%			4.47%		1.23%		1.84%
MSCI World Index		18.58%		2.70%		2.16%			18.58%		2.70%		2.24%
Global Asset Allocation Blended Index		10.59%		4.44%		3.80%			10.59%		4.44%		3.95%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The MSCI World Index is a market capitalization-weighted index of companies representative of the market structure of 24 developed market countries in North America, Europe, and the Asia/Pacific region. The Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Portfolio’s Investment Manager that is comprised of 60% MSCI World (Net) Index and 40% Barclays Capital US Aggregate Bond® Index. The Barclays Capital US Aggregate Bond Index covers the investment grade, US dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS and CMBS, with maturities of no less than one year. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional Shares was March 26, 2008 and for Open Shares was March 31, 2008.

36  Semi-Annual Report

   The Lazard Funds, Inc. Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees, distribution and service (12b-1) fees (Open Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from January 1, 2013 through June 30, 2013 and held for the entire period.

Actual Expenses

For each Share class of the Portfolios, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each Share class of the Portfolios, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Portfolio	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period* 1/1/13 - 6/30/13			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
US Equity Concentrated
Institutional Shares
Actual		$	1,000.00		$	1,140.10		$	4.45		0.84	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.64		$	4.20		0.84	%
Open Shares
Actual		$	1,000.00		$	1,138.30		$	6.63		1.25	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.60		$	6.26		1.25	%
US Strategic Equity
Institutional Shares
Actual		$	1,000.00		$	1,122.70		$	3.95		0.75	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.08		$	3.76		0.75	%
Open Shares
Actual		$	1,000.00		$	1,121.30		$	5.52		1.05	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.59		$	5.26		1.05	%
US Mid Cap Equity
Institutional Shares
Actual		$	1,000.00		$	1,145.40		$	5.59		1.05	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.59		$	5.26		1.05	%
Open Shares
Actual		$	1,000.00		$	1,144.10		$	7.18		1.35	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.10		$	6.76		1.35	%

Semi-Annual Report  37

Portfolio	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period* 1/1/13 - 6/30/13			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
US Small-Mid Cap Equity
Institutional Shares
Actual		$	1,000.00		$	1,146.00		$	4.55		0.86	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.55		$	4.29		0.86	%
Open Shares
Actual		$	1,000.00		$	1,144.80		$	6.34		1.19	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.89		$	5.96		1.19	%
Global Listed Infrastructure
Institutional Shares
Actual		$	1,000.00		$	1,128.90		$	5.29		1.00	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.83		$	5.02		1.00	%
Open Shares
Actual		$	1,000.00		$	1,127.90		$	6.99		1.32	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.22		$	6.63		1.32	%
International Equity
Institutional Shares
Actual		$	1,000.00		$	1,028.40		$	4.82		0.96	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.04		$	4.80		0.96	%
Open Shares
Actual		$	1,000.00		$	1,026.80		$	6.25		1.24	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.62		$	6.23		1.24	%
International Equity Select
Institutional Shares
Actual		$	1,000.00		$	1,008.20		$	5.73		1.15	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.09		$	5.76		1.15	%
Open Shares
Actual		$	1,000.00		$	1,005.80		$	7.21		1.45	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.60		$	7.25		1.45	%
International Strategic Equity
Institutional Shares
Actual		$	1,000.00		$	1,071.70		$	4.19		0.82	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.75		$	4.08		0.82	%
Open Shares
Actual		$	1,000.00		$	1,070.30		$	5.54		1.08	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.44		$	5.41		1.08	%
International Small Cap Equity
Institutional Shares
Actual		$	1,000.00		$	1,078.80		$	5.82		1.13	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.19		$	5.66		1.13	%
Open Shares
Actual		$	1,000.00		$	1,077.10		$	7.36		1.43	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.70		$	7.15		1.43	%

38  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period* 1/1/13 - 6/30/13			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
Emerging Markets Equity
Institutional Shares
Actual		$	1,000.00		$	915.60		$	5.21		1.10	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.36		$	5.49		1.10	%
Open Shares
Actual		$	1,000.00		$	914.10		$	6.53		1.38	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.97		$	6.89		1.38	%
Developing Markets Equity
Institutional Shares
Actual		$	1,000.00		$	868.50		$	5.23		1.13	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.19		$	5.66		1.13	%
Open Shares
Actual		$	1,000.00		$	866.90		$	6.65		1.44	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.67		$	7.18		1.44	%
Emerging Markets Equity Blend
Institutional Shares
Actual		$	1,000.00		$	922.30		$	5.66		1.19	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.90		$	5.95		1.19	%
Open Shares
Actual		$	1,000.00		$	919.60		$	7.57		1.59	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.91		$	7.95		1.59	%
Emerging Markets Multi-Strategy
Institutional Shares
Actual		$	1,000.00		$	930.90		$	6.12		1.28	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.46		$	6.40		1.28	%
Open Shares
Actual		$	1,000.00		$	930.00		$	7.66		1.60	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.86		$	8.00		1.60	%
Emerging Markets Debt
Institutional Shares
Actual		$	1,000.00		$	922.20		$	4.52		0.95	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.09		$	4.75		0.95	%
Open Shares
Actual		$	1,000.00		$	920.90		$	6.19		1.30	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.35		$	6.51		1.30	%
US Realty Income
Institutional Shares
Actual		$	1,000.00		$	1,082.50		$	4.77		0.92	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.21		$	4.63		0.92	%
Open Shares
Actual		$	1,000.00		$	1,081.30		$	6.07		1.18	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.97		$	5.88		1.18	%

Semi-Annual Report  39

Portfolio	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period* 1/1/13 - 6/30/13			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
US Realty Equity
Institutional Shares
Actual		$	1,000.00		$	1,050.00		$	6.10		1.20	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.84		$	6.01		1.20	%
Open Shares
Actual		$	1,000.00		$	1,048.70		$	6.97		1.37	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.99		$	6.86		1.37	%
International Realty Equity
Institutional Shares
Actual		$	1,000.00		$	972.30		$	6.36		1.30	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.35		$	6.51		1.30	%
Open Shares
Actual		$	1,000.00		$	971.10		$	7.82		1.60	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.86		$	8.00		1.60	%
US Short Duration Fixed Income
Institutional Shares
Actual		$	1,000.00		$	980.50		$	1.96		0.40	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,022.81		$	2.01		0.40	%
Open Shares
Actual		$	1,000.00		$	978.90		$	3.43		0.70	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.32		$	3.51		0.70	%
US Corporate Income
Institutional Shares
Actual		$	1,000.00		$	1,010.20		$	2.74		0.55	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,022.07		$	2.76		0.55	%
Open Shares
Actual		$	1,000.00		$	1,008.80		$	4.23		0.85	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.58		$	4.26		0.85	%
Lazard Global Fixed Income
Institutional Shares
Actual		$	1,000.00		$	938.40		$	3.84		0.80	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.83		$	4.01		0.80	%
Open Shares
Actual		$	1,000.00		$	937.00		$	5.28		1.10	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.34		$	5.51		1.10	%
Capital Allocator Opportunistic Strategies
Institutional Shares
Actual		$	1,000.00		$	996.00		$	5.05		1.02	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.74		$	5.11		1.02	%
Open Shares
Actual		$	1,000.00		$	994.00		$	6.53		1.32	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.25		$	6.61		1.32	%

* Expenses are equal to the annualized expense ratio of each Share class multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

40  Semi-Annual Report

   The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2013 (unaudited)

Sector*	Lazard US Equity Concentrated Portfolio			Lazard US Strategic Equity Portfolio			Lazard US Mid Cap Equity Portfolio			Lazard US Small-Mid Cap Equity Portfolio			Lazard Global Listed Infrastructure Portfolio
Consumer Discretionary		18.3	%		15.3	%		19.0	%		13.7	%		1.5	%
Consumer Staples		16.1			11.6			6.3			0.2			—
Energy		3.3			10.9			5.7			6.8			—
Financials		3.5			13.4			19.9			20.3			2.0
Health Care		30.6			19.0			15.3			9.9			—
Industrials		5.1			6.9			8.7			17.3			55.7
Information Technology		13.4			17.8			20.1			18.9			—
Materials		1.8			3.8			3.3			7.9			—
Utilities		—			—			—			1.5			38.2
Short-Term Investments		7.9			1.3			1.7			3.5			2.6
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Sector*	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Small Cap Equity Portfolio			Lazard Emerging Markets Equity Portfolio
Consumer Discretionary		16.5	%		13.1	%		22.1	%		21.6	%		7.9	%
Consumer Staples		13.3			14.1			13.3			5.0			12.1
Energy		6.4			7.1			5.7			4.5			8.0
Financials		22.2			20.1			19.9			21.0			26.3
Health Care		13.4			11.5			11.9			9.9			—
Industrials		12.3			11.8			14.7			17.3			7.3
Information Technology		3.8			9.9			—			11.2			16.9
Materials		5.1			4.0			7.3			4.8			6.0
Telecommunication Services		3.0			5.8			—			2.0			13.0
Utilities		1.6			1.0			—			1.0			—
Short-Term Investments		2.4			1.6			5.1			1.7			2.5
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Sector*	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi-Strategy Portfolio			Lazard US Realty Income Portfolio			Lazard US Realty Equity Portfolio
Consumer Discretionary		14.3	%		13.8	%		9.0	%		—	%		—	%
Consumer Staples		2.4			7.0			4.5			—			—
Energy		15.4			11.2			8.9			—			—
Financials		26.9			25.4			18.0			97.0			98.5
Health Care		1.5			1.6			1.0			—			—
Industrials		15.4			11.4			7.5			—			—
Information Technology		14.2			15.9			9.8			—			—
Materials		4.6			2.7			2.4			—			—
Telecommunication Services		0.9			5.4			3.8			—			—
Utilities		0.9			—			0.9			—			—
Sovereign Debt		—			—			12.6			—			—
US Treasury Securities		—			—			14.3			—			—
Short-Term Investments		3.5			5.6			7.3			3.0			1.5
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report  41

Sector*	Lazard International Realty Equity Portfolio			Lazard Capital Allocator Opportunistic Strategies Portfolio
Consumer Discretionary		—	%		10.0	%
Consumer Staples		—			2.4
Energy		—			3.3
Financials		96.3			15.8
Health Care		—			3.2
Industrials		—			12.3
Information Technology		—			12.6
Materials		—			3.7
Telecommunication Services		—			0.5
Utilities		—			0.8
Fixed Income		—			12.9
Other		—			9.1
Short-Term Investments		3.7			13.4
Total Investments		100.0	%		100.0	%

* Represents percentage of total investments.

42  Semi-Annual Report

   The Lazard Funds, Inc. Portfolio Holdings Presented by Region and Credit Rating June 30, 2013 (unaudited)

Region*	Lazard  Emerging Markets  Debt Portfolio
Africa		16.2	%
Asia		32.0
Europe		21.5
North America		10.0
South America		17.4
Short-Term Investment		2.9
Total Investments		100.0	%

S&P Credit Rating*	Lazard US Short Duration Fixed Income Portfolio			Lazard US Corporate Income Portfolio			Lazard Global Fixed Income Portfolio
AAA		13.7	%		—	%		21.8	%
AA+		12.3			—			4.9
AA		16.4			—			3.1
AA-		9.8			—			11.7
A+		5.7			—			3.1
A		18.8			—			7.6
A-		14.8			—			7.5
BBB+		—			—			3.7
BBB		—			1.4			9.5
BBB-		—			5.0			1.7
BB+		—			5.5			2.1
BB		—			14.5			0.4
BB-		—			22.0			2.9
B+		—			27.2			—
B		—			14.9			0.4
B-		—			7.2			—
CCC+		—			2.1			—
NR		—			—			6.9
NA		—			—			5.9
Short-Term Investments		8.5			0.2			6.8
Total Investments		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report  43

   The Lazard Funds, Inc. Portfolios of Investments June 30, 2013 (unaudited)

Description	Shares		Value
Lazard US Equity Concentrated Portfolio
Common Stocks | 92.6%
Alcohol & Tobacco | 7.9%
Molson Coors Brewing Co., Class B		368,473	$	17,635,118
Automotive | 3.3%
General Motors Co. (a)		223,400		7,441,454
Computer Software | 4.1%
Microsoft Corp.		266,520		9,202,936
Energy Services | 3.3%
US Silica Holdings, Inc.		352,731		7,329,750
Food & Beverages | 4.6%
Sysco Corp.		300,390		10,261,322
Health Services | 4.5%
Magellan Health Services, Inc. (a)		179,010		10,038,881
Leisure & Entertainment | 5.1%
Viacom, Inc., Class B		166,790		11,350,059
Manufacturing | 5.1%
Tyco International, Ltd.		347,920		11,463,964
Medical Products | 14.0%
Baxter International, Inc.		145,800		10,099,566
CareFusion Corp. (a)		310,665		11,448,005
McKesson Corp.		84,555		9,681,548
				31,229,119
Metals & Mining | 1.9%
Silver Wheaton Corp.		211,940		4,168,860

Description	Shares		Value
Pharmaceutical & Biotechnology | 12.2%
Pfizer, Inc.		545,377	$	15,276,010
Zoetis, Inc.		390,522		12,063,223
				27,339,233
Real Estate | 3.6%
Lexington Realty Trust REIT		677,650		7,914,952
Retail | 13.7%
Advance Auto Parts, Inc.		191,770		15,565,971
American Eagle Outfitters, Inc.		363,265		6,633,219
Wal-Mart Stores, Inc.		111,910		8,336,176
				30,535,366
Technology Hardware | 9.3%
Apple, Inc.		13,710		5,430,257
Cisco Systems, Inc.		633,510		15,400,628
				20,830,885
Total Common Stocks (Identified cost $195,552,739)				206,741,899
Short-Term Investment | 8.0%
State Street Institutional Treasury Money Market Fund (Identified cost $17,838,488)		17,838,488		17,838,488
Total Investments | 100.6% (Identified cost $213,391,227) (b)			$	224,580,387
Liabilities in Excess of Cash and Other Assets | (0.6)%				(1,293,808	)
Net Assets | 100.0%			$	223,286,579

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

44  Semi-Annual Report

Description	Shares		Value
Lazard US Strategic Equity Portfolio
Common Stocks | 86.1%
Aerospace & Defense | 0.8%
Raytheon Co.		14,200	$	938,904
Agriculture | 0.7%
The Mosaic Co.		15,175		816,567
Alcohol & Tobacco | 3.0%
Molson Coors Brewing Co., Class B		72,220		3,456,449
Automotive | 1.4%
General Motors Co. (a)		47,515		1,582,725
Banking | 2.6%
Bank of America Corp.		134,300		1,727,098
Regions Financial Corp.		126,100		1,201,733
				2,928,831
Cable Television | 1.7%
Comcast Corp., Class A		49,850		1,977,550
Chemicals | 1.7%
Eastman Chemical Co.		27,700		1,939,277
Commercial Services | 2.0%
Corrections Corp. of America		35,605		1,205,941
Republic Services, Inc.		31,500		1,069,110
				2,275,051
Computer Software | 3.1%
Microsoft Corp.		72,100		2,489,613
Oracle Corp.		32,200		989,184
				3,478,797
Consumer Products | 0.9%
Hasbro, Inc.		22,500		1,008,675
Energy Exploration & Production | 4.6%
Anadarko Petroleum Corp.		22,200		1,907,646
Apache Corp.		19,400		1,626,302
Devon Energy Corp.		32,400		1,680,912
				5,214,860

Description	Shares		Value
Energy Integrated | 3.5%
Chevron Corp.		12,500	$	1,479,250
Consol Energy, Inc.		56,050		1,518,955
HollyFrontier Corp.		23,400		1,001,052
				3,999,257
Energy Services | 1.4%
Transocean, Ltd.		33,800		1,620,710
Financial Services | 6.0%
American Express Co.		29,500		2,205,420
Citigroup, Inc.		63,450		3,043,696
Morgan Stanley		66,700		1,629,481
				6,878,597
Food & Beverages | 2.7%
Sysco Corp.		90,250		3,082,940
Health Services | 1.1%
UnitedHealth Group, Inc.		18,600		1,217,928
Insurance | 0.7%
The Hartford Financial Services Group, Inc.		26,900		831,748
Leisure & Entertainment | 2.7%
Viacom, Inc., Class B		45,150		3,072,458
Manufacturing | 5.2%
Carpenter Technology Corp.		22,370		1,008,216
Honeywell International, Inc.		15,893		1,260,951
Joy Global, Inc.		15,600		757,068
Terex Corp. (a)		28,700		754,810
Tyco International, Ltd.		63,200		2,082,440
				5,863,485
Medical Products | 7.4%
Baxter International, Inc.		34,800		2,410,596
CareFusion Corp. (a)		86,600		3,191,210
McKesson Corp.		25,060		2,869,370
				8,471,176
Pharmaceutical & Biotechnology | 8.1%
Gilead Sciences, Inc. (a)		37,400		1,915,254
Johnson & Johnson		11,510		988,249
Pfizer, Inc.		147,119		4,120,803
Zoetis, Inc.		70,469		2,176,799
				9,201,105

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

Semi-Annual Report  45

Description	Shares		Value
Lazard US Strategic Equity Portfolio (concluded)
Real Estate | 1.3%
Lexington Realty Trust REIT		57,800	$	675,104
Vornado Realty Trust		9,600		795,360
				1,470,464
Retail | 11.0%
Advance Auto Parts, Inc.		31,500		2,556,855
American Eagle Outfitters, Inc.		88,155		1,609,710
AutoZone, Inc. (a)		2,491		1,055,412
Big Lots, Inc. (a)		35,080		1,106,072
CVS Caremark Corp.		37,600		2,149,968
Macy’s, Inc.		26,400		1,267,200
Wal-Mart Stores, Inc.		37,955		2,827,268
				12,572,485
Semiconductors & Components | 0.9%
Texas Instruments, Inc.		28,100		979,847
Technology | 1.0%
Google, Inc., Class A (a)		1,350		1,188,500
Technology Hardware | 10.1%
Apple, Inc.		4,086		1,618,383
Cisco Systems, Inc.		177,805		4,322,439
EMC Corp.		98,300		2,321,846
Hewlett-Packard Co.		43,500		1,078,800
Qualcomm, Inc.		35,800		2,186,664
				11,528,132

Description	Shares		Value
Telecommunications | 0.5%
Juniper Networks, Inc. (a)		29,600	$	571,576
Total Common Stocks (Identified cost $85,631,925)				98,168,094
Preferred Stock | 0.0%
Automotive | 0.0%
Better Place, Inc., Series B (Identified cost $453,501) (a), (c)		181,401		0
Short-Term Investment | 1.1%
State Street Institutional Treasury Money Market Fund (Identified cost $1,278,297)		1,278,297		1,278,297
Total Investments | 87.2% (Identified cost $87,363,723) (b)			$	99,446,391
Cash and Other Assets in Excess of Liabilities | 12.8%				14,646,897
Net Assets | 100.0%			$	114,093,288

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

46  Semi-Annual Report

Description	Shares		Value
Lazard US Mid Cap Equity Portfolio
Common Stocks | 98.0%
Aerospace & Defense | 2.5%
B/E Aerospace, Inc. (a)		13,700	$	864,196
Rockwell Collins, Inc.		8,800		558,008
				1,422,204
Alcohol & Tobacco | 4.3%
Molson Coors Brewing Co., Class B		51,575		2,468,380
Banking | 4.5%
East West Bancorp, Inc.		18,700		514,250
Regions Financial Corp.		132,000		1,257,960
Signature Bank (a)		9,100		755,482
				2,527,692
Chemicals | 2.2%
Eastman Chemical Co.		18,000		1,260,180
Commercial Services | 8.5%
Blackhawk Network Holdings, Inc.		37,900		879,280
Corrections Corp. of America		16,986		575,316
Realogy Holdings Corp.		7,200		345,888
Republic Services, Inc.		36,800		1,248,992
The Interpublic Group of Cos., Inc.		50,800		739,140
Vantiv, Inc., Class A (a)		38,200		1,054,320
				4,842,936
Computer Software | 3.7%
Check Point Software Technologies, Ltd. (a)		23,800		1,182,384
Informatica Corp. (a)		15,500		542,190
TIBCO Software, Inc. (a)		18,900		404,460
				2,129,034
Consumer Products | 3.0%
Hasbro, Inc.		38,600		1,730,438
Energy Exploration & Production | 2.7%
EQT Corp.		7,500		595,275
Noble Energy, Inc.		15,200		912,608
				1,507,883
Energy Integrated | 0.6%
Consol Energy, Inc.		11,800		319,780

Description	Shares		Value
Energy Services | 2.4%
Cameron International Corp. (a)		8,000	$	489,280
Oil States International, Inc. (a)		5,210		482,654
US Silica Holdings, Inc.		18,000		374,040
				1,345,974
Financial Services | 6.0%
Ameriprise Financial, Inc.		7,000		566,160
IntercontinentalExchange, Inc. (a)		8,250		1,466,520
Lender Processing Services, Inc.		21,700		701,995
Raymond James Financial, Inc.		15,890		682,952
				3,417,627
Food & Beverages | 2.0%
Sysco Corp.		32,500		1,110,200
Health Services | 6.5%
Aetna, Inc.		16,100		1,022,994
AmerisourceBergen Corp.		36,550		2,040,587
Magellan Health Services, Inc. (a)		11,600		650,528
				3,714,109
Insurance | 3.7%
The Hartford Financial Services Group, Inc.		33,800		1,045,096
Willis Group Holdings PLC		25,700		1,048,046
				2,093,142
Manufacturing | 4.0%
Dover Corp.		15,800		1,227,028
Joy Global, Inc.		9,700		470,741
Tyco International, Ltd.		17,400		574,026
				2,271,795
Medical Products | 4.5%
CareFusion Corp. (a)		70,100		2,583,185
Metal & Glass Containers | 1.1%
Owens-Illinois, Inc. (a)		22,500		625,275
Pharmaceutical & Biotechnology | 4.2%
Ariad Pharmaceuticals, Inc. (a)		25,400		444,246
Quintiles Transnational Holdings, Inc.		8,900		378,784
Vertex Pharmaceuticals, Inc. (a)		6,800		543,116
Zoetis, Inc.		33,200		1,025,548
				2,391,694
Real Estate | 5.3%
Kilroy Realty Corp. REIT		16,500		874,665
Lexington Realty Trust REIT		100,600		1,175,008
The Macerich Co. REIT		16,100		981,617
				3,031,290

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

Semi-Annual Report  47

Description	Shares		Value
Lazard US Mid Cap Equity Portfolio (concluded)
Retail | 14.6%
Advance Auto Parts, Inc.		10,700	$	868,519
American Eagle Outfitters, Inc.		31,705		578,933
AutoZone, Inc. (a)		5,965		2,527,311
Big Lots, Inc. (a)		12,270		386,873
Macy’s, Inc.		43,500		2,088,000
Ross Stores, Inc.		28,700		1,860,047
				8,309,683
Semiconductors & Components | 4.0%
Avago Technologies, Ltd.		23,500		878,430
TE Connectivity, Ltd.		15,700		714,978
Xilinx, Inc.		17,200		681,292
				2,274,700
Technology | 4.3%
Amdocs, Ltd.		10,600		393,154
Fidelity National Information Services, Inc.		32,000		1,370,880
NetScout Systems, Inc. (a)		28,800		672,192
				2,436,226
Technology Hardware | 3.4%
F5 Networks, Inc. (a)		6,400		440,320
NetApp, Inc.		39,830		1,504,777
				1,945,097
Total Common Stocks (Identified cost $50,085,889)				55,758,524

Description	Shares		Value
Preferred Stock | 0.0%
Automotive | 0.0%
Better Place, Inc., Series B (Identified cost $1,307,499) (a), (c)		523,000	$	0
Short-Term Investment | 1.7%
State Street Institutional Treasury Money Market Fund (Identified cost $972,984)		972,984		972,984
Total Investments | 99.7% (Identified cost $52,366,372) (b)			$	56,731,508
Cash and Other Assets in Excess of Liabilities | 0.3%				172,457
Net Assets | 100.0%			$	56,903,965

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

48  Semi-Annual Report

Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks | 95.5%
Aerospace & Defense | 1.3%
B/E Aerospace, Inc. (a)		65,400	$	4,125,432
Automotive | 2.0%
Modine Manufacturing Co. (a)		301,520		3,280,538
Tenneco, Inc. (a)		67,650		3,063,192
				6,343,730
Banking | 8.0%
East West Bancorp, Inc.		142,100		3,907,750
EverBank Financial Corp.		236,700		3,919,752
PacWest Bancorp		186,301		5,710,126
Signature Bank (a)		57,500		4,773,650
TCF Financial Corp.		272,400		3,862,632
Wintrust Financial Corp.		83,093		3,180,800
				25,354,710
Chemicals | 2.0%
Rockwood Holdings, Inc.		54,100		3,464,023
Solazyme, Inc. (a)		237,900		2,788,188
				6,252,211
Commercial Services | 2.5%
Blackhawk Network Holdings, Inc.		177,065		4,107,908
KAR Auction Services, Inc.		161,700		3,698,079
				7,805,987
Computer Software | 6.8%
Autodesk, Inc. (a)		84,465		2,866,742
Informatica Corp.		107,950		3,776,091
j2 Global, Inc.		75,160		3,195,052
Red Hat, Inc. (a)		103,050		4,927,851
TIBCO Software, Inc. (a)		103,500		2,214,900
Web.com Group, Inc. (a)		176,100		4,508,160
				21,488,796
Construction & Engineering | 2.5%
MasTec, Inc. (a)		155,100		5,102,790
Quanta Services, Inc. (a)		99,500		2,632,770
				7,735,560
Consumer Products | 3.6%
Central Garden & Pet Co., Class A (a)		74,539		514,319
Hasbro, Inc.		84,800		3,801,584
Matthews International Corp., Class A		117,114		4,415,198
The Middleby Corp. (a)		15,500		2,636,395
				11,367,496
Energy Exploration & Production | 1.2%
PDC Energy, Inc. (a)		74,600		3,840,408

Description	Shares		Value
Energy Services | 4.6%
Dresser-Rand Group, Inc. (a)		62,600	$	3,754,748
Key Energy Services, Inc. (a)		566,400		3,370,080
Oil States International, Inc. (a)		37,585		3,481,874
US Silica Holdings, Inc.		185,238		3,849,246
				14,455,948
Financial Services | 2.8%
Raymond James Financial, Inc.		132,610		5,699,578
Waddell & Reed Financial, Inc., Class A		71,400		3,105,900
				8,805,478
Forest & Paper Products | 2.9%
KapStone Paper and Packaging Corp.		67,400		2,708,132
Rock-Tenn Co., Class A		30,900		3,086,292
Schweitzer-Mauduit International, Inc.		69,760		3,479,629
				9,274,053
Health Services | 3.5%
Brookdale Senior Living, Inc. (a)		126,000		3,331,440
Magellan Health Services, Inc. (a)		75,405		4,228,712
Quintiles Transnational Holdings, Inc.		80,400		3,421,824
				10,981,976
Housing | 1.3%
Taylor Morrison Home Corp., Class A		165,100		4,025,138
Insurance | 3.8%
American Equity Investment Life Holding Co.		272,100		4,271,970
Arch Capital Group, Ltd. (a)		57,900		2,976,639
Brown & Brown, Inc.		146,800		4,732,832
				11,981,441
Leisure & Entertainment | 2.9%
Bally Technologies, Inc. (a)		58,940		3,325,395
Hyatt Hotels Corp. (a)		77,065		3,110,343
Texas Roadhouse, Inc.		114,600		2,867,292
				9,303,030
Manufacturing | 12.4%
ACCO Brands Corp. (a)		533,945		3,395,890
Actuant Corp., Class A		149,690		4,935,279
Carpenter Technology Corp.		92,600		4,173,482
FLIR Systems, Inc.		182,610		4,924,992
Joy Global, Inc.		54,720		2,655,562
Kennametal, Inc.		72,742		2,824,572
Littelfuse, Inc.		45,200		3,372,372
Terex Corp. (a)		76,785		2,019,445
The Toro Co.		68,300		3,101,503
TriMas Corp. (a)		150,250		5,601,320
Woodward, Inc.		54,400		2,176,000
				39,180,417

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

Semi-Annual Report  49

Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Medical Products | 4.0%
CareFusion Corp. (a)		153,600	$	5,660,160
Haemonetics Corp. (a)		98,600		4,077,110
Henry Schein, Inc. (a)		30,300		2,901,225
				12,638,495
Metal & Glass Containers | 1.4%
Owens-Illinois, Inc. (a)		155,000		4,307,450
Metals & Mining | 1.1%
CaesarStone Sdot Yam, Ltd.		130,600		3,556,238
Pharmaceutical & Biotechnology | 2.4%
Ariad Pharmaceuticals, Inc. (a)		211,000		3,690,390
Vertex Pharmaceuticals, Inc. (a)		47,360		3,782,643
				7,473,033
Real Estate | 5.5%
Extra Space Storage, Inc. REIT		111,600		4,679,388
Kilroy Realty Corp. REIT		91,335		4,841,668
Lexington Realty Trust REIT		288,900		3,374,352
The Macerich Co. REIT		73,177		4,461,602
				17,357,010
Retail | 4.7%
Advance Auto Parts, Inc.		45,720		3,711,092
American Eagle Outfitters, Inc.		212,375		3,877,968
Chico’s FAS, Inc.		220,300		3,758,318
Iconix Brand Group, Inc. (a)		116,200		3,417,442
Steven Madden, Ltd. (a)		4,606		222,838
				14,987,658
Semiconductors & Components | 4.6%
LSI Corp. (a)		593,200		4,235,448
Microsemi Corp. (a)		139,100		3,164,525
ON Semiconductor Corp. (a)		434,200		3,508,336
Xilinx, Inc.		94,800		3,755,028
				14,663,337
Technology | 2.5%
NetScout Systems, Inc. (a)		189,830		4,430,632
SS&C Technologies Holdings, Inc. (a)		110,009		3,619,296
				8,049,928

Description	Shares		Value
Telecommunications | 0.8%
Juniper Networks, Inc. (a)		127,000	$	2,452,370
Transportation | 2.9%
Alaska Air Group, Inc.		44,920		2,335,840
Echo Global Logistics, Inc. (a)		168,343		3,281,005
Hub Group, Inc., Class A (a)		100,000		3,642,000
				9,258,845
Water | 1.5%
California Water Service Group		239,372		4,670,148
Total Common Stocks (Identified cost $263,628,952)				301,736,323
Preferred Stock | 0.0%
Automotive | 0.0%
Better Place, Inc., Series B (Identified cost $452,901) (a), (c)		181,161		0

Description	Principal Amount (000)		Value
Repurchase Agreement | 3.5%
State Street Bank and Trust Co., 0.01%, 07/01/13 (Dated 06/28/13, collateralized by $11,395,000 United States Treasury Note, 0.625%, 05/31/17, with a value of $11,213,500) Proceeds of $10,991,009 (Identified cost $10,991,000)	$	10,991	$	10,991,000
Total Investments | 99.0% (Identified cost $275,072,853) (b)			$	312,727,323
Cash and Other Assets in Excess of Liabilities | 1.0%				3,262,450
Net Assets | 100.0%			$	315,989,773

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

50  Semi-Annual Report

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 94.8%
Australia | 11.5%
DUET Group		8,058,127	$	14,812,815
Macquarie Atlas Roads Group		2,949,301		5,232,729
Spark Infrastructure Group		7,404,709		11,749,379
Transurban Group		2,516,776		15,559,609
				47,354,532
Austria | 1.9%
Flughafen Wien AG		137,970		7,887,530
France | 10.4%
Aeroports de Paris		281,533		27,378,023
Vinci SA		311,531		15,634,213
				43,012,236
Germany | 9.1%
Fraport AG		622,451		37,658,700
Italy | 20.3%
ASTM SpA		546,923		6,225,583
Atlantia SpA		1,944,872		31,720,216
Hera SpA		5,787,993		10,976,948
Snam SpA		2,563,047		11,676,660
Societa Iniziative Autostradali e Servizi SpA		1,404,168		11,487,311
Terna SpA		2,839,975		11,799,713
				83,886,431
Japan | 10.9%
Osaka Gas Co., Ltd.		4,538,300		19,172,693
Toho Gas Co., Ltd.		1,891,350		9,782,845
Tokyo Gas Co., Ltd.		2,860,700		15,806,247
				44,761,785
Luxembourg | 1.5%
SES SA		211,343		6,052,079

Description	Shares		Value
South Korea | 1.9%
Macquarie Korea Infrastructure Fund		1,329,687	$	7,963,801
Spain | 6.8%
Abertis Infraestructuras SA		452,197		7,887,267
Enagas SA		161,109		3,981,296
Red Electrica Corporacion SA		293,717		16,152,875
				28,021,438
Switzerland | 4.7%
Flughafen Zuerich AG		38,888		19,535,605
United Kingdom | 1.9%
Pennon Group PLC		793,600		7,779,280
United States | 13.9%
California Water Service Group		402,865		7,859,896
CSX Corp.		677,300		15,706,587
Norfolk Southern Corp.		271,537		19,727,163
PG&E Corp.		174,379		7,974,352
SJW Corp.		154,000		4,034,800
Union Pacific Corp.		14,106		2,176,274
				57,479,072
Total Common Stocks (Identified cost $384,641,109)				391,392,489
Short-Term Investment | 2.6%
State Street Institutional Treasury Money Market Fund (Identified cost $10,602,583)		10,602,583		10,602,583
Total Investments | 97.4% (Identified cost $395,243,692) (b), (d)			$	401,995,072
Cash and Other Assets in Excess of Liabilities | 2.6%				10,536,857
Net Assets | 100.0%			$	412,531,929

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

Semi-Annual Report  51

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at June 30, 2013:

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
EUR		RBC	09/25/13		14,226,940	$	18,639,454	$	18,525,411	$	—	$	114,043
GBP		RBC	09/25/13		1,431,075		2,205,986		2,175,387		—		30,599
Total Forward Currency Purchase Contracts						$	20,845,440	$	20,700,798	$	—	$	144,642
Forward Currency Sale Contracts
AUD		HSB	09/25/13		31,198,959	$	28,939,530	$	28,357,689	$	581,841	$	—
AUD		RBC	09/25/13		26,085,225		24,155,935		23,709,659		446,276		—
CHF		CSF	09/25/13		842,418		916,469		892,557		23,912		—
CHF		CSF	09/25/13		17,336,098		18,611,347		18,367,912		243,435		—
EUR		BRC	09/25/13		36,620,146		48,361,811		47,684,411		677,400		—
EUR		CAN	09/25/13		37,221,479		49,172,552		48,467,428		705,124		—
EUR		CIT	09/25/13		32,561,447		43,022,528		42,399,432		623,096		—
EUR		RBC	09/25/13		64,975,500		85,790,532		84,606,938		1,183,594		—
GBP		RBC	09/25/13		6,581,449		10,165,345		10,004,508		160,837		—
JPY		HSB	09/25/13		1,620,551,072		16,555,240		16,346,036		209,204		—
JPY		MEL	09/25/13		2,873,272,940		29,337,672		28,981,884		355,788		—
KRW		MEL	09/23/13		9,584,809,976		8,444,766		8,361,570		83,196		—
Total Forward Currency Sale Contracts						$	363,473,727	$	358,180,024		5,293,703		—
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	5,293,703	$	144,642

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

52  Semi-Annual Report

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks | 97.9%
Australia | 2.2%
Ansell, Ltd.		94,239	$	1,519,464
James Hardie Industries PLC		279,395		2,399,339
				3,918,803
Belgium | 3.4%
Anheuser-Busch InBev NV		67,470		6,006,166
Bermuda | 1.3%
Signet Jewelers, Ltd.		32,306		2,206,689
Brazil | 0.7%
Estacio Participacoes SA		164,900		1,192,769
Canada | 3.0%
MacDonald Dettwiler & Associates, Ltd.		28,500		1,891,509
Potash Corp. of Saskatchewan, Inc.		29,930		1,141,763
Rogers Communications, Inc., Class B		55,700		2,182,029
				5,215,301
Denmark | 0.9%
Carlsberg A/S, Class B		18,359		1,643,630
Finland | 1.5%
Sampo Oyj, A Shares		67,943		2,647,833
France | 8.4%
BNP Paribas SA		72,290		3,949,690
European Aeronautic Defence and Space Co. NV		31,792		1,699,353
Sanofi SA		43,927		4,552,477
Technip SA		18,958		1,925,027
Valeo SA		41,421		2,603,316
				14,729,863
Germany | 8.6%
Bayer AG		40,950		4,367,078
Bayerische Motoren Werke AG		26,401		2,308,630
Merck KGaA		20,758		3,162,649
RTL Group		27,341		2,248,475
SAP AG		38,847		2,844,797
				14,931,629
Indonesia | 0.8%
PT Bank Mandiri (Persero) Tbk ADR		164,000		1,467,800

Description	Shares		Value
Ireland | 1.1%
Ryanair Holdings PLC Sponsored ADR		38,700	$	1,994,211
Italy | 2.5%
Atlantia SpA		119,495		1,948,924
Eni SpA		114,830		2,358,611
				4,307,535
Japan | 18.6%
AEON Financial Service Co., Ltd.		78,800		2,231,793
Asics Corp.		155,990		2,470,864
Daikin Industries, Ltd.		39,000		1,576,830
Daito Trust Construction Co., Ltd.		17,300		1,630,924
Daiwa House Industry Co., Ltd.		114,000		2,127,586
Don Quijote Co., Ltd.		68,300		3,322,721
Japan Tobacco, Inc.		78,600		2,777,707
Komatsu, Ltd.		97,000		2,242,599
LIXIL Group Corp.		118,500		2,887,825
Makita Corp.		30,500		1,648,316
Seven & I Holdings Co., Ltd.		78,100		2,854,532
Sumitomo Mitsui Financial Group, Inc.		96,500		4,427,052
Yahoo Japan Corp.		4,505		2,221,159
				32,419,908
Netherlands | 0.5%
Koninklijke KPN NV		417,934		868,774
New Zealand | 0.6%
Telecom Corp. of New Zealand, Ltd.		633,520		1,104,629
Norway | 0.8%
Petroleum Geo-Services ASA		116,641		1,420,964
Philippines | 1.3%
BDO Unibank, Inc.		532,310		1,047,369
LT Group, Inc.		2,253,100		1,178,705
				2,226,074
Russia | 1.0%
Sberbank of Russia (e)		579,201		1,648,250
South Africa | 1.1%
Mediclinic International, Ltd.		283,184		1,966,951
South Korea | 1.9%
Hyundai Mobis		7,534		1,800,956
Samsung Electronics Co., Ltd. GDR		2,592		1,511,136
				3,312,092

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

Semi-Annual Report  53

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Spain | 2.5%
Mediaset Espana Comunicacion SA (a)		174,141	$	1,516,426
Red Electrica Corporacion SA		51,785		2,847,900
				4,364,326
Sweden | 4.3%
Assa Abloy AB, Class B		72,302		2,833,386
Getinge AB, B Shares		38,013		1,155,224
Swedbank AB, A Shares		107,419		2,463,584
Volvo AB, B Shares		83,152		1,113,471
				7,565,665
Switzerland | 6.9%
GAM Holding AG		114,997		1,765,345
Glencore Xstrata PLC		412,378		1,706,942
Novartis AG		94,618		6,721,579
Swatch Group AG		3,509		1,920,653
				12,114,519
Thailand | 0.9%
Krung Thai Bank Public Co. Ltd. (e)		2,280,100		1,492,376
Turkey | 1.3%
Koc Holding AS		204,886		983,691
Turkcell Iletisim Hizmetleri AS (a)		206,484		1,199,057
				2,182,748
United Kingdom | 21.8%
BG Group PLC		83,839		1,426,254
British American Tobacco PLC		66,120		3,386,533
Direct Line Insurance Group PLC		681,022		2,413,414
Informa PLC		474,649		3,538,116
International Consolidated Airlines Group SA (a)		183,300		735,727
Ladbrokes PLC		81,406		247,505

Description	Shares		Value
Lloyds Banking Group PLC (a)		3,269,975	$	3,141,242
Prudential PLC		237,780		3,887,752
Reed Elsevier PLC		188,175		2,137,949
Rexam PLC		502,688		3,650,789
Royal Dutch Shell PLC, A Shares		130,673		4,173,688
Standard Chartered PLC		116,472		2,527,903
Taylor Wimpey PLC		958,410		1,395,741
Unilever PLC		134,996		5,465,674
				38,128,287
Total Common Stocks (Identified cost $150,536,229)				171,077,792

Description	Principal Amount (000)		Value
Repurchase Agreement | 2.4%
State Street Bank and Trust Co., 0.01%, 07/01/13 (Dated 06/28/13, collateralized by $4,365,000 United States Treasury Note, 0.625%, 05/31/17, with a value of $4,295,474) Proceeds of $4,209,004 (Identified cost $4,209,000)	$	4,209	$	4,209,000
Total Investments | 100.3% (Identified cost $154,745,229) (b)			$	175,286,792
Liabilities in Excess of Cash and Other Assets | (0.3)%				(485,494	)
Net Assets | 100.0%			$	174,801,298

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

54  Semi-Annual Report

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks | 98.3%
Australia | 1.5%
BHP Billiton, Ltd.		8,516	$	244,319
Belgium | 3.6%
Anheuser-Busch InBev NV		6,475		576,403
Bermuda | 1.2%
Signet Jewelers, Ltd.		2,802		191,393
Brazil | 4.1%
BB Seguridade Participacoes SA		20,000		157,394
Cielo SA		8,418		210,964
Estacio Participacoes SA		22,800		164,919
Vale SA Sponsored ADR		9,330		122,689
				655,966
China | 2.1%
Baidu, Inc. Sponsored ADR (a)		1,410		133,287
China Construction Bank Corp., Class H		297,000		210,227
				343,514
Denmark | 0.9%
Carlsberg A/S, Class B		1,563		139,931
Finland | 1.4%
Sampo Oyj, A Shares		5,843		227,710
France | 6.9%
BNP Paribas SA		5,503		300,666
Sanofi SA		4,215		436,831
Technip SA		1,662		168,762
Valeo SA		3,174		199,487
				1,105,746
Germany | 7.0%
Bayer AG		2,556		272,582
Bayerische Motoren Werke AG		2,371		207,332
Merck KGaA		1,455		221,681
SAP AG		5,824		426,496
				1,128,091
Hong Kong | 1.6%
China Mobile, Ltd. Sponsored ADR		4,862		251,706

Description	Shares		Value
Indonesia | 2.5%
PT Bank Mandiri (Persero) Tbk		167,000	$	151,436
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		5,969		255,115
				406,551
Ireland | 1.6%
Ryanair Holdings PLC Sponsored ADR		4,920		253,528
Italy | 2.0%
Atlantia SpA		9,872		161,009
Eni SpA		7,889		162,040
				323,049
Japan | 11.8%
Daiwa House Industry Co., Ltd.		6,000		111,978
Japan Tobacco, Inc.		4,900		173,165
Komatsu, Ltd.		7,500		173,397
LIXIL Group Corp.		9,800		238,824
Makita Corp.		5,000		270,216
Seven & I Holdings Co., Ltd.		9,017		329,569
Sumitomo Mitsui Financial Group, Inc.		8,276		379,671
Yahoo Japan Corp.		457		225,321
				1,902,141
Macau | 1.6%
Sands China, Ltd.		53,000		251,126
Norway | 0.9%
Petroleum Geo-Services ASA		11,920		145,214
Philippines | 1.0%
LT Group, Inc.		295,900		154,800
Russia | 3.2%
Mobile TeleSystems OJSC Sponsored ADR		10,311		195,290
Sberbank of Russia (e)		113,065		321,753
				517,043
South Africa | 1.9%
Mediclinic International, Ltd.		26,970		187,329
Mr Price Group, Ltd.		8,082		110,131
				297,460
South Korea | 3.3%
Hotel Shilla Co., Ltd.		2,397		128,030
Hyundai Mobis		920		219,920
Samsung Electronics Co., Ltd.		159		186,838
				534,788

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

Semi-Annual Report  55

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Spain | 1.0%
Red Electrica Corporacion SA		2,941	$	161,739
Sweden | 4.9%
Assa Abloy AB, Class B		8,767		343,563
Getinge AB, B Shares		5,172		157,178
Swedbank AB, A Shares		7,382		169,301
Volvo AB, B Shares		8,686		116,313
				786,355
Switzerland | 5.4%
Cie Financiere Richemont SA		1,525		134,894
Novartis AG		8,002		568,455
Swatch Group AG		294		160,921
				864,270
Taiwan | 2.5%
Taiwan Semiconductor Manufacturing Co., Ltd.		109,341		404,953
Thailand | 1.0%
Kasikornbank Public Co. Ltd.		25,500		161,148
Turkey | 3.1%
Koc Holding AS		27,550		132,272
Turkcell Iletisim Hizmetleri AS (a)		40,722		236,474
Turkiye Halk Bankasi AS		15,734		133,380
				502,126

Description	Shares		Value
United Kingdom | 20.3%
Associated British Foods PLC		5,334	$	140,756
BG Group PLC		9,362		159,265
British American Tobacco PLC		4,549		232,991
HSBC Holdings PLC		22,570		234,116
Informa PLC		34,003		253,464
Ladbrokes PLC		26,914		81,829
Lloyds Banking Group PLC (a)		218,264		209,671
Petrofac, Ltd.		6,577		119,839
Prudential PLC		28,313		462,924
Rexam PLC		37,452		271,996
Royal Dutch Shell PLC, A Shares		8,525		272,365
Tullow Oil PLC		7,384		112,419
Unilever PLC		12,865		520,874
Wolseley PLC		4,300		198,361
				3,270,870
Total Common Stocks (Identified cost $15,017,019)				15,801,940
Short-Term Investment | 1.6%
State Street Institutional Treasury Money Market Fund (Identified cost $259,643)		259,643		259,643
Total Investments | 99.9% (Identified cost $15,276,662) (b)			$	16,061,583
Cash and Other Assets in Excess of Liabilities | 0.1%				12,289
Net Assets | 100.0%			$	16,073,872

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

56  Semi-Annual Report

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks | 96.2%
Australia | 6.3%
Amcor, Ltd.		3,346,169	$	31,030,820
Ansell, Ltd.		2,608,956		42,065,542
Caltex Australia, Ltd.		1,688,138		27,867,152
James Hardie Industries PLC		2,980,403		25,594,580
				126,558,094
Belgium | 2.0%
Anheuser-Busch InBev NV		453,193		40,343,153
Bermuda | 1.8%
Signet Jewelers, Ltd.		514,495		35,143,016
Brazil | 2.2%
Estacio Participacoes SA		3,936,500		28,473,843
LPS Brasil Consultoria de Imoveis SA		1,879,000		15,561,844
				44,035,687
Canada | 1.1%
Home Capital Group, Inc.		431,111		22,762,759
Denmark | 1.6%
Carlsberg A/S, Class B		348,714		31,219,400
Egypt | 0.0%
Eastern Tobacco SAE		12,393		162,430
Finland | 3.5%
Sampo Oyj, A Shares		1,776,846		69,246,149
France | 9.3%
BNP Paribas SA		799,306		43,671,471
European Aeronautic Defence and Space Co. NV		494,809		26,448,647
Sanofi SA		571,118		59,189,144
Technip SA		340,161		34,540,517
Valeo SA		361,606		22,726,989
				186,576,768
Germany | 4.5%
Merck KGaA		165,221		25,172,752
Sky Deutschland AG (a)		4,679,317		32,585,943
Symrise AG		803,515		32,537,789
				90,296,484

Description	Shares		Value
Indonesia | 2.1%
PT Bank Mandiri (Persero) Tbk		22,536,600	$	20,436,212
PT Media Nusantara Citra Tbk		68,279,500		21,498,583
				41,934,795
Ireland | 3.6%
Kerry Group PLC Class A		553,235		30,533,005
Ryanair Holdings PLC Sponsored ADR		793,370		40,882,356
				71,415,361
Italy | 0.7%
Mediaset SpA (a)		3,767,019		14,219,681
Japan | 14.0%
AEON Financial Service Co., Ltd.		1,263,200		35,776,657
Asics Corp.		2,323,950		36,811,105
Daikin Industries, Ltd.		593,700		24,004,204
Don Quijote Co., Ltd.		1,071,900		52,146,779
Japan Tobacco, Inc.		842,500		29,773,770
LIXIL Group Corp.		1,837,800		44,786,878
Makita Corp.		1,064,100		57,507,320
				280,806,713
Macau | 1.5%
Sands China, Ltd.		6,458,000		30,599,532
Philippines | 3.8%
Alliance Global Group, Inc.		54,956,600		29,768,158
GT Capital Holdings, Inc.		903,580		16,628,382
LT Group, Inc.		34,770,900		18,190,332
Security Bank Corp.		3,550,760		12,427,660
				77,014,532
Russia | 1.0%
Sberbank of Russia (e)		6,709,381		19,093,087
South Africa | 2.8%
Life Healthcare Group Holdings Pte, Ltd.		3,028,321		11,488,261
Mediclinic International, Ltd.		4,185,640		29,072,796
Nampak, Ltd.		4,640,409		15,421,008
				55,982,065
Spain | 1.6%
Mediaset Espana Comunicacion SA (a)		3,627,598		31,589,250
Sweden | 4.3%
Assa Abloy AB, Class B		829,978		32,525,345
Electrolux AB, Series B		1,280,919		32,356,762
Getinge AB, B Shares		668,116		20,304,207
				85,186,314

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

Semi-Annual Report  57

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Switzerland | 6.9%
Cie Financiere Richemont SA		324,010	$	28,660,246
GAM Holding AG		1,746,445		26,810,071
Novartis AG		772,228		54,858,397
Swatch Group AG		50,261		27,510,388
				137,839,102
Thailand | 1.4%
Kasikornbank Public Co. Ltd.		4,331,100		27,370,485
Turkey | 0.5%
Turkiye Halk Bankasi AS		1,240,640		10,517,169
United Kingdom | 19.7%
AMEC PLC		1,847,171		28,235,012
Associated British Foods PLC		1,362,402		35,951,711
BBA Aviation PLC		4,936,229		21,029,223
British American Tobacco PLC		868,785		44,497,409
Informa PLC		7,150,130		53,298,311
International Consolidated Airlines Group SA (a)		5,087,076		20,418,434

Description	Shares		Value
Lloyds Banking Group PLC (a)		32,125,961	$	30,861,218
Prudential PLC		3,209,149		52,470,253
Rexam PLC		5,946,659		43,187,814
Tullow Oil PLC		1,669,975		25,424,877
Unilever PLC		961,404		38,925,015
				394,299,277
Total Common Stocks (Identified cost $1,712,828,227)				1,924,211,303
Short-Term Investment | 5.2%
State Street Institutional Treasury Money Market Fund (Identified cost $104,377,021)		104,377,021		104,377,021
Total Investments | 101.4% (Identified cost $1,817,205,248) (b)			$	2,028,588,324
Liabilities in Excess of Cash and Other Assets | (1.4)%				(28,192,025	)
Net Assets | 100.0%			$	2,000,396,299

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

58  Semi-Annual Report

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 96.5%
Australia | 6.1%
Ansell, Ltd.		35,725	$	576,012
Echo Entertainment Group, Ltd.		110,672		309,718
James Hardie Industries PLC		75,219		645,952
M2 Telecommunications Group, Ltd.		119,122		637,317
Macquarie Atlas Roads Group		319,679		567,183
OrotonGroup, Ltd.		71,155		458,127
Super Retail Group, Ltd.		44,900		491,528
				3,685,837
Austria | 1.8%
AMS AG		8,187		605,000
Kapsch TrafficCom AG		10,722		516,103
				1,121,103
Belgium | 4.5%
Arseus NV		27,002		709,972
bpost SA		17,000		315,988
EVS Broadcast Equipment SA		10,159		705,339
Kinepolis Group NV		7,747		1,029,867
				2,761,166
Brazil | 0.9%
Brasil Insurance Participacoes e Administracao SA		58,500		574,421
China | 3.2%
Biostime International Holdings, Ltd.		121,000		675,511
Greatview Aseptic Packaging Co., Ltd.		931,000		576,170
Prince Frog International Holdings, Ltd.		1,008,000		697,902
				1,949,583
France | 2.9%
Ingenico SA		13,985		932,023
Valeo SA		13,186		828,742
				1,760,765
Germany | 9.3%
Aurelius AG		26,476		636,177
CompuGroup Medical AG		48,683		1,157,420
CTS Eventim AG		21,414		863,243
Deutsche Wohnen AG		32,623		553,939
Freenet AG		27,400		598,462
NORMA Group SE		20,864		756,068
Wirecard AG		39,310		1,069,920
				5,635,229

Description	Shares		Value
Indonesia | 1.0%
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		5,096,000	$	605,872
Israel | 1.5%
CaesarStone Sdot Yam, Ltd.		22,200		604,506
Kamada, Ltd.		27,400		304,688
				909,194
Italy | 2.8%
Azimut Holding SpA		65,740		1,197,130
Mediolanum SpA		79,273		491,164
				1,688,294
Japan | 23.8%
Ain Pharmaciez, Inc.		19,500		840,517
Anritsu Corp.		43,400		514,166
Asahi Co., Ltd.		50,400		740,907
Don Quijote Co., Ltd.		25,800		1,255,142
Doshisha Co., Ltd.		57,400		818,346
JAFCO Co., Ltd.		25,600		976,971
Misumi Group, Inc.		32,400		890,853
OSG Corp.		54,300		813,569
Rinnai Corp.		9,200		654,890
Santen Pharmaceutical Co., Ltd.		16,890		727,166
Ship Healthcare Holdings, Inc.		17,500		644,031
Suruga Bank, Ltd.		74,300		1,349,956
Tamron Co., Ltd.		26,100		546,053
Topcon Corp.		64,700		656,263
USS Co., Ltd.		8,030		1,019,336
Valor Co., Ltd.		45,000		836,661
Wacom Co., Ltd.		54,822		604,159
Yumeshin Holdings Co., Ltd.		109,100		576,411
				14,465,397
Netherlands | 1.3%
Aalberts Industries NV		36,429		814,163
Norway | 3.1%
Kongsberg Gruppen ASA		45,061		816,007
Petroleum Geo-Services ASA		49,502		603,052
TGS Nopec Geophysical Co. ASA		16,468		478,504
				1,897,563
Russia | 0.8%
Globaltrans Investment PLC Sponsored GDR		35,575		488,800

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

Semi-Annual Report  59

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Singapore | 1.8%
Ezra Holdings, Ltd. (a)		664,000	$	489,815
XP Power, Ltd.		32,292		603,617
				1,093,432
Sweden | 3.1%
Indutrade AB		16,413		507,851
Intrum Justitia AB		33,120		679,083
Loomis AB, B Shares		36,048		692,083
				1,879,017
Switzerland | 2.5%
Dufry AG (a)		7,814		948,054
GAM Holding AG		36,215		555,945
				1,503,999
Taiwan | 2.2%
Makalot Industrial Co., Ltd.		159,000		758,634
Radiant Opto-Electronics Corp.		183,000		600,210
				1,358,844
Turkey | 1.8%
TAV Havalimanlari Holding AS		97,319		570,179
Turkiye Sinai Kalkinma Bankasi AS		504,919		500,024
				1,070,203
United Kingdom | 22.1%
Abcam PLC		84,982		586,164
Aberdeen Asset Management PLC		123,211		717,358
APR Energy PLC		38,522		588,830
Ashtead Group PLC		84,426		828,872
Dignity PLC		40,593		842,132
Direct Line Insurance Group PLC		223,276		791,248
Elementis PLC		168,734		563,059
Hansteen Holdings PLC REIT		488,010		601,213
Hunting PLC		54,689		608,872
IG Group Holdings PLC		145,752		1,285,752
Intertek Group PLC		14,205		631,517

Description	Shares		Value
John Wood Group PLC		47,831	$	588,899
Provident Financial PLC		32,367		733,014
Rightmove PLC		27,070		858,027
RPC Group PLC		89,208		554,935
Spectris PLC		21,086		612,551
Synergy Health PLC		39,562		678,738
Taylor Wimpey PLC		479,754		698,670
Workspace Group PLC REIT		115,149		679,527
				13,449,378
Total Common Stocks
(Identified cost $47,474,539)				58,712,260
Preferred Stocks | 1.9%
Brazil | 0.9%
Banco ABC Brasil SA		87,079		509,279
Germany | 1.0%
Sartorius AG		5,817		625,725
Total Preferred Stocks
(Identified cost $1,203,799)				1,135,004
Short-Term Investment | 1.6%
State Street Institutional Treasury Money Market Fund (Identified cost $1,002,836)		1,002,836		1,002,836
Total Investments | 100.0%
(Identified cost $49,681,174) (b)			$	60,850,100
Cash and Other Assets in Excess  of Liabilities | 0.0%				29,693
Net Assets | 100.0%			$	60,879,793

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

60  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 95.7%
Argentina | 0.7%
YPF Sociedad Anonima Sponsored ADR		6,676,723	$	98,548,432
Brazil | 12.9%
Banco do Brasil SA		45,777,910		453,604,137
BB Seguridade Participacoes SA		24,303,700		191,262,228
CCR SA		22,674,300		180,471,718
Cielo SA		19,963,030		500,294,726
Natura Cosmeticos SA		8,110,300		177,373,626
Souza Cruz SA		11,927,325		147,264,124
Vale SA Sponsored ADR		18,331,500		241,059,225
				1,891,329,784
China | 8.1%
Baidu, Inc. Sponsored ADR (a)		2,798,100		264,504,393
China Construction Bank Corp.,  Class H		679,069,220		480,668,642
CNOOC, Ltd.		107,816,000		182,935,716
NetEase, Inc. Sponsored ADR		2,910,304		183,843,904
Weichai Power Co., Ltd., Class H		26,365,000		77,503,626
				1,189,456,281
Colombia | 1.2%
Pacific Rubiales Energy Corp.		10,187,900		178,920,332
Egypt | 1.5%
Commercial International Bank Egypt SAE GDR		20,978,361		82,864,526
Eastern Tobacco SAE		207,400		2,718,314
Orascom Construction Industries (a)		4,079,847		139,494,865
				225,077,705
Hong Kong | 3.0%
China Mobile, Ltd. Sponsored ADR		6,719,604		347,873,899
Huabao International Holdings, Ltd.		201,268,000		89,007,838
				436,881,737
Hungary | 1.6%
OTP Bank PLC		10,930,644		229,376,752

Description	Shares		Value
India | 4.2%
Bank of India		15,101,244	$	59,045,419
Bharat Heavy Electricals, Ltd.		31,186,042		91,786,937
Jindal Steel & Power, Ltd.		17,971,579		65,369,067
Punjab National Bank, Ltd.		13,827,868		151,716,785
Tata Consultancy Services, Ltd.		9,426,962		241,285,809
				609,204,017
Indonesia | 6.5%
PT Astra International Tbk		129,005,860		90,986,501
PT Bank Mandiri (Persero) Tbk		265,462,430		240,721,599
PT Semen Indonesia (Persero) Tbk		70,425,300		121,337,292
PT Tambang Batubara Bukit Asam (Persero) Tbk		9,486,700		12,712,656
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		7,740,639		330,834,911
PT United Tractors Tbk		80,647,484		147,887,578
				944,480,537
Macau | 1.2%
Wynn Macau, Ltd.		64,360,000		174,673,706
Malaysia | 0.8%
British American Tobacco Malaysia Berhad		6,040,500		113,946,447
Mexico | 3.4%
America Movil SAB de CV, Series L ADR		5,691,170		123,782,947
Grupo Mexico SAB de CV, Series B		40,358,347		116,800,606
Grupo Televisa SAB Sponsored ADR		4,198,400		104,288,256
Kimberly-Clark de Mexico SAB de CV, Series A		48,523,895		159,156,743
				504,028,552
Pakistan | 1.7%
Oil & Gas Development Co., Ltd.		48,997,449		112,275,561
Pakistan Petroleum, Ltd.		60,842,585		128,961,821
				241,237,382
Philippines | 1.9%
Philippine Long Distance Telephone Co. Sponsored ADR		4,018,750		272,712,375

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

Semi-Annual Report  61

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Russia | 10.3%
Gazprom OAO Sponsored ADR		24,637,130	$	162,112,315
Lukoil OAO Sponsored ADR		1,863,779		106,980,915
Magnit OJSC Sponsored GDR (e), (f)		2,592,265		148,277,558
MegaFon OAO GDR (e), (f)		5,497,746		171,804,563
Mobile TeleSystems OJSC Sponsored ADR		17,823,643		337,579,798
Oriflame Cosmetics SA SDR		2,424,084		76,741,032
Sberbank of Russia (e)		155,755,933		443,239,331
TNK-BP Holding (a), (e)		36,996,769		52,213,503
				1,498,949,015
South Africa | 10.5%
Bidvest Group, Ltd.		9,336,319		231,352,531
Imperial Holdings, Ltd.		4,995,829		106,061,646
Murray & Roberts Holdings, Ltd. (a)		1,351,198		3,435,047
Nedbank Group, Ltd.		6,829,642		121,274,759
PPC, Ltd.		29,152,066		87,853,885
Sanlam, Ltd.		29,035,115		135,114,672
Shoprite Holdings, Ltd.		16,006,472		300,372,841
Standard Bank Group, Ltd.		9,025,077		101,781,537
Tiger Brands, Ltd.		4,315,184		129,171,117
Truworths International, Ltd.		10,038,028		88,295,612
Vodacom Group, Ltd.		12,306,493		130,745,712
Woolworths Holdings, Ltd.		16,342,731		106,487,605
				1,541,946,964
South Korea | 13.4%
Coway Co., Ltd.		4,031,959		196,999,529
Hanwha Life Insurance Co., Ltd.		29,652,993		170,847,769
Hyundai Mobis		1,144,317		273,541,912
KB Financial Group, Inc.		7,488,760		224,259,526
KT&G Corp.		3,378,037		219,474,056
NHN Corp.		451,369		114,813,445
Samsung Electronics Co., Ltd.		353,165		414,997,093
Shinhan Financial Group Co., Ltd.		10,381,564		341,794,848
				1,956,728,178
Taiwan | 5.1%
Hon Hai Precision Industry Co., Ltd.		61,392,118		151,580,419
MediaTek, Inc.		10,880,421		126,516,523
Taiwan Semiconductor Manufacturing Co., Ltd.		124,403,284		460,737,530
				738,834,472

Description	Shares		Value
Thailand | 2.6%
CP All Public Co. Ltd. (e)		76,885,600	$	96,680,264
PTT Exploration & Production Public Co. Ltd. (e)		25,941,170		132,570,545
The Siam Cement Public Co. Ltd.		10,554,100		155,852,904
				385,103,713
Turkey | 5.1%
Akbank TAS		38,772,172		158,007,607
Koc Holding AS		38,529,156		184,984,697
Turkcell Iletisim Hizmetleri AS (a)		29,878,506		173,505,090
Turkiye Is Bankasi AS, C Shares		77,715,966		229,678,543
				746,175,937
Total Common Stocks
(Identified cost $13,975,856,577)				13,977,612,318
Preferred Stock | 1.2%
Brazil | 1.2%
Companhia de Bebidas das Americas SA Sponsored ADR (Identified cost $139,963,853)		4,844,748		180,951,337
Short-Term Investment | 2.5%
State Street Institutional Treasury Money Market Fund (Identified  cost $361,652,773)		361,652,773		361,652,773
Total Investments | 99.4%
(Identified cost $14,477,473,203) (b)			$	14,520,216,428
Cash and Other Assets in Excess of Liabilities | 0.6%				94,760,890
Net Assets | 100.0%			$	14,614,977,318

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

62  Semi-Annual Report

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 91.8%
Brazil | 9.8%
Cia Hering		291,811	$	4,120,808
Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,547,960		10,641,856
Estacio Participacoes SA		1,229,200		8,891,159
Gerdau SA Sponsored ADR		945,350		5,397,949
Localiza Rent a Car SA		332,620		4,706,037
Petroleo Brasileiro SA Sponsored ADR		749,600		10,989,136
Totvs SA		354,463		5,520,241
Vale SA Sponsored ADR		617,515		8,120,322
				58,387,508
China | 18.2%
AAC Technologies Holdings, Inc.		1,884,700		10,594,687
Agricultural Bank of China, Ltd., Class H		25,318,500		10,445,936
Baidu, Inc. Sponsored ADR (a)		101,500		9,594,795
China Construction Bank Corp., Class H		5,971,184		4,226,610
China Merchants Bank Co., Ltd., Class H		4,414,711		7,365,393
China National Materials Co., Ltd., Class H		19,571,890		3,835,622
China State Construction International Holdings, Ltd.		7,429,340		11,609,466
Daphne International Holdings, Ltd.		8,051,000		6,882,128
First Tractor Co., Ltd., Class H		4,370,000		2,405,851
Hengdeli Holdings, Ltd.		28,887,600		6,555,163
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,625,000		10,936,624
Vinda International Holdings, Ltd.		6,220,000		6,327,422
Zhuzhou CSR Times Electric Co., Ltd., Class H		4,875,000		12,281,703
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		7,395,600		5,301,608
				108,363,008
Colombia | 5.2%
Bancolombia SA Sponsored ADR		143,100		8,085,150
Cemex Latam Holdings SA (a)		1,168,800		7,785,168
Pacific Rubiales Energy Corp.		841,829		14,784,236
				30,654,554

Description	Shares		Value
Hong Kong | 3.2%
Kunlun Energy Co., Ltd.		3,032,000	$	5,386,887
Techtronic Industries Co., Ltd		5,711,500		13,726,363
				19,113,250
India | 10.4%
Cairn India, Ltd.		2,454,374		11,954,877
HDFC Bank, Ltd. Sponsored ADR		279,100		10,114,584
ICICI Bank, Ltd. Sponsored ADR		439,230		16,800,547
Maruti Suzuki India, Ltd.		465,527		12,010,479
Shriram Transport Finance Co., Ltd.		926,619		11,117,869
				61,998,356
Indonesia | 2.8%
PT Bank Rakyat Indonesia (Persero) Tbk		14,770,300		11,533,484
PT XL Axiata Tbk		10,671,500		5,187,908
				16,721,392
Macau | 2.3%
Sands China, Ltd.		2,855,200		13,528,613
Mexico | 2.7%
Genomma Lab Internacional SAB de CV, B Shares (a)		4,527,500		8,941,476
Grupo Financiero Banorte SAB de CV, Class O		1,177,857		7,035,808
				15,977,284
Peru | 1.0%
Credicorp, Ltd.		48,800		6,244,448
Philippines | 1.0%
SM Investments Corp.		233,991		5,795,610
Qatar | 0.9%
Qatar Electricity & Water Co.		121,146		5,227,863
Russia | 17.2%
Alliance Oil Co., Ltd. SDR (a)		738,844		4,051,132
Eurasia Drilling Co., Ltd. GDR		195,729		7,306,564
Globaltrans Investment PLC Sponsored GDR		1,294,392		17,784,946
Novatek OAO Sponsored GDR		161,896		19,346,572
Sberbank of Russia (e)		4,686,020		13,335,148
TMK OAO GDR		770,893		8,865,269
VTB Bank OJSC (e)		1,361,350,970		1,944,009
VTB Bank OJSC GDR		2,848,098		8,088,598
X5 Retail Group NV GDR (a)		419,948		7,601,059
Yandex NV Class A (a)		492,300		13,602,249
				101,925,546

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

Semi-Annual Report  63

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
South Africa | 2.8%
Barloworld, Ltd.		525,449	$	4,332,208
Exxaro Resources, Ltd.		470,988		6,936,377
Standard Bank Group, Ltd.		462,717		5,218,354
				16,486,939
South Korea | 4.7%
Kia Motors Corp.		135,066		7,344,336
Samsung Electronics Co., Ltd.		17,425		20,475,767
				27,820,103
Taiwan | 3.9%
Catcher Technology Co., Ltd. (a)		1,460,000		7,599,346
MediaTek, Inc.		406,000		4,720,930
TPK Holding Co., Ltd.		664,000		10,634,280
				22,954,556
Turkey | 3.6%
Aselsan Elektronik Sanayi Ve Ticaret AS		1,815,304		7,981,427
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		6,171,748		8,703,870
TAV Havalimanlari Holding AS		769,800		4,510,157
				21,195,454
United States | 2.1%
First Cash Financial Services, Inc. (a)		140,600		6,918,926
Freeport-McMoRan Copper & Gold, Inc.		207,100		5,718,031
				12,636,957
Total Common Stocks
(Identified cost $623,440,185)				545,031,441

Description	Shares		Value
Preferred Stocks | 3.1%
Brazil | 3.1%
Banco Bradesco SA ADR		702,988	$	9,145,874
Marcopolo SA		1,648,100		9,439,451
Total Preferred Stocks
(Identified cost $20,644,158)				18,585,325
Short-Term Investment | 3.5%
State Street Institutional Treasury Money Market Fund (Identified cost $20,552,871)		20,552,871		20,552,871
Total Investments | 98.4%
(Identified cost $664,637,214) (b)			$	584,169,637
Cash and Other Assets in Excess of Liabilities | 1.6%				9,642,417
Net Assets | 100.0%			$	593,812,054

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

64  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks | 93.3%
Argentina | 0.5%
YPF Sociedad Anonima Sponsored ADR		141,275	$	2,085,219
Brazil | 10.0%
Banco do Brasil SA		475,407		4,710,713
Brasil Insurance Participacoes e Administracao SA		208,205		2,044,400
Cia Hering		107,927		1,524,091
Cielo SA Sponsored ADR		247,396		6,231,905
Companhia de Locacao das Americas		534,200		2,432,371
Cyrela Brazil Realty SA Empreendimentos e Participacoes		706,600		4,857,707
Estacio Participacoes SA		916,900		6,632,203
Even Construtora e Incorporadora SA		547,500		1,955,576
Grendene SA		218,600		2,016,173
Natura Cosmeticos SA		133,210		2,913,325
Petroleo Brasileiro SA Sponsored ADR		342,300		5,018,118
Souza Cruz SA		258,095		3,186,644
Tegma Gestao Logistica SA		180,745		2,042,074
				45,565,300
Cambodia | 0.6%
NagaCorp, Ltd.		3,372,000		2,634,630
China | 13.6%
AAC Technologies Holdings, Inc.		966,140		5,431,077
Agricultural Bank of China, Ltd., Class H		16,859,000		6,955,706
Baidu, Inc. Sponsored ADR (a)		81,086		7,665,060
Biostime International Holdings, Ltd.		226,000		1,261,699
China Construction Bank Corp., Class H		8,924,461		6,317,042
China State Construction International Holdings, Ltd.		4,794,504		7,492,137
CNOOC, Ltd.		2,174,000		3,688,713
Daphne International Holdings, Ltd.		5,024,000		4,294,598
Greatview Aseptic Packaging Co., Ltd.		3,848,000		2,381,418
Ping An Insurance (Group) Co. of China, Ltd.,Class H		894,000		6,016,826
Prince Frog International Holdings, Ltd.		4,048,000		2,802,684
Shenguan Holdings Group, Ltd.		4,862,000		2,281,790
Zhuzhou CSR Times Electric Co., Ltd.,  Class H		848,000		2,136,386
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		4,078,440		2,923,669
				61,648,805

Description	Shares		Value
Colombia | 3.3%
Bancolombia SA Sponsored ADR		78,020	$	4,408,130
Pacific Rubiales Energy Corp.		594,700		10,444,147
				14,852,277
Egypt | 0.7%
Commercial International Bank Egypt SAE GDR		490,980		1,939,371
Orascom Construction Industries (a)		32,659		1,116,650
				3,056,021
Georgia | 0.5%
Bank of Georgia Holdings PLC		90,064		2,287,613
Hong Kong | 3.3%
China Mobile, Ltd. Sponsored ADR		80,400		4,162,308
Kunlun Energy Co., Ltd.		1,202,000		2,135,566
REXLot Holdings, Ltd.		34,750,000		2,284,990
Stella International Holdings, Ltd.		526,500		1,456,080
Techtronic Industries Co., Ltd.		2,101,500		5,050,504
				15,089,448
Hungary | 0.9%
OTP Bank PLC		200,933		4,216,527
India | 1.9%
ICICI Bank, Ltd. Sponsored ADR		221,290		8,464,343
Indonesia | 4.7%
PT Bank Mandiri (Persero) Tbk		3,998,000		3,625,390
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		20,332,500		2,417,365
PT Bank Rakyat Indonesia (Persero) Tbk		8,661,118		6,763,090
PT Bekasi Fajar Industrial Estate Tbk		27,103,500		2,157,357
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		76,350		3,263,199
PT United Tractors Tbk		1,610,515		2,953,287
				21,179,688
Macau | 2.1%
Sands China, Ltd.		1,326,200		6,283,850
Wynn Macau, Ltd.		1,150,800		3,123,283
				9,407,133
Malaysia | 0.8%
Mah Sing Group Bhd		2,126,600		1,951,935
Supermax Corp. Bhd		2,530,300		1,577,684
				3,529,619

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

Semi-Annual Report  65

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Mexico | 5.0%
America Movil SAB de CV, Series L ADR		114,208	$	2,484,024
Genomma Lab Internacional SAB de CV, B Shares (a)		2,870,600		5,669,222
Grupo Financiero Banorte SAB de CV,  Class O		693,800		4,144,343
Grupo Mexico SAB de CV, Series B		611,801		1,770,606
Grupo Televisa SAB Sponsored ADR		135,273		3,360,181
Kimberly-Clark de Mexico SAB de CV, Series A		1,599,700		5,246,962
				22,675,338
Peru | 0.4%
Credicorp, Ltd.		15,900		2,034,564
Philippines | 0.6%
Philippine Long Distance Telephone Co. Sponsored ADR		44,092		2,992,083
Russia | 15.3%
DIXY Group (a), (e)		192,608		2,698,813
Eurasia Drilling Co., Ltd. GDR		146,162		5,456,227
Gazprom OAO Sponsored ADR		388,253		2,554,705
Globaltrans Investment PLC Sponsored GDR		718,219		9,868,329
Lukoil OAO Sponsored ADR		53,968		3,111,255
MegaFon OAO GDR (e), (f)		106,092		3,315,375
Mobile TeleSystems OJSC Sponsored ADR		284,520		5,388,809
Novatek OAO Sponsored GDR		74,332		8,882,674
Oriflame Cosmetics SA SDR		84,866		2,686,666
Sberbank of Russia (e)		2,436,672		6,934,111
Sberbank of Russia Sponsored ADR		506,497		5,814,586
TMK OAO GDR		348,930		4,012,695
Yandex NV Class A (a)		311,980		8,620,007
				69,344,252
South Africa | 4.9%
AVI, Ltd.		473,064		2,845,069
Exxaro Resources, Ltd.		328,922		4,844,130
Standard Bank Group, Ltd.		685,787		7,734,056
The Foschini Group, Ltd.		228,827		2,285,944
Tiger Brands, Ltd.		96,592		2,891,394
Truworths International, Ltd.		206,930		1,820,179
				22,420,772

Description	Shares		Value
South Korea | 8.9%
Hanwha Life Insurance Co., Ltd.		499,542	$	2,878,146
Hy-Lok Corp.		82,087		1,610,042
Hyundai Mobis		23,171		5,538,884
KT Skylife Co., Ltd.		72,700		2,399,886
KT&G Corp.		61,074		3,968,032
NHN Corp.		17,966		4,569,960
Partron Co., Ltd.		101,674		1,655,914
Samsung Electronics Co., Ltd.		11,285		13,260,777
Shinhan Financial Group Co., Ltd.		141,230		4,649,751
				40,531,392
Taiwan | 7.1%
Catcher Technology Co., Ltd.		873,000		4,543,992
Hon Hai Precision Industry Co., Ltd.		1,081,709		2,670,797
King Slide Works Co., Ltd.		257,000		1,886,490
Makalot Industrial Co., Ltd.		517,000		2,466,751
MediaTek, Inc.		283,000		3,290,698
Poya Co., Ltd.		464,000		1,656,535
Radiant Opto-Electronics Corp.		853,000		2,797,701
Taiwan Semiconductor Manufacturing Co., Ltd.		1,844,000		6,829,402
TPK Holding Co., Ltd.		382,000		6,117,914
				32,260,280
Thailand | 1.6%
Dynasty Ceramic Public Co. Ltd. (e)		1,240,600		2,550,000
Major Cineplex Group Public Co. Ltd. (e)		3,366,800		2,279,633
Supalai Public Co. Ltd. (e)		4,410,100		2,516,807
				7,346,440
Turkey | 5.5%
Aselsan Elektronik Sanayi Ve Ticaret AS		798,325		3,510,031
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		2,858,231		4,030,896
Koc Holding AS ADR		208,612		4,960,793
TAV Havalimanlari Holding AS		424,890		2,489,375
Turkcell Iletisim Hizmetleri AS ADR (a)		232,555		3,341,815
Turkiye Is Bankasi AS, C Shares		1,537,444		4,543,698
Turkiye Sinai Kalkinma Bankasi AS		2,276,343		2,254,272
				25,130,880
United States | 1.1%
Freeport-McMoRan Copper & Gold, Inc.		176,400		4,870,404
Total Common Stocks
(Identified cost $432,040,872)				423,623,028

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

66  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Preferred Stocks | 3.3%
Brazil | 3.3%
Banco ABC Brasil SA		339,559	$	1,985,903
Banco Bradesco SA ADR		322,520		4,195,985
Marcopolo SA		883,000		5,057,360
Vale SA Sponsored ADR		293,300		3,566,528
Total Preferred Stocks
(Identified cost $16,527,496)				14,805,776
Warrant | 0.0%
Malaysia | 0.0%
Mah Sing Group Bhd Expires 03/18/18 (Identified cost $0)		272,100		58,993

Description	Shares		Value
Short-Term Investment | 5.7%
State Street Institutional Treasury Money Market Fund (Identified cost $26,047,682)		26,047,682	$	26,047,682
Total Investments | 102.3%
(Identified cost $474,616,050) (b)			$	464,535,479
Liabilities in Excess of Cash and Other Assets | (2.3)%				(10,662,459	)
Net Assets | 100.0%			$	453,873,020

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

Semi-Annual Report  67

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio
Common Stocks | 57.2%
Argentina | 0.4%
YPF Sociedad Anonima Sponsored ADR		44,587	$	658,104
Brazil | 6.0%
Banco do Brasil SA		93,390		925,383
Banco do Brasil SA Sponsored ADR		24,560		248,056
Brasil Insurance Participacoes e
Administracao SA		52,005		510,646
Cia Hering		25,890		365,605
Cielo SA Sponsored ADR		59,957		1,510,317
Companhia de Locacao das Americas		133,400		607,410
Cyrela Brazil Realty SA Empreendimentos
e Participacoes		169,100		1,162,522
Estacio Participacoes SA		219,500		1,587,707
Even Construtora e Incorporadora SA		136,700		488,269
Grendene SA		54,600		503,582
Natura Cosmeticos SA		31,855		696,674
Petroleo Brasileiro SA Sponsored ADR		81,900		1,200,654
Souza Cruz SA		62,340		769,699
Tegma Gestao Logistica SA		45,132		509,906
				11,086,430
Cambodia | 0.4%
NagaCorp, Ltd.		842,000		657,876
China | 8.3%
AAC Technologies Holdings, Inc.		232,000		1,304,169
Agricultural Bank of China, Ltd., Class H		4,035,000		1,664,765
Baidu, Inc. Sponsored ADR (a)		19,641		1,856,664
Biostime International Holdings, Ltd.		63,500		354,504
China Construction Bank Corp., Class H		2,193,065		1,552,327
China State Construction International
Holdings, Ltd.		1,147,600		1,793,298
CNOOC, Ltd.		532,000		902,666
Daphne International Holdings, Ltd.		1,202,000		1,027,489
Greatview Aseptic Packaging Co., Ltd.		961,000		594,736
Ping An Insurance (Group) Co. of China,
Ltd., Class H		214,000		1,440,269
Prince Frog International Holdings, Ltd.		1,011,000		699,979
Shenguan Holdings Group, Ltd.		1,214,000		569,743
Zhuzhou CSR Times Electric Co., Ltd.,
Class H		203,000		511,423
Zoomlion Heavy Industry Science and
Technology Co., Ltd., Class H		1,268,180		909,107
				15,181,139

Description	Shares		Value
Colombia | 2.4%
Bancolombia SA Sponsored ADR		24,080	$	1,360,520
Pacific Rubiales Energy Corp.		167,950		2,949,545
				4,310,065
Egypt | 0.4%
Commercial International Bank Egypt
SAE GDR		106,958		422,484
Orascom Construction Industries (a)		11,245		384,480
				806,964
Georgia | 0.3%
Bank of Georgia Holdings PLC		22,489		571,217
Hong Kong | 2.0%
China Mobile, Ltd. Sponsored ADR		19,528		1,010,965
Kunlun Energy Co., Ltd.		288,000		511,683
REXLot Holdings, Ltd.		8,675,000		570,426
Stella International Holdings, Ltd.		131,500		363,674
Techtronic Industries Co., Ltd.		503,000		1,208,852
				3,665,600
Hungary | 0.6%
OTP Bank PLC		50,432		1,058,303
India | 1.1%
ICICI Bank, Ltd. Sponsored ADR		52,900		2,023,425
Indonesia | 2.9%
PT Bank Mandiri (Persero) Tbk		1,003,500		909,975
PT Bank Pembangunan Daerah Jawa
Barat dan Banten Tbk		5,077,000		603,613
PT Bank Rakyat Indonesia (Persero) Tbk		2,073,000		1,618,715
PT Bekasi Fajar Industrial Estate Tbk		6,791,500		540,583
PT Telekomunikasi Indonesia (Persero)
Tbk Sponsored ADR		22,860		977,037
PT United Tractors Tbk		399,015		731,695
				5,381,618
Macau | 1.2%
Sands China, Ltd.		317,300		1,503,442
Wynn Macau, Ltd.		290,400		788,149
				2,291,591
Malaysia | 0.5%
Mah Sing Group Bhd		531,033		487,417
Supermax Corp. Bhd		631,800		393,938
				881,355

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

68  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Mexico | 3.0%
America Movil SAB de CV, Series L ADR		28,310	$	615,743
Genomma Lab Internacional SAB de CV,
B Shares (a)		687,100		1,356,971
Grupo Financiero Banorte SAB de CV,
Class O		166,100		992,181
Grupo Mexico SAB de CV, Series B		151,809		439,349
Grupo Televisa SAB Sponsored ADR		33,392		829,457
Kimberly-Clark de Mexico SAB de CV,
Series A		396,535		1,300,622
				5,534,323
Peru | 0.3%
Credicorp, Ltd.		3,800		486,248
Philippines | 0.4%
Philippine Long Distance Telephone Co.
Sponsored ADR		10,835		735,263
Russia | 9.3%
DIXY Group (a), (e)		48,094		673,891
Eurasia Drilling Co., Ltd. GDR		34,982		1,305,878
Gazprom OAO Sponsored ADR		95,962		631,430
Globaltrans Investment PLC
Sponsored GDR		174,231		2,393,934
Lukoil OAO Sponsored ADR		13,285		765,880
MegaFon OAO GDR (e), (f)		26,849		839,032
Mobile TeleSystems OJSC Sponsored ADR		68,210		1,291,897
Novatek OAO Sponsored GDR		17,791		2,126,024
Oriflame Cosmetics SA SDR		20,933		662,692
Sberbank of Russia (e)		583,194		1,659,613
Sberbank of Russia Sponsored ADR		125,312		1,438,582
TMK OAO GDR		108,499		1,247,738
Yandex NV Class A (a)		74,670		2,063,132
				17,099,723
South Africa | 3.0%
AVI, Ltd.		118,542		712,927
Exxaro Resources, Ltd.		78,724		1,159,391
Standard Bank Group, Ltd.		162,629		1,834,071
The Foschini Group, Ltd.		57,138		570,799
Tiger Brands, Ltd.		23,867		714,437
Truworths International, Ltd.		48,876		429,919
				5,421,544

Description	Shares		Value
South Korea | 5.5%
Hanwha Life Insurance Co., Ltd.		125,380	$	722,385
Hy-Lok Corp.		20,497		402,025
Hyundai Mobis		5,838		1,395,538
KT Skylife Co., Ltd.		18,220		601,457
KT&G Corp.		15,411		1,001,266
NHN Corp.		4,396		1,118,198
Partron Co., Ltd.		28,075		457,244
Samsung Electronics Co., Ltd.		2,286		2,686,233
Samsung Electronics Co., Ltd. GDR		895		521,785
Shinhan Financial Group Co., Ltd.		23,310		767,441
Shinhan Financial Group Co., Ltd. ADR		11,932		388,148
				10,061,720
Taiwan | 4.3%
Catcher Technology Co., Ltd.		209,000		1,087,852
Hon Hai Precision Industry Co., Ltd. GDR		135,723		660,971
King Slide Works Co., Ltd.		64,000		469,787
Makalot Industrial Co., Ltd.		130,000		620,266
MediaTek, Inc.		70,000		813,954
Poya Co., Ltd.		116,000		414,134
Radiant Opto-Electronics Corp.		213,000		698,605
Taiwan Semiconductor Manufacturing Co.,
Ltd. Sponsored ADR		85,876		1,573,248
TPK Holding Co., Ltd.		91,000		1,457,409
				7,796,226
Thailand | 1.0%
Dynasty Ceramic Public Co. Ltd. (e)		309,800		636,780
Major Cineplex Group Public Co. Ltd. (e)		840,700		569,231
Supalai Public Co. Ltd. (e)		1,101,200		628,446
				1,834,457
Turkey | 3.3%
Aselsan Elektronik Sanayi Ve Ticaret AS		191,071		840,090
Emlak Konut Gayrimenkul Yatirim
Ortakligi AS		684,090		964,756
Koc Holding AS ADR		51,604		1,227,143
TAV Havalimanlari Holding AS		106,095		621,597
Turkcell Iletisim Hizmetleri AS ADR (a)		54,150		778,135
Turkiye Is Bankasi AS, C Shares		380,656		1,124,975
Turkiye Sinai Kalkinma Bankasi AS		568,404		562,893
				6,119,589
United States | 0.6%
Freeport-McMoRan Copper & Gold, Inc.		42,200		1,165,142
Total Common Stocks (Identified cost $114,133,825)				104,827,922

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

Semi-Annual Report  69

Description		Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Preferred Stocks | 2.0%
Brazil | 2.0%
Banco ABC Brasil SA			84,797	$	495,933
Banco Bradesco SA ADR			77,180		1,004,112
Marcopolo SA			211,400		1,210,788
Vale SA Sponsored ADR			73,790		897,287
					3,608,120
Total Preferred Stocks (Identified cost $4,568,975)					3,608,120
Warrant | 0.0%
Malaysia | 0.0%
Mah Sing Group Bhd
Expires 03/18/18
(Identified cost $0)			134,839		29,234
Description	Security Currency		Principal Amount (000)		Value
Corporate Bonds | 4.7%
Brazil | 0.5%
Arcos Dorados Holdings, Inc.,
10.250%, 07/13/16	BRL		250	$	112,320
Banco do Brasil SA,
9.250%, 04/15/23	USD		400		435,000
Odebrecht Finance, Ltd.:
7.125%, 06/26/42	USD		200		194,000
7.125%, 06/26/42 (f)	USD		200		194,000
					935,320
Colombia | 0.5%
Banco GNB Sudameris SA,
3.875%, 05/02/18 (f)	USD		225		214,031
Ecopetrol SA,
7.625%, 07/23/19	USD		129		152,542
Millicom International Cellular SA,
4.750%, 05/22/20 (f)	USD		200		190,750
Pacific Rubiales Energy Corp.,
7.250%, 12/12/21	USD		300		317,250
					874,573

Description	Security Currency	Principal Amount (000)		Value
Costa Rica | 0.1%
Instituto Costarricense de Electricidad,
6.375%, 05/15/43 (f)	USD		200	$	181,250
Georgia | 0.1%
Bank of Georgia JSC,
7.750%, 07/05/17	USD		200		201,000
Guatemala | 0.1%
Industrial Senior Trust,
5.500%, 11/01/22 (f)	USD		200		188,000
India | 0.2%
Vedanta Resources PLC,
9.500%, 07/18/18	USD		325		355,063
Indonesia | 0.5%
PT Berau Coal Energy Tbk,
7.250%, 03/13/17	USD		200		193,500
PT Gajah Tunggal Tbk,
7.750%, 02/06/18	USD		200		198,500
7.750%, 02/06/18 (f)	USD		200		198,500
PT Pertamina (Persero) Tbk,
5.625%, 05/20/43 (f)	USD		350		302,750
					893,250
Kazakhstan | 0.3%
Halyk Savings Bank of Kazakhstan JSC,
7.250%, 05/03/17	USD		225		231,750
KazAgro National Management Holding JSC,
4.625%, 05/24/23 (f)	USD		200		183,034
KazMunayGas National Co. JSC,
5.750%, 04/30/43 (f)	USD		200		177,784
					592,568
Mexico | 0.4%
America Movil SAB de CV,
6.450%, 12/05/22	MXN		2,000		149,481
Bio Pappel SAB de CV,
7.000%, 08/27/16	USD		150		146,625
Cemex SAB de CV,
9.500%, 06/15/18 (f)	USD		250		270,000
Grupo Televisa SAB,
7.250%, 05/14/43	MXN		4,000		261,819
					827,925

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

70  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Russia | 1.7%
EDC Finance, Ltd.,
4.875%, 04/17/20 (f)	USD		400	$	366,388
Gazprom OAO,
8.625%, 04/28/34	USD		340		402,900
Lukoil International Finance BV,
4.563%, 04/24/23 (f)	USD		250		232,477
Metalloinvest Finance, Ltd.,
5.625%, 04/17/20 (f)	USD		250		226,662
MTS International Funding, Ltd.:
8.625%, 06/22/20	USD		100		117,500
5.000%, 05/30/23 (f)	USD		200		192,000
Nord Gold NV,
6.375%, 05/07/18 (f)	USD		250		215,000
Phosagro OAO,
4.204%, 02/13/18	USD		200		197,000
Polyus Gold International, Ltd.,
5.625%, 04/29/20 (f)	USD		225		217,969
Sberbank of Russia,
5.250%, 05/23/23 (f)	USD		375		352,500
Severstal OAO,
4.450%, 03/19/18 (f)	USD		200		189,000
Sibur Securities, Ltd.,
3.914%, 01/31/18	USD		250		231,250
TMK OAO,
6.750%, 04/03/20 (f)	USD		150		139,125
					3,079,771
Turkey | 0.3%
Akbank TAS,
7.500%, 02/05/18 (f)	TRY		300		142,822
Turkiye Garanti Bankasi AS,
5.250%, 09/13/22	USD		200		190,000
Turkiye Is Bankasi AS,
6.000%, 10/24/22	USD		200		196,500
					529,322
Total Corporate Bonds (Identified cost $9,286,516)					8,658,042

Description	Security Currency	Principal Amount (000)		Value
Foreign Government Obligations | 12.4%
Belarus | 0.2%
Republic of Belarus:
8.750%, 08/03/15	USD		250	$	250,625
8.950%, 01/26/18	USD		175		174,563
					425,188
Bolivia | 0.2%
Bolivia Government Bond,
4.875%, 10/29/22	USD		450		420,750
Brazil | 1.6%
Brazil Minas SPE,
5.333%, 02/15/28 (f)	USD		1,900		1,846,288
Brazil NTN-B:
6.000%, 08/15/18	BRL		270		296,201
6.000%, 08/15/20	BRL		40		44,379
Brazil NTN-F:
10.000%, 01/01/21	BRL		600		269,388
10.000%, 01/01/23	BRL		1,127		502,015
					2,958,271
Congo | 0.2%
Republic of Congo:
3.500%, 06/30/29 (f), (g)	USD		233		195,510
3.500%, 06/30/29 (g)	USD		93		75,411
					270,921
Croatia | 0.1%
Croatia,
6.750%, 11/05/19	USD		200		213,484
Dominican Republic | 0.1%
Dominican Republic:
11.700%, 06/06/14	DOP		2,500		61,940
5.875%, 04/18/24 (f)	USD		100		96,250
					158,190
Egypt | 0.2%
Arab Republic of Egypt:
5.750%, 04/29/20	USD		150		117,780
6.875%, 04/30/40	USD		375		266,325
					384,105

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

Semi-Annual Report  71

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
El Salvador | 0.1%
Republic of El Salvador,
7.650%, 06/15/35	USD		225	$	219,938
Georgia | 0.1%
Republic of Georgia,
6.875%, 04/12/21	USD		200		214,000
Guatemala | 0.3%
Republic of Guatemala,
4.875%, 02/13/28 (f)	USD		575		520,375
Honduras | 0.1%
Honduras Government Bond,
7.500%, 03/15/24 (f)	USD		275		236,500
Hungary | 0.5%
Republic of Hungary:
6.250%, 01/29/20	USD		266		277,970
5.375%, 02/21/23	USD		434		417,725
7.625%, 03/29/41	USD		184		192,096
					887,791
Indonesia | 0.3%
Republic of Indonesia:
3.375%, 04/15/23 (f)	USD		325		291,687
4.625%, 04/15/43 (f)	USD		225		196,875
					488,562
Iraq | 0.5%
Republic of Iraq,
5.800%, 01/15/28	USD		1,000		830,000
Ivory Coast | 0.9%
Ivory Coast,
5.750%, 12/31/32 (g)	USD		2,065		1,693,300
Jordan | 0.1%
Kingdom of Jordan,
3.875%, 11/12/15	USD		200		195,000

Description	Security Currency	Principal Amount (000)		Value
Kenya | 0.1%
Kenya Treasury Bond,
12.000%, 09/18/23	KES		7,750	$	91,274
Mexico | 0.6%
Mexico Cetes,
0.000%, 07/25/13	MXN		130,000		1,000,434
Namibia | 0.1%
Republic of Namibia,
5.500%, 11/03/21	USD		200		204,000
Nigeria | 0.8%
Nigeria Treasury Bills:
0.000%, 11/07/13	NGN		33,600		196,647
0.000%, 12/19/13	NGN		101,280		584,754
0.000%, 04/24/14	NGN		7,000		38,634
0.000%, 05/08/14	NGN		9,000		49,434
0.000%, 05/22/14	NGN		11,000		60,037
0.000%, 06/05/14	NGN		14,800		80,646
Nigeria Government Bonds:
15.100%, 04/27/17	NGN		8,000		50,831
16.000%, 06/29/19	NGN		12,000		79,236
16.390%, 01/27/22	NGN		18,000		123,693
Republic of Nigeria,
6.750%, 01/28/21	USD		200		209,000
					1,472,912
Peru | 0.2%
Republic of Peru,
7.350%, 07/21/25	USD		350		448,000
Romania | 1.3%
Romania Government Bonds:
5.850%, 07/28/14	RON		1,300		382,444
5.800%, 10/26/15	RON		2,300		678,182
5.750%, 01/27/16	RON		1,000		294,861
5.900%, 07/26/17	RON		2,840		831,462
Romanian Government International Bond,
4.375%, 08/22/23	USD		230		218,505
					2,405,454

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

72  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Russia | 1.0%
Russia Foreign Bond,
7.500%, 03/31/30	USD		283	$	331,581
Russia Government Bonds - OFZ:
6.900%, 08/03/16	RUB		4,349		133,688
7.400%, 04/19/17	RUB		3,000		92,950
7.500%, 03/15/18	RUB		5,850		183,616
7.500%, 02/27/19	RUB		3,710		114,610
7.600%, 04/14/21	RUB		6,373		197,463
7.600%, 07/20/22	RUB		4,852		148,781
7.000%, 01/25/23	RUB		6,600		193,951
8.150%, 02/03/27	RUB		12,308		384,716
					1,781,356
Senegal | 0.2%
Republic of Senegal,
8.750%, 05/13/21	USD		400		416,000
Serbia | 0.1%
Republic of Serbia,
7.250%, 09/28/21	USD		225		231,750
Serbia Treasury Bill,
0.000%, 01/03/14	RSD		3,000		32,689
					264,439
South Africa | 0.3%
Republic of South Africa:
6.750%, 03/31/21	ZAR		1,820		176,599
10.500%, 12/21/26	ZAR		3,100		380,146
					556,745
Sri Lanka | 0.1%
Republic of Sri Lanka,
6.250%, 10/04/20	USD		225		222,750
Tanzania | 0.1%
United Republic of Tanzania,
6.450%, 03/08/20	USD		225		225,000
Turkey | 1.0%
Republic of Turkey:
3.250%, 03/23/23	USD		250		218,125
6.875%, 03/17/36	USD		184		205,160
Turkey Government Bonds:
0.000%, 07/17/13	TRY		435		224,855
8.000%, 10/09/13	TRY		380		197,989
10.000%, 12/04/13	TRY		120		62,940

Description	Security Currency	Principal Amount (000)		Value
4.000%, 04/29/15	TRY		472	$	251,819
9.000%, 03/08/17	TRY		500		267,667
3.000%, 02/23/22	TRY		621		325,208
					1,753,763
Ukraine | 0.2%
Ukraine Government Bonds:
6.750%, 11/14/17	USD		225		205,875
7.500%, 04/17/23 (f)	USD		250		219,375
					425,250
Uruguay | 0.1%
Republica Orient Uruguay:
0.000%, 09/09/13	UYU		2,000		96,146
5.000%, 09/14/18	UYU		1,059		58,273
Uruguay Notas Del Tesoro,
9.750%, 06/14/14	UYU		1,070		52,172
					206,591
Venezuela | 0.3%
Republic of Venezuela:
7.750%, 10/13/19	USD		205		170,150
8.250%, 10/13/24	USD		390		302,250
					472,400
Vietnam | 0.1%
Socialist Republic of Vietnam,
6.750%, 01/29/20	USD		140		148,400
Zambia | 0.3%
Republic of Zambia:
5.375%, 09/20/22	USD		300		267,000
5.375%, 09/20/22 (f)	USD		200		178,000
Zambia Treasury Bill:
0.000%, 12/02/13	ZMW		640		109,468
					554,468
Total Foreign Government Obligations (Identified cost $24,294,483)					22,765,611
Quasi Government Bonds | 1.4%
Angola | 0.8%
Northern Lights III BV,
7.000%, 08/16/19	USD		1,340		1,376,850
Azerbaijan | 0.2%
State Oil Co. of the Azerbaijan Republic,
4.750%, 03/13/23	USD		475		429,875

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

Semi-Annual Report  73

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Colombia | 0.0%
Empresas Publicas de Medellin ESP,
8.375%, 02/01/21	COP		72,000	$	40,090
Russia | 0.1%
Russian Agricultural Bank OJSC,
8.625%, 02/17/17 (f)	RUB		8,500		256,374
South Korea | 0.1%
Export-Import Bank of Korea:
8.300%, 03/15/14	IDR		430,000		42,238
8.400%, 07/06/16	IDR		300,000		29,921
					72,159
Venezuela | 0.2%
Petroleos de Venezuela SA,
5.250%, 04/12/17	USD		500		407,500
Total Quasi Government Bonds (Identified cost $2,760,154)					2,582,848
Supranationals | 0.1%
Inter-American Development Bank,
0.000%, 08/20/15
(Identified cost $90,196)	IDR		900,000		78,390
US Treasury Securities | 14.2%
United States | 14.2%
US Treasury Bill,
0.000%, 07/18/13	USD		5,500		5,499,939
US Treasury Notes:
3.375%, 07/31/13	USD		4,000		4,010,780
4.250%, 08/15/13	USD		4,700		4,724,233
3.125%, 08/31/13	USD		1,000		1,005,039
3.125%, 09/30/13	USD		3,400		3,425,500
2.750%, 10/31/13	USD		7,200		7,263,868
Total US Treasury Securities (Identified cost $25,930,131)					25,929,359

Description	Shares		Value
Short-Term Investment | 7.3%
State Street Institutional Treasury Money Market Fund
(Identified cost $13,337,858)		13,337,858	$	13,337,858
Total Investments | 99.3% (Identified cost $194,402,138) (b), (d)				181,817,384
Description		Number of Contracts		Value
Purchased Options | 0.0%
CNH vs USD September 13 6.15 Call,
Expires 09/02/13		8,200	$	4,592
CNH vs USD September 13 6.15 Call,
Expires 09/04/13		8,200		4,756
CNH vs USD September 13 6.15 Call,
Expires 09/17/13		8,000		5,440
CNH vs USD September 13 6.19 Call,
Expires 09/02/13		9,600		3,168
USD vs INR July 13 55.00 Put,
Expires 07/19/13		15,000		150
USD vs MYR July 13 3.15 Put,
Expires 07/18/13		16,000		6,560
Total Purchased Options (Identified cost $45,218)				24,666
Total Investments and Purchased Options | 99.3% (Identified cost $194,447,356)			$	181,842,050
Cash and Other Assets in Excess of Liabilities | 0.7%				1,312,344
Net Assets | 100.0%			$	183,154,394

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

74  Semi-Annual Report

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at June 30, 2013:

Currency	Counterparty	Expiration Date	Foreign Currency Amount	U.S. $ Cost on Origination Date			U.S. $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts
BRL	BRC	07/02/13	119,413		$	56,271	$	53,516		$	—		$	2,755
BRL	BRC	07/02/13	290,000			137,944		129,966			—			7,978
BRL	BRC	07/02/13	1,060,600			500,000		475,318			—			24,682
BRL	BRC	08/02/13	489,479			221,213		217,831			—			3,382
BRL	BRC	08/02/13	1,197,872			546,126		533,087			—			13,039
BRL	HSB	07/02/13	264,413			125,986		118,499			—			7,487
BRL	HSB	07/02/13	264,413			127,140		118,499			—			8,641
BRL	RBC	07/02/13	70,630			33,000		31,653			—			1,347
BRL	RBC	07/02/13	3,671,293			1,774,000		1,645,324			—			128,676
BRL	SCB	07/02/13	119,413			56,298		53,516			—			2,782
BRL	SCB	07/02/13	264,413			125,956		118,499			—			7,457
BRL	SCB	07/02/13	264,413			127,143		118,499			—			8,644
BRL	SCB	07/02/13	299,600			140,000		134,268			—			5,732
BRL	SCB	07/02/13	321,551			150,000		144,106			—			5,894
BRL	SCB	07/02/13	323,400			150,000		144,935			—			5,065
BRL	SCB	08/02/13	489,479			218,869		217,832			—			1,037
BRL	SCB	08/02/13	489,479			222,364		217,832			—			4,532
CLP	RBC	07/24/13	144,144,000			286,000		282,619			—			3,381
CLP	UBS	07/15/13	298,039,500			622,693		585,286			—			37,407
CNH	JPM	07/12/13	2,979,840			480,000		485,271			5,271			—
CNH	JPM	07/15/13	1,615,380			260,000		262,989			2,989			—
CNH	SCB	07/15/13	1,615,510			260,000		263,010			3,010			—
CNY	BRC	07/31/13	3,076,192			496,000		499,871			3,871			—
CNY	HSB	07/19/13	1,890,220			306,069		307,493			1,424			—
COP	CIT	08/02/13	779,851,800			404,960		404,620			—			340
COP	RBC	07/24/13	372,860,000			195,368		193,627			—			1,741
COP	RBC	08/08/13	499,699,200			262,103		259,112			—			2,991
COP	UBS	07/03/13	779,851,800			414,000		405,817			—			8,183
COP	UBS	07/15/13	316,634,800			172,000		164,575			—			7,425
CZK	BNP	07/08/13	5,861,850			297,116		293,309			—			3,807
CZK	JPM	08/06/13	6,330,318			322,166		316,792			—			5,374
CZK	JPM	08/06/13	6,809,041			347,273		340,749			—			6,524
DOP	CIT	07/11/13	7,557,000			181,136		181,068			—			68
EUR	BRC	09/23/13	85,246			112,346		111,000			—			1,346
EUR	BRC	09/23/13	437,000			575,929		569,028			—			6,901
EUR	CIT	09/10/13	291,483			383,791		379,523			—			4,268
EUR	JPM	08/06/13	49,000			62,811		63,790			979			—
EUR	JPM	08/06/13	465,000			621,263		605,352			—			15,911
EUR	SCB	07/17/13	47,715			62,479		62,112			—			367
GHS	SCB	08/19/13	747,000			361,918		359,436			—			2,482
HUF	BNP	08/26/13	34,620,150			151,969		151,950			—			19
HUF	JPM	07/24/13	56,849,700			250,461		250,324			—			137
HUF	UBS	07/22/13	38,786,220			171,000		170,821			—			179

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

Semi-Annual Report  75

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at June 30, 2013 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date			U.S. $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
IDR	JPM	07/30/13		2,924,335,000		$	295,000	$	293,814		$	—		$	1,186
IDR	SCB	07/03/13		2,841,160,000			284,116		286,234			2,118			—
IDR	SCB	07/17/13		1,449,660,000			143,531		145,841			2,310			—
IDR	SCB	08/02/13		2,474,469,000			243,000		248,540			5,540			—
INR	BRC	11/12/13		13,341,600			240,000		219,728			—			20,272
INR	BRC	11/13/13		9,437,839			170,000		155,412			—			14,588
INR	JPM	08/07/13		13,106,400			240,000		219,151			—			20,849
INR	JPM	11/13/13		6,663,600			120,000		109,729			—			10,271
INR	JPM	02/10/14		35,906,640			638,000		583,417			—			54,583
INR	SCB	07/31/13		21,211,770			353,000		355,106			2,106			—
INR	UBS	07/15/13		8,346,795			143,539		140,133			—			3,406
JPY	HSB	07/26/13		8,138,155			85,124		82,062			—			3,062
KRW	CIT	07/22/13		295,991,520			264,000		258,905			—			5,095
KRW	UBS	07/10/13		566,496,000			504,000		495,827			—			8,173
KRW	UBS	09/23/13		161,099,000			142,000		140,539			—			1,461
KZT	CIT	09/26/13		3,817,500			25,000		24,852			—			148
KZT	CIT	03/17/14		135,843,100			869,118		864,321			—			4,797
KZT	HSB	07/09/13		9,000,000			58,632		59,235			603			—
KZT	HSB	07/09/13		38,125,000			250,000		250,926			926			—
KZT	HSB	07/29/13		135,843,100			895,000		891,688			—			3,312
KZT	HSB	10/30/13		30,571,200			198,000		198,100			100			—
KZT	HSB	06/16/14		3,817,500			24,062		23,993			—			69
KZT	HSB	06/16/14		30,571,200			192,538		192,142			—			396
MXN	BRC	07/24/13		70,000			5,384		5,392			8			—
MXN	BRC	07/24/13		7,159,131			537,291		551,431			14,140			—
MXN	CIT	08/19/13		10,762,872			835,497		827,104			—			8,393
MXN	SCB	07/24/13		7,159,131			537,501		551,432			13,931			—
MYR	BRC	07/15/13		313,700			100,000		99,199			—			801
MYR	BRC	07/15/13		315,000			100,000		99,610			—			390
MYR	BRC	07/15/13		315,500			100,000		99,768			—			232
MYR	BRC	07/17/13		407,128			130,000		128,725			—			1,275
MYR	JPM	07/10/13		2,577,675			833,147		815,399			—			17,748
MYR	JPM	09/18/13		860,750			275,000		271,068			—			3,932
MYR	SCB	07/17/13		407,030			130,000		128,695			—			1,305
NGN	BRC	09/10/13		33,289,150			203,293		199,874			—			3,419
NGN	BRC	06/18/14		11,683,750			65,000		64,216			—			784
NGN	CIT	08/12/13		109,444,000			673,294		663,774			—			9,520
NGN	CIT	09/19/13		11,916,000			72,000		71,302			—			698
NGN	JPM	06/17/14		12,420,000			69,000		68,283			—			717
NGN	SCB	09/24/13		21,117,200			127,983		126,121			—			1,862
NGN	SCB	10/31/13		19,666,400			117,657		116,040			—			1,617
NGN	SCB	12/18/13		33,028,100			194,283		191,997			—			2,286
PEN	BNP	07/24/13		564,856			212,992		202,615			—			10,377

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

76  Semi-Annual Report

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at June 30, 2013: (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination  Date			U.S. $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
PEN	BNP	08/23/13		742,307		$	279,000	$	265,629		$	—		$	13,371
PEN	HSB	07/18/13		728,914			261,166		261,613			447			—
PEN	JPM	08/21/13		581,622			211,000		208,159			—			2,841
PEN	UBS	08/01/13		426,650			151,515		152,925			1,410			—
PHP	BRC	07/18/13		17,731,620			414,000		410,358			—			3,642
PHP	JPM	07/08/13		11,720,790			279,000		271,288			—			7,712
PLN	BNP	07/24/13		851,659			259,739		255,960			—			3,779
PLN	BRC	07/22/13		1,347,139			423,000		404,924			—			18,076
RON	JPM	08/21/13		676,565			200,571		196,161			—			4,410
RSD	CIT	07/17/13		15,478,500			180,760		176,517			—			4,243
RSD	CIT	07/31/13		61,589,200			710,617		700,086			—			10,531
RUB	BNP	12/09/13		9,988,650			302,000		295,662			—			6,338
RUB	BRC	07/15/13		700,000			21,256		21,255			—			1
RUB	BRC	07/15/13		10,215,491			315,980		310,197			—			5,783
RUB	BRC	09/27/13		13,949,424			438,000		418,165			—			19,835
RUB	CIT	07/01/13		32,169,942			981,390		979,112			—			2,278
RUB	JPM	07/01/13		2,204,205			69,000		67,086			—			1,914
RUB	UBS	07/01/13		5,138,483			143,573		156,393			12,820			—
RUB	UBS	07/01/13		11,231,693			343,083		341,843			—			1,240
RUB	UBS	09/16/13		8,905,260			273,000		267,441			—			5,559
RUB	UBS	12/13/13		9,544,320			288,000		282,314			—			5,686
SGD	HSB	07/15/13		671,662			536,000		529,925			—			6,075
SGD	HSB	07/24/13		371,666			296,000		293,241			—			2,759
THB	BNP	07/18/13		4,807,340			157,000		154,878			—			2,122
THB	SCB	07/18/13		16,488,532			533,868		531,210			—			2,658
TRY	HSB	09/20/13		507,980			266,000		260,124			—			5,876
TRY	JPM	07/05/13		258,182			136,000		133,781			—			2,219
TRY	JPM	07/05/13		308,435			164,000		159,820			—			4,180
TRY	JPM	07/05/13		761,906			403,835		394,793			—			9,042
TRY	JPM	07/05/13		1,074,868			595,000		556,959			—			38,041
TWD	HSB	07/15/13		8,247,156			276,000		275,198			—			802
UGX	BRC	08/07/13		336,512,000			128,000		128,442			442			—
UGX	CIT	07/05/13		1,108,511,000			418,622		427,132			8,510			—
UYU	CIT	07/31/13		4,232,770			219,201		204,689			—			14,512
UYU	CIT	08/05/13		7,558,000			391,809		365,079			—			26,730
UYU	CIT	09/09/13		951,090			49,000		45,582			—			3,418
UYU	HSB	07/25/13		3,809,300			181,395		184,452			3,057			—
ZAR	BRC	08/19/13		605,490			60,000		60,832			832			—
ZAR	BRC	08/19/13		2,596,007			275,488		260,813			—			14,675
ZAR	JPM	07/29/13		2,071,278			221,000		208,715			—			12,285
ZMW	BRC	07/15/13		3,016,425			555,000		548,617			—			6,383
ZMW	BRC	09/17/13		434,343			80,000		77,750			—			2,250
ZMW	BRC	09/17/13		434,343			80,000		77,750			—			2,250

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

Semi-Annual Report  77

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at June 30, 2013 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date			U.S. $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
ZMW	BRC	12/17/13		290,000		$	50,000	$	50,552		$	552		$	—
ZMW	BRC	12/17/13		290,000			50,000		50,552			552			—
ZMW	SCB	08/28/13		1,737,794			324,215		312,907			—			11,308
Total Forward Currency Purchase Contracts						$	37,463,226	$	36,701,345		$	87,948		$	849,829
Forward Currency Sale Contracts
BRL	BRC	07/02/13		215,999		$	99,677	$	96,802		$	2,875		$	—
BRL	BRC	07/02/13		443,146			206,547		198,600			7,947			—
BRL	BRC	07/02/13		489,479			222,591		219,364			3,227			—
BRL	BRC	07/02/13		1,197,872			549,734		536,837			12,897			—
BRL	CIT	07/02/13		1,173,068			548,932		525,721			23,211			—
BRL	HSB	07/02/13		528,827			238,683		236,998			1,685			—
BRL	RBC	07/02/13		711,838			314,000		319,017			—			5,017
BRL	SCB	07/02/13		176,720			80,000		79,199			801			—
BRL	SCB	07/02/13		489,479			220,188		219,364			824			—
BRL	SCB	07/02/13		489,479			223,813		219,365			4,448			—
BRL	SCB	07/02/13		518,472			240,000		232,358			7,642			—
BRL	SCB	07/02/13		1,428,002			630,000		639,972			—			9,972
CLP	BNP	07/10/13		30,083,280			58,014		59,129			—			1,115
CNH	JPM	07/12/13		1,492,680			241,593		243,085			—			1,492
CNH	JPM	07/15/13		1,615,380			261,388		262,989			—			1,601
CNH	SCB	07/12/13		1,487,160			240,000		242,186			—			2,186
CNH	SCB	07/15/13		1,615,510			261,473		263,010			—			1,537
COP	CIT	07/03/13		779,851,800			406,173		405,817			356			—
CZK	BNP	07/08/13		2,407,898			119,962		120,484			—			522
CZK	BNP	07/08/13		3,453,952			180,380		172,825			7,555			—
CZK	BNP	08/06/13		1,187,929			62,052		59,448			2,604			—
CZK	BRC	07/17/13		1,740,231			90,000		87,079			2,921			—
CZK	JPM	07/17/13		1,744,911			90,000		87,313			2,687			—
CZK	JPM	08/06/13		264,722			347,272		344,624			2,648			—
CZK	JPM	08/06/13		11,951,430			621,263		598,092			23,171			—
CZK	SCB	07/17/13		2,449,743			127,325		122,582			4,743			—
EUR	BNP	07/08/13		229,000			297,115		298,084			—			969
EUR	BNP	07/25/13		211,000			278,054		274,673			3,381			—
EUR	BRC	07/17/13		399,045			531,607		519,448			12,159			—
EUR	BRC	09/23/13		334,000			447,534		434,909			12,625			—
EUR	CIT	07/17/13		134,502			180,760		175,085			5,675			—
EUR	CIT	07/31/13		535,000			710,618		696,463			14,155			—
EUR	HSB	07/22/13		45,823			60,000		59,650			350			—
EUR	HSB	07/22/13		55,744			72,000		72,564			—			564
EUR	HSB	07/22/13		485,263			637,258		631,693			5,565			—
EUR	JPM	08/06/13		51,114			68,000		66,542			1,458			—
EUR	JPM	08/06/13		246,000			322,166		320,251			1,915			—

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

78  Semi-Annual Report

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at June 30, 2013 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date			U.S. $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Sale Contracts (continued)
EUR	JPM	08/06/13		318,897		$	412,491	$	415,150		$	—		$	2,659
EUR	SCB	07/17/13		399,045			531,608		519,448			12,160			—
EUR	UBS	07/17/13		399,045			531,604		519,448			12,156			—
EUR	UBS	07/31/13		50,992			66,413		66,381			32			—
EUR	UBS	07/31/13		102,586			136,500		133,546			2,954			—
EUR	UBS	07/31/13		106,607			142,000		138,780			3,220			—
HUF	BRC	07/24/13		127,701,170			563,727		562,302			1,425			—
IDR	SCB	07/03/13		2,841,160,000			284,173		286,234			—			2,061
INR	BRC	11/12/13		13,341,600			229,277		219,728			9,549			—
INR	BRC	11/13/13		9,437,839			161,912		155,412			6,500			—
INR	JPM	08/07/13		13,106,400			229,373		219,150			10,223			—
INR	JPM	11/13/13		6,663,600			114,416		109,729			4,687			—
JPY	HSB	07/26/13		28,353,068			289,000		285,900			3,100			—
JPY	JPM	07/26/13		52,653,910			530,000		530,941			—			941
JPY	UBS	09/18/13		13,391,026			142,000		135,066			6,934			—
KRW	JPM	07/10/13		83,515,910			72,388		73,098			—			710
KZT	CIT	07/29/13		135,843,100			892,530		891,688			842			—
KZT	HSB	09/26/13		3,817,500			24,870		24,852			18			—
KZT	HSB	10/30/13		30,571,200			198,192		198,100			92			—
MXN	BRC	07/01/13		70,000			5,394		5,402			—			8
MXN	BRC	07/24/13		4,420,525			330,025		340,490			—			10,465
MXN	SCB	07/24/13		4,420,525			330,198		340,490			—			10,292
MYR	BRC	07/08/13		867,256			269,000		274,378			—			5,378
MYR	BRC	07/10/13		414,060			134,000		130,980			3,020			—
MYR	JPM	07/10/13		429,420			136,000		135,839			161			—
MYR	JPM	07/15/13		401,313			125,000		126,904			—			1,904
MYR	JPM	07/17/13		401,813			125,000		127,045			—			2,045
PHP	CIT	07/18/13		17,731,620			402,260		410,358			—			8,098
PHP	JPM	07/08/13		11,720,790			272,767		271,289			1,478			—
RON	BRC	07/31/13		337,045			98,485		97,939			546			—
RUB	CIT	07/01/13		6,842,220			217,151		208,247			8,904			—
RUB	CIT	07/01/13		6,944,734			221,198		211,367			9,831			—
RUB	CIT	07/01/13		9,355,500			297,000		284,740			12,260			—
RUB	CIT	09/16/13		4,998,094			150,536		150,102			434			—
RUB	CIT	09/16/13		32,396,813			975,000		972,936			2,064			—
RUB	JPM	07/01/13		2,204,205			67,329		67,086			243			—
RUB	UBS	07/01/13		16,370,175			501,000		498,236			2,764			—
TRY	BRC	07/12/13		381,800			200,000		197,623			2,377			—
TRY	CIT	07/10/13		177,318			91,166		91,809			—			643
TRY	CIT	07/10/13		310,728			160,668		160,885			—			217
TRY	JPM	07/05/13		357,661			191,253		185,328			5,925			—
TRY	JPM	07/05/13		484,778			250,273		251,195			—			922
TRY	JPM	07/05/13		774,988			405,000		401,572			3,428			—

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

Semi-Annual Report  79

Lazard Emerging Markets Multi-Strategy Portfolio (concluded)

Forward Currency Contracts open at June 30, 2013 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date			U.S. $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
TRY	JPM	07/12/13		75,340		$	40,000	$	38,997		$	1,003		$	—
TRY	JPM	07/12/13		113,856			60,000		58,933			1,067			—
TRY	JPM	07/12/13		431,008			226,257		223,093			3,164			—
TRY	JPM	12/04/13		704,283			365,084		356,043			9,041			—
UGX	CIT	07/05/13		160,890,000			62,000		61,994			6			—
ZAR	BRC	08/19/13		1,785,859			178,096		179,420			—			1,324
ZAR	CIT	07/29/13		121,066			12,000		12,199			—			199
ZAR	JPM	07/29/13		1,837,740			187,717		185,183			2,534			—
ZAR	JPM	07/29/13		2,948,412			298,000		297,101			899			—
ZAR	SSB	07/01/13		3,771,384			373,177		381,524			—			8,347
ZAR	SSB	07/03/13		986,082			97,525		99,740			—			2,215
ZMW	BRC	08/07/13		454,188			84,000		82,153			1,847			—
ZMW	BRC	08/17/13		434,343			79,187		77,749			1,438			—
ZMW	BRC	12/17/13		290,000			51,509		50,552			957			—
Total Forward Currency Sale Contracts						$	23,908,901	$	23,673,496			318,808			83,403
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts											$	406,756		$	933,232

Credit Default Swap Agreement open at June 30, 2013:

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate	Value			Upfront Premiums Paid (Received)			Unrealized Appreciation
Republic of Korea	BRC	300,000	06/20/18	(1.00%)	$	(1,946	)		$	3,737	$	1,791

Interest Rate Swap Agreements open at June 30, 2013:

Currency	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate		Variable Rate	Unrealized Depreciation
BRL	BRC	591,000	01/04/16		8.18%	Brazil Cetip Interbank Deposit Rate	$	13,921
BRL	BRC	2,200,000	01/04/16		8.83%	Brazil Cetip Interbank Deposit Rate		38,442
BRL	BRC	538,000	01/02/17		8.34%	Brazil Cetip Interbank Deposit Rate		18,884
BRL	BRC	216,000	01/02/17		8.35%	Brazil Cetip Interbank Deposit Rate		7,594
BRL	BRC	642,397	01/02/17		8.68%	Brazil Cetip Interbank Deposit Rate		20,314
BRL	BRC	347,001	01/02/17		8.80%	Brazil Cetip Interbank Deposit Rate		9,205
BRL	JPM	692,001	01/02/17		8.90%	Brazil Cetip Interbank Deposit Rate		17,214
Total unrealized depreciation on Interest Rate Swap Agreements								125,574
Total net unrealized depreciation on Swap Agreements							$	123,783

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

80  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 7.0%
Brazil | 1.3%
AmBev International Finance Co., Ltd.,
9.500%, 07/24/17	BRL		250	$	112,656
Anheuser-Busch InBev Worldwide, Inc.,
9.750%, 11/17/15	BRL		150		67,896
Arcos Dorados Holdings, Inc.:
10.250%, 07/13/16	BRL		1,500		673,919
10.250%, 07/13/16 (f)	BRL		250		112,320
Banco do Brasil SA,
9.250%, 04/15/23	USD		925		1,005,938
Banco Santander Brasil SA,
8.000%, 03/18/16 (f)	BRL		700		288,615
BC Luxco 1 SA,
7.375%, 01/29/20 (f)	USD		600		570,000
Companhia Energetica de Sao Paulo,
9.750%, 01/15/15	BRL		539		377,300
Odebrecht Finance, Ltd.:
7.125%, 06/26/42	USD		375		363,750
7.125%, 06/26/42 (f)	USD		750		727,500
					4,299,894
Colombia | 0.7%
Banco GNB Sudameris SA,
3.875%, 05/02/18 (f)	USD		725		689,656
Empresa de Telecomunicaciones de Bogota SA,
7.000%, 01/17/23 (f)	COP		560,000		275,383
Millicom International Cellular SA,
4.750%, 05/22/20 (f)	USD		375		357,656
Pacific Rubiales Energy Corp.,
5.125%, 03/28/23 (f)	USD		1,075		1,015,875
					2,338,570
Georgia | 0.3%
Bank of Georgia JSC,
7.750%, 07/05/17	USD		1,025		1,030,125
Guatemala | 0.2%
Industrial Senior Trust:
5.500%, 11/01/22	USD		200		188,000
5.500%, 11/01/22 (f)	USD		600		564,000
					752,000

Description	Security Currency	Principal Amount (000)		Value
India | 0.3%
Vedanta Resources PLC:
9.500%, 07/18/18	USD		650	$	710,125
8.250%, 06/07/21	USD		275		277,063
					987,188
Indonesia | 0.9%
PT Gajah Tunggal Tbk,
7.750%, 02/06/18	USD		200		198,500
7.750%, 02/06/18 (f)	USD		750		744,375
PT Pertamina (Persero) Tbk:
5.250%, 05/23/21	USD		1,025		1,014,750
6.500%, 05/27/41	USD		1,300		1,254,500
					3,212,125
Kazakhstan | 0.3%
Halyk Savings Bank of Kazakhstan JSC:
7.250%, 05/03/17	USD		775		798,250
7.250%, 01/28/21	USD		275		281,875
					1,080,125
Mexico | 0.8%
America Movil SAB de CV,
6.450%, 12/05/22	MXN		17,350		1,296,750
Bio Pappel SAB de CV,
7.000%, 08/27/16	USD		525		513,188
Cemex SAB de CV,
9.500%, 06/15/18 (f)	USD		300		324,000
Grupo Televisa SAB,
7.250%, 05/14/43	MXN		12,000		785,455
					2,919,393
Russia | 2.2%
EDC Finance, Ltd.,
4.875%, 04/17/20 (f)	USD		725		664,078
Gazprom OAO,
8.625%, 04/28/34	USD		525		622,125
Lukoil International Finance BV,
4.563%, 04/24/23 (f)	USD		725		674,185
Metalloinvest Finance, Ltd.,
5.625%, 04/17/20 (f)	USD		725		657,320
MTS International Funding, Ltd.:
8.625%, 06/22/20	USD		275		323,125
5.000%, 05/30/23 (f)	USD		320		307,200
Nord Gold NV,
6.375%, 05/07/18 (f)	USD		750		645,000
Polyus Gold International, Ltd.,
5.625%, 04/29/20 (f)	USD		725		702,344
Sberbank of Russia,
5.250%, 05/23/23 (f)	USD		1,125		1,057,500

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

Semi-Annual Report  81

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Russia (continued)
Sibur Securities, Ltd.,
3.914%, 01/31/18	USD		750	$	693,750
TMK OAO,
6.750%, 04/03/20 (f)	USD		575		533,312
VimpelCom Holdings BV,
9.000%, 02/13/18 (f)	RUB		20,300		608,628
					7,488,567
Total Corporate Bonds
(Identified cost $26,321,489)					24,107,987
Foreign Government Obligations | 77.6%
Argentina | 0.2%
Republic of Argentina,
2.500%, 12/31/38 (g)	USD		2,225		723,125
Belarus | 0.7%
Republic of Belarus:
8.750%, 08/03/15	USD		1,490		1,493,725
8.950%, 01/26/18	USD		1,000		997,500
					2,491,225
Bolivia | 0.6%
Bolivia Government Bond,
4.875%, 10/29/22	USD		2,075		1,940,125
Brazil | 2.8%
Brazil Letras do Tesouro Nacional,
0.000%, 01/01/17	BRL		3,000		935,934
Brazil Minas SPE,
5.333%, 02/15/28 (f)	USD		4,350		4,227,026
Brazil NTN-B,
6.000%, 08/15/20	BRL		145		160,875
Brazil NTN-F:
10.000%, 01/01/17	BRL		5,800		2,664,787
10.000%, 01/01/21	BRL		360		161,633
10.000%, 01/01/23	BRL		2,100		935,432
Federal Republic of Brazil,
7.125%, 01/20/37	USD		430		511,700
					9,597,387

Description	Security Currency	Principal Amount (000)		Value
Chile | 1.6%
Chile Government International Bond,
6.000%, 01/01/18	CLP		205,000	$	417,315
Republic of Chile,
2.250%, 10/30/22	USD		5,575		5,017,500
					5,434,815
Colombia | 1.1%
Republic of Colombia:
7.750%, 04/14/21	COP		905,000		529,196
9.850%, 06/28/27	COP		160,000		109,379
6.125%, 01/18/41	USD		2,943		3,274,088
					3,912,663
Costa Rica | 0.3%
Costa Rica Government International Bond:
4.375%, 04/30/25 (f)	USD		675		616,781
5.625%, 04/30/43 (f)	USD		650		588,250
					1,205,031
Croatia | 1.2%
Croatia:
6.250%, 04/27/17	USD		720		754,855
6.750%, 11/05/19	USD		925		987,364
6.625%, 07/14/20	USD		2,125		2,253,605
					3,995,824
Dominican Republic | 0.7%
Dominican Republic:
11.700%, 06/06/14	DOP		24,500		607,009
5.875%, 04/18/24 (f)	USD		2,050		1,973,125
					2,580,134
Egypt | 0.6%
Arab Republic of Egypt:
5.750%, 04/29/20	USD		1,225		961,870
6.875%, 04/30/40	USD		1,695		1,203,789
					2,165,659
El Salvador | 0.3%
Republic of El Salvador,
5.875%, 01/30/25 (f)	USD		960		933,600
Georgia | 0.1%
Republic of Georgia,
6.875%, 04/12/21	USD		450		481,500

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

82  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Guatemala | 0.7%
Republic of Guatemala:
5.750%, 06/06/22	USD		200	$	203,000
5.750%, 06/06/22 (f)	USD		246		249,690
4.875%, 02/13/28 (f)	USD		2,005		1,814,525
					2,267,215
Honduras | 0.3%
Honduras Government Bonds:
7.500%, 03/15/24	USD		375		322,500
7.500%, 03/15/24 (f)	USD		800		688,000
					1,010,500
Hungary | 4.5%
Hungary Government Bonds:
7.750%, 08/24/15	HUF		243,000		1,139,260
6.750%, 02/24/17	HUF		764,000		3,549,200
5.500%, 12/20/18	HUF		155,000		686,330
6.500%, 06/24/19	HUF		69,000		319,663
7.000%, 06/24/22	HUF		210,000		984,092
6.750%, 10/22/28	HUF		112,000		507,490
Republic of Hungary:
4.750%, 02/03/15	USD		950		961,875
6.250%, 01/29/20	USD		1,947		2,034,615
6.375%, 03/29/21	USD		755		785,200
5.375%, 02/21/23	USD		2,962		2,850,925
7.625%, 03/29/41	USD		1,460		1,524,240
					15,342,890
Indonesia | 4.2%
Indonesia Government Bonds:
7.000%, 05/15/22	IDR		9,290,000		925,265
5.625%, 05/15/23	IDR		12,200,000		1,097,528
8.375%, 09/15/26	IDR		6,405,000		684,137
7.000%, 05/15/27	IDR		13,980,000		1,324,339
6.125%, 05/15/28	IDR		29,530,000		2,576,519
8.250%, 06/15/32	IDR		8,700,000		911,837
6.625%, 05/15/33	IDR		5,500,000		487,287
Republic of Indonesia:
6.875%, 01/17/18	USD		1,905		2,138,363
3.375%, 04/15/23 (f)	USD		1,125		1,009,688
6.625%, 02/17/37	USD		2,340		2,550,600
5.250%, 01/17/42	USD		775		736,250
					14,441,813
Iraq | 2.3%
Republic of Iraq,
5.800%, 01/15/28	USD		9,675		8,030,250

Description	Security Currency	Principal Amount (000)		Value
Ivory Coast | 3.3%
Ivory Coast,
5.750%, 12/31/32 (g)	USD		13,875	$	11,377,500
Jordan | 0.6%
Kingdom of Jordan,
3.875%, 11/12/15	USD		1,975		1,925,625
Kenya | 0.2%
Kenya Treasury Bond,
12.000%, 09/18/23	KES		72,000		847,966
Lebanon | 1.3%
Lebanese Republic:
9.000%, 03/20/17	USD		2,582		2,853,110
6.100%, 10/04/22	USD		1,809		1,682,370
					4,535,480
Malaysia | 3.2%
Bank Negara Malaysia Monetary Note,
0.000%, 09/05/13	MYR		9,445		2,973,269
Malaysian Government Bonds:
4.262%, 09/15/16	MYR		8,000		2,597,163
3.580%, 09/28/18	MYR		6,150		1,948,797
4.378%, 11/29/19	MYR		5,890		1,949,811
4.160%, 07/15/21	MYR		1,365		445,930
3.418%, 08/15/22	MYR		1,470		456,948
4.392%, 04/15/26	MYR		2,325		778,025
					11,149,943
Mexico | 6.7%
Mexican Bonos:
6.000%, 06/18/15	MXN		32,250		2,563,952
5.000%, 06/15/17	MXN		4,200		324,590
7.750%, 12/14/17	MXN		39,000		3,318,861
8.500%, 12/13/18	MXN		21,950		1,939,019
8.000%, 06/11/20	MXN		13,000		1,144,535
7.500%, 06/03/27	MXN		24,760		2,140,153
8.500%, 05/31/29	MXN		30,400		2,796,536
7.750%, 05/29/31	MXN		3,900		332,632
10.000%, 11/20/36	MXN		2,670		274,309
8.500%, 11/18/38	MXN		20,650		1,856,311
7.750%, 11/13/42	MXN		3,400		282,604

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

Semi-Annual Report  83

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Mexico (continued)
Mexican Udibonos:
5.000%, 06/16/16	MXN		11,389	$	974,929
2.500%, 12/10/20	MXN		21,689		1,706,968
United Mexican States,
6.750%, 09/27/34	USD		2,720		3,209,600
					22,864,999
Namibia | 0.1%
Republic of Namibia,
5.500%, 11/03/21 (f)	USD		200		202,000
Nigeria | 2.4%
Nigeria Treasury Bills:
0.000%, 10/10/13	NGN		147,000		869,256
0.000%, 10/24/13	NGN		2,000		11,785
0.000%, 11/07/13	NGN		38,000		222,398
0.000%, 12/19/13	NGN		500,000		2,886,821
0.000%, 03/20/14	NGN		110,000		613,813
0.000%, 04/10/14	NGN		95,000		525,063
0.000%, 04/24/14	NGN		90,000		496,725
0.000%, 05/08/14	NGN		9,000		49,434
0.000%, 06/05/14	NGN		2,300		12,533
Nigeria Government Bonds:
15.100%, 04/27/17	NGN		36,000		228,739
16.000%, 06/29/19	NGN		142,000		937,621
16.390%, 01/27/22	NGN		153,447		1,054,463
Republic of Nigeria,
6.750%, 01/28/21	USD		200		209,000
					8,117,651
Panama | 1.1%
Panama Government International Bonds:
7.125%, 01/29/26	USD		838		1,024,455
4.300%, 04/29/53	USD		3,350		2,688,375
					3,712,830
Paraguay | 0.1%
Republic of Paraguay,
4.625%, 01/25/23 (f)	USD		250		241,250
Peru | 2.2%
Peruvian Government International Bond:
6.950%, 08/12/31	PEN		1,440		538,214
8.750%, 11/21/33	USD		2,220		3,230,100

Description	Security Currency	Principal Amount (000)		Value
Republic of Peru:
7.840%, 08/12/20	PEN		6,635	$	2,744,868
7.350%, 07/21/25	USD		325		416,000
8.200%, 08/12/26	PEN		830		364,401
6.950%, 08/12/31 (f)	PEN		1,077		402,539
					7,696,122
Philippines | 0.8%
Republic of Philippines:
7.750%, 01/14/31	USD		1,425		1,881,000
6.250%, 01/14/36	PHP		30,000		736,979
					2,617,979
Poland | 4.0%
Poland Government Bonds:
0.000%, 01/25/14	PLN		7,250		2,147,704
5.500%, 04/25/15	PLN		400		125,548
5.250%, 10/25/17	PLN		4,125		1,319,982
5.500%, 10/25/19	PLN		16,827		5,504,339
5.250%, 10/25/20	PLN		1,250		404,095
5.750%, 09/23/22	PLN		5,125		1,702,061
2.750%, 08/25/23	PLN		6,584		2,026,254
4.000%, 10/25/23	PLN		1,600		467,596
					13,697,579
Romania | 2.1%
Romania Government Bonds:
5.850%, 07/28/14	RON		3,250		956,111
5.800%, 10/26/15	RON		7,350		2,167,233
5.750%, 01/27/16	RON		3,320		978,940
6.750%, 06/11/17	RON		1,100		335,678
5.900%, 07/26/17	RON		2,570		752,415
6.750%, 02/07/22	USD		1,746		1,946,528
					7,136,905
Russia | 5.7%
Russia Foreign Bonds:
7.850%, 03/10/18	RUB		100,000		3,172,912
7.850%, 03/10/18 (f)	RUB		5,000		158,645
5.000%, 04/29/20	USD		500		535,000
7.500%, 03/31/30 (g)	USD		2,462		2,883,881
Russia Government Bonds - OFZ:
7.350%, 01/20/16	RUB		23,700		737,554
7.500%, 03/15/18	RUB		8,960		281,230
7.500%, 02/27/19	RUB		12,000		370,706
6.800%, 12/11/19	RUB		13,000		387,750
7.600%, 04/14/21	RUB		24,475		758,341
7.600%, 07/20/22	RUB		84,000		2,575,765
7.000%, 01/25/23	RUB		41,000		1,204,849
8.150%, 02/03/27	RUB		35,000		1,094,008

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

84  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Russia (continued)
Russian Federation:
3.250%, 04/04/17	USD		400	$	411,452
3.250%, 04/04/17 (f)	USD		2,800		2,880,164
5.625%, 04/04/42	USD		1,800		1,867,500
5.625%, 04/04/42 (f)	USD		200		207,500
					19,527,257
Senegal | 0.5%
Republic of Senegal,
8.750%, 05/13/21	USD		1,675		1,742,000
Serbia | 0.4%
Republic of Serbia:
5.250%, 11/21/17 (f)	USD		400		390,000
4.875%, 02/25/20	USD		225		204,750
Serbia Treasury Bill,
0.000%, 01/03/14	RSD		80,000		871,707
					1,466,457
South Africa | 4.8%
Eskom Holdings, Ltd.,
7.850%, 04/02/26	ZAR		9,000		866,431
Republic of South Africa:
13.500%, 09/15/15	ZAR		11,450		1,331,726
8.250%, 09/15/17	ZAR		26,440		2,806,986
8.000%, 12/21/18	ZAR		23,450		2,471,857
7.250%, 01/15/20	ZAR		14,400		1,448,893
6.750%, 03/31/21	ZAR		3,050		295,949
7.750%, 02/28/23	ZAR		19,900		2,030,051
10.500%, 12/21/26	ZAR		20,635		2,530,421
7.000%, 02/28/31	ZAR		25,700		2,258,417
South Africa Government Bond,
6.500%, 02/28/41	ZAR		4,600		358,482
					16,399,213
Sri Lanka | 0.6%
Republic of Sri Lanka,
6.250%, 10/04/20	USD		2,019		1,998,810
Tanzania | 0.2%
United Republic of Tanzania,
6.450%, 03/08/20	USD		650		650,000
Thailand | 3.8%
Bank of Thailand,
0.000%, 09/19/13	THB		7,000		224,467
Thailand Government Bonds:
5.250%, 07/13/13	THB		44,000		1,419,693
3.625%, 05/22/15	THB		16,400		536,165

Description	Security Currency	Principal Amount (000)		Value
3.125%, 12/11/15	THB		90,000	$	2,913,104
3.250%, 06/16/17	THB		30,000		968,544
3.875%, 06/13/19	THB		106,300		3,494,766
1.200%, 07/14/21	THB		52,503		1,636,733
3.650%, 12/17/21	THB		43,920		1,410,605
3.580%, 12/17/27	THB		10,200		309,746
					12,913,823
Turkey | 6.6%
Republic of Turkey:
7.000%, 09/26/16	USD		1,350		1,507,410
5.125%, 03/25/22	USD		1,890		1,937,250
3.250%, 03/23/23	USD		1,000		872,500
6.875%, 03/17/36	USD		2,390		2,664,850
Turkey Government Bonds:
9.000%, 03/05/14	TRY		860		450,351
6.500%, 01/07/15	TRY		3,890		1,982,615
9.000%, 01/27/16	TRY		8,566		4,552,367
9.000%, 03/08/17	TRY		9,300		4,978,613
10.500%, 01/15/20	TRY		1,910		1,101,218
4.000%, 04/01/20	TRY		1,951		1,079,598
3.000%, 07/21/21	TRY		2,743		1,431,509
					22,558,281
Ukraine | 1.6%
Ukraine Government Bonds:
6.875%, 09/23/15	USD		775		759,500
6.580%, 11/21/16	USD		1,725		1,599,937
9.250%, 07/24/17 (f)	USD		400		399,000
7.800%, 11/28/22 (f)	USD		1,425		1,271,813
7.500%, 04/17/23 (f)	USD		1,875		1,645,312
					5,675,562
Uruguay | 0.5%
Republica Orient Uruguay,
5.000%, 09/14/18	UYU		14,716		809,453
Uruguay Monetary Regulation Bill,
0.000%, 09/09/13	UYU		18,000		866,384
					1,675,837
Venezuela | 1.8%
Republic of Venezuela:
7.750%, 10/13/19	USD		890		738,700
8.250%, 10/13/24	USD		4,195		3,251,125
7.650%, 04/21/25	USD		1,226		913,370
9.250%, 05/07/28	USD		936		762,514
7.000%, 03/31/38	USD		890		606,535
					6,272,244
Vietnam | 0.3%
Socialist Republic of Vietnam,
6.750%, 01/29/20	USD		950		1,007,000

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

Semi-Annual Report  85

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Zambia | 0.5%
Republic of Zambia:
5.375%, 09/20/22	USD		1,050	$	934,500
5.375%, 09/20/22 (f)	USD		1,075		956,750
					1,891,250
Total Foreign Government Obligations
(Identified cost $285,928,927)					266,455,319
Quasi Government Bonds | 7.6%
Angola | 2.9%
Northern Lights III BV,
7.000%, 08/16/19	USD		9,780		10,048,950
Azerbaijan | 0.6%
State Oil Co. of the Azerbaijan Republic,
4.750%, 03/13/23	USD		2,475		2,239,875
Colombia | 0.4%
Emgesa SA ESP:
8.750%, 01/25/21	COP		1,000,000		572,414
8.750%, 01/25/21 (f)	COP		150,000		85,862
Empresas Publicas de Medellin ESP:
8.375%, 02/01/21	COP		1,040,000		579,075
8.375%, 02/01/21 (f)	COP		150,000		83,521
					1,320,872
Kazakhstan | 1.8%
Development Bank of Kazakhstan JSC:
4.125%, 12/10/22	USD		2,075		1,846,750
4.125%, 12/10/22 (f)	USD		4,900		4,361,000
					6,207,750
Mexico | 0.6%
Petroleos Mexicanos,
4.875%, 01/24/22	USD		1,650		1,683,000
3.500%, 01/30/23	USD		350		322,875
					2,005,875
Russia | 0.2%
Russian Agricultural Bank OJSC:
8.700%, 03/17/16	RUB		15,000		456,260
8.625%, 02/17/17	RUB		14,000		422,264
					878,524
South Korea | 0.2%
Export-Import Bank of Korea,
6.600%, 11/04/13	IDR		6,700,000		658,524

Description	Security Currency	Principal Amount (000)		Value
Venezuela | 0.9%
Petroleos de Venezuela SA,
5.250%, 04/12/17	USD		3,945	$	3,215,175
Total Quasi Government Bonds
(Identified cost $28,824,512)					26,575,545
Supranationals | 0.2%
Inter-American Development Bank, 0.000%, 08/20/15 (Identified cost $701,572)	IDR		7,000,000		609,700
Description			Shares		Value
Short-Term Investment | 2.8%
State Street Institutional Treasury Money Market Fund (Identified cost $9,601,766)			9,601,766	$	9,601,766
Total Investments | 95.2%
(Identified cost $351,378,266) (b), (d)					327,350,317
Description			Number of Contracts		Value
Purchased Options | 0.1%
CNH vs USD September 13 6.15 Call, Expires 09/02/13			63,500	$	35,560
CNH vs USD September 13 6.15 Call, Expires 09/04/13			63,500		36,830
CNH vs USD September 13 6.15 Call, Expires 09/17/13			58,000		39,440
CNH vs USD September 13 6.189 Call, Expires 09/02/13			74,000		24,420
USD vs MYR July 13 3.15 Put, Expires 07/18/13			116,000		47,560
Total Purchased Options
(Identified cost $236,850)					183,810
Total Investments and Purchased Options | 95.3%
(Identified cost $351,615,116)				$	327,534,127
Cash and Other Assets in Excess of Liabilities | 4.7%					16,157,039
Net Assets | 100.0%				$	343,691,166

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

86  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at June 30, 2013:

Currency	Counterparty		Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date			U.S. $ Current Value			Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts
BRL		BRC	07/02/13		572,940		$	270,000		$	256,768		$	—		$	13,232
BRL		BRC	07/02/13		2,680,000			1,274,794			1,201,066			—			73,728
BRL		BRC	07/02/13		4,657,819			2,194,910			2,087,444			—			107,466
BRL		BRC	08/02/13		7,911,087			3,575,309			3,520,654			—			54,655
BRL		CIT	07/02/13		932,580			440,000			417,944			—			22,056
BRL		HSB	07/02/13		5,997,819			2,857,805			2,687,977			—			169,828
BRL		HSB	07/02/13		5,997,819			2,883,983			2,687,978			—			196,005
BRL		SCB	07/02/13		932,800			440,000			418,043			—			21,957
BRL		SCB	07/02/13		1,517,738			675,000			680,188			5,188			—
BRL		SCB	07/02/13		4,657,819			2,195,945			2,087,444			—			108,501
BRL		SCB	07/02/13		5,997,819			2,857,125			2,687,978			—			169,147
BRL		SCB	07/02/13		5,997,819			2,884,052			2,687,978			—			196,074
BRL		SCB	08/02/13		7,911,087			3,537,420			3,520,654			—			16,766
BRL		SCB	08/02/13		7,911,087			3,593,907			3,520,655			—			73,252
CNH		JPM	07/12/13		22,969,600			3,700,000			3,740,633			40,633			—
CNH		JPM	07/15/13		12,177,480			1,960,000			1,982,533			22,533			—
CNH		SCB	07/15/13		12,178,460			1,960,000			1,982,693			22,693			—
EUR		SCB	07/17/13		1,297,169			1,698,540			1,688,561			—			9,979
HUF		CIT	07/12/13		422,182,800			1,860,000			1,861,267			1,267			—
HUF		SCB	07/12/13		20,297,320			89,364			89,484			120			—
INR		BRC	11/13/13		51,630,531			930,000			850,196			—			79,804
INR		JPM	08/07/13		101,574,600			1,860,000			1,698,419			—			161,581
INR		JPM	11/12/13		99,954,000			1,800,000			1,646,181			—			153,819
INR		JPM	11/13/13		49,977,000			900,000			822,967			—			77,033
MXN		BRC	07/24/13		6,000,000			461,460			462,149			689			—
MXN		BRC	07/24/13		19,173,558			1,438,970			1,476,840			37,870			—
MXN		SCB	07/24/13		19,173,558			1,439,532			1,476,841			37,309			—
MYR		BRC	07/17/13		1,753,780			560,000			554,508			—			5,492
MYR		HSB	07/15/13		8,878,000			2,829,641			2,807,423			—			22,218
MYR		SCB	07/15/13		7,000,000			2,221,165			2,213,558			—			7,607
MYR		SCB	07/17/13		1,753,360			560,000			554,375			—			5,625
MYR		SCB	07/17/13		7,000,000			2,194,151			2,213,252			19,101			—
PLN		CIT	07/24/13		2,183,482			655,000			656,230			1,230			—
PLN		SCB	07/24/13		6,919,512			2,111,217			2,079,610			—			31,607
RSD		CIT	07/17/13		249,928,000			2,918,697			2,850,189			—			68,508
RUB		BRC	07/15/13		52,449,155			1,622,331			1,592,638			—			29,693
RUB		BRC	07/15/13		56,000,000			1,700,500			1,700,461			—			39
RUB		JPM	08/01/13		12,502,000			380,000			378,485			—			1,515
TRY		BRC	07/12/13		2,000,000			1,035,384			1,035,215			—			169
TRY		JPM	07/12/13		1,157,430			600,000			599,095			—			905
ZMW		BRC	09/17/13		3,637,624			670,000			651,154			—			18,846
ZMW		BRC	09/17/13		3,637,624			670,000			651,154			—			18,846
ZMW		BRC	12/17/13		2,900,000			500,000			505,517			5,517			—
ZMW		BRC	12/17/13		2,900,000			500,000			505,517			5,517			—
Total Forward Currency Purchase Contracts							$	71,506,202		$	69,789,916		$	199,667		$	1,915,953

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

Semi-Annual Report  87

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at June 30, 2013 (continued):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date			U.S. $ Current Value			Unrealized Appreciation			Unrealized Depreciation
Forward Currency Sale Contracts
BRL		BRC	07/02/13		3,638,000		$	1,700,000		$	1,630,403		$	69,597		$	—
BRL		BRC	07/02/13		7,911,087			3,597,584			3,545,426			52,158			—
BRL		CIT	07/02/13		932,580			420,915			417,944			2,971			—
BRL		SCB	07/02/13		1,520,050			700,000			681,224			18,776			—
BRL		SCB	07/02/13		1,813,336			800,000			812,663			—			12,663
BRL		SCB	07/02/13		2,065,923			926,008			925,863			145			—
BRL		SCB	07/02/13		3,534,400			1,600,000			1,583,974			16,026			—
BRL		SCB	07/02/13		3,638,000			1,700,000			1,630,403			69,597			—
BRL		SCB	07/02/13		7,911,087			3,558,743			3,545,426			13,317			—
BRL		SCB	07/02/13		7,911,087			3,617,323			3,545,426			71,897			—
CNH		JPM	07/12/13		11,463,525			1,850,000			1,866,852			—			16,852
CNH		JPM	07/12/13		11,506,075			1,862,276			1,873,781			—			11,505
CNH		JPM	07/15/13		12,177,480			1,970,466			1,982,533			—			12,067
CNH		SCB	07/15/13		12,178,460			1,971,103			1,982,693			—			11,590
COP		BRC	07/25/13		3,210,217,500			1,645,000			1,666,908			—			21,908
COP		SCB	07/25/13		3,210,217,500			1,645,000			1,666,908			—			21,908
CZK		BRC	07/17/13		12,374,976			640,000			619,230			20,770			—
CZK		JPM	07/17/13		12,408,256			640,000			620,895			19,105			—
CZK		SCB	07/17/13		18,727,111			973,343			937,084			36,259			—
EUR		BRC	07/17/13		1,394,532			1,857,793			1,815,300			42,493			—
EUR		CIT	07/17/13		2,171,776			2,918,697			2,827,060			91,637			—
EUR		SCB	07/17/13		1,394,532			1,857,796			1,815,300			42,496			—
EUR		UBS	07/17/13		1,394,532			1,857,782			1,815,300			42,482			—
HUF		BRC	07/12/13		772,280,945			3,409,178			3,404,737			4,441			—
HUF		SCB	07/01/13		20,297,320			89,455			89,576			—			121
INR		BRC	11/12/13		99,954,000			1,717,718			1,646,181			71,537			—
INR		BRC	11/13/13		51,630,531			885,753			850,196			35,557			—
INR		JPM	08/07/13		101,574,600			1,777,644			1,698,418			79,226			—
INR		JPM	11/13/13		49,977,000			858,122			822,967			35,155			—
MXN		BRC	07/01/13		6,000,000			462,346			463,054			—			708
MXN		BRC	07/24/13		24,781,731			1,850,142			1,908,809			—			58,667
MXN		SCB	07/24/13		8,844,462			660,000			681,243			—			21,243
MXN		SCB	07/24/13		24,781,731			1,851,110			1,908,810			—			57,700
MYR		JPM	07/15/13		1,332,358			415,000			421,321			—			6,321
MYR		JPM	07/17/13		1,334,018			415,000			421,788			—			6,788
MYR		SCB	07/15/13		7,000,000			2,194,357			2,213,557			—			19,200
PEN		HSB	07/18/13		2,454,750			900,000			881,028			18,972			—
PEN		JPM	07/31/13		840,000			300,967			301,110			—			143
PEN		JPM	07/31/13		841,298			301,594			301,576			18			—
PLN		SCB	07/24/13		5,099,633			1,540,000			1,532,658			7,342			—
THB		JPM	07/15/13		96,465,823			3,122,377			3,108,328			14,049			—
TRY		BRC	07/02/13		2,000,000			1,036,914			1,036,808			106			—

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

88  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (concluded)

Forward Currency Contracts open at June 30, 2013 (concluded):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date			U.S. $ Current Value			Unrealized Appreciation			Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
TRY		JPM	07/12/13		5,460,452		$	2,866,454		$	2,826,373		$	40,081		$	—
ZAR		BRC	07/24/13		1,665,497			161,922			167,948			—			6,026
ZAR		BRC	07/24/13		6,624,936			652,112			668,056			—			15,944
ZMW		BRC	09/17/13		3,637,624			663,195			651,154			12,041			—
ZMW		BRC	12/17/13		2,900,000			515,098			505,518			9,580			—
Total Forward Currency Sale Contracts							$	68,956,287		$	68,319,810			937,831			301,354
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts													$	1,137,498		$	2,217,307

Interest Rate Swap Agreements open at June 30, 2013:

Currency	Counterparty		Notional Amount	Expiration Date		Receive (Pay) Rate			Variable Rate	Unrealized Depreciation
BRL		BRC	2,955,711		01/04/16		8.18	%	Brazil Cetip Interbank Deposit Rate		$	69,624
BRL		BRC	4,189,478		01/04/16		8.65	%	Brazil Cetip Interbank Deposit Rate			78,844
BRL		BRC	2,047,641		01/02/17		(1.00	%)	Brazil Cetip Interbank Deposit Rate			48,686
BRL		JPM	2,203,000		01/02/17		7.83	%	Brazil Cetip Interbank Deposit Rate			50,810
BRL		BRC	2,150,100		01/02/17		8.34	%	Brazil Cetip Interbank Deposit Rate			75,471
BRL		JPM	1,189,001		01/04/21		7.83	%	Brazil Cetip Interbank Deposit Rate			54,892
BRL		BRC	951,237		01/04/21		9.24	%	Brazil Cetip Interbank Deposit Rate			51,747
ZAR		BRC	15,200,000		10/16/17		5.78	%	South Africa Johannesburg Interbank Agreed Rate 3 Month			66,771
Gross unrealized depreciation on Interest Rate Swap Agreements											$	496,845

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

Semi-Annual Report  89

Description	Shares		Value
Lazard US Realty Income Portfolio
Common Stocks | 8.8%
Real Estate | 8.8%
Colony Financial, Inc.		309,115	$	6,148,298
Mission West Properties, Inc.		64,500		1,290
Starwood Property Trust, Inc.		357,836		8,856,441
Total Common Stocks (Identified cost $14,577,898)				15,006,029
Preferred Stocks | 29.7%
Real Estate | 29.7%
Apollo Commercial Real Estate Finance, Inc.,
Series A, 8.625%		60,000		1,593,000
Ashford Hospitality Trust, Inc.,
Series D, 8.450%		61,782		1,561,849
CBL & Associates Properties, Inc.,
Series E, 6.625%		60,000		1,492,200
Cedar Realty Trust, Inc.,
Series B, 7.250%		72,918		1,873,993
DDR Corp.:
Series J, 6.500%		47,900		1,156,306
Series K, 6.250%		66,000		1,564,860
EPR Properties,
Series F, 6.625%		13,769		338,717
First Industrial Realty Trust, Inc.,
Series K, 7.250%		58,630		1,468,095
General Growth Properties, Inc.,
Series A, 6.375%		275,000		6,374,500
Glimcher Realty Trust,
6.875%		160,000		3,892,640
Kimco Realty Corp.,
Series J, 5.500%		69,900		1,673,406
Kite Realty Group Trust,
Series A, 8.250%		40,530		1,043,648
LaSalle Hotel Properties,
Series I, 6.375%		90,000		2,067,300
NorthStar Realty Finance Corp.,
Series A, 8.750%		72,886		1,854,949
Pebblebrook Hotel Trust,
Series C, 6.500%		158,886		3,837,097
Pennsylvania Real Estate Investment Trust:
Series A, 8.250%		35,232		931,534
Series B, 7.375%		33,694		862,903

Description	Shares		Value
PS Business Parks, Inc.,
Series U, 5.750%		47,300	$	1,103,509
Regency Centers Corp.,
Series 7, 6.000%		16,342		397,274
Retail Properties of America, Inc.,
7.000%		68,979		1,719,646
Sabra Healthcare REIT, Inc.,
Series A, 7.125%		130,000		3,273,400
Strategic Hotels & Resorts, Inc.,
Series C, 8.250%		120,178		2,872,254
Sun Communities, Inc.,
Series A, 7.125%		84,900		2,134,386
Taubman Centers, Inc.,
Series K, 6.250%		125,000		3,035,000
Vornado Realty Trust,
Series K, 5.700%		73,764		1,739,355
Weingarten Realty Investors,
Series F, 6.500%		14,052		352,846
Winthrop Realty Trust,
7.750%		25,000		656,000
Total Preferred Stocks (Identified cost $51,736,018)				50,870,667
Real Estate Investment Trusts | 56.1%
Apollo Commercial Real Estate
Finance, Inc.		382,510		6,074,259
Associated Estates Realty Corp.		162,300		2,609,784
BioMed Realty Trust, Inc.		411,400		8,322,622
Brandywine Realty Trust		173,700		2,348,424
Campus Crest Communities, Inc.		754,890		8,711,431
Corporate Office Properties Trust		59,800		1,524,900
Digital Realty Trust, Inc.		161,800		9,869,800
Dynex Capital, Inc.		578,920		5,899,195
EPR Properties		164,755		8,282,234
Excel Trust, Inc.		242,100		3,101,301
First Potomac Realty Trust		232,626		3,038,095
Highwoods Properties, Inc.		61,500		2,190,015
Home Properties, Inc.		78,500		5,131,545
Mack-Cali Realty Corp.		208,000		5,093,920
Medical Properties Trust, Inc.		118,400		1,695,488
Omega Healthcare Investors, Inc.		55,700		1,727,814
Realty Income Corp.		87,600		3,672,192
Retail Opportunity Investments Corp.		426,600		5,929,740
STAG Industrial, Inc.		42,100		839,895
Sun Communities, Inc.		149,557		7,441,956
Whitestone REIT		146,475		2,308,446
Total Real Estate Investment Trusts (Identified cost $95,727,948)				95,813,056

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

90  Semi-Annual Report

Description	Shares		Value
Lazard US Realty Income Portfolio (concluded)
Short-Term Investment | 2.9%
State Street Institutional Treasury Money Market Fund (Identified cost $5,026,337)		5,026,337	$	5,026,337

Description	Value
Total Investments | 97.5% (Identified cost $167,068,201) (b)	$	166,716,089
Cash and Other Assets in Excess of Liabilities | 2.5%		4,274,205
Net Assets | 100.0%	$	170,990,294

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

Semi-Annual Report  91

Description	Shares		Value
Lazard US Realty Equity Portfolio
Common Stocks | 5.7%
Real Estate | 5.7%
Colony Financial, Inc.		74,712	$	1,486,022
Realogy Holdings Corp. (a)		23,400		1,124,136
Starwood Property Trust, Inc.		111,400		2,757,150
Total Common Stocks (Identified cost $5,492,116)				5,367,308
Real Estate Investment Trusts | 92.8%
American Campus Communities, Inc.		93,500		3,801,710
American Tower Corp.		99,496		7,280,122
Apartment Investment & Management Co., Class A		66,544		1,998,982
AvalonBay Communities, Inc.		27,494		3,709,216
Boston Properties, Inc.		33,275		3,509,514
Campus Crest Communities, Inc.		126,800		1,463,272
DDR Corp.		23,238		386,913
Digital Realty Trust, Inc.		74,567		4,548,587
Equity Residential		42,508		2,468,015
Essex Property Trust, Inc.		22,107		3,513,244
Extra Space Storage, Inc.		31,200		1,308,216
First Potomac Realty Trust		213,378		2,786,717
General Growth Properties, Inc.		168,538		3,348,850
HCP, Inc.		66,900		3,039,936
Health Care REIT, Inc.		30,600		2,051,118
Kilroy Realty Corp.		36,600		1,940,166
Pebblebrook Hotel Trust		79,079		2,044,192
Prologis, Inc.		79,892		3,013,526
Public Storage		25,549		3,917,428
Retail Opportunity Investments Corp.		218,084		3,031,368
Silver Bay Realty Trust Corp.		84,323		1,396,389
Simon Property Group, Inc.		58,507		9,239,425

Description	Shares		Value
SL Green Realty Corp.		21,428	$	1,889,735
Strategic Hotels & Resorts, Inc. (a)		152,700		1,352,922
The Macerich Co.		21,500		1,310,855
Ventas, Inc.		62,124		4,315,133
Vornado Realty Trust		33,300		2,758,905
Weyerhaeuser Co.		227,644		6,485,578
Total Real Estate Investment Trusts (Identified cost $85,488,993)				87,910,034
Short-Term Investment | 1.5%
State Street Institutional Treasury Money Market Fund (Identified cost $1,429,269)		1,429,269		1,429,269
Total Investments | 100.0% (Identified cost $92,410,378) (b)				94,706,611

Description	Number of Contracts		Value
Purchased Option | 0.1%
IShares Dow Jones US Real Estate ETF September 13 68 Put, Expires 09/21/13 (Identified cost $50,762)		425	$	124,525
Total Investments and Purchased Options | 100.1% (Identified cost $92,461,140)			$	94,831,136
Liabilities in Excess of Cash and Other Assets | (0.1)%				(109,008	)
Net Assets | 100.0%			$	94,722,128

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

92  Semi-Annual Report

Description	Shares		Value
Lazard International Realty Equity Portfolio
Common Stocks | 62.4%
Australia | 4.1%
Charter Hall Group		25,877	$	91,587
Goodman Group		26,717		119,238
				210,825
Brazil | 4.2%
Aliansce Shopping Centers SA		5,900		50,345
BR Properties SA		12,700		107,856
Multiplan Empreendimentos Imobiliarios SA		2,300		53,682
				211,883
China | 8.6%
China Overseas Land & Investment, Ltd.		56,000		146,208
Longfor Properties Co., Ltd.		115,000		170,512
Shimao Property Holdings, Ltd.		24,500		48,772
Shui On Land, Ltd.		67,500		19,756
Soho China, Ltd.		65,000		51,457
				436,705
Hong Kong | 18.6%
Cheung Kong Holdings, Ltd.		16,000		217,018
Great Eagle Holdings, Ltd.		23,373		89,200
Hang Lung Properties, Ltd.		33,000		115,091
Hongkong Land Holdings, Ltd.		11,000		75,570
Langham Hospitality Investments, Ltd.		1,558		812
Sun Hung Kai Properties, Ltd.		10,000		129,060
The Wharf Holdings, Ltd.		38,000		319,686
				946,437
Indonesia | 0.5%
PT Pakuwon Jati Tbk		753,500		26,192
Japan | 17.9%
Mitsubishi Estate Co., Ltd.		7,000		186,398
Mitsui Fudosan Co., Ltd.		13,000		382,345
NTT Urban Development Corp.		85		104,386
Sumitomo Realty & Development Co., Ltd.		6,000		239,262
				912,391
Malaysia | 0.6%
UEM Sunrise Bhd		33,100		32,686
Norway | 1.7%
Norwegian Property ASA		66,100		83,790
Singapore | 1.9%
CapitaLand, Ltd.		40,000		97,199

Description	Shares		Value
Thailand | 1.2%
AP Thailand Public Co. Ltd. (e)		116,200	$	24,353
Land and Houses Public Co. Ltd.		98,000		35,705
				60,058
United Kingdom | 3.1%
Capital & Counties Properties PLC		18,391		91,468
Countrywide PLC		8,793		67,537
				159,005
Total Common Stocks (Identified cost $2,694,816)				3,177,171
Open-End Management Investment Company | 1.9%
Canada | 1.9%
Calloway Real Estate Investment Trust (Identified cost $103,577)		3,900		95,340
Real Estate Investment Trusts | 31.9%
Australia | 4.3%
Charter Hall Retail REIT		16,336		56,922
Dexus Property Group		60,951		59,645
Westfield Group		9,894		103,515
				220,082
Brazil | 1.0%
Cyrela Commercial Properties SA Empreendimentos e Participacoes		5,200		49,941
Canada | 2.3%
Boardwalk Real Estate Investment Trust		2,104		116,613
France | 7.9%
Fonciere des Regions		1,351		101,362
Unibail-Rodamco SE		1,286		299,632
				400,994
Italy | 1.8%
Beni Stabili SpA		145,857		90,029
Japan | 1.6%
Japan Logistics Fund, Inc.		5		45,826
Nippon Building Fund, Inc.		3		34,725
				80,551
Mexico | 2.0%
Fibra Uno Administracion SA de CV		16,100		54,062
TF Administradora Industrial S de RL de CV		21,900		45,651
				99,713

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

Semi-Annual Report  93

Description	Shares		Value
Lazard International Realty Equity Portfolio (concluded)
Singapore | 4.7%
CapitaMall Trust		58,000	$	91,290
Frasers Centrepoint Trust		100,000		147,535
				238,825
United Kingdom | 6.3%
British Land Co. PLC		6,724		57,935
Derwent London PLC		2,621		91,687
Hammerson PLC		5,837		43,262
SEGRO PLC		30,509		129,556
				322,440
Total Real Estate Investment Trusts (Identified cost $1,531,802)				1,619,188

Description	Shares		Value
Short-Term Investment | 3.7%
State Street Institutional Treasury Money Market Fund (Identified cost $187,551)		187,551	$	187,551
Total Investments | 99.9% (Identified cost $4,517,746) (b)			$	5,079,250
Cash and Other Assets in Excess of Liabilities | 0.1%				7,071
Net Assets | 100.0%			$	5,086,321

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

94  Semi-Annual Report

Description	Principal Amount (000)		Value
Lazard US Short Duration Fixed Income Portfolio
Municipal Bonds | 66.1%
California | 3.5%
State of California, 1.050%, 02/01/16	$	600	$	596,784
District Of Columbia | 5.7%
Metropolitan Washington D.C. Airports Authority Airport System Revenue Series B, 5.000%, 10/01/24		400		447,160
District of Columbia Revenue National Public Radio Series A, 5.000%, 04/01/43 (Pre-refunded to 04/01/15 @ $100) (h)		500		539,330
				986,490
Florida | 3.4%
Florida State Board of Governors University System Improvement Revenue, 5.500%, 07/01/20		500		583,930
Georgia | 1.7%
Valdosta & Lowndes County Georgia Hospital Authority South Medical Center Project Series B, 5.000%, 10/01/21		250		288,045
Illinois | 7.9%
Chicago Illinois Transit Authority Capital Grant Receipts Revenue Federal Transit Administration 5307 Funds, 5.000%, 06/01/17		750		828,262
Railsplitter Illinois Tobacco Settlement Authority, 4.125%, 06/01/16		500		535,615
				1,363,877
Kentucky | 2.3%
Kentucky State Property & Buildings Commission Revenues Project No. 93, 5.250%, 02/01/21		350		401,188

Description	Principal Amount (000)		Value
Maryland | 3.1%
Washington Maryland Suburban Sanitary District Sewer Disposal, 5.000%, 06/01/20 (Pre-refunded to 06/01/15 @ $100) (h)	$	500	$	542,740
Massachusetts | 6.3%
Massachusetts State Construction Loan Series A, 5.000%, 03/01/17 (Pre-refunded to 03/01/15 @ $100) (h)		500		537,170
Massachusetts State School Building Authority Sales Tax Revenue Series A, 5.000%, 08/15/17 (Pre-refunded to 08/15/15 @ $100) (h)		500		546,755
				1,083,925
Michigan | 3.2%
Michigan State Hospital Finance Authority Trinity Health Series A, 5.250%, 12/01/15		500		550,115
New York | 3.8%
New York State Dormitory Authority Revenues Non State Supported Debt New York University Hospital Center Series A, 5.000%, 07/01/17		585		658,043
North Carolina | 3.7%
North Carolina State Eastern Municipal Power Agency Power System Revenue Series A, 5.250%, 01/01/20		595		648,050
Pennsylvania | 5.6%
Pennsylvania State Higher Educational Facilties Authority Revenue Temple University, 5.000%, 04/01/15		400		430,640
Washington County Pennsylvania Industrial Development Authority College Revenue Washington Jefferson College, 5.000%, 11/01/22		500		545,495
				976,135

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

Semi-Annual Report  95

Description	Principal Amount (000)		Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Tennessee | 2.1%
Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Facilities Board Vanderbilt University Series B, 5.000%, 10/01/18	$	315	$	369,876
Texas | 9.0%
North Texas Tollway Authority Revenue System First Tier Series A MBIA-IBC, 6.000%, 01/01/23		340		387,188
San Antonio Texas General Improvement, 5.000%, 02/01/19		545		598,285
Texas State Transportation Commission Revenue First Tier:
5.000%, 04/01/19		300		339,141
5.000%, 04/01/20		200		226,152
				1,550,766
Virginia | 3.2%
Richmond VA Public Improvement Series A, 5.000%, 07/15/17 (Pre-refunded to 07/15/15 @ $100) (h)		500		544,925
Wisconsin | 1.6%
Wisconsin State Health & Educational Facilities Authority Revenue Gundersen Lutheran Series A, 5.000%, 10/15/17		250		283,273
Total Municipal Bonds (Identified cost $11,487,658)				11,428,162

Description	Shares		Value
Short-Term Investment | 6.1%
State Street Institutional Treasury Money Market Fund (Identified cost $1,061,983)		1,061,983	$	1,061,983
Total Investments | 72.2% (Identified cost $12,549,641) (b)			$	12,490,145
Cash and Other Assets in Excess of Liabilities | 27.8%				4,814,463
Net Assets | 100.0%			$	17,304,608

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

96  Semi-Annual Report

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio
Corporate Bonds | 98.0%
Aerospace & Defense | 2.0%
Bombardier, Inc.,
7.750%, 03/15/20 (f)	$	1,600	$	1,776,000
Huntington Ingalls Industries, Inc.,
6.875%, 03/15/18		1,500		1,603,125
				3,379,125
Apparel & Textiles | 1.7%
Jones Group, Inc.,
6.875%, 03/15/19		1,500		1,507,500
Levi Strauss & Co.,
7.625%, 05/15/20		1,300		1,404,000
				2,911,500
Automotive | 5.1%
Chrysler Group LLC,
8.250%, 06/15/21		1,400		1,545,250
Dana Holding Corp.,
6.500%, 02/15/19		1,500		1,595,625
Schaeffler Finance BV:
7.750%, 02/15/17 (f)		250		276,250
8.500%, 02/15/19 (f)		250		278,750
4.750%, 05/15/21 (f)		1,000		950,000
The Goodyear Tire & Rubber Co.,
8.250%, 08/15/20		1,775		1,943,625
Tomkins LLC,
9.000%, 10/01/18		1,037		1,130,330
TRW Automotive, Inc.,
8.875%, 12/01/17 (f)		1,000		1,062,500
				8,782,330
Building Materials | 4.4%
Griffon Corp.,
7.125%, 04/01/18		1,705		1,785,987
HD Supply, Inc.,
8.125%, 04/15/19		1,400		1,533,000
Masco Corp.,
6.125%, 10/03/16		1,500		1,620,000
Owens Corning, Inc.,
9.000%, 06/15/19		123		151,012
USG Corp.,
9.750%, 01/15/18		675		766,125

Description	Principal Amount (000)		Value
Vulcan Materials Co.,
6.500%, 12/01/16	$	1,600	$	1,732,000
				7,588,124
Cable Television | 6.4%
Cablevision Systems Corp.,
7.750%, 04/15/18		1,500		1,612,500
CCO Holdings LLC,
5.250%, 03/15/21 (f)		1,950		1,920,750
Cequel Communications Holdings I LLC,
6.375%, 09/15/20 (f)		1,800		1,831,500
DISH DBS Corp.,
5.125%, 05/01/20 (f)		1,000		980,000
Lynx I Corp.,
5.375%, 04/15/21 (f)		1,810		1,819,050
Mediacom LLC,
9.125%, 08/15/19		175		188,125
Nara Cable Funding, Ltd.,
8.875%, 12/01/18 (f)		1,075		1,118,000
Unitymedia Hessen GmbH & Co. KG,
7.500%, 03/15/19 (f)		1,400		1,473,500
				10,943,425
Chemicals | 2.2%
Ineos Finance PLC,
7.500%, 05/01/20 (f)		1,400		1,487,500
Mosaic Global Holdings, Inc.,
7.300%, 01/15/28		775		936,141
Tronox Finance LLC,
6.375%, 08/15/20 (f)		1,400		1,319,500
				3,743,141
Computer Services | 2.3%
First Data Corp.:
8.875%, 08/15/20 (f)		850		926,500
6.750%, 11/01/20 (f)		400		407,000
iGATE Corp.,
9.000%, 05/01/16		1,200		1,248,000
Nuance Communications, Inc.,
5.375%, 08/15/20 (f)		1,373		1,342,108
				3,923,608
Diversified | 0.7%
Amsted Industries, Inc.,
8.125%, 03/15/18 (f)		1,100		1,160,500

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

Semi-Annual Report  97

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
Electric Generation | 2.4%
AES Corp.,
8.000%, 10/15/17	$	1,472	$	1,656,000
Calpine Corp.,
7.875%, 07/31/20 (f)		1,035		1,122,975
GenOn Energy, Inc.:
9.500%, 10/15/18		225		249,750
9.875%, 10/15/20		475		522,500
NRG Energy, Inc.,
8.250%, 09/01/20		525		565,688
				4,116,913
Electronics | 1.4%
Amkor Technologies, Inc.,
6.625%, 06/01/21		1,400		1,379,000
Freescale Semiconductor, Inc.:
8.875%, 12/15/14		25		25,063
9.250%, 04/15/18 (f)		900		969,750
				2,373,813
Energy Exploration & Production | 3.4%
Chesapeake Energy Corp.,
9.500%, 02/15/15		1,400		1,547,000
Linn Energy LLC,
6.500%, 05/15/19		1,750		1,710,625
Plains Exploration & Production Co.,
6.500%, 11/15/20		1,400		1,484,287
Samson Investment Co.,
10.000%, 02/15/20 (f), (g)		1,000		1,053,750
				5,795,662
Energy Services | 3.9%
Cie Generale de Geophysique-Veritas,
7.750%, 05/15/17		1,765		1,791,475
Citgo Petroleum Corp.,
11.500%, 07/01/17 (f)		1,250		1,387,500
Expro Finance Luxembourg SCA,
8.500%, 12/15/16 (f)		429		450,450
Frac Tech Services Inc.,
8.125%, 11/15/18 (f)		641		665,037
Hornbeck Offshore Services, Inc.,
5.000%, 03/01/21 (f)		1,600		1,484,000
PBF Holding Co. LLC,
8.250%, 02/15/20		900		942,750
				6,721,212

Description	Principal Amount (000)		Value
Environmental | 1.0%
Clean Harbors, Inc.,
5.250%, 08/01/20	$	1,750	$	1,776,250
Financial Services | 1.9%
Icahn Enterprises LP:
7.750%, 01/15/16		500		516,250
8.000%, 01/15/18		1,100		1,155,000
International Lease Finance Corp.:
8.625%, 09/15/15		500		547,500
5.750%, 05/15/16		500		513,817
8.750%, 03/15/17		500		556,875
				3,289,442
Food & Beverages | 2.5%
Constellation Brands, Inc.,
7.250%, 05/15/17		950		1,080,625
Del Monte Corp.,
7.625%, 02/15/19		1,500		1,541,250
Post Holdings, Inc.,
7.375%, 02/15/22		1,650		1,765,500
				4,387,375
Forest & Paper Products | 1.1%
Smurfit Kappa Acquisitions,
4.875%, 09/15/18 (f)		1,050		1,018,500
Smurfit Kappa Treasury Funding, Ltd.,
7.500%, 11/20/25		750		817,500
				1,836,000
Gaming | 4.6%
Boyd Gaming Corp.,
9.125%, 12/01/18		1,350		1,407,375
Marina District Finance Co., Inc.:
9.500%, 10/15/15		500		520,000
9.875%, 08/15/18		500		520,000
MGM Resorts International,
6.625%, 12/15/21		1,000		1,031,250
Penn National Gaming, Inc.,
8.750%, 08/15/19		825		903,375
Pinnacle Entertainment, Inc.,
8.625%, 08/01/17		800		834,000
Scientific Games Corp.,
8.125%, 09/15/18		350		374,500
Scientific Games International, Inc.:
9.250%, 06/15/19		250		270,625
6.250%, 09/01/20		850		854,250
Wynn Las Vegas LLC,
7.750%, 08/15/20		1,050		1,165,920
				7,881,295

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

98  Semi-Annual Report

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
Gas Distribution | 4.7%
El Paso Corp.,
7.000%, 06/15/17	$	650	$	706,653
Energy Transfer Equity LP,
7.500%, 10/15/20		1,250		1,365,625
Ferrellgas Partners LP:
8.625%, 06/15/20		520		529,100
6.500%, 05/01/21		500		501,250
NGPL PipeCo LLC,
7.119%, 12/15/17 (f)		1,430		1,387,100
Niska Gas Storage US LLC,
8.875%, 03/15/18		750		778,125
Rockies Express Pipeline LLC,
6.850%, 07/15/18 (f)		1,450		1,377,500
Suburban Propane Partners LP,
7.500%, 10/01/18		1,329		1,395,450
				8,040,803
Health Services | 5.6%
Biomet, Inc.,
6.500%, 08/01/20		1,750		1,803,594
Community Health Systems, Inc.,
8.000%, 11/15/19		1,400		1,489,250
Fresenius US Finance II, Inc.,
9.000%, 07/15/15 (f)		525		580,125
Grifols, Inc.,
8.250%, 02/01/18		1,525		1,639,375
Health Management Associates, Inc.,
6.125%, 04/15/16		1,000		1,075,000
Service Corp. International,
6.750%, 04/01/16		750		805,312
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		669,375
4.375%, 10/01/21 (f)		1,250		1,146,875
Vanguard Health Holding Co. II, LLC,
8.000%, 02/01/18		500		530,000
				9,738,906
Leisure & Entertainment | 2.1%
ACCO Brands Corp.,
6.750%, 04/30/20		1,750		1,760,938
AMC Entertainment, Inc.,
8.750%, 06/01/19		950		1,016,500
Cedar Fair LP,
9.125%, 08/01/18		225		245,250
Live Nation Entertainment, Inc.,
8.125%, 05/15/18 (f)		135		143,100

Description	Principal Amount (000)		Value
Royal Caribbean Cruises, Ltd.,
7.250%, 06/15/16	$	330	$	363,000
				3,528,788
Machinery | 1.7%
Case New Holland, Inc.,
7.750%, 09/01/13		200		201,250
Terex Corp.,
6.500%, 04/01/20		1,600		1,632,000
The Manitowoc Co., Inc.,
8.500%, 11/01/20		1,000		1,090,000
				2,923,250
Media | 4.5%
Clear Channel Worldwide Holdings, Inc.,
6.500%, 11/15/22 (f)		1,750		1,802,500
Lamar Media Corp.,
7.875%, 04/15/18		1,000		1,065,000
LIN Television Corp.,
8.375%, 04/15/18		1,400		1,489,250
Sinclair Television Group, Inc.,
5.375%, 04/01/21		1,900		1,824,000
WMG Acquisition Corp.,
6.000%, 01/15/21 (f)		1,620		1,648,350
				7,829,100
Metals & Mining | 5.6%
Aleris International, Inc.,
7.625%, 02/15/18		1,175		1,222,000
Alpha Natural Resources, Inc.,
6.000%, 06/01/19		1,250		1,012,500
ArcelorMittal SA,
6.000%, 03/01/21		1,400		1,393,000
Arch Coal, Inc.,
7.000%, 06/15/19		1,651		1,374,457
Calcipar SA,
6.875%, 05/01/18 (f)		1,350		1,383,750
FMG Resources (August 2006) Property, Ltd.,
7.000%, 11/01/15 (f)		1,800		1,818,000
Inmet Mining Corp.,
8.750%, 06/01/20 (f)		1,500		1,533,750
				9,737,457
Packaging | 2.9%
Ardagh Packaging Finance PLC,
7.375%, 10/15/17 (f)		1,350		1,439,437
Reynolds Group Issuer, Inc.,
5.750%, 10/15/20		1,500		1,511,250
Sealed Air Corp.,
8.125%, 09/15/19 (f)		1,775		1,979,125
				4,929,812

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

Semi-Annual Report  99

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
Pharmaceutical & Biotechnology | 0.7%
Mylan, Inc.:
7.625%, 07/15/17 (f)	$	400	$	442,884
7.875%, 07/15/20 (f)		650		750,066
				1,192,950
Printing & Publishing | 2.7%
Gannett Co., Inc.,
7.125%, 09/01/18		1,676		1,776,560
R.R. Donnelley & Sons Co.,
7.250%, 05/15/18		1,600		1,656,000
The McClatchy Co.,
9.000%, 12/15/22 (f)		1,100		1,155,000
				4,587,560
Real Estate | 1.5%
CNL Lifestyle Properties, Inc.,
7.250%, 04/15/19		1,600		1,596,000
DuPont Fabros Technology LP,
8.500%, 12/15/17		1,000		1,055,000
				2,651,000
Retail | 1.6%
Netflix, Inc.,
5.375%, 02/01/21 (f)		1,450		1,442,750
QVC, Inc.,
7.500%, 10/01/19 (f)		1,000		1,087,211
Sears Holdings Corp.,
6.625%, 10/15/18		275		259,188
				2,789,149
Steel-Producers | 2.7%
AK Steel Corp.,
7.625%, 05/15/20		1,400		1,190,000
Steel Dynamics, Inc.,
6.125%, 08/15/19 (f)		1,800		1,903,500
United States Steel Corp.,
6.050%, 06/01/17		1,475		1,534,000
				4,627,500

Description	Principal Amount (000)		Value
Support Services | 3.6%
Algeco Scotsman Global Finance PLC,
8.500%, 10/15/18 (f)	$	1,250	$	1,243,750
Carlson Wagonlit BV,
6.875%, 06/15/19 (f)		1,300		1,313,000
Iron Mountain, Inc.,
8.000%, 06/15/20		1,600		1,664,320
United Rentals North America, Inc.:
9.250%, 12/15/19		1,000		1,102,500
7.375%, 05/15/20		750		800,625
				6,124,195
Telecommunications | 8.6%
CenturyLink, Inc.,
5.625%, 04/01/20		1,800		1,818,000
Cincinnati Bell, Inc.,
8.250%, 10/15/17		1,350		1,407,375
Equinix, Inc.,
4.875%, 04/01/20		1,800		1,764,000
Frontier Communications Corp.,
8.125%, 10/01/18		1,500		1,646,250
GCI, Inc.,
8.625%, 11/15/19		1,000		1,025,000
Intelsat Jackson Holdings, Ltd.,
7.250%, 04/01/19		1,300		1,360,125
MetroPCS Wireless, Inc.,
6.250%, 04/01/21 (f)		1,850		1,882,375
Sprint Capital Corp.,
6.900%, 05/01/19		1,475		1,534,000
Wind Acquisition Finance SA,
11.750%, 07/15/17 (f)		800		832,000
Windstream Corp.,
8.125%, 09/01/18		1,575		1,677,375
				14,946,500
Transportation | 2.5%
Florida East Coast Railway Corp.,
8.125%, 02/01/17		1,200		1,269,000
Hapag-Lloyd AG,
9.750%, 10/15/17 (f)		1,075		1,101,875
Teekay Corp.,
8.500%, 01/15/20		1,725		1,875,938
				4,246,813
Total Corporate Bonds
(Identified cost $163,881,647)				168,503,498

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

100  Semi-Annual Report

Description	Shares		Value
Lazard US Corporate Income Portfolio (concluded)
Short-Term Investment | 0.2%
State Street Institutional Treasury Money Market Fund (Identified cost $414,620)		414,620	$	414,620

Description	Value
Total Investments | 98.2%
(Identified cost $164,296,267) (b)	$	168,918,118
Cash and Other Assets in Excess of Liabilities | 1.8%		3,148,269
Net Assets | 100.0%	$	172,066,387

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

Semi-Annual Report  101

Description	Security Currency	Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio
Corporate Bonds | 28.8%
Australia | 2.2%
Commonwealth Bank of Australia:
6.500%, 08/13/13	AUD		10	$	9,172
5.750%, 09/23/13	AUD		23		21,129
Mercedes-Benz Australia/Pacific
Property, Ltd.,
4.500%, 05/18/15	AUD		40		37,258
Telstra Corp., Ltd.,
6.250%, 04/15/15	AUD		40		38,264
Westpac Banking Corp.,
6.375%, 12/10/13	AUD		25		23,132
					128,955
Brazil | 1.2%
Petrobras International Finance Co.,
7.875%, 03/15/19	USD		62		71,695
Canada | 2.3%
Shaw Communications, Inc.,
5.650%, 10/01/19	CAD		45		47,295
Suncor Energy, Inc.,
6.100%, 06/01/18	USD		25		29,144
Wells Fargo Financial Canada Corp.,
2.774%, 02/09/17	CAD		60		57,642
					134,081
Chile | 1.7%
Codelco, Inc.,
3.750%, 11/04/20	USD		100		97,314
France | 0.7%
Orange SA,
5.375%, 07/08/19	USD		35		38,506
Italy | 1.2%
Atlantia SpA,
3.375%, 09/18/17	EUR		50		67,523
Luxembourg | 0.3%
ArcelorMittal SA,
5.000%, 02/25/17	USD		20		20,250

Description	Security Currency	Principal Amount (000)		Value
Netherlands | 1.0%
BMW Finance NV,
3.375%, 12/14/18	GBP		35	$	55,995
Norway | 0.5%
Statoil ASA,
3.125%, 08/17/17	USD		29		30,599
United Kingdom | 6.2%
BG Energy Capital PLC,
5.125%, 12/01/25	GBP		50		84,053
GKN Holdings PLC,
6.750%, 10/28/19	GBP		20		33,771
Network Rail Infrastructure Finance PLC,
4.400%, 03/06/16	CAD		150		150,708
Rolls-Royce PLC,
6.750%, 04/30/19	GBP		50		93,523
					362,055
United States | 11.5%
AES Corp.,
7.750%, 10/15/15	USD		20		22,050
Anheuser-Busch InBev Worldwide, Inc.,
9.750%, 11/17/15	BRL		100		45,264
Apple, Inc.,
2.400%, 05/03/23	USD		65		60,285
BMW US Capital LLC,
2.375%, 12/04/15	NOK		210		34,639
Constellation Brands, Inc.,
7.250%, 05/15/17	USD		30		34,125
DISH DBS Corp.,
7.125%, 02/01/16	USD		20		21,650
Energizer Holdings, Inc.,
4.700%, 05/19/21	USD		40		40,608
Fresenius US Finance II, Inc.,
9.000%, 07/15/15	USD		20		22,100
General Electric Capital Corp.,
5.500%, 02/01/17	NZD		75		60,196
Goldman Sachs Group, Inc.,
6.250%, 09/01/17	USD		25		28,330
HCA, Inc.,
6.500%, 02/15/20	USD		20		21,638
JPMorgan Chase & Co.,
3.875%, 09/23/20	EUR		50		71,832

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

102  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
Marathon Oil Corp.,
2.800%, 11/01/22	USD		35	$	32,381
Masco Corp.,
6.125%, 10/03/16	USD		15		16,200
Nestle Holdings, Inc.,
2.500%, 07/10/17	NOK		200		33,184
Peabody Energy Corp.,
7.375%, 11/01/16	USD		15		16,650
Sealed Air Corp.,
8.125%, 09/15/19 (f)	USD		25		27,875
Valeant Pharmaceuticals International,
6.750%, 10/01/17 (f)	USD		25		25,875
Valero Energy Corp.,
6.125%, 02/01/20	USD		30		34,861
Yum! Brands, Inc.,
3.750%, 11/01/21	USD		25		24,914
					674,657
Total Corporate Bonds
(Identified cost $1,765,507)					1,681,630
Foreign Government Obligations | 53.2%
Australia | 3.6%
New South Wales Treasury Corp.,
5.000%, 02/25/39	GBP		50		89,006
Western Australian Treasury Corp.,
3.000%, 06/08/16	AUD		135		122,937
					211,943
Austria | 1.2%
Republic of Austria,
3.900%, 07/15/20	EUR		48		72,063
Bahamas | 1.8%
Commonwealth of Bahamas,
6.950%, 11/20/29	USD		90		106,200
Belgium | 2.0%
Belgium Kingdom,
4.250%, 09/28/22	EUR		80		119,404
Bermuda | 1.9%
Government of Bermuda,
5.603%, 07/20/20	USD		100		108,500

Description	Security Currency	Principal Amount (000)		Value
Brazil | 1.4%
Federal Republic of Brazil,
11.000%, 06/26/17	EUR		48	$	81,826
Canada | 5.7%
Hydro-Quebec,
9.625%, 07/15/22	CAD		50		70,731
Province of British Columbia,
3.700%, 12/18/20	CAD		145		146,300
Province of Ontario,
6.250%, 06/16/15	NZD		75		61,010
Province of Quebec,
4.500%, 12/01/17	CAD		55		57,298
					335,339
China | 2.7%
China Government Bond,
2.560%, 06/29/17	CNY		1,000		156,804
Czech Republic | 1.5%
Czech Republic,
5.000%, 06/11/18	EUR		56		84,752
Denmark | 0.6%
Kommunekredit,
2.000%, 01/01/18	DKK		200		35,987
France | 2.0%
Government of France,
4.250%, 10/25/23	EUR		75		113,859
Israel | 1.1%
Israel Fixed Government Bond,
5.500%, 01/31/22	ILS		200		64,038
Mexico | 5.5%
Mexican Bonos:
9.500%, 12/18/14	MXN		1,360		112,790
7.750%, 12/14/17	MXN		1,360		115,734
United Mexican States,
6.750%, 02/06/24	GBP		50		91,248
					319,772
Netherlands | 4.0%
Netherlands Government Bonds:
3.750%, 01/15/23	EUR		78		117,012
2.500%, 01/15/33	EUR		93		118,932
					235,944

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

Semi-Annual Report  103

Description	Security Currency	Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
New Zealand | 1.3%
Auckland Council,
4.620%, 03/29/16	NZD		100	$	78,709
Panama | 1.0%
Republic of Panama,
7.250%, 03/15/15	USD		55		60,088
Peru | 1.5%
Peru Bono Soberano,
7.840%, 08/12/20	PEN		210		86,876
Poland | 3.4%
Poland Government Bond,
3.750%, 04/25/18	PLN		400		120,576
Republic of Poland,
6.375%, 07/15/19	USD		67		78,143
					198,719
Qatar | 1.9%
State of Qatar,
5.250%, 01/20/20	USD		100		112,000
South Africa | 1.2%
Republic of South Africa,
4.500%, 04/05/16	EUR		50		69,345
Sweden | 2.9%
Kommuninvest I Sverige AB,
2.750%, 08/12/15	SEK		770		117,554
Svensk Exportkredit AB,
7.625%, 06/30/14	NZD		65		52,484
					170,038
Turkey | 1.1%
Turkey Government Bond,
8.000%, 06/04/14	TRY		125		65,167
United Kingdom | 2.1%
United Kingdom Treasury,
4.250%, 12/07/27	GBP		70		122,366

Description	Security Currency	Principal Amount (000)		Value
Vietnam | 1.8%
Socialist Republic of Vietnam,
6.875%, 01/15/16	USD		100	$	105,500
Total Foreign Government Obligations (Identified cost $3,209,471)					3,115,239
Quasi Government Bonds | 3.6%
Canada | 0.7%
Ontario Electricity Financial Corp.,
10.125%, 10/15/21	CAD		30		43,047
Germany | 2.9%
KfW:
2.875%, 10/12/16	NOK		560		93,961
3.375%, 01/18/21	EUR		35		51,223
Landeskreditbank Baden- Wuerttemberg Foerderbank,
3.000%, 05/22/17	NOK		130		21,851
					167,035
Total Quasi Government Bonds (Identified cost $214,986)					210,082
Supranationals | 7.2%
Asian Development Bank,
2.850%, 10/21/20	CNY		1,000		158,124
Corporacion Andina de Fomento,
8.125%, 06/04/19	USD		77		94,903
Inter-American Development Bank:
8.120%, 07/24/14	BRL		130		57,763
6.000%, 12/15/17	NZD		30		24,966
International Bank for
Reconstruction & Development,
4.250%, 01/28/15	CLP		43,000		84,257
Total Supranationals (Identified cost $447,180)					420,013

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

104  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
US Municipal Bonds | 3.6%
Alaska | 1.4%
Alaska State Qualified School Construction Bonds,
5.342%, 08/01/27	USD		75	$	84,725
Texas | 2.2%
Texas State Build America Bonds Series A,
4.123%, 04/01/25	USD		50		48,598
University of Texas Build America Bonds Series B,
6.276%, 08/15/41	USD		70		78,940
					127,538
Total US Municipal Bonds (Identified cost $225,820)					212,263

Description	Shares		Value
Short-Term Investment | 7.0%
State Street Institutional Treasury Money Market Fund (Identified cost $411,593)		411,593	$	411,593
Total Investments | 103.4% (Identified cost $6,274,557) (b), (d)			$	6,050,820
Liabilities in Excess of Cash and Other Assets | (3.4)%				(197,880	)
Net Assets | 100.0%			$	5,852,940

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

Semi-Annual Report  105

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at June 30, 2013:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date			U.S. $ Current Value			Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts
AUD	CAN	08/21/13		62,983		$	62,000		$	57,391		$	—		$	4,609
AUD	CAN	08/21/13		68,344			63,100			62,276			—			824
CAD	RBC	08/21/13		69,035			65,800			65,564			—			236
CHF	CIT	08/21/13		47,630			50,000			50,448			448			—
EUR	CIT	08/21/13		68,142			88,555			88,715			160			—
EUR	CIT	08/21/13		94,246			123,100			122,701			—			399
GBP	CIT	08/21/13		68,358			105,298			103,934			—			1,364
GBP	CIT	08/21/13		70,941			111,039			107,863			—			3,176
JPY	CIT	08/21/13		10,288,389			107,600			103,756			—			3,844
JPY	CIT	08/21/13		23,408,814			234,700			236,071			1,371			—
JPY	CIT	08/21/13		39,375,771			394,816			397,094			2,278			—
JPY	CIT	08/21/13		49,603,394			497,367			500,237			2,870			—
MXN	HSB	08/21/13		848,641			64,100			65,205			1,105			—
MXN	HSB	08/21/13		945,807			71,700			72,670			970			—
NOK	HSB	08/21/13		387,100			63,500			63,617			117			—
PHP	SCB	09/30/13		2,365,775			54,700			54,704			4			—
RUB	HSB	08/21/13		744,473			23,461			22,458			—			1,003
SGD	SSB	08/21/13		10,697			8,680			8,440			—			240
Total Forward Currency Purchase Contracts						$	2,189,516		$	2,183,144		$	9,323		$	15,695
Forward Currency Sale Contracts
AUD	CAN	08/21/13		52,175		$	49,400		$	47,542		$	1,858		$	—
AUD	CAN	08/21/13		61,824			57,600			56,335			1,265			—
AUD	CAN	08/21/13		106,204			105,586			96,775			8,811			—
BRL	CAN	08/05/13		235,498			109,103			104,749			4,354			—
CAD	RBC	08/21/13		7,087			6,816			6,731			85			—
CAD	RBC	08/21/13		61,979			59,613			58,863			750			—
CAD	RBC	08/21/13		425,721			423,323			404,315			19,008			—
CLP	CIT	09/17/13		27,792,800			53,289			54,044			—			755
DKK	CSF	08/21/13		110,920			19,413			19,368			45			—
GBP	CIT	08/21/13		37,800			58,500			57,473			1,027			—
GBP	CIT	08/21/13		46,358			71,268			70,485			783			—
GBP	CIT	08/21/13		80,913			123,275			123,024			251			—
GBP	CIT	08/21/13		100,266			154,142			152,449			1,693			—
JPY	CIT	08/21/13		5,948,280			61,500			59,987			1,513			—
JPY	CIT	08/21/13		12,471,206			122,000			125,769			—			3,769
JPY	HSB	08/21/13		21,543,538			215,000			217,261			—			2,261
MXN	HSB	08/21/13		698,676			54,400			53,682			718			—
MXN	HSB	08/21/13		2,090,134			170,736			160,594			10,142			—
NOK	HSB	08/21/13		1,111,343			190,389			182,640			7,749			—
NZD	JPM	08/21/13		67,530			53,600			52,147			1,453			—
NZD	JPM	08/21/13		290,027			238,713			223,960			14,753			—
PEN	CIT	08/05/13		145,564			53,019			52,158			861			—
PLN	HSB	08/21/13		365,230			113,588			109,579			4,009			—
SEK	CAN	08/21/13		620,326			93,694			92,396			1,298			—
TRY	HSB	08/21/13		94,618			52,083			48,677			3,406			—
Total Forward Currency Sale Contracts						$	2,710,050		$	2,631,003			85,832			6,785
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts												$	95,155		$	22,480

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

106  Semi-Annual Report

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds | 79.2%
Financial Select Sector SPDR Fund		652,900	$	12,725,021
IQ US Real Estate Small Cap ETF		226,400		5,485,672
iShares Global Energy ETF		133,900		5,125,692
iShares MSCI Germany ETF		494,200		12,206,740
iShares MSCI Italy Capped ETF		340,300		4,018,943
iShares MSCI Japan Small Cap ETF		303,500		15,063,009
iShares North American Technology ETF		297,300		22,119,120
iShares S&P Global Industrials ETF		210,300		12,363,537
Market Vectors-Gaming ETF		204,100		8,231,353
PowerShares Build America Bond Portfolio		413,000		11,638,340
PowerShares Senior Loan Portfolio		222,300		5,501,925
SPDR Barclays Short Term High Yield Bond ETF		350,800		10,587,144
SPDR Gold Shares (a)		33,900		4,039,185
Vanguard REIT ETF		82,800		5,690,016
VelocityShares Daily Inverse VIX Short-Term ETN (a)		324,500		6,470,530
WisdomTree Japan Hedged Equity Fund		486,100		22,171,021
Total Exchange-Traded Funds (Identified cost $164,573,860)				163,437,248

Description	Shares		Value
Closed-End Management Investment Companies | 7.2%
JPMorgan European Smaller Companies Trust PLC		954,700	$	12,095,581
Mexico Equity and Income Fund, Inc.		182,500		2,797,725
Total Closed-End Management Investment Companies (Identified cost $13,865,879)				14,893,306
Short-Term Investment | 13.3%
State Street Institutional Treasury Money Market Fund (Identified cost $27,508,526)		27,508,526		27,508,526
Total Investments | 99.7% (Identified cost $205,948,265) (b)			$	205,839,080
Cash and Other Assets in Excess of Liabilities | 0.3%				640,054
Net Assets | 100.0%			$	206,479,134

Total Return Swap Agreement open at June 30, 2013:

Currency	Counterparty	Notional Amount	Expiration Date	Pay	Receive	Unrealized Depreciation
USD	GSC	8,681,464	05/20/14	1 Month USD LIBOR plus 0.45%	Appreciation, and dividends paid, on securities in the Equity Basket		$	138,424

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

Semi-Annual Report  107

   The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2013 (unaudited)

(a)	Non-income producing security.
(b)	For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) are as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation			Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
US Equity Concentrated	$	213,391,227		$	14,136,399		$	2,947,239		$	11,189,160
US Strategic Equity		87,363,723			14,690,057			2,607,389			12,082,668
US Mid Cap Equity		52,366,372			6,831,277			2,466,141			4,365,136
US Small-Mid Cap Equity		275,072,853			42,704,387			5,049,917			37,654,470
Global Listed Infrastructure		395,243,692			16,077,892			9,326,512			6,751,380
International Equity		154,745,229			24,362,060			3,820,497			20,541,563
International Equity Select		15,276,662			1,366,865			581,944			784,921
International Strategic Equity		1,817,205,248			234,971,860			23,588,784			211,383,076
International Small Cap Equity		49,681,174			13,369,924			2,200,998			11,168,926
Emerging Markets Equity		14,477,473,203			1,991,489,682			1,948,746,457			42,743,225
Developing Markets Equity		664,637,214			14,864,747			95,332,324			(80,467,577	)
Emerging Markets Equity Blend		474,616,050			16,247,197			26,327,768			(10,080,571	)
Emerging Markets Multi-Strategy		194,402,138			3,466,867			16,051,621			(12,584,754	)
Emerging Markets Debt		351,378,266			1,095,290			25,123,239			(24,027,949	)
US Realty Income		167,068,201			4,021,355			4,373,467			(352,112	)
US Realty Equity		92,410,378			3,855,958			1,559,725			2,296,233
International Realty Equity		4,517,746			729,653			168,149			561,504
US Short Duration Fixed Income		12,549,641			63,635			123,131			(59,496	)
US Corporate Income		164,296,267			6,394,577			1,772,726			4,621,851
Global Fixed Income		6,274,557			14,662			238,399			(223,737	)
Capital Allocator Opportunistic Strategies		205,948,265			6,669,135			6,778,320			(109,185	)

(c)	Private placements.
(d)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(e)	Security valued using Level 2 inputs, based on reference to a similar security from the same issuer which was trading on an active market, under accounting principles generally accepted in the United States of America (“GAAP”) hierarchy - see Note 9.
(f)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers”, and are considered to be liquid at June 30, 2013. The percentage of net assets are as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity	2.2	%
Emerging Markets Equity Blend	0.7
Emerging Markets Multi-Strategy	5.1
Emerging Markets Debt	10.7
US Corporate Income	33.5
Global Fixed Income	0.9

(g)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at June 30, 2013 which may step up at a future date.
(h)	Security collateralized by an amount sufficient to pay principal and interest.

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

108  Semi-Annual Report

Security Abbreviations:		Currency Abbreviations:		Counterparty Abbreviations:
ADR	— American Depositary Receipt	AUD	— Australian Dollar	BNP	— BNP Paribas SA
ETF	— Exchange-Traded Fund	BRL	— Brazilian Real	BRC	— Barclays Bank PLC
GDR	— Global Depositary Receipt	CAD	— Canadian Dollar	CAN	— Canadian Imperial Bank of Commerce
NTN-B	— Brazil Sovereign “Nota do Tesouro Nacional” Series B	CHF	— Swiss Franc	CIT	— Citibank NA
NTN-F	— Brazil Sovereign “Nota do Tesouro Nacional” Series F	CLP	— Chilean Peso	CSF	— Credit Suisse Group AG
REIT	— Real Estate Investment Trust	CNH	— Chinese Renminbi Offshore	GSC	— Goldman Sachs Group AG
SDR	— Swedish Depositary Receipt	CNY	— Chinese Renminbi	HSB	— HSBC Bank USA
		COP	— Colombian Peso	JPM	— JPMorgan Chase Bank
		CZK	— Czech Koruna	MEL	— Mellon Bank NA
		DKK	— Danish Krone	RBC	— Royal Bank of Canada
		DOP	— Dominican Republic Peso	SCB	— Standard Chartered Bank
		EUR	— Euro	SSB	— State Street Bank and Trust Co.
		GBP	— British Pound Sterling	UBS	— UBS AG
		GHS	— Ghanaian Cedi
		HUF	— Hungarian Forint
		IDR	— Indonesian Rupiah
		ILS	— Israeli Shekel
		INR	— Indian Rupee
		JPY	— Japanese Yen
		KES	— Kenya Shilling
		KRW	— South Korean Won
		KZT	— Kazakhstan Tenge
		MXN	— Mexican New Peso
		MYR	— Malaysian Ringgit
		NGN	— Nigerian Naira
		NOK	— Norwegian Krone
		NZD	— New Zealand Dollar
		PEN	— Peruvian Nuevo Sol
		PHP	— Philippine Peso
		PLN	— Polish Zloty
		RON	— New Romanian Leu
		RSD	— Serbian Dinar
		RUB	— Russian Ruble
		SEK	— Swedish Krona
		SGD	— Singapore Dollar
		THB	— Thai Baht
		TRY	— New Turkish Lira
		TWD	— Taiwan Dollar
		UGX	— Ugandan Shilling
		USD	— United States Dollar
		UYU	— Uruguayan Peso
		ZAR	— South African Rand
		ZMW	— Zambian Kwacha

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

Semi-Annual Report  109

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

Industry	Lazard Global Listed Infrastructure Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Small Cap Equity Portfolio			Lazard Emerging Markets Equity Portfolio
Agriculture		—	%		0.6	%		—	%		—	%		—	%		—	%
Airport Development & Maintenance		22.4			—			—			—			—			—
Alcohol & Tobacco		—			8.6			7.9			8.2			—			4.5
Automotive		—			2.8			2.5			1.1			1.4			0.6
Banking		—			10.9			12.8			7.8			4.0			20.4
Cable Television		1.5			—			—			1.6			—			—
Chemicals		—			—			—			1.6			1.8			1.1
Commercial Services		—			—			2.6			1.8			12.4			5.0
Computer Software		—			1.6			3.5			—			1.0			3.8
Construction & Engineering		3.8			—			—			—			0.9			1.0
Consumer Products		—			2.0			3.5			7.3			1.1			—
Diversified		—			0.6			0.8			1.5			—			1.3
Electric		17.8			1.6			1.0			—			—			—
Energy Exploration & Production		—			—			0.7			1.3			—			5.0
Energy Integrated		—			4.5			3.7			1.4			1.0			3.0
Energy Services		3.8			1.9			2.7			3.1			4.5			—
Financial Services		—			4.1			1.3			4.7			12.2			3.3
Food & Beverages		—			—			0.9			3.3			1.1			0.9
Forest & Paper Products		—			2.1			1.7			4.5			1.9			1.1
Gas Utilities		10.7			—			—			—			—			—
Health Services		—			1.1			1.2			2.0			5.5			—
Household & Personal Products		—			3.1			3.2			2.0			1.2			3.7
Housing		—			6.0			2.2			3.5			2.2			1.4
Insurance		—			5.1			5.3			6.1			3.1			2.5
Leisure & Entertainment		—			6.2			5.5			9.0			2.2			1.9
Manufacturing		—			7.3			5.3			7.1			11.2			4.0
Medical Products		—			0.7			1.0			1.0			1.2			—
Metals & Mining		—			1.0			2.3			—			1.0			2.9
Pharmaceutical & Biotechnology		—			10.8			9.3			7.0			3.7			—
Real Estate		—			—			—			—			3.0			—
Retail		—			6.2			3.9			6.2			10.4			5.1
Semiconductors & Components		—			0.9			3.7			—			4.4			6.9
Technology		—			2.4			1.4			—			—			1.6
Technology Hardware		—			—			—			—			1.0			1.0
Telecommunications		—			3.1			5.8			—			1.0			12.9
Transportation		30.0			2.7			2.6			3.1			4.0			2.0
Water		4.8			—			—			—			—			—
Subtotal		94.8			97.9			98.3			96.2			98.4			96.9
Short-Term Investments		2.6			—			1.6			5.2			1.6			2.5
Repurchase Agreement		—			2.4			—			—			—			—
Total Investments		97.4	%		100.3	%		99.9	%		101.4	%		100.0	%		99.4	%

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

110   Semi-Annual Report

Industry	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi-Strategy Portfolio			Lazard Emerging Markets Debt Portfolio			Lazard International Realty Equity Portfolio			Lazard Global Fixed Income Portfolio
Aerospace & Defense		—	%		—	%		—	%		—	%		—	%		1.6	%
Alcohol & Tobacco		—			1.6			1.0			—			—			0.8
Apparel & Textiles		0.7			0.3			0.2			—			—			—
Automotive		3.3			—			0.2			0.3			—			2.8
Banking		20.1			19.7			13.3			4.0			—			3.4
Building Materials		—			—			0.1			0.1			—			0.3
Cable Television		—			0.5			0.3			—			—			1.2
Chemicals		—			—			0.1			—			—			—
Commercial Services		—			1.4			0.8			0.2			—			—
Computer Software		4.8			4.6			2.7			—			—			—
Construction & Engineering		2.0			1.9			1.4			0.3			—			—
Consumer Products		2.3			1.1			0.7			—			—			0.7
Diversified		—			1.1			0.7			—			—			—
Electric		0.9			—			—			0.5			—			0.8
Electric Generation		—			—			—			—			—			0.4
Energy		—			—			1.0			3.6			—			—
Energy Exploration & Production		6.1			3.6			2.9			1.6			—			2.2
Energy Integrated		5.1			4.8			3.8			1.3			—			2.3
Energy Services		2.7			2.1			1.7			0.4			—			0.5
Financial Services		3.0			2.6			1.6			—			—			3.9
Food & Beverages		—			1.4			1.0			—			—			1.2
Forest & Paper Products		1.1			1.7			1.1			0.1			—			0.5
Health Services		—			—			—			—			—			0.7
Household & Personal Products		—			1.8			1.1			—			—			—
Housing		1.3			1.0			0.6			—			0.7			—
Insurance		1.8			2.4			1.5			—			—			—
Leisure & Entertainment		3.8			5.4			3.4			0.2			—			—
Manufacturing		7.7			5.8			3.7			—			—			—
Metals & Mining		4.4			3.7			3.0			0.9			—			2.3
Pharmaceutical & Biotechnology		1.5			1.6			0.9			—			—			0.4
Real Estate		3.3			3.4			2.1			—			95.5			—
Restaurants		—			—			0.1			0.2			—			0.4
Retail		4.5			4.1			2.5			—			—			—
Semiconductors & Components		6.0			7.1			4.2			—			—			—
Technology Hardware		3.1			3.2			1.9			—			—			1.0
Telecommunications		0.9			5.5			3.8			0.9			—			1.3
Transportation		4.5			3.2			1.9			—			—			3.7
Subtotal		94.9			96.6			65.3			14.6			96.2			32.4
Foreign Government Obligations		—			—			12.4			77.6			—			53.2
Supranationals		—			—			0.1			0.2			—			7.2
US Municipal Bonds		—			—			—			—			—			3.6
US Treasury Securities		—			—			14.2			—			—			—
Short-Term Investments		3.5			5.7			7.3			2.8			3.7			7.0
Total Investments		98.4	%		102.3	%		99.3	%		95.2	%		99.9	%		103.4	%

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

Semi-Annual Report   111

   The Lazard Funds, Inc. Statements of Assets and Liabilities (unaudited)

June 30, 2013	Lazard US Equity Concentrated Portfolio		Lazard US Strategic Equity Portfolio
ASSETS
Investments in securities, at value	$	224,580,387	$	99,446,391
Cash		—		—
Foreign currency		—		—
Receivables for:
Dividends and interest		299,735		99,327
Capital stock sold		401,755		15,038,991
Investments sold		—		275,987
Amount due from Investment Manager (Note 3)		—		—
Gross unrealized appreciation on forward currency contracts		—		—
Total assets		225,281,877		114,860,696
LIABILITIES
Payables for:
Management fees		122,826		42,989
Accrued distribution fees		409		1,837
Accrued directors’ fees		1,058		802
Capital stock redeemed		16,373		11,058
Investments purchased		1,847,458		673,577
Gross unrealized depreciation on forward currency contracts		—		—
Other accrued expenses and payables		7,174		37,145
Total liabilities		1,995,298		767,408
Net assets	$	223,286,579	$	114,093,288
NET ASSETS
Paid in capital	$	199,122,135	$	104,254,499
Undistributed net investment income		1,316,623		774,342
Accumulated net realized gain (loss)		11,658,661		(3,018,221	)
Net unrealized appreciation (depreciation) on:
Investments		11,189,160		12,082,668
Foreign currency and forward currency contracts		—		—
Net assets	$	223,286,579	$	114,093,288
Institutional Shares
Net assets	$	221,263,660	$	105,367,314
Shares of capital stock outstanding*		18,123,279		9,282,705
Net asset value, offering and redemption price per share	$	12.21	$	11.35
Open Shares
Net assets	$	2,022,919	$	8,725,974
Shares of capital stock outstanding*		165,034		767,281
Net asset value, offering and redemption price per share	$	12.26	$	11.37
Cost of investments in securities	$	213,391,227	$	87,363,723
Cost of foreign currency	$	—	$	—

* $0.001 par value 3,500,000,000 shares authorized for the Portfolios in total.

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

112  Semi-Annual Report

Lazard US Mid Cap Equity Portfolio			Lazard US Small-Mid Cap Equity Portfolio		Lazard Global Listed Infrastructure Portfolio		Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
$	56,731,508		$	312,727,323	$	401,995,072	$	175,286,792		$	16,061,583
	—			431		—		438			—
	—			—		296,601		69,268			8,210
	72,132			206,150		1,367,511		397,564			57,699
	50,826			95,769		4,455,320		445,727			4,743
	1,200,624			4,031,314		—		756,370			6,021
	—			—		—		—			4,324
	—			—		5,293,703		—			—
	58,055,090			317,060,987		413,408,207		176,956,159			16,142,580
	29,878			194,350		319,096		108,272			—
	6,775			2,923		4,844		6,353			542
	771			2,882		323		1,182			92
	105,415			880		365,585		466,672			1,556
	960,477			825,622		296		1,519,624			54,959
	—			—		144,642		—			—
	47,809			44,557		41,492		52,758			11,559
	1,151,125			1,071,214		876,278		2,154,861			68,708
$	56,903,965		$	315,989,773	$	412,531,929	$	174,801,298		$	16,073,872
$	107,042,059		$	254,722,941	$	384,936,879	$	184,158,079		$	19,318,523
	322,133			416,851		2,172,173		2,162,820			214,910
	(54,825,363	)		23,195,511		13,534,149		(32,055,661	)		(4,244,381	)
	4,365,136			37,654,470		6,751,380		20,541,563			784,921
	—			—		5,137,348		(5,503	)		(101	)
$	56,903,965		$	315,989,773	$	412,531,929	$	174,801,298		$	16,073,872
$	25,215,332		$	301,905,166	$	387,393,600	$	143,422,189		$	13,000,627
	1,758,516			19,819,967		31,784,819		9,436,762			1,515,425
$	14.34		$	15.23	$	12.19	$	15.20		$	8.58
$	31,688,633		$	14,084,607	$	25,138,329	$	31,379,109		$	3,073,245
	2,242,252			952,940		2,059,571		2,044,953			356,619
$	14.13		$	14.78	$	12.21	$	15.34		$	8.62
$	52,366,372		$	275,072,853	$	395,243,692	$	154,745,229		$	15,276,662
$	—		$	—	$	299,301	$	69,882		$	8,276

Semi-Annual Report  113

June 30, 2013	Lazard International Strategic Equity Portfolio			Lazard International Small Cap Equity Portfolio
ASSETS
Investments in securities and purchased options, at value	$	2,028,588,324		$	60,850,100
Cash		—			—
Foreign currency		179,818			37,880
Receivables for:
Dividends and interest		3,897,022			163,930
Capital stock sold		13,190,829			36,324
Investments sold		6,019,058			—
Gross unrealized appreciation on:
Forward currency contracts		—			—
Swap agreements		—			—
Premium for swap agreements purchased		—			—
Total assets		2,051,875,051			61,088,234
LIABILITIES
Payables for:
Due to custodian		—			—
Management fees		1,147,205			36,867
Accrued distribution fees		97,620			3,789
Accrued directors’ fees		10,238			654
Capital stock redeemed		582,424			30,964
Investments purchased		49,621,268			97,408
Dividends		—			—
Gross unrealized depreciation on:
Forward currency contracts		—			—
Swap agreements		—			—
Premium for swap agreements sold		—			—
Premium for swap agreements written		—			—
Other accrued expenses and payables		19,997			38,759
Total liabilities		51,478,752			208,441
Net assets	$	2,000,396,299		$	60,879,793
NET ASSETS
Paid in capital	$	1,796,612,338		$	124,132,596
Undistributed net investment income		21,761,904			448,333
Accumulated net realized gain (loss)		(29,321,842	)		(74,866,725	)
Net unrealized appreciation (depreciation) on:
Investments		211,383,076			11,168,926
Foreign currency and forward currency contracts		(39,177	)		(3,337	)
Swap agreements		—			—
Net assets	$	2,000,396,299		$	60,879,793
Institutional Shares
Net assets	$	1,499,155,055		$	42,650,605
Shares of capital stock outstanding*		119,435,459			4,866,610
Net asset value, offering and redemption price per share	$	12.55		$	8.76
Open Shares
Net assets	$	501,241,244		$	18,229,188
Shares of capital stock outstanding*		39,678,477			2,072,245
Net asset value, offering and redemption price per share	$	12.63		$	8.80
Cost of investments in securities	$	1,817,205,248		$	49,681,174
Cost of foreign currency	$	179,786		$	38,113

* $0.001 par value 3,500,000,000 shares authorized for the Portfolios in total.

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

114  Semi-Annual Report

Lazard Emerging Markets Equity Portfolio			Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi-Strategy Portfolio			Lazard Emerging Markets Debt Portfolio
$	14,520,216,428		$	584,169,637		$	464,535,479		$	181,842,050		$	327,534,127
	—			—			—			8,000,000			—
	7,955,221			5,159,939			6,094,431			1,814,197			903,999
	93,074,329			3,170,687			1,453,752			1,568,363			5,607,681
	21,626,673			7,565,875			2,028,174			142,194			16,078,620
	1,610,341			198,346			1,353,899			564,217			1,256,378
	—			—			—			406,756			1,137,498
	—			—			—			1,791			—
	—			—			—			—			2,175
	14,644,482,992			600,264,484			475,465,735			194,339,568			352,520,478
	—			—			—			—			480,000
	12,128,463			499,434			274,337			152,358			216,591
	519,958			17,942			10,060			225			2,041
	144,512			3,072			2,059			795			2,592
	13,596,219			1,445,112			403,355			347,575			426,985
	701,040			4,456,679			20,855,064			9,589,861			4,924,854
	—			—			—			—			26,547
	—			—			—			933,232			2,217,307
	—			—			—			125,574			496,845
	—			—			—			3,737			—
	—			—			—			92			—
	2,415,482			30,191			47,840			31,725			35,550
	29,505,674			6,452,430			21,592,715			11,185,174			8,829,312
$	14,614,977,318		$	593,812,054		$	453,873,020		$	183,154,394		$	343,691,166
$	14,324,495,422		$	714,254,560		$	475,267,340		$	194,560,965		$	362,862,507
	187,252,633			4,163,357			2,505,347			1,508,050			27,107
	60,632,732			(44,133,130	)		(13,820,441	)		368,749			6,550,319
	42,743,225			(80,467,577	)		(10,080,571	)		(12,605,306	)		(24,080,989	)
	(146,694	)		(5,156	)		1,345			(554,281	)		(1,170,933	)
	—			—			—			(123,783	)		(496,845	)
$	14,614,977,318		$	593,812,054		$	453,873,020		$	183,154,394		$	343,691,166
$	12,332,816,472		$	513,183,347		$	402,943,873		$	181,992,821		$	334,578,552
	689,284,710			47,658,914			38,159,565			20,158,735			34,229,801
$	17.89		$	10.77		$	10.56		$	9.03		$	9.77
$	2,282,160,846		$	80,628,707		$	50,929,147		$	1,161,573		$	9,112,614
	124,628,868			7,499,412			4,838,689			128,720			929,755
$	18.31		$	10.75		$	10.53		$	9.02		$	9.80
$	14,477,473,203		$	664,637,214		$	474,616,050		$	194,447,356		$	351,615,116
$	8,015,709		$	5,163,124		$	6,091,099		$	1,818,566		$	902,396

Semi-Annual Report  115

June 30, 2013	Lazard Explorer Total Return Portfolio		Lazard US Realty Income Portfolio
ASSETS
Investments in securities and purchased options, at value	$	—	$	166,716,089
Foreign currency		—		—
Receivables for:
Dividends and interest		—		1,708,555
Capital stock sold		5,000,000		1,629,743
Investments sold		—		5,877,175
Amount due from Investment Manager (Note 3)		—		—
Gross unrealized appreciation on forward currency contracts		—		—
Total assets		5,000,000		175,931,562
LIABILITIES
Payables for:
Management fees		—		106,397
Accrued distribution fees		—		22,219
Accrued directors’ fees		—		686
Capital stock redeemed		—		776,958
Investments purchased		—		4,021,812
Dividends		—		240
Gross unrealized depreciation on forward currency contracts		—		—
Other accrued expenses and payables		—		12,956
Total liabilities		—		4,941,268
Net assets	$	5,000,000	$	170,990,294
NET ASSETS
Paid in capital	$	5,000,000	$	159,803,648
Undistributed (distributions in excess of) net investment income		—		118,730
Accumulated net realized gain (loss)		—		11,420,028
Net unrealized appreciation (depreciation) on:
Investments		—		(352,112	)
Foreign currency and forward currency contracts		—		—
Net assets	$	5,000,000	$	170,990,294
Institutional Shares
Net assets	$	4,900,000	$	59,624,193
Shares of capital stock outstanding*		490,000		6,589,065
Net asset value, offering and redemption price per share	$	10.00	$	9.05
Open Shares
Net assets	$	100,000	$	111,366,101
Shares of capital stock outstanding*		10,000		12,321,020
Net asset value, offering and redemption price per share	$	10.00	$	9.04
Cost of investments in securities	$	—	$	167,068,201
Cost of foreign currency	$	—	$	—

* $0.001 par value 3,500,000,000 shares authorized for the Portfolios in total.

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

116  Semi-Annual Report

Lazard US Realty Equity Portfolio		Lazard International Realty Equity Portfolio			Lazard US Short Duration Fixed Income Portfolio			Lazard US Corporate Income Portfolio			Lazard Global Fixed Income Portfolio
$	94,831,136	$	5,079,250		$	12,490,145		$	168,918,118		$	6,050,820
	—		2,910			—			—			—
	252,418		14,281			170,887			2,953,705			86,985
	366,552		3,118			4,100,000			585,737			—
	911,260		170,320			1,661,063			714,321			—
	—		10,314			11,556			—			13,491
	—		—			—			—			95,155
	96,361,366		5,280,193			18,433,651			173,171,881			6,246,451
	62,909		—			—			57,269			—
	17,556		486			4			634			11
	513		44			—			—			52
	159,808		—			15,674			192,154			2,147
	1,358,009		157,018			1,091,378			714,321			207,177
	—		—			1,142			109,865			4
	—		—			—			—			22,480
	40,443		36,324			20,845			31,251			161,640
	1,639,238		193,872			1,129,043			1,105,494			393,511
$	94,722,128	$	5,086,321		$	17,304,608		$	172,066,387		$	5,852,940
$	88,621,773	$	4,386,954		$	17,259,420		$	173,560,655		$	6,168,460
	798,036		(39,473	)		(300	)		(109,177	)		56,248
	2,932,323		177,326			104,984			(6,006,942	)		(219,293	)
	2,369,996		561,504			(59,496	)		4,621,851			(223,737	)
	—		10			—			—			71,262
$	94,722,128	$	5,086,321		$	17,304,608		$	172,066,387		$	5,852,940
$	7,184,646	$	2,739,229		$	17,299,322		$	169,579,156		$	5,801,284
	393,362		165,931			1,720,694			34,543,075			615,719
$	18.26	$	16.51		$	10.05		$	4.91		$	9.42
$	87,537,482	$	2,347,092		$	5,286		$	2,487,231		$	51,656
	4,782,230		142,505			526			503,958			5,483
$	18.30	$	16.47		$	10.05		$	4.94		$	9.42
$	92,461,140	$	4,517,746		$	12,549,641		$	164,296,267		$	6,274,557
$	—	$	2,936		$	—		$	—		$	—

Semi-Annual Report  117

June 30, 2013	Lazard Capital Allocator Opportunistic Strategies Portfolio
ASSETS
Investments in securities, at value	$	205,839,080
Cash		270,000
Receivables for:
Dividends and interest		679,788
Capital stock sold		41,255
Total assets		206,830,123
LIABILITIES
Payables for:
Management fees		151,090
Accrued distribution fees		590
Accrued directors’ fees		2,190
Capital stock redeemed		24,101
Gross unrealized depreciation on swap agreement		138,424
Other accrued expenses and payables		34,594
Total liabilities		350,989
Net assets	$	206,479,134
NET ASSETS
Paid in capital	$	201,420,254
Undistributed net investment income		926,521
Accumulated net realized gain		4,379,968
Net unrealized depreciation on:
Investments		(109,185	)
Swap agreements		(138,424	)
Net assets	$	206,479,134
Institutional Shares
Net assets	$	203,539,805
Shares of capital stock outstanding*		20,373,082
Net asset value, offering and redemption price per share	$	9.99
Open Shares
Net assets	$	2,939,329
Shares of capital stock outstanding*		294,701
Net asset value, offering and redemption price per share	$	9.97
Cost of investments in securities	$	205,948,265
Cost of foreign currency	$	—

* $0.001 par value 3,500,000,000 shares authorized for the Portfolios in total.

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

118  Semi-Annual Report

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Semi-Annual Report  119

   The Lazard Funds, Inc. Statements of Operations (unaudited)

For the Six Months Ended June 30, 2013	Lazard US Equity Concentrated Portfolio			Lazard US Strategic Equity Portfolio
Investment Income
Income
Dividends	$	2,027,639		$	926,810
Interest		—			—
Total investment income*		2,027,639			926,810
Expenses
Management fees (Note 3)		583,908			326,314
Custodian fees		20,238			24,676
Distribution fees (Open Shares)		1,557			10,898
Shareholders’ reports		2,002			2,802
Administration fees		41,478			34,118
Shareholders’ services		12,679			13,818
Directors’ fees and expenses		2,125			1,473
Professional services		24,737			24,383
Registration fees		14,876			14,380
Other†		2,932			2,920
Total gross expenses		706,532			455,782
Management fees waived and expenses reimbursed		(5,173	)		(93,082	)
Total net expenses		701,359			362,700
Net investment income		1,326,280			564,110
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Forward Currency Contracts
Net realized gain (loss) on:
Investments		12,862,339			7,517,414
Foreign currency and forward currency contracts		—			—
Net change in unrealized appreciation (depreciation) on:
Investments		4,287,816			2,386,159
Foreign currency and forward currency contracts		—			—
Net realized and unrealized gain (loss) on investments, foreign currency and forward currency contracts		17,150,155			9,903,573
Net increase (decrease) in net assets resulting from operations	$	18,476,435		$	10,467,683
* Net of foreign withholding taxes of	$	5,925		$	—
† Includes interest on line of credit of	$	—		$	—

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

120  Semi-Annual Report

Lazard US Mid Cap Equity Portfolio			Lazard US Small-Mid Cap Equity Portfolio		Lazard Global Listed Infrastructure Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
$	527,512		$	1,553,445	$	8,723,361		$	3,011,498		$	278,646
	—			392		—			316			—
	527,512			1,553,837		8,723,361			3,011,814			278,646
	236,550			1,174,869		1,497,529			593,114			59,057
	33,378			41,234		44,466			64,809			38,242
	44,315			19,704		22,132			37,492			3,657
	5,320			8,769		9,222			5,276			1,942
	31,103			56,125		58,074			40,612			26,185
	13,955			15,233		14,992			14,538			12,588
	1,292			5,323		2,418			2,353			183
	24,283			26,478		24,897			24,862			23,678
	14,876			13,636		18,596			14,876			13,389
	3,115			4,965		3,615			3,330			1,911
	408,187			1,366,336		1,695,941			801,262			180,832
	(23,840	)		—		—			—			(96,543	)
	384,347			1,366,336		1,695,941			801,262			84,289
	143,165			187,501		7,027,420			2,210,552			194,357
	5,676,170			20,534,160		11,126,243			1,443,997			176,202
	—			—		7,153,460			3,953			(578	)
	3,261,065			21,996,993		(155,010	)		(339,694	)		(446,356	)
	—			—		6,626,265			(5,065	)		(99	)
	8,937,235			42,531,153		24,750,958			1,103,191			(270,831	)
$	9,080,400		$	42,718,654	$	31,778,378		$	3,313,743		$	(76,474	)
$	—		$	—	$	1,466,584		$	317,707		$	33,603
$	80		$	1,067	$	—		$	—		$	—

Semi-Annual Report  121

For the Six Months Ended June 30, 2013	Lazard International Strategic Equity Portfolio				Lazard International Small Cap Equity Portfolio
Investment Income
Income
Dividends		$	27,368,580			$	884,370
Interest			—				23
Total investment income*			27,368,580				884,393
Expenses
Management fees (Note 3)			5,812,427				225,893
Custodian fees			192,577				36,269
Distribution fees (Open Shares)			515,408				23,179
Shareholders’ reports			50,834				5,008
Administration fees			151,883				30,819
Shareholders’ services			43,686				13,917
Directors’ fees and expenses			20,806				1,104
Professional services			34,911				24,181
Registration fees			28,761				13,389
Other†			12,473				2,681
Total gross expenses			6,863,766				376,440
Management fees waived and expenses reimbursed			—				(8,280	)
Total net expenses			6,863,766				368,160
Net investment income			20,504,814				516,233
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Forward Currency Contracts, Options and Swap Agreements
Net realized gain (loss) on:
Investments**			44,213,185				6,408,728
Foreign currency and forward currency contracts			(1,136,009	)			(11,362	)
Purchased options			—				—
Written Options			—				—
Swap agreements			—				—
Net change in unrealized appreciation (depreciation) on:
Investments***			27,080,314				(2,443,511	)
Foreign currency and forward currency contracts			(38,133	)			(833	)
Purchased options			—				—
Written Options			—				—
Swap agreements			—				—
Net realized and unrealized gain (loss) on investments, foreign currency, forward currency contracts, options and swap agreements			70,119,357				3,953,022
Net increase (decrease) in net assets resulting from operations		$	90,624,171			$	4,469,255
* Net of foreign withholding taxes of		$	2,426,257			$	92,192
** Net of foreign capital gains taxes of		$	—			$	—
*** Includes net change in unrealized foreign capital gains taxes of		$	—			$	—
† Includes interest on line of credit of		$	—			$	326

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

122  Semi-Annual Report

Lazard Emerging Markets Equity Portfolio				Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Equity Blend Portfolio				Lazard Emerging Markets Multi-Strategy Portfolio				Lazard Emerging Markets Debt Portfolio
	$	288,416,410			$	9,278,124			$	4,861,688			$	2,033,167			$	—
		3,257				—				—				755,766				9,520,176
		288,419,667				9,278,124				4,861,688				2,788,933				9,520,176
		78,616,463				3,008,344				1,428,046				919,276				1,337,165
		4,694,760				171,621				138,320				153,307				126,872
		3,173,576				118,756				59,193				1,254				9,436
		937,739				56,043				13,939				2,900				2,910
		860,549				84,962				53,356				43,181				58,224
		798,655				38,638				46,519				13,521				13,260
		267,489				7,497				4,107				2,137				5,081
		169,273				27,662				25,816				25,736				27,339
		35,704				24,795				17,852				17,852				14,876
		194,618				5,978				4,503				3,284				4,458
		89,748,826				3,544,296				1,791,651				1,182,448				1,599,621
		—				—				—				(5,929	)			(2,028	)
		89,748,826				3,544,296				1,791,651				1,176,519				1,597,593
		198,670,841				5,733,828				3,070,037				1,612,414				7,922,583
		254,964,652				(9,710,621	)			763,099				2,312,722				4,856,243
		(4,450,213	)			(204,970	)			(355,360	)			235,160				1,864,558
		—				—				—				(99,643	)			(869,798	)
		—				—				—				3,265				23,508
		—				—				—				(103,729	)			(662,070	)
		(1,803,444,520	)			(88,073,238	)			(24,922,116	)			(18,027,178	)			(39,009,196	)
		(109,896	)			(2,466	)			1,249				(803,153	)			(1,753,750	)
		—				—				—				(36,761	)			(186,673	)
		—				—				—				21,165				232,812
		—				—				—				(137,030	)			(632,509	)
		(1,553,039,977	)			(97,991,295	)			(24,513,128	)			(16,635,182	)			(36,136,875	)
	$	(1,354,369,136	)		$	(92,257,467	)		$	(21,443,091	)		$	(15,022,768	)		$	(28,214,292	)
	$	40,827,557			$	752,279			$	489,853			$	206,767			$	68,358
	$	—			$	—			$	—			$	747			$	8,232
	$	—			$	13,516			$	—			$	—			$	—
	$	—			$	1,684			$	—			$	—			$	6,861

Semi-Annual Report  123

For the Six Months or Period Ended June 30, 2013	Lazard Explorer Total Return Portfolio (a)			Lazard US Realty Income Portfolio
Investment Income
Income
Interest		$	—		$	—
Dividends			—			4,788,946
Total investment income*			—			4,788,946
Expenses
Management fees (Note 3)			—			601,283
Custodian fees			—			24,576
Distribution fees (Open Shares)			—			130,654
Shareholders’ reports			—			7,890
Administration fees			—			40,829
Shareholders’ services			—			18,051
Directors’ fees and expenses			—			1,781
Professional services			—			24,549
Registration fees			—			19,836
Amortization of offering costs (Note 2(i))			—			—
Other†			—			2,761
Total gross expenses			—			872,210
Management fees waived and expenses reimbursed			—			—
Administration fees waived			—			—
Total net expenses			—			872,210
Net investment income			—			3,916,736
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Forward Currency Contracts and Options
Net realized gain (loss) on:
Investments			—			10,421,119
Foreign currency and forward currency contracts			—			—
Purchased options			—			—
Net change in unrealized appreciation (depreciation) on:
Investments			—			(5,935,164	)
Foreign currency and forward currency contracts			—			—
Purchased options			—			—
Net realized and unrealized gain (loss) on investments, foreign currency, forward currency contracts and options			—			4,485,955
Net increase (decrease) in net assets resulting from operations		$	—		$	8,402,691
* Net of foreign withholding taxes of		$	—		$	—
† Includes interest on line of credit of		$	—		$	451

(a) As the Portfolio commenced operations on June 28, 2013, it did not earn any income, nor incur any expense during the period presented.

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

124  Semi-Annual Report

Lazard US Realty Equity Portfolio				Lazard International Realty Equity Portfolio				Lazard US Short Duration Fixed Income Portfolio				Lazard US Corporate Income Portfolio				Lazard Global Fixed Income Portfolio
	$	—			$	—			$	131,306			$	6,332,773			$	82,043
		1,420,382				95,479				—				—				—
		1,420,382				95,479				131,306				6,332,773				82,043
		365,863				24,251				20,846				523,794				12,838
		23,443				30,091				25,138				38,146				34,338
		107,187				3,143				5				4,275				67
		8,199				1,795				1,663				3,146				1,591
		33,942				25,411				26,540				43,842				25,386
		35,347				9,443				12,684				13,666				12,595
		1,169				85				349				3,309				87
		24,215				23,626				23,769				25,381				23,626
		20,828				13,389				14,380				14,876				14,876
		—				—				—				—				30,875
		2,498				1,841				2,094				4,044				1,858
		622,691				133,075				127,468				674,479				158,137
		(345	)			(84,899	)			(84,733	)			(145,555	)			(128,140	)
		—				(9,375	)			(9,375	)			—				(9,375	)
		622,346				38,801				33,360				528,924				20,622
		798,036				56,678				97,946				5,803,849				61,421
		2,918,749				130,224				(41,473	)			1,640,334				8,352
		—				(1,415	)			—				—				(227,645	)
		(133,195	)			—				—				—				—
		(189,133	)			(347,658	)			(283,098	)			(5,465,869	)			(393,095	)
		—				6				—				—				189,037
		73,763				—				—				—				—
		2,670,184				(218,843	)			(324,571	)			(3,825,535	)			(423,351	)
	$	3,468,220			$	(162,165	)		$	(226,625	)		$	1,978,314			$	(361,930	)
	$	—			$	10,036			$	—			$	—			$	85
	$	—			$	13			$	—			$	1,558			$	39

Semi-Annual Report  125

For the Six Months Ended June 30, 2013	Lazard Capital Allocator Opportunistic Strategies Portfolio
Investment Income
Income
Dividends	$	2,086,027
Total investment income*		2,086,027
Expenses
Management fees (Note 3)		1,143,247
Custodian fees		28,839
Distribution fees (Open Shares)		3,873
Shareholders’ reports		5,482
Administration fees		47,660
Shareholders’ services		15,252
Directors’ fees and expenses		4,018
Professional services		25,767
Registration fees		16,860
Other†		4,701
Total gross expenses		1,295,699
Management fees waived and expenses reimbursed		(124,939	)
Total net expenses		1,170,760
Net investment income		915,267
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Forward Currency Contracts and Swap Agreements
Net realized gain on:
Investments		2,860,258
Foreign currency and forward currency contracts		507,141
Swap agreements		628,013
Net change in unrealized appreciation (depreciation) on:
Investments		(4,976,933	)
Foreign currency and forward currency contracts		30,096
Swap agreements		(127,103	)
Net realized and unrealized loss on investments, foreign currency, forward currency contracts and swap agreements		(1,078,528	)
Net decrease in net assets resulting from operations	$	(163,261	)
† Includes interest on line of credit of	$	2,249

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

126  Semi-Annual Report

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Semi-Annual Report  127

   The Lazard Funds, Inc. Statements of Changes in Net Assets

	Lazard US Equity Concentrated Portfolio								Lazard US Strategic Equity Portfolio
	Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012
Increase (Decrease) in Net Assets
Operations
Net investment income		$	1,326,280			$	1,081,210			$	564,110			$	1,110,273
Net realized gain on investments, foreign currency and forward currency contracts			12,862,339				1,248,579				7,517,414				8,297,888
Net change in unrealized appreciation on investments, foreign currency and forward currency contracts			4,287,816				6,593,427				2,386,159				1,229,399
Net increase in net assets resulting from operations			18,476,435				8,923,216				10,467,683				10,637,560
Distributions to shareholders
From net investment income
Institutional Shares			—				(1,071,583	)			—				(1,706,939	)
Open Shares			—				(4,154	)			—				(147,376	)
From net realized gains
Institutional Shares			—				—				—				—
Open Shares			—				—				—				—
Net decrease in net assets resulting from distributions			—				(1,075,737	)			—				(1,854,315	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			86,060,709				118,724,713				26,053,749				14,377,525
Open Shares			2,721,695				393,082				1,070,641				2,458,786
Net proceeds from reinvestment of distributions
Institutional Shares			—				847,541				—				1,686,330
Open Shares			—				4,153				—				128,502
Cost of shares redeemed
Institutional Shares			(4,546,343	)			(17,085,989	)			(5,474,605	)			(12,717,388	)
Open Shares			(1,495,900	)			(82,527	)			(1,752,220	)			(3,706,443	)
Net increase (decrease) in net assets from capital stock transactions			82,740,161				102,800,973				19,897,565				2,227,312
Redemption fees (Note 2(l))
Institutional Shares			—				1,498				1				433
Open Shares			—				58				—				—
Net increase in net assets from redemption fees			—				1,556				1				433
Total increase (decrease) in net assets			101,216,596				110,650,008				30,365,249				11,010,990
Net assets at beginning of period			122,069,983				11,419,975				83,728,039				72,717,049
Net assets at end of period*		$	223,286,579			$	122,069,983			$	114,093,288			$	83,728,039
* Includes undistributed (distributions in excess of) net investment income of		$	1,316,623			$	(9,657	)		$	774,342			$	210,232
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			11,338,350				1,201,733				7,451,909				7,111,530
Shares sold			7,160,756				11,697,734				2,323,980				1,465,424
Shares issued to shareholders from reinvestment of distributions			—				79,136				—				170,983
Shares redeemed			(375,827	)			(1,640,253	)			(493,184	)			(1,296,028	)
Net increase (decrease)			6,784,929				10,136,617				1,830,796				340,379
Shares outstanding at end of period			18,123,279				11,338,350				9,282,705				7,451,909
Open Shares
Shares outstanding at beginning of period			64,143				33,507				828,181				937,896
Shares sold			223,326				38,357				96,457				254,087
Shares issued to shareholders from reinvestment of distributions			—				386				—				13,013
Shares redeemed			(122,435	)			(8,107	)			(157,357	)			(376,815	)
Net increase (decrease)			100,891				30,636				(60,900	)			(109,715	)
Shares outstanding at end of period			165,034				64,143				767,281				828,181

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

128  Semi-Annual Report

Lazard US Mid Cap Equity Portfolio								Lazard US Small-Mid Cap Equity Portfolio								Lazard Global Listed Infrastructure Portfolio
Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012
	$	143,165			$	344,026			$	187,501			$	918,024			$	7,027,420			$	3,721,879
		5,676,170				7,992,414				20,534,160				13,525,692				18,279,703				4,663,167
		3,261,065				824,069				21,996,993				17,023,607				6,471,255				12,616,185
		9,080,400				9,160,509				42,718,654				31,467,323				31,778,378				21,001,231
		—				(93,028	)			—				(440,159	)			(5,200,192	)			(3,885,197	)
		—				(25,552	)			—				—				(284,675	)			(330,133	)
		—				—				—				(7,126,645	)			—				(2,328,587	)
		—				—				—				(429,062	)			—				(237,215	)
		—				(118,580	)			—				(7,995,866	)			(5,484,867	)			(6,781,132	)
		1,375,850				11,992,786				3,695,167				136,617,944				385,794,306				40,118,611
		2,665,366				9,008,006				1,629,153				4,413,215				13,450,595				5,003,640
		—				72,879				—				7,492,237				2,442,542				5,695,999
		—				23,280				—				400,942				268,168				559,340
		(10,897,938	)			(78,932,556	)			(32,170,958	)			(42,600,983	)			(150,875,346	)			(38,132,595	)
		(17,615,019	)			(22,699,523	)			(5,721,317	)			(11,037,496	)			(2,675,310	)			(2,437,008	)
		(24,471,741	)			(80,535,128	)			(32,567,955	)			95,285,859				248,404,955				10,807,987
		450				27				88				15				4,507				626
		30				180				41				80				1,742				226
		480				207				129				95				6,249				852
		(15,390,861	)			(71,492,992	)			10,150,828				118,757,411				274,704,715				25,028,938
		72,294,826				143,787,818				305,838,945				187,081,534				137,827,214				112,798,276
	$	56,903,965			$	72,294,826			$	315,989,773			$	305,838,945			$	412,531,929			$	137,827,214
	$	322,133			$	178,968			$	416,851			$	229,350			$	2,172,173			$	(629,620	)
		2,461,019				7,726,268				21,804,765				14,128,698				11,419,125				10,683,008
		101,208				945,652				253,782				10,509,382				32,671,908				3,865,052
		—				5,864				—				567,164				202,816				534,797
		(803,711	)			(6,216,765	)			(2,238,580	)			(3,400,479	)			(12,509,030	)			(3,663,732	)
		(702,503	)			(5,265,249	)			(1,984,798	)			7,676,067				20,365,694				736,117
		1,758,516				2,461,019				19,819,967				21,804,765				31,784,819				11,419,125
		3,358,349				4,439,926				1,237,189				1,739,728				1,159,035				854,515
		196,386				731,390				116,026				352,470				1,097,999				486,297
		—				1,942				—				31,226				22,215				52,376
		(1,312,483	)			(1,814,909	)			(400,275	)			(886,235	)			(219,678	)			(234,153	)
		(1,116,097	)			(1,081,577	)			(284,249	)			(502,539	)			900,536				304,520
		2,242,252				3,358,349				952,940				1,237,189				2,059,571				1,159,035

Semi-Annual Report  129

	Lazard International Equity Portfolio								Lazard International Equity Select Portfolio
	Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012
Increase (Decrease) in Net Assets
Operations
Net investment income		$	2,210,552			$	2,018,859			$	194,357			$	114,671
Net realized gain on investments and foreign currency			1,447,950				4,095,848				175,624				52,980
Net change in unrealized appreciation (depreciation) on investments and foreign currency			(344,759	)			17,837,058				(446,455	)			1,325,232
Net increase (decrease) in net assets resulting from operations			3,313,743				23,951,765				(76,474	)			1,492,883
Distributions to shareholders
From net investment income
Institutional Shares			—				(3,557,160	)			—				(142,879	)
Open Shares			—				(681,741	)			—				(56,933	)
From net realized gains
Institutional Shares			—				—				—				—
Open Shares			—				—				—				—
Net decrease in net assets resulting from distributions			—				(4,238,901	)			—				(199,812	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			40,522,397				29,943,240				5,890,506				3,478,816
Open Shares			8,915,653				9,963,361				485,390				427,582
Net proceeds from reinvestment of distributions
Institutional Shares			—				3,072,022				—				105,790
Open Shares			—				439,254				—				54,482
Cost of shares redeemed
Institutional Shares			(8,840,727	)			(26,896,764	)			(370,408	)			(1,385,837	)
Open Shares			(3,807,920	)			(7,117,889	)			(314,145	)			(497,811	)
Net increase (decrease) in net assets from capital stock transactions			36,789,403				9,403,224				5,691,343				2,183,022
Redemption fees (Note 2(l))
Institutional Shares			635				1,914				6				604
Open Shares			67				83				—				48
Net increase in net assets from redemption fees			702				1,997				6				652
Total increase (decrease) in net assets			40,103,848				29,118,085				5,614,875				3,476,745
Net assets at beginning of period			134,697,450				105,579,365				10,458,997				6,982,252
Net assets at end of period*		$	174,801,298			$	134,697,450			$	16,073,872			$	10,458,997
* Includes undistributed (distributions in excess of) net investment income of		$	2,162,820			$	(47,732	)		$	214,910			$	20,553
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			7,380,561				6,956,141				889,319				629,470
Shares sold			2,629,978				2,165,534				667,867				427,257
Shares issued to shareholders from reinvestment of distributions			—				217,033				—				12,880
Shares redeemed			(573,777	)			(1,958,147	)			(41,761	)			(180,288	)
Net increase (decrease)			2,056,201				424,420				626,106				259,849
Shares outstanding at end of period			9,436,762				7,380,561				1,515,425				889,319
Open Shares
Shares outstanding at beginning of period			1,713,621				1,485,123				337,112				341,991
Shares sold			574,521				711,367				54,624				52,054
Shares issued to shareholders from reinvestment of distributions			—				30,763				—				6,698
Shares redeemed			(243,189	)			(513,632	)			(35,117	)			(63,631	)
Net increase (decrease)			331,332				228,498				19,507				(4,879	)
Shares outstanding at end of period			2,044,953				1,713,621				356,619				337,112

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

130  Semi-Annual Report

Lazard International Strategic Equity Portfolio								Lazard International Small Cap Equity Portfolio								Lazard Emerging Markets Equity Portfolio
Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012
	$	20,504,814			$	10,629,524			$	516,233			$	782,258			$	198,670,841			$	273,430,339
		43,077,176				5,008,616				6,397,366				2,343,967				250,514,439				404,973,362
		27,042,181				179,035,767				(2,444,344	)			8,864,066				(1,803,554,416	)			2,319,793,047
		90,624,171				194,673,907				4,469,255				11,990,291				(1,354,369,136	)			2,998,196,748
		—				(8,123,755	)			—				(1,259,891	)			—				(233,749,133	)
		—				(2,129,693	)			—				(406,288	)			—				(37,813,360	)
		—				—				—				—				—				(419,249,109	)
		—				—				—				—				—				(80,701,164	)
		—				(10,253,448	)			—				(1,666,179	)			—				(771,512,766	)
		575,712,058				386,577,221				2,228,019				1,758,201				1,535,044,702				2,561,523,905
		212,086,436				248,255,833				1,614,028				2,705,153				273,967,772				404,264,337
		—				6,962,916				—				1,233,303				—				564,652,360
		—				2,036,931				—				391,808				—				111,916,205
		(38,721,484	)			(74,579,297	)			(8,024,126	)			(3,690,984	)			(1,379,697,015	)			(2,525,025,523	)
		(48,746,603	)			(42,953,515	)			(2,435,981	)			(6,316,631	)			(401,072,711	)			(1,037,348,544	)
		700,330,407				526,300,089				(6,618,060	)			(3,919,150	)			28,242,748				79,982,740
		15,633				1,650				—				34				72,307				106,944
		5,731				7,292				88				4				16,614				38,994
		21,364				8,942				88				38				88,921				145,938
		790,975,942				710,729,490				(2,148,717	)			6,405,000				(1,326,037,467	)			2,306,812,660
		1,209,420,357				498,690,867				63,028,510				56,623,510				15,941,014,785				13,634,202,125
	$	2,000,396,299			$	1,209,420,357			$	60,879,793			$	63,028,510			$	14,614,977,318			$	15,941,014,785
	$	21,761,904			$	1,257,090			$	448,333			$	(67,900	)		$	187,252,633			$	(11,418,208	)
		76,287,527				46,042,276				5,583,338				5,682,315				681,320,058				648,784,125
		46,230,089				36,524,263				256,900				229,753				79,187,964				136,324,320
		—				605,870				—				160,597				—				29,516,846
		(3,082,157	)			(6,884,882	)			(973,628	)			(489,327	)			(71,223,312	)			(133,305,233	)
		43,147,932				30,245,251				(716,728	)			(98,977	)			7,964,652				32,535,933
		119,435,459				76,287,527				4,866,610				5,583,338				689,284,710				681,320,058
		26,753,257				6,637,650				2,163,219				2,586,982				131,100,773				158,774,554
		16,785,194				23,889,730				188,947				365,819				13,930,101				20,940,411
		—				176,604				—				50,866				—				5,707,099
		(3,859,974	)			(3,950,727	)			(279,921	)			(840,448	)			(20,402,006	)			(54,321,291	)
		12,925,220				20,115,607				(90,974	)			(423,763	)			(6,471,905	)			(27,673,781	)
		39,678,477				26,753,257				2,072,245				2,163,219				124,628,868				131,100,773

Semi-Annual Report  131

	Lazard Developing Markets Equity Portfolio								Lazard Emerging Markets Equity Blend Portfolio
	Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012
Increase (Decrease) in Net Assets
Operations
Net investment income		$	5,733,828			$	2,293,054			$	3,070,037			$	1,554,071
Net realized gain (loss) on investments, foreign currency, forward currency contracts, options and swap agreements			(9,915,591	)			(26,688,575	)			407,739				(9,415,007	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency, forward currency contracts, options and swap agreements			(88,075,704	)			66,218,856				(24,920,867	)			33,414,173
Net increase (decrease) in net assets resulting from operations			(92,257,467	)			41,823,335				(21,443,091	)			25,553,237
Distributions to shareholders
From net investment income
Institutional Shares			—				(2,990,604	)			—				(1,818,322	)
Open Shares			—				(543,087	)			—				(234,422	)
From net realized gains
Institutional Shares			—				—				—				—
Open Shares			—				—				—				—
Net decrease in net assets resulting from distributions			—				(3,533,691	)			—				(2,052,744	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			378,634,888				232,206,374				235,126,081				126,047,840
Open Shares			30,151,338				69,347,007				22,067,373				19,150,166
Net proceeds from reinvestment of distributions
Institutional Shares			—				2,295,074				—				1,648,749
Open Shares			—				531,153				—				224,500
Cost of shares redeemed
Institutional Shares			(126,431,022	)			(83,942,317	)			(16,695,715	)			(30,534,803	)
Open Shares			(29,412,462	)			(49,472,367	)			(4,343,003	)			(8,540,728	)
Net increase in net assets from capital stock transactions			252,942,742				170,964,924				236,154,736				107,995,724
Redemption fees (Note 2(l))
Institutional Shares			2,611				3,158				853				822
Open Shares			1,224				8,787				489				955
Net increase in net assets from redemption fees			3,835				11,945				1,342				1,777
Total increase in net assets			160,689,110				209,266,513				214,712,987				131,497,994
Net assets at beginning of period			433,122,944				223,856,431				239,160,033				107,662,039
Net assets at end of period*		$	593,812,054			$	433,122,944			$	453,873,020			$	239,160,033
* Includes undistributed (distributions in excess of) net investment income of		$	4,163,357			$	(1,570,471	)		$	2,505,347			$	(564,690	)
(a) The Portfolio commenced operations on June 28, 2013.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			27,400,813				15,019,710				17,598,261				8,706,504
Shares sold			30,878,916				19,277,485				22,033,296				11,499,059
Shares issued to shareholders from reinvestment of distributions			—				188,429				—				146,735
Shares redeemed			(10,620,815	)			(7,084,811	)			(1,471,992	)			(2,754,037	)
Net increase			20,258,101				12,381,103				20,561,304				8,891,757
Shares outstanding at end of period			47,658,914				27,400,813				38,159,565				17,598,261
Open Shares
Shares outstanding at beginning of period			7,527,776				5,935,969				3,291,977				2,312,343
Shares sold			2,485,023				5,734,648				1,930,951				1,744,940
Shares issued to shareholders from reinvestment of distributions			—				43,573				—				20,008
Shares redeemed			(2,513,387	)			(4,186,414	)			(384,239	)			(785,314	)
Net increase (decrease)			(28,364	)			1,591,807				1,546,712				979,634
Shares outstanding at end of period			7,499,412				7,527,776				4,838,689				3,291,977

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

132  Semi-Annual Report

Lazard Emerging Markets Multi-Strategy Portfolio							Lazard Emerging Markets Debt Portfolio								Lazard Explorer Total Return Portfolio
Six Months Ended June 30, 2013 (unaudited)			Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Period Ended June 30, 2013 (unaudited) (a)
$	1,612,414			$	809,863			$	7,922,583			$	9,275,669			$	—
	2,347,775				(606,707	)			5,212,441				8,400,606				—
	(18,982,957	)			10,132,597				(41,349,316	)			16,441,726				—
	(15,022,768	)			10,335,753				(28,214,292	)			34,118,001				—
	—				(878,676	)			(7,758,476	)			(9,238,454	)			—
	—				(3,690	)			(160,729	)			(32,787	)			—
	—				—				—				(6,223,334	)			—
	—				—				—				(24,139	)			—
	—				(882,366	)			(7,919,205	)			(15,518,714	)			—
	110,420,909				75,678,101				113,865,012				181,821,383				4,900,000
	509,667				906,882				12,466,516				1,280,269				100,000
	—				699,458				7,555,236				14,815,813				—
	—				3,535				104,340				52,868				—
	(38,512,156	)			(17,301,390	)			(38,030,476	)			(35,834,871	)			—
	(120,635	)			(357,454	)			(3,437,170	)			(375,933	)			—
	72,297,785				59,629,132				92,523,458				161,759,529				5,000,000
	2,669				5,029				325				531				—
	—				—				7				217				—
	2,669				5,029				332				748				—
	57,277,686				69,087,548				56,390,293				180,359,564				5,000,000
	125,876,708				56,789,160				287,300,873				106,941,309				—
$	183,154,394			$	125,876,708			$	343,691,166			$	287,300,873			$	5,000,000
$	1,508,050			$	(104,364	)		$	27,107			$	23,729			$	—
	12,889,497				6,594,816				26,369,893				10,949,189				—
	11,223,359				8,074,885				10,884,086				17,476,495				490,000
	—				73,088				714,364				1,392,026				—
	(3,954,121	)			(1,853,292	)			(3,738,542	)			(3,447,817	)			—
	7,269,238				6,294,681				7,859,908				15,420,704				490,000
	20,158,735				12,889,497				34,229,801				26,369,893				490,000
	88,344				30,517				104,581				13,123				—
	52,965				97,091				1,152,068				122,285				10,000
	—				369				9,907				4,941				—
	(12,589	)			(39,633	)			(336,801	)			(35,768	)			—
	40,376				57,827				825,174				91,458				10,000
	128,720				88,344				929,755				104,581				10,000

Semi-Annual Report  133

	Lazard US Realty Income Portfolio								Lazard US Realty Equity Portfolio
	Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012
Increase (Decrease) in Net Assets
Operations
Net investment income		$	3,916,736			$	3,594,577			$	798,036			$	674,794
Net realized gain (loss) on investments, foreign currency, forward currency contracts and options			10,421,119				2,753,485				2,785,554				1,566,296
Net change in unrealized appreciation (depreciation) on investments, foreign currency, forward currency contracts and options			(5,935,164	)			4,495,301				(115,370	)			2,353,234
Net increase (decrease) in net assets resulting from operations			8,402,691				10,843,363				3,468,220				4,594,324
Distributions to shareholders
From net investment income
Institutional Shares			(1,341,490	)			(1,744,918	)			—				(24,750	)
Open Shares			(2,456,516	)			(854,779	)			—				(415,366	)
From net realized gains
Institutional Shares			—				(1,411,685	)			—				(62,992	)
Open Shares			—				(1,390,717	)			—				(1,532,345	)
Net decrease in net assets resulting from distributions			(3,798,006	)			(5,402,099	)			—				(2,035,453	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			30,478,717				31,471,528				4,470,447				924,792
Open Shares			105,008,755				53,636,715				37,491,122				77,949,831
Net proceeds from reinvestment of distributions
Institutional Shares			1,262,909				3,078,434				—				82,714
Open Shares			2,367,784				2,093,258				—				1,882,791
Cost of shares redeemed
Institutional Shares			(26,938,320	)			(6,321,457	)			(212,443	)			(69	)
Open Shares			(53,229,176	)			(7,842,310	)			(18,683,144	)			(17,902,557	)
Net increase (decrease) in net assets from capital stock transactions			58,950,669				76,116,168				23,065,982				62,937,502
Redemption fees (Note 2(l))
Institutional Shares			1,802				398				—				1
Open Shares			15,616				3,518				6,542				22,440
Net increase in net assets from redemption fees			17,418				3,916				6,542				22,441
Total increase (decrease) in net assets			63,572,772				81,561,348				26,540,744				65,518,814
Net assets at beginning of period			107,417,522				25,856,174				68,181,384				2,662,570
Net assets at end of period*		$	170,990,294			$	107,417,522			$	94,722,128			$	68,181,384
* Includes undistributed (distributions in excess of) net investment income of		$	118,730			$	—			$	798,036			$	—
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			6,073,485				2,660,028				160,617				102,426
Shares sold			3,231,725				3,811,160				243,802				53,434
Shares issued to shareholders from reinvestment of distributions			136,692				366,619				—				4,761
Shares redeemed			(2,852,837	)			(764,322	)			(11,057	)			(4	)
Net increase (decrease)			515,580				3,413,457				232,745				58,191
Shares outstanding at end of period			6,589,065				6,073,485				393,362				160,617
Open Shares
Shares outstanding at beginning of period			6,474,598				805,878				3,747,565				76,246
Shares sold			11,273,736				6,359,333				2,044,244				4,609,856
Shares issued to shareholders from reinvestment of distributions			256,503				247,778				—				108,075
Shares redeemed			(5,683,817	)			(938,391	)			(1,009,579	)			(1,046,612	)
Net increase (decrease)			5,846,422				5,668,720				1,034,665				3,671,319
Shares outstanding at end of period			12,321,020				6,474,598				4,782,230				3,747,565

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

134  Semi-Annual Report

Lazard International Realty Equity Portfolio								Lazard US Short Duration Fixed Income Portfolio								Lazard US Corporate Income Portfolio
Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012
	$	56,678			$	55,655			$	97,946			$	245,864			$	5,803,849			$	12,027,385
		128,809				196,406				(41,473	)			299,763				1,640,334				(812,130	)
		(347,652	)			1,145,098				(283,098	)			(106,874	)			(5,465,869	)			9,188,204
		(162,165	)			1,397,159				(226,625	)			438,753				1,978,314				20,403,459
		—				(89,484	)			(97,928	)			(245,376	)			(5,705,036	)			(11,731,153	)
		—				(67,032	)			(18	)			(488	)			(98,813	)			(296,232	)
		—				(18,944	)			—				(69,717	)			—				—
		—				(15,413	)			—				(15	)			—				—
		—				(190,873	)			(97,946	)			(315,596	)			(5,803,849	)			(12,027,385	)
		42,925				19,658				5,904,496				12,480,126				20,374,169				73,510,534
		774,495				1,509,496				1,200				—				444,584				2,383,005
		—				108,427				76,035				263,941				5,075,668				10,032,308
		—				75,995				18				503				79,677				240,865
		(19,749	)			(6,635	)			(8,082,947	)			(4,733,944	)			(34,852,594	)			(60,171,868	)
		(555,458	)			(488,552	)			—				(100,000	)			(2,227,022	)			(10,254,392	)
		242,213				1,218,389				(2,101,198	)			7,910,626				(11,105,518	)			15,740,452
		—				1				3				5				148				80
		31				447				—				—				—				321
		31				448				3				5				148				401
		80,079				2,425,123				(2,425,766	)			8,033,788				(14,930,905	)			24,116,927
		5,006,242				2,581,119				19,730,374				11,696,586				186,997,292				162,880,365
	$	5,086,321			$	5,006,242			$	17,304,608			$	19,730,374			$	172,066,387			$	186,997,292
	$	(39,473	)		$	(96,151	)		$	(300	)		$	(300	)		$	(109,177	)		$	(109,177	)
		164,688				157,229				1,913,691				1,132,905				36,441,591				31,644,633
		2,389				1,367				582,595				1,212,766				4,041,134				14,994,633
		—				6,508				7,403				25,580				1,008,587				2,035,775
		(1,146	)			(416	)			(782,995	)			(457,560	)			(6,948,237	)			(12,233,450	)
		1,243				7,459				(192,997	)			780,786				(1,898,516	)			4,796,958
		165,931				164,688				1,720,694				1,913,691				34,543,075				36,441,591
		130,199				54,805				405				10,083				842,613				2,416,907
		44,712				102,778				119				—				87,807				490,550
		—				4,567				2				49				15,743				48,681
		(32,406	)			(31,951	)			—				(9,727	)			(442,205	)			(2,113,525	)
		12,306				75,394				121				(9,678	)			(338,655	)			(1,574,294	)
		142,505				130,199				526				405				503,958				842,613

Semi-Annual Report  135

	Lazard Global Fixed Income Portfolio								Lazard Capital Allocator Opportunistic Strategies Portfolio
	Six Months Ended June 30, 2013 (unaudited)				Period Ended December 31, 2012 (a)				Six Months Ended June 30, 2013 (unaudited)				Year Ended December 31, 2012
Increase (Decrease) in Net Assets
Operations
Net investment income		$	61,421			$	72,075			$	915,267			$	2,849,308
Net realized gain (loss) on investments, foreign currency, forward currency contracts and swap agreements			(219,293	)			12,144				3,995,412				3,977,250
Net change in unrealized appreciation (depreciation) on investments, foreign currency, forward currency contracts and swap agreements			(204,058	)			51,583				(5,073,940	)			14,414,375
Net increase (decrease) in net assets resulting from operations			(361,930	)			135,802				(163,261	)			21,240,933
Distributions to shareholders
From net investment income
Institutional Shares			(60,791	)			(27,809	)			—				(1,741,480	)
Open Shares			(565	)			(227	)			—				(14,988	)
From net realized gains
Institutional Shares			—				(44,060	)			—				—
Open Shares			—				(360	)			—				—
Net decrease in net assets resulting from distributions			(61,356	)			(72,456	)			—				(1,756,468	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,122,314				7,859,060				17,949,058				42,720,549
Open Shares			—				64,295				498,948				357,130
Net proceeds from reinvestment of distributions
Institutional Shares			59,970				71,235				—				705,622
Open Shares			565				529				—				13,997
Cost of shares redeemed
Institutional Shares			(775,366	)			(3,179,754	)			(39,242,091	)			(96,362,264	)
Open Shares			—				(9,970	)			(645,651	)			(3,788,199	)
Net increase (decrease) in net assets from capital stock transactions			1,407,483				4,805,395				(21,439,736	)			(56,353,165	)
Redemption fees (Note 2(l))
Institutional Shares			2				—				479				7,632
Net increase in net assets from redemption fees			2				—				479				7,632
Total increase (decrease) in net assets			984,199				4,868,741				(21,602,518	)			(36,861,068	)
Net assets at beginning of period			4,868,741				—				228,081,652				264,942,720
Net assets at end of period*		$	5,852,940			$	4,868,741			$	206,479,134			$	228,081,652
* Includes undistributed net investment income of		$	56,248			$	56,183			$	926,521			$	11,254
(a) The Portfolio commenced operations on March 30, 2012.
Shares issued and redeemed Institutional Shares
Shares outstanding at beginning of period			473,673				—				22,422,647				27,954,774
Shares sold			214,869				785,190				1,755,856				4,341,367
Shares issued to shareholders from reinvestment of distributions			6,143				7,030				—				70,775
Shares redeemed			(78,966	)			(318,547	)			(3,805,421	)			(9,944,269	)
Net increase (decrease)			142,046				473,673				(2,049,565	)			(5,532,127	)
Shares outstanding at end of period			615,719				473,673				20,373,082				22,422,647
Open Shares
Shares outstanding at beginning of period			5,426				—				308,937				660,085
Shares sold			—				6,374				48,771				36,305
Shares issued to shareholders from reinvestment of distributions			57				52				—				1,404
Shares redeemed			—				(1,000	)			(63,007	)			(388,857	)
Net increase (decrease)			57				5,426				(14,236	)			(351,148	)
Shares outstanding at end of period			5,483				5,426				294,701				308,937

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

136  Semi-Annual Report

   The Lazard Funds, Inc. Financial Highlights

LAZARD US EQUITY CONCENTRATED PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	10.71		$	9.24		$	9.56		$	8.62		$	7.00		$	11.25
Income (loss) from investment operations:
Net investment income (a)		0.09			0.20			0.15			0.10			0.12			0.18
Net realized and unrealized gain (loss)		1.41			1.37			(0.30	)		0.93			1.62			(4.26	)
Total from investment operations		1.50			1.57			(0.15	)		1.03			1.74			(4.08	)
Less distributions from:
Net investment income		—			(0.10	)		(0.17	)		(0.09	)		(0.12	)		(0.17	)
Total distributions		—			(0.10	)		(0.17	)		(0.09	)		(0.12	)		(0.17	)
Redemption fees		—			—	(c)		—	(c)		—	(c)		—			—
Net asset value, end of period	$	12.21		$	10.71		$	9.24		$	9.56		$	8.62		$	7.00
Total Return (b)		14.01	%		16.83	%		–1.47	%		12.00	%		24.81	%		–36.18	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	221,264		$	121,379		$	11,108		$	13,066		$	8,464		$	6,554
Ratios to average net assets:
Net expenses (d)		0.84	%		0.93	%		0.75	%		0.97	%		1.00	%		1.00	%
Gross expenses (d)		0.84	%		1.28	%		2.27	%		2.76	%		3.44	%		3.21	%
Net investment income (d)		1.59	%		1.94	%		1.59	%		1.19	%		1.60	%		1.90	%
Portfolio turnover rate		54	%		116	%		53	%		53	%		62	%		97	%

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	10.77		$	9.30		$	9.61		$	8.67		$	7.04		$	11.31
Income (loss) from investment operations:
Net investment income (a)		0.07			0.15			0.12			0.08			0.09			0.15
Net realized and unrealized gain (loss)		1.42			1.39			(0.29	)		0.93			1.64			(4.28	)
Total from investment operations		1.49			1.54			(0.17	)		1.01			1.73			(4.13	)
Less distributions from:
Net investment income		—			(0.07	)		(0.14	)		(0.07	)		(0.10	)		(0.14	)
Total distributions		—			(0.07	)		(0.14	)		(0.07	)		(0.10	)		(0.14	)
Redemption fees		—			—	(c)		—	(c)		—			—	(c)		—
Net asset value, end of period	$	12.26		$	10.77		$	9.30		$	9.61		$	8.67		$	7.04
Total Return (b)		13.83	%		16.51	%		–1.77	%		11.62	%		24.49	%		–36.43	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,023		$	691		$	312		$	294		$	300		$	134
Ratios to average net assets:
Net expenses (d)		1.25	%		1.19	%		1.05	%		1.27	%		1.30	%		1.30	%
Gross expenses (d)		2.08	%		4.84	%		6.49	%		7.28	%		5.52	%		12.10	%
Net investment income (d)		1.18	%		1.51	%		1.30	%		0.88	%		1.15	%		1.56	%
Portfolio turnover rate		54	%		116	%		53	%		53	%		62	%		97	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  137

LAZARD US STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	10.11		$	9.03		$	8.97		$	8.02		$	6.26		$	10.03
Income (loss) from investment operations:
Net investment income (a)		0.07			0.14			0.12			0.07			0.08			0.12
Net realized and unrealized gain (loss)		1.17			1.17			0.02			0.97			1.68			(3.65	)
Total from investment operations		1.24			1.31			0.14			1.04			1.76			(3.53	)
Less distributions from:
Net investment income		—			(0.23	)		(0.08	)		(0.09	)		—			(0.12	)
Net realized gains		—			—			—			—			—			(0.12	)
Total distributions		—			(0.23	)		(0.08	)		(0.09	)		—			(0.24	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—			—
Net asset value, end of period	$	11.35		$	10.11		$	9.03		$	8.97		$	8.02		$	6.26
Total Return (b)		12.27	%		14.56	%		1.65	%		13.13	%		28.12	%		–35.43	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	105,367		$	75,327		$	64,239		$	71,207		$	66,153		$	54,749
Ratios to average net assets:
Net expenses (d)		0.75	%		0.75	%		0.75	%		1.01	%		1.05	%		1.05	%
Gross expenses (d)		0.94	%		0.99	%		1.00	%		1.06	%		1.09	%		1.06	%
Net investment income (d)		1.24	%		1.40	%		1.29	%		0.88	%		1.26	%		1.45	%
Portfolio turnover rate		38	%		60	%		48	%		49	%		76	%		82	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	10.14		$	9.04		$	8.97		$	8.02		$	6.28		$	10.05
Income (loss) from investment operations:
Net investment income (a)		0.05			0.11			0.09			0.05			0.07			0.10
Net realized and unrealized gain (loss)		1.18			1.16			0.03			0.97			1.67			(3.65	)
Total from investment operations		1.23			1.27			0.12			1.02			1.74			(3.55	)
Less distributions from:
Net investment income		—			(0.17	)		(0.05	)		(0.07	)		—			(0.10	)
Net realized gains		—			—			—			—			—			(0.12	)
Total distributions		—			(0.17	)		(0.05	)		(0.07	)		—			(0.22	)
Redemption fees		—			—			—			—	(c)		—			—
Net asset value, end of period	$	11.37		$	10.14		$	9.04		$	8.97		$	8.02		$	6.28
Total Return (b)		12.13	%		14.10	%		1.42	%		12.79	%		27.71	%		–35.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	8,726		$	8,401		$	8,478		$	10,024		$	8,945		$	7,218
Ratios to average net assets:
Net expenses (d)		1.05	%		1.05	%		1.05	%		1.31	%		1.35	%		1.35	%
Gross expenses (d)		1.32	%		1.37	%		1.36	%		1.44	%		1.39	%		1.51	%
Net investment income (d)		0.93	%		1.10	%		0.99	%		0.59	%		0.96	%		1.15	%
Portfolio turnover rate		38	%		60	%		48	%		49	%		76	%		82	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

138   Semi-Annual Report

LAZARD US MID CAP EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	12.52		$	11.87		$	12.61		$	10.31		$	7.50		$	12.46
Income (loss) from investment operations:
Net investment income (a)		0.04			0.05			0.05			0.10			0.08			0.15
Net realized and unrealized gain (loss)		1.78			0.63			(0.75	)		2.31			2.81			(4.93	)
Total from investment operations		1.82			0.68			(0.70	)		2.41			2.89			(4.78	)
Less distributions from:
Net investment income		—			(0.03	)		(0.04	)		(0.11	)		(0.08	)		(0.18	)
Total distributions		—			(0.03	)		(0.04	)		(0.11	)		(0.08	)		(0.18	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	14.34		$	12.52		$	11.87		$	12.61		$	10.31		$	7.50
Total Return (b)		14.54	%		5.76	%		–5.58	%		23.43	%		38.49	%		–38.33	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	25,215		$	30,803		$	91,740		$	126,626		$	143,267		$	103,650
Ratios to average net assets:
Net expenses (d)		1.05	%		0.98	%		0.93	%		0.91	%		0.91	%		0.89	%
Gross expenses (d)		1.16	%		0.98	%		0.93	%		0.91	%		0.91	%		0.89	%
Net investment income (d)		0.62	%		0.40	%		0.37	%		0.90	%		0.90	%		1.41	%
Portfolio turnover rate		47	%		102	%		83	%		75	%		77	%		81	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	12.35		$	11.72		$	12.45		$	10.18		$	7.40		$	12.29
Income (loss) from investment operations:
Net investment income (a)		0.02			0.03			0.01			0.07			0.05			0.13
Net realized and unrealized gain (loss)		1.76			0.61			(0.74	)		2.28			2.78			(4.87	)
Total from investment operations		1.78			0.64			(0.73	)		2.35			2.83			(4.74	)
Less distributions from:
Net investment income		—			(0.01	)		—	(c)		(0.08	)		(0.05	)		(0.15	)
Total distributions		—			(0.01	)		—	(c)		(0.08	)		(0.05	)		(0.15	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	14.13		$	12.35		$	11.72		$	12.45		$	10.18		$	7.40
Total Return (b)		14.41	%		5.44	%		–5.84	%		23.09	%		38.26	%		–38.53	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	31,689		$	41,492		$	52,048		$	69,551		$	69,737		$	64,372
Ratios to average net assets:
Net expenses (d)		1.35	%		1.26	%		1.19	%		1.17	%		1.17	%		1.15	%
Gross expenses (d)		1.40	%		1.26	%		1.19	%		1.17	%		1.17	%		1.15	%
Net investment income (d)		0.32	%		0.21	%		0.11	%		0.66	%		0.64	%		1.17	%
Portfolio turnover rate		47	%		102	%		83	%		75	%		77	%		81	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than on year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  139

LAZARD US SMALL-MID CAP EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	13.29		$	11.82		$	14.55		$	11.80		$	7.59		$	11.58
Income (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.05			0.01			0.09			(0.01	)		0.01
Net realized and unrealized gain (loss)		1.93			1.77			(1.45	)		2.70			4.22			(4.00	)
Total from investment operations		1.94			1.82			(1.44	)		2.79			4.21			(3.99	)
Less distributions from:
Net investment income		—			(0.02	)		—			(0.04	)		—			—
Net realized gains		—			(0.33	)		(1.29	)		—			—			—
Total distributions		—			(0.35	)		(1.29	)		(0.04	)		—			—
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Net asset value, end of period	$	15.23		$	13.29		$	11.82		$	14.55		$	11.80		$	7.59
Total Return (b)		14.60	%		15.45	%		–9.83	%		23.67	%		55.47	%		–34.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	301,905		$	289,855		$	167,042		$	238,901		$	56,042		$	36,934
Ratios to average net assets:
Net expenses (d)		0.86	%		0.88	%		0.90	%		1.00	%		1.22	%		1.13	%
Gross expenses (d)		0.86	%		0.88	%		0.90	%		1.00	%		1.23	%		1.13	%
Net investment income (loss) (d)		0.14	%		0.41	%		0.08	%		0.68	%		–0.12	%		0.08	%
Portfolio turnover rate		53	%		92	%		110	%		114	%		195	%		138	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	12.92		$	11.52		$	14.26		$	11.56		$	7.46		$	11.43
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.01	)		—	(c)		(0.03	)		0.03			(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		1.87			1.73			(1.42	)		2.67			4.14			(3.94	)
Total from investment operations		1.86			1.73			(1.45	)		2.70			4.10			(3.97	)
Less distributions from:
Net realized gains		—			(0.33	)		(1.29	)		—			—			—
Total distributions		—			(0.33	)		(1.29	)		—			—			—
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	14.78		$	12.92		$	11.52		$	14.26		$	11.56		$	7.46
Total Return (b)		14.48	%		14.97	%		–10.09	%		23.36	%		54.96	%		–34.73	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	14,085		$	15,984		$	20,039		$	21,620		$	19,531		$	10,500
Ratios to average net assets:
Net expenses (d)		1.19	%		1.21	%		1.21	%		1.34	%		1.51	%		1.49	%
Gross expenses (d)		1.19	%		1.21	%		1.21	%		1.34	%		1.52	%		1.49	%
Net investment income (loss) (d)		–0.20	%		0.01	%		–0.23	%		0.21	%		–0.40	%		–0.26	%
Portfolio turnover rate		53	%		92	%		110	%		114	%		195	%		138	%

†	Unaudited.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

140  Semi-Annual Report

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended									Period Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09*
Institutional Shares
Net asset value, beginning of period	$	10.96		$	9.78		$	10.31		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.25			0.31			0.33			0.30			—	(c)
Net realized and unrealized gain (loss)		1.16			1.43			(0.48	)		0.34			—
Total from investment operations		1.41			1.74			(0.15	)		0.64			—	(c)
Less distributions from:
Net investment income		(0.18	)		(0.35	)		(0.15	)		(0.23	)		—
Net realized gains		—			(0.21	)		(0.23	)		(0.10	)		—
Total distributions		(0.18	)		(0.56	)		(0.38	)		(0.33	)		—
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—
Net asset value, end of period	$	12.19		$	10.96		$	9.78		$	10.31		$	10.00
Total Return (b)		12.89	%		18.05	%		–1.55	%		6.63	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	387,394		$	125,112		$	104,439		$	115,680		$	74
Ratios to average net assets:
Net expenses (d)		1.00	%		1.14	%		1.09	%		1.30	%		1.30	%
Gross expenses (d)		1.00	%		1.14	%		1.09	%		1.35	%		1,825.00	%(e)
Net investment income (loss) (d)		4.24	%		3.01	%		3.15	%		3.01	%		–1.30	%
Portfolio turnover rate		28	%		26	%		135	%		46	%		0	%
Selected data for a share of capital	Six Months Ended			Year Ended									Period Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09*
Open Shares
Net asset value, beginning of period	$	10.97		$	9.78		$	10.34		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.23			0.28			0.28			0.24			—	(c)
Net realized and unrealized gain (loss)		1.17			1.42			(0.49	)		0.38			—
Total from investment operations		1.40			1.70			(0.21	)		0.62			—	(c)
Less distributions from:
Net investment income		(0.16	)		(0.30	)		(0.12	)		(0.18	)		—
Net realized gains		—			(0.21	)		(0.23	)		(0.10	)		—
Total distributions		(0.16	)		(0.51	)		(0.35	)		(0.28	)		—
Redemption fees		—	(c)		—	(c)		—	(c)		—			—
Net asset value, end of period	$	12.21		$	10.97		$	9.78		$	10.34		$	10.00
Total Return (b)		12.79	%		17.54	%		–1.95	%		6.28	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	25,138		$	12,715		$	8,359		$	118		$	50
Ratios to average net assets:
Net expenses (d)		1.32	%		1.50	%		1.60	%		1.60	%		1.60	%
Gross expenses (d)		1.32	%		1.50	%		1.67	%		18.06	%		1,825.00	%(e)
Net investment income (loss) (d)		3.95	%		2.66	%		2.81	%		2.37	%		–1.60	%
Portfolio turnover rate		28	%		26	%		135	%		46	%		0	%

†	Unaudited.
*	Portfolio commenced operations on December 31, 2009.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.
(e)	Gross expense ratio was the result of the Portfolio being in existence for one day during the period ended 12/31/09.

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

Semi-Annual Report  141

LAZARD INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	14.78		$	12.49		$	13.81		$	13.14		$	10.50		$	17.55
Income (loss) from investment operations:
Net investment income (a)		0.22			0.25			0.27			0.21			0.26			0.36
Net realized and unrealized gain (loss)		0.20			2.56			(1.25	)		0.82			2.38			(7.00	)
Total from investment operations		0.42			2.81			(0.98	)		1.03			2.64			(6.64	)
Less distributions from:
Net investment income		—			(0.52	)		(0.34	)		(0.36	)		—	(c)		(0.41	)
Total distributions		—			(0.52	)		(0.34	)		(0.36	)		—	(c)		(0.41	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	15.20		$	14.78		$	12.49		$	13.81		$	13.14		$	10.50
Total Return (b)		2.84	%		22.70	%		–7.17	%		8.04	%		25.19	%		–37.75	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	143,422		$	109,088		$	86,880		$	127,485		$	139,070		$	119,870
Ratios to average net assets:
Net expenses (d)		0.96	%		1.02	%		1.03	%		0.98	%		0.99	%		0.93	%
Gross expenses (d)		0.96	%		1.02	%		1.03	%		0.98	%		0.99	%		0.93	%
Net investment income (d)		2.84	%		1.85	%		1.99	%		1.63	%		2.33	%		2.47	%
Portfolio turnover rate		21	%		48	%		39	%		53	%		66	%		44	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	14.94		$	12.59		$	13.91		$	13.24		$	10.60		$	17.69
Income (loss) from investment operations:
Net investment income (a)		0.20			0.21			0.24			0.16			0.22			0.31
Net realized and unrealized gain (loss)		0.20			2.57			(1.26	)		0.83			2.42			(7.04	)
Total from investment operations		0.40			2.78			(1.02	)		0.99			2.64			(6.73	)
Less distributions from:
Net investment income		—			(0.43	)		(0.30	)		(0.32	)		—			(0.36	)
Total distributions		—			(0.43	)		(0.30	)		(0.32	)		—			(0.36	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Net asset value, end of period	$	15.34		$	14.94		$	12.59		$	13.91		$	13.24		$	10.60
Total Return (b)		2.68	%		22.30	%		–7.42	%		7.65	%		24.91	%		–37.98	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	31,379		$	25,610		$	18,699		$	28,670		$	19,520		$	14,829
Ratios to average net assets:
Net expenses (d)		1.24	%		1.32	%		1.33	%		1.29	%		1.27	%		1.28	%
Gross expenses (d)		1.24	%		1.32	%		1.33	%		1.29	%		1.27	%		1.28	%
Net investment income (d)		2.61	%		1.49	%		1.78	%		1.25	%		1.98	%		2.16	%
Portfolio turnover rate		21	%		48	%		39	%		53	%		66	%		44	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

142  Semi-Annual Report

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	8.51		$	7.18		$	7.99		$	7.70		$	6.39		$	11.78
Income (loss) from investment operations:
Net investment income (a)		0.13			0.12			0.13			0.14			0.17			0.30
Net realized and unrealized gain (loss)		(0.06	)		1.43			(0.70	)		0.49			1.16			(4.73	)
Total from investment operations		0.07			1.55			(0.57	)		0.63			1.33			(4.43	)
Less distributions from:
Net investment income		—			(0.22	)		(0.24	)		(0.34	)		(0.02	)		(0.33	)
Net realized gains		—			—			—			—			—			(0.63	)
Total distributions		—			(0.22	)		(0.24	)		(0.34	)		(0.02	)		(0.96	)
Redemption fees		—	(c)		—	(c)		—	(c)		—			—	(c)		—	(c)
Net asset value, end of period	$	8.58		$	8.51		$	7.18		$	7.99		$	7.70		$	6.39
Total Return (b)		0.82	%		21.59	%		–7.14	%		8.49	%		20.86	%		–38.74	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	13,001		$	7,571		$	4,519		$	3,614		$	3,925		$	3,860
Ratios to average net assets:
Net expenses (d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses (d)		2.47	%		4.17	%		4.66	%		5.08	%		3.46	%		2.24	%
Net investment income (d)		2.92	%		1.55	%		1.72	%		1.80	%		2.52	%		3.06	%
Portfolio turnover rate		19	%		46	%		55	%		75	%		67	%		52	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	8.57		$	7.20		$	8.02		$	7.72		$	6.41		$	11.81
Income (loss) from investment operations:
Net investment income (a)		0.10			0.12			0.11			0.12			0.14			0.26
Net realized and unrealized gain (loss)		(0.05	)		1.42			(0.72	)		0.49			1.17			(4.73	)
Total from investment operations		0.05			1.54			(0.61	)		0.61			1.31			(4.47	)
Less distributions from:
Net investment income		—			(0.17	)		(0.21	)		(0.31	)		—	(c)		(0.30	)
Net realized gains		—			—			—			—			—			(0.63	)
Total distributions		—			(0.17	)		(0.21	)		(0.31	)		—	(c)		(0.93	)
Redemption fees		—			—	(c)		—			—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	8.62		$	8.57		$	7.20		$	8.02		$	7.72		$	6.41
Total Return (b)		0.58	%		21.23	%		–7.41	%		8.29	%		20.49	%		–39.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,073		$	2,888		$	2,463		$	3,056		$	4,530		$	5,853
Ratios to average net assets:
Net expenses (d)		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Gross expenses (d)		3.09	%		4.77	%		5.12	%		5.31	%		3.62	%		2.47	%
Net investment income (d)		2.33	%		1.55	%		1.43	%		1.56	%		2.11	%		2.67	%
Portfolio turnover rate		19	%		46	%		55	%		75	%		67	%		52	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  143

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	11.71		$	9.46		$	10.63		$	9.41		$	7.51		$	12.92
Income (loss) from investment operations:
Net investment income (a)		0.17			0.15			0.16			0.13			0.20			0.26
Net realized and unrealized gain (loss)		0.67			2.21			(1.19	)		1.22			1.88			(5.43	)
Total from investment operations		0.84			2.36			(1.03	)		1.35			2.08			(5.17	)
Less distributions from:
Net investment income		—			(0.11	)		(0.14	)		(0.13	)		(0.18	)		(0.22	)
Net realized gains		—			—			—			—			—			(0.02	)
Total distributions		—			(0.11	)		(0.14	)		(0.13	)		(0.18	)		(0.24	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	12.55		$	11.71		$	9.46		$	10.63		$	9.41		$	7.51
Total Return (b)		7.17	%		25.00	%		–9.70	%		14.43	%		27.76	%		–39.98	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,499,155		$	893,610		$	435,411		$	356,098		$	311,570		$	245,604
Ratios to average net assets:
Net expenses (d)		0.82	%		0.86	%		0.88	%		0.90	%		0.91	%		0.90	%
Gross expenses (d)		0.82	%		0.86	%		0.88	%		0.90	%		0.91	%		0.90	%
Net investment income (d)		2.73	%		1.45	%		1.53	%		1.30	%		2.42	%		2.48	%
Portfolio turnover rate		19	%		52	%		53	%		55	%		129	%		72	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	11.80		$	9.53		$	10.68		$	9.43		$	7.51		$	12.90
Income (loss) from investment operations:
Net investment income (a)		0.15			0.09			0.13			0.09			0.16			0.23
Net realized and unrealized gain (loss)		0.68			2.26			(1.20	)		1.24			1.90			(5.42	)
Total from investment operations		0.83			2.35			(1.07	)		1.33			2.06			(5.19	)
Less distributions from:
Net investment income		—			(0.08	)		(0.08	)		(0.08	)		(0.14	)		(0.18	)
Net realized gains		—			—			—			—			—			(0.02	)
Total distributions		—			(0.08	)		(0.08	)		(0.08	)		(0.14	)		(0.20	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	12.63		$	11.80		$	9.53		$	10.68		$	9.43		$	7.51
Total Return (b)		7.03	%		24.74	%		–10.01	%		14.09	%		27.38	%		–40.18	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	501,241		$	315,811		$	63,280		$	46,051		$	19,446		$	13,627
Ratios to average net assets:
Net expenses (d)		1.08	%		1.13	%		1.16	%		1.20	%		1.21	%		1.24	%
Gross expenses (d)		1.08	%		1.13	%		1.16	%		1.20	%		1.21	%		1.24	%
Net investment income (d)		2.41	%		0.87	%		1.26	%		0.89	%		1.98	%		2.23	%
Portfolio turnover rate		19	%		52	%		53	%		55	%		129	%		72	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

144  Semi-Annual Report

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	8.12		$	6.84		$	8.12		$	6.68		$	4.80		$	10.49
Income (loss) from investment operations:
Net investment income (a)		0.08			0.11			0.13			0.10			0.08			0.15
Net realized and unrealized gain (loss)		0.56			1.40			(1.27	)		1.45			1.80			(5.19	)
Total from investment operations		0.64			1.51			(1.14	)		1.55			1.88			(5.04	)
Less distributions from:
Net investment income		—			(0.23	)		(0.14	)		(0.11	)		—			(0.14	)
Net realized gains		—			—			—			—			—			(0.51	)
Total distributions		—			(0.23	)		(0.14	)		(0.11	)		—			(0.65	)
Redemption fees		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	8.76		$	8.12		$	6.84		$	8.12		$	6.68		$	4.80
Total Return (b)		7.88	%		22.28	%		–14.11	%		23.55	%		39.17	%		–49.84	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	42,651		$	45,360		$	38,879		$	47,134		$	40,243		$	74,640
Ratios to average net assets:
Net expenses (d)		1.13	%		1.13	%		1.13	%		1.13	%		1.17	%		0.98	%
Gross expenses (d)		1.16	%		1.18	%		1.17	%		1.21	%		1.21	%		0.98	%
Net investment income (d)		1.82	%		1.40	%		1.65	%		1.39	%		1.55	%		1.81	%
Portfolio turnover rate		28	%		48	%		28	%		41	%		51	%		61	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	8.17		$	6.86		$	8.14		$	6.70		$	4.82		$	10.51
Income (loss) from investment operations:
Net investment income (a)		0.06			0.08			0.10			0.08			0.07			0.13
Net realized and unrealized gain (loss)		0.57			1.41			(1.26	)		1.45			1.81			(5.20	)
Total from investment operations		0.63			1.49			(1.16	)		1.53			1.88			(5.07	)
Less distributions from:
Net investment income		—			(0.18	)		(0.12	)		(0.09	)		—			(0.11	)
Net realized gains		—			—			—			—			—			(0.51	)
Total distributions		—			(0.18	)		(0.12	)		(0.09	)		—			(0.62	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	8.80		$	8.17		$	6.86		$	8.14		$	6.70		$	4.82
Total Return (b)		7.71	%		21.96	%		–14.36	%		23.13	%		39.00	%		–50.02	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	18,229		$	17,669		$	17,744		$	24,984		$	27,920		$	30,052
Ratios to average net assets:
Net expenses (d)		1.43	%		1.43	%		1.43	%		1.43	%		1.43	%		1.31	%
Gross expenses (d)		1.45	%		1.48	%		1.46	%		1.49	%		1.48	%		1.31	%
Net investment income (d)		1.47	%		1.08	%		1.34	%		1.09	%		1.28	%		1.56	%
Portfolio turnover rate		28	%		48	%		28	%		41	%		51	%		61	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  145

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	19.54		$	16.80		$	21.78		$	18.01		$	10.88		$	23.88
Income (loss) from investment operations:
Net investment income (a)		0.25			0.35			0.49			0.38			0.35			0.61
Net realized and unrealized gain (loss)		(1.90	)		3.39			(4.36	)		3.71			7.24			(11.78	)
Total from investment operations		(1.65	)		3.74			(3.87	)		4.09			7.59			(11.17	)
Less distributions from:
Net investment income		—			(0.36	)		(0.63	)		(0.32	)		(0.46	)		(0.49	)
Net realized gains		—			(0.64	)		(0.48	)		—			—			(1.34	)
Total distributions		—			(1.00	)		(1.11	)		(0.32	)		(0.46	)		(1.83	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	17.89		$	19.54		$	16.80		$	21.78		$	18.01		$	10.88
Total Return (b)		–8.44	%		22.36	%		–17.75	%		22.81	%		69.82	%		–47.88	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	12,332,816		$	13,315,172		$	10,902,557		$	14,561,085		$	8,497,341		$	3,295,983
Ratios to average net assets:
Net expenses (d)		1.10	%		1.10	%		1.12	%		1.14	%		1.15	%		1.17	%
Gross expenses (d)		1.10	%		1.10	%		1.12	%		1.14	%		1.15	%		1.17	%
Net investment income (d)		2.58	%		1.85	%		2.44	%		1.96	%		2.40	%		3.16	%
Portfolio turnover rate		7	%		23	%		23	%		23	%		49	%		43	%

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	20.03		$	17.20		$	22.19		$	18.28		$	11.05		$	24.17
Income (loss) from investment operations:
Net investment income (a)		0.22			0.30			0.49			0.34			0.29			0.52
Net realized and unrealized gain (loss)		(1.94	)		3.47			(4.50	)		3.76			7.35			(11.87	)
Total from investment operations		(1.72	)		3.77			(4.01	)		4.10			7.64			(11.35	)
Less distributions from:
Net investment income		—			(0.30	)		(0.50	)		(0.19	)		(0.41	)		(0.43	)
Net realized gains		—			(0.64	)		(0.48	)		—			—			(1.34	)
Total distributions		—			(0.94	)		(0.98	)		(0.19	)		(0.41	)		(1.77	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	18.31		$	20.03		$	17.20		$	22.19		$	18.28		$	11.05
Total Return (b)		–8.59	%		22.03	%		–18.02	%		22.43	%		69.14	%		–48.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,282,161		$	2,625,843		$	2,731,646		$	4,187,207		$	3,478,654		$	1,135,042
Ratios to average net assets:
Net expenses (d)		1.38	%		1.40	%		1.42	%		1.49	%		1.55	%		1.53	%(e)
Gross expenses (d)		1.38	%		1.40	%		1.42	%		1.49	%		1.55	%		1.54	%
Net investment income (d)		2.27	%		1.58	%		2.18	%		1.73	%		1.94	%		2.72	%
Portfolio turnover rate		7	%		23	%		23	%		23	%		49	%		43	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.
(e)	The Portfolio’s excess cash in demand deposit accounts may receive credits that are available to offset custody expenses. As a result of these credits, the net expenses were reduced by 0.01%.

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

146   Semi-Annual Report

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended												For the Period 9/30/08* to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	12.40		$	10.68		$	15.12		$	13.18		$	6.54		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.12			0.09			0.06			0.02			0.01			0.01
Net realized and unrealized gain (loss)		(1.75	)		1.74			(4.00	)		3.63			7.09			(3.46	)
Total from investment operations		(1.63	)		1.83			(3.94	)		3.65			7.10			(3.45	)
Less distributions from:
Net investment income		—			(0.11	)		—			(0.09	)		(0.04	)		(0.01	)
Net realized gains		—			—			(0.50	)		(1.62	)		(0.42	)		—
Total distributions		—			(0.11	)		(0.50	)		(1.71	)		(0.46	)		(0.01	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—
Net asset value, end of period	$	10.77		$	12.40		$	10.68		$	15.12		$	13.18		$	6.54
Total Return (b)		–13.15	%		17.16	%		–26.15	%		28.62	%		108.53	%		–34.54	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	513,183		$	339,771		$	160,441		$	72,798		$	20,002		$	6,539
Ratios to average net assets:
Net expenses (d)		1.13	%		1.21	%		1.30	%		1.30	%		1.30	%		1.30	%
Gross expenses (d)		1.13	%		1.21	%		1.30	%		1.67	%		2.81	%		11.98	%
Net investment income (d)		1.98	%		0.74	%		0.45	%		0.15	%		0.07	%		0.34	%
Portfolio turnover rate		26	%		61	%		68	%		112	%		96	%		72	%

Selected data for a share of capital	Six Months Ended			Year Ended												For the Period 9/30/08* to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	12.40		$	10.68		$	15.16		$	13.19		$	6.55		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.09			0.05			0.01			(0.05	)		(0.08	)		—	(c)
Net realized and unrealized gain (loss)		(1.74	)		1.74			(3.99	)		3.65			7.13			(3.45	)
Total from investment operations		(1.65	)		1.79			(3.98	)		3.60			7.05			(3.45	)
Less distributions from:
Net investment income		—			(0.07	)		—			(0.01	)		—	(c)		—
Net realized gains		—			—			(0.50	)		(1.62	)		(0.42	)		—
Total distributions		—			(0.07	)		(0.50	)		(1.63	)		(0.42	)		—
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		0.01			—
Net asset value, end of period	$	10.75		$	12.40		$	10.68		$	15.16		$	13.19		$	6.55
Total Return (b)		–13.31	%		16.79	%		–26.34	%		28.13	%		108.17	%		–34.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	80,629		$	93,352		$	63,415		$	101,584		$	42,975		$	357
Ratios to average net assets:
Net expenses (d)		1.44	%		1.53	%		1.60	%		1.60	%		1.60	%		1.60	%
Gross expenses (d)		1.44	%		1.53	%		1.62	%		1.85	%		2.54	%		28.95	%
Net investment income (loss) (d)		1.50	%		0.43	%		0.10	%		–0.33	%		–0.63	%		–0.09	%
Portfolio turnover rate		26	%		61	%		68	%		112	%		96	%		72	%

†	Unaudited.
*	Portfolio commenced operations on September 30, 2008.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  147

LAZARD EMERGING MARKETS EQUITY BLEND PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended						For the Period 5/28/10* to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	11.45		$	9.77		$	12.45		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.12			0.11			0.15			(0.01	)
Net realized and unrealized gain (loss)		(1.01	)		1.68			(2.70	)		2.48
Total from investment operations		(0.89	)		1.79			(2.55	)		2.47
Less distributions from:
Net investment income		—			(0.11	)		(0.08	)		—
Net realized gains		—			—			(0.05	)		(0.02	)
Total distributions		—			(0.11	)		(0.13	)		(0.02	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	10.56		$	11.45		$	9.77		$	12.45
Total Return (b)		–7.77	%		18.19	%		–20.43	%		24.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	402,944		$	201,512		$	85,091		$	54,826
Ratios to average net assets:
Net expenses (d)		1.19	%		1.34	%		1.35	%		1.35	%
Gross expenses (d)		1.19	%		1.34	%		1.54	%		6.24	%
Net investment income (loss) (d)		2.21	%		1.01	%		1.34	%		–0.16	%
Portfolio turnover rate		28	%		57	%		62	%		62	%

Selected data for a share of capital	Six Months Ended			Year Ended						For the Period 5/28/10* to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	11.44		$	9.76		$	12.43		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.10			0.09			0.11			(0.05	)
Net realized and unrealized gain (loss)		(1.01	)		1.66			(2.68	)		2.50
Total from investment operations		(0.91	)		1.75			(2.57	)		2.45
Less distributions from:
Net investment income		—			(0.07	)		(0.05	)		—
Net realized gains		—			—			(0.05	)		(0.02	)
Total distributions		—			(0.07	)		(0.10	)		(0.02	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	10.53		$	11.44		$	9.76		$	12.43
Total Return (b)		–8.04	%		17.97	%		–20.74	%		24.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	50,929		$	37,648		$	22,571		$	9,121
Ratios to average net assets:
Net expenses (d)		1.59	%		1.64	%		1.65	%		1.65	%
Gross expenses (d)		1.59	%		1.77	%		1.92	%		6.06	%
Net investment income (loss) (d)		1.84	%		0.78	%		0.94	%		–0.70	%
Portfolio turnover rate		28	%		57	%		62	%		62	%

†	Unaudited.
*	Portfolio commenced operations on May 28, 2010.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

148   Semi-Annual Report

LAZARD EMERGING MARKETS MULTI-STRATEGY PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/13†			Year Ended 12/31/12			For the Period 3/31/11* to 12/31/11
Institutional Shares
Net asset value, beginning of period	$	9.70		$	8.57		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.08			0.09			0.09
Net realized and unrealized gain (loss)		(0.75	)		1.11			(1.47	)
Total from investment operations		(0.67	)		1.20			(1.38	)
Less distributions from:
Net investment income		—			(0.07	)		(0.05	)
Total distributions		—			(0.07	)		(0.05	)
Redemption fees		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	9.03		$	9.70		$	8.57
Total Return (b)		–6.91	%		14.02	%		–13.79	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	181,993		$	125,019		$	56,527
Ratios to average net assets:
Net expenses (d)		1.28	%		1.30	%		1.30	%
Gross expenses (d)		1.28	%		1.57	%		2.23	%
Net investment income (d)		1.76	%		1.01	%		1.34	%
Portfolio turnover rate		47	%		160	%		98	%

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/13†			Year Ended 12/31/12			For the Period 3/31/11* to 12/31/11
Open Shares
Net asset value, beginning of period	$	9.71		$	8.59		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.07			0.08			0.07
Net realized and unrealized gain (loss)		(0.76	)		1.08			(1.46	)
Total from investment operations		(0.69	)		1.16			(1.39	)
Less distributions from:
Net investment income		—			(0.04	)		(0.02	)
Total distributions		—			(0.04	)		(0.02	)
Redemption fees		—			—			—	(c)
Net asset value, end of period	$	9.02		$	9.71		$	8.59
Total Return (b)		–7.00	%		13.28	%		–13.67	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,162		$	858		$	262
Ratios to average net assets:
Net expenses (d)		1.60	%		1.60	%		1.60	%
Gross expenses (d)		2.78	%		3.82	%		16.96	%
Net investment income (d)		1.47	%		0.82	%		1.00	%
Portfolio turnover rate		47	%		160	%		98	%

†	Unaudited.
*	Portfolio commenced operations on March 31, 2011.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  149

LAZARD EMERGING MARKETS DEBT PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/13†			Year Ended 12/31/12			For the Period 2/28/11* to 12/31/11
Institutional Shares
Net asset value, beginning of period	$	10.85		$	9.76		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.25			0.48			0.34
Net realized and unrealized gain (loss)		(1.08	)		1.33			(0.17	)
Total from investment operations		(0.83	)		1.81			0.17
Less distributions from:
Net investment income		(0.25	)		(0.48	)		(0.40	)
Net realized gains		—			(0.24	)		(0.01	)
Total distributions		(0.25	)		(0.72	)		(0.41	)
Redemption fees		—	(c)		—	(c)		—
Net asset value, end of period	$	9.77		$	10.85		$	9.76
Total Return (b)		–7.78	%		18.95	%		1.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	334,578		$	286,163		$	106,813
Ratios to average net assets:
Net expenses (d)		0.95	%		1.00	%		1.04	%
Gross expenses (d)		0.95	%		1.03	%		1.67	%
Net investment income (d)		4.75	%		4.60	%		4.14	%
Portfolio turnover rate		51	%		220	%		108	%

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/13†			Year Ended 12/31/12			For the Period 2/28/11* to 12/31/11
Open Shares
Net asset value, beginning of period	$	10.88		$	9.77		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.22			0.45			0.33
Net realized and unrealized gain (loss)		(1.06	)		1.35			(0.20	)
Total from investment operations		(0.84	)		1.80			0.13
Less distributions from:
Net investment income		(0.24	)		(0.45	)		(0.35	)
Net realized gains		—			(0.24	)		(0.01	)
Total distributions		(0.24	)		(0.69	)		(0.36	)
Redemption fees		—	(c)		—	(c)		—
Net asset value, end of period	$	9.80		$	10.88		$	9.77
Total Return (b)		–7.91	%		18.68	%		1.34	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	9,113		$	1,138		$	128
Ratios to average net assets:
Net expenses (d)		1.30	%		1.30	%		1.39	%
Gross expenses (d)		1.35	%		2.97	%		16.28	%
Net investment income (d)		4.26	%		4.26	%		3.84	%
Portfolio turnover rate		51	%		220	%		108	%

†	Unaudited.
*	Portfolio commenced operations on February 28, 2011.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

150  Semi-Annual Report

LAZARD US REALTY INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/13†			Year Ended 12/31/12			For the Period 9/26/11* to 12/31/11
Institutional Shares
Net asset value, beginning of period	$	8.57		$	7.46		$	9.73
Income from investment operations:
Net investment income (a)		0.23			0.49			0.16
Net realized and unrealized gain		0.47			1.23			0.55
Total from investment operations		0.70			1.72			0.71
Less distributions from:
Net investment income		(0.22	)		(0.37	)		(0.24	)
Net realized gains		—			(0.24	)		(2.74	)
Total distributions		(0.22	)		(0.61	)		(2.98	)
Redemption fees		—	(c)		—	(c)		—
Net asset value, end of period	$	9.05		$	8.57		$	7.46
Total Return (b)		8.25	%		23.32	%		9.71	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	59,624		$	52,024		$	19,849
Ratios to average net assets:
Net expenses (d)		0.92	%		1.15	%		1.15	%
Gross expenses (d)		0.92	%		1.16	%		2.31	%
Net investment income (d)		5.02	%		5.94	%		8.26	%
Portfolio turnover rate		53	%		42	%		89	%

Selected data for a share of capital	Six Months Ended			Year Ended			For the Period 6/1/11 to			Year Ended						For the Period 7/30/08** to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			5/31/11			5/31/10			5/31/09
Open Shares
Net asset value, beginning of period	$	8.56		$	7.45		$	11.34		$	10.78		$	6.79		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.22			0.51			0.44			0.32			0.48			0.41
Net realized and unrealized gain (loss)		0.47			1.19			(1.21	)		2.05			4.10			(3.26	)
Total from investment operations		0.69			1.70			(0.77	)		2.37			4.58			(2.85	)
Less distributions from:
Net investment income		(0.21	)		(0.35	)		(0.38	)		(0.64	)		(0.59	)		(0.36	)
Net realized gains		—			(0.24	)		(2.74	)		(1.17	)		—			—
Total distributions		(0.21	)		(0.59	)		(3.12	)		(1.81	)		(0.59	)		(0.36	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	9.04		$	8.56		$	7.45		$	11.34		$	10.78		$	6.79
Total Return (b)		8.13	%		23.00	%		–4.82	%		23.27	%		69.50	%		–27.15	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	111,366		$	55,393		$	6,007		$	15,830		$	9,864		$	3,817
Ratios to average net assets:
Net expenses (d)		1.18	%		1.45	%		1.47	%		1.48	%		1.48	%		1.48	%
Gross expenses (d)		1.18	%		1.47	%		3.05	%		2.42	%		4.20	%		19.67	%
Net investment income (d)		4.81	%		6.18	%		7.49	%		2.81	%		5.14	%		8.19	%
Portfolio turnover rate		53	%		42	%		89	%		77	%		116	%		71	%

†	Unaudited.
*	The inception date for Institutional Shares was September 26, 2011.
**	Portfolio commenced operations on July 30, 2008.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  151

LAZARD US REALTY EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended			For the Period 9/26/11* to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	17.40		$	14.89		$	15.76
Income from investment operations:
Net investment income (a)		0.19			0.31			0.10
Net realized and unrealized gain		0.67			2.79			2.91
Total from investment operations		0.86			3.10			3.01
Less distributions from:
Net investment income		—			(0.17	)		(0.12	)
Net realized gains		—			(0.42	)		(3.76	)
Total distributions		—			(0.59	)		(3.88	)
Redemption fees		—			—	(c)		—
Net asset value, end of period	$	18.26		$	17.40		$	14.89
Total Return (b)		5.00	%		20.83	%		20.84	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,185		$	2,794		$	1,525
Ratios to average net assets:
Net expenses (d)		1.20	%		1.20	%		1.20	%
Gross expenses (d)		1.21	%		2.34	%		13.07	%
Net investment income (d)		2.08	%		1.86	%		2.32	%
Portfolio turnover rate		35	%		52	%		63	%

Selected data for a share of capital	Six Months Ended			Year Ended			For the Period 6/1/11 to			Year Ended						For the Period 12/31/08** to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			5/31/11			5/31/10			5/31/09
Open Shares
Net asset value, beginning of period	$	17.45		$	14.92		$	19.49		$	16.66		$	10.76		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.16			0.30			0.14			(0.07	)		0.05			0.14
Net realized and unrealized gain (loss)		0.69			2.76			(0.90	)		5.17			7.26			0.62
Total from investment operations		0.85			3.06			(0.76	)		5.10			7.31			0.76
Less distributions from:
Net investment income		—			(0.12	)		(0.06	)		(0.04	)		(0.17	)		—
Net realized gains		—			(0.42	)		(3.76	)		(2.23	)		(1.24	)		—
Total distributions		—			(0.54	)		(3.82	)		(2.27	)		(1.41	)		—
Redemption fees		—	(c)		0.01			0.01			—	(c)		—			—
Net asset value, end of period	$	18.30		$	17.45		$	14.92		$	19.49		$	16.66		$	10.76
Total Return (b)		4.87	%		20.58	%		–2.44	%		33.01	%		70.16	%		7.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	87,537		$	65,387		$	1,138		$	4,852		$	2,463		$	110
Ratios to average net assets:
Net expenses (d)		1.37	%		1.50	%		1.80	%		1.93	%		2.00	%		2.00	%
Gross expenses (d)		1.37	%		1.78	%		7.48	%		5.66	%		17.23	%		214.80	%
Net investment income (d)		1.72	%		1.74	%		1.36	%		–0.41	%		0.32	%		3.52	%
Portfolio turnover rate		35	%		52	%		63	%		91	%		138	%		37	%

†	Unaudited.
*	The inception date for Institutional Shares was September 26, 2011.
**	Portfolio commenced operations on December 31, 2008.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

152  Semi-Annual Report

LAZARD INTERNATIONAL REALTY EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/13†			Year Ended 12/31/12			For the Period 9/26/11* to 12/31/11
Institutional Shares
Net asset value, beginning of period	$	16.98		$	12.18		$	13.08
Income (loss) from investment operations:
Net investment income (a)		0.19			0.22			0.03
Net realized and unrealized gain (loss)		(0.66	)		5.27			0.05
Total from investment operations		(0.47	)		5.49			0.08
Less distributions from:
Net investment income		—			(0.57	)		(0.75	)
Net realized gains		—			(0.12	)		(0.23	)
Total distributions		—			(0.69	)		(0.98	)
Redemption fees		—			—	(c)		—
Net asset value, end of period	$	16.51		$	16.98		$	12.18
Total Return (b)		–2.77	%		45.14	%		0.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,739		$	2,797		$	1,914
Ratios to average net assets:
Net expenses (d)		1.30	%		1.30	%		1.30	%
Gross expenses (d)		4.79	%		5.84	%		17.38	%
Net investment income (d)		2.24	%		1.50	%		0.83	%
Portfolio turnover rate		28	%		42	%		41	%

Selected data for a share of capital	Six Months Ended			Year Ended			For the Period 6/1/11 to			Year Ended						For the Period 12/31/08** to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			5/31/11			5/31/10			5/31/09
Open Shares
Net asset value, beginning of period	$	16.97		$	12.17		$	16.98		$	14.54		$	15.39		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.17			0.19			0.06			0.16			0.28			0.10
Net realized and unrealized gain (loss)		(0.67	)		5.25			(3.89	)		3.99			1.40			5.29
Total from investment operations		(0.50	)		5.44			(3.83	)		4.15			1.68			5.39
Less distributions from:
Net investment income		—			(0.52	)		(0.75	)		(0.55	)		(1.51	)		—
Net realized gains		—			(0.12	)		(0.23	)		(1.16	)		(1.05	)		—
Total distributions		—			(0.64	)		(0.98	)		(1.71	)		(2.56	)		—
Redemption fees		—	(c)		—	(c)		—			—	(c)		0.03			—
Net asset value, end of period	$	16.47		$	16.97		$	12.17		$	16.98		$	14.54		$	15.39
Total Return (b)		–2.89	%		44.81	%		–22.98	%		29.13	%		9.65	%		53.90	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,347		$	2,209		$	667		$	1,716		$	1,427		$	424
Ratios to average net assets:
Net expenses (d)		1.60	%		1.60	%		1.84	%		1.96	%		2.00	%		2.00	%
Gross expenses (d)		5.10	%		6.13	%		16.46	%		14.35	%		25.27	%		116.23	%
Net investment income (d)		1.94	%		1.25	%		0.66	%		0.98	%		1.71	%		1.90	%
Portfolio turnover rate		28	%		42	%		41	%		54	%		81	%		5	%

†	Unaudited.
*	The inception date for Institutional Shares was September 26, 2011.
**	Portfolio commenced operations on December 31, 2008.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  153

LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended			For the Period 2/28/11* to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	10.31		$	10.23		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.06			0.14			0.17
Net realized and unrealized gain (loss)		(0.26	)		0.12			0.27
Total from investment operations		(0.20	)		0.26			0.44
Less distributions from:
Net investment income		(0.06	)		(0.14	)		(0.17	)
Net realized gains		—			(0.04	)		(0.04	)
Total distributions		(0.06	)		(0.18	)		(0.21	)
Redemption fees		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	10.05		$	10.31		$	10.23
Total Return (b)		–1.95	%		2.54	%		4.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	17,299		$	19,726		$	11,594
Ratios to average net assets:
Net expenses (d)		0.40	%		0.40	%		0.40	%
Gross expenses (d)		1.45	%		1.41	%		3.09	%
Net investment income (d)		1.17	%		1.34	%		1.97	%
Portfolio turnover rate		33	%		77	%		60	%

Selected data for a share of capital	Six Months Ended			Year Ended			For the Period 2/28/11* to
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	10.31		$	10.23		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.04			0.14			0.14
Net realized and unrealized gain (loss)		(0.26	)		0.09			0.28
Total from investment operations		(0.22	)		0.23			0.42
Less distributions from:
Net investment income		(0.04	)		(0.11	)		(0.15	)
Net realized gains		—			(0.04	)		(0.04	)
Total distributions		(0.04	)		(0.15	)		(0.19	)
Net asset value, end of period	$	10.05		$	10.31		$	10.23
Total Return (b)		–2.11	%		2.24	%		4.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	5		$	4		$	103
Ratios to average net assets:
Net expenses (d)		0.70	%		0.70	%		0.70	%
Gross expenses (d)		297.82	%		38.11	%		18.49	%
Net investment income (d)		0.85	%		1.32	%		1.69	%
Portfolio turnover rate		33	%		77	%		60	%

†	Unaudited.
*	Portfolio commenced operations on February 28, 2011.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

154  Semi-Annual Report

LAZARD US CORPORATE INCOME PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	5.01		$	4.78		$	4.88		$	4.70		$	3.78		$	5.15
Income (loss) from investment operations:
Net investment income (a)		0.15			0.33			0.35			0.35			0.34			0.38
Net realized and unrealized gain (loss)		(0.10	)		0.23			(0.10	)		0.18			0.92			(1.37	)
Total from investment operations		0.05			0.56			0.25			0.53			1.26			(0.99	)
Less distributions from:
Net investment income		(0.15	)		(0.33	)		(0.35	)		(0.35	)		(0.34	)		(0.38	)
Total distributions		(0.15	)		(0.33	)		(0.35	)		(0.35	)		(0.34	)		(0.38	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	4.91		$	5.01		$	4.78		$	4.88		$	4.70		$	3.78
Total Return (b)		1.02	%		12.02	%		5.17	%		11.78	%		34.66	%		–20.24	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	169,579		$	182,749		$	151,278		$	112,427		$	87,568		$	34,262
Ratios to average net assets:
Net expenses (d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses (d)		0.70	%		0.71	%		0.73	%		0.80	%		0.89	%		1.00	%
Net investment income (d)		6.10	%		6.67	%		7.13	%		7.38	%		7.96	%		8.10	%
Portfolio turnover rate		13	%		26	%		27	%		25	%		17	%		33	%

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/13†			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	5.04		$	4.80		$	4.90		$	4.73		$	3.79		$	5.17
Income (loss) from investment operations:
Net investment income (a)		0.15			0.32			0.33			0.34			0.33			0.37
Net realized and unrealized gain (loss)		(0.10	)		0.24			(0.10	)		0.17			0.94			(1.38	)
Total from investment operations		0.05			0.56			0.23			0.51			1.27			(1.01	)
Less distributions from:
Net investment income		(0.15	)		(0.32	)		(0.33	)		(0.34	)		(0.33	)		(0.37	)
Total distributions		(0.15	)		(0.32	)		(0.33	)		(0.34	)		(0.33	)		(0.37	)
Redemption fees		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	4.94		$	5.04		$	4.80		$	4.90		$	4.73		$	3.79
Total Return (b)		0.88	%		11.89	%		4.89	%		11.19	%		34.40	%		–20.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,487		$	4,249		$	11,602		$	26,266		$	6,126		$	5,220
Ratios to average net assets:
Net expenses (d)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses (d)		1.31	%		1.24	%		1.08	%		1.13	%		1.21	%		1.74	%
Net investment income (d)		5.78	%		6.37	%		6.72	%		7.05	%		7.74	%		7.89	%
Portfolio turnover rate		13	%		26	%		27	%		25	%		17	%		33	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  155

LAZARD GLOBAL FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/13†			For the Period 3/30/12* to 12/31/12
Institutional Shares
Net asset value, beginning of period	$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.12			0.17
Net realized and unrealized gain (loss)		(0.74	)		0.16
Total from investment operations		(0.62	)		0.33
Less distributions from:
Net investment income		(0.12	)		(0.07	)
Return of capital		—			(0.10	)
Total distributions		(0.12	)		(0.17	)
Redemption fees		—	(c)		—
Net asset value, end of period	$	9.42		$	10.16
Total Return (b)		–6.16	%		3.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	5,801		$	4,814
Ratios to average net assets:
Net expenses (d)		0.80	%		0.80	%
Gross expenses (d)		5.92	%		8.81	%
Net investment income (d)		2.39	%		2.24	%
Portfolio turnover rate		40	%		47	%

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/13†			For the Period 3/30/12* to 12/31/12
Open Shares
Net asset value, beginning of period	$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.10			0.15
Net realized and unrealized gain (loss)		(0.74	)		0.16
Total from investment operations		(0.64	)		0.31
Less distributions from:
Net investment income		(0.10	)		(0.06	)
Return of capital		—			(0.09	)
Total distributions		(0.10	)		(0.15	)
Net asset value, end of period	$	9.42		$	10.16
Total Return (b)		–6.30	%		3.08	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	52		$	55
Ratios to average net assets:
Net expenses (d)		1.10	%		1.10	%
Gross expenses (d)		29.31	%		26.46	%
Net investment income (d)		2.13	%		2.02	%
Portfolio turnover rate		40	%		47	%

†	Unaudited.
*	Portfolio commenced operations on March 30, 2012.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

156  Semi-Annual Report

LAZARD CAPITAL ALLOCATOR OPPORTUNISTIC STRATEGIES PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended													For the Period 3/26/08* to
stock outstanding throughout each period	6/30/13†				12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Institutional Shares
Net asset value, beginning of period	$	10.03			$	9.26		$	9.96		$	8.80		$	7.36		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.04				0.11			0.12			0.12			0.14			0.21
Net realized and unrealized gain (loss)		(0.08	)			0.74			(0.45	)		1.16			1.42			(2.59	)
Total from investment operations		(0.04	)			0.85			(0.33	)		1.28			1.56			(2.38	)
Less distributions from:
Net investment income		—				(0.08	)		(0.13	)		(0.12	)		(0.12	)		(0.26	)
Net realized gains		—				—			(0.24	)		—			—			—
Total distributions		—				(0.08	)		(0.37	)		(0.12	)		(0.12	)		(0.26	)
Redemption fees		—	(c)			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	9.99			$	10.03		$	9.26		$	9.96		$	8.80		$	7.36
Total Return (b)		–0.40	%			9.16	%		–3.28	%		14.58	%		21.21	%		–23.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	203,540			$	224,982		$	258,832		$	239,403		$	195,939		$	110,757
Ratios to average net assets:
Net expenses (d)		1.02	%			1.02	%		1.02	%		1.02	%		1.02	%		1.02	%
Gross expenses (d)		1.12	%			1.12	%		1.13	%		1.13	%		1.16	%		1.27	%
Net investment income (d)		0.80	%			1.13	%		1.25	%		1.36	%		1.72	%		3.01	%
Portfolio turnover rate		108	%			139	%		155	%		117	%		113	%		94	%

Selected data for a share of capital	Six Months Ended			Year Ended													For the Period 3/31/08* to
stock outstanding throughout each period	6/30/13†				12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
Open Shares
Net asset value, beginning of period	$	10.03			$	9.26		$	9.97		$	8.80		$	7.37		$	9.95
Income (loss) from investment operations:
Net investment income (a)		0.03				0.07			0.08			0.06			0.12			0.30
Net realized and unrealized gain (loss)		(0.09	)			0.75			(0.45	)		1.20			1.41			(2.64	)
Total from investment operations		(0.06	)			0.82			(0.37	)		1.26			1.53			(2.34	)
Less distributions from:
Net investment income		—				(0.05	)		(0.10	)		(0.09	)		(0.10	)		(0.24	)
Net realized gains		—				—			(0.24	)		—			—			—
Total distributions		—				(0.05	)		(0.34	)		(0.09	)		(0.10	)		(0.24	)
Redemption fees		—				—			—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	9.97			$	10.03		$	9.26		$	9.97		$	8.80		$	7.37
Total Return (b)		–0.60	%			8.84	%		–3.72	%		14.35	%		20.71	%		–23.44	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,939			$	3,099		$	6,111		$	7,163		$	16,856		$	9,319
Ratios to average net assets:
Net expenses (d)		1.32	%			1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Gross expenses (d)		1.78	%			1.67	%		1.57	%		1.52	%		1.44	%		1.93	%
Net investment income (d)		0.54	%			0.69	%		0.77	%		0.66	%		1.44	%		4.68	%
Portfolio turnover rate		108	%			139	%		155	%		117	%		113	%		94	%

†	Unaudited.
*	Institutional Shares and Open Shares commenced operations on March 26, 2008 and March 31, 2008, respectively.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  157

   The Lazard Funds, Inc. Notes to Financial Statements June 30, 2013 (unaudited)

1. Organization

The Lazard Funds, Inc. (the “Fund”) was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Fund is comprised of twenty-three no-load portfolios (each referred to as a “Portfolio”), as follows: Lazard US Equity Concentrated Portfolio, Lazard US Strategic Equity Portfolio, Lazard US Mid Cap Equity Portfolio, Lazard US Small-Mid Cap Equity Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Strategic Equity Portfolio, Lazard International Small Cap Equity Portfolio, Lazard Emerging Markets Equity Portfolio, Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Blend Portfolio, Lazard Emerging Markets Multi-Strategy Portfolio, Lazard Emerging Markets Debt Portfolio, Lazard Explorer Total Return Portfolio (commenced investment operations on June 28, 2013), Lazard US Realty Income Portfolio, Lazard US Realty Equity Portfolio, Lazard International Realty Equity Portfolio, Lazard US Short Duration Fixed Income Portfolio (formerly, Lazard US Municipal Portfolio), Lazard US Corporate Income Portfolio (formerly, Lazard US High Yield Portfolio), Lazard Global Fixed Income Portfolio, Lazard Multi-Asset Targeted Volatility Portfolio, and Lazard Capital Allocator Opportunistic Strategies Portfolio. The Fund offers two different classes of shares of the Portfolios—Institutional Shares and Open Shares. Institutional Shares and Open Shares are identical, except as to minimum investment requirements and the services offered to and expenses borne by each class of shares. All Portfolios, other than the US Equity Concentrated Portfolio, the Emerging Markets Debt Portfolio, the Explorer Total Return Portfolio, the US Realty Equity Portfolio and the International Realty Equity Portfolio, are operated as “diversified” funds, as defined in the Act. Multi-Asset Targeted Volatility Portfolio had not commenced operations as of June 30, 2013.

Pursuant to an Agreement and Plan of reorganization dated as of June 29, 2011 (the “Plan”), between Trust for Professional Managers, on behalf of each of Grubb & Ellis AGA Realty Income Fund, Grubb & Ellis AGA US Realty Fund, and Grubb & Ellis AGA International Realty Fund (collectively, the “G&E Portfolios”), and the Fund, on behalf of Lazard US Realty Income Portfolio, Lazard US Realty Equity Portfolio and Lazard International Realty Equity Port-

folio (collectively, the “Realty Portfolios”), the Fund acquired, in a tax-free reorganization, the assets and liabilities of the G&E Portfolios. The effective date of the reorganization, at which time shareholders of the respective G&E Portfolios became shareholders of the Open Share class of the respective Realty Portfolios, was the close of business on September 23, 2011. The Institutional Share class for each Realty Portfolio, which was not part of the Plan, commenced on September 26, 2011.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with GAAP. The following is a summary of significant accounting policies:

(a) Valuation of Investments—Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other US or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Exchange-traded options are valued at the last sales prices at the close of business on the exchanges on which they trade (which is normally 4:10 p.m. Eastern time). Swap agreements, such as credit default and interest rate swap agreements and swap agreements with respect to equity securities, are valued by an independent pricing service. Forward currency contracts are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value. Repurchase agreements are valued at the principal amounts plus accrued interest.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations or a matrix system which considers such factors as other security prices, yields and maturities. Debt securities maturing in 60 days or less are valued at amortized cost, except where to do so would not accurately reflect their fair value, in which case such securities are val-

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ued at fair value as determined by, or in accordance with procedures approved by, the Board of Directors (the “Board”).

The Valuation Committee of the Investment Manager, which meets periodically under the direction of the Board, may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s analysts also will be considered.

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s net asset value is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. The fair value of non-US securities may be determined with the assistance of an independent pricing service, using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices or relevant ADRs or future contracts. Non-US securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

The effect of using fair value pricing is that the net asset value of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ net asset values.

(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income is recorded on the ex-dividend date and interest income is accrued daily. The Portfolios amortize premiums and accrete

discounts on fixed-income securities using the effective yield method. For the period ended June 30, 2013, Emerging Markets Multi-Strategy Portfolio, Emerging Markets Debt Portfolio, US Short Duration Fixed Income Portfolio, US Corporate Income Portfolio and Global Fixed Income Portfolio traded in fixed-income securities.

The Portfolios may be subject to taxes imposed by foreign countries in which they invest. Such taxes are generally based upon income earned or capital gains (realized or unrealized). The Portfolios accrue and apply such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income or capital gains (realized and unrealized) from the applicable portfolio securities.

(c) Repurchase Agreements—In connection with transactions in repurchase agreements, the Fund’s custodian takes possession of the underlying collateral securities, the fair value of which, at all times, is required to be at least equal to the principal amount, plus accrued interest, of the repurchase transaction. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by a Portfolio may be delayed or limited.

(d) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Portfolios are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.

The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments. Net realized gain (loss) on foreign currency and forward currency contracts represents net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on a Portfolio’s accounting records and the US dollar equivalent amounts actually received or paid. Net change

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in unrealized appreciation (depreciation) on foreign currency reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the US dollar.

The US dollar value of forward currency contracts is determined using quotations provided by an independent pricing service. Daily fluctuations in the value of such contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed.

For the period ended June 30, 2013, Global Listed Infrastructure Portfolio, Emerging Markets Multi-Strategy Portfolio, Emerging Markets Debt Portfolio and Global Fixed Income Portfolio traded in forward currency contracts.

(e) Options Transactions—For hedging and investment purposes, certain Portfolios may purchase and write (sell) put and call options that are traded on US and non-US securities exchanges and over-the-counter markets.

The risk associated with purchasing an option is that the Portfolios pay a premium whether or not the option is exercised. Additionally, the Portfolios bear the risk of loss of any change in market value should the counterparty not perform under the contract. The risk involved in writing an option is that, if the option is exercised, the underlying security or other assets could then be purchased or sold by the Portfolios at a disadvantageous price. Put and call options purchased are accounted for in the same manner as portfolio securities and other assets. When the Portfolios write an option, the premium received by the Portfolios is recorded as a liability and is subsequently adjusted to the current market value of the option written.

During the period ended June 30, 2013, transactions in options purchased and written were as follows:

Emerging Markets Multi-Strategy Portfolio

Purchased Options	Number of Contracts			Amount
Options outstanding at beginning of period		249,500		$	134,905
Options purchased		138,500			108,035
Options sold		(2,600	)		(1,433	)
Options exercised		(180,400	)		(93,025	)
Options expired		(140,000	)		(103,264	)
Options outstanding at end of period		65,000		$	45,218

Written Options	Number of Contracts			Premiums
Options outstanding at beginning of period		100,000		$	5,293
Options written		5,000			3,265
Options exercised		(100,000	)		(5,293	)
Options expired		(5,000	)		(3,265	)
Options outstanding at end of period		—		$	—

Emerging Markets Debt Portfolio

Purchased Options	Number of Contracts			Amount
Options outstanding at beginning of period		2,683,500		$	1,257,174
Options purchased		951,000			655,415
Options sold		(31,600	)		(17,412	)
Options exercised		(1,735,900	)		(744,518	)
Options expired		(1,492,000	)		(913,809	)
Options outstanding at end of period		375,000		$	236,850
Written Options	Number of Contracts			Premiums
Options outstanding at beginning of period		1,100,000		$	58,223
Options written		36,000			23,508
Options exercised		(1,100,000	)		(58,223	)
Options expired		(36,000	)		(23,508	)
Options outstanding at end of period		—		$	—

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US Realty Equity Portfolio

Purchased Options	Number of Contracts			Amount
Options outstanding at beginning of period		—		$	—
Options purchased		15,455			2,091,966
Options sold		(10,930	)		(1,671,289	)
Options expired		(4,100	)		(369,915	)
Options outstanding at end of period		425		$	50,762

None of the other Portfolios in the Fund traded in options during the period ended June 30, 2013.

(f) Swap Agreements—Swap agreements on equity assets involve commitments to pay interest in exchange for an equity basket return. The counterparty pays out the total return of the basket of equity securities and, in return, receives a regular stream of payments, based on an agreed-upon interest rate. To the extent the total return of the equity basket underlying the transaction exceeds (or falls short of) the offsetting interest rate obligation, the Portfolios will receive a payment from (or make a payment to) the counterparty.

Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection, a Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to investment exposure on the notional amount of the swap.

Interest rate swap agreements involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap,” (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a speci-

fied rate, or “floor,” (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

Swap agreements are valued by an independent pricing service, and the change in value, if any, is recorded as an unrealized appreciation (depreciation) on swap agreements in the Portfolios’ accompanying Statements of Assets and Liabilities.

For the period ended June 30, 2013, Emerging Markets Multi-Strategy Portfolio, Emerging Markets Debt Portfolio and Capital Allocator Opportunistic Strategies Portfolio traded in swap agreements with average notional amounts, which are indicative of the volume for the period, of $68,478,134, $85,577,444 and $12,964,955, respectively.

(g) Federal Income Taxes—The Fund’s policy is to continue to have each Portfolio qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

At December 31, 2012, the following Portfolios had available, for federal income tax purposes, unused realized capital losses which can be used to offset future realized capital gains as follows:

Portfolio	Expiring 2016		Expiring 2017
US Equity Concentrated	$	—	$	1,153,346
US Strategic Equity		—		10,118,579
US Mid Cap Equity		19,858,062		40,427,588
International Equity		—		28,075,337
International Equity Select		521,216		2,653,216
International Strategic Equity		9,052,875		60,710,573
International Small Cap Equity		24,812,113		50,821,243
US Corporate Income		1,590,672		5,346,242

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Portfolio			Expiring 2018
International Equity			$	5,103,235
International Equity Select				1,173,332
International Small Cap Equity				4,306,477
Portfolio		Unlimited Short-Term Capital Losses		Unlimited Long-Term Capital Losses
Developing Markets Equity	$	9,514,972	$	16,296,553
Emerging Markets Equity Blend		4,287,044		2,717,382
Emerging Markets Multi-Strategy		—		650,151
US Corporate Income		137,783		571,210

Under current tax law, certain capital and net foreign currency losses realized after October 31 within the taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2012, the following Portfolios elected to defer net capital and foreign currency losses arising between November 1, 2012 and December 31, 2012 as follows:

Portfolio	Amount
Global Listed Infrastructure	$	258,725
International Strategic Equity		613,605
Emerging Markets Equity		129,418,892
Emerging Markets Equity Blend		490,670
Emerging Markets Multi-Strategy		329,755
Global Fixed Income		60,441

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “RIC Modernization Act”) was signed into law. The RIC Modernization Act includes numerous provisions that generally became effective for taxable years beginning after the date of enactment. Among the new provisions, net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses. The RIC Modernization Act also requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result, pre-enactment capital loss carryforwards may expire unused.

Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2009-2011), or expected to be taken in the Portfolios’ 2012 tax returns.

(h) Dividends and Distributions—The Fund intends to declare dividends from net investment income daily on shares of Emerging Markets Debt, Explorer Total Return, US Short Duration Fixed Income, US Corporate Income and Global Fixed Income Portfolios and to pay such dividends monthly. Dividends from net investment income, if any, on shares of the other Portfolios will be declared and paid annually, except that Global Listed Infrastructure and US Realty Income Portfolios’ dividends from net investment income (if any), will be declared and paid quarterly. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolios, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders; however, to avoid taxation, a second distribution may be required.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, wash sales, passive foreign investment companies and distributions from real estate investment trusts and partnerships. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(i) Offering Costs—Cost incurred by the Fund in connection with the offering of shares of a new Portfolio are deferred and amortized on a straight line basis over a twelve-month period from the date of commencement of operations of the Portfolio.

(j) Allocation of Expenses—Expenses not directly chargeable to a specific Portfolio are allocated among the Portfolios primarily on the basis of relative net assets. A Portfolio accrues distribution and service (12b-1) fees to its Open Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class.

(k) Expense Reductions—The Portfolios’ excess cash in demand deposit accounts, if any, may receive credits that are available to offset custody expenses. The Statements of Op-

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erations report gross custody expenses, and report the amount of any credits separately as an expense reduction.

(l) Redemption Fee—Each Portfolio may impose a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees are retained by each Portfolio and are included as paid in capital on its Statement of Assets and Liabilities. The fees are also shown on its Statement of Changes in Net Assets.

(m) Estimates—The preparation of financial statements in conformity with GAAP requires the Fund 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Investment Management, Administration, Distribution and Transfer Agency Agreements

The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager regularly provides each Portfolio with investment research, advice and supervision and furnishes continuously an investment program for each Portfolio consistent with its investment objective and policies, including the purchase, retention and disposition of securities. For its services provided to the Fund, the Investment Manager earns a management fee, accrued daily as a percentage of its average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

Portfolio	Annual Rate
US Equity Concentrated	0.70	%
US Strategic Equity	0.70
US Mid Cap Equity	0.75
US Small-Mid Cap Equity	0.75
Global Listed Infrastructure	0.90
International Equity	0.75
International Equity Select	0.85

Portfolio	Annual Rate
International Strategic Equity	0.75	%
International Small Cap Equity	0.75
Emerging Markets Equity	1.00
Developing Markets Equity	1.00
Emerging Markets Equity Blend	1.00
Emerging Markets Multi-Strategy	1.00
Emerging Markets Debt	0.80
Explorer Total Return	1.00
US Realty Income	0.75
US Realty Equity	0.80
International Realty Equity	0.90
US Short Duration Fixed Income	0.25
US Corporate Income	0.55
Global Fixed Income	0.50
Capital Allocator Opportunistic Strategies	1.00

The Investment Manager has voluntarily agreed to reduce its fees and, if necessary, reimburse the Portfolios if annualized operating expenses exceed the following percentages of average daily net assets for the respective Shares:

Portfolio	Institutional Shares		Open Shares
US Equity Concentrated	0.95	%	1.25	%
US Strategic Equity	0.75		1.05
US Mid Cap Equity	1.05		1.35
US Small-Mid Cap Equity	1.15		1.45
Global Listed Infrastructure	1.30		1.60
International Equity	1.05		1.35
International Equity Select	1.15		1.45
International Strategic Equity	1.15		1.45
International Small Cap Equity	1.13		1.43
Emerging Markets Equity	1.30		1.60
Developing Markets Equity	1.30		1.60
Emerging Markets Equity Blend	1.30		1.60
Emerging Markets Multi-Strategy	1.30		1.60
Emerging Markets Debt	1.00		1.30
Explorer Total Return	1.30		1.60
US Realty Income	1.15		1.45
US Realty Equity	1.20		1.50
International Realty Equity	1.30		1.60
US Short Duration Fixed Income	0.40		0.70
US Corporate Income	0.55		0.85
Global Fixed Income	0.80		1.10
Capital Allocator Opportunistic Strategies	1.02		1.32

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During the period ended June 30, 2013, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
US Equity Concentrated	$	—	$	—	$	5,173	$	—
US Strategic Equity		81,203		—		11,879		—
US Small-Mid Cap Equity		15,148		—		8,692		—
International Equity Select		46,623		25,917		12,434		11,569
International Small Cap Equity		6,211		—		2,069		—
Emerging Markets Multi-Strategy		—		—		5,929		—
Emerging Markets Debt		—		—		2,028		—
US Realty Equity		345		—		—		—
International Realty Equity		12,935		32,273		11,316		28,375
US Short Duration Fixed Income		20,841		57,713		5		6,174
US Corporate Income		137,639		—		7,916		—
Global Fixed Income		12,705		108,026		133		7,276
Capital Allocator Opportunistic Strategies		117,755		—		7,184		—

The Fund has entered into an administration agreement with State Street to provide certain administrative services to the Portfolios. Each Portfolio bears the cost of such services at a fixed annual rate of $42,500, plus $7,500 per additional class, and 0.02% of average daily net assets up to $1 billion and 0.01% of average daily net assets over $1 billion. State Street has agreed to waive $18,750 of the $42,500 annual fee for the following Portfolios until each respective Portfolio’s net assets reach $25 million. During the period ended June 30, 2013, State Street waived its fees as follows:

Portfolio	Amount
International Realty Equity	$9,375
US Short Duration Fixed Income	9,375
Global Fixed Income	9,375

The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as

the distributor for shares of each Portfolio. The Distributor bears the cost of printing and mailing prospectuses to potential investors and certain expenses in connection with the offering of Portfolio shares.

Under a Distribution and Servicing Plan in accordance with Rule 12b-1 under the Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of 0.25% of the average daily net assets of its Open Shares, for distribution and servicing of accounts. The Distributor may make payments to certain financial institutions, securities dealers and other industry professionals for providing these services.

BFDS is the Fund’s transfer and dividend disbursing agent. For its services, BFDS receives a monthly fee computed on the basis of the number of shareholder accounts it maintains for the Fund during the month, subject to a minimum fee amount per share class in each Portfolio, and is reimbursed for certain out-of-pocket expenses. BFDS has agreed to waive the monthly minimum fee for six months after a new Portfolio has commenced operations.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. Each Director who is not an affiliated person of the Investment Manager or any of its affiliates is paid by the Fund, Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc. (collectively with the Fund, the “Lazard Funds”), each a registered management investment company advised by the Investment Manager: (1) an annual retainer of $100,000, (2) a per meeting in person regular or special meeting fee of $5,000 ($1,500 for telephonic participation), including Board, committee, subcommittee or other special meetings specifically authorized by the Board and held in connection with delegated Fund business, and (3) a telephone Audit Committee or special Board meeting fee of $1,500, with an additional annual fee for the Audit Committee Chairman of $5,000. Such Directors are also reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. No additional compensation is provided in respect of committee meetings held in conjunction with a meeting of the Board. Compensation is, generally, divided among the Lazard Funds based on relative net assets. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

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5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2013 were as follows:

Portfolio	Purchases	Sales
US Equity Concentrated	$   162,438,623	$    81,296,195
US Strategic Equity	40,116,244	34,312,985
US Mid Cap Equity	29,851,216	54,527,992
US Small-Mid Cap Equity	162,653,060	203,389,292
Global Listed Infrastructure	332,588,762	89,772,358
International Equity	69,930,715	31,534,621
International Equity Select	8,265,626	2,532,574
International Strategic Equity	961,994,689	289,751,981
International Small Cap Equity	16,608,963	23,466,045
Emerging Markets Equity	1,078,168,007	1,161,356,154
Developing Markets Equity	390,006,042	151,457,741
Emerging Markets Equity Blend	313,476,010	80,307,891
Emerging Markets Multi-Strategy	218,790,794	77,150,541
Emerging Markets Debt	255,806,647	156,324,631
US Realty Income	138,723,694	78,983,663
US Realty Equity	56,348,892	31,171,091
International Realty Equity	1,601,920	1,461,772
US Short Duration Fixed Income	5,162,676	11,869,353
US Corporate Income	24,089,238	28,479,669
Global Fixed Income	3,127,644	2,029,386
Capital Allocator Opportunistic Strategies	218,846,106	227,885,266

For the period ended June 30, 2013, no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

6. Line of Credit

The Fund has a $50 million Line of Credit Agreement (the “Agreement”) with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings was payable at the higher of the Federal Funds rate or Overnight LIBOR rate plus 1.00% from January 1, 2013 to June 30, 2013, on an annualized basis. Under the Agreement, the Fund has also agreed to pay a 0.10% per annum fee on the unused portion of the commitment, payable quarterly in arrears. For the period ended June 30, 2013, the Fund had borrowings under the Agreement as follows:

Portfolio	Average Daily Loan Balance*		Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of Days Borrowings Were Outstanding
US Mid Cap Equity	$	1,225,000	$	2,300,000		0.18	%		2
US Small-Mid Cap Equity		6,544,000		7,400,000		1.17			5
International Small Cap Equity		1,418,571		6,700,000		1.18			7
Developing Markets Equity		17,366,667		17,500,000		1.16			3
Emerging Markets Debt		12,123,889		31,500,000		1.13			18
US Realty Income		1,596,667		4,800,000		1.13			9
International Realty Equity		43,333		50,000		1.18			9
US Corporate Income		3,535,714		8,700,000		1.13			14
Global Fixed Income		132,222		220,000		1.18			9
Capital Allocator Opportunistic Strategies		9,985,714		12,900,000		1.16			7

* For days borrowings were outstanding.

As of June 30, 2013, the Fund had no borrowings under the Agreement.

7. Non-US Securities Investment Risks

Certain Portfolios invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in US securities. Non-US securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. In addition, investments denominated in currencies other than US dollars carry the risk that such currencies will decline in value relative to the US dollar and affect the value of these investments held in the Portfolios. A Portfolio’s investments in emerging market countries are exposed to additional risks. A Portfolio’s performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. A Portfolio’s maximum exposure under these arrangements is unknown.

Semi-Annual Report  165

Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. Fair Value Measurements

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, devel-

oped based on the best information available in the circumstances. Each investment’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below.

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including unadjusted quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

The following tables summarize the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2013:

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2013
US Equity Concentrated Portfolio Common Stocks	$	206,741,899	$	—	$	—	$	206,741,899
Short-Term Investment		—		17,838,488		—		17,838,488
Total	$	206,741,899	$	17,838,488	$	—	$	224,580,387
US Strategic Equity Portfolio Common Stocks	$	98,168,094	$	—	$	—	$	98,168,094
Preferred Stock*		—		—		—		—
Short-Term Investment		—		1,278,297		—		1,278,297
Total	$	98,168,094	$	1,278,297	$	—	$	99,446,391
US Mid Cap Equity Portfolio Common Stocks	$	55,758,524	$	—	$	—	$	55,758,524
Preferred Stock*		—		—		—		—
Short-Term Investment		—		972,984		—		972,984
Total	$	55,758,524	$	972,984	$	—	$	56,731,508
US Small-Mid Cap Equity Portfolio Common Stocks	$	301,736,323	$	—	$	—	$	301,736,323
Preferred Stock*		—		—		—		—
Repurchase Agreement		—		10,991,000		—		10,991,000
Total	$	301,736,323	$	10,991,000	$	—	$	312,727,323

166  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2013
Global Listed Infrastructure Portfolio
Assets:
Common Stocks	$	391,392,489	$	—		$	—	$	391,392,489
Short-Term Investment		—		10,602,583			—		10,602,583
Other Financial Instruments**
Forward Currency Contracts		—		5,293,703			—		5,293,703
Total	$	391,392,489	$	15,896,286		$	—	$	407,288,775
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(144,642	)	$	—	$	(144,642	)
International Equity Portfolio
Common Stocks:
Russia	$	—	$	1,648,250		$	—	$	1,648,250
Thailand		—		1,492,376			—		1,492,376
Other		167,937,166		—			—		167,937,166
Repurchase Agreement		—		4,209,000			—		4,209,000
Total	$	167,937,166	$	7,349,626		$	—	$	175,286,792
International Equity Select Portfolio
Common Stocks:
Russia	$	195,290	$	321,753		$	—	$	517,043
Other		15,284,897		—			—		15,284,897
Short-Term Investment		—		259,643			—		259,643
Total	$	15,480,187	$	581,396		$	—	$	16,061,583
International Strategic Equity Portfolio
Common Stocks:
Russia	$	—	$	19,093,087		$	—	$	19,093,087
Other		1,905,118,216		—			—		1,905,118,216
Short-Term Investment		—		104,377,021			—		104,377,021
Total	$	1,905,118,216	$	123,470,108		$	—	$	2,028,588,324
International Small Cap Equity Portfolio
Common Stocks	$	58,712,260	$	—		$	—	$	58,712,260
Preferred Stocks		1,135,004		—			—		1,135,004
Short-Term Investment		—		1,002,836			—		1,002,836
Total	$	59,847,264	$	1,002,836		$	—	$	60,850,100
Emerging Markets Equity Portfolio
Common Stocks:
Russia	$	683,414,060	$	815,534,955		$	—	$	1,498,949,015
Thailand		155,852,904		229,250,809			—		385,103,713
Other		12,093,559,590		—			—		12,093,559,590
Preferred Stock		180,951,337		—			—		180,951,337
Short-Term Investment		—		361,652,773			—		361,652,773
Total	$	13,113,777,891	$	1,406,438,537		$	—	$	14,520,216,428
Developing Markets Equity Portfolio
Common Stocks:
Russia	$	86,646,389	$	15,279,157		$	—	$	101,925,546
Other		443,105,895		—			—		443,105,895
Preferred Stocks		18,585,325		—			—		18,585,325
Short-Term Investment		—		20,552,871			—		20,552,871
Total	$	548,337,609	$	35,832,028		$	—	$	584,169,637

Semi-Annual Report  167

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2013
Emerging Markets Equity Blend Portfolio
Common Stocks:
Russia	$	56,395,953	$	12,948,299		$	—	$	69,344,252
Thailand		—		7,346,440			—		7,346,440
Other		346,932,336		—			—		346,932,336
Preferred Stocks		14,805,776		—			—		14,805,776
Warrant		58,993		—			—		58,993
Short-Term Investment		—		26,047,682			—		26,047,682
Total	$	418,193,058	$	46,342,421		$	—	$	464,535,479
Emerging Markets Multi-Strategy Portfolio
Assets:
Common Stocks:
Russia	$	13,927,187	$	3,172,536		$	—	$	17,099,723
Thailand		—		1,834,457			—		1,834,457
Other		85,893,742		—			—		85,893,742
Preferred Stocks		3,608,120		—			—		3,608,120
Warrant		29,234		—			—		29,234
Corporate Bonds		—		8,658,042			—		8,658,042
Foreign Government Obligations		—		22,765,611			—		22,765,611
Quasi Government Bonds		—		2,582,848			—		2,582,848
Supranationals		—		78,390			—		78,390
US Treasury Securities		—		25,929,359			—		25,929,359
Short-Term Investment		—		13,337,858			—		13,337,858
Other Financial Instruments**
Credit Default Swap Agreement		—		1,791			—		1,791
Forward Currency Contracts		—		406,756			—		406,756
Purchased Options		—		24,666			—		24,666
Total	$	103,458,283	$	78,792,314		$	—	$	182,250,597
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(933,232	)	$	—	$	(933,232	)
Interest Rate Swap Agreements		—		(125,574	)		—		(125,574	)
Total	$	—	$	(1,058,806	)	$	—	$	(1,058,806	)
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds	$	—	$	24,107,987		$	—	$	24,107,987
Foreign Government Obligations		—		266,455,319			—		266,455,319
Quasi Government Bonds		—		26,575,545			—		26,575,545
Supranationals		—		609,700			—		609,700
Short-Term Investment		—		9,601,766			—		9,601,766
Other Financial Instruments**
Forward Currency Contracts		—		1,137,498			—		1,137,498
Purchased Options		—		183,810			—		183,810
Total	$	—	$	328,671,625		$	—	$	328,671,625
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(2,217,307	)	$	—	$	(2,217,307	)
Interest Rate Swap Agreements		—		(496,845	)		—		(496,845	)
Total	$	—	$	(2,714,152	)	$	—	$	(2,714,152	)

168  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2013
US Realty Income Portfolio
Common Stocks	$	15,004,739	$	—		$	1,290	$	15,006,029
Preferred Stocks		50,870,667		—			—		50,870,667
Real Estate Investment Trusts		95,813,056		—			—		95,813,056
Short-Term Investment		—		5,026,337			—		5,026,337
Total	$	161,688,462	$	5,026,337		$	1,290	$	166,716,089
US Realty Equity Portfolio
Common Stocks	$	5,367,308	$	—		$	—	$	5,367,308
Real Estate Investment Trusts		87,910,034		—			—		87,910,034
Short-Term Investment		—		1,429,269			—		1,429,269
Other Financial Instruments**
Purchased Option		124,525		—			—		124,525
Total	$	93,401,867	$	1,429,269		$	—	$	94,831,136
International Realty Equity Portfolio
Common Stocks
Thailand	$	35,705	$	24,353		$	—	$	60,058
Other		3,117,113		—			—		3,117,113
Open-End Management Investment Company		95,340		—			—		95,340
Real Estate Investment Trusts		1,619,188		—			—		1,619,188
Short-Term Investment		—		187,551			—		187,551
Total	$	4,867,346	$	211,904		$	—	$	5,079,250
US Short Duration Fixed Income Portfolio
Municipal Bonds	$	—	$	11,428,162		$	—	$	11,428,162
Short-Term Investment		—		1,061,983			—		1,061,983
Total	$	—	$	12,490,145		$	—	$	12,490,145
US Corporate Income Portfolio
Corporate Bonds	$	—	$	168,503,498		$	—	$	168,503,498
Short-Term Investment		—		414,620			—		414,620
Total	$	—	$	168,918,118		$	—	$	168,918,118
Global Fixed Income Portfolio
Assets:
Corporate Bonds	$	—	$	1,681,630		$	—	$	1,681,630
Foreign Government Obligations		—		3,115,239			—		3,115,239
Quasi Government Bonds		—		210,082			—		210,082
Supranationals		—		420,013			—		420,013
US Municipal Bonds		—		212,263			—		212,263
Short-Term Investment		—		411,593			—		411,593
Other Financial Instruments**
Forward Currency Contracts		—		95,155			—		95,155
Total	$	—	$	6,145,975		$	—	$	6,145,975
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(22,480	)	$	—	$	(22,480	)
Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds	$	163,437,248	$	—		$	—	$	163,437,248
Closed-End Management Investment Companies		14,893,306		—			—		14,893,306
Short-Term Investment		—		27,508,526			—		27,508,526
Total	$	178,330,554	$	27,508,526		$	—	$	205,839,080
Liabilities:
Other Financial Instruments**
Total Return Swap Agreement	$	—	$	(138,424	)	$	—	$	(138,424	)

*	The Preferred stock was reported in the Portfolios of Investments at zero market value.
**	Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

Semi-Annual Report  169

Certain common stocks (See footnote (e) in the Notes to Portfolios of Investments) included in Level 2 were valued based on reference to similar securities from the same issuers which were trading on active markets. The fixed-income securities included in Level 2 were valued on the basis of prices provided by independent pricing services. The forward currency contracts included in Level 2 were valued using quotations provided by an independent pricing service. The options included in Level 2 were valued at the last sales prices at the close of business of the exchanges on which they trade. The swap agreements included in Level 2 were valued by an independent pricing service. The short-term investment included in Level 2 (a money market fund) was valued at the fund’s net asset value. The repurchase agreements included in Level 2 were valued at the principal amounts plus accrued interest.

The fair value measurement process for the Level 3 preferred stock of Better Place, Inc., a company that was working to build the infrastructure to deliver a range of services relating to the use of electric vehicles, including battery charging and swap stations, includes significant unobserv-

able inputs, including the recent bankruptcy filing of the company, which is reflected in its current valuation of zero.

In connection with the periodic implementation of fair value pricing procedures with respect to non-US securities (see Note 2(a)), certain equity securities (other than those securities described in footnote (e) in the Notes to Portfolios of Investments) in the Global Listed Infrastructure, International Equity, International Equity Select, International Strategic Equity, International Small Cap Equity, Emerging Market Equity, Developing Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi-Strategy, and International Realty Equity Portfolios were transferred from Level 1 to Level 2 as a result of fair value pricing procedure triggers being met and would revert to Level 1 when the fair value pricing procedure triggers are no longer met. There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2013.

For further information regarding security characteristics see Portfolios of Investments.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended June 30, 2013:

Description	Balance as of December 31, 2012			Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)				Purchases		Sales				Transfers Into Level 3			Transfers Out of Level 3			Balance as of June 30, 2013			Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2013
US Strategic Equity
Preferred Stock*		$	23,582		$	—		$	—		$	(23,582	)	$	—		$	—			$	—		$	—		$	—		$	(23,582	)
US Mid Cap Equity
Preferred Stock*		$	67,990		$	—		$	—		$	(67,990	)	$	—		$	—			$	—		$	—		$	—		$	(67,990	)
US Small-Mid Cap Equity
Preferred Stock*		$	23,551		$	—		$	—		$	(23,551	)	$	—		$	—			$	—		$	—		$	—		$	(23,551	)
US Realty Income
Common Stock		$	—		$	—		$	45,919		$	1,290		$	546,191		$	(592,110	)		$	—		$	—		$	1,290		$	1,290

* The Preferred stock was reported in the Portfolios of Investments at zero market value.

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10. Derivative Instruments

Certain Portfolios may use derivative instruments, including forward currency contracts, options or swap agreements.

Forward currency contracts may be used for hedging purposes or to seek to increase returns.

The principal reason for a Portfolio’s writing or purchasing of covered call and put options is to realize, through the receipt of premiums and changes in market value, a greater return than would be realized on the underlying securities alone.

A Portfolio enters into swap agreements in an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost to the Portfolio than if the Portfolio had invested directly in the asset that yielded the desired return.

Global Listed Infrastructure Portfolio

During the period ended June 30, 2013, the notional amounts of purchases and sales of forward currency contracts were $20,845,440 and $363,473,727, respectively.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2013:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	5,293,703
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	144,642

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2013 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	7,199,807
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized appreciation on forward currency contracts	$	6,636,223

Emerging Markets Multi-Strategy Portfolio

During the period ended June 30, 2013, the notional amounts of purchases and sales of forward currency contracts were $37,463,226 and $23,908,901, respectively.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2013:

	Fair Value
Asset Derivatives
Credit Risk:
Gross unrealized appreciation on credit default swap agreements	$	1,791
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	406,756
Gross unrealized appreciation on purchased options	$	504
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	933,232
Gross unrealized depreciation on purchased options	$	21,056
Interest Rate Risk:
Gross unrealized depreciation on interest rate swap agreements	$	125,574

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2013 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Credit Risk:
Net realized loss on credit default swap agreements	$	(30,249	)
Foreign Exchange Risk
Net realized gain on forward currency contracts	$	276,502
Net realized gain on written options	$	3,265
Net realized loss on purchased options	$	(99,643	)
Interest Rate Risk:
Net realized loss on interest rate swap agreements	$	(73,480	)

Semi-Annual Report  171

	Amount
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Credit Risk:
Net change in unrealized appreciation on credit default swap agreements	$	12,338
Foreign Exchange Risk:
Net change in unrealized depreciation on forward currency contracts	$	(769,706	)
Net change in unrealized appreciation on written options	$	21,165
Net change in unrealized depreciation on purchased options	$	(36,761	)
Interest Rate Risk:
Net change in unrealized depreciation on interest rate swap agreements	$	(149,368	)

Emerging Markets Debt Portfolio

During the period ended June 30, 2013, the notional amounts of purchases and sales of forward currency contracts were $71,506,202 and $68,956,287, respectively.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2013:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	1,137,498
Gross unrealized appreciation on purchased options	$	3,735
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	2,217,307
Gross unrealized depreciation on purchased options	$	56,775
Interest Rate Risk:
Gross unrealized depreciation on interest rate swap agreements	$	496,845

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2013 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	1,424,169
Net realized gain on written options	$	23,508
Interest Rate Risk:
Net realized loss on interest rate swap agreements	$	(662,070	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized depreciation on forward currency contracts	$	(1,666,032	)
Net change in unrealized appreciation on written options	$	232,812
Interest Rate Risk:
Net change in unrealized depreciation on interest rate swap agreements	$	(632,509	)

US Realty Equity Portfolio

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2013:

	Fair Value
Asset Derivatives
Gross unrealized appreciation on purchased option	$	73,763

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2013 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Equity Risk:
Net realized loss on purchased options	$	(133,195	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity Risk:
Net change in unrealized appreciation on purchased options	$	73,763

172  Semi-Annual Report

Global Fixed Income Portfolio

During the period ended June 30, 2013, the notional amounts of purchases and sales of forward currency contracts were $ 2,189,516 and $2,710,050, respectively.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2013:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	95,155
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	22,480

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2013 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized loss on forward currency contracts	$	(227,938	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized depreciation on forward currency contracts	$	(191,962	)

Capital Allocator Opportunistic Strategies Portfolio

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2013:

	Fair Value
Liability Derivatives
Equity Risk:
Gross unrealized depreciation on total return swap agreement	$	138,424

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2013 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Equity Risk:
Net realized gain on total return swap agreements	$	628,013
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	497,235
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity Risk:
Net change in unrealized depreciation on total return swap agreements	$	(127,103	)
Foreign Exchange Risk:
Net change in unrealized appreciation on forward currency contracts	$	30,006

None of the other Portfolios in the Fund traded in derivatives during the period ended June 30, 2013.

See Notes 2(d), 2(e) and 2(f) and the Portfolios of Investments for additional disclosures about derivative instruments.

11. Accounting Standards Updates

On January 31, 2013, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2013–01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“ASU 2013–01”). ASU 2013–01 limits the scope of balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement.

In December 2011, the FASB issued Accounting Standards Update No. 2011–11 (“ASU 2011–11”), Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU 2011–11 requires disclosure of both gross and net balances for certain investments and transactions entered into under master netting agreements, better aligning US GAAP requirements with International Financial Reporting Standards.

Semi-Annual Report  173

The required information for affected Portfolios is presented in the tables below, as of June 30, 2013.

Global Listed Infrastructure Portfolio

	Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Net Amounts of Assets Presented in Statement of Assets & Liabilities			Financial Instrument				Collateral Received			Net Amount (not less than $0)
Barclays Bank PLC		$	677,400		$	—			$	—		$	677,400
Canadian Imperial Bank of Commerce			705,124			—				—			705,124
Citibank NA			623,096			—				—			623,096
Credit Suisse Group AG			267,347			—				—			267,347
HSBC Bank USA			791,045			—				—			791,045
Mellon Bank NA			438,984			—				—			438,984
Royal Bank of Canada			1,790,707			(144,642	)			—			1,646,065
Total		$	5,293,703		$	(144,642	)		$	—		$	5,149,061
	Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Net Amounts of Liabilities Presented in Statement of Assets & Liabilities			Financial Instrument				Collateral Pledged			Net Amount (not less than $0)
Royal Bank of Canada		$	144,642		$	(144,642	)		$	—		$	—

Emerging Markets Multi-Strategy Portfolio

	Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Net Amounts of Assets Presented in Statement of Assets & Liabilities			Financial Instrument				Collateral Received			Net Amount (not less than $0)
BNP Paribas SA		$	13,540		$	(13,540	)		$	—		$	—
Barclays Bank PLC			107,666			(107,666	)			—			—
Citibank NA			86,248			(86,248	)			—			—
HSBC Bank USA			17,367			(17,367	)			—			—
JPMorgan Chase Bank			106,469			(106,469	)			—			—
Standard Chartered Bank			59,633			(59,633	)			—			—
UBS AG			42,290			(42,290	)			—			—
Total		$	433,213		$	(433,213	)		$	—		$	—
	Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Net Amounts of Liabilities Presented in Statement of Assets & Liabilities			Financial Instrument				Collateral Pledged			Net Amount (not less than $0)
BNP Paribas SA		$	42,419		$	(13,540	)		$	—		$	28,879
Barclays Bank PLC			300,274			(107,666	)			—			192,608
Citibank NA			104,196			(86,248	)			—			17,948
HSBC Bank USA			39,043			(17,367	)			—			21,676
JPMorgan Chase Bank			249,364			(106,469	)			—			142,895
Royal Bank of Canada			143,153			—				—			143,153
Standard Chartered Bank			91,076			(59,633	)			—			31,443
State Street Bank & Trust Co.			10,562			—				—			10,562
UBS AG			78,719			(42,290	)			—			36,429
Total		$	1,058,806		$	(433,213	)		$	—		$	625,593

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Emerging Markets Debt Portfolio

	Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Net Amounts of Assets Presented in Statement of Assets & Liabilities			Financial Instrument				Collateral Received			Net Amount (not less than $0)
Barclays Bank PLC		$	392,293		$	(392,293	)		$	—		$	—
Citibank NA			97,105			(90,564	)			—			6,541
HSBC Bank USA			18,972			(18,972	)			—			—
JPMorgan Chase Bank			410,190			(410,190	)			—			—
Standard Chartered Bank			360,266			(360,266	)			—			—
UBS AG			42,482			—				—			42,482
Total		$	1,321,308		$	(1,272,285	)		$	—		$	49,023
	Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Net Amounts of Liabilities Presented in Statement of Assets & Liabilities			Financial Instrument				Collateral Pledged			Net Amount (not less than $0)
Barclays Bank PLC		$	896,366		$	(392,293	)		$	—		$	504,073
Citibank NA			90,564			(90,564	)			—			—
HSBC Bank USA			388,051			(18,972	)			—			369,079
JPMorgan Chase Bank			554,231			(410,190	)			—			144,041
Standard Chartered Bank			784,940			(360,266	)			—			424,674
Total		$	2,714,152		$	(1,272,285	)		$	—		$	1,441,867

Global Fixed Income Portfolio

	Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Net Amounts of Assets Presented in Statement of Assets & Liabilities			Financial Instrument				Collateral Received			Net Amount (not less than $0)
Canadian Imperial Bank of Commerce		$	17,585		$	(5,433	)		$	—		$	12,152
Citibank NA			13,255			(13,255	)			—			—
Credit Suisse Group AG			45			—				—			45
HSBC Bank USA			28,216			(3,264	)			—			24,952
JPMorgan Chase Bank			16,206			—				—			16,206
Royal Bank of Canada			19,844			(236	)			—			19,608
Standard Chartered Bank			4			—				—			4
Total		$	95,155		$	(22,188	)		$	—		$	72,967
	Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Net Amounts of Liabilities Presented in Statement of Assets & Liabilities			Financial Instrument				Collateral Pledged			Net Amount (not less than $0)
Canadian Imperial Bank of Commerce		$	5,433		$	(5,433	)		$	—		$	—
Citibank NA			13,307			(13,255	)			—			52
HSBC Bank USA			3,264			(3,264	)			—			—
Royal Bank of Canada			236			(236	)			—			—
State Street Bank & Trust Co.			240			—				—			240
Total		$	22,480		$	(22,188	)		$	—		$	292

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Capital Allocator Opportunistic Strategies Portfolio

	Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Net Amounts of Liabilities Presented in Statement of Assets & Liabilities			Financial Instrument			Collateral Pledged			Net Amount (not less than $0)
Goldman Sachs Group AG		$	138,424		$	—		$	—		$	138,424

In June 2013, the FASB issued ASU No. 2013–08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. This ASU clarifies the characteristics of an investment company, provides comprehensive guidance to determine whether an entity is an investment company and sets certain measurement and disclosure requirements. This ASU is effective for interim and annual periods in the fiscal years that begin after December 15, 2013. The Investment Manager does not

expect that the adoption of this standard will have a material impact on the financial statements.

12. Subsequent Events

Management has evaluated the possibility of subsequent events affecting the Fund’s financial statements and has determined that there are no such subsequent events that require disclosure.

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   The Lazard Funds, Inc. Proxy Voting Results (unaudited)

A special meeting of shareholders of Lazard US Municipal Portfolio (subsequently renamed Lazard US Short Duration Fixed Income Portfolio) was held on June 14, 2013, to vote on the following proposals. The proposals received the required number of votes of shareholders and were adopted.

Proposal 1:

To approve changing the Portfolio’s investment objective.

For	Against	Abstain
863,432	0	0

Proposal 2:

To approve changing the Portfolio’s policy with respect to the investment of 80% of its assets under normal circumstances.

For	Against	Abstain
863,432	0	0

Semi-Annual Report  177

   The Lazard Funds, Inc. Board of Directors and Officers Information (unaudited)

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Independent Directors(3):
Kenneth S. Davidson (68)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Balestra Capital, Ltd., an investment manager and adviser, Senior Advisor (July 2012 – present)
		Aquiline Holdings LLC, an investment manager, Partner (2006 – June 2012)
Nancy A. Eckl (50)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (59 funds) and TIAA-CREF Life Funds (10 funds), Trustee (2007 – present)
		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
		American Beacon Advisors, Inc. (“American Beacon”) and certain funds advised by American Beacon, Vice President (1990 – 2006)
Lester Z. Lieberman (83)	Director (October 1991)	Private Investor
Leon M. Pollack (72)	Director (August 2006)	Private Investor
Richard Reiss, Jr. (69)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present) O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (65)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)
Interested Directors(4):
Charles L. Carroll (52)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (53)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present) Lazard Ltd, Vice Chairman and Director (2010 – present)

(1)	The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director also serves as a Director for each of the Lazard Funds (comprised of, as of July 31, 2013, 29 active investment portfolios). Each Director serves an indefinite term, until his or her successor is elected, and each Director serves in the same capacity for the other Lazard Funds. All of the Independent Directors (as defined below), except Mr. Lieberman, are also board members of Lazard Alternative Strategies Fund, L.L.C. and Lazard Alternative Strategies 1099 Fund, closed-end registered management investment companies advised by an affiliate of the Investment Manager.
(3)	“Independent Directors” are not “interested persons” (as defined in the Act) of the Fund.
(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the Act) of the Fund because of their positions with the Investment Manager.

The Fund’s Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300.

178  Semi-Annual Report

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Nathan A. Paul (40)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Stephen St. Clair (54)	Treasurer (May 2003)	Vice President of the Investment Manager
Brian D. Simon (51)	Chief Compliance Officer (January 2009) and Assistant Secretary (November 2002)	Managing Director (since February 2011, previously Director) of the Investment Manager and Chief Compliance Officer (since January 2009) of the Investment Manager and the Fund
Tamar Goldstein (38)	Assistant Secretary (February 2009)	Senior Vice President (since February 2012, previously Vice President and Counsel) of the Investment Manager
Cesar A. Trelles (38)	Assistant Treasurer (December 2004)	Vice President (since February 2011, previously Fund Administration Manager) of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other Lazard Funds.
(3)	In addition to Charles L. Carroll, President, whose information is included in the Interested Directors section.

Semi-Annual Report  179

   The Lazard Funds, Inc. Other Information (unaudited)

Proxy Voting

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at http://www.sec.gov.

The Fund’s proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at http://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

Form N-Q

The Fund files a complete schedule of each Portfolio’s holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

Board Consideration of Management Agreement

All Portfolios except Lazard Explorer Total Return Portfolio

At a meeting of the Board held on June 4-5, 2013, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of its Portfolios, and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Investment Manager.

Services Provided

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written presentation provided in advance of the meeting addressing, among other matters, the nature, extent and quality of services that the Investment Manager provides the Fund, including a discussion of the Investment Manager and its clients (of which the Lazard Funds complex of 28 active funds comprised approximately $22 billion of the approximately $155.7 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2013). The representatives of the Investment Manager noted that the

Investment Manager believes that the Fund continues to benefit significantly from the infrastructure and services provided by the Investment Manager’s global investment management platform, technology, operational and legal and compliance support and significant marketing infrastructure across broad distribution channels. The Directors also considered information provided by the Investment Manager regarding its personnel, resources, financial condition and experience; the Fund’s distribution channels and the relationships with various intermediaries; marketing activities on behalf of the Portfolios; and Portfolio asset flows and the growth or decline in asset levels.

The Directors considered the various services provided by the Investment Manager including the Investment Manager’s research and portfolio management capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements. The Directors also considered the Investment Manager’s infrastructure and agreed that the Fund benefits from the services and infrastructure provided by the Investment Manager. The Directors accepted management’s assertion that such services and infrastructure are greater than those typically provided to a $22 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Management Fee, Expense Ratio and Performance Information

The Directors reviewed comparative contractual and actual management fee, expense ratio and performance (through March 31, 2013) information prepared by Lipper, Inc. (“Lipper”), noting the limitations of certain Lipper comparison groups (each, a “Group”) and broader universes (each, a “Universe”). For the Global Listed Infrastructure, Emerging Markets Multi-Strategy, Emerging Markets Debt, International Realty Equity, Capital Allocator Opportunistic Strategies and Multi-Asset Targeted Volatility Portfolios, it was noted that the relevant Group and/or Universe may not provide the most appropriate comparison given the specialty nature of the Portfolios’ investment strategies. Lipper’s materials stated that Lipper’s reports are specifically designed to provide boards of directors the necessary fee, expense and investment performance information to assist in fulfilling their advisory contract renewal responsibilities under Section 15(c) of the Act.

180  Semi-Annual Report

Management Fees and Expense Ratios. The Directors discussed the actual and contractual management fees and expense ratios for each Portfolio. They noted the methodology and assumptions used by Lipper, including that management fee comparisons for the Portfolios and the rankings used therein include administrative fees (which, for the Portfolios, include a fixed dollar fee paid to the Fund’s third party administrator that is not affiliated with the Investment Manager). The Directors acknowledged that, for smaller Portfolios, the fixed dollar administrative fee may have a more significant impact on the contractual management fee.

In reviewing Lipper’s analysis, it was noted that, for at least one share class of each Portfolio, contractual management fees were at or below the median of the relevant Group, except for the International Equity Select,¹ Emerging Markets Debt (highest contractual management fee in the Group for Open Shares), International Realty Equity,² Global Fixed Income³ and Capital Allocator Opportunistic Strategies Portfolios (for which, for International Realty Equity and Global Fixed Income Portfolios, at least one share class the contractual management fee was generally near the median). For the International Equity Select, International Realty Equity, US Municipal⁴ and Global Fixed Income Portfolios, it was noted that the Investment Manager had waived receipt of all of its investment advisory fees for 2012. It also was noted that, for at least one share class of all Portfolios, expense ratios were at or below the medians of those of the funds in the relevant Group, except for the Global Listed Infrastructure, Emerging Markets Debt, Emerging Markets Multi-Strategy and the Realty Portfolios (for which, for Global Listed Infrastructure, Emerging Markets Debt and Emerging Markets Multi-Strategy Portfolios, at least one share class’ expense ratio was generally near the median). Global Listed Infrastructure, Emerging Markets Debt and the Realty Portfolios each had the highest expense ratio in its Group for Open Shares. The Directors noted the difference in the Emerging Markets Debt Portfolio’s strategy, which is a blend of local and hard currency investments, versus funds in its Group, and requested further information regarding each of the Realty Portfolios’ expense ratios for review at a

future meeting. For certain other Portfolios, the Directors noted management’s explanations regarding the lack of comparability of funds within the Groups due to different sizes or strategies, as applicable. The Directors considered that the Investment Manager continues to voluntarily enter into fee waiver and expense reimbursement agreements for all of the Portfolios and that for certain of the Portfolios the Investment Manager was waiving management fees and/or reimbursing expenses.

The Directors also considered management fees paid to the Investment Manager by funds advised or sub-advised by the Investment Manager utilizing the same investment strategies as the Portfolios, as well as the Investment Manager’s separately managed accounts with similar investment objectives, policies and strategies (for each Portfolio, collectively with such funds, “Similar Accounts”). The Directors discussed the fees paid to the Investment Manager by the Fund’s Portfolios compared to the fees paid to the Investment Manager by Similar Accounts. Representatives of the Investment Manager discussed the nature of the Similar Accounts and the extensive differences, from the Investment Manager’s perspective, in services provided to the different types of Similar Accounts as compared to the services provided to the Portfolios. The Directors considered the relevance of the fee information provided for Similar Accounts managed by the Investment Manager, in light of the significant differences in services provided, to evaluate the appropriateness and reasonableness of the Portfolios’ management fees.

Performance. Lipper’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and/or Universe over measurement periods up to ten years through March 31, 2013.

For Portfolio performance, both share classes of US Equity Concentrated, US Strategic Equity, Global Listed Infrastructure, International Equity, International Equity Select, International Strategic Equity, Emerging Markets Equity, US Realty Income and US Realty Equity Portfolios were at

1	The Portfolio had the lowest average net assets in its Group.
2	In light of a proposal to change the International Realty Equity Portfolio’s strategy to a global strategy, the Portfolio was analyzed both as an international realty fund and a global realty fund. As a global realty fund, the Portfolio had the highest contractual management fee in the Group for both share classes and the highest expense ratio in the Group for both share classes and in the Universe for Open Shares. The Board requested and the Investment Manager’s representatives agreed to provide additional supplemental information for further consideration of the Portfolio’s fees and expenses as a global realty fund.
3	The Board noted that the Portfolio’s strategy will change to a taxable short duration strategy effective June 28, 2013.
4	As of June 28, 2013, the Portfolio changed its name from “Lazard US Municipal Portfolio” to “Lazard US Short Duration Fixed Income Portfolio.”

Semi-Annual Report  181

or above the median of the Group and/or Universe for most or all periods; one share class of Emerging Markets Debt Portfolio was above the Group and/or Universe medians for all periods; both share classes of US Small-Mid Cap Equity, International Small Cap Equity, Developing Markets Equity (lowest performance in Group for both share classes for one-year period, although longer-term performance was more favorable), Emerging Markets Equity Blend, Emerging Markets Multi-Strategy, International Realty Equity and Capital Allocator Opportunistic Strategies Portfolios were variously above, at and/or below the Group and Universe medians for all periods; and both share classes of US Mid Cap Equity (lowest performance in Group for Institutional Shares for most periods), US Municipal (lowest performance in Group for both share classes for all periods)³ and Global Fixed Income Portfolios (lowest performance in Group for both share classes and Universe for Open Shares for one-year period – the only period of measurement since the Portfolio commenced operations on March 30, 2012) were at or below the Group and Universe medians for all periods.

At the meeting, the Directors received and would continue to receive regular updates on the Investment Manager’s efforts in respect of underperforming Portfolios.

Investment Manager Profitability and Economies of Scale

The Directors reviewed information prepared by the Investment Manager for each Portfolio concerning profits realized by the Investment Manager and its affiliates resulting from the Management Agreement, calculated using the actual revenues received for the calendar year ended December 31, 2012 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s expenses. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any significant indirect benefits from the Investment Manager acting as investment adviser to the Portfolios. The Investment Manager’s representatives stated that the broker-dealer that is treated as an affiliate of the Investment Manager did not effect trades for the Portfolios in the period under review, and the Investment Manager did not benefit from money flow (float) in connection with transactions in the Portfolios’ shares. The Investment Manager’s representatives reviewed with the Board information provided on the Investment Manager’s brokerage practices and the Portfolios’ brokerage allocation, commission payments and soft dollar commissions and benefits. The representatives of the

Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and record-keeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Open Shares.

The profitability percentages were within ranges determined by relevant court cases not to be so disproportionately large that they bore no reasonable relationship to the services rendered. Representatives of the Investment Manager stated that the Investment Manager believed the profits are not unreasonable in light of the services provided and other factors. The Directors considered the Investment Manager’s estimated profitability with respect to each Portfolio as part of their evaluation of whether the Portfolio’s fee under the Management Agreement bears a reasonable relationship to the mix of services provided by the Investment Manager, including the nature, extent and quality of such services, and evaluated profitability in light of the relevant circumstances for each Portfolio, including the size of each Portfolio and the trend in asset growth or decline. Representatives of the Investment Manager and the Directors discussed ways economies of scale could be realized and how they could be shared, including the Investment Manager’s reinvestment of money back into its business, waiving or reimbursing Portfolio expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting relatively low management fees from inception. It was noted that, for Portfolios with declining or stable assets or a low level of assets, the extent to which the Investment Manager may have realized any economies of scale would be reduced.

At the conclusion of these discussions, each of the Directors expressed the opinion that he or she had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Management Agreement. Based on its discussions and considerations as described above, the Board made the following conclusions and determinations.

• The Board concluded that the nature, extent and quality of the services provided by the Investment Manager are

182  Semi-Annual Report

	adequate and appropriate, noting the benefits of advisory and research services and other services and infrastructure (as discussed above) associated with an approximately $155.7 billion global asset management business.
•	The Board was generally satisfied with the overall performance of most of the Portfolios, but would continue to monitor performance of the Portfolios that was not generally above or competitive with Group or Universe medians.
•	The Board concluded that each Portfolio’s fee paid to the Investment Manager was reasonable in light of the considerations discussed above.
•	The Board recognized that economies of scale may be realized as the assets of the Portfolios increase and determined that they would continue to consider potential material economies of scale.

The Board considered these conclusions and determinations in their totality and, without any one factor being dispositive, determined that approval of the Management Agreement for the Fund, on behalf of each Portfolio, was in the best interests of the Portfolio and its shareholders.

Lazard Explorer Total Return Portfolio

At a meeting of the Fund’s Board held on June 4-5, 2013, the Board considered the approval of the Management Agreement between the Fund, on behalf of the Explorer Total Return Portfolio (the “New Portfolio”), and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Investment Manager.

Services Provided

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written presentation provided in advance of the meeting addressing, among other matters, the nature, extent and quality of services provided to the Fund by the Investment Manager, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 29 active funds comprised approximately $22 billion of the approximately $155.7 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2013); the Investment Manager’s global investment management

platform, technology, operational and legal and compliance support and significant marketing infrastructure across broad distribution channels; and the Investment Manager’s personnel, resources, financial condition and experience. The Board received a presentation on the New Portfolio from a portfolio manager, including the strategies to be employed for the New Portfolio and the New Portfolio’s portfolio management team, including professional biographies.

The Directors considered the various services to be provided by the Investment Manager including the Investment Manager’s research and portfolio management capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements. The Directors also considered the Investment Manager’s infrastructure and agreed that the New Portfolio was expected to benefit from the services and infrastructure provided by the Investment Manager. The Directors accepted management’s assertion that such services and infrastructure would be greater than those typically provided to a $22 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Management Fee, Expense Ratio and Performance Information

The Directors reviewed comparative management fee and expense ratio information prepared by Lipper, noting the limitations of the Groups for the New Portfolio. Lipper’s materials stated that Lipper’s reports are specifically designed to provide boards of directors the necessary fee, expense and investment performance information to assist in fulfilling their advisory contract renewal responsibilities under Section 15(c) of the Act.

Management Fee and Expense Ratios. Representatives of the Investment Manager reviewed the proposed management fee and anticipated expense ratios for the New Portfolio and the comparisons provided by Lipper, which compared contractual management fees and expense ratios for the New Portfolio to its respective Groups, and the Directors noted the methodology and assumptions used by Lipper, including that the management fee comparisons and the rankings used therein include administrative fees (which are paid to the Fund’s third party administrator that is not affiliated with the Investment Manager). The proposed management fee and estimated expense ratio for the New Portfolio for both

Semi-Annual Report  183

Institutional Shares and Open Shares was the highest in each Group. Representatives of the Investment Manager stated that they believe that many of the funds included in the Groups for the New Portfolio are not directly comparable to the New Portfolio. Specifically, the Groups include emerging market local debt and hard currency debt funds which take a different approach than that to be taken by the New Portfolio. The Directors also reviewed a supplemental fee analysis of a group of comparison funds prepared by the Investment Manager showing that proposed management fee was more competitive with funds that the Investment Manager considered to be more direct comparisons for the New Portfolio. The Directors also reviewed information regarding advisory fees charged to Similar Accounts and considered the relevance of this fee information.

Performance. Since the New Portfolio had not yet commenced operations, there was no performance for the Directors to consider. The Directors were provided with composite performance information for the Investment Manager’s emerging markets debt total return strategy.

Investment Manager Profitability and Economies of Scale

Representatives of the Investment Manager referred to recent discussions regarding considerations of profitability and economies of scale in respect of the Fund’s existing Portfolios and noted that because the New Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of the New Portfolio’s assets was uncertain, specific information concerning the cost of services to be provided to the New Portfolio and the expected profits to be realized by the Investment Manager, its affiliates from their relationships with the New Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager’s representatives stated that they did not expect the Investment Manager to realize any current profits on the New Portfolio initially, noting the Investment Manager’s agreement to waive its fees and/or reimburse the New Portfolio for at least one year following the New Portfolio’s commencement of operations to maintain the expense ratios reflected in the Lipper materials. The Board determined to revisit this issue no later than when it next reviewed the investment management fee in connection with renewal of the Management Agreement. The Investment Manager’s representatives noted that neither the Investment Manager nor its affiliates were expected to receive any significant in-

direct benefits from the Investment Manager acting as investment adviser to the New Portfolio. The Investment Manager’s representatives reviewed with the Board information provided on the Investment Manager’s brokerage and soft dollar practices. The representatives of the Investment Manager stated that the Investment Manager intends to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the New Portfolio would not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the New Portfolio’s Open Shares.

At the conclusion of these discussions, each of the Directors expressed the opinion that he or she had been furnished with sufficient information to make an informed business decision with respect to the approval of the Management Agreement with respect to the New Portfolio. Based on its discussions and considerations as described above, the Board made the following conclusions and determinations:

• The Board concluded that the nature, extent and quality of the services to be provided by the Investment Manager are adequate and appropriate, noting the benefits of advisory and research and other services and infrastructure (as discussed above) associated with an approximately $155.7 billion global asset management business.

• The Board was satisfied with the resources the Investment Manager was to devote to management of the New Portfolio.

• The Board concluded that the New Portfolio’s fees to be paid to the Investment Manager were reasonable in light of the considerations discussed above.

• The Board recognized that economies of scale may be realized as the assets of the New Portfolio increase. The Board determined it would seek to have the Investment Manager share any material economies of scale with the New Portfolio.

The Board considered these conclusions and determinations in their totality and, without any one factor being dispositive, determined that approval of the Management Agreement for the New Portfolio was in the best interests of the New Portfolio.

184  Semi-Annual Report

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The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

http://www.LazardNet.com

Investment Manager

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

Distributor

Lazard Asset Management Securities LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Transfer Agent and Dividend Disbursing Agent

Boston Financial Data Services, Inc.

P.O. Box 8514

Boston, Massachusetts 02266-8514

Telephone: 800-986-3455

Independent Registered Public Accounting Firm

Anchin, Block & Anchin LLP

1375 Broadway

New York, New York 10018

http://www.anchin.com

Legal Counsel

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, New York 10038-4982

http://www.stroock.com

Performance information as of the most recent month end is available online at www.LazardNet.com.

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York NY 10112 • www.lazardnet.com
LZDPS013

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors during the period covered by this report.

ITEM 11. CONTROLS AND PROCEDURES.

(a)     The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)     There were no changes to the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)   Not applicable.

(a)(2)   Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3)   Not applicable.

(b)       Certifications of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Lazard Funds, Inc.

By	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date	September 6, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date	September 6, 2013
By	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date	September 6, 2013