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:	6/30/15

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds Semi-Annual Report

June 30, 2015

Alternative Funds

Lazard Enhanced Opportunities Portfolio

Lazard Fundamental Long/Short Portfolio

Lazard Master Alternatives Portfolio

Privacy Notice Regarding Customer Financial Information Rev. 8/2015

FACTS	What does Lazard do with your personal information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all, sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	Social Security number and credit history;
	Assets and income;
	Account transactions;
	When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Lazard chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Lazard share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For nonaffiliates to market to you	No	We do not share

Questions? Call 800-823-6300 or go to http://www.LazardNet.com

Who we are
Who is providing this notice?	Lazard Asset Management LLC, Lazard Alternatives, LLC, Lazard Asset Management (Canada), Inc., and Lazard Asset Management Securities LLC, on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard collect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal and applicable state laws. These measures include computer safeguards and secured files and buildings.
How does Lazard collect my personal information?	We collect your personal information, for example, when you:
	Open an account;
	Seek advice about your investments;
	Direct us to buy securities;
	Direct us to sell your securities;
	Enter into an investment advisory contract;
	We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only:
	Sharing for affiliates’ everyday business purposes — information about your creditworthiness;
	Affiliates from using your information to market to you;
	Sharing for nonaffiliates to market to you;
	State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
	Our affiliates may include financial companies whose names include “Lazard”.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	Lazard does not share information with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
	Lazard does not jointly market.
Other important information
Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers or former customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overviews
6	Performance Overviews
9	Information About Your Portfolio’s Expenses
11	Portfolio Holdings Presented by Sector
12	Portfolios of Investments
12	Lazard Enhanced Opportunities Portfolio
19	Lazard Fundamental Long/Short Portfolio
22	Lazard Master Alternatives Portfolio
40	Notes to Portfolios of Investments
42	Statements of Assets and Liabilities
43	Statements of Operations
44	Statements of Changes in Net Assets
46	Financial Highlights
49	Notes to Financial Statements
63	Board of Directors and Officers Information
65	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 the investment objectives, risks, charges, expenses and other information about Portfolios of the Fund, which is 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,

During the first half of 2015, global equity markets were supported by monetary easing measures in many countries and the stabilization of oil prices. In Europe, equities performed well as the European Central Bank’s quantitative easing program appeared to forestall deflation. Japanese equities continued their impressive streak as Abenomics reforms began to pay dividends. US equity markets rose as corporate earnings generally exceeded expectations. Despite concerns about the possibility of higher US short-term interest rates, heightened volatility in the Chinese stock market, and a potential debt default by Greece, emerging markets performed in line with developed markets.

Globally, fixed-income markets staged impressive rallies during the first quarter of 2015 amid weak growth in the United States due to another harsh winter and continued downward pressure on inflation worldwide. However, the action-packed second quarter, particularly in Greece, created some volatility in global bonds. Meanwhile, there was significant divergence between the winners and losers in emerging markets debt. From a global bond standpoint, fundamental challenges in Turkey, Brazil, and South Africa are likely to persist while some eastern European countries, including Hungary, the Czech Republic, and Poland, are benefiting from monetary stimulus, structural reforms, and economic and business ties to Germany. Currency markets were volatile during the period as investors either reassessed or rebalanced their overweight positions to the US dollar. Notably, central banks cut rates in more than thirty countries.

At Lazard Asset Management LLC, we remain focused on active management and are committed to you, our valued shareholders, and we continue to focus our strengths in pursuing the Portfolios’ investment objectives. As always, we appreciate your continued confidence in our investment management capabilities, and feel privileged that you have turned to Lazard for your investment needs.

Sincerely,

Lazard Asset Management LLC

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The Lazard Funds, Inc. Investment Overviews

Lazard Alternatives

The market was mostly focused on the central bank policy for most of the period, and then all eyes were on the escalating Greek debt crisis and China equity market volatility at the end. US equities churned higher as worries about the weak first-quarter GDP readings were increasingly viewed as one-off anomalies due to bad weather and a West Coast port strike. Thus, general views were that the US economy and earnings would accelerate for the remainder of the year. Outside the United States, Japanese equities continued to perform well in light of aggressive quantitative easing (QE) and the government’s push for structural reforms. European bourses generally did well for the period, buoyed by the European Central Bank’s plans for QE but moved strongly lower at the end of June because of Greece. Chinese equities were very volatile, with the major indices dropping into a bear market (typically, a market drop of 20% or more), within days of the country’s mid-June highs.

The bond market was mixed, with high yield credit leading the way over investment grade debt and treasuries during the period. High yield credit spreads were generally stable but, similar to equities, stumbled at the end of the second quarter and moved wider. Higher-rated issues outperformed lower-rated issues and commodity related sectors such as mining and energy were under pressure. Investment grade bonds were hampered by both widening credit spreads and the rise in interest rates. Prospects for the US Federal Reserve to raise interest rates caused treasuries to underperform credit due to the rise in interest rates and a steepening yield curve.

Global convertible issuance for the first six months of the year was about $45 billion, with $26 billion coming from the United States and $19 billion from outside the United States. On a net basis, the global convertibles marketplace grew by about $4 billion, because there were less redemptions and paper leaving the market than experienced in prior years. The continued issuance and lower redemption environment should lead to a third straight year of global growth for the asset class. Mergers-and-acquisitions activity, stock buybacks, and re-financings should be the catalysts for convertible issuance going forward.

Also, higher interest rates in the United States could also make convertibles more appealing to issue than high yield.

Lazard Enhanced Opportunities Portfolio

For the six months ended June 30, 2015, the Lazard Enhanced Opportunities Portfolio’s Institutional Shares posted a total return of 0.90%, while Open Shares posted a total return of 0.80%, as compared with the 1.27% return for the HFRX Global Hedge Fund^® Index.

Single-name security selection and some idiosyncratic catalysts led the way given the muted returns across equities and credit. Specific positions that helped included Priceline Group, 1% of 2018. This online travel company reported a strong fourth quarter of 2014, with earnings led by hotel and car rental reservations. Moreover, the company announced that it was authorized to make $3 billion in additional share repurchases. Subsequently, the strong US Dollar, and by extension, the weak euro and British pound, weighed on the first-quarter 2015 results and outlook. Thus, the position has been exited as trailing stops were triggered. Another positive contributor was the equity-hedged position in Solazyme (SZYM) 5% of 2019. The relative valuation of the credit of SZYM, a renewable-oil and biofuels company, improved, benefiting from an announced collaboration with Flotek Industries (FTK) to commercialize SZYM’s drilling fluid Encapso. Additionally, FTK will be exclusive marketer of Encapso in the Middle East. SolarCity 2.75% moved higher on better sentiment, helped along by an announced $500 million loan facility with Bank of America Merrill Lynch, Credit Suisse, and Deutsche Bank to help finance solar power systems. Additional contributors included the position in Greenbrier, 3.5% of 2018, which benefited from the railcar manufacturer’s strong earnings report and a boost to fiscal year 2015 revenue and earnings-per-share guidance. Additionally, the stabilization of oil prices during the first half of the year provided support to the stock and credit given their railcars use in crude oil transportation. However, this position was exited later in the second quarter as energy prices softened and trailing stops were triggered. The equity of XPO Logistics (XPO), a transportation logistics company,

Semi-Annual Report  3

moved higher upon news that the company was acquiring France-based Norbert Dentressangle. This transformative deal will result in XPO becoming a truly global enterprise, and provides economies of scale, hence the increase in the price of the acquirer’s stock as well as the target’s. Lastly, the Portfolio’s position in Omnicare 3.25% maturing in 2035, but put-table back to the company in December 2015, benefited from a takeover bid from CVS Health Corp.

In general, the weaker macro environment that developed at the end of the period was not beneficial to the price of risk assets. Importantly, hedges using the Russell 2000 ETF were not effective given the relative outperformance of the Russell 2000 versus the underlying stocks of most of the convertible issuers. Single name detractors of performance included FXCM Inc. (FXCM) 2.25% of 2018. FXCM, an online foreign exchange brokerage, was negatively affected by the surprise move by the Schweizerisch Nationalbank (Swiss National Bank) to remove the Swiss Franc’s 1.20 cap versus the euro in January. The FXCM 2.25% of 2018 dropped substantially in price during the period. The company has subsequently received a $300 million infusion from Leucadia National Corp and the bonds have since recovered substantially. The Portfolio’s bullish position in American Airlines stock and options was hampered by the market’s negative view of capacity growth, margins, and potential price competition in the airline space. Spirit Realty Capital 2.875% of 2019 were marked lower as investors who rushed into higher yielding areas of the market such as real estate investment trusts pulled back in light of potential US Federal Reserve rate hikes. Importantly, positions in commodity related names AK Steel, at 5%, which has been exited upon hitting stop loss triggers, and Alpha Natural Resources (ANR), were under pressure. AK Steel, a cold-rolled carbon and stainless-steel producer, has been affected by negative sentiment in the sector. Energy and other commodities have been negatively affected by the strong US Dollar and a supply-and-demand imbalance that has been built up over the past decade, as companies loaded up on debt to expand capacity in an effort to satisfy what was viewed as insatiable demand by China. However, Chinese demand has slowed and, in some cases, China is adding to the supply of materials such

as iron ore. Moreover, regulation has further increased costs for industries such as coal, exemplified by ANR.

Lazard Fundamental Long/Short Portfolio

For the six months ended June 30, 2015, the Lazard Fundamental Long/Short Portfolio’s Institutional Shares posted a total return of 2.31%, while Open Shares posted a total return of 2.13%, as compared with the 1.23% return for the S&P 500^® Index.

A long position in pharmaceuticals maker United Therapeutics helped returns, as shares rose after management issued encouraging commentary regarding the launch of the company’s new hypertension medication, Orenitram. Investors were also encouraged after the FDA approved the company’s drug for neuroblastoma. The Portfolio also benefited from a long position in residential and commercial outsourcing services provider ServiceMaster, as shares rose after the company reported quarterly earnings that exceeded expectations and management issued encouraging revenue guidance for the year. A long position in biopharmaceutical development company Quintiles also contributed to performance as shares rose after the company reported strong earnings and significant backlog increases, a leading indicator of future growth.

In contrast, a long position in American Airlines detracted from performance, as shares fell amid capacity concerns in the industry, with competitor Southwest’s expansion in the Dallas area directly impacting American’s share. The Portfolio was also hurt by a long position in card network operator American Express, as shares fell after management issued guidance for heavier-than-expected investment this year, pressuring earnings. The company also announced that its contract with Costco would not be renewed beyond 2016. We sold the company during the period. A long position in media company Viacom also detracted from performance, as shares fell amid ratings declines and continued speculation that one of the payTV distributors could drop Viacom’s channels.

In aggregate, the Portfolio’s short positions moderately detracted from performance. A short position in

4  Semi-Annual Report

natural gas and oil producer PDC Energy was among the largest detractors from performance, as shares rose after the company reported strong first quarter earnings, driven by lower expenses. We covered our position in February as our thesis was impaired. A short position in biopharmaceutical drug maker Pharmacyclics also hurt returns, as shares rose after Abb-Vie announced plans to acquire the company for $21 billion. We sold our position after the announcement, as our thesis was impaired.

Lazard Master Alternatives Portfolio

For the six months ended June 30, 2015, the Lazard Master Alternatives Portfolio’s Institutional Shares posted a total return of 2.10%, while Open Shares posted a total return of 2.00%, as compared with the 1.27% return for the HFRX Global Hedge Fund Index and a 2.63% return for the MSCI World^® Index.

The Portfolio invests in securities comprising various alternative investment strategies. Currently, the Portfolio has exposure to five underlying strategies: global equity long/short, US equity long/short, Japanese equity long/short, emerging markets long/short equity, and relative value convertible securities. The Portfolio allocation is determined by the Lazard Master Alternatives portfolio management team with the goal of providing long-term capital appreciation over a full market cycle, low volatility and correlation to broad market indices, and downside protection during negative market environments.

As of June 30, 2015, the Portfolio allocation was as follows:

Investment Strategy	Allocation
Global Equity Long/Short	21	%
Emerging Markets Long/Short Equity	24	%
US Equity Long/Short	24	%
Relative Value Convertible Securities	22	%
Japanese Equity Long/Short	9	%

Each of the individual underlying strategies in the Portfolio contributed positively to performance, led by Japanese equity long/short, and followed by global equity long/short, emerging markets long/short equity, US equity long/short, and relative value convertible securities.

As for Portfolio characteristics, the Portfolio currently has its greatest market capitalization exposure to mid-cap ($2-$10 billion) securities at 35% of gross exposure, with 28% in large cap ($10-$50 billion) securities, 25% in small cap (less than $2 billion) securities, and 12% in mega-cap (over $50 billion) securities. In terms of sector weightings, financial services (27% of gross exposure), consumer discretionary (14%), and health care (13%) represented the top three exposures. As of June 30, 2015, almost half the Portfolio was invested in securities based outside North America, with exposure to roughly fifty countries outside the United States.

The Portfolio ended the second quarter of 2015 with gross exposure of 144% and net exposure of 43%.

Notes to Investment Overviews:

All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of a Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or Boston Financial Data Services, Inc., the Fund’s transfer and dividend disbursing agent (“BFDS”); without such waiver/reimbursement of expenses, such Portfolio’s returns would have been lower. Past performance is not indicative, or a guarantee, of future results. A period of less than one year is not annualized.

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, 2015; 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 a 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 a 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 any 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.

Semi-Annual Report  5

The Lazard Funds, Inc. Performance Overviews (unaudited)

Lazard Enhanced Opportunities Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Enhanced Opportunities Portfolio and HFRX Global Hedge Fund^® Index

Total Returns*

Period Ended June 30, 2015

	Since
	Inception		†
Institutional Shares**		0.90%
Open Shares**		0.80%
HFRX Global Hedge Fund Index		1.27%

*	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.
	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 HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge industry. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was December 31, 2014.

6  Semi-Annual Report

Lazard Fundamental Long/Short Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Fundamental Long/Short Portfolio, S&P 500^® Index and HFRX Equity Hedge^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2015

			Since
	One Year		Inception		†
Institutional Shares**		16.78%		14.18%
Open Shares**		16.48%		13.93%
S&P 500 Index		7.42%		10.38%
HFRX Equity Hedge Index		2.51%		3.43%

*	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.
	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 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 HFRX Equity Hedge Index tracks the strategy, also known as long/short equity, that combines core long holdings of equities with short sales of stock or stock index options. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was April 30, 2014.

Semi-Annual Report  7

Lazard Master Alternatives Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Master Alternatives Portfolio, HFRX Global Hedge Fund Index and MSCI World^® Index*

Total Returns*

Period Ended June 30, 2015

	Since
	Inception		†
Institutional Shares**		2.10%
Open Shares**		2.00%
HFRX Global Hedge Fund Index		1.27%
MSCI World Index		2.63%

*	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.
	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 HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge industry. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was December 31, 2014.

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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, 2015 through June 30, 2015 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 shareholder reports of other mutual 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.

Semi-Annual Report  9

Portfolio	Beginning Account Value 1/1/15		Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15 - 6/30/15		Annualized Expense Ratio During Period 1/1/15 - 6/30/15
Enhanced Opportunities
Institutional Shares
Actual	$	1,000.00	$	1,009.00		$  8.47		1.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.36		$  8.50		1.70	%
Open Shares
Actual	$	1,000.00	$	1,008.00		$  9.71		1.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.12		$  9.74		1.95	%
Fundamental Long/Short†
Institutional Shares
Actual	$	1,000.00	$	1,023.10		$17.46		3.48	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,007.54		$17.32		3.48	%
Open Shares
Actual	$	1,000.00	$	1,021.30		$18.74		3.74	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,006.25		$18.60		3.74	%
Master Alternatives†
Institutional Shares
Actual	$	1,000.00	$	1,021.00		$13.28		2.65	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,011.65		$13.22		2.65	%
Open Shares
Actual	$	1,000.00	$	1,020.00		$14.52		2.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,010.41		$14.46		2.90	%

*	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).
†	The annualized expense ratios include broker expense and dividend expense on securities sold short.

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The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2015 (unaudited)

	Lazard Enhanced Opportunities				Lazard Fundamental Long/Short Portfolio						Lazard Master Alternatives Portfolio
Sector	Portfolio*			Long**			Short†			Long**			Short†
Consumer Discretionary		6.0	%		13.5	%		-24.2	%		9.3	%		-16.9	%
Consumer Staples		3.6			1.3			-4.0			6.0			-6.8
Energy		1.5			—			—			2.1			-1.2
Financials		23.9			10.9			-22.0			18.9			-13.9
Health Care		5.7			13.1			-24.1			8.6			-19.8
Industrials		10.0			4.3			-14.1			6.4			-9.9
Information Technology		7.1			6.4			-8.5			5.4			-8.9
Materials		3.6			3.7			-3.1			5.4			-3.3
Telecommunication Services		—			—			—			0.9			-0.8
Utilities		—			0.9			—			1.5			—
Exchange-Traded Funds		0.4			—			—			0.1			-18.5
Short-Term Investments		38.2			45.9			—			35.4			—
Total Investments		100.0	%		100.0	%		-100.0	%		100.0	%		-100.0	%

*	Represents percentage of total investments.
**	Represents percentage of total investments excluding securities sold short.
†	Represents percentage of total securities sold short.

Semi-Annual Report  11

The Lazard Funds, Inc. Portfolios of Investments June 30, 2015 (unaudited)

Description	Shares		Value
Lazard Enhanced Opportunities Portfolio
Common Stocks | 17.9%
Australia | 0.7%
Ainsworth Game Technology, Ltd.		9,255	$	18,352
Spotless Group Holdings, Ltd.		10,488		16,912
				35,264
Belgium | 0.6%
KBC Groep NV		464		31,006
Canada | 1.8%
Air Canada (a)		1,177		12,448
Cineplex, Inc.		527		19,839
Element Financial Corp. (a)		994		15,718
Intertape Polymer Group, Inc.		787		11,796
MacDonald Dettwiler & Associates, Ltd.		322		23,530
Sandvine Corp. (a)		3,121		8,971
				92,302
China | 0.6%
Baidu, Inc. Sponsored ADR (a)		155		30,857
Finland | 0.3%
Nokia Oyj		2,564		17,408
Germany | 0.5%
LEG Immobilien AG		397		27,583
Israel | 0.7%
Israel Discount Bank, Ltd., Class A (a)		7,135		13,697
Teva Pharmaceutical Industries, Ltd.
Sponsored ADR		407		24,054
				37,751
Italy | 1.3%
Banca Popolare dell’Emilia Romagna SC		1,550		13,824
Banca Popolare di Milano Scarl		8,866		9,351
Banco Popolare SC (a)		750		12,341
Credito Valtellinese Scarl (a)		9,845		13,061
Infrastrutture Wireless Italiane SpA (a)		1,134		5,120
Unione di Banche Italiane SCpA		1,534		12,305
				66,002
Luxembourg | 0.2%
ArcelorMittal		888		8,631
Mexico | 0.4%
Cemex SAB de CV Sponsored ADR (a)		2,435		22,305

Description	Shares		Value
Netherlands | 0.1%
GrandVision NV (a)		126	$	3,113
Puerto Rico | 0.3%
EVERTEC, Inc.		610		12,956
South Africa | 0.6%
Imperial Holdings, Ltd.		908		13,845
Nampak, Ltd.		5,497		15,267
				29,112
Sweden | 0.8%
Hoist Finance AB (a)		1,357		10,231
Nordax Group AB		2,874		15,393
Swedbank AB, A Shares		566		13,198
				38,822
Switzerland | 0.0%
Dufry AG (a)		11		1,532
United States | 9.0%
Alaska Air Group, Inc.		395		25,450
American Airlines Group, Inc.		330		13,179
Apollo Commercial Real Estate Finance, Inc.		1,641		26,962
Bank of America Corp.		1,477		25,138
Berry Plastics Group, Inc. (a)		858		27,799
Boulevard Acquisition Corp. (a)		531		6,637
Bristol-Myers Squibb Co.		309		20,561
Citrix Systems, Inc. (a)		756		53,041
Exelixis, Inc. (a)		3,119		11,727
Humana, Inc.		91		17,406
Metalico, Inc. (a)		15,575		7,943
Microsoft Corp.		649		28,653
Mylan NV (a)		239		16,219
RAIT Financial Trust REIT		306		1,870
RCI Hospitality Holdings, Inc. (a)		1,464		17,422
Ryder System, Inc.		108		9,436
Southwest Airlines Co.		611		20,218
Spirit Airlines, Inc. (a)		768		47,693
Springleaf Holdings, Inc. (a)		168		7,713
Tyco International PLC		671		25,820
United Continental Holdings, Inc. (a)		572		30,322
Voya Financial, Inc.		224		10,409
Western Gas Equity Partners LP		72		4,320
				455,938
Total Common Stocks (Identified cost $941,293)				910,582

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

12  Semi-Annual Report

Description	Principal Amount (000) (b)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Corporate Bonds | 27.2%
Canada | 0.8%
Norbord, Inc., 6.250%, 04/15/23 (c)		40	$	40,355
China | 0.7%
Ctrip.com International, Ltd., 1.000%, 07/01/20 (c)		35		34,103
Marshall Island | 1.0%
Aegean Marine Petroleum Network, Inc., 4.000%, 11/01/18		45		49,191
United States | 24.7%
Alpha Natural Resources, Inc., 4.875%, 12/15/20		69		4,658
Apollo Commercial Real Estate Finance, Inc., 5.500%, 03/15/19		15		14,888
Ascent Capital Group, Inc., 4.000%, 07/15/20		55		42,453
Atlas Air Worldwide Holdings, Inc., 2.250%, 06/01/22		75		73,078
Avid Technology, Inc., 2.000%, 06/15/20 (c)		35		31,872
Blue Coat Holdings, Inc., 8.375%, 06/01/23 (c)		40		40,700
Campus Crest Communities Operating Partnership LP, 4.750%, 10/15/18 (c)		16		15,320
Cenveo Corp., 7.000%, 05/15/17		20		18,600
CHS/Community Health Systems, Inc., 7.125%, 07/15/20		40		42,380
CorEnergy Infrastructure Trust, Inc., 7.000%, 06/15/20		25		25,765
DAE Aviation Holdings Inc., 10.000%, 07/15/23 (c)		25		24,663
Empire State Realty OP LP, 2.625%, 08/15/19 (c)		65		65,853

Description	Principal Amount (000) (b)		Value
FireEye, Inc., 1.625%, 06/01/35		30	$	31,986
FXCM, Inc., 2.250%, 06/15/18		64		53,480
IAS Operating Partnership LP, 5.000%, 03/15/18 (c)		60		58,650
Ironwood Pharmaceuticals, Inc., 2.250%, 06/15/22 (c)		40		39,175
JAKKS Pacific, Inc., 4.875%, 06/01/20 (c)		25		28,281
MGIC Investment Corp., 9.000%, 04/01/63 (c)		65		83,566
Navistar International Corp., 4.750%, 04/15/19		5		4,278
Northstar Realty Finance Corp., 4.625%, 12/15/16 (c)		105		104,475
Omnicare, Inc., 3.250%, 12/15/35		5		6,153
RAIT Financial Trust REIT, 4.000%, 10/01/33		50		42,906
Renewable Energy Group, Inc., 2.750%, 06/15/19		25		26,531
Resource Capital Corp., 8.000%, 01/15/20		50		47,312
Solazyme, Inc., 5.000%, 10/01/19		5		2,903
Spirit Realty Capital, Inc., 2.875%, 05/15/19		70		65,975
Starwood Waypoint Residential Trust, 3.000%, 07/01/19 (c)		60		55,200
Trinity Industries, Inc., 3.875%, 06/01/36		80		101,250
Violin Memory, Inc., 4.250%, 10/01/19		50		42,250
Wright Medical Group, Inc., 2.000%, 02/15/20 (c)		60		63,675
				1,258,276
Total Corporate Bonds (Identified cost $1,410,068)				1,381,925

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

Semi-Annual Report  13

Description	Shares		Value
Lazard Enhanced Opportunities Portfolio (continued)
Exchange-Traded Fund | 0.4%
iShares MSCI Emerging Markets ETF (Identified cost $18,808)		465	$	18,423
Preferred Stocks | 6.6%
United States | 6.6%
Anadarko Petroleum Corp.		100		5,041
Barnes & Noble, Inc. Series J		40		61,842
Bunge, Ltd.		586		63,866
Cowen Group, Inc. Series A		55		61,030
Ramco-Gershenson Properties Trust Series D		920		54,731
Universal Corp.		70		89,287
Total Preferred Stocks (Identified cost $316,618)				335,797
Description	Number of Contracts		Value
Purchased Options | 0.1%
EMC Corp. 27 Call, Expires 10/16/15		23	$	2,277
HCA Holdings, Inc. 87.5 Call, Expires 07/17/15		1		380
Natus Medical, Inc. 40 Call, Expires 07/17/15		6		1,590

Description	Number of Contracts		Value
Sandisk Corp.:
72.5 Call, Expires 07/17/15		4	$	12
75 Call, Expires 07/17/15		3		12
SPDR S&P 500 ETF Trust 217 Call, Expires 07/17/15		30		120
Tivo, Inc. 12 Call, Expires 01/15/16		6		150
United Continental Holding, Inc. 60 Call, Expires 07/17/15		11		198
United States Steel Corp. 28 call, Expires 07/17/15		5		20
Total Purchased Options (Identified cost $8,993)				4,759
Description	Shares		Value
Short-Term Investment | 32.3%
State Street Institutional Treasury Money Market Fund (Identified cost $1,640,500)		1,640,500	$	1,640,500
Total Investments | 84.5% (Identified cost $4,336,280) (d)			$	4,291,986
Cash and Other Assets in Excess of Liabilities | 15.5%				788,416
Net Assets | 100.0%			$	5,080,402

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

14  Semi-Annual Report

Lazard Enhanced Opportunities Portfolio (continued)

Written Options open at June 30, 2015:

Description	Number of Contracts	Strike Price		Expiration Date	Premium		Value
EMC Corp. 25 Put	15	$	25.00	01/15/16	$	2,791	$	(1,830	)
HCA Holdings, Inc. 72.5 Put	2		72.50	07/17/15		217		(2	)
Sandisk Corp. 62.5 Put	5		62.50	07/17/15		857		(2,360	)
Sandisk Corp. 65 Put	4		65.00	07/17/15		973		(2,820	)
Tivo, Inc. 10 Put	6		10.00	01/15/16		459		(426	)
United Continental Holding, Inc. 52.5 Put	5		52.50	07/17/15		1,089		(705	)
United States Steel Corp. 24 Put	2		24.00	07/17/15		281		(714	)
Total Written Options					$	6,667	$	(8,857	)

Total Return Swap Agreements open at June 30, 2015:

Pay	Currency	Counterparty	Notional Amount (000)		Expiration Date	Receive	Unrealized Appreciation		Unrealized Depreciation
1 Month EUR Reuters plus 0.50%	EUR	DUB		2	01/05/16	SPIE SA	$	56	$	—
1 Month EUR Reuters plus 0.50%	EUR	DUB		18	01/05/16	Valeo SA		—		67
1 Month EUR Reuters plus 0.50%	EUR	DUB		10	02/09/16	CRH PLC		301		—
1 Month GBP Reuters plus 0.50%	GBP	DUB		29	02/12/16	Arrow Global Group PLC		1,877		—
1 Month GBP Reuters plus 0.50%	GBP	DUB		6	02/12/16	Card Factory PLC		—		190
1 Month GBP Reuters plus 0.50%	GBP	DUB		4	02/12/16	RPC Group PLC		429		—
1 Month GBP Reuters plus 0.50%	GBP	DUB		11	02/12/16	Savills PLC		—		47
1 Month GBP Reuters plus 0.50%	GBP	DUB		13	02/12/16	Tui AG Di		—		1,589
1 Month SEK Reuters plus 0.50%	SEK	DUB		9	02/19/16	Swedbank AB		—		614
1 Month USD Reuters plus 0.50%	USD	DUB		6	09/28/15	Aegean Marine Petroleum Network, Inc.		—		541
1 Month USD Reuters plus 0.50%	USD	DUB		5	09/28/15	Empire State Realty OP LP		—		169
1 Month USD Reuters plus 0.50%	EUR	DUB		24	01/05/16	Capgemini SA		1,191		—
1 Month USD Reuters plus 0.50%	EUR	DUB		12	01/05/16	Vinci SA		—		410
1 Month USD Reuters plus 0.50%	EUR	DUB		33	01/05/16	Vivendi SA		—		1,129
1 Month USD Reuters plus 0.50%	EUR	DUB		19	02/09/16	Origin Enterprises PLC		—		845
1 Month USD Reuters plus 0.50%	GBP	DUB		12	02/12/16	Alldays PLC		1,184		—
1 Month USD Reuters plus 0.50%	GBP	DUB		6	02/12/16	Entertainment One, Ltd.		520		—
1 Month USD Reuters plus 0.50%	GBP	DUB		23	02/12/16	London Stock Exchange Group PLC		—		253
1 Month USD Reuters plus 0.50%	GBP	DUB		17	02/12/16	United Business Media PLC		—		295
1 Month USD Reuters plus 0.50%	USD	DUB		73	09/28/15	AAR Corp.		74		—
1 Month USD Reuters plus 0.50%	USD	DUB		70	09/28/15	Alon USA Energy, Inc.		5,491		—
1 Month USD Reuters plus 0.50%	USD	DUB		94	09/28/15	Altra Industrial Motion Corp.		—		700
1 Month USD Reuters plus 0.50%	USD	DUB		58	09/28/15	American Residential Properties, Inc.		—		414
1 Month USD Reuters plus 0.50%	USD	DUB		62	09/28/15	AmTrust Financial Services, Inc.		4,221		—
1 Month USD Reuters plus 0.50%	USD	DUB		63	09/28/15	Ani Pharmaceuticals, Inc.		110		—

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

Semi-Annual Report  15

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015 (continued):

Pay	Currency	Counterparty	Notional Amount (000)		Expiration Date	Receive	Unrealized Appreciation		Unrealized Depreciation
1 Month USD Reuters plus 0.50%	USD	DUB		20	09/28/15	Apollo Commercial Real Estate Finance, Inc.	$	—	$	475
1 Month USD Reuters plus 0.50%	USD	DUB		12	09/28/15	Ascent Capital Group, Inc.		—		19
1 Month USD Reuters plus 0.50%	USD	DUB		72	09/28/15	Blucora, Inc.		2,532		—
1 Month USD Reuters plus 0.50%	USD	DUB		68	09/28/15	Carriage Services, Inc.		1,897		—
1 Month USD Reuters plus 0.50%	USD	DUB		57	09/28/15	Forest City Enterprises, Inc.		—		1,175
1 Month USD Reuters plus 0.50%	USD	DUB		55	09/28/15	Colony Capital, Inc.		—		2,234
1 Month USD Reuters plus 0.50%	USD	DUB		69	09/28/15	Cowen Group, Inc.		15,925		—
1 Month USD Reuters plus 0.50%	USD	DUB		57	09/28/15	Encore Capital Group, Inc.		—		963
1 Month USD Reuters plus 0.50%	USD	DUB		44	09/28/15	Exelixis, Inc.		4,064		—
1 Month USD Reuters plus 0.50%	USD	DUB		32	09/28/15	Fireeye, Inc.		—		332
1 Month USD Reuters plus 0.50%	USD	DUB		65	09/28/15	GPT Property Trust LP		—		5,712
1 Month USD Reuters plus 0.50%	USD	DUB		68	09/28/15	Renewable Energy, Inc.		—		4,091
1 Month USD Reuters plus 0.50%	USD	DUB		60	09/28/15	Healthways, Inc.		—		8,674
1 Month USD Reuters plus 0.50%	USD	DUB		86	09/28/15	Hologic Inc.		2,626		—
1 Month USD Reuters plus 0.50%	USD	DUB		44	09/28/15	Hovnanian Enterprises, Inc.		—		464
1 Month USD Reuters plus 0.50%	USD	DUB		71	09/28/15	Intel Corp.		—		4,915
1 Month USD Reuters plus 0.50%	USD	DUB		15	09/28/15	Jakks Pacific, Inc.		1,746		—
1 Month USD Reuters plus 0.50%	USD	DUB		44	09/28/15	LGI Homes, Inc.		—		350
1 Month USD Reuters plus 0.50%	USD	DUB		20	09/28/15	MGIC Investment Corp.		—		100
1 Month USD Reuters plus 0.50%	USD	DUB		66	09/28/15	Navistar International Corp.		—		5,788
1 Month USD Reuters plus 0.50%	USD	DUB		58	09/28/15	Netsuite, Inc.		—		1,363
1 Month USD Reuters plus 0.50%	USD	DUB		75	09/28/15	New Mountain Finance Corp.		—		188
1 Month USD Reuters plus 0.50%	USD	DUB		77	09/28/15	Omnicare, Inc.		8,607		—
1 Month USD Reuters plus 0.50%	USD	DUB		62	09/28/15	Photronics, Inc.		3,224		—
1 Month USD Reuters plus 0.50%	USD	DUB		49	09/28/15	Photronics, Inc.		2,280		—
1 Month USD Reuters plus 0.50%	USD	DUB		51	09/28/15	PLD BioPharma, Inc.		—		1,174
1 Month USD Reuters plus 0.50%	USD	DUB		69	09/28/15	Quidel Corp.		—		4,796
1 Month USD Reuters plus 0.50%	USD	DUB		4	09/28/15	RAIT Financial Trust REIT		—		125
1 Month USD Reuters plus 0.50%	USD	DUB		45	09/28/15	Redwood Trust, Inc.		—		1,163
1 Month USD Reuters plus 0.50%	USD	DUB		29	09/28/15	Renewable Energy Group, Inc.		2,981		—
1 Month USD Reuters plus 0.50%	USD	DUB		63	09/28/15	Solarcity Corp.		—		3,738
1 Month USD Reuters plus 0.50%	USD	DUB		69	09/28/15	Solazyme, Inc.		—		402
1 Month USD Reuters plus 0.50%	USD	DUB		73	09/28/15	Starwood Property Trust		—		2,538
1 Month USD Reuters plus 0.50%	USD	DUB		20	09/28/15	Starwood Waypoint Residential Trust		—		1,259
1 Month USD Reuters plus 0.50%	USD	DUB		82	09/28/15	SunEdison, Inc.		8,830		—
1 Month USD Reuters plus 0.50%	USD	DUB		18	09/28/15	Teva Pharmaceutical Industries, Ltd.		—		823
1 Month USD Reuters plus 0.50%	USD	DUB		56	09/28/15	Theravance, Inc.		5,286		—
1 Month USD Reuters plus 0.50%	USD	DUB		56	09/28/15	Trinity Industries, Inc.		—		4,434
1 Month USD Reuters plus 0.50%	USD	DUB		92	09/28/15	Vector Group, Ltd.		1,266		—
1 Month USD Reuters plus 0.50%	USD	DUB		29	09/28/15	Violin Memory, Inc.		—		4,556

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

16  Semi-Annual Report

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015 (continued):

Pay	Currency	Counterparty	Notional Amount (000)		Expiration Date	Receive	Unrealized Appreciation		Unrealized Depreciation
1 Month USD Reuters plus 0.50%	USD	DUB		26	09/28/15	Vishay Intertechnology, Inc.	$	—	$	3,402
1 Month USD Reuters plus 0.50%	USD	DUB		72	09/28/15	WebMD Health Corp.		—		2,913
1 Month USD Reuters plus 0.50%	USD	DUB		72	09/28/15	Workday, Inc.		—		4,051
USD FED OPEN less 0.30%	USD	DUB		16	09/28/15	Gramercy Property Trust REIT		500		—
USD FED OPEN less 0.60%	USD	DUB		23	09/28/15	Cemex SA		1,570		—
								78,788		79,480

Receive	Currency	Counterparty	Notional Amount (000)		Expiration Date	Pay	Unrealized Appreciation		Unrealized Depreciation
1 Month EUR Reuters less 0.45%	EUR	DUB		6	03/15/16	Hannover Rueckversicherungs AG	$	69	$	—
USD FED OPEN less 0.30%	USD	DUB		48	09/28/15	Alon USA Energy, Inc.		—		6,848
USD FED OPEN less 0.30%	USD	DUB		5	09/28/15	Alpha Natural Resources, Inc.		3,382		—
USD FED OPEN less 0.30%	USD	DUB		54	09/28/15	Altra Holdings, Inc.		1,069		—
USD FED OPEN less 0.30%	USD	DUB		38	09/28/15	Ani Pharmaceuticals, Inc.		—		88
USD FED OPEN less 0.30%	USD	DUB		8	09/28/15	Ascent Media Corp.		—		77
USD FED OPEN less 0.30%	USD	DUB		17	09/28/15	Atlas Air Worldwide Holdings, Inc. 61		—
USD FED OPEN less 0.30%	USD	DUB		11	09/28/15	Avid Technology, Inc.		563		—
USD FED OPEN less 0.30%	USD	DUB		44	09/28/15	Barnes & Noble, Inc.		—		6,389
USD FED OPEN less 0.30%	USD	DUB		19	09/28/15	Blucora, Inc.		—		1,035
USD FED OPEN less 0.30%	USD	DUB		36	09/28/15	Bunge, Ltd.		32		—
USD FED OPEN less 0.30%	USD	DUB		1	09/28/15	Campus Crest Communities, Inc.		240		—
USD FED OPEN less 0.30%	USD	DUB		26	09/28/15	Carriage Services, Inc.		80		—
USD FED OPEN less 0.30%	USD	DUB		4	09/28/15	Cenveo, Inc.		394		—
USD FED OPEN less 0.30%	USD	DUB		13	09/28/15	Colony Financial, Inc.		1,661		—
USD FED OPEN less 0.30%	USD	DUB		82	09/28/15	Cowen Group, Inc.		—		15,321
USD FED OPEN less 0.30%	USD	DUB		8	09/28/15	Ctrip.com International, Ltd.		—		—
USD FED OPEN less 0.30%	USD	DUB		14	09/28/15	EMC Corp.		548		—
USD FED OPEN less 0.30%	USD	DUB		27	09/28/15	Encore Capital Group, Inc.		455		—
USD FED OPEN less 0.30%	USD	DUB		28	09/28/15	Fireeye, Inc.		—		626
USD FED OPEN less 0.30%	USD	DUB		11	09/28/15	Forest City Enterprises, Inc.		615		—
USD FED OPEN less 0.30%	USD	DUB		53	09/28/15	Green Plains, Inc.		3,718		—
USD FED OPEN less 0.30%	USD	DUB		2	09/28/15	HCA Holdings, Inc.		—		220
USD FED OPEN less 0.30%	USD	DUB		15	09/28/15	Healthways, Inc.		4,571		—
USD FED OPEN less 0.30%	USD	DUB		11	09/28/15	Hovnanian Enterprises, Inc.		2,907		—
USD FED OPEN less 0.30%	USD	DUB		30	09/28/15	Intel Corp.		1,163		—
USD FED OPEN less 0.30%	USD	DUB		20	09/28/15	Ironwood Pharmaceuticals, Inc.		—		86
USD FED OPEN less 0.30%	USD	DUB		22	09/28/15	LGI Homes, Inc.		—		1,827
USD FED OPEN less 0.30%	USD	DUB		21	09/28/15	Merck & Co. Inc.		620		—
USD FED OPEN less 0.30%	USD	DUB		21	09/28/15	MSC Industrial Direct Co.		578		—
USD FED OPEN less 0.30%	USD	DUB		15	09/28/15	Navistar International Corp.		3,429		—

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

Semi-Annual Report  17

Lazard Enhanced Opportunities Portfolio (concluded)

Total Return Swap Agreements open at June 30, 2015 (concluded):

Receive	Currency	Counterparty	Notional Amount (000)		Expiration Date	Pay	Unrealized Appreciation		Unrealized Depreciation
USD FED OPEN less 0.30%	USD	DUB		11	09/28/15	Netsuite, Inc.	$	382	$	—
USD FED OPEN less 0.30%	USD	DUB		42	09/28/15	Omnicare, Inc.		—		3,175
USD FED OPEN less 0.30%	USD	DUB		57	09/28/15	Photronics, Inc.		—		2,201
USD FED OPEN less 0.30%	USD	DUB		12	09/28/15	Quidel Corp.		104		—
USD FED OPEN less 0.30%	USD	DUB		27	09/28/15	Ramco Gershenson Properties Trust		3,390		—
USD FED OPEN less 0.30%	USD	DUB		4	09/28/15	Redwood Trust, Inc.		539		—
USD FED OPEN less 0.30%	USD	DUB		33	09/28/15	Renewable Energy Group, Inc.		—		6,060
USD FED OPEN less 0.30%	USD	DUB		23	09/28/15	Sandisk Corp.		1,325		—
USD FED OPEN less 0.30%	USD	DUB		59	09/28/15	SunEdison, Inc.		—		8,217
USD FED OPEN less 0.30%	USD	DUB		106	09/28/15	Trinity Industries, Inc.		17,934		—
USD FED OPEN less 0.30%	USD	DUB		57	09/28/15	United States Treasury Note, 1.50%, 05/31/20		—		308
USD FED OPEN less 0.30%	USD	DUB		70	09/28/15	United States Treasury Note, 2.125%, 05/15/25		—		269
USD FED OPEN less 0.30%	USD	DUB		60	09/28/15	Universal Corp.		—		11,173
USD FED OPEN less 0.30%	USD	DUB		17	09/28/15	Violin Memory, Inc.		5,635		—
USD FED OPEN less 0.30%	USD	DUB		9	09/28/15	Vishay Intertechnology, Inc.		1,332		—
USD FED OPEN less 0.30%	USD	DUB		20	09/28/15	Webmd Health Corp.		831		—
USD FED OPEN less 0.30%	USD	DUB		35	09/28/15	Workday, Inc.		3,162		—
USD FED OPEN less 0.30%	USD	DUB		15	09/28/15	Wright Medical Group, Inc.		—		424
USD FED OPEN less 0.38%	USD	DUB		15	09/28/15	Vector Group, Ltd.		—		835
USD FED OPEN less 0.75%	USD	DUB		113	09/28/15	iShares Russell 2000 ETF		—		170
USD FED OPEN less 1.00%	USD	DUB		23	09/28/15	AAR Corp.		—		1,741
USD FED OPEN less 2.50%	USD	DUB		3	09/28/15	Pdl Biopharma, Inc.		170		—
USD FED OPEN less 2.50%	USD	DUB		19	09/28/15	Solarcity Corp.		2,080		—
USD FED OPEN less 3.00%	USD	DUB		18	09/28/15	AmTrust Financial Services, Inc.		—		3,290
USD FED OPEN less 3.00%	USD	DUB		32	09/28/15	Exelixis, Inc.		—		7,135
USD FED OPEN less 4.50%	USD	DUB		23	09/28/15	Jakks Pacific, Inc.		—		6,983
USD FED OPEN less 6.00%	USD	DUB		32	09/28/15	Solazyme, Inc.		3,931		—
USD FED OPEN less 8.25%	USD	DUB		39	09/28/15	Theravance, Inc.		—		1,974
								66,970		86,472
Gross unrealized appreciation/depreciation on Total Return Swap Agreements							$	145,758	$	165,952

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

18  Semi-Annual Report

Description	Shares		Value
Lazard Fundamental Long/Short Portfolio
Common Stocks | 82.7%
Agriculture | 1.7%
Monsanto Co. (e)		18,844	$	2,008,582
Alcohol & Tobacco | 1.9%
Reynolds American, Inc. (e)		30,480		2,275,637
Banking | 6.0%
Comerica, Inc. (e)		55,806		2,863,964
Signature Bank (a), (e)		28,498		4,171,822
				7,035,786
Chemicals | 3.9%
Calgon Carbon Corp. (e)		107,879		2,090,695
Eastman Chemical Co. (e)		30,528		2,497,801
				4,588,496
Commercial Services | 8.0%
Blackhawk Network Holdings, Inc. (a), (e)		43,394		1,787,833
MDC Partners, Inc., Class A		123,460		2,432,162
ServiceMaster Global Holdings, Inc. (a), (e)		106,930		3,867,658
TransUnion		52,990		1,330,049
				9,417,702
Financial Services | 5.2%
Intercontinental Exchange, Inc. (e)		11,999		2,683,096
Springleaf Holdings, Inc. (a), (e)		48,640		2,233,063
The Charles Schwab Corp. (e)		35,102		1,146,080
				6,062,239
Gas Utilities | 1.3%
Dynegy, Inc. (a), (e)		52,705		1,541,621
Health Services | 6.4%
Brookdale Senior Living, Inc. (a), (e)		105,441		3,658,803
Quintiles Transnational Holdings, Inc. (a), (e)		51,483		3,738,180
Teladoc, Inc. (a)		8,200		155,800
				7,552,783
Insurance | 4.4%
The Hartford Financial Services Group, Inc. (e)		55,954		2,326,008
Voya Financial, Inc. (e)		61,378		2,852,235
				5,178,243
Leisure & Entertainment | 3.3%
Viacom, Inc., Class B (e)		43,334		2,801,110
Wynn Resorts, Ltd.		11,180		1,103,130
				3,904,240

Description	Shares		Value
Manufacturing | 2.9%
Honeywell International, Inc. (e)		33,938	$	3,460,658
Medical Products | 5.3%
Natus Medical, Inc. (a), (e)		93,353		3,973,104
Thermo Fisher Scientific, Inc. (e)		17,005		2,206,569
				6,179,673
Pharmaceutical & Biotechnology | 8.4%
AMAG Pharmaceuticals, Inc. (a), (e)		17,195		1,187,487
Amicus Therapeutics, Inc. (a), (e)		87,250		1,234,587
Bristol-Myers Squibb Co. (e)		35,140		2,338,216
Cellectis SA ADR (e)		28,800		1,039,104
United Therapeutics Corp. (a), (e)		16,427		2,857,477
Vertex Pharmaceuticals, Inc. (a), (e)		9,861		1,217,636
				9,874,507
Retail | 12.0%
Advance Auto Parts, Inc. (e)		22,861		3,641,529
AutoZone, Inc. (a), (e)		3,356		2,238,116
Dick’s Sporting Goods, Inc. (e)		72,783		3,767,976
Kohl’s Corp. (e)		70,249		4,398,290
				14,045,911
Semiconductors & Components | 1.0%
Maxim Integrated Products, Inc. (e)		35,259		1,219,080
Technology | 3.5%
Citrix Systems, Inc. (a), (e)		34,755		2,438,411
Google, Inc., Class C (a), (e)		3,131		1,629,717
				4,068,128
Technology Hardware | 3.8%
Apple, Inc. (e)		22,545		2,827,706
Cisco Systems, Inc. (e)		59,534		1,634,804
				4,462,510
Transportation | 3.7%
American Airlines Group, Inc. (e)		40,869		1,632,103
Union Pacific Corp.		11,545		1,101,047
XPO Logistics, Inc. (a), (e)		35,021		1,582,249
				4,315,399
Total Common Stocks
(Identified cost $95,211,653)				97,191,195
Short-Term Investment | 70.2%
State Street Institutional Treasury Money Market Fund (Identified cost $82,468,125)		82,468,125		82,468,125

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

Semi-Annual Report  19

Description	Shares			Value
Lazard Fundamental Long/Short Portfolio (continued)
Total Investments excluding Securities Sold Short (Identified cost $177,679,778)				$	179,659,320
Securities Sold Short | (59.0)%
Banking | (2.1)%
US Bancorp		(39,363	)		(1,708,354	)
Valley National Bancorp		(72,144	)		(743,805	)
					(2,452,159	)
Cable Television | (0.7)%
DISH Network Corp., Class A (a)		(11,615	)		(786,452	)
Chemicals | (1.0)%
Air Products & Chemicals, Inc.		(8,511	)		(1,164,560	)
Commercial Services | (4.5)%
Fastenal Co.		(40,709	)		(1,717,106	)
MSC Industrial Direct Co., Inc., Class A		(21,684	)		(1,512,893	)
WESCO International, Inc. (a)		(8,355	)		(573,487	)
WW Grainger, Inc.		(6,471	)		(1,531,362	)
					(5,334,848	)
Computer Software | (1.6)%
ACI Worldwide, Inc. (a)		(39,249	)		(964,348	)
SAP SE Sponsored ADR		(13,357	)		(938,062	)
					(1,902,410	)
Construction & Engineering | (0.5)%
KBR, Inc.		(32,975	)		(642,353	)
Consumer Products | (0.9)%
Fossil Group, Inc. (a)		(14,530	)		(1,007,801	)
Financial Services | (6.9)%
Capital One Financial Corp.		(6,978	)		(613,855	)
Eaton Vance Corp.		(13,638	)		(533,655	)
Enova International, Inc. (a)		(18,835	)		(351,838	)
Principal Financial Group, Inc.		(23,098	)		(1,184,696	)
Prudential Financial, Inc.		(12,128	)		(1,061,443	)
T Rowe Price Group, Inc.		(28,615	)		(2,224,244	)
The Goldman Sachs Group, Inc.		(10,082	)		(2,105,020	)
					(8,074,751	)
Forest & Paper Products | (0.9)%
Bemis Co., Inc.		(22,545	)		(1,014,750	)

Description	Shares			Value
Health Services | (1.0)%
Owens & Minor, Inc.		(34,095	)	$	(1,159,230	)
Insurance | (4.0)%
Assurant, Inc.		(18,016	)		(1,207,072	)
Genworth Financial, Inc., Class A (a)		(74,940	)		(567,296	)
Lincoln National Corp.		(10,080	)		(596,938	)
The Chubb Corp.		(12,434	)		(1,182,971	)
The Travelers Cos., Inc.		(11,965	)		(1,156,536	)
					(4,710,813	)
Leisure & Entertainment | (1.4)%
Discovery Communications, Inc., Class A (a)		(24,775	)		(824,017	)
The Walt Disney Co.		(7,315	)		(834,934	)
					(1,658,951	)
Manufacturing | (2.6)%
Corning, Inc.		(24,110	)		(475,690	)
Deere & Co.		(12,610	)		(1,223,801	)
Dover Corp.		(11,590	)		(813,386	)
Kennametal, Inc.		(16,659	)		(568,405	)
					(3,081,282	)
Medical Products | (2.6)%
DENTSPLY International, Inc.		(14,860	)		(766,033	)
Patterson Cos., Inc.		(24,250	)		(1,179,763	)
Varian Medical Systems, Inc. (a)		(13,140	)		(1,108,096	)
					(3,053,892	)
Pharmaceutical &
Biotechnology | (10.6)%
Achillion Pharmaceuticals, Inc. (a)		(127,240	)		(1,127,346	)
Charles River Laboratories International, Inc. (a)		(11,655	)		(819,813	)
Esperion Therapeutics, Inc. (a)		(9,765	)		(798,386	)
Exact Sciences Corp. (a)		(33,970	)		(1,010,268	)
Haemonetics Corp. (a)		(21,964	)		(908,431	)
Johnson & Johnson		(10,950	)		(1,067,187	)
Keryx Biopharmaceuticals, Inc. (a)		(159,756	)		(1,594,365	)
Kite Pharma, Inc. (a)		(23,381	)		(1,425,540	)
Merck & Co., Inc.		(39,355	)		(2,240,480	)
Pacira Pharmaceuticals, Inc. (a)		(21,040	)		(1,487,948	)
					(12,479,764	)
Retail | (13.7)%
Bed Bath & Beyond, Inc. (a)		(24,312	)		(1,677,042	)
Best Buy Co., Inc.		(22,775	)		(742,693	)
Big Lots, Inc.		(17,415	)		(783,501	)
Dillard’s, Inc., Class A		(13,544	)		(1,424,693	)
Dollar Tree, Inc. (a)		(10,485	)		(828,210	)

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

20  Semi-Annual Report

Description	Shares			Value
Lazard Fundamental Long/Short Portfolio (concluded)
lululemon athletica, Inc. (a)		(12,590	)	$	(822,127	)
Macy’s, Inc.		(21,540	)		(1,453,304	)
Nordstrom, Inc.		(21,602	)		(1,609,349	)
Target Corp.		(10,595	)		(864,870	)
The Gap, Inc.		(57,406	)		(2,191,187	)
The Kroger Co.		(11,125	)		(806,674	)
Tiffany & Co.		(9,815	)		(901,017	)
Wal-Mart Stores, Inc.		(27,546	)		(1,953,837	)
					(16,058,504	)
Semiconductors & Components | (1.3)%
Intersil Corp., Class A		(74,406	)		(930,819	)
Linear Technology Corp.		(14,067	)		(622,183	)
					(1,553,002	)

Description	Shares			Value
Technology | (1.7)%
Amdocs, Ltd.		(19,815	)	$	(1,081,701	)
NetScout Systems, Inc. (a)		(23,919	)		(877,110	)
					(1,958,811	)
Transportation | (1.0)%
Hub Group, Inc., Class A (a)		(29,100	)		(1,173,894	)
Total Securities Sold Short (Proceeds $70,167,740)					(69,268,227	)
Total Investments | 93.9%
(Identified cost and short proceeds $107,512,038) (d)				$	110,391,093
Cash and Other Assets in Excess of Liabilities | 6.1%					7,139,451
Net Assets | 100.0%				$	117,530,544

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

Semi-Annual Report  21

Description	Shares		Value
Lazard Master Alternatives Portfolio
Common Stocks | 60.8%
Australia | 1.1%
Ainsworth Game Technology, Ltd.		17,677	$	35,052
Asaleo Care, Ltd.		46,074		67,542
Caltex Australia, Ltd.		837		20,568
MMG, Ltd.		28,000		9,897
Pact Group Holdings, Ltd.		10,472		37,813
Spotless Group Holdings, Ltd.		8,040		12,965
				183,837
Belgium | 0.8%
Anheuser-Busch InBev NV (e)		945		113,255
KBC Groep NV		355		23,722
				136,977
Brazil | 1.1%
BB Seguridade Participacoes SA		7,400		81,162
CCR SA		2,400		11,509
JBS SA		5,000		26,310
Lojas Renner SA		2,200		79,959
				198,940
Canada | 1.1%
Air Canada (a)		891		9,423
Altus Group, Ltd.		1,900		27,078
Cineplex, Inc. (e)		1,377		51,839
Element Financial Corp. (a)		762		12,049
Encana Corp.		2,641		29,104
Freehold Royalties, Ltd.		2,000		25,845
Intertape Polymer Group, Inc.		1,105		16,562
MacDonald Dettwiler & Associates, Ltd.		245		17,903
Sandvine Corp. (a)		2,403		6,907
				196,710
Chile | 0.1%
Enersis SA Sponsored ADR		1,200		18,996
China | 3.1%
AAC Technologies Holdings, Inc.		2,000		11,314
Autohome, Inc. ADR (a)		200		10,108
AviChina Industry & Technology Co., Ltd. Class H		12,000		11,719
Baidu, Inc. Sponsored ADR (a), (e)		115		22,894
Boer Power Holdings, Ltd.		6,000		12,741
BYD Electronic International Co., Ltd. (a)		8,000		10,836
China Hongqiao Group, Ltd.		21,500		20,248

Description	Shares		Value
China Lesso Group Holdings, Ltd.		25,000	$	20,318
China Medical System Holdings, Ltd.		24,000		33,377
China Overseas Land & Investment, Ltd.		10,000		35,412
China Telecom Corp., Ltd. Class H		14,000		8,218
Chongqing Rural Commercial Bank Co., Ltd., Class H		64,000		51,603
CNOOC, Ltd.		15,000		21,325
Fufeng Group, Ltd.		36,000		26,704
Geely Automobile Holdings, Ltd.		20,000		10,708
Great Wall Motor Co., Ltd. Class H (f)		2,500		12,098
Huadian Power International Corp., Ltd.
Class H		22,000		24,550
Luye Pharma Group, Ltd. (a)		8,500		9,101
NetEase, Inc. ADR		100		14,486
New Oriental Education & Technology
Group, Inc. Sponsored ADR (a)		400		9,808
Noah Holdings, Ltd. (a)		500		15,115
PICC Property & Casualty Co., Ltd., Class H		4,000		9,103
Shenzhou International Group   Holdings, Ltd.		2,000		9,701
Sunac China Holdings, Ltd.		10,000		10,953
Sunny Optical Technology Group Co., Ltd.		13,000		28,309
TravelSky Technology, Ltd. Class H		14,000		20,589
Vipshop Holdings, Ltd. ADR (a)		400		8,900
Xinyi Solar Holdings, Ltd.		64,000		26,420
YY, Inc. ADR (a)		200		13,904
Zijin Mining Group Co., Ltd. Class H		42,000		14,792
				535,354
Egypt | 0.4%
Commercial International Bank Egypt   SAE GDR		9,722		71,457
Finland | 0.4%
Nokia Oyj		1,964		13,334
Sampo Oyj, A Shares (e)		1,167		54,969
				68,303
France | 1.7%
Alstom SA (a), (e)		1,863		52,859
Cellectis SA ADR (e)		1,115		40,229
Klepierre REIT (e)		1,670		73,457
Plastic Omnium SA (e)		1,365		34,780
Societe Television Francaise 1 (e)		4,360		75,196
Vallourec SA		750		15,321
				291,842

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

22  Semi-Annual Report

Description	Shares		Value
Lazard Master Alternatives Portfolio (continued)
Germany | 1.0%
Bayer AG (e)		531	$	74,324
LEG Immobilien AG (e)		1,346		93,516
				167,840
Greece | 0.1%
Piraeus Bank SA (a), (f)		17,890		6,781
Tsakos Energy Navigation, Ltd.		1,100		10,483
				17,264
Hong Kong | 1.3%
BOC Hong Kong Holdings, Ltd. (e)		13,500		56,427
Chia Tai Enterprises International, Ltd. (a), (f)		1,400		1,264
China Everbright, Ltd.		10,000		34,574
China Power International Development, Ltd.		18,000		13,654
China Resources Land, Ltd.		4,000		12,978
China Singyes Solar Technologies Holdings, Ltd.		13,000		16,687
China Travel International Investment Hong Kong, Ltd.		50,000		21,996
China Unicom Hong Kong, Ltd.		18,000		28,283
CP Pokphand Co., Ltd.		140,000		21,673
Sino Biopharmaceutical, Ltd.		8,000		9,309
Tongda Group Holdings, Ltd.		90,000		17,416
				234,261
Hungary | 0.2%
MOL Hungarian Oil & Gas Nyrt		722		36,952
India | 0.2%
Infosys, Ltd. Sponsored ADR		800		12,680
Tata Motors, Ltd. Sponsored ADR		700		24,129
				36,809
Ireland | 1.2%
Bank of Ireland (a)		206,165		83,241
CRH PLC (e)		2,024		57,133
Kerry Group PLC, Class A		490		36,098
Origin Enterprises PLC (a)		2,558		22,672
Permanent TSB Group Holdings PLC (a)		3,100		16,216
				215,360
Israel | 0.5%
Israel Discount Bank, Ltd., Class A (a)		37,449		71,892
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		149		8,806
				80,698

Description	Shares		Value
Italy | 1.1%
Banca Popolare dell’Emilia Romagna SC		2,482	$	22,137
Banca Popolare di Milano Scarl		17,826		18,800
Banco Popolare SC (a)		1,246		20,503
Credito Valtellinese Scarl (a)		16,155		21,432
Davide Campari-Milano SpA		7,990		60,795
Infrastrutture Wireless Italiane SpA (a)		862		3,892
Mediolanum SpA		2,650		21,862
Unione di Banche Italiane SCpA		2,593		20,799
				190,220
Japan | 8.8%
Asahi Kasei Corp.		2,000		16,432
Daiwa House Industry Co., Ltd. (e)		4,500		104,903
FANUC Corp.		200		40,985
Hitachi, Ltd.		3,000		19,777
JAFCO Co., Ltd. (e)		1,100		43,907
Keyence Corp. (e)		100		53,977
LIXIL Group Corp.		1,100		21,841
Makita Corp. (e)		500		27,127
Mitsubishi Corp.		800		17,597
Mitsubishi Estate Co., Ltd. (e)		3,000		64,628
Mitsubishi UFJ Financial Group, Inc. (e)		10,200		73,326
Mizuho Financial Group, Inc.		51,600		111,729
Nidec Corp. (e)		600		44,932
Nintendo Co., Ltd.		100		16,726
Nippon Steel & Sumitomo Metal Corp.		9,000		23,341
Nippon Yusen Kabushiki Kaisha		7,000		19,504
Nissan Chemical Industries, Ltd. (e)		2,400		53,006
Nitto Denko Corp. (e)		700		57,540
Nomura Holdings, Inc. (e)		8,300		56,330
ORIX Corp. (e)		4,000		59,517
Rinnai Corp.		300		23,655
SCREEN Holdings Co., Ltd. (e)		7,000		44,099
Shin-Etsu Chemical Co., Ltd. (e)		600		37,255
SoftBank Corp. (e)		1,000		58,904
Sony Corp. (a), (e)		1,700		48,082
Sumitomo Mitsui Financial Group, Inc. (e)		1,200		53,526
Sumitomo Mitsui Trust Holdings, Inc. (e)		12,000		54,968
Taisei Corp. (e)		10,000		57,442
Takashimaya Co., Ltd. (e)		3,000		27,209
The Dai-ichi Life Insurance Co., Ltd. (e)		2,800		55,057
The Kansai Electric Power Co., Inc. (a), (e)		2,800		31,012
Tokyo Tatemono Co., Ltd.		2,000		27,781
Tokyu Fudosan Holdings Corp.		4,800		37,024
Toshiba Corp.		11,000		37,840
Ube Industries, Ltd.		11,000		20,762
				1,541,741

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

Semi-Annual Report  23

Description	Shares		Value
Lazard Master Alternatives Portfolio (continued)
Luxembourg | 0.3%
ArcelorMittal		680	$	6,609
ArcelorMittal (e)		2,611		25,421
Ternium SA Sponsored ADR		1,200		20,772
				52,802
Mexico | 1.3%
Arca Continental SAB de CV		10,600		60,198
Cemex SAB de CV Sponsored ADR (a)		1,509		13,822
Credito Real SAB de CV		4,600		10,287
Gentera SAB de CV		26,400		46,946
Gruma SAB de CV, Class B		1,300		16,770
Grupo Aeroportuario del Centro Norte SAB de CV		5,000		24,571
Grupo Aeroportuario del Sureste SAB de CV, B Shares		1,085		15,415
Industrias Bachoco SAB de CV , Series B		4,600		20,633
Megacable Holdings SAB de CV		3,400		14,232
				222,874
Netherlands | 0.6%
GrandVision NV (a)		97		2,397
Sensata Technologies Holding NV (a)		661		34,861
Wolters Kluwer NV		2,401		71,322
				108,580
Peru | 0.1%
Cia de Minas Buenaventura SAA ADR		1,400		14,532
Philippines | 0.9%
Alliance Global Group, Inc.		161,400		77,675
DMCI Holdings, Inc.		98,600		28,865
Globe Telecom, Inc.		390		21,710
Megaworld Corp.		106,300		11,222
Nickel Asia Corp.		16,000		8,232
Vista Land & Lifescapes, Inc.		83,900		11,816
				159,520
Poland | 0.4%
Enea SA		4,009		17,006
Energa SA		3,748		22,668
Polskie Gornictwo Naftowe i Gazownictwo SA		18,211		31,966
				71,640
Portugal | 0.1%
Galp Energia SGPS SA		1,886		22,119

Description	Shares		Value
Puerto Rico | 0.1%
EVERTEC, Inc.		466	$	9,898
Russia | 0.3%
MMC Norilsk Nickel PJSC ADR		606		10,223
Rosneft Oil Co. OJSC GDR		1,868		7,696
Severstal PAO GDR		1,064		11,257
Tatneft OAO Sponsored ADR		517		16,534
				45,710
South Africa | 3.8%
Astral Foods, Ltd.		2,508		33,190
AVI, Ltd.		2,302		15,431
Capitec Bank Holdings, Ltd.		1,344		53,575
Clicks Group, Ltd.		8,053		59,573
FirstRand, Ltd.		3,531		15,475
Imperial Holdings, Ltd.		695		10,597
Life Healthcare Group Holdings, Ltd.		14,492		44,705
Mediclinic International, Ltd.		3,279		27,583
Mondi, Ltd.		744		16,325
Mr Price Group, Ltd.		2,610		53,740
MTN Group, Ltd.		1,608		30,234
Nampak, Ltd.		35,572		98,798
Pioneer Foods, Ltd.		982		14,933
Sanlam, Ltd.		8,194		44,681
Sasol, Ltd.		2,063		76,307
Sibanye Gold, Ltd. Sponsored ADR		1,369		8,830
Sun International, Ltd.		1,767		16,049
The Foschini Group, Ltd.		772		10,090
The SPAR Group, Ltd.		939		14,638
Vodacom Group, Ltd.		1,912		21,798
				666,552
Spain | 0.2%
Acciona SA (a)		485		36,622
Sweden | 0.2%
Hoist Finance AB (a)		1,033		7,788
Nordax Group AB		2,181		11,681
Swedbank AB, A Shares		339		7,905
				27,374
Switzerland | 0.4%
Actelion, Ltd. (e)		440		64,380
Dufry AG (a)		5		696
				65,076
Taiwan | 0.3%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		2,600		59,046

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

24  Semi-Annual Report

Description	Shares		Value
Lazard Master Alternatives Portfolio (continued)
United Kingdom | 2.5%
Associated British Foods PLC (e)		1,004	$	45,291
AstraZeneca PLC (e)		1,122		70,853
British American Tobacco PLC (e)		1,366		73,297
Henderson Group PLC		9,045		37,093
Infinis Energy PLC		18,464		56,282
Pearson PLC (e)		1,541		29,177
Prudential PLC (e)		3,139		75,585
Spire Healthcare Group PLC		3,283		17,178
St James’s Place PLC (e)		2,861		40,728
				445,484
United States | 25.1%
Advance Auto Parts, Inc. (e)		828		131,892
Alaska Air Group, Inc. (e)		305		19,651
AMAG Pharmaceuticals, Inc. (a), (e)		624		43,093
American Airlines Group, Inc. (e)		1,729		69,048
Amicus Therapeutics, Inc. (a)		3,105		43,936
Apollo Commercial Real Estate Finance, Inc.		937		15,395
Apple, Inc. (e)		815		102,221
AutoZone, Inc. (a), (e)		119		79,361
Bank of America Corp. (e)		1,138		19,369
Berry Plastics Group, Inc. (a)		657		21,287
Blackhawk Network Holdings, Inc. (a), (e)		1,528		62,954
Boulevard Acquisition Corp. (a)		407		5,088
Bristol-Myers Squibb Co. (e)		2,337		155,504
Brookdale Senior Living, Inc. (a), (e)		3,810		132,207
Calgon Carbon Corp. (e)		3,900		75,582
Capital Southwest Corp. (e)		242		12,083
Cisco Systems, Inc. (e)		2,148		58,984
Citrix Systems, Inc. (a), (e)		1,836		128,814
Comerica, Inc. (e)		2,013		103,307
Dick’s Sporting Goods, Inc. (e)		2,634		136,362
Dynegy, Inc. (a), (e)		1,904		55,692
Eastman Chemical Co. (e)		1,106		90,493
Exelixis, Inc. (a)		3,255		12,239
Google, Inc., Class C (a), (e)		111		57,777
Halliburton Co. (e)		981		42,252
Honeywell International, Inc. (e)		1,229		125,321
Humana, Inc.		71		13,581
Intercontinental Exchange, Inc. (e)		431		96,376

Description	Shares		Value
Kohl’s Corp. (e)		2,534	$	158,654
Maxim Integrated Products, Inc. (e)		1,277		44,152
MDC Partners, Inc., Class A (e)		4,762		93,811
Metalico, Inc. (a)		15,834		8,075
Microsoft Corp.		501		22,119
Monsanto Co. (e)		685		73,014
Mylan NV (a), (e)		182		12,351
Natus Medical, Inc. (a), (e)		3,367		143,300
Nexteer Automotive Group, Ltd.		9,000		9,370
Quintiles Transnational Holdings, Inc. (a), (e)		1,859		134,982
RAIT Financial Trust REIT		249		1,521
RCI Hospitality Holdings, Inc. (a)		1,109		13,197
Reynolds American, Inc. (e)		2,100		156,786
Ryder System, Inc.		81		7,077
ServiceMaster Global Holdings, Inc. (a), (e)		3,863		139,725
Signature Bank (a), (e)		1,029		150,635
Southwest Airlines Co. (e)		468		15,486
Spirit Airlines, Inc. (a)		432		26,827
Springleaf Holdings, Inc. (a), (e)		2,632		120,835
The Charles Schwab Corp. (e)		1,232		40,225
The Hartford Financial Services Group, Inc. (e)		1,963		81,602
The J.M. Smucker Co. (e)		650		70,466
The Mosaic Co.		1,220		57,233
The Procter & Gamble Co. (e)		979		76,597
Thermo Fisher Scientific, Inc. (e)		1,040		134,950
TransUnion		1,870		46,937
Tyco International PLC (e)		517		19,894
Union Pacific Corp.		405		38,625
United Continental Holdings, Inc. (a)		430		22,794
United Therapeutics Corp. (a), (e)		814		141,595
Vertex Pharmaceuticals, Inc. (a), (e)		355		43,835
Viacom, Inc., Class B (e)		1,528		98,770
Voya Financial, Inc. (e)		2,334		108,461
Western Gas Equity Partners LP		53		3,180
Wynn Resorts, Ltd.		400		39,468
XPO Logistics, Inc. (a), (e)		1,254		56,656
Zoetis, Inc. (e)		1,367		65,917
				4,388,991
Total Common Stocks (Identified cost $10,375,519)				10,620,381

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

Semi-Annual Report  25

Description	Principal Amount (000) (b)		Value
Lazard Master Alternatives Portfolio (continued)
Corporate Bonds | 6.3%
Canada | 0.2%
Norbord, Inc.,
6.250%, 04/15/23 (c)		31	$	31,275
China | 0.2%
Ctrip.com International, Ltd.,
1.000%, 07/01/20 (c)		30		29,231
Marshall Island | 0.2%
Aegean Marine Petroleum Network, Inc., 4.000%, 11/01/18		35		38,260
United States | 5.7%
Alpha Natural Resources, Inc., 4.875%, 12/15/20		53		3,578
Apollo Commercial Real Estate Finance, Inc., 5.500%, 03/15/19		15		14,888
Ascent Capital Group, Inc., 4.000%, 07/15/20		45		34,734
Atlas Air Worldwide Holdings, Inc., 2.250%, 06/01/22		55		53,591
Avid Technology, Inc., 2.000%, 06/15/20 (c)		25		22,766
Blue Coat Holdings, Inc., 8.375%, 06/01/23 (c)		30		30,525
Campus Crest Communities Operating Partnership LP, 4.750%, 10/15/18 (c)		10		9,575
Cenveo Corp., 7.000%, 05/15/17		18		16,740
CHS/Community Health Systems, Inc., 7.125%, 07/15/20		30		31,785
CorEnergy Infrastructure Trust, Inc., 7.000%, 06/15/20		15		15,459
DAE Aviation Holdings Inc., 10.000%, 07/15/23 (c)		15		14,798

Description	Principal Amount (000) (b)		Value
Empire State Realty OP LP, 2.625%, 08/15/19 (c)		60	$	60,787
Exelixis, Inc., 4.250%, 08/15/19		5		4,422
FireEye, Inc., 1.625%, 06/01/35		25		26,655
FXCM, Inc., 2.250%, 06/15/18		50		41,781
IAS Operating Partnership LP, 5.000%, 03/15/18 (c)		40		39,100
Ironwood Pharmaceuticals, Inc., 2.250%, 06/15/22 (c)		30		29,381
JAKKS Pacific, Inc., 4.875%, 06/01/20 (c)		25		28,281
MGIC Investment Corp., 9.000%, 04/01/63 (c)		50		64,281
Navistar International Corp., 4.750%, 04/15/19		5		4,278
Northstar Realty Finance Corp., 4.625%, 12/15/16 (c)		75		74,625
RAIT Financial Trust REIT, 4.000%, 10/01/33		40		34,325
Renewable Energy Group, Inc., 2.750%, 06/15/19		30		31,837
Resource Capital Corp., 8.000%, 01/15/20		40		37,850
Solazyme, Inc., 5.000%, 10/01/19		5		2,903
Spirit Realty Capital, Inc., 2.875%, 05/15/19		50		47,125
Starwood Waypoint Residential Trust, 3.000%, 07/01/19 (c)		50		46,000
Trinity Industries, Inc., 3.875%, 06/01/36		75		94,922
Violin Memory, Inc., 4.250%, 10/01/19		50		42,250
Wright Medical Group, Inc., 2.000%, 02/15/20 (c)		45		47,756
				1,006,998
Total Corporate Bonds
(Identified cost $1,127,469)				1,105,764

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

26  Semi-Annual Report

Description	Shares		Value
Lazard Master Alternatives Portfolio (continued)
Exchange-Traded Fund | 0.1%
iShares MSCI Emerging Markets ETF (Identified cost $14,239)		352	$	13,947
Preferred Stocks | 1.8%
Brazil | 0.2%
Banco Bradesco SA		3,500		32,083
Colombia | 0.1%
Banco Davivienda SA		1,800		18,475
United States | 1.5%
Anadarko Petroleum Corp.		95		4,789
Barnes & Noble, Inc. Series J		30		46,382
Bunge, Ltd.		450		49,044
Cowen Group, Inc. Series A		40		44,386
Ramco-Gershenson Properties Trust Series D		935		55,623
Universal Corp.		50		63,776
				264,000
Total Preferred Stocks (Identified cost $306,217)				314,558
	Number of
Description	Contracts		Value
Purchased Options | 0.0%
EMC Corp. 27 Call, Expires 10/16/15		18	$	1,782
Euro Stoxx 50 3300 Put, Expires 07/17/15		8		4,905
HCA Holdings, Inc. 87.5 Call, Expires 07/17/15		1		380
Natus Medical, Inc. 40 Call, Expires 07/17/15		3		795
Sandisk Corp.:
72.5 Call, Expires 07/17/15		3		9
75 Call, Expires 07/17/15		4		16
SPDR S&P 500 ETF Trust 217 Call, Expires 07/17/15		22		88
Tivo, Inc. 12 Call, Expires 01/15/16		5		125
United Continental Holding, Inc. 60 Call, Expires 07/17/15		8		144

	Number of
Description	Contracts			Value
United States Steel Corp. 28 call, Expires 07/17/15		4		$	16
Total Purchased Options (Identified cost $11,931)					8,260
Description	Shares			Value
Short-Term Investment | 37.8%
State Street Institutional Treasury Money Market Fund (Identified cost $6,596,534)		6,596,534		$	6,596,534
Total Investments excluding Securities Sold Short | 106.8% (Identified cost $18,431,909)					18,659,444
Securities Sold Short | (24.9)%
Common Stocks | (20.3)%
Canada | (0.3)%
lululemon athletica, Inc. (a)		(877	)		(57,268	)
France | (0.4)%
LVMH Moet Hennessy Louis Vuitton SE		(215	)		(37,668	)
Technip SA		(401	)		(24,820	)
					(62,488	)
Germany | (0.2)%
SAP SE Sponsored ADR		(482	)		(33,851	)
Japan | (2.6)%
Kaneka Corp.		(4,000	)		(29,252	)
Kuraray Co., Ltd.		(1,000	)		(12,232	)
Hitachi Construction Machinery Co., Ltd.		(1,200	)		(21,022	)
Shionogi & Co., Ltd.		(700	)		(27,140	)
Ono Pharmaceutical Co., Ltd.		(200	)		(21,849	)
Eisai Co., Ltd.		(300	)		(20,140	)
Sysmex Corp.		(500	)		(29,824	)
Yakult Honsha Co., Ltd.		(400	)		(23,728	)
Kikkoman Corp.		(1,000	)		(31,254	)
MEIJI Holdings Co., Ltd.		(200	)		(25,820	)
Ezaki Glico Co., Ltd.		(600	)		(29,808	)
House Foods Group, Inc.		(1,100	)		(20,924	)
Kewpie Corp.		(1,100	)		(23,297	)
Hirose Electric Co., Ltd.		(200	)		(28,647	)

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

Semi-Annual Report  27

Description	Shares			Value
Lazard Master Alternatives Portfolio (continued)
Ibiden Co., Ltd.		(900	)	$	(15,222	)
Kyocera Corp.		(400	)		(20,797	)
Ryosan Co., Ltd.		(200	)		(5,262	)
Taiyo Yuden Co., Ltd.		(1,500	)		(21,057	)
Yaskawa Electric Corp.		(1,200	)		(15,374	)
Japan Display, Inc. (a)		(6,300	)		(23,731	)
					(446,380	)
Singapore | (0.2)%
M1, Ltd.		(14,600	)		(35,122	)
Spain | (0.5)%
Repsol SA		(1,394	)		(24,477	)
Banco Popular Espanol SA		(4,197	)		(20,335	)
Mediaset Espana Comunicacion SA		(3,463	)		(45,383	)
					(90,195	)
Sweden | (0.2)%
Getinge AB, B Shares		(1,096	)		(26,376	)
Switzerland | (0.2)%
Julius Baer Group, Ltd.		(514	)		(28,835	)
United Kingdom | (0.1)%
Poundland Group PLC		(3,820	)		(19,405	)
United States | (15.6)%
Achillion Pharmaceuticals, Inc. (a)		(4,575	)		(40,535	)
ACI Worldwide, Inc. (a)		(1,510	)		(37,101	)
Air Products & Chemicals, Inc.		(457	)		(62,531	)
Amdocs, Ltd.		(717	)		(39,141	)
Assurant, Inc.		(649	)		(43,483	)
Bed Bath & Beyond, Inc. (a)		(876	)		(60,426	)
Bemis Co., Inc.		(815	)		(36,683	)
Best Buy Co., Inc.		(830	)		(27,066	)
Big Lots, Inc.		(625	)		(28,119	)
Capital One Financial Corp.		(255	)		(22,432	)
Charles River Laboratories International, Inc. (a)		(420	)		(29,543	)
Corning, Inc.		(869	)		(17,145	)
Deere & Co.		(454	)		(44,061	)
DENTSPLY International, Inc.		(544	)		(28,043	)
Dillard’s, Inc., Class A		(489	)		(51,438	)
Discovery Communications, Inc., Class A (a)		(895	)		(29,768	)
DISH Network Corp., Class A (a)		(420	)		(28,438	)
Dollar Tree, Inc. (a)		(380	)		(30,016	)
Dover Corp.		(419	)		(29,405	)

Description	Shares			Value
Eaton Vance Corp.		(493	)	$	(19,291	)
Enova International, Inc. (a)		(979	)		(18,288	)
Esperion Therapeutics, Inc. (a)		(350	)		(28,616	)
Exact Sciences Corp. (a)		(1,974	)		(58,707	)
Fastenal Co.		(1,477	)		(62,300	)
Fossil Group, Inc. (a)		(525	)		(36,414	)
Genworth Financial, Inc., Class A (a)		(2,696	)		(20,409	)
Haemonetics Corp. (a)		(793	)		(32,798	)
Hub Group, Inc., Class A (a)		(1,020	)		(41,147	)
Intersil Corp., Class A		(2,693	)		(33,689	)
Johnson & Johnson		(396	)		(38,594	)
KBR, Inc.		(1,187	)		(23,123	)
Kennametal, Inc.		(1,224	)		(41,763	)
Keryx Biopharmaceuticals, Inc. (a)		(7,451	)		(74,361	)
Kite Pharma, Inc. (a)		(847	)		(51,642	)
Lincoln National Corp.		(365	)		(21,615	)
Linear Technology Corp.		(511	)		(22,602	)
Macy’s, Inc.		(780	)		(52,627	)
Merck & Co., Inc.		(2,354	)		(134,013	)
MSC Industrial Direct Co., Inc., Class A		(790	)		(55,118	)
NetScout Systems, Inc. (a)		(1,996	)		(73,193	)
Nordstrom, Inc.		(784	)		(58,408	)
Owens & Minor, Inc.		(1,239	)		(42,126	)
Pacira Pharmaceuticals, Inc. (a)		(1,065	)		(75,317	)
Patterson Cos., Inc.		(880	)		(42,812	)
Principal Financial Group, Inc.		(841	)		(43,135	)
Prudential Financial, Inc.		(444	)		(38,859	)
T Rowe Price Group, Inc.		(1,035	)		(80,451	)
Target Corp.		(383	)		(31,264	)
The Chubb Corp.		(448	)		(42,623	)
The Gap, Inc.		(2,074	)		(79,165	)
The Goldman Sachs Group, Inc.		(364	)		(76,000	)
The Hain Celestial Group, Inc. (a)		(625	)		(41,163	)
The Kroger Co.		(390	)		(28,279	)
The Travelers Cos., Inc.		(430	)		(41,564	)
The Walt Disney Co.		(265	)		(30,247	)
Tiffany & Co.		(355	)		(32,589	)
United Rentals, Inc. (a)		(182	)		(15,947	)
US Bancorp		(1,421	)		(61,671	)
Valley National Bancorp		(2,576	)		(26,559	)
Varian Medical Systems, Inc. (a)		(694	)		(58,525	)
Wal-Mart Stores, Inc.		(999	)		(70,859	)
WESCO International, Inc. (a)		(616	)		(42,282	)
WW Grainger, Inc.		(231	)		(54,664	)
					(2,740,193	)
Total Common Stocks
(Proceeds $3,554,255)					(3,540,113	)

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

28  Semi-Annual Report

Description	Shares			Value
Lazard Master Alternatives Portfolio (continued)
Exchanged-Traded Funds | (4.6)%
France | (1.1)%
Lyxor UCITS ETF Euro Stoxx 50		(4,737	)	$	(183,965	)
United States | (3.5)%
iShares Nasdaq Biotechnology ETF		(577	)		(212,896	)
SPDR S&P 500 ETF Trust		(1,031	)		(212,231	)
WisdomTree Japan Hedged Equity Fund		(3,382	)		(193,451	)
					(618,578	)
Total Exchanged-Traded Funds
(Proceeds $773,029)					(802,543	)

Description	Value
Total Securities Sold Short (Proceeds $4,327,284)	$	(4,342,656	)
Total Investments | 81.9%
(Identified cost and short proceeds $14,104,625) (d), (g)	$	14,316,788
Cash and Other Assets in Excess of Liabilities | 18.1%		3,155,111
Net Assets | 100.0%	$	17,471,899

Forward Currency Contracts open at June 30, 2015:

					US $ Cost			US $
		Expiration	Foreign		on Origination			Current		Unrealized			Unrealized
Currency	Counterparty	Date	Currency Amount		Date			Value		Appreciation			Depreciation
Forward Currency Purchase Contracts
CAD	SSB	08/19/15		42,844		$	34,140	$	34,281		$	141		$	—
CHF	SSB	08/19/15		16,900			18,211		18,109			—			102
CHF	SSB	08/19/15		43,400			47,192		46,504			—			688
CHF	SSB	08/19/15		53,300			57,183		57,113			—			70
EUR	SSB	08/19/15		10,100			11,477		11,267			—			210
GBP	SSB	08/19/15		19,630			30,954		30,833			—			121
GBP	SSB	08/19/15		25,500			39,638		40,053			415			—
GBP	SSB	08/19/15		57,032			87,345		89,581			2,236			—
HKD	SSB	08/19/15		268,100			34,588		34,585			—			3
JPY	SSB	08/19/15		807,269			6,664		6,600			—			64
JPY	SSB	08/19/15		914,047			7,412		7,473			61			—
JPY	SSB	08/19/15		3,773,600			30,793		30,851			58			—
JPY	SSB	08/19/15		5,415,900			45,254		44,277			—			977
SEK	SSB	08/19/15		222,877			27,127		26,912			—			215
SGD	SSB	08/19/15		49,600			36,926		36,800			—			126
ZAR	SSB	08/19/15		344,600			28,792		28,091			—			701
Total Forward Currency Purchase Contracts						$	543,696	$	543,330		$	2,911		$	3,277

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

Semi-Annual Report  29

Lazard Master Alternatives Portfolio (continued)

Forward Currency Contracts open at June 30, 2015 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date			US $ Current Value			Unrealized Appreciation			Unrealized Depreciation
Forward Currency Sale Contracts
AUD	SSB	08/19/15		9,202		$	6,983		$	7,081		$	—		$	98
AUD	SSB	08/19/15		19,700			15,080			15,160			—			80
AUD	SSB	08/19/15		191,673			154,996			147,499			7,497			—
CAD	SSB	08/19/15		176,800			148,040			141,463			6,577			—
CHF	SSB	08/19/15		3,600			3,893			3,858			35			—
CHF	SSB	08/19/15		110,000			121,170			117,869			3,301			—
EUR	SSB	08/19/15		53,690			60,185			59,895			290			—
EUR	SSB	08/19/15		88,000			97,918			98,170			—			252
EUR	SSB	08/19/15		113,700			128,753			126,840			1,913			—
EUR	SSB	08/19/15		120,100			133,795			133,980			—			185
EUR	SSB	08/19/15		139,100			156,412			155,176			1,236			—
EUR	SSB	08/19/15		380,108			434,308			424,038			10,270			—
GBP	SSB	08/19/15		22,599			35,412			35,497			—			85
GBP	SSB	08/19/15		380,726			600,883			598,015			2,868			—
HKD	SSB	08/19/15		325,115			41,923			41,939			—			16
HKD	SSB	08/19/15		677,200			87,363			87,359			4			—
ILS	SSB	08/19/15		65,600			16,947			17,385			—			438
ILS	SSB	08/19/15		158,963			41,555			42,127			—			572
JPY	SSB	08/19/15		613,854			4,994			5,019			—			25
JPY	SSB	08/19/15		5,530,300			45,660			45,212			448			—
JPY	SSB	08/19/15		8,296,301			68,390			67,826			564			—
JPY	SSB	08/19/15		36,795,149			309,335			300,817			8,518			—
JPY	SSB	08/19/15		180,196,659			1,513,912			1,473,191			40,721			—
PHP	SSB	08/19/15		3,478,200			76,697			76,986			—			289
ZAR	SSB	08/19/15		392,400			32,554			31,987			567			—
ZAR	SSB	08/19/15		2,231,912			186,402			181,938			4,464			—
Total Forward Currency Sale Contracts						$	4,523,560		$	4,436,327			89,273			2,040
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts												$	92,184		$	5,317

Written Options open at June 30, 2015:

Description	Number of Contracts		Strike Price			Expiration Date	Premium			Value
EMC Corp. 25 Put		16		$	25.00	01/15/16		$	3,145		$	(1,952	)
HCA Holdings, Inc. 72.5 Put		2			72.50	07/17/15			217			(2	)
Sandisk Corp. 62.5 Put		5			62.50	07/17/15			861			(2,360	)
Sandisk Corp. 65 Put		3			65.00	07/17/15			695			(2,115	)
Tivo, Inc. 10 Put		5			10.00	01/15/16			378			(355	)
United Continental Holding, Inc. 52.5 Put		4			52.50	07/17/15			876			(564	)
United States Steel Corp. 24 Put		1			24.00	07/17/15			140			(357	)
Total Written Options								$	6,312		$	(7,705	)

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

30  Semi-Annual Report

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015:

Pay

Currency

Counterparty

Notional Amount (000)

Expiration Date

Receive

Unrealized Appreciation

Unrealized Depreciation

1 Month EUR Reuters plus 0.50%

EUR

DUB

2

01/05/16

Spie SA

$

44

$

—

1 Month EUR Reuters plus 0.50%

EUR

DUB

13

01/05/16

Valeo SA

—

49

1 Month EUR Reuters plus 0.50%

EUR

DUB

7

02/09/16

CRH PLC

222

—

1 Month GBP Reuters plus 0.50%

GBP

DUB

22

02/12/16

Arrow Global Group PLC

2,086

—

1 Month GBP Reuters plus 0.50%

GBP

DUB

5

02/12/16

Card Factory PLC

—

145

1 Month GBP Reuters plus 0.50%

GBP

DUB

3

02/12/16

RPC Group PLC

350

—

1 Month GBP Reuters plus 0.50%

GBP

DUB

9

02/12/16

Savills PLC

—

39

1 Month GBP Reuters plus 0.50%

GBP

DUB

10

02/12/16

Tui AG Di

—

1,216

1 Month SEK Reuters plus 0.50%

SEK

DUB

9

02/19/16

Swedbank AB

—

628

1 Month USD Reuters plus 0.00%

KRW

DUB

—

04/06/16

Hyundai Elevator Co.

3,317

—

1 Month USD Reuters plus 0.50%

AED

DUB

10

04/06/16

Abu Dhabi Commercial Bank

64

—

1 Month USD Reuters plus 0.50%

AED

DUB

10

04/06/16

Dubai Islamic Bank

44

—

1 Month USD Reuters plus 0.50%

AED

DUB

16

04/06/16

Union National Bank

—

236

1 Month USD Reuters plus 0.50%

EUR

DUB

18

01/05/16

Capgemini SA

901

—

1 Month USD Reuters plus 0.50%

EUR

DUB

9

01/05/16

Vinci SA

—

340

1 Month USD Reuters plus 0.50%

EUR

DUB

25

01/05/16

Vivendi SA

—

856

1 Month USD Reuters plus 0.50%

EUR

DUB

14

02/09/16

Origin Enterprises PLC

—

575

1 Month USD Reuters plus 0.50%

GBP

DUB

9

02/12/16

Alldays PLC

900

—

1 Month USD Reuters plus 0.50%

GBP

DUB

4

02/12/16

Entertainment One, Ltd.

391

—

1 Month USD Reuters plus 0.50%

GBP

DUB

17

02/12/16

London Stock Exchange Group PLC

—

195

1 Month USD Reuters plus 0.50%

GBP

DUB

13

02/12/16

United Business Media PLC

—

267

1 Month USD Reuters plus 0.50%

IDR

DUB

10

04/05/16

PT Bank Mandiri (Persero) Tbk

—

2,088

1 Month USD Reuters plus 0.50%

IDR

DUB

43

04/05/16

PT Bank Rakyat Indonesia (Persero) Tbk

—

10,192

1 Month USD Reuters plus 0.50%

IDR

DUB

14

04/05/16

PT Pakuwon Jati Tbk

—

2,581

1 Month USD Reuters plus 0.50%

IDR

DUB

10

04/05/16

PT Pembangunan Perumahan (Persero) Tbk

—

985

1 Month USD Reuters plus 0.50%

IDR

DUB

28

04/05/16

PT Bank Negara Indonesia (Persero) Tbk

—

7,838

1 Month USD Reuters plus 0.50%

KRW

DUB

37

04/06/16

Amorepacific Corp.

8,271

—

1 Month USD Reuters plus 0.50%

KRW

DUB

9

04/06/16

Atto Co., Ltd.

2,396

—

1 Month USD Reuters plus 0.50%

KRW

DUB

36

04/06/16

BGF Retail Co., Ltd.

14,933

—

1 Month USD Reuters plus 0.50%

KRW

DUB

32

04/06/16

CJ CGV Co., Ltd.

27,918

—

1 Month USD Reuters plus 0.50%

KRW

DUB

14

04/06/16

Com2us Corp.

—

4,181

1 Month USD Reuters plus 0.50%

KRW

DUB

13

04/06/16

Dongbu Insurance Co., Ltd.

1,841

—

1 Month USD Reuters plus 0.50%

KRW

DUB

10

04/06/16

Hanjin Transportation Co.

—

2,634

1 Month USD Reuters plus 0.50%

KRW

DUB

27

04/06/16

Hansol Chemience Co., Ltd.

22,032

—

1 Month USD Reuters plus 0.50%

KRW

DUB

10

04/06/16

Hynix Semiconductor, Inc.

—

840

1 Month USD Reuters plus 0.50%

KRW

DUB

26

04/06/16

Hyosung Corp.

3,910

—

1 Month USD Reuters plus 0.50%

KRW

DUB

17

04/06/16

Hyundai Elevator Co.

—

1,096

1 Month USD Reuters plus 0.50%

KRW

DUB

33

04/06/16

Korea Aerospace Industries, Ltd.

12,092

—

1 Month USD Reuters plus 0.50%

KRW

DUB

34

04/06/16

Korea Electric Power Corp.

—

429

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

Semi-Annual Report  31

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015 (continued):

Pay

Currency

Counterparty

Notional Amount (000)

Expiration Date

Receive

Unrealized Appreciation

Unrealized Depreciation

1 Month USD Reuters plus 0.50%

KRW

DUB

10

04/06/16

Korea Petrochemical Industry Co.

$

7,023

$

—

1 Month USD Reuters plus 0.50%

KRW

DUB

16

04/06/16

Korea Plant Service & Engineering Co., Ltd.

3,241

—

1 Month USD Reuters plus 0.50%

KRW

DUB

35

04/06/16

Kwang Dong Pharmaceutical Co.

4,690

—

1 Month USD Reuters plus 0.50%

KRW

DUB

14

04/06/16

Lg Display Co., Ltd.

—

2,607

1 Month USD Reuters plus 0.50%

KRW

DUB

18

04/06/16

Lg Innotek Co., Ltd.

—

2,593

1 Month USD Reuters plus 0.50%

KRW

DUB

13

04/06/16

Lg Telecom, Ltd.

—

1,481

1 Month USD Reuters plus 0.50%

KRW

DUB

44

04/06/16

Medy-tox, Inc.

24,322

—

1 Month USD Reuters plus 0.50%

KRW

DUB

10

04/06/16

Ncsoft Corp.

647

—

1 Month USD Reuters plus 0.50%

KRW

DUB

10

04/06/16

Osstem Implant Co., Ltd.

4,199

—

1 Month USD Reuters plus 0.50%

KRW

DUB

12

04/06/16

Sk Telecom Co., Ltd.

—

1,234

1 Month USD Reuters plus 0.50%

MYR

DUB

16

04/05/16

Berjaya Auto Berhad

—

444

1 Month USD Reuters plus 0.50%

MYR

DUB

9

04/05/16

Cahya Mata Sarawak Berhad

1,103

—

1 Month USD Reuters plus 0.50%

MYR

DUB

14

04/05/16

Faber Group Berhad

—

1,062

1 Month USD Reuters plus 0.50%

MYR

DUB

11

04/05/16

Kossan Rubber Industries Berhad

1,452

—

1 Month USD Reuters plus 0.50%

MYR

DUB

44

04/05/16

Malaysian International Shipping Corp. Berhad

—

4,606

1 Month USD Reuters plus 0.50%

MYR

DUB

9

04/05/16

Press Metal Berhad

—

2,186

1 Month USD Reuters plus 0.50%

MYR

DUB

15

04/05/16

Sunway Berhad

—

1,118

1 Month USD Reuters plus 0.50%

MYR

DUB

75

04/05/16

Tenaga Nasional Berhad

—

10,412

1 Month USD Reuters plus 0.50%

MYR

DUB

73

04/05/16

Westports Holdings Berhad

1,589

—

1 Month USD Reuters plus 0.50%

THB

DUB

14

04/05/16

Airports of Thailand PCL

—

329

1 Month USD Reuters plus 0.50%

THB

DUB

37

04/05/16

Bangkok Expressway PCL

—

1,069

1 Month USD Reuters plus 0.50%

THB

DUB

28

04/05/16

Bumrungrad Hospital

5,304

—

1 Month USD Reuters plus 0.50%

THB

DUB

18

04/05/16

Delta Electronics Thailand PCL

155

—

1 Month USD Reuters plus 0.50%

THB

DUB

10

04/05/16

KCE Electronics PCL

184

—

1 Month USD Reuters plus 0.50%

THB

DUB

20

04/05/16

Major Cineplex Group PCL

—

560

1 Month USD Reuters plus 0.50%

THB

DUB

15

04/05/16

Preuksa Real Estate PCL

—

2,222

1 Month USD Reuters plus 0.50%

THB

DUB

16

04/05/16

Siam Cement PCL.

—

348

1 Month USD Reuters plus 0.50%

THB

DUB

15

04/05/16

Srisawad Power 1979 PCL

208

—

1 Month USD Reuters plus 0.50%

TRY

DUB

24

04/05/16

Eregli Demir Ve Celik Fabrik

740

—

1 Month USD Reuters plus 0.50%

TRY

DUB

14

04/05/16

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS

—

1,412

1 Month USD Reuters plus 0.50%

TRY

DUB

19

04/05/16

Tav Havalimanlari Holding AS

271

—

1 Month USD Reuters plus 0.50%

TRY

DUB

36

04/05/16

Turk Telekomunikasyon AS

—

600

1 Month USD Reuters plus 0.50%

TWD

DUB

12

04/06/16

AU Optronics Corp.

—

1,536

1 Month USD Reuters plus 0.50%

TWD

DUB

21

04/06/16

Catcher Technology Co., Ltd.

4,046

—

1 Month USD Reuters plus 0.50%

TWD

DUB

15

04/06/16

Chailease Holding Co., Ltd.

—

364

1 Month USD Reuters plus 0.50%

TWD

DUB

12

04/06/16

Chin-poon Industrial Co., Ltd.

—

1,483

1 Month USD Reuters plus 0.50%

TWD

DUB

10

04/06/16

Chinatrust Financial Holding Co., Ltd.

1,879

—

1 Month USD Reuters plus 0.50%

TWD

DUB

10

04/06/16

Compeq Manufacturing Co., Ltd.

—

712

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

32  Semi-Annual Report

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015 (continued):

Pay

Currency

Counterparty

Notional Amount (000)

Expiration Date

Receive

Unrealized Appreciation

Unrealized Depreciation

1 Month USD Reuters plus 0.50%

TWD

DUB

12

04/06/16

Elite Advanced Laser Corp.

$

—

$

1,900

1 Month USD Reuters plus 0.50%

TWD

DUB

78

04/06/16

Feng Tay Enterprise Co., Ltd.

—

2,553

1 Month USD Reuters plus 0.50%

TWD

DUB

27

04/06/16

Fubon Financial Holding Co.

3,101

—

1 Month USD Reuters plus 0.50%

TWD

DUB

37

04/06/16

Grape King, Inc.

7,603

—

1 Month USD Reuters plus 0.50%

TWD

DUB

19

04/06/16

Greatek Electronics, Inc.

—

2,592

1 Month USD Reuters plus 0.50%

TWD

DUB

65

04/06/16

Highwealth Construction Corp.

—

185

1 Month USD Reuters plus 0.50%

TWD

DUB

51

04/06/16

Makalot Industrial Co., Ltd.

9,404

—

1 Month USD Reuters plus 0.50%

TWD

DUB

13

04/06/16

PChome Online, Inc.

3,558

—

1 Month USD Reuters plus 0.50%

TWD

DUB

16

04/06/16

Pegatron Corp.

1,397

—

1 Month USD Reuters plus 0.50%

TWD

DUB

13

04/06/16

Shin Zu Shing Co., Ltd.

—

1,335

1 Month USD Reuters plus 0.50%

TWD

DUB

32

04/06/16

Siliconware Precision Industry Co., Ltd.

—

1,844

1 Month USD Reuters plus 0.50%

TWD

DUB

21

04/06/16

Taiwan Paiho, Ltd.

4,281

—

1 Month USD Reuters plus 0.50%

TWD

DUB

41

04/06/16

Taiwan Pcb Techvest Co., Ltd.

—

7,722

1 Month USD Reuters plus 0.50%

TWD

DUB

15

04/06/16

Transcend Information, Inc.

102

—

1 Month USD Reuters plus 0.50%

TWD

DUB

28

04/06/16

United Microelectronics Corp.

—

3,920

1 Month USD Reuters plus 0.50%

TWD

DUB

30

04/06/16

Voltronic Power Technology Corp.

7,471

—

1 Month USD Reuters plus 0.50%

TWD

DUB

9

04/06/16

WIN Semiconductors, Inc.

331

—

1 Month USD Reuters plus 0.50%

TWD

DUB

14

04/06/16

Wistron NeWeb Corp.

3,179

—

1 Month USD Reuters plus 0.50%

TWD

DUB

32

04/06/16

Zhen Ding Technology Holding, Ltd.

2,703

—

1 Month USD Reuters plus 0.50%

USD

DUB

58

09/28/15

AAR Corp.

18

—

1 Month USD Reuters plus 0.50%

USD

DUB

51

09/28/15

Alon USA Energy, Inc.

3,992

—

1 Month USD Reuters plus 0.50%

USD

DUB

88

09/28/15

Altra Industrial Motion, Inc.

—

656

1 Month USD Reuters plus 0.50%

USD

DUB

42

09/28/15

American Residential Properties, Inc.

—

327

1 Month USD Reuters plus 0.50%

USD

DUB

44

09/28/15

AmTrust Financial Services, Inc.

3,015

—

1 Month USD Reuters plus 0.50%

USD

DUB

44

09/28/15

Ani Pharmaceuticals, Inc.

1,028

—

1 Month USD Reuters plus 0.50%

USD

DUB

10

09/28/15

Apollo Commercial Real Estate Finance, Inc.

—

238

1 Month USD Reuters plus 0.50%

USD

DUB

8

09/28/15

Ascent Capital Group, Inc.

—

44

1 Month USD Reuters plus 0.50%

USD

DUB

53

09/28/15

Blucora, Inc.

1,857

—

1 Month USD Reuters plus 0.50%

USD

DUB

1

09/28/15

Campus Crest Communities, Inc.

—

20

1 Month USD Reuters plus 0.50%

USD

DUB

52

09/28/15

Carriage Services, Inc.

1,034

—

1 Month USD Reuters plus 0.50%

USD

DUB

40

09/28/15

Forest City Enterprise, Inc.

—

844

1 Month USD Reuters plus 0.50%

USD

DUB

42

09/28/15

Colony Capital, Inc.

—

1,697

1 Month USD Reuters plus 0.50%

USD

DUB

53

09/28/15

Cowen Group, Inc.

12,205

—

1 Month USD Reuters plus 0.50%

USD

DUB

38

09/28/15

Encore Cap Group, Inc.

—

642

1 Month USD Reuters plus 0.50%

USD

DUB

33

09/28/15

Exelixis, Inc.

1,635

—

1 Month USD Reuters plus 0.50%

USD

DUB

21

09/28/15

Fireeye, Inc.

—

247

1 Month USD Reuters plus 0.50%

USD

DUB

47

09/28/15

GPT Property Trust LP

—

4,283

1 Month USD Reuters plus 0.50%

USD

DUB

54

09/28/15

Green Plains Renewable Energy, Inc.

—

3,786

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

Semi-Annual Report  33

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015 (continued):

Pay

Currency

Counterparty

Notional Amount (000)

Expiration Date

Receive

Unrealized Appreciation

Unrealized Depreciation

1 Month USD Reuters plus 0.50%

USD

DUB

43

09/28/15

Healthways, Inc.

$

—

$

6,308

1 Month USD Reuters plus 0.50%

USD

DUB

65

09/28/15

Hologic, Inc.

1,987

—

1 Month USD Reuters plus 0.50%

USD

DUB

44

09/28/15

Hovnanian Enterprises, Inc.

—

464

1 Month USD Reuters plus 0.50%

USD

DUB

58

09/28/15

Intel Corp.

—

3,960

1 Month USD Reuters plus 0.50%

USD

DUB

5

09/28/15

Jakks Pacific, Inc.

352

—

1 Month USD Reuters plus 0.50%

USD

DUB

33

09/28/15

LGI Homes, Inc.

—

262

1 Month USD Reuters plus 0.50%

USD

DUB

13

09/28/15

Mgic Investment Corp.

—

81

1 Month USD Reuters plus 0.50%

USD

DUB

52

09/28/15

Navistar International Corp.

—

4,548

1 Month USD Reuters plus 0.50%

USD

DUB

43

09/28/15

Netsuite, Inc.

—

1,050

1 Month USD Reuters plus 0.50%

USD

DUB

55

09/28/15

New Mountain Finance Corp.

—

138

1 Month USD Reuters plus 0.50%

USD

DUB

62

09/28/15

Omnicare, Inc.

7,674

—

1 Month USD Reuters plus 0.50%

USD

DUB

46

09/28/15

Photronics, Inc.

2,621

—

1 Month USD Reuters plus 0.50%

USD

DUB

40

09/28/15

Photronics, Inc.

1,044

—

1 Month USD Reuters plus 0.50%

USD

DUB

36

09/28/15

PLD BioPharma, Inc.

—

829

1 Month USD Reuters plus 0.50%

USD

DUB

53

09/28/15

Quidel Corp.

—

3,514

1 Month USD Reuters plus 0.50%

USD

DUB

4

09/28/15

RAIT Financial Trust REIT

—

125

1 Month USD Reuters plus 0.50%

USD

DUB

36

09/28/15

Redwood Trust, Inc.

—

1,125

1 Month USD Reuters plus 0.50%

USD

DUB

10

09/28/15

Renewable Energy Group, Inc.

994

—

1 Month USD Reuters plus 0.50%

USD

DUB

49

09/28/15

SolarCity Corp.

—

2,875

1 Month USD Reuters plus 0.50%

USD

DUB

52

09/28/15

Solazyme, Inc.

—

364

1 Month USD Reuters plus 0.50%

USD

DUB

5

09/28/15

Spirit Realty Capital, Inc.

—

267

1 Month USD Reuters plus 0.50%

USD

DUB

57

09/28/15

Starwood Property Trust

—

2,016

1 Month USD Reuters plus 0.50%

USD

DUB

15

09/28/15

Starwood Waypoint Residential Trust

—

879

1 Month USD Reuters plus 0.50%

USD

DUB

87

09/28/15

SunEdison, Inc.

9,419

—

1 Month USD Reuters plus 0.50%

USD

DUB

24

09/28/15

Teva Pharmaceutical Industries, Ltd.

—

1,112

1 Month USD Reuters plus 0.50%

USD

DUB

43

09/28/15

Theravance, Inc.

4,245

—

1 Month USD Reuters plus 0.50%

USD

DUB

40

09/28/15

Trinity Industries, Inc.

—

1,352

1 Month USD Reuters plus 0.50%

USD

DUB

70

09/28/15

Vector Group, Ltd.

971

—

1 Month USD Reuters plus 0.50%

USD

DUB

5

09/28/15

Violin Memory, Inc.

—

681

1 Month USD Reuters plus 0.50%

USD

DUB

26

09/28/15

Vishay Intertechnology, Inc.

—

3,402

1 Month USD Reuters plus 0.50%

USD

DUB

53

09/28/15

Webmd Health Corp.

—

2,151

1 Month USD Reuters plus 0.50%

USD

DUB

60

09/28/15

Workday, Inc.

—

3,376

1 Month USD Reuters plus 0.50%

USD

DUB

5

09/28/15

Wright Medical Group, Inc.

—

180

USD FED OPEN less 0.30%

USD

DUB

12

09/28/15

Gramercy Property Trust REIT

367

—

USD FED OPEN less 0.60%

USD

DUB

6

04/06/16

Cemex SA

235

—

260,588

151,682

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

34  Semi-Annual Report

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015 (continued):

Receive	Currency	Counterparty	Notional Amount (000)		Expiration Date	Pay	Unrealized Appreciation		Unrealized Depreciation
1 Month EUR Reuters less 0.45%	EUR	DUB		5	03/15/16	Hannover Rueckversicherungs AG	$	52		$	—
1 Month USD Reuters less 0.50%	USD	DUB		11	04/06/16	China Everbright International, Ltd.		385			—
1 Month USD Reuters less 0.50%	USD	DUB		9	04/06/16	China Merchants Holdings International Co., Ltd.		39			—
1 Month USD Reuters less 0.50%	USD	DUB		17	04/06/16	China South City Holdings, Ltd.		1,486			—
1 Month USD Reuters less 0.50%	USD	DUB		10	04/06/16	Dah Chong Hong Holdings, Ltd.		940			—
1 Month USD Reuters less 0.50%	USD	DUB		28	04/06/16	Fosun Pharmaceutical Group, Ltd.		555			—
1 Month USD Reuters less 0.50%	USD	DUB		9	04/06/16	GOME Electrial Appliances Holdings, Ltd.		2,087			—
1 Month USD Reuters less 0.50%	USD	DUB		18	04/06/16	Guangshen Railway Co., Ltd.		—			3,238
1 Month USD Reuters less 0.50%	USD	DUB		27	04/06/16	Kingboard Chemical Holdings, Ltd.		—			2,240
1 Month USD Reuters less 0.50%	USD	DUB		34	04/06/16	Shanghai Industrial Holdings, Ltd.		—			3,262
1 Month USD Reuters less 0.50%	USD	DUB		43	04/06/16	Tingyi Holdings Co.		1,728			—
1 Month USD Reuters less 0.55%	USD	DUB		10	04/06/16	China Petrochemical Dev Corp.		203			—
1 Month USD Reuters less 0.55%	USD	DUB		17	04/06/16	Clevo Co.		986			—
1 Month USD Reuters less 0.55%	USD	DUB		9	04/06/16	Elan Microelectronics Corp.		—			302
1 Month USD Reuters less 0.55%	USD	DUB		38	04/06/16	Hon Hai Precision Industry Co., Ltd.		—			2,949
1 Month USD Reuters less 0.55%	USD	DUB		15	04/06/16	HTC Corp.		3,271			—
1 Month USD Reuters less 0.55%	USD	DUB		34	04/06/16	Hua Nan Financial Holdings Co., Ltd.		—			501
1 Month USD Reuters less 0.55%	USD	DUB		11	04/06/16	Hyundai Heavy Industries Co., Ltd.		1,727			—
1 Month USD Reuters less 0.55%	USD	DUB		40	04/06/16	POSCO		2,887			—
1 Month USD Reuters less 0.55%	USD	DUB		10	04/06/16	Realtek Semiconductor Corp.		148			—
1 Month USD Reuters less 0.55%	USD	DUB		18	04/06/16	Sk Chemicals Co., Ltd.		353			—
1 Month USD Reuters less 0.55%	USD	DUB		12	04/06/16	TPK Holding Co., Ltd.		865			—
1 Month USD Reuters less 0.60%	USD	DUB		10	04/05/16	Cencosud SA		501			—
1 Month USD Reuters less 0.60%	USD	DUB		10	04/05/16	Colbun SA		331			—
1 Month USD Reuters less 0.60%	USD	DUB		19	04/05/16	S.A.C.I. Falabella		1,857			—
1 Month USD Reuters less 0.60%	USD	DUB		27	04/06/16	Controladora Comercial Mexicana SAB de CV		973			—
1 Month USD Reuters less 0.60%	USD	DUB		14	04/06/16	Cosan SA Industria e Comercio		314			—
1 Month USD Reuters less 0.60%	USD	DUB		21	04/06/16	Grupo Aval Acciones y Valores SA		—			1,749
1 Month USD Reuters less 0.60%	USD	DUB		22	04/06/16	Grupo Financiero Interacciones SA de CV		278			—
1 Month USD Reuters less 0.60%	USD	DUB		53	04/06/16	Banorte SAB de CV		3,413			—
1 Month USD Reuters less 0.60%	USD	DUB		51	04/06/16	Infraestructura Energetica Nova SAB de CV		4,863			—
1 Month USD Reuters less 0.60%	USD	DUB		27	04/19/16	Global Telecom Holding SAE		6,794			—
1 Month USD Reuters less 0.75%	USD	DUB		39	04/06/16	Formosa Petrochemical Corp.		—			7,111
1 Month USD Reuters less 0.75%	USD	DUB		18	04/06/16	Lite-on Technology Corp.		1,603			—
1 Month USD Reuters less 0.80%	USD	DUB		14	04/07/16	Adcock Ingram Holdings, Ltd.		—			381
1 Month USD Reuters less 0.80%	USD	DUB		17	04/07/16	Alexander Forbes Group Holdings, Ltd.		1,786			—

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

Semi-Annual Report  35

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015 (continued):

Receive

Currency

Counterparty

Notional Amount (000)

Expiration Date

Pay

Unrealized Appreciation

Unrealized Depreciation

1 Month USD Reuters less 0.80%

USD

DUB

30

04/07/16

Anglo Platinum, Ltd.

$

2,703

$

—

1 Month USD Reuters less 0.80%

USD

DUB

24

04/07/16

Aspen Pharmacare Holdings, Ltd.

1,808

—

1 Month USD Reuters less 0.80%

USD

DUB

32

04/07/16

Attacq, Ltd.

4,482

—

1 Month USD Reuters less 0.80%

USD

DUB

24

04/07/16

Datatec, Ltd.

—

1,379

1 Month USD Reuters less 0.80%

USD

DUB

15

04/07/16

Grindrod, Ltd.

2,966

—

1 Month USD Reuters less 0.80%

USD

DUB

29

04/07/16

Hyprop Investments, Ltd.

—

423

1 Month USD Reuters less 0.80%

USD

DUB

39

04/07/16

Impala Platinum Holdings, Ltd.

3,513

—

1 Month USD Reuters less 0.80%

USD

DUB

27

04/07/16

Metropolitan Holdings, Ltd.

660

—

1 Month USD Reuters less 0.80%

USD

DUB

16

04/07/16

Murray & Roberts Holdings, Ltd.

1,187

—

1 Month USD Reuters less 0.80%

USD

DUB

9

04/07/16

Nampak, Ltd.

1,768

—

1 Month USD Reuters less 0.80%

USD

DUB

13

04/07/16

Northam Platinum, Ltd.

1,919

—

1 Month USD Reuters less 0.80%

USD

DUB

47

04/07/16

Rand Merchant Insurance Holdings, Ltd.

46

—

1 Month USD Reuters less 0.80%

USD

DUB

15

04/07/16

Resilient Property Income Fund, Ltd.

1,229

—

1 Month USD Reuters less 0.80%

USD

DUB

20

04/07/16

Reunert, Ltd.

—

2,157

1 Month USD Reuters less 0.80%

USD

DUB

47

04/07/16

Steinhoff International Holdings, Ltd.

—

202

1 Month USD Reuters less 0.80%

USD

DUB

16

04/07/16

Trencor, Ltd.

154

—

1 Month USD Reuters less 0.83%

USD

DUB

20

04/06/16

China Oil And Gas Group, Ltd.

2,753

—

1 Month USD Reuters less 0.85%

USD

DUB

23

04/05/16

Komercni Banka AS

—

535

1 Month USD Reuters less 1.00%

USD

DUB

26

04/05/16

Hong Leong Financial Group

3,322

—

1 Month USD Reuters less 1.00%

USD

DUB

44

04/06/16

Cathay Financial Holding Co.

—

4,730

1 Month USD Reuters less 1.00%

USD

DUB

15

04/06/16

China Dongxiang Group Co.

—

6,794

1 Month USD Reuters less 1.00%

USD

DUB

9

04/06/16

China Shipping Development Co., Ltd.

1,550

—

1 Month USD Reuters less 1.00%

USD

DUB

18

04/06/16

Dalian Port (PDA) Co., Ltd.

—

1,460

1 Month USD Reuters less 1.00%

USD

DUB

39

04/06/16

Lotte Confectionery Co., Ltd.

—

3,205

1 Month USD Reuters less 1.00%

USD

DUB

67

04/06/16

Quanta Computer, Inc.

488

—

1 Month USD Reuters less 1.00%

USD

DUB

17

04/06/16

Samsung Sdi Co., Ltd.

1,603

—

1 Month USD Reuters less 1.00%

USD

DUB

24

04/06/16

SK C&C Co., Ltd.

—

4,363

1 Month USD Reuters less 1.25%

USD

DUB

16

04/06/16

Samsung Techwin Co., Ltd.

—

3,988

1 Month USD Reuters less 1.50%

USD

DUB

18

04/06/16

Br Malls Participacoes SA

2,675

—

1 Month USD Reuters less 1.50%

USD

DUB

8

04/06/16

China Shipping Container

—

1,821

1 Month USD Reuters less 1.50%

USD

DUB

32

04/06/16

Jinro, Ltd.

—

558

1 Month USD Reuters less 1.75%

USD

DUB

35

04/06/16

Angang Steel Co., Ltd.

1,632

—

1 Month USD Reuters less 1.75%

USD

DUB

44

04/06/16

CPFL Energia SA

419

—

1 Month USD Reuters less 1.75%

USD

DUB

13

04/06/16

Epistar Corp.

1,787

—

1 Month USD Reuters less 1.75%

USD

DUB

15

04/06/16

Far Eastern Department Store, Ltd.

3,778

—

1 Month USD Reuters less 1.75%

USD

DUB

12

04/06/16

Multiplan Empreendimentos SA

1,726

—

1 Month USD Reuters less 1.75%

USD

DUB

11

04/06/16

Unimicron Technology Corp.

2,182

—

1 Month USD Reuters less 2.00%

USD

DUB

12

04/05/16

Indorama Ventures PCL

—

404

1 Month USD Reuters less 2.00%

USD

DUB

10

04/06/16

Byd Co., Ltd.

—

1,533

1 Month USD Reuters less 2.00%

USD

DUB

10

04/06/16

Shanghai Jin Jiang International Holdings Co., Ltd.

866

—

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

36  Semi-Annual Report

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015 (continued):

Receive

Currency

Counterparty

Notional Amount (000)

Expiration Date

Pay

Unrealized Appreciation

Unrealized Depreciation

1 Month USD Reuters less 2.25%

USD

DUB

81

04/05/16

BTS Group Holdings PCL

$

3,258

$

—

1 Month USD Reuters less 2.25%

USD

DUB

21

04/06/16

Aliansce Shopping Centers SA

3,945

—

1 Month USD Reuters less 2.25%

USD

DUB

11

04/06/16

Kolon Industries, Inc.

1,222

—

1 Month USD Reuters less 2.25%

USD

DUB

50

04/06/16

Synnex Technology International Corp.

—

5,109

1 Month USD Reuters less 2.25%

USD

DUB

42

04/06/16

Yulon Motor Co.

5,664

—

1 Month USD Reuters less 2.50%

USD

DUB

29

04/05/16

Anadolu Efes Biracilik ve Malt Sanayii AS

—

2,632

1 Month USD Reuters less 2.50%

USD

DUB

9

04/05/16

Arcelik AS

122

—

1 Month USD Reuters less 2.50%

USD

DUB

22

04/05/16

Bank Handlowy W Warszawie SA

1,370

—

1 Month USD Reuters less 2.50%

USD

DUB

13

04/05/16

Bank Pekao SA

239

—

1 Month USD Reuters less 2.50%

USD

DUB

13

04/05/16

LPP SA

725

—

1 Month USD Reuters less 2.50%

USD

DUB

10

04/05/16

Polski Koncern Naftowy SA

—

2,448

1 Month USD Reuters less 2.50%

USD

DUB

13

04/05/16

Thai Tap Water Supply PCL

592

—

1 Month USD Reuters less 2.50%

USD

DUB

39

04/06/16

Cheng Uei Precision Industry Co., Ltd.

2,401

—

1 Month USD Reuters less 2.50%

USD

DUB

10

04/06/16

Cogobuy Group

—

1,145

1 Month USD Reuters less 2.50%

USD

DUB

22

04/06/16

Radiant Opto-Electronics Corp.

—

4,504

1 Month USD Reuters less 2.66%

USD

DUB

18

04/06/16

Changsha Zoomlion Heavy Industry Science and Technology Co., Ltd.

1,248

—

1 Month USD Reuters less 2.75%

USD

DUB

76

04/05/16

Axiata Group Berhad

8,338

—

1 Month USD Reuters less 2.75%

USD

DUB

9

04/06/16

Lojas Americanas SA

418

—

1 Month USD Reuters less 3.00%

USD

DUB

11

04/06/16

Li Ning Co., Ltd.

2,037

—

1 Month USD Reuters less 3.00%

USD

DUB

21

04/06/16

Oriental Union Chemical Corp.

1,761

—

1 Month USD Reuters less 3.00%

USD

DUB

30

04/06/16

Tong Tang Industry Co., Ltd.

2,829

—

1 Month USD Reuters less 3.00%

USD

DUB

23

04/06/16

U-ming Marine Transport Corp.

772

—

1 Month USD Reuters less 3.19%

USD

DUB

22

04/06/16

China Yurun Food Group, Ltd.

—

2,037

1 Month USD Reuters less 3.25%

USD

DUB

29

04/06/16

Fila Korea, Ltd.

—

1,740

1 Month USD Reuters less 3.25%

USD

DUB

45

04/06/16

Sino-American Silicon Products, Inc.

7,000

—

1 Month USD Reuters less 3.50%

USD

DUB

10

04/05/16

Sm Prime Holdings, Inc.

121

—

1 Month USD Reuters less 3.75%

USD

DUB

20

04/06/16

Hyundai Mipo Dockyard Co., Ltd.

4,412

—

1 Month USD Reuters less 4.00%

USD

DUB

9

04/06/16

Chipbond Technology Corp.

221

—

1 Month USD Reuters less 4.00%

USD

DUB

16

04/06/16

Paradise Co., Ltd.

183

—

1 Month USD Reuters less 4.25%

USD

DUB

22

04/06/16

B2w Companhia Global Do Varejo

100

—

1 Month USD Reuters less 4.25%

USD

DUB

13

04/06/16

China Huishan Dairy Holdings Co.

—

3,531

1 Month USD Reuters less 4.25%

USD

DUB

10

04/06/16

Yanzhou Coal Mining Co.

757

—

1 Month USD Reuters less 4.50%

USD

DUB

12

04/05/16

IOI Corp. Berhad

1,539

—

1 Month USD Reuters less 4.50%

USD

DUB

10

04/06/16

Iguatemi Empresa de Shopping Centers SA

1,332

—

1 Month USD Reuters less 4.75%

USD

DUB

9

04/06/16

Kingsoft Corp., Ltd.

—

1,298

1 Month USD Reuters less 5.00%

USD

DUB

10

04/05/16

Coca-Cola Icecek Uretim AS

118

—

1 Month USD Reuters less 5.00%

USD

DUB

10

04/05/16

Ulker Biskuvi Sanayi AS

684

—

1 Month USD Reuters less 5.00%

USD

DUB

10

04/06/16

Arabtech Holding Co.

—

1,971

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

Semi-Annual Report  37

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at June 30, 2015 (continued):

Receive

Currency

Counterparty

Notional Amount (000)

Expiration Date

Pay

Unrealized Appreciation

Unrealized Depreciation

1 Month USD Reuters less 5.00%

USD

DUB

56

04/06/16

China Coal Energy Co.

$

1,097

$

—

1 Month USD Reuters less 5.00%

USD

DUB

9

04/06/16

China Molybdenum Co., Ltd.

2,256

—

1 Month USD Reuters less 5.00%

USD

DUB

16

04/06/16

Dubai Financial Market

—

4,768

1 Month USD Reuters less 5.00%

USD

DUB

15

04/06/16

Emaar Malls Group PJSC

—

1,979

1 Month USD Reuters less 5.00%

USD

DUB

19

04/06/16

Fu Shou Yuan International Group Ltd.

—

22

1 Month USD Reuters less 5.00%

USD

DUB

12

04/06/16

Hanjin Kal Corp.

2,566

—

1 Month USD Reuters less 5.00%

USD

DUB

41

04/06/16

Hyundai Rotem Co.

—

2,524

1 Month USD Reuters less 5.01%

USD

DUB

9

04/05/16

PT Charoen Pokphand Indonesia Tbk

1,029

—

1 Month USD Reuters less 5.01%

USD

DUB

81

04/05/16

Malayan Banking Berhad

3,075

—

1 Month USD Reuters less 5.25%

USD

DUB

23

04/06/16

Tty Biopharm Co., Ltd.

—

3,174

1 Month USD Reuters less 5.50%

USD

DUB

17

04/06/16

Cosmax, Inc.

—

8,012

1 Month USD Reuters less 5.50%

USD

DUB

13

04/06/16

Lung Yen Life Services Corp.

141

—

1 Month USD Reuters less 6.00%

USD

DUB

13

04/06/16

NHN Entertainment Corp.

1,055

—

1 Month USD Reuters less 6.00%

USD

DUB

9

04/06/16

YG Entertainment, Inc.

—

171

1 Month USD Reuters less 6.50%

USD

DUB

18

04/06/16

S.M. Entertainment Co.

2,268

—

1 Month USD Reuters less 6.50%

USD

DUB

23

04/06/16

Seoul Semiconductor Co., Ltd.

4,125

—

1 Month USD Reuters less 6.75%

USD

DUB

9

04/06/16

Sinopec Yizheng Chemical Fibre Co., Ltd.

—

1,188

1 Month USD Reuters less 7.50%

USD

DUB

55

04/06/16

Acer, Inc.

13,305

—

1 Month USD Reuters less 7.50%

USD

DUB

8

04/06/16

Hypermarcas SA

—

621

1 Month USD Reuters less 7.75%

USD

DUB

11

04/06/16

Hyundai Merchant Marine Co., Ltd.

2,706

—

USD FED OPEN less 0.30%

USD

DUB

35

09/28/15

Alon USA Energy, Inc.

—

4,993

USD FED OPEN less 0.30%

USD

DUB

4

09/28/15

Alpha Natural Resources, Inc.

2,627

—

USD FED OPEN less 0.30%

USD

DUB

51

09/28/15

Altra Holdings, Inc.

1,004

—

USD FED OPEN less 0.30%

USD

DUB

27

09/28/15

Ani Pharmaceuticals, Inc.

—

599

USD FED OPEN less 0.30%

USD

DUB

6

09/28/15

Ascent Media Corp.

—

35

USD FED OPEN less 0.30%

USD

DUB

12

09/28/15

Atlas Air Worldwide Holdings, Inc.

16

—

USD FED OPEN less 0.30%

USD

DUB

8

09/28/15

Avid Technology, Inc.

404

—

USD FED OPEN less 0.30%

USD

DUB

33

09/28/15

Barnes & Noble, Inc.

—

4,796

USD FED OPEN less 0.30%

USD

DUB

14

09/28/15

Blucora, Inc.

—

766

USD FED OPEN less 0.30%

USD

DUB

28

09/28/15

Bunge, Ltd.

14

—

USD FED OPEN less 0.30%

USD

DUB

1

09/28/15

Campus Crest Communities, Inc.

154

—

USD FED OPEN less 0.30%

USD

DUB

19

09/28/15

Carriage Services, Inc.

59

—

USD FED OPEN less 0.30%

USD

DUB

3

09/28/15

Cenveo, Inc.

355

—

USD FED OPEN less 0.30%

USD

DUB

10

09/28/15

Colony Financial, Inc.

1,257

—

USD FED OPEN less 0.30%

USD

DUB

62

09/28/15

Cowen Group, Inc.

—

11,384

USD FED OPEN less 0.30%

USD

DUB

7

09/28/15

Ctrip.com International, Ltd.

13

—

USD FED OPEN less 0.30%

USD

DUB

11

09/28/15

EMC Corp.

432

—

USD FED OPEN less 0.30%

USD

DUB

18

09/28/15

Encore Capital Group, Inc.

302

—

USD FED OPEN less 0.30%

USD

DUB

21

09/28/15

Fireeye, Inc.

—

532

USD FED OPEN less 0.30%

USD

DUB

8

09/28/15

Forest City Enterprises, Inc.

431

—

USD FED OPEN less 0.30%

USD

DUB

41

09/28/15

Green Plains, Inc.

3,300

—

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

38  Semi-Annual Report

Lazard Master Alternatives Portfolio (concluded)

Total Return Swap Agreements open at June 30, 2015 (concluded):

Receive

Currency

Counterparty

Notional Amount (000)

Expiration Date

Pay

Unrealized Appreciation

Unrealized Depreciation

USD FED OPEN less 0.30%

USD

DUB

2

09/28/15

HCA Holdings, Inc.

$

—

$

219

USD FED OPEN less 0.30%

USD

DUB

11

09/28/15

Healthways, Inc.

3,326

—

USD FED OPEN less 0.30%

USD

DUB

11

09/28/15

Hovnanian Enterprises, Inc.

2,918

—

USD FED OPEN less 0.30%

USD

DUB

24

09/28/15

Intel Corp.

1,003

—

USD FED OPEN less 0.30%

USD

DUB

15

09/28/15

Ironwood Pharmaceuticals, Inc.

—

70

USD FED OPEN less 0.30%

USD

DUB

17

09/28/15

LGI Homes, Inc.

—

1,367

USD FED OPEN less 0.30%

USD

DUB

16

09/28/15

Merck & Co. Inc.

476

—

USD FED OPEN less 0.30%

USD

DUB

16

09/28/15

MSC Industrial Direct Co.

439

—

USD FED OPEN less 0.30%

USD

DUB

12

09/28/15

Navistar International Corp.

2,746

—

USD FED OPEN less 0.30%

USD

DUB

8

09/28/15

Netsuite, Inc.

278

—

USD FED OPEN less 0.30%

USD

DUB

32

09/28/15

Omnicare, Inc.

—

2,553

USD FED OPEN less 0.30%

USD

DUB

44

09/28/15

Photronics, Inc.

—

1,086

USD FED OPEN less 0.30%

USD

DUB

10

09/28/15

Quidel Corp.

69

—

USD FED OPEN less 0.30%

USD

DUB

28

09/28/15

Ramco Gershenson Properties Trust

3,448

—

USD FED OPEN less 0.30%

USD

DUB

4

09/28/15

Redwood Trust, Inc.

440

—

USD FED OPEN less 0.30%

USD

DUB

24

09/28/15

Renewable Energy Group, Inc.

—

4,474

USD FED OPEN less 0.30%

USD

DUB

17

09/28/15

Sandisk Corp.

988

—

USD FED OPEN less 0.30%

USD

DUB

63

09/28/15

SunEdison, Inc.

—

10,207

USD FED OPEN less 0.30%

USD

DUB

93

09/28/15

Trinity Industries, Inc.

14,315

—

USD FED OPEN less 0.30%

USD

DUB

45

09/28/15

United States Treasury Note, 1.50%, 05/31/20

—

244

USD FED OPEN less 0.30%

USD

DUB

53

09/28/15

United States Treasury Note, 2.125%, 05/15/25

—

200

USD FED OPEN less 0.30%

USD

DUB

43

09/28/15

Universal Corp.

—

8,080

USD FED OPEN less 0.30%

USD

DUB

12

09/28/15

Violin Memory, Inc.

3,571

—

USD FED OPEN less 0.30%

USD

DUB

9

09/28/15

Vishay Intertechnology, Inc.

1,332

—

USD FED OPEN less 0.30%

USD

DUB

15

09/28/15

Webmd Health Corp.

602

—

USD FED OPEN less 0.30%

USD

DUB

29

09/28/15

Workday, Inc.

2,108

—

USD FED OPEN less 0.30%

USD

DUB

13

09/28/15

Wright Medical Group, Inc.

—

410

USD FED OPEN less 0.38%

USD

DUB

12

09/28/15

Vector Group, Ltd.

—

634

USD FED OPEN less 0.60%

USD

DUB

59

04/06/16

Bancolombia SA

—

5,348

USD FED OPEN less 0.60%

USD

DUB

26

04/06/16

Grupo Televisa SA

—

4,582

USD FED OPEN less 0.60%

USD

DUB

14

04/06/16

JD.com, Inc.

—

84

USD FED OPEN less 0.75%

USD

DUB

86

09/28/15

iShares Russell 2000 ETF

—

148

USD FED OPEN less 1.00%

USD

DUB

18

09/28/15

AAR Corp.

—

1,064

USD FED OPEN less 2.50%

USD

DUB

2

09/28/15

Pdl Biopharma, Inc.

119

—

USD FED OPEN less 2.50%

USD

DUB

14

09/28/15

Solarcity Corp.

1,597

—

USD FED OPEN less 3.00%

USD

DUB

13

09/28/15

AmTrust Financial Services, Inc.

—

2,365

USD FED OPEN less 3.00%

USD

DUB

28

09/28/15

Exelixis, Inc.

—

7,203

USD FED OPEN less 4.50%

USD

DUB

17

09/28/15

Jakks Pacific, Inc.

—

5,420

USD FED OPEN less 6.00%

USD

DUB

24

09/28/15

Solazyme, Inc.

2,971

—

USD FED OPEN less 8.25%

USD

DUB

31

09/28/15

Theravance, Inc.

—

819

227,786

183,841

Gross unrealized appreciation/depreciation on Total Return Swap Agreements

$

488,374

$

335,523

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

Semi-Annual Report  39

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2015 (unaudited)

(a)	Non-income producing security.
(b)	Principal amount denominated in USD.
(c)	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, 2015. The percentage of net assets for each Portfolio was as follows:

	Percentage of
Portfolio	Net Assets
Enhanced Opportunities		13.5	%
Master Alternatives		3.0

(d) For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

	Aggregate			Aggregate Gross			Aggregate Gross			Net Unrealized
	Cost and Short			Unrealized			Unrealized			Appreciation
Portfolio	Proceeds			Appreciation			Depreciation			(Depreciation)
Enhanced Opportunities		$	4,336,280		$	52,683		$	96,977		$	(44,294	)
Fundamental Long/Short			107,512,038			6,975,744			4,096,689			2,879,055
Master Alternatives			14,104,625			800,850			588,687			212,163

(e)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(f)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under accounting principles
	generally accepted in the United States of America (“GAAP”) hierarchy – see Note 9.
(g)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:

ADR	— American Depositary Receipt	OJSC	— Open Joint Stock Company
ETF	— Exchange-Traded Fund	PJSC	— Public Joint Stock Company
FED OPEN	— Federal Funds Effective Rate	REIT	— Real Estate Investment Trust
GDR	— Global Depositary Receipt

Currency Abbreviations:

AED	— United Arab Emirates Dirham	KRW	— South Korean Won
AUD	— Australian Dollar	MYR	— Malaysian Ringgit
CAD	— Canadian Dollar	PHP	— Philippine Peso
CHF	— Swiss Franc	SEK	— Swedish Krona
EUR	— Euro	SGD	— Singapore Dollar
GBP	— British Pound Sterling	THB	— Thai Baht
HKD	— Hong Kong Dollar	TRY	— New Turkish Lira
IDR	— Indonesian Rupiah	TWD	— Taiwan Dollar
ILS	— Israeli Shekel	USD	— United States Dollar
JPY	— Japanese Yen	ZAR	— South African Rand

Counterparty Abbreviations:

DUB — Deutsche Bank AG SSB — State Street Bank and Trust Co.

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

40  Semi-Annual Report

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

	Lazard			Lazard
	Enhanced			Master Alternatives
	Opportunities				Portfolio
Industry*	Portfolio				Long		Short
Aerospace & Defense		0.5	%		0.1	%		—	%
Agriculture		1.3			1.7			—
Alcohol & Tobacco		1.7			2.7			—
Automotive		—			0.5			—
Banking		3.1			6.3			-0.8
Cable Television		—			—			-0.2
Chemicals		0.5			2.0			-0.6
Commercial Services		2.7			3.0			-1.3
Computer Software		1.2			0.5			-0.4
Construction & Engineering		—			0.5			-0.1
Construction Materials		—			0.1			—
Consumer Products		0.9			1.0			-0.2
Diversified		—			0.4			—
Electric		—			1.0			—
Energy Exploration & Production		0.1			0.7			—
Energy Integrated		0.2			1.0			-0.1
Energy Services		0.1			0.3			-0.1
Financial Services		5.8			5.3			-1.8
Food & Beverages		—			1.7			-1.1
Forest & Paper Products		1.3			1.2			-0.2
Gas Utilities		—			0.3			—
Health Services		1.3			2.3			-0.2
Household & Personal Products		—			0.8			—
Housing		0.4			1.3			—
Insurance		0.2			3.0			-1.0
Leisure & Entertainment		1.4			2.6			-0.6
Manufacturing		2.1			3.0			-0.9
Medical Products		1.3			1.9			-0.9
Metals & Glass Containers		0.5			0.1			—
Metals & Mining		0.2			1.0			—
Pharmaceutical & Biotechnology		2.2			5.0			-3.9
Real Estate		10.8			4.5			—
Retail		1.3			4.7			-3.9
Semiconductors & Components		—			1.1			-1.0
Technology		2.5			2.3			-0.6
Technology Hardware		2.5			1.8			-0.0
Telecommunications		0.1			0.7			-0.2
Transportation		5.6			2.5			-0.2
Subtotal		51.8			68.9			-20.3
Exchange-Traded Funds		0.4			0.1			-4.6
Short-Term Investments		32.3			37.8			—
Total Investments		84.5	%		106.8	%		-24.9	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report  41

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

June 30, 2015	Lazard Enhanced Opportunities Portfolio			Lazard Fundamental Long/Short Portfolio			Lazard Master Alternatives Portfolio
ASSETS
Investments in securities, at value	$	4,291,986		$	179,659,320		$	18,659,444
Cash		197,409			—			209,897
Cash at other bank		600,000			—			1,714,906
Foreign currency		—			—			744,632
Receivables for:
Investments sold		113,757			9,995,497			520,295
Capital stock sold		—			648,325			—
Dividends and interest		14,606			98,667			29,768
Amount due from Investment Manager (Note 3)		53,909			—			59,342
Gross unrealized appreciation on:
Forward currency contracts		—			—			92,184
Swap agreements		145,758			—			488,374
Deferred offering costs (Note 2(i))		43,949			—			87,751
Total assets		5,461,374			190,401,809			22,606,593
LIABILITIES
Securities sold short, at value		—			69,268,227			4,342,656
Due to custodian		—			18,585			—
Foreign currency due to custodian		4,922			—			—
Payables for:
Management fees		—			131,732			—
Accrued distribution fees		23			4,902			107
Accrued directors’ fees		49			416			167
Investments purchased		173,462			3,264,256			333,170
Dividends on securities sold short		—			59,102			3,328
Capital stock redeemed		—			38,101			—
Gross unrealized depreciation on:
Forward currency contracts		—			—			5,317
Swap agreements		165,952			—			335,523
Written options, at value		8,857			—			7,705
Other accrued expenses and payables		27,707			85,944			106,721
Total liabilities		380,972			72,871,265			5,134,694
Net assets	$	5,080,402		$	117,530,544		$	17,471,899
NET ASSETS
Paid in capital	$	5,034,630		$	114,650,137		$	17,111,039
Accumulated net investment loss		(2,691	)		(1,045,295	)		(79,467	)
Accumulated net realized gain (loss)		114,713			1,046,647			(4,677	)
Net unrealized appreciation (depreciation) on:
Investments		(44,294	)		1,979,542			227,535
Securities sold short		—			899,513			(15,372	)
Foreign currency and forward currency contracts		428			—			81,383
Written options		(2,190	)		—			(1,393	)
Swap agreements		(20,194	)		—			152,851
Net assets	$	5,080,402		$	117,530,544		$	17,471,899
Institutional Shares
Net assets	$	4,967,019		$	90,864,451		$	16,931,922
Shares of capital stock outstanding*		492,193			7,886,683			1,657,977
Net asset value, offering and redemption price per share	$	10.09		$	11.52		$	10.21
Open Shares
Net assets	$	113,383		$	26,666,093		$	539,977
Shares of capital stock outstanding*		11,249			2,320,148			52,941
Net asset value, offering and redemption price per share	$	10.08		$	11.49		$	10.20
Cost of investments in securities	$	4,336,280		$	177,679,778		$	18,431,909
Proceeds received from securities sold short	$	—		$	70,167,740		$	4,327,284
Premiums received from written options	$	6,667		$	—		$	6,312
Cost of foreign currency	$	—		$	—		$	749,986
* $0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.

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

42  Semi-Annual Report

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

For the Six Months Ended June 30, 2015	Lazard Enhanced Opportunities Portfolio			Lazard Fundamental Long/Short Portfolio			Lazard Master Alternatives Portfolio
Investment Income (Loss)
Income
Dividends	$	12,597		$	416,172		$	124,210
Interest		27,520			10,975			23,815
Total investment income*		40,117			427,147			148,025
Expenses
Management fees (Note 3)		35,140			582,388			119,978
Custodian fees		106,898			57,644			136,431
Administration fees		25,374			33,115			26,586
Amortization of offering costs (Note 2(i))		28,946			27,045			69,408
Distribution fees (Open Shares)		137			21,886			645
Professional services		25,950			20,985			24,929
Shareholders’ services		22,001			15,965			19,981
Registration fees		3,849			13,831			14,961
Shareholders’ reports		2,107			3,174			2,206
Directors’ fees and expenses		107			1,177			365
Organization expenses		4,097			—			4,430
Other		2,438			2,926			2,590
Total gross expenses before expenses on securities sold short		257,044			780,136			422,510
Broker expense on securities sold short		—			317,693			33,453
Dividend expense on securities sold short		—			425,478			48,257
Total gross expenses		257,044			1,523,307			504,220
Management fees waived and expenses reimbursed		(192,633	)		(51,066	)		(254,537	)
Administration and shareholders’ services fees waived		(21,603	)		—			(21,609	)
Total net expenses		42,808			1,472,241			228,074
Net investment loss		(2,691	)		(1,045,094	)		(80,049	)
Net Realized and Unrealized Gain (Loss) on Investments, Securities Sold Short, Foreign Currency, Forward Currency Contracts, Futures Contracts, Options and Swap Agreements
Net realized gain (loss) on:
Investments		65,224			2,576,777			304,821
Securities sold short		—			(1,883,553	)		(237,740	)
Foreign currency and forward currency contracts		6,630			—			30,533
Futures contracts		—			—			(21,404	)
Purchased options		(12,716	)		—			(12,025	)
Written options		3,885			—			3,551
Swap agreements		51,753			—			(72,349	)
Total net realized gain (loss) on investments, securities sold short, foreign currency, forward currency contacts, futures contracts, options and swap agreements		114,776			693,224			(4,613	)
Net change in unrealized appreciation (depreciation) on:
Investments		(39,488	)		150,422			304,056
Securities sold short		—			1,296,626			(54,221	)
Foreign currency and forward currency contracts		428			—			81,497
Purchased options		(4,234	)		—			(3,671	)
Written options		(2,190	)		—			(1,393	)
Swap agreements		(20,194	)		—			152,851
Total net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency, forward currency contracts, options and swap agreements		(65,678	)		1,447,048			479,119
Net realized and unrealized gain on investments, securities sold short, foreign currency, forward currency contracts, futures contracts, options and swap agreements		49,098			2,140,272			474,506
Net increase in net assets resulting from operations	$	46,407		$	1,095,178		$	394,457
* Net of foreign withholding taxes of	$	122		$	8,027		$	8,471

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

Semi-Annual Report  43

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

	Lazard Enhanced Opportunities Portfolio
	Six Months Ended June 30, 2015 (unaudited)			Period Ended December 31, 2014 (a)
Increase (Decrease) in Net Assets
Operations
Net investment loss	$	(2,691	)	$	(234	)
Net realized gain (loss) on investments, securities sold short, foreign currency, forward currency
contracts, futures contracts, options and swap agreements		114,776			(63	)
Net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign
currency, forward currency contracts, options and swap agreements		(65,678	)		(572	)
Net increase (decrease) in net assets resulting from operations		46,407			(869	)
Distributions to shareholders
From net realized gains
Institutional Shares		—			—
Open Shares		—			—
Net decrease in net assets resulting from distributions		—			—
Capital stock transactions
Net proceeds from sales
Institutional Shares		26,300			4,900,000
Open Shares		12,500			100,000
Net proceeds from reinvestment of distributions
Institutional Shares		—			—
Open Shares		—			—
Cost of shares redeemed
Institutional Shares		(3,936	)		—
Open Shares		—			—
Net increase in net assets from capital stock transactions		34,864			5,000,000
Redemption fees (Note 2(l))
Open Shares		—			—
Net increase in net assets from redemption fees		—			—
Total increase in net assets		81,271			4,999,131
Net assets at beginning of period		4,999,131			—
Net assets at end of period*	$	5,080,402		$	4,999,131
*Includes undistributed net investment income (loss) of	$	(2,691	)	$	—
(a) The Portfolio commenced operations on December 31, 2014.
(b) The Portfolio commenced operations on April 30, 2014.
Shares issued and redeemed Institutional Shares
Shares outstanding at beginning of period		490,000			—
Shares sold		2,593			490,000
Shares issued to shareholders from reinvestment of distributions		—			—
Shares redeemed		(400	)		—
Net increase		2,193			490,000
Shares outstanding at end of period		492,193			490,000
Open Shares
Shares outstanding at beginning of period		10,000			—
Shares sold		1,249			10,000
Shares issued to shareholders from reinvestment of distributions		—			—
Shares redeemed		—			—
Net increase		1,249			10,000
Shares outstanding at end of period		11,249			10,000

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

44  Semi-Annual Report

Lazard Fundamental Long/Short Portfolio						Lazard Master Alternatives Portfolio
Six Months Ended June 30, 2015 (unaudited)			Period Ended December 31, 2014 (b)			Six Months Ended June 30, 2015 (unaudited)			Period Ended December 31, 2014 (a)
$	(1,045,094	)	$	(168,162	)	$	(80,049	)	$	(789	)
	693,224			1,070,618			(4,613	)		(64	)
	1,447,048			1,432,007			479,119			(34,115	)
	1,095,178			2,334,463			394,457			(34,968	)
	—			(419,620	)		—			—
	—			(131,039	)		—			—
	—			(550,659	)		—			—
	58,218,840			38,830,731			224,100			16,366,000
	17,845,536			10,626,369			30,092			500,000
	—			129,090			—			—
	—			130,605			—			—
	(8,566,909	)		(383,317	)		(7,782	)		—
	(2,143,513	)		(36,299	)		—			—
	65,353,954			49,297,179			246,410			16,866,000
	423			6			—			—
	423			6			—			—
	66,449,555			51,080,989			640,867			16,831,032
	51,080,989			—			16,831,032			—
$	117,530,544		$	51,080,989		$	17,471,899		$	16,831,032
$	(1,045,295	)	$	(201	)	$	(79,467	)	$	582
	3,576,865			—			1,636,600			—
	5,050,267			3,599,400			22,131			1,636,600
	—			11,454			—			—
	(740,449	)		(33,989	)		(754	)		—
	4,309,818			3,576,865			21,377			1,636,600
	7,886,683			3,576,865			1,657,977			1,636,600
	961,228			—			50,000			—
	1,546,451			952,892			2,941			50,000
	—			11,599			—			—
	(187,531	)		(3,263	)		—			—
	1,358,920			961,228			2,941			50,000
	2,320,148			961,228			52,941			50,000

Semi-Annual Report  45

The Lazard Funds, Inc. Financial Highlights

LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Period Ended 12/31/14*
Institutional Shares
Net asset value, beginning of period	$	10.00		$	10.00
Income (loss) from investment operations:
Net investment loss (a)		(0.01	)		—	(b)
Net realized and unrealized gain		0.10			—	(b)
Total from investment operations		0.09			—	(b)
Net asset value, end of period	$	10.09		$	10.00
Total Return (c)		0.90	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	4,967		$	4,899
Ratios to average net assets (d):
Net expenses		1.70	%		1.70	%
Gross expenses		9.81	%		69.35	%(e)
Net investment loss		-0.10	%		-1.70	%
Portfolio turnover rate		403	%		37	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Period Ended 12/31/14*
Open Shares
Net asset value, beginning of period	$	10.00		$	10.00
Income (loss) from investment operations:
Net investment loss (a)		(0.02	)		—	(b)
Net realized and unrealized gain		0.10			—	(b)
Total from investment operations		0.08			—	(b)
Net asset value, end of period	$	10.08		$	10.00
Total Return (c)		0.80	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	113		$	100
Ratios to average net assets (d):
Net expenses		1.95	%		1.95	%
Gross expenses		29.65	%		69.36	%(e)
Net investment loss		-0.34	%		-1.95	%
Portfolio turnover rate		403	%		37	%

*	The Portfolio commenced operations on December 31, 2014.
†	Unaudited.
(a)	Net investment loss has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(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 December 31, 2014.

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

46  Semi-Annual Report

LAZARD FUNDAMENTAL LONG/SHORT PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			For the Period 4/30/14* to 12/31/14
Institutional Shares
Net asset value, beginning of period	$	11.26		$	10.00
Income (loss) from investment operations:
Net investment loss (a)		(0.14	)		(0.14	)
Net realized and unrealized gain		0.40			1.55
Total from investment operations		0.26			1.41
Less distributions from:
Net realized gains		—			(0.15	)
Total distributions		—			(0.15	)
Net asset value, end of period	$	11.52		$	11.26
Total Return (c)		2.31	%		14.15	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	90,864		$	40,273
Ratios to average net assets (d):
Net expenses		3.48	%		3.20	%
Gross expenses		3.59	%		5.51	%
Gross expenses, excluding expenses on securities sold short		1.81	%		4.01	%
Net investment loss		-2.46	%		-1.94	%
Portfolio turnover rate:
Excluding securities sold short		107	%		132	%
Including securities sold short		140	%		277	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			For the Period 4/30/14* to 12/31/14
Open Shares
Net asset value, beginning of period	$	11.24		$	10.00
Income (loss) from investment operations:
Net investment loss (a)		(0.15	)		(0.17	)
Net realized and unrealized gain		0.40			1.56
Total from investment operations		0.25			1.39
Less distributions from:
Net realized gains		—			(0.15	)
Total distributions		—			(0.15	)
Redemption fees		—	(b)		—	(b)
Net asset value, end of period	$	11.49		$	11.24
Total Return (c)		2.13	%		14.05	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	26,666		$	10,808
Ratios to average net assets (d):
Net expenses		3.74	%		3.41	%
Gross expenses		3.92	%		6.28	%
Gross expenses, excluding expenses on securities sold short		2.13	%		4.82	%
Net investment loss		-2.72	%		-2.34	%
Portfolio turnover rate:
Excluding securities sold short		107	%		132	%
Including securities sold short		140	%		277	%

*	The Portfolio commenced operations on April 30, 2014.
†	Unaudited.
(a)	Net investment loss has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  47

LAZARD MASTER ALTERNATIVES PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Period Ended 12/31/14*
Institutional Shares
Net asset value, beginning of period	$	9.98		$	10.00
Income (loss) from investment operations:
Net investment loss (a)		(0.05	)		—	(b)
Net realized and unrealized gain (loss)		0.28			(0.02	)
Total from investment operations		0.23			(0.02	)
Net asset value, end of period	$	10.21		$	9.98
Total Return (c)		2.10	%		-0.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	16,932		$	16,332
Ratios to average net assets (d):
Net expenses		2.65	%		1.70	%
Gross expenses		5.76	%		20.60	%(e)
Gross expenses, excluding expenses on securities sold short		4.81	%		20.60	%(e)
Net investment loss		-0.93	%		-1.70	%
Portfolio turnover rate:
Excluding securities sold short		161	%		0	%(f)
Including securities sold short		163	%		36	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Period Ended 12/31/14*
Open Shares
Net asset value, beginning of period	$	9.98		$	10.00
Income (loss) from investment operations:
Net investment loss (a)		(0.06	)		—	(b)
Net realized and unrealized gain (loss)		0.28			(0.02	)
Total from investment operations		0.22			(0.02	)
Net asset value, end of period	$	10.20		$	9.98
Total Return (c)		2.00	%		-0.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	540		$	499
Ratios to average net assets (d):
Net expenses		2.90	%		1.95	%
Gross expenses		9.79	%		20.60	%(e)
Gross expenses, excluding expenses on securities sold short		8.84	%		20.60	%(e)
Net investment loss		-1.17	%		-1.95	%
Portfolio turnover rate:
Excluding securities sold short		161	%		0	%(f)
Including securities sold short		163	%		36	%

*	The Portfolio commenced operations on December 31, 2014.
†	Unaudited.
(a)	Net investment loss has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(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 December 31, 2014.
(f)	Amount is less than 1%.

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

48  Semi-Annual Report

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2015 (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 “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-five 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 US Small Cap Equity Growth Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Equity Concentrated Portfolio, Lazard International Strategic Equity Portfolio, Lazard International Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard International Small Cap Equity Portfolio, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Portfolio, Lazard Emerging Markets Core Equity Portfolio, Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Blend Portfolio, Lazard Emerging Markets Multi Asset Portfolio, Lazard Emerging Markets Debt Portfolio, Lazard Explorer Total Return Portfolio, Lazard Emerging Markets Income Portfolio, Lazard US Corporate Income Portfolio, Lazard US Short Duration Fixed Income Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Realty Income Portfolio, Lazard US Realty Equity Portfolio, Lazard Global Realty Equity Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Capital Allocator Opportunistic Strategies Portfolio, Lazard Global Dynamic Multi Asset Portfolio, Lazard Enhanced Opportunities Portfolio, Lazard Fundamental Long/Short Portfolio, and Lazard Master Alternatives Portfolio. All Portfolios, other than US Equity Concentrated, International Equity Concentrated, Emerging Markets Debt, Explorer Total Return, Emerging Markets Income, US Realty Equity, Global Realty Equity, Enhanced Opportunities and Fundamental Long/Short Portfolios, are operated as “diversified” funds, as defined in the 1940 Act. Global Dynamic Multi Asset Portfolio had not commenced

operations as of June 30, 2015. This report includes only the financial statements of Enhanced Opportunities, Fundamental Long/Short and Master Alternatives Portfolios. The financial statements of other Portfolios are presented separately.

Effective November 29, 2013, the Fund formed an R6 Share class. Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each Share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Prospectus). As of June 30, 2015, only US Strategic Equity, International Equity, International Strategic Equity, Emerging Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi Asset and Emerging Markets Debt Portfolios offered R6 Shares and US Strategic Equity, International Equity, International Strategic Equity and Emerging Markets Equity Portfolios had issued R6 Shares.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

(a) Valuation of Investments—Net asset value (“NAV”) per share for each class of each Portfolio is determined on each day the New York Stock Exchange (“NYSE”) is open for business. Market values for securities listed on the 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.

Semi-Annual Report  49

Forward currency contracts are valued using quotations from an independent pricing service. Exchange-traded options and futures contracts are valued at the last reported sales price on the exchange on which the contract is principally traded. 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. Investments in money market funds are valued at the fund’s NAV.

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

The Valuation Committee of the Investment Manager, which meets periodically and acts pursuant to delegated authority from the Board of Directors (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 portfolio managers/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 NAV 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 of relevant ADRs or futures contracts. Non-US securi-

ties 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 NAV 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’ NAVs.

(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.

A Portfolio may be subject to taxes imposed by foreign countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and unrealized) from the applicable portfolio securities.

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund 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

50  Semi-Annual Report

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 the Portfolios’ accounting records and the US dollar equivalent amounts actually received or paid. Net change 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, a 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.

During the period ended June 30, 2015, only Master Alternatives Portfolio traded in forward currency contracts.

(d) Futures Transactions—For hedging and investment purposes, certain Portfolios may enter into futures contracts in US domestic markets, or exchanges located outside the United States.

Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic markets. For

example, some foreign exchanges are principal markets so that no common clearing facility exists and an investor may look only to the broker for performance of the contract. In addition, any profits a Portfolio might realize in trading could be eliminated by adverse changes in the currency exchange rate, or the Portfolio could incur losses as a result of those changes. Transactions on foreign exchanges may include both commodities which are traded on domestic exchanges and those which are not. Unlike trading on domestic commodity exchanges, trading on foreign commodity exchanges is not regulated by the Commodity Futures Trading Commission.

Engaging in these transactions involves risk of loss to the Portfolio which could adversely affect the value of the Portfolio’s net assets. Although each of these Portfolios intends to purchase or sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contact at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Portfolio to substantial losses.

During the period ended June 30, 2015, only Master Alternatives Portfolio traded in futures contracts.

(e) Options Transactions—For hedging and investment purposes, certain Portfolios may purchase and write (sell) put and call options. Such options may be traded on US or non-US securities exchanges or on 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 will not benefit from exercise of an option should the counterparty not perform under the contract. The risk

Semi-Annual Report  51

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, 2015, transactions in options purchased and written were as follows:

Enhanced Opportunities Portfolio

Purchased Options	Number of Contracts			Cost
Options outstanding at beginning of period		—		$	—
Options purchased		601			37,322
Options sold		(342	)		(16,526	)
Options expired		(170	)		(11,803	)
Options outstanding at end of period		89		$	8,993
Written Options	Number of Contracts			Premiums
Options outstanding at beginning of period		—		$	—
Options written		179			23,392
Options exercised		(124	)		(16,016	)
Options expired		(16	)		(709	)
Options outstanding at end of period		39		$	6,667

Master Alternatives Portfolio                

Purchased Options	Number of Contracts			Cost
Options outstanding at beginning  of period		—		$	—
Options purchased		611			55,258
Options sold		(354	)		(21,714	)
Options expired		(181	)		(21,613	)
Options outstanding at end of period		76		$	11,931

Written Options	Number of Contracts			Premiums
Options outstanding at beginning of period		—		$	—
Options written		157			19,884
Options exercised		(103	)		(12,780	)
Options expired		(18	)		(792	)
Options outstanding at end of period		36		$	6,312

During the period ended June 30, 2015, Fundamental Long/Short Portfolio did not trade in options.

(f) Swap Agreements—Swap agreements on equity securities 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, a Portfolio will receive a payment from (or make a payment to) the counterparty.

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 a Portfolio’s accompanying Statement of Assets and Liabilities.

During the period ended June 30, 2015, Enhanced Opportunities and Master Alternatives Portfolios traded in swap agreements with average notional exposure of approximately $4,600,000 and $9,600,000, respectively.

(g) Short Sales—Certain Portfolios may sell securities short. A short sale is a transaction in which a Portfolio sells securities it does not own but has borrowed in anticipation of a decline in the market price of the securities. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. A Portfolio realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Short sales by a Portfolio involve certain risks and special considerations. Possible losses from short sales differ

52  Semi-Annual Report

from losses that could be incurred from a purchase of a security because losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested. The Portfolio is liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Portfolio. The Portfolio designates collateral consisting of cash, US government securities or other liquid assets sufficient to collateralize the market value of short positions.

Proceeds from short sales are generally retained in cash accounts or invested in securities that are cash equivalents. With regard to securities borrowed as of June 30, 2015 pursuant to short sale arrangements, the Portfolios have a right to set off any assets held (including the borrowed securities) or obligations owed to the lender (State Street Bank and Trust Company), in the event of the lender’s default, against any obligations owed by the lender to the Portfolios under any agreement or collateral document, including the collateral value of the Securities Loan Collateral, as that term is defined in the Securities Lending and Services Agreement between the Portfolios and the lender. At June 30, 2015, Fundamental Long/Short and Master Alternatives Portfolios had pledged $87,079,504 and $5,422,073, respectively, of long securities as collateral under such arrangement.

For the period ended June 30, 2015, the Portfolios received proceeds from securities sold short and purchased to cover short positions as follows:

Portfolio	Proceeds from Securities Sold Short		Purchased to Cover Short Positions
Fundamental Long/Short	$	94,170,938	$	52,243,659
Master Alternatives		8,482,935		8,301,801

(h) 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 (the “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.

The Regulated Investment Company Modernization Act of 2010 (the “RIC Modernization Act”) includes

numerous provisions that generally became effective for taxable years beginning after December 22, 2010. Among the 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.

At December 31, 2014, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:

Portfolio	Amount
Enhanced Opportunities		$63
Master Alternatives		64

Under current tax law, certain late year losses, as defined by the Code, 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, 2014, the Portfolios elected to defer no such losses.

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 expected to be taken in the Portfolios’ 2014 tax returns.

(i) Dividends and Distributions—Dividends from net investment income, if any, will be declared and paid annually. 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 treat-

Semi-Annual Report  53

ments of net operating losses, foreign currency transactions, wash sales, certain fund expenses 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.

(j) Offering Costs—Costs 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.

(k) Allocation of Expenses—Expenses not directly chargeable to a specific Portfolio are allocated among all Portfolios primarily on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees to Open Shares. The Portfolios’ 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.

(l) Redemption Fee—The Portfolios 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 the Portfolios and are included as paid in capital on the Statements of Assets and Liabilities. The fees are also shown on the Statements of Changes in Net Assets.

(m) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 Invest-

ment Manager regularly provides each Portfolio with investment research, advice and supervision and furnishes continuously an investment program for each Portfolio consistent with its investment objectives and policies, including the purchase, retention and disposition of securities. For its services provided to the Portfolios, 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
Enhanced Opportunities		1.40	%
Fundamental Long/Short		1.40
Master Alternatives		1.40

The Investment Manager has voluntarily agreed, through May 1 of the year shown below, 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			Year
Enhanced Opportunities*		1.70	%		1.95	%		2016	(a)
Fundamental Long/Short*		1.70			1.95			2016
Master Alternatives*		1.70			1.95			2016	(a)

(a)	Agreement is through December 31, 2016.
*	Expense limitations do not include broker expense and dividend expense on
	securities sold short.

During the period ended June 30, 2015, 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
Enhanced Opportunities	$	34,372	$	149,378	$	768	$	8,115
Fundamental Long/Short		35,738		—		15,328		—
Master Alternatives		116,367		126,813		3,611		7,746

The Fund has entered into an administration agreement with State Street to provide certain administrative services. Each Portfolio bears the cost of such services at a fixed annual rate of $42,500, plus $7,500 per additional

54  Semi-Annual Report

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 up to $18,750 of the $42,500 annual fee for Portfolios with net assets under $25 million. During the period ended June 30, 2015, State Street waived its fees as follows:

Portfolio	Amount
Enhanced Opportunities	$	9,375
Master Alternatives		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 adopted pursuant to 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, 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 the first six months after a new Portfolio or share class has commenced operations. During the period ended June 30, 2015, BDFS waived its fees as follows:

Portfolio	Amount
Enhanced Opportunities	$	12,228
Master Alternatives		12,234

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 affili-

ates 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, and Lazard Alternative Emerging Markets 1099 Fund, a closed-end registered management investment company advised by an affiliate of the Investment Manager (the “1099 Fund”): (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director, and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Directors also are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. The Statements of Operations show the Directors’ fees and expenses paid by each Portfolio.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2015 were as follows:

Portfolio	Purchases		Sales
Enhanced Opportunities	$	10,081,207	$	7,518,387
Fundamental Long/Short		129,333,487		81,986,475
Master Alternatives		22,358,588		18,531,062

For the period ended June 30, 2015, 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: from January 1, 2015 to June 28, 2015, at the higher of the Federal Funds rate or Overnight LIBOR rate plus 1.00%, and from June 29, 2015 to June 30, 2015, at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund

Semi-Annual Report  55

has agreed to pay a 0.10% per annum fee from January 1, 2015 to June 28, 2015 and 0.20% per annum from June 29, 2015 to June 30, 2015 on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the period ended June 30, 2015, the Portfolios had no borrowings under the Agreement.

7. Investment Risks

(a) Non-US Securities Risk—Certain Portfolios may invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in US securities. Such Portfolios’ performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolios invest. Non-US securities carry special risks, such as 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 may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolios’ investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the US. Significant devaluation of emerging market currencies

against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(b) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). Interest rate risk is usually greater for fixed-income securities with longer maturities or durations.

The Portfolios’ investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolios’ share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

(c) Short Position Risk—Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolios’ investment, there will be a loss to the Portfolios that could be substantial. Short positions involve more risk than long

56  Semi-Annual Report

positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, the Portfolios’ potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security.

(d) Swap Agreements and Other Derivatives Risk—Swap agreements and other derivatives transactions, including those entered into for hedging purposes, may reduce returns or increase volatility, perhaps substantially. Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including options on ETFs), indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolios may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related security, interest rate, index, commodity, currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolios’ performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. Use of derivatives transactions, even when entered into for hedging purposes, may cause the Portfolios to experience losses greater than if the Portfolios had not engaged in such transactions.

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. 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 partic-

ipants 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, developed 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)

Changes in valuation technique may result in transfer into or out of the current assigned level within the hierarchy.

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

Semi-Annual Report  57

The following table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2015:

	Unadjusted
	Quoted Prices in
	Active Markets			Significant Other				Significant
	for Identical			Observable				Unobservable
	Investments			Inputs				Inputs		Balance as of
Description	(Level 1)			(Level 2)				(Level 3)		June 30, 2015
Enhanced Opportunities Portfolio
Assets:
Common Stocks*	$	910,582			$	—		$	—	$	910,582
Corporate Bonds*		—				1,381,925			—		1,381,925
Exchange-Traded Fund		18,423				—			—		18,423
Preferred Stocks*		335,797				—			—		335,797
Purchased Options*		4,759				—			—		4,759
Short-Term Investment		1,640,500				—			—		1,640,500
Other Financial Instruments**
Total Return Swap Agreements		—				145,758			—		145,758
Total	$	2,910,061			$	1,527,683		$	—	$	4,437,744
Liabilities:
Other Financial Instruments**
Written Options	$	(8,857	)		$	—		$	—	$	(8,857	)
Total Return Swap Agreements		—				(165,952	)		—		(165,952	)
Total	$	(8,857	)		$	(165,952	)	$	—	$	(174,809	)
Fundamental Long/Short Portfolio
Common Stocks*	$	97,191,195			$	—		$	—	$	97,191,195
Short-Term Investment		82,468,125				—			—		82,468,125
Securities Sold Short*		(69,268,227	)			—			—		(69,268,227	)
Total	$	110,391,093			$	—		$	—	$	110,391,093
Master Alternatives Portfolio
Assets:
Common Stocks*
China	$	523,256			$	12,098		$	—	$	535,354
Greece		10,483				6,781			—		17,264
Hong Kong		232,997				1,264			—		234,261
Other		9,833,502				—			—		9,833,502
Corporate Bonds*		—				1,105,764			—		1,105,764
Exchange-Traded Fund		13,947				—			—		13,947
Preferred Stocks*		314,558				—			—		314,558
Purchased Options*		8,260				—			—		8,260
Short-Term Investment		6,596,534				—			—		6,596,534
Securities Sold Short*		(4,342,656	)			—			—		(4,342,656	)
Other Financial Instruments**
Forward Currency Contracts		—				92,184			—		92,184
Total Return Swap Agreements		—				488,374			—		488,374
Total	$	13,190,881			$	1,706,465		$	—	$	14,897,346
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—			$	(5,317	)	$	—	$	(5,317	)
Written Options		(7,705	)			—			—		(7,705	)
Total Return Swap Agreements		—				(335,523	)		—		(335,523	)
Total	$	(7,705	)		$	(340,840	)	$	—	$	(348,545	)

*	Please refer to Portfolios of Investments (page 12 through 39) and Notes to Portfolios of Investments (page 41) for portfolio holdings by country and industry.
**	Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

58  Semi-Annual Report

Certain common stocks (see footnote (f) in the Notes to Portfolios of Investments) included in Level 2 were valued based on reference to similar securities which were trading on active markets.

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 (f) in the Notes to Portfolios of Investments) in the Enhanced Opportunities and Master Alternatives Portfolios can transfer 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. A Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period.

At June 30, 2015, securities valued at the following amounts were transferred from Level 2 to Level 1:

Portfolio	Amount
Master Alternatives	$500,769

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2015.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

A Portfolio may enter into futures transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to otherwise gain access or attain exposure to certain markets or other underliers.

A Portfolio may write or purchase a covered call or put option to seek to realize, through the receipt of premiums and changes in market value, a greater return than would be realized on the underlying securities alone, or to seek to protect the Portfolio from losses.

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

Enhanced Opportunities Portfolio

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2015:

	Fair Value
Asset Derivatives
Equity Risk:
Gross unrealized appreciation on total return swap agreements	$	145,758
Liability Derivatives
Equity Risk:
Gross unrealized depreciation on purchased options	$	4,234
Gross unrealized depreciation on written options	$	2,190
Gross unrealized depreciation on total return swap agreements	$	165,952

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2015 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Equity Risk:
Net realized loss on purchased options	$	(12,716	)
Net realized gain on written options	$	3,885
Net realized gain on total return swap agreements	$	51,753
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity Risk:
Net change in unrealized depreciation on purchased options	$	(4,234	)
Net change in unrealized depreciation on written options	$	(2,190	)
Net change in unrealized depreciation on total return swap agreements	$	(20,194	)

Semi-Annual Report  59

Master Alternatives Portfolio

During the period ended June 30, 2015, the notional amounts of purchases and sales of forward currency contracts were $14,729,340 and $17,016,926, respectively, with average notional exposure of approximately $6,700,000.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2015:

	Fair Value
Asset Derivatives
Equity Risk:
Gross unrealized appreciation on total return swap agreements	$	488,374
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	92,184
Liability Derivatives
Equity Risk:
Gross unrealized depreciation on purchased options	$	3,671
Gross unrealized depreciation on written options	$	1,393
Gross unrealized depreciation on total return swap agreements	$	335,523
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	5,317

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2015 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Equity Risk:
Net realized loss on futures contracts	$	(21,404	)
Net realized loss on purchased options	$	(12,025	)
Net realized gain on written options	$	3,551
Net realized loss on total return swap agreements	$	(72,349	)
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	31,724

	Amount
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity Risk:
Net change in unrealized depreciation on purchased options	$	(3,671	)
Net change in unrealized depreciation on written options	$	(1,393	)
Net change in unrealized appreciation on total return swap agreements	$	152,851
Foreign Exchange Risk:
Net change in unrealized appreciation on forward currency contracts	$	86,867

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

During the period ended June 30, 2015, Fundamental Long/Short Portfolio did not trade in derivative instruments.

As of June 30, 2015, Enhanced Opportunities and Master Alternatives Portfolios hold derivative instruments that are eligible for offset in the Statements of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

60  Semi-Annual Report

The required information for the affected Portfolios are presented in the below table, as of June 30, 2015:

Enhanced Opportunities Portfolio

						Net Amounts of
				Gross Amounts Offset		Assets Presented
	Gross Amounts of			in the Statement of		in the Statement of
Description	Recognized Assets			Assets and Liabilities		Assets and Liabilities
Total Return Swap Agreements		$	145,758	$	—	$	145,758

				Gross Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented
	in Statement of			Financial			Collateral
Counterparty	Assets and Liabilities			Instruments			Received		Net Amounts
Deutsche Bank AG		$	145,758	$	(145,758	)	$	—	$	—

						Net Amounts of
				Gross Amounts Offset		Liabilities Presented
	Gross Amounts of			in the Statement of		in the Statement of
Description	Recognized Liabilities			Assets and Liabilities		Assets and Liabilities
Total Return Swap Agreements		$	165,952	$	—	$	165,952

				Gross Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented
	in Statement of			Financial			Collateral
Counterparty	Assets and Liabilities			Instruments			Pledged		Net Amounts
Deutsche Bank AG		$	165,952	$	(145,758	)	$	—	$	20,194

Master Alternatives Portfolio

						Net Amounts of
				Gross Amounts Offset		Assets Presented
	Gross Amounts of			in the Statement of		in the Statement of
Description	Recognized Assets			Assets and Liabilities		Assets and Liabilities
Forward Currency Contracts		$	92,184	$	—	$	92,184
Total Return Swap Agreements			488,374		—		488,374
Total		$	580,558	$	—	$	580,558

				Gross Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented
	in Statement of			Financial			Collateral
Counterparty	Assets and Liabilities			Instruments			Received		Net Amounts
Deutsche Bank AG		$	488,374	$	(335,523	)	$	—	$	152,851
State Street Bank and Trust Co.			92,184		(5,317	)		—		86,867
Total		$	580,558	$	(340,840	)	$	—	$	239,718

Semi-Annual Report  61

						Net Amounts of
				Gross Amounts Offset		Liabilities Presented
	Gross Amounts of			in the Statement of		in the Statement of
Description	Recognized Liabilities			Assets and Liabilities		Assets and Liabilities
Forward Currency Contracts		$	5,317	$	—	$	5,317
Total Return Swap Agreements			335,523		—		335,523
Total		$	340,840	$	—	$	340,840

				Gross Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented
	in Statement of			Financial			Collateral
Counterparty	Assets and Liabilities			Instruments			Pledged		Net Amounts
Deutsche Bank AG		$	335,523	$	(335,523	)	$	—	$	—
State Street Bank and Trust Co.			5,317		(5,317	)		—		—
Total		$	340,840	$	(340,840	)	$	—	$	—

11. Subsequent Events

Management has evaluated the possibility of subsequent events affecting the Fund’s financial statements

and has determined that there were no such subsequent events that required adjustment or disclosure in the financial statements.

62  Semi-Annual Report

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):
Franci J. Blassberg (61)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		Cornell Law School, Visiting Professor of Practice (2015 – present); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (70)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
		Aquiline Holdings LLC, an investment manager, Partner (2006 – 2012)
Nancy A. Eckl (52)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (65 funds) and TIAA-CREF Life Funds (11 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)
Trevor W. Morrison (44)	Director (April 2014)	New York University School of Law, Dean and Eric M. and Laurie B. Roth Professor of Law (2013 – present)
		Columbia Law School, Professor of Law (2008 – 2013)
		Office of Counsel to the President, The White House, Associate Counsel to the President (2009)
Richard Reiss, Jr. (71)	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 (67)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

Semi-Annual Report  63

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)
Interested Directors(4):
Charles L. Carroll (54)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (55)	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 serves as a Director for each of the Lazard Funds (comprised of, as of July 31, 2015, 41 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) are also board members of the 1099 Fund.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the 1940 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, or online, at www.LazardNet.com.

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 (42)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Stephen St. Clair (56)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (44)	Chief Compliance Officer (September 2014)	Director and Chief Compliance Officer of the Investment Manager (since September 2014)
		Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (40)	Assistant Secretary (February 2009)	Senior Vice President (since February 2012, previously Vice President) and Director of Legal Affairs (since July 2015) of the Investment Manager
Cesar A. Trelles (40)	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, except Messrs. St. Clair and Trelles, serves in the same capacity for the other Lazard Funds and the 1099 Fund. Messrs. St. Clair and Trelles serve 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.

64  Semi-Annual Report

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

Lazard Fundamental Long/Short Portfolio

At a meeting of the Board held on June 8-9, 2015, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of Lazard Fundamental Long/Short 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 that the Investment Manager provides the Fund, including a discussion of the Investment Manager and its clients (of which the

Lazard Funds complex of 39 active funds comprised approximately $30 billion (as of April 30, 2015) of the approximately $180 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2015). The Investment Manager’s representatives 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 Portfolio; 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 $30 billion fund complex not managed by a large, global firm such as the Investment Manager.

The Investment Manager representatives noted that the Investment Manager had historically provided certain administrative, operational and compliance assistance services in connection with the operation of the Fund, but that such services had been in addition to the investment advisory and other services that were contractually required by the Management Agreement currently in place. The Investment Manager representatives explained that the Management Agreement, on behalf of the Portfolio, was proposed to be revised in order to include such services. The Investment Man-

Semi-Annual Report  65

ager representatives reviewed the proposed revisions with the Directors and confirmed that no changes were proposed to the nature, extent or quality of services provided or to the Management Agreement’s terms related to investment advisory services.

Comparative Management Fee, Expense Ratio and Performance Information
The Directors reviewed comparative management fee, expense ratio and performance (through March 31, 2015) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”).

Management Fees and Expense Ratios. The Directors discussed the management fees and expense ratios for the Portfolio. They noted the methodology and assumptions used by Strategic Insight, including that management fee comparisons for the Portfolio and the rankings used therein include administrative fees (which, for the Portfolio, includes 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 a smaller Portfolio, the fixed dollar administrative fee may have a more significant impact on the contractual management fee.

In reviewing Strategic Insight’s analysis (which was for the Institutional Shares and Open Shares classes of the Portfolio), it was noted that, the Portfolio was in the fourth quartile of the Group for Institutional Shares and the third quartile of the Group for Open Shares. The Directors noted, however, that the actual management fee for the Portfolio was the lowest in the Group for both share classes.

It also was noted that, the total expenses of the Portfolio were in the third quartile of both share class Groups. The Directors considered that the Investment Manager continues to voluntarily enter into fee waiver and expense reimbursement agreements for the Portfolio. The Investment Manager representatives presented supplemental comparisons against peer funds the Investment Manager believed were more appropriate than those comprising the respective Groups, showing that the Portfolio’s contractual management

fee and net expenses were within the range of those in the Investment Manager’s group of comparison funds.

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 Portfolio, as well as the Investment Manager’s separately managed accounts with similar investment objectives, policies and strategies (for the Portfolio, collectively with such funds, “Similar Accounts”). The Directors discussed the fees paid to the Investment Manager by the Portfolio 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 Portfolio. 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 Portfolio’s management fees.

Performance. Strategic Insight’s performance analyses compared the Portfolio’s investment returns to those of the funds in the relevant Group and Category over measurement periods up to ten years through March 31, 2015. Although year-to-date performance was provided by Strategic Insight, except as noted, the Directors did not consider three-month performance to be relevant to their considerations and focused on longer-term performance.

The Directors noted that for the Portfolio, performance was above the 2015 year-to-date Group and Category averages (the Portfolio commenced operations in 2014).

Investment Manager Profitability and Economies of Scale
The Directors reviewed information prepared by the Investment Manager for the Portfolio concerning profits realized by the Investment Manager and its affiliates resulting from the Management Agreement, calculated using the actual revenues received for the

66  Semi-Annual Report

calendar year ended December 31, 2014 and the Investment Manager’s cost allocation methodology to compute an estimate of the Portfolio’s costs to the Investment Manager. 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 Portfolio. The Investment Manager’s representatives reviewed with the Board information provided on the Investment Manager’s brokerage practices and the Portfolio’s 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 recordkeeping 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 Portfolio’s 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 the 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 Portfolio’s circumstances, including the size of the 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 the Portfolio’s management fee schedule as the Portfolio’s assets increase or by instituting relatively low management fees from inception. It was noted that, for a Portfolio 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 such information as may reasonably be necessary to make an informed business decision with respect to evaluation of 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 adequate and appropriate, noting the benefits of advisory and research services and other services and infrastructure (as discussed above) associated with an approximately $180 billion global asset management business.

• The Board was generally satisfied with the overall performance of the Portfolio because relative performance in the Group and/or Category was satisfactory.

• The Board concluded that the 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 Portfolio 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 determined to approve the Fund’s Management Agreement.

Semi-Annual Report  67

NOTES

NOTES

NOTES

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 Iron Street
Boston, Massachusetts 02210

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

Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015

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

 LZDPS031

Lazard Funds Semi-Annual Report

June 30, 2015

Asset Allocation Fund

Lazard Capital Allocator Opportunistic Strategies Portfolio

Privacy Notice Regarding Customer Financial Information Rev. 8/2015

FACTS	What does Lazard do with your personal information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all, sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
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How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Lazard chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Lazard share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share
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For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For nonaffiliates to market to you	No	We do not share

Questions? Call 800-823-6300 or go to http://www.LazardNet.com

Who we are
Who is providing this notice?	Lazard Asset Management LLC, Lazard Alternatives, LLC, Lazard Asset Management (Canada), Inc., and Lazard Asset Management Securities LLC, on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard collect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal and applicable state laws. These measures include computer safeguards and secured files and buildings.
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Why can’t I limit all sharing?	Federal law gives you the right to limit only: Sharing for affiliates’ everyday business purposes — information about your creditworthiness; Affiliates from using your information to market to you; Sharing for nonaffiliates to market to you; State laws and individual companies may give you additional rights to limit sharing.
Definitions
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Other important information
Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers or former customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overview
5	Performance Overview
6	Information About Your Portfolio’s Expenses
7	Portfolio Holdings Presented by Sector
8	Portfolio of Investments
8	Lazard Capital Allocator Opportunistic Strategies Portfolio
9	Notes to Portfolio of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements
22	Board of Directors and Officers Information
24	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 the investment objectives, risks, charges, expenses and other information about Portfolios of the Fund, which is 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,

During the first half of 2015, global equity markets were supported by monetary easing measures in many countries and the stabilization of oil prices. In Europe, equities performed well as the European Central Bank’s quantitative easing program appeared to forestall deflation. Japanese equities continued their impressive streak as Abenomics reforms began to pay dividends. US equity markets rose as corporate earnings generally exceeded expectations. Despite concerns about the possibility of higher US short-term interest rates, heightened volatility in the Chinese stock market, and a potential debt default by Greece, emerging markets performed in line with developed markets.

Globally, fixed-income markets staged impressive rallies during the first quarter of 2015 amid weak growth in the United States due to another harsh winter and continued downward pressure on inflation worldwide. However, the action-packed second quarter, particularly in Greece, created some volatility in global bonds. Meanwhile, there was significant divergence between the winners and losers in emerging markets debt. From a global bond standpoint, fundamental challenges in Turkey, Brazil, and South Africa are likely to persist while some eastern European countries, including Hungary, the Czech Republic, and Poland, are benefiting from monetary stimulus, structural reforms, and economic and business ties to Germany. Currency markets were volatile during the period as investors either reassessed or rebalanced their overweight positions to the US dollar. Notably, central banks cut rates in more than thirty countries.

At Lazard Asset Management LLC, we remain focused on active management and are committed to you, our valued shareholders, and we continue to focus our strengths in pursuing the Portfolios’ investment objectives. As always, we appreciate your continued confidence in our investment 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 Overview

Capital Allocator

As the first half of 2015 ended, the global economy showed many encouraging signs. The US economy emerged from its winter torpor with surprising strength, suggesting that recent weakness was in fact related to severe weather rather than a secular slowdown. In Europe, the European Central Bank’s (ECB) quantitative easing (QE) program appeared to forestall deflation, though news flow about Greece heightened market volatility. In Japan, the “Abenomics” reforms appeared to be delivering results. Emerging markets equities rallied at the onset of the year, but stumbled in the second quarter due to uncertainty about Chinese economic growth, commodities prices, and US Federal Reserve interest rate policy.

Japan was the standout performer over the last six months. The economy continued to show strength and further evidence that Prime Minister Shinzō Abe’s program to break Japan out of its two-decade malaise is gaining momentum. Europe also performed relatively well. In January, ECB President Mario Draghi announced a QE initiative that called for €60 billion purchases on a monthly basis until at least September 2016, totaling more than €1 trillion. Draghi’s main objective was to halt deflation and raise confidence. In the latter goal, QE appears to have been a success. Lower oil prices and a cheaper euro have additionally boosted the competitiveness of European companies. While concerns about Greece’s debt troubles raised market volatility at the end of the period, progress remained and fears of deflation in Europe have, for now at least, dissipated.

During the period, emerging markets equities advanced several times, only to retrace much of their gains. Chinese policymakers have responded to slower growth with stimulus measures by cutting interest rates and bank reserve requirements. These measures, along with new access to Chinese stocks for foreign investors, have helped drive Chinese equity markets to extraordinary heights. However, other emerging markets have struggled in the wake of China’s slowing economy, which has long been an engine of growth for the asset class. Other negative factors for emerging markets broadly have been lower commodities prices — especially oil — and the US

dollar’s climb. For most of the past decade, emerging markets equity prices have moved inversely to the US dollar, and have been highly correlated to commodities prices. In addition, many emerging markets countries have also been plagued by scandal, power struggles, and geopolitical rivalry.

In the United States, equity returns were subdued, though we believe that economic prospects are relatively strong. At the beginning of the year investors wondered whether the sharp slowdown in US growth was due to an especially severe winter or whether it reflected deeper, secular challenges. This question was effectively answered in the second quarter with a series of positive indicators, and investor faith seemed to be restored. The US economy’s recent strength renewed attention on the Fed and its monetary policy. The tepid pace of improvement has some speculating that the Fed might continue to push interest rate hikes out, potentially into 2016, but with growth and employment conditions improving the market expectation for a rate hike in 2015 continues to rise.

Lazard Capital Allocator Opportunistic Strategies Portfolio

For the six months ended June 30, 2015, the Lazard Capital Allocator Opportunistic Strategies Portfolio’s Institutional Shares posted a total return of -0.60%, while Open Shares posted a total return of -0.80%, as compared with the 2.63% return for the MSCI World^® Index and 1.53% return for the Global Asset Allocation Blended Index.¹

Thematic investments, which represented 40% of the Portfolio as of June 30, 2015, performed in line with the Global Asset Allocation Blended Index and lagged the MSCI World Index during the period. Japanese equity and US consumer services positions helped performance. A position in US financials was a relative drag on performance. During the period, derivative exposure included two custom baskets of securities. One basket is focused on US large-cap equities that have historically outperformed the market during periods of low energy prices, and this investment added to relative returns during the period. The other basket, which is composed of stocks that historically tend to outperform in low growth and

Semi-Annual Report  3

low inflation environments, had a neutral effect on the Portfolio’s performance. These investments represent unique opportunity sets based on a top-down macroeconomic investment thesis. These custom baskets of securities do not exist in public markets; accordingly, the specific exposure desired was achieved by designing and building these baskets via swap agreements with one or more counterparties.

Diversifying investments, which represented 40% of the Portfolio at the end of June, underperformed both benchmarks over the last six months. Short euro and yen positions, as well as a position in long-term US Treasuries, hurt performance. The short currency positions were exited during the period.

Contrarian investments, which represented 14% of the Portfolio at the end of the period, underperformed both benchmarks during the period. Exposure to regional banking aided returns, although this was offset by the poor performance of energy and gaming positions. The energy and gaming positions were sold over the last six months.

Discounted investments, which represented 6% of the Portfolio as of June 30, 2015, underperformed both benchmarks during the period. An Indian equity closed-end fund contributed to returns during the period. However, this was offset by strongly underperforming energy closed-end fund positions. The Indian equity closed-end fund position was exited during the period.

Notes to Investment Overview:

All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of a Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or Boston Financial Data Services, Inc., the Fund’s transfer and dividend disbursing agent (“BFDS”); without such waiver/reimbursement of expenses, such Portfolio’s returns would have been lower. Past performance is not indicative, or a guarantee, of future results. A period of less than one year is not annualized.

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, 2015; 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 a 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 a 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 any 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 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 Index and 40% Barclays Capital US Aggregate Bond^® Index.

4  Semi-Annual Report

The Lazard Funds, Inc. Performance Overview (unaudited)

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, 2015

	Institutional Shares										Open Shares
	One Year			Five Years			Since Inception			†	One Year			Five Years			Since   Inception†
Capital Allocator Opportunistic Strategies Portfolio**		0.91	%		7.99	%		3.72	%			0.62	%		7.62	%		3.46	%
MSCI World Index		1.43	%		13.10	%		4.82	%			1.43	%		13.10	%		4.89	%
Global Asset Allocation Blended Index		1.61	%		9.39	%		5.16	%			1.61	%		9.39	%		5.19	%

*	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 free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. 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 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, 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 and Open Shares may vary, 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.

Semi-Annual Report  5

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, 2015 through June 30, 2015 and held for the entire period.

Actual Expenses

For each Share class of the Portfolio, 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 Portfolio, 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 shareholder reports of other mutual 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 1/1/15		Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15 - 6/30/15		Annualized Expense Ratio During Period 1/1/15 - 6/30/15
Capital Allocator Opportunistic Strategies
Institutional Shares
Actual	$	1,000.00	$	994.00	$	5.04		1.02	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.74	$	5.11		1.02	%
Open Shares
Actual	$	1,000.00	$	992.00	$	6.52		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).

6  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2015 (unaudited)

Sector*	Lazard Capital Allocator Opportunistic Strategies Portfolio
Consumer Discretionary	8.8	%
Consumer Staples	2.5
Energy	5.7
Financials	13.3
Health Care	3.5
Industrials	5.3
Information Technology	9.5
Materials	3.4
Telecommunication Services	1.1
Utilities	1.1
Fixed-Income	25.1
Short-Term Investment	20.7
Total Investments	100.0	%

* Represents percentage of total investments.

Semi-Annual Report  7

The Lazard Funds, Inc. Portfolio of Investments June 30, 2015 (unaudited)

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Notes | 4.0%
VelocityShares Daily Inverse VIX Medium Term ETN (a)		84,600	$	3,931,362
VelocityShares Daily Inverse VIX Short-Term ETN (a)		72,520		2,945,037
Total Exchange-Traded Notes
(Identified cost $6,862,188)				6,876,399
Exchange-Traded Funds | 67.7%
iShares 20+ Year Treasury Bond ETF		29,500		3,465,070
iShares iBoxx $ Investment Grade Corporate Bond ETF		30,000		3,471,600
iShares MSCI Europe Small-Cap ETF		124,700		5,806,032
iShares MSCI Germany ETF		121,300		3,381,844
iShares MSCI Japan ETF		1,363,200		17,462,592
iShares MSCI Japan Small-Cap ETF		89,700		5,292,300
iShares MSCI Spain Capped ETF		100,400		3,368,420
iShares MSCI Taiwan ETF		277,900		4,385,262
iShares North American Tech ETF		98,100		10,167,084
iShares U.S. Consumer Services ETF		48,800		6,984,256
PowerShares Fundamental High Yield Corporate Bond Portfolio		932,500		17,400,450
SPDR Barclays Convertible Securities ETF		90,400		4,300,328
SPDR S&P Regional Banking ETF		293,650		12,967,584
Vanguard Short-Term Corporate Bond ETF		225,200		17,921,416
Total Exchange-Traded Funds (Identified cost $117,114,958)				116,374,238
Total Return Swap Agreements open at June 30, 2015:

Description	Shares		Value
Closed-End Management Investment Companies | 5.8%
Adams Natural Resources Fund, Inc.		334,900	$	7,478,317
Salient Midstream & MLP Fund		121,700		2,454,689
Total Closed-End Management Investment Companies (Identified cost $10,987,633)				9,933,006
Short-Term Investment | 20.2%
State Street Institutional Treasury Money Market Fund (Identified cost $34,707,703)		34,707,703		34,707,703
Total Investments | 97.7% (Identified cost $169,672,482) (b)			$	167,891,346
Cash and Other Assets in Excess of Liabilities | 2.3%				3,998,192
Net Assets | 100.0%			$	171,889,538

Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive	Unrealized Depreciation
USD	GSC	7,649	01/21/16	1 Month USD LIBOR	Appreciation, and dividends paid,
				plus 0.40%	on securities in a basket of domestic equity securities		$	82,986
USD	GSC	4,370	06/27/16	1 Month USD LIBOR	Appreciation, and dividends paid,
				plus 0.40%	on securities in a basket of
					domestic equity securities			—
Gross unrealized depreciation on Total Return Swap Agreements							$	82,986

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

8  Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolio of Investments June 30, 2015 (unaudited)

(a)	Non-income producing security.
(b)	For federal income tax purposes, the aggregate cost was $169,672,482, aggregate gross unrealized appreciation was $1,268,940, aggregate gross unrealized depreciation was $3,050,076, and the net unrealized depreciation was $1,781,136.

Abbreviations:
ETF	—	Exchange-Traded Fund
ETN	—	Exchange-Traded Note
GSC	—	Goldman Sachs International
LIBOR	—	London Interbank Offered Rate
USD	—	United States Dollar

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

Semi-Annual Report  9

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

	Lazard
	Capital Allocator
	Opportunistic
June 30, 2015	Strategies Portfolio
ASSETS
Investments in securities, at value		$	167,891,346
Receivables for:
Investments sold			3,890,839
Dividends and interest			243,990
Capital stock sold			127,658
Total assets			172,153,833
LIABILITIES
Due to custodian			745
Payables for:
Management fees			117,166
Accrued directors’ fees			1,900
Accrued distribution fees			1,810
Capital stock redeemed			21,192
Gross unrealized depreciation on swap agreements			82,986
Premium for swap agreements written			1,616
Other accrued expenses and payables			36,880
Total liabilities			264,295
Net assets		$	171,889,538
NET ASSETS
Paid in capital		$	165,734,574
Distributions in excess of net investment income			(513,625	)
Accumulated net realized gain			8,532,711
Net unrealized depreciation on:
Investments			(1,781,136	)
Swap agreements			(82,986	)
Net assets		$	171,889,538
Institutional Shares
Net assets		$	162,801,255
Shares of capital stock outstanding*			16,344,454
Net asset value, offering and redemption price per share		$	9.96
Open Shares
Net assets		$	9,088,283
Shares of capital stock outstanding*			913,921
Net asset value, offering and redemption price per share		$	9.94
Cost of investments in securities		$	169,672,482

* $0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.

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

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

	Lazard
	Capital Allocator
	Opportunistic
For the Six Months Ended June 30, 2015	Strategies Portfolio
Investment Income
Income
Dividends		$	1,095,361
Expenses
Management fees (Note 3)			892,022
Administration fees			42,636
Professional services			38,294
Custodian fees			25,771
Shareholders’ reports			17,106
Shareholders’ services			16,092
Registration fees			15,084
Distribution fees (Open Shares)			6,484
Directors’ fees and expenses			4,042
Other			4,139
Total gross expenses			1,061,670
Management fees waived			(144,026	)
Total net expenses			917,644
Net investment income			177,717
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Forward Currency Contracts and Swap Agreements
Net realized gain (loss) on:
Investments			8,009,115
Foreign currency and forward currency contracts			(512,567	)
Swap agreements			829,578
Total net realized gain on investments, foreign currency, forward currency contracts and swap agreements			8,326,126
Net change in unrealized depreciation on:
Investments			(8,966,496	)
Swap agreements			(492,738	)
Total net change in unrealized depreciation on investments and swap agreements			(9,459,234	)
Net realized and unrealized loss on investments, foreign currency, forward currency contracts and swap agreements			(1,133,108	)
Net decrease in net assets resulting from operations		$	(955,391	)

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

Semi-Annual Report  11

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

	Lazard Capital Allocator Opportunistic Strategies Portfolio
	Six Months Ended				Year Ended
	June 30, 2015				December 31,
	(unaudited)				2014
Increase (Decrease) in Net Assets
Operations
Net investment income		$	177,717		$	729,169
Net realized gain on investments, foreign currency, forward currency contracts, options and swap agreements			8,326,126			14,990,239
Net change in unrealized depreciation on investments, foreign currency, forward currency contracts and swap agreements			(9,459,234	)		(7,053,884	)
Net increase (decrease) in net assets resulting from operations			(955,391	)		8,665,524
Distributions to shareholders
From net investment income
Institutional Shares			—			(5,125,559	)
Open Shares			—			(92,244	)
From net realized gains
Institutional Shares			—			(7,156,671	)
Open Shares			—			(144,846	)
Net decrease in net assets resulting from distributions			—			(12,519,320	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			12,883,654			43,633,391
Open Shares			6,597,590			2,263,638
Net proceeds from reinvestment of distributions
Institutional Shares			—			11,844,026
Open Shares			—			229,550
Cost of shares redeemed
Institutional Shares			(34,791,820	)		(80,417,261	)
Open Shares			(1,284,606	)		(1,037,731	)
Net decrease in net assets from capital stock transactions			(16,595,182	)		(23,484,387	)
Redemption fees (Note 2(h))
Institutional Shares			638			558
Open Shares			—			5
Net increase in net assets from redemption fees			638			563
Total decrease in net assets			(17,549,935	)		(27,337,620	)
Net assets at beginning of period			189,439,473			216,777,093
Net assets at end of period*		$	171,889,538		$	189,439,473
*Includes distributions in excess of net investment income of		$	(513,625	)	$	(691,342	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			18,509,479			20,912,934
Shares sold			1,280,348			4,201,701
Shares issued to shareholders from reinvestment of distributions			—			1,173,839
Shares redeemed			(3,445,373	)		(7,778,995	)
Net decrease			(2,165,025	)		(2,403,455	)
Shares outstanding at end of period			16,344,454			18,509,479
Open Shares
Shares outstanding at beginning of period			394,279			255,504
Shares sold			647,575			217,360
Shares issued to shareholders from reinvestment of distributions			—			22,773
Shares redeemed			(127,933	)		(101,358	)
Net increase			519,642			138,775
Shares outstanding at end of period			913,921			394,279

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

12  Semi-Annual Report

The Lazard Funds, Inc. Financial Highlights

LAZARD CAPITAL ALLOCATOR OPPORTUNISTIC STRATEGIES PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	10.02		$	10.24		$	10.03		$	9.26		$	9.96		$	8.80
Income (loss) from investment operations:
Net investment income (a)		0.01			0.04			0.09			0.11			0.12			0.12
Net realized and unrealized gain (loss)		(0.07	)		0.41			1.12			0.74			(0.45	)		1.16
Total from investment operations		(0.06	)		0.45			1.21			0.85			(0.33	)		1.28
Less distributions from:
Net investment income		—			(0.28	)		(0.48	)		(0.08	)		(0.13	)		(0.12	)
Net realized gains		—			(0.39	)		(0.52	)		—			(0.24	)		—
Total distributions		—			(0.67	)		(1.00	)		(0.08	)		(0.37	)		(0.12	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	9.96		$	10.02		$	10.24		$	10.03		$	9.26		$	9.96
Total Return (c)		–0.60	%		4.40	%		12.22	%		9.16	%		–3.28	%		14.58	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	162,801		$	185,489		$	214,161		$	224,982		$	258,832		$	239,403
Ratios to average net assets (d):
Net expenses		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%
Gross expenses		1.17	%		1.15	%		1.13	%		1.12	%		1.13	%		1.13	%
Net investment income		0.20	%		0.35	%		0.89	%		1.13	%		1.25	%		1.36	%
Portfolio turnover rate		153	%		265	%		193	%		139	%		155	%		117	%

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	10.02		$	10.24		$	10.03		$	9.26		$	9.97		$	8.80
Income (loss) from investment operations:
Net investment income (a)		0.01			0.01			0.06			0.07			0.08			0.06
Net realized and unrealized gain (loss)		(0.09	)		0.41			1.12			0.75			(0.45	)		1.20
Total from investment operations		(0.08	)		0.42			1.18			0.82			(0.37	)		1.26
Less distributions from:
Net investment income		—			(0.25	)		(0.45	)		(0.05	)		(0.10	)		(0.09	)
Net realized gains		—			(0.39	)		(0.52	)		—			(0.24	)		—
Total distributions		—			(0.64	)		(0.97	)		(0.05	)		(0.34	)		(0.09	)
Redemption fees		—			—	(b)		—			—			—	(b)		—	(b)
Net asset value, end of period	$	9.94		$	10.02		$	10.24		$	10.03		$	9.26		$	9.97
Total Return (c)		–0.80	%		4.10	%		11.90	%		8.84	%		–3.72	%		14.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	9,088		$	3,950		$	2,616		$	3,099		$	6,111		$	7,163
Ratios to average net assets (d):
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Gross expenses		1.73	%		1.81	%		1.84	%		1.67	%		1.57	%		1.52	%
Net investment income		0.33	%		0.14	%		0.60	%		0.69	%		0.77	%		0.66	%
Portfolio turnover rate		153	%		265	%		193	%		139	%		155	%		117	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  13

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2015 (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 “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-five 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 US Small Cap Equity Growth Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Equity Concentrated Portfolio, Lazard International Strategic Equity Portfolio, Lazard International Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard International Small Cap Equity Portfolio, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Portfolio, Lazard Emerging Markets Core Equity Portfolio, Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Blend Portfolio, Lazard Emerging Markets Multi Asset Portfolio, Lazard Emerging Markets Debt Portfolio, Lazard Explorer Total Return Portfolio, Lazard Emerging Markets Income Portfolio, Lazard US Corporate Income Portfolio, Lazard US Short Duration Fixed Income Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Realty Income Portfolio, Lazard US Realty Equity Portfolio, Lazard Global Realty Equity Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Capital Allocator Opportunistic Strategies Portfolio, Lazard Global Dynamic Multi Asset Portfolio, Lazard Enhanced Opportunities Portfolio, Lazard Fundamental Long/Short Portfolio, and Lazard Master Alternatives Portfolio. All Portfolios, other than US Equity Concentrated, International Equity Concentrated, Emerging Markets Debt, Explorer Total Return, Emerging Markets Income, US Realty Equity, Global Realty Equity, Enhanced Opportunities and Fundamental Long/Short Portfolios, are operated as “diversified” funds, as defined in the 1940 Act. Global Dynamic Multi Asset Portfolio had not commenced operations as of June 30, 2015. This report

includes only the financial statements of Capital Allocator Opportunistic Strategies Portfolio.

Effective November 29, 2013, the Fund formed an R6 Share class. Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each Share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Prospectus). As of June 30, 2015, only US Strategic Equity, International Equity, International Strategic Equity, Emerging Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi Asset and Emerging Markets Debt Portfolios offered R6 Shares and US Strategic Equity, International Equity, International Strategic Equity and Emerging Markets Equity Portfolios had issued R6 Shares.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company and therefore applies specialized accounting guidance in Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

(a) Valuation of Investments—Net asset value (“NAV”) per share for each class of each Portfolio is determined on each day the New York Stock Exchange (“NYSE”) is open for business. Market values for securities listed on the 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. Forward currency contracts are valued using quotations from an independent pricing service. Exchange-traded options are valued at the last reported

14  Semi-Annual Report

sales price on the exchange on which the contract is principally traded. 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. Investments in money market funds are valued at the fund’s NAV.

The Valuation Committee of the Investment Manager, which meets periodically and acts pursuant to delegated authority from the Board of Directors (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 portfolio managers/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 NAV 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. 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 NAV 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’ NAVs.

(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.

A Portfolio may be subject to taxes imposed by foreign countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and unrealized) from the applicable portfolio securities.

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund 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 the Portfolios’ accounting records and the US dollar equivalent amounts actually received or paid. Net change 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 counterpar-

Semi-Annual Report  15

ties 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, a 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.

(d) Swap Agreements—Swap agreements on equity securities 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, a Portfolio will receive a payment from (or make a payment to) the counterparty.

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 a Portfolio’s accompanying Statement of Assets and Liabilities.

During the period ended June 30, 2015, the average notional exposure of swap agreements was approximately $14,100,000.

(e) 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 (the “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.

The Regulated Investment Company Modernization Act of 2010 (the “RIC Modernization Act”) includes numerous provisions that generally became effective for taxable years beginning after December 22, 2010. Among

the 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.

At December 31, 2014, the Portfolio had no unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains.

Under current tax law, certain late year losses, as defined by the Code, 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, 2014, the Portfolio elected to defer such losses as follows:

Post October	Late Year
Capital Loss	Ordinary Loss
Deferral	Deferral
$(1,486,648)	$(257,913)

Management has analyzed the Portfolio’s 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 (2011-2013), or expected to be taken in the Portfolio’s 2014 tax returns.

(f) Dividends and Distributions—Dividends from net investment income, if any, will be declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolio, if not distributed. The Portfolio intends 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 treat-

16  Semi-Annual Report

ments of foreign currency transactions, wash sales, certain derivatives, passive foreign investment companies and distributions from real estate investment trusts. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(g) Allocation of Expenses—Expenses not directly chargeable to a specific Portfolio are allocated among all Portfolios primarily on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees to Open Shares. The Portfolios’ 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.

(h) Redemption Fee—The 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 the Portfolio and are included as paid in capital on the Statement of Assets and Liabilities. The fees are also shown on the Statements of Changes in Net Assets.

(i) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 objectives and policies, including the purchase, retention and disposition of securities. For its services provided to the

Portfolio, the Investment Manager earns a management fee, accrued daily as a percentage of its average daily net assets and payable by the Portfolio monthly, at the annual rate of 1.00%.

The Investment Manager has voluntarily agreed to reduce its fees and, if necessary, reimburse the Portfolio through May 1, 2016 if annualized operating expenses exceed 1.02% and 1.32% of average daily net assets for the Institutional Shares and Open Shares, respectively. The expense caps exclude, among other things, acquired fund fees and expenses.

During the period ended June 30, 2015, the Investment Manager waived its management fees of $133,382 and $10,644 for the Institutional Shares and Open Shares, respectively.

The Fund has entered into an administration agreement with State Street to provide certain administrative services. 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 up to $18,750 of the $42,500 annual fee for Portfolios with net assets under $25 million.

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 adopted pursuant to 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

Semi-Annual Report  17

computed on the basis of the number of shareholder accounts it maintains, 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 the first six months after a new Portfolio or share class 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, and Lazard Alternative Emerging Markets 1099 Fund, a closed-end registered management investment company advised by an affiliate of the Investment Manager (the “1099 Fund”): (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director, and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Directors also are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. The Statement of Operations shows the Directors’ fees and expenses paid by the Portfolio.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2015 were $206,413,018 and $204,422,852, respectively.

For the period ended June 30, 2015, 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: from January 1, 2015 to June 28, 2015, at the higher of the Federal Funds rate or Overnight LIBOR rate plus 1.00%, and from June 29, 2015 to June 30, 2015, at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.10% per annum fee from January 1, 2015 to June 28, 2015 and 0.20% per annum from June 29, 2015 to June 30, 2015 on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the period ended June 30, 2015, the Portfolio had no borrowings under the Agreement.

7. Investment Risks

(a) Non-US Securities Risk—Certain Portfolios may invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in US securities. Such Portfolios’ performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolios invest. Non-US securities carry special risks, such as 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 may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolios’ investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Investments in these

18  Semi-Annual Report

countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the US. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(b) Underlying Funds Risk—Shares of ETNs, ETFs and closed-end funds (the “Underlying Funds”) in which the Portfolio invests may trade at prices that vary from their NAVs, sometimes significantly. The shares of ETFs and closed-end funds may trade at prices at, below or above their most recent NAV. Shares of closed-end funds, in particular, frequently trade at persistent discounts to their NAV. In addition, the performance of an ETF pursuing a passive index based strategy may diverge from the performance of the index. ETNs may trade in secondary markets, but typically are redeemable by the issuer. The Portfolio’s investments in Underlying Funds are subject to the risks of Underlying Funds’ investments, as well as to the general risks of investing in Underlying Funds. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs and closed-end funds in which the Portfolio invests. While ETNs do not have management fees, they are subject to certain investor fees. ETNs are debt securities that, like ETFs, typically are listed on exchanges and their terms generally provide for a return that tracks specified market indexes. However, unlike ETFs and closed-end funds, ETNs are not registered investment companies and thus are not registered under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make interest payments. The Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in ETFs and closed-end funds unless an ETF or a closed-end fund has received an exemptive order from the Securities and Exchange Commis-

sion (the “SEC”) on which the Portfolio may rely or an exemption is available.

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. 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, developed 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)

Semi-Annual Report  19

Changes in valuation technique may result in transfer into or out of the current assigned level within the hierarchy.

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

The following table summarizes the valuation of the Portfolio’s investments by each fair value hierarchy level as of June 30, 2015:

	Unadjusted
	Quoted Prices in
	Active Markets		Significant Other			Significant
	for Identical		Observable			Unobservable
	Investments		Inputs			Inputs		Balance as of
Description	(Level 1)		(Level 2)			(Level 3)		June 30, 2015
Assets
Exchange-Traded Notes	$	6,876,399	$	—		$	—	$	6,876,399
Exchange-Traded Funds		116,374,238		—			—		116,374,238
Closed-End Management Investment Companies		9,933,006		—			—		9,933,006
Short-Term Investment		34,707,703		—			—		34,707,703
Total	$	167,891,346	$	—		$	—	$	167,891,346
Liabilities:
Other Financial Instruments*
Total Return Swap Agreements	$	—	$	(82,986	)	$	—	$	(82,986	)

* Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

The Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period. There were no transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2015.

For further information regarding security characteristics see Portfolio of Investments.

10. Derivative Instruments

The Portfolio may use derivative instruments, including forward currency contracts or swap agreements.

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

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

During the period ended June 30, 2015, the notional amounts of purchases and sales of forward currency contracts were $32,091,167 and $31,578,600, respectively, with average notional exposure of approximately $53,000,000.

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2015:

	Fair Value
Liability Derivatives
Equity Risk:
Gross unrealized depreciation on total return swap agreements	$	82,986

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2015 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Equity Risk:
Net realized gain on total return swap agreements	$	829,578
Foreign Exchange Risk:
Net realized loss on forward currency contracts	$	(512,567	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity Risk:
Net change in unrealized depreciation on total return swap agreements	$	(492,738	)

20  Semi-Annual Report

See Notes 2(c), 2(d) and the Portfolio of Investments for additional disclosures about derivative instruments.

As of June 30, 2015, the Portfolio holds derivative instruments that are eligible for offset in the Statement of Assets and Liabilities and are subject to master net-

ting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of June 30, 2015:

						Net Amounts of
				Gross Amounts Offset		Liabilities Presented
	Gross Amounts of			in the Statement of		in the Statement of
Description	Recognized Liabilities			Assets and Liabilities		Assets and Liabilities
Total Return Swap Agreements		$	82,986	$	—	$	82,986

				Gross Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented
	in Statement of			Financial		Collateral
Counterparty	Assets and Liabilities			Instruments		Pledged		Net Amounts
Goldman Sachs International		$	82,986	$	—	$	—	$	82,986

11. Subsequent Events

Management has evaluated the possibility of subsequent events affecting the Fund’s financial statements

and has determined that there were no such subsequent events that required adjustment or disclosure in the financial statements.

Semi-Annual Report  21

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

Name (Age)	Position(s) with the Fund	Principal Occupation(s) and Other Public Company
Address(1)	(Since) and Term(2)	Directorships Held During the Past Five Years(2)
Independent Directors(3):
Franci J. Blassberg (61)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		Cornell Law School, Visiting Professor of Practice (2015 – present); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (70)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
		Aquiline Holdings LLC, an investment manager, Partner (2006 – 2012)
Nancy A. Eckl (52)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (65 funds) and TIAA-CREF Life Funds (11 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)
Trevor W. Morrison (44)	Director (April 2014)	New York University School of Law, Dean and Eric M. and Laurie B. Roth Professor of Law (2013 – present)
		Columbia Law School, Professor of Law (2008 – 2013)
		Office of Counsel to the President, The White House, Associate Counsel to the President (2009)
Richard Reiss, Jr. (71)	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 (67)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

22  Semi-Annual Report

Name (Age)	Position(s) with the Fund	Principal Occupation(s) and Other Public Company
Address(1)	(Since) and Term(2)	Directorships Held During the Past Five Years(2)
Interested Directors(4):
Charles L. Carroll (54)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (55)	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 serves as a Director for each of the Lazard Funds (comprised of, as of July 31, 2015, 41 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) are also board members of the 1099 Fund.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the 1940 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, or online, at www.LazardNet.com.

Name (Age)	Position(s) with the Fund
Address(1)	(Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Nathan A. Paul (42)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Stephen St. Clair (56)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (44)	Chief Compliance Officer (September 2014)	Director and Chief Compliance Officer of the Investment Manager (since September 2014) Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (40)	Assistant Secretary (February 2009)	Senior Vice President (since February 2012, previously Vice President) and Director of Legal Affairs (since July 2015) of the Investment Manager
Cesar A. Trelles (40)	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, except Messrs. St. Clair and Trelles, serves in the same capacity for the other Lazard Funds and the 1099 Fund. Messrs. St. Clair and Trelles serve 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  23

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 SEC’s 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

At a meeting of the Board held on June 8-9, 2015, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of the 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 39 active funds comprised approximately $30 billion (as of April 30, 2015) of the approximately $180 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2015). The Investment

Manager’s representatives 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 $30 billion fund complex not managed by a large, global firm such as the Investment Manager.

The Investment Manager representatives noted that the Investment Manager had historically provided certain administrative, operational and compliance assistance services in connection with the operation of the Fund, but that such services had been in addition to the investment advisory and other services that were contractually required by the Management Agreement currently in place. The Investment Manager representatives explained that the Management Agreement, on behalf of each Portfolio for which the Management Agreement is being considered, was proposed to be revised in order to include such services. The Investment Manager representatives reviewed the proposed revisions with the Directors and confirmed that no changes were proposed to the nature, extent or quality of services provided or to the Management

24  Semi-Annual Report

Agreement’s terms related to investment advisory services.

Comparative Management Fee, Expense Ratio and Performance Information

The Directors reviewed comparative management fee, expense ratio and performance (through March 31, 2015) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”).

Management Fees and Expense Ratios. The Directors discussed the management fees and expense ratios for each Portfolio. They noted the methodology and assumptions used by Strategic Insight, 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 Strategic Insight’s analysis (which was for the Institutional Shares and Open Shares classes of each Portfolio), it was noted that, for both share classes of the Global Dynamic Multi Asset Portfolio and for the Open Share class of the Capital Allocator Opportunistic Strategies Portfolio, contractual management fees were below the median of the relevant Group.

It also was noted that, for both share classes of the Portfolios, expense ratios were at or below the medians of those of the funds in the relevant Group. The Directors considered that the Investment Manager continues to voluntarily enter into fee waiver and expense reimbursement agreements for each Portfolio.

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 strate-

gies (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. Strategic Insight’s performance analyses compared the Capital Allocator Opportunistic Strategies Portfolio’s investment returns to those of the funds in the relevant Group and Category over measurement periods up to ten years through March 31, 2015. Although year-to-date performance was provided by Strategic Insight the Directors did not consider three-month performance to be relevant to their considerations and focused on longer-term performance.

The Directors noted both share classes of Capital Allocator Opportunistic Strategies were above the average of the performance Group and/or Category for most periods.

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, 2014 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s costs to the Investment Manager. 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

Semi-Annual Report  25

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 recordkeeping 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 rela-

tively 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 such information as may reasonably be necessary to make an informed business decision with respect to evaluation of 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 adequate and appropriate, noting the benefits of advisory and research services and other services and infrastructure (as discussed above) associated with an approximately $180 billion global asset management business.

• The Board was generally satisfied with the overall performance of the Capital Allocator Opportunistic Strategies Portfolio because relative performance in the Group and/or Category was satisfactory.

• 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 determined to approve the Fund’s Management Agreement.

26  Semi-Annual Report

NOTES

NOTES

NOTES

NOTES

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 Iron Street
Boston, Massachusetts 02210

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

Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015

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   LZDPS030

Lazard Funds Semi-Annual Report

June 30, 2015

Emerging Market Funds

Lazard Emerging Markets Equity Portfolio

Lazard Emerging Markets Core Equity Portfolio

Lazard Developing Markets Equity Portfolio

Lazard Emerging Markets Equity Advantage Portfolio

Lazard Emerging Markets Equity Blend Portfolio

Lazard Emerging Markets Multi Asset Portfolio

Lazard Emerging Markets Debt Portfolio

Lazard Explorer Total Return Portfolio

Lazard Emerging Markets Income Portfolio

Privacy Notice Regarding Customer Financial Information Rev. 8/2015

FACTS	What does Lazard do with your personal information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all, sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	Social Security number and credit history;
	Assets and income;
	Account transactions;
	When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Lazard chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Lazard share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For nonaffiliates to market to you	No	We do not share

Questions? Call 800-823-6300 or go to http://www.LazardNet.com

Who we are
Who is providing this notice?	Lazard Asset Management LLC, Lazard Alternatives, LLC, Lazard Asset Management (Canada), Inc., and Lazard Asset Management Securities LLC, on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard collect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal and applicable state laws. These measures include computer safeguards and secured files and buildings.
How does Lazard collect my personal information?	We collect your personal information, for example, when you:
	Open an account;
	Seek advice about your investments;
	Direct us to buy securities;
	Direct us to sell your securities;
	Enter into an investment advisory contract;
	We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only:
	Sharing for affiliates’ everyday business purposes — information about your creditworthiness;
	Affiliates from using your information to market to you;
	Sharing for nonaffiliates to market to you;
	State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
	Our affiliates may include financial companies whose names include “Lazard”.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	Lazard does not share information with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
	Lazard does not jointly market.
Other important information
Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers or former customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overviews
9	Performance Overviews
18	Information About Your Portfolio’s Expenses
21	Portfolio Holdings Presented by Sector and Region
22	Portfolios of Investments
22	Lazard Emerging Markets Equity Portfolio
24	Lazard Emerging Markets Core Equity Portfolio
26	Lazard Developing Markets Equity Portfolio
28	Lazard Emerging Markets Equity Advantage Portfolio
31	Lazard Emerging Markets Equity Blend Portfolio
34	Lazard Emerging Markets Multi Asset Portfolio
49	Lazard Emerging Markets Debt Portfolio
55	Lazard Explorer Total Return Portfolio
66	Lazard Emerging Markets Income Portfolio
69	Notes to Portfolios of Investments
74	Statements of Assets and Liabilities
76	Statements of Operations
78	Statements of Changes in Net Assets
82	Financial Highlights
92	Notes to Financial Statements
108	Board of Directors and Officers Information
110	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 the investment objectives, risks, charges, expenses and other information about Portfolios of the Fund, which is 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,

During the first half of 2015, global equity markets were supported by monetary easing measures in many countries and the stabilization of oil prices. In Europe, equities performed well as the European Central Bank’s quantitative easing program appeared to forestall deflation. Japanese equities continued their impressive streak as Abenomics reforms began to pay dividends. US equity markets rose as corporate earnings generally exceeded expectations. Despite concerns about the possibility of higher US short-term interest rates, heightened volatility in the Chinese stock market, and a potential debt default by Greece, emerging markets performed in line with developed markets.

Globally, fixed-income markets staged impressive rallies during the first quarter of 2015 amid weak growth in the United States due to another harsh winter and continued downward pressure on inflation worldwide. However, the action-packed second quarter, particularly in Greece, created some volatility in global bonds. Meanwhile, there was significant divergence between the winners and losers in emerging markets debt. From a global bond standpoint, fundamental challenges in Turkey, Brazil, and South Africa are likely to persist while some eastern European countries, including Hungary, the Czech Republic, and Poland, are benefiting from monetary stimulus, structural reforms, and economic and business ties to Germany. Currency markets were volatile during the period as investors either reassessed or rebalanced their overweight positions to the US dollar. Notably, central banks cut rates in more than thirty countries.

At Lazard Asset Management LLC, we remain focused on active management and are committed to you, our valued shareholders, and we continue to focus our strengths in pursuing the Portfolios’ investment objectives. As always, we appreciate your continued confidence in our investment 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

Emerging Markets Equities, Debt, and Currency

Continuing worries about world economic activity and the possibility of higher US short-term interest rates resulted in modest returns for emerging markets in the first half of 2015. Additional issues over the potential default of Greece and heightened volatility in the Chinese stock market made the period under review even more complex. The MSCI Emerging Markets^® Index (the “EM Index”) rose by just under 3%, as measured in US dollar terms during the first half of 2015. Asian emerging markets finished positively, aided by a strong though volatile market in China. Despite the focus on Greece, eastern European equities were the strongest region, helped by a powerful recovery in Russian and Hungarian shares.

All Latin American markets fell during the first half of 2015. Despite a recovery in the second quarter, various events resulted in a decrease of almost 9% for the Brazilian market. Colombian equities fared even worse, suffering from the effect of lower crude oil prices early in the year. Slightly negative returns were recorded in Mexico, though its status as a “safe haven” benefited from its trade relationship with the United States.

Performance varied widely in Asian markets during the first half of 2015. Indonesian shares were hit by concerns over economic growth, government policy, and other socio-political events. Malaysian equities were hurt by worries over exports as well as lower oil prices towards the end of the period. Decent technology sector performance helped the Taiwanese and South Korean markets. The opening of the Shanghai Connect system, a means for foreign investors to purchase China A-shares and for mainland China investors to buy Chinese shares in Hong Kong, caused those markets to rise sharply. Investors in both categories eagerly participated, resulting in large increases in trading volumes and significant speculation. By the end of the period under review, the Chinese markets were experiencing some days of heavy selling, causing the authorities to reduce interest rates, lower reserve requirements, and increase the allowable equity investment exposure for local funds.

Markets in eastern Europe, the Middle East, and Africa also experienced wide differences in return during the period. A delicate cease-fire in Ukraine and a modest recovery in crude oil prices allowed Russian equities and the ruble to rebound solidly. An improved outlook for the Hungarian economy with a possible end to the additional bank tax resulted in strong returns. However, in Turkey, President Recep Tayyip Erdogan’s comments on interest rates undermined the independence of the central bank and forced the lira markedly downwards. Greek equities plunged amid sharp volatility as the Syriza government and the European Union discussed economic terms for further financing. Ultimately, Syriza decided to leave the decision to the Greek populace in a referendum.

The decline in the price of oil and other commodities has weighed on emerging markets assets for the past several months. However, while emerging markets has many oil exporters, it also has some of the largest net importers of oil. These countries should see positive implications to their current accounts, growth and inflation, suggesting that the net effect of lower oil prices on emerging markets growth should be positive over the medium term. This has not exerted a sustained positive impact on emerging markets asset prices or the performance of emerging markets currencies. The Asian and emerging European regions stand to benefit as most countries (except Malaysia and Vietnam) are net oil importers. In Indonesia, for example, the government remains committed to structural reforms in the oil sector by reducing fuel subsidies, which is expected to reduce its dependency on imported refined fuel and boost domestic refining (as other countries such as India and Malaysia have done). The impact of these actions on the country’s fundamental metrics will likely be felt over time, but will improve the fiscal position in the near term. Other countries in Asia such as Thailand, South Korea, and the Philippines, along with several countries in central Europe, stand to reap benefits as well.

By sector, the energy, consumer staples, and information technology sectors outperformed the EM Index, while the utilities, materials, and consumer discretionary sectors underperformed.

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Generally speaking, bonds were volatile during the six months, with the yield on the 10-year US Treasury note trading in a range of 1.64% to 2.50%, and this yield volatility spread to emerging markets debt. While economic fundamentals vary significantly by country, in general, we find those in the emerging markets to be reasonably good despite growing headwinds that include slowing Chinese growth, lower commodity prices, a strong US dollar, and the prospect of rising US interest rates. All things considered, we believe emerging markets debt valuations are currently more attractive than they were just a few months ago.

This first half of 2015 saw a continuation of emerging markets currency weakness that has plagued markets for two years. Emerging markets local currency and debt markets continued to be under pressure from ongoing price volatility of oil and other commodities, concerns over Greece’s possible exit from the euro zone, the enduring conflict in eastern Ukraine, the uncertain path of US interest rate normalization in light of improving data, and Chinese stock market turbulence. In this environment, nearly all emerging markets currencies depreciated against the strong US dollar, many by over 5%. Only Russia, Taiwan, and China saw their currencies appreciate during the first half of 2015.

Lazard Emerging Markets Equity Portfolio

For the six months ended June 30, 2015, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares posted a total return of -1.05%, while Open Shares posted a total return of -1.19%, as compared with the 2.95% return for the EM Index. The R6 Shares posted a total return of -1.51% for the period since inception on January 19, 2015 through June 30, 2015, compared with the 2.80% return for the EM Index for the same period.

During the period, NetEase, a Chinese online gaming company, benefited from the huge success of its mobile Fantasy Westward Journey game, which is ranked first at the iOS store in China and fourth globally. Shares of China Construction Bank, a Chinese state owned bank, performed well due to expectations of continued government stimulus to stabilize the economy. Mobile TeleSystems and Sberbank, a Russian telecom services company and bank, respectively,

rebounded from prior weakness as oil prices bounced from their recent lows, and as the market was hopeful that the signing of Minsk II agreement would ease tensions in Ukraine. OTP Bank, a Hungarian bank, benefited from improving returns in Hungary and Bulgaria as well as a reduction of the special banking tax in 2016. A higher-than-index exposure to Russia helped performance.

In contrast, Punjab National Bank, an Indian bank, declined due to continued pressure on asset quality and lower levels of growth. Shares of Pacific Rubiales, a Canadian energy company with assets primarily based in Colombia and Latin America, declined sharply due to concerns that debt covenants could be eventually breached unless oil prices rebounded from the recent lows. Wynn Macau, a Chinese casino operator, experienced a greater-than-expected decline in gross gaming revenues following a government crack down on corruption and transit visa changes. Shares of Via Varejo declined as sales continue to decline due to a lackluster economic environment. Shares of Turkiye Is Bankasi, a Turkish bank, fell on the back of macroeconomic concerns after the Turkish President publicly admonished the Central Bank and questioned its need to be independent. Stock selection in the energy and consumer discretionary sectors detracted from performance and a lower-than-index exposure to China hurt returns.

Lazard Emerging Markets Core Equity Portfolio

For the six months ended June 30, 2015, the Lazard Emerging Markets Core Equity Portfolio’s Institutional Shares posted a total return of 5.09%, while Open Shares posted a total return of 4.68%, as compared with the 2.95% return for the EM Index.

During the period, Largan Precision, a Taiwanese optical lens and LCD manufacturer, rose due to continuing enthusiasm over Apple iPhone sales growth in Asia. Eclat Textile, a Taiwanese integrated OEM company specializing in functional wear, helped performance on strong revenue growth and the continued positive outlook for growing orders. KEPCO Plant Service and Engineering outperformed amid the outlook for ongoing strong revenue growth, higher operating profit margins and cash flows, and the possibility of rising

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dividend payouts. CRCC Corporation, formerly known as CSR Locomotive, outperformed due to enthusiasm over the consolidation in the locomotive manufacturing business in China. We sold CSR Locomotive during the period. NetEase, a Chinese internet web portal, email, gaming, and entertainment provider rose on enthusiasm for its strong product pipeline of PC and mobile games. In addition, stock selection in the consumer discretionary and industrials sectors and in Taiwan contributed to performance.

In contrast, Gran Tierra Energy, a Latin American oil and gas exploration and production company, declined due to the worsening oil price outlook. Genomma Lab, a Mexican based over-the-counter and personal care company, hurt performance as revenues in Mexico collapsed and margins contracted due to weak consumer sentiment in Mexico and problems with a major distributor. We sold both Gran Tierra Energy and Genomma Lab during the period. Kasikornbank, a Thailand-based provider of commercial and investment banking services, declined due to slowing loan growth and weaker asset quality. Shares of SK Hynix, a South Korean semiconductor and memory component manufacturer, and Baidu, the Chinese internet search engine declined due to concerns of slowing global growth’s impact on technology sales. Finally, an underweight allocation to the energy sector hurt performance for the period.

Lazard Developing Markets Equity Portfolio

For the six months ended June 30, 2015, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of 1.82%, while Open Shares posted a total return of 1.63%, as compared with the 2.95% return for the EM Index.

Korea Aerospace Industries, a Korean defense contractor, outperformed on expectations of a significant fighter jet manufacturing contract win, as well as consistent order flow for its book of business. Catcher Technology, a Taiwanese manufacturer of metal casings for mobile products, rose after reporting better-than-expected profitability as more mobile phones adopt metal casing technology. X5 Retail Group, a Russian food retailer, moved higher after results showed continued improvements in the company’s

operations and an acceleration in revenue growth. Ping An Insurance, a Chinese life insurance company did well after reporting a strong 2014 result across its life, property and casualty, and banking divisions. China State Construction International Holdings, a Chinese building and engineering services firm, rallied on strong order growth. Stock selection in the consumer staples and industrials sectors, as well as in Korea, Taiwan, India, and Turkey helped performance. Additionally, a lower-than-index exposure to the utilities sectors as well as to Malaysia, and a higher-than-index exposure to Russia, added value.

Genomma Lab Internacional, a Mexican provider of personal-care and over-ther-counter products, fell following weak fourth-quarter sales in its Mexican business. We sold Genomma Lab Internacional during the period. Estacio Participacoes, a Brazilian private education company, underperformed on the back of changes to a government funded education program. Marcopolo, a Brazilian bus body manufacturer, fell on weak bus demand in Brazil and lower-than-expected activity in its international business. Via Varejo, a Brazilian electronics and appliance retailer, fell as concerns grew that weak economic releases suggested a challenging environment for sales of its products. Pacific Rubiales Energy, a Colombian oil and gas exploration and production company, fell as lower oil prices will likely pressure the company’s ability to reinvest in its business and grow production. We sold Pacific Rubiales Energy during the period. Stock selection in the materials, consumer discretionary, and financials sectors, as well as in Brazil and Mexico detracted value. Lastly, a higher-than-index exposure to Turkey and Colombia hurt performance.

Lazard Emerging Markets Equity Blend Portfolio

For the six months ended June 30, 2015, the Lazard Emerging Markets Equity Blend Portfolio’s Institutional Shares posted a total return of 1.80%, while Open Shares posted a total return of 1.60%, as compared with the 2.95% return for the EM Index.

The Portfolio is managed using various emerging markets equity strategies and considers various economic and other factors through quantitative and qualitative analysis.

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Changes made to the market forecast during 2015 reflected a consideration of many factors, including 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; geopolitical events and risks; and equity and fixed-income valuations, along with other data.

For the first six months of 2015, stock selection in information technology, materials, consumer staples, and telecom services and lower-than-index exposures to materials and utilities added value, as did stock selection in Taiwan, India, and Malaysia, lower-than-index exposure to Malaysia and higher-than-index exposure to Russia. Our exposure to small caps over the period also added. In contrast, stock selection in the consumer discretionary, energy, financials, and industrials sectors detracted from performance, as did stock selection in Brazil, South Korea, and China and higher-than-index exposures to Brazil and Turkey. The Portfolio does not include any derivatives positions.

Lazard Emerging Markets Multi Asset Portfolio

For the six months ended June 30, 2015, the Lazard Emerging Markets Multi Asset Portfolio’s Institutional Shares posted a total return of -0.23%, while Open Shares posted a total return of -0.35%, as compared with the 2.95% return for the EM Index.

The Portfolio is managed using a combination of emerging markets equity and fixed income strategies which consider a market forecast based on four categories pertinent to allocation decisions among the strategies: Economy, Valuation, Liquidity, and Sentiment.

Changes made to the market forecast during 2015 reflected a consideration of many factors, including 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; geopolitical events and risks; and equity and fixed-income valuations, along with other data.

For the first six months of 2015, stock selection in information technology, materials, utilities, telecom services, and consumer staples and lower-than-index exposures to materials and utilities added value, as did stock selection in Taiwan, India, and Malaysia, lower-than-index exposure to Malaysia, and higher-than-index exposures to Russia and Hungary. Exposure to the local currencies of Kazakhstan and China — implemented via derivative instruments — also contributed, as did exposures to local debt in Serbia and Brazil. Our exposure to small cap equities also added. In contrast, stock selection in the consumer discretionary, energy, financials, and industrials sectors detracted from performance, as did stock selection in Brazil, China, and South Korea and higher-than-index exposures to Brazil and Turkey, exposure to the local currencies of Uganda, Turkey, and Mexico — implemented via derivative instruments — and external debt positions in Venezuela.

Lazard Emerging Markets Debt Portfolio

For the six months ended June 30, 2015, the Lazard Emerging Markets Debt Portfolio’s Institutional Shares posted a total return of -2.21%, while Open Shares posted a total return of -2.24%, as compared with the -1.63% return for the blended 50% JPMorgan EMBI Global Diversified^® Index/50% JPMorgan GBI-EM Global Diversified^® Index (the “Global Diversified Index”).

The Portfolio maintained an overweight position to hard currency debt throughout much of the six months, which was beneficial as hard currency debt outperformed local currency debt by over 6.5% during this time. However, gains from this asset allocation decision were more than offset by losses from bottom-up country selection. Notably, an underweight exposure to Ukraine and an overweight exposure to Venezuela weighed on relative performance. The Portfolio’s underweight to Ukraine was based on the portfolio management team’s view that, as part of the restructuring process, bondholders will be forced to take larger principal reductions than are currently implied by bond prices. The Portfolio’s overweight in Venezuela detracted from returns amid volatility in oil prices and growing concerns about Venezuelan authorities’ inaction and resistance to tackling the

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roots of the country’s economic problems. On a more positive note, the Portfolio’s positioning in Malaysia was beneficial. The primary changes to the Portfolio included a shift from a long-standing overweight position to hard currency debt to a small overweight in local currency debt toward the end of the reporting period. This reallocation was partially achieved by reducing the Portfolio’s off-benchmark position in corporates, which the portfolio management team now finds less attractive given current valuations.

The portfolio management team did not use any derivatives during the first half of 2015.

Lazard Explorer Total Return Portfolio

For the six months ended June 30, 2015, the Lazard Explorer Total Return Portfolio’s Institutional Shares posted a total return of -1.77%, while Open Shares posted a total return of -1.93%, as compared with the -1.63% return for the Global Diversified Index.

Throughout the period, the Portfolio maintained a strong bias toward hard currency debt, and the portfolio management team was highly tactical in adjusting the Portfolio’s net exposure. The Portfolio’s net long position was as high as 95% in January, which allowed the Portfolio to capture the strong performance in external debt markets early in 2015. This net long positioning was as low as 25% in May, which allowed the Portfolio to preserve capital during the external debt market’s mild sell-off toward the end of the reporting period. Early in the first half, one of the key themes in the Portfolio was a net long position in US dollar-denominated European sovereign debt. The rationale for this theme was driven by the portfolio management team’s expectations of: (1) a large quantitative easing program from the European Central Bank; (2) yield convergence with core Europe; and (3) benefits to countries in the European periphery from lower oil prices. This thesis proved to be correct as European yield spreads tightened meaningfully during the first quarter.

The Portfolio’s corporate exposure was the primary detractor from its performance during the first half of 2015. The Portfolio began the year with a 29% expo-

sure to corporates, of which roughly 20% was in high yield debt. High yield corporate debt continued to underperform in January following its significant sell-off in the fourth quarter of 2014. During the six months the portfolio management team reduced the Portfolio’s corporate exposure and rotated up in credit quality. Exposure to Venezuela also detracted from performance amid volatility in oil prices and growing concerns about Venezuelan authorities’ inaction and resistance to tackling the roots of the country’s economic problems.

Lazard Emerging Markets Income Portfolio

For the six months ended June 30, 2015, the Lazard Emerging Markets Income Portfolio’s Institutional Shares posted a total return of -0.95%, while Open Shares posted a total return of -1.09%, as compared with the -1.21% return for the JPMorgan Emerging Local Markets^® Index Plus.

The Portfolio’s best relative performance for the period was earned from active management of Polish exposure. We ended the period underweight due to a tactical reduction following recent zloty strength and concern over EU risks surrounding Greece. Underweight exposure to the Czech Republic added 10 basis points as the koruna weakened by 7% (versus the dollar) due to euro linkages and loose monetary policy. Overweight Indian exposure also benefited the Portfolio due to its high yield, reform agenda, two-way central bank intervention to limit currency volatility, and benefits from lower oil prices.

Conversely, overweight exposure to Mexico detracted 16 basis points. We held overweight exposure to the peso due to trade linkages to the improving US economy, structural reform agenda, and infrastructure investment which may lift growth rate and encourage significant foreign inflows. However, the peso weakened by 5% during the period. Turkey detracted due to lira weakness stemming from political interference with the central bank and electoral risk ahead of June elections. We held the position due to its high yield, and terms of trade benefit from lower oil prices. Finally, underweight exposure during the currency’s first quarter strength detracted.

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New Funds Launched: Lazard Emerging Markets Equity Advantage Portfolio

We are pleased to announce the May 29, 2015 launch of the Lazard Emerging Markets Equity Advantage

Portfolio. Portfolio commentaries will be provided in the December 31, 2015 Lazard Funds Annual Report.

Notes to Investment Overviews:

All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of a Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or Boston Financial Data Services, Inc., the Fund’s transfer and dividend disbursing agent (“BFDS”); without such waiver/reimbursement of expenses, such Portfolio’s returns would have been lower. Past performance is not indicative, or a guarantee, of future results. A period of less than one year is not annualized.

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, 2015; 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 a 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 a 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 any 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.

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The Lazard Funds, Inc. Performance Overviews (unaudited)

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, 2015

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	-13.12%	3.79%	8.73%	7.18%
Open Shares**	-13.40%	3.48%	8.39%	6.97%
R6 Shares**	N/A	N/A	N/A	-1.51%
EM Index	-5.13%	3.68%	8.11%	5.64%
				(Institutional Shares)
				6.32%
				(Open Shares)
				2.80%
				(R6 Shares)

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the portfolio have been waived by BFDS; without such waiver/reimbursement of expenses, the portfolio’s return would have been lower. A period of less than one year is not annualized.
	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, Open Shares and R6 Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional Shares was July 15, 1994, for the Open Shares was January 8, 1997 and for the R6 Shares was January 19, 2015.

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Lazard Emerging Markets Core Equity Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2015

	One	Since
	Year	Inception	†
Institutional Shares**	-2.75%	1.21%
Open Shares**	-3.25%	0.78%
EM Index	-5.13%	-1.33%

*	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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was October 31, 2013.

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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, 2015

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	-12.49%	0.44%	4.36%
Open Shares**	-12.80%	0.11%	4.05%
EM Index	-5.13%	3.68%	5.69%

*	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 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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was September 30, 2008.

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Lazard Emerging Markets Equity Advantage Portfolio

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

 

Total Returns*

Period Ended June 30, 2015

	Since
	Inception	†
Institutional Shares**	-2.90%
Open Shares**	-2.90%
EM Index	-2.60%

*	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.
	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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was May 29, 2015.

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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, 2015

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	-10.99%	1.53%	1.48%
Open Shares**	-11.31%	1.21%	1.17%
EM Index	-5.13%	3.68%	3.47%

*	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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was May 28, 2010.

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Lazard Emerging Markets Multi Asset Portfolio

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

 

Average Annual Total Returns*

Periods Ended June 30, 2015

	One	Since
	Year	Inception	†
Institutional Shares**	-9.40%	-2.35%
Open Shares**	-9.72%	-2.65%
EM Index	-5.13%	-1.77%

*	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.
	Before April 30, 2014, the Portfolio was known as Lazard Emerging Markets Multi-Strategy Portfolio.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was March 31, 2011.

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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, 2015

	One	Since
	Year	Inception	†
Institutional Shares**	-11.08%	1.69%
Open Shares**	-11.34%	1.39%
JPMorgan EMBI Global Diversified Index	0.51%	6.40%
JPMorgan GBI-EM Global Diversified Index	-15.39%	-1.49%
Global Diversified Index	-7.72%	2.46%

*	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 Index. The JPMorgan GBI-EM Global Diversified Index is a uniquely-weighted version of the GBI-EM Global Index. 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 and Open Shares may vary, 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  15

Lazard Explorer Total Return Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Explorer Total Return Portfolio, JPMorgan EMBI Global Diversified Index, JPMorgan GBI-EM Global Diversified Index and Global Diversified Index*

 

Average Annual Total Returns*

Periods Ended June 30, 2015

	One	Since
	Year	Inception	†
Institutional Shares**	-5.42%	-0.80%
Open Shares**	-5.72%	-1.09%
JPMorgan EMBI Global Diversified Index	0.51%	5.92%
JPMorgan GBI-EM Global Diversified Index	15.39%	-6.23%
Global Diversified Index	-7.72%	-0.29%

*	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 Index. The JPMorgan GBI-EM Global Diversified Index is a uniquely-weighted version of the GBI-EM Global Index. 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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was June 28, 2013.

16  Semi-Annual Report

Lazard Emerging Markets Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Income Portfolio and JPMorgan Emerging Local Markets^® Index Plus*

 

Average Annual Total Returns*

Periods Ended June 30, 2015

	One	Since
	Year	Inception	†
Institutional Shares**	-10.51%	-7.89%
Open Shares**	-10.75%	-8.18%
JPMorgan Emerging Local Markets Index Plus	-10.23%	-7.63%

*	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.
	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 JPMorgan Emerging Local Markets Index Plus tracks total returns for local currency-denominated money market instruments in 23 emerging markets countries with at least US $10 billion of external trade. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was April 30, 2014.

Semi-Annual Report  17

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, 2015 through June 30, 2015 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 shareholder reports of other mutual 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.

18  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/15		Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15 - 6/30/15		Annualized Expense Ratio During Period 1/1/15 - 6/30/15
Emerging Markets Equity
Institutional Shares
Actual	$	1,000.00	$	989.50	$	5.38		1.09	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Open Shares
Actual	$	1,000.00	$	988.10	$	6.80		1.38	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.95	$	6.90		1.38	%
R6 Shares**
Actual	$	1,000.00	$	984.90	$	4.89		1.11	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.27	$	4.97		1.11	%
Emerging Markets Core Equity
Institutional Shares
Actual	$	1,000.00	$	1,050.90	$	6.61		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.35	$	6.51		1.30	%
Open Shares
Actual	$	1,000.00	$	1,046.80	$	8.12		1.60	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Developing Markets Equity
Institutional Shares
Actual	$	1,000.00	$	1,018.20	$	6.00		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Open Shares
Actual	$	1,000.00	$	1,016.30	$	7.90		1.58	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.96	$	7.90		1.58	%
Emerging Markets Equity Advantage†
Institutional Shares
Actual	$	1,000.00	$	971.00	$	0.87		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,003.22	$	0.89		1.10	%
Open Shares
Actual	$	1,000.00	$	971.00	$	1.13		1.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,002.96	$	1.15		1.40	%
Emerging Markets Equity Blend
Institutional Shares
Actual	$	1,000.00	$	1,018.00	$	6.05		1.21	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.79	$	6.06		1.21	%
Open Shares
Actual	$	1,000.00	$	1,016.00	$	8.00		1.60	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Emerging Markets Multi Asset
Institutional Shares
Actual	$	1,000.00	$	997.70	$	6.44		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.35	$	6.51		1.30	%
Open Shares
Actual	$	1,000.00	$	996.50	$	7.92		1.60	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%

Semi-Annual Report  19

Portfolio	Beginning Account Value 1/1/15		Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15 - 6/30/15		Annualized Expense Ratio During Period 1/1/15 - 6/30/15
Emerging Markets Debt
Institutional Shares
Actual	$	1,000.00	$	977.90	$	4.51		0.92	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.23	$	4.61		0.92	%
Open Shares
Actual	$	1,000.00	$	977.60	$	6.37		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.35	$	6.51		1.30	%
Explorer Total Return
Institutional Shares
Actual	$	1,000.00	$	982.30	$	5.65		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Open Shares
Actual	$	1,000.00	$	980.70	$	7.37		1.50	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.36	$	7.50		1.50	%
Emerging Markets Income
Institutional Shares
Actual	$	1,000.00	$	990.50	$	4.44		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Open Shares
Actual	$	1,000.00	$	989.10	$	5.92		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%

*	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).
**	The inception date for the R6 Share was January 19, 2015.
†	The Portfolio commenced operations on May 29, 2015.

20  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector and Region June 30, 2015 (unaudited)

Sector*	Lazard Emerging Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi Asset Portfolio
Consumer Discretionary		8.4	%		13.8	%		14.0	%		6.1	%		11.2	%		8.2	%
Consumer Staples		9.9			3.7			3.7			8.4			6.1			3.8
Energy		7.8			0.4			8.6			8.3			8.1			6.1
Financials		28.7			30.0			28.6			26.3			28.1			21.0
Health Care		—			5.1			6.4			3.2			3.0			2.3
Industrials		5.5			7.6			12.3			7.4			8.2			5.4
Information Technology		21.2			24.9			17.4			19.6			22.8			15.3
Materials		4.7			4.6			7.6			5.9			3.6			2.5
Telecommunication Services		10.5			5.4			—			7.9			5.8			4.5
Utilities		0.6			2.2			—			5.5			—			0.2
Sovereign Debt		—			—			—			—			—			15.2
US Treasury Securities		—			—			—			—			—			7.9
Short-Term Investments		2.7			2.3			1.4			1.4			3.1			7.6
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Region*	Lazard Emerging Markets Debt Portfolio			Lazard Explorer Total Return Portfolio			Lazard Emerging Markets Income Portfolio
Africa		13.8	%		14.0	%		2.9	%
Asia		24.0			18.0			3.2
Europe		27.5			24.0			2.6
North America		10.8			10.0			83.2
South America		23.0			21.2			3.1
Short-Term Investments		0.9			12.8			5.0
Total Investments		100.0	%		100.0	%		100.0	%

*Represents percentage of total investments.

Semi-Annual Report  21

The Lazard Funds Inc. Portfolios of Investments June 30, 2015 (unaudited)

Description	Shares			Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 96.7%
Argentina | 1.1%
YPF SA Sponsored ADR		5,384,081	$	147,685,342
Brazil | 13.2%
Ambev SA ADR		36,801,140		224,486,954
Banco do Brasil SA		49,663,110		387,835,808
BB Seguridade Participacoes SA		24,918,500		273,301,229
CCR SA		22,238,800		106,648,389
CEMIG SA Sponsored ADR		21,999,831		83,819,356
Cielo SA		24,777,505		349,216,902
Localiza Rent a Car SA		7,901,737		77,998,234
Natura Cosmeticos SA		8,329,100		73,778,075
Souza Cruz SA		16,110,925		126,592,872
Vale SA Sponsored ADR		11,326,700		66,714,263
Via Varejo SA		13,429,800		48,508,139
				1,818,900,221
China | 11.9%
Baidu, Inc. Sponsored ADR (a)		2,074,100		412,911,828
China Construction Bank Corp., Class H		610,733,220		558,610,669
China Shenhua Energy Co., Ltd., Class H		44,825,000		102,238,391
CNOOC, Ltd.		128,684,000		182,943,757
NetEase, Inc. ADR		2,122,261		307,441,340
Weichai Power Co., Ltd., Class H		25,363,000		84,908,160
				1,649,054,145
Colombia | 0.1%
Pacific Rubiales Energy Corp.		4,283,217		16,152,083
Egypt | 1.3%
Commercial International Bank Egypt SAE GDR		24,212,175		177,959,486
Hong Kong | 3.4%
China Mobile, Ltd. Sponsored ADR		5,960,704		382,021,519
Huabao International Holdings, Ltd.		153,217,000		92,109,478
				474,130,997
Hungary | 1.3%
OTP Bank Nyrt.		9,334,242		184,754,159
India | 9.6%
Axis Bank, Ltd.		33,237,161		291,242,711
Bajaj Auto, Ltd.		2,934,503		116,827,136

Description	Shares			Value
Bharat Heavy Electricals, Ltd.		29,511,831	$	114,353,711
HCL Technologies, Ltd.		8,650,794		124,993,649
Hero MotoCorp, Ltd.		4,064,780		160,628,386
Punjab National Bank		68,819,120		150,379,719
Tata Consultancy Services, Ltd.		9,195,204		368,934,457
				1,327,359,769
Indonesia | 6.3%
PT Astra International Tbk		282,173,500		149,737,672
PT Bank Mandiri (Persero) Tbk		258,548,230		194,892,909
PT Semen Indonesia (Persero) Tbk		110,375,900		99,344,519
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		7,199,255		312,375,674
PT United Tractors Tbk		79,097,984		120,879,162
				877,229,936
Macau | 0.7%
Wynn Macau, Ltd.		58,198,000		96,701,981
Malaysia | 0.7%
British American Tobacco Malaysia Berhad		5,924,500		97,354,625
Mexico | 1.9%
Grupo Mexico SAB de CV, Series B		48,246,347		145,161,110
Kimberly-Clark de Mexico SAB de CV, Series A		50,954,795		110,192,682
				255,353,792
Pakistan | 2.2%
Habib Bank, Ltd.		52,155,700		109,922,846
Oil & Gas Development Co., Ltd.		45,255,549		79,705,794
Pakistan Petroleum, Ltd.		70,236,502		113,178,937
				302,807,577
Philippines | 1.7%
Philippine Long Distance Telephone Co. Sponsored ADR		3,733,050		232,569,015
Russia | 7.6%
ALROSA AO		75,982,893		86,770,716
Eurasia Drilling Co., Ltd. GDR		212,886		3,506,232
Gazprom OAO Sponsored ADR		41,112,522		211,729,488
Lukoil OAO Sponsored ADR		2,478,756		109,077,658
Magnit PJSC Sponsored GDR		556,603		30,980,523
Magnit PJSC Sponsored GDR (b), (c)		1,458,065		81,155,898
MegaFon OAO GDR		863,182		11,998,230
MegaFon OAO GDR (b), (c)		5,557,964		77,255,699
Mobile TeleSystems OJSC Sponsored ADR		16,517,143		161,537,659
Sberbank of Russia (a)		208,334,173		272,191,514
				1,046,203,617

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

22  Semi-Annual Report

Description	Shares			Value
Lazard Emerging Markets Equity Portfolio (concluded)
South Africa | 8.5%
Imperial Holdings, Ltd.		7,481,262	$	114,069,875
Nedbank Group, Ltd.		5,810,647		115,486,967
PPC, Ltd.		40,422,923		58,644,139
Sanlam, Ltd.		18,045,198		98,398,688
Shoprite Holdings, Ltd.		15,392,159		219,508,432
Standard Bank Group, Ltd.		9,710,902		127,847,705
The Bidvest Group, Ltd.		4,781,861		121,118,730
Tiger Brands, Ltd.		2,627,983		61,236,799
Vodacom Group, Ltd.		9,669,771		110,241,430
Woolworths Holdings, Ltd.		18,526,471		150,148,779
				1,176,701,544
South Korea | 13.1%
Coway Co., Ltd.		1,773,947		145,357,260
Hanwha Life Insurance Co., Ltd.		26,781,748		190,397,832
Hyundai Mobis Co., Ltd.		945,102		179,624,030
KB Financial Group, Inc.		5,877,223		194,423,353
KT&G Corp.		2,175,031		185,046,790
Samsung Electronics Co., Ltd.		335,330		381,190,049
Shinhan Financial Group Co., Ltd.		7,748,374		288,623,371
SK Hynix, Inc.		6,623,253		251,166,437
				1,815,829,122
Taiwan | 5.2%
Hon Hai Precision Industry Co., Ltd.		48,561,448		152,666,887
Taiwan Semiconductor Manufacturing Co., Ltd.		125,319,284		570,657,745
				723,324,632

Description	Shares			Value
Thailand | 2.7%
CP All Public Co. Ltd. (b)		104,533,100	$	143,140,912
Kasikornbank Public Co. Ltd.		4,838,100		27,072,905
PTT Exploration & Production Public Co. Ltd. (b)		32,205,770		103,934,181
The Siam Cement Public Co. Ltd.		6,478,900		99,364,042
				373,512,040
Turkey | 4.2%
Akbank TAS		51,290,383		148,315,536
KOC Holding AS		27,246,872		126,062,913
Turkcell Iletisim Hizmetleri AS		33,474,844		154,253,320
Turkiye Is Bankasi AS, C Shares		73,588,923		154,860,463
				583,492,232
Total Common Stocks (Identified cost $13,710,277,061)				13,377,076,315
Short-Term Investment | 2.7%
State Street Institutional Treasury Money Market Fund (Identified cost $372,849,993)		372,849,993		372,849,993
Total Investments | 99.4% (Identified cost $14,083,127,054) (d)			$	13,749,926,308
Cash and Other Assets in Excess of Liabilities | 0.6%				87,997,542
Net Assets | 100.0%			$	13,837,923,850

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

Semi-Annual Report  23

Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks | 96.1%
Brazil | 3.2%
Cosan, Ltd., Class A		41,495	$	255,609
Embraer SA Sponsored ADR		15,900		481,611
Klabin SA		107,360		659,195
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		25,735		396,483
				1,792,898
China | 24.4%
Alibaba Group Holding, Ltd. Sponsored ADR		10,200		839,154
Anhui Conch Cement Co., Ltd., Class H		150,000		526,346
Baidu, Inc. Sponsored ADR (a)		5,854		1,165,414
China Lesso Group Holdings, Ltd.		925,000		751,785
CT Environmental Group, Ltd.		450,000		597,945
ENN Energy Holdings, Ltd.		108,000		651,354
Industrial and Commercial Bank of China, Ltd., Class H		3,540,000		2,808,600
Lenovo Group, Ltd.		546,000		756,499
NetEase, Inc. ADR		7,400		1,072,001
PICC Property & Casualty Co., Ltd., Class H		461,180		1,049,495
Ping An Insurance (Group) Co. of China, Ltd., Class H		125,000		1,683,534
Sinotrans, Ltd., Class H		782,000		524,592
Vipshop Holdings, Ltd. ADR (a)		35,200		783,200
WuXi PharmaTech Cayman, Inc. ADR (a)		14,730		622,490
				13,832,409
Hong Kong | 4.7%
China Mobile, Ltd. Sponsored ADR		28,000		1,794,520
Haier Electronics Group Co., Ltd.		326,000		876,870
				2,671,390
India | 10.2%
Dr Reddy’s Laboratories, Ltd. ADR		18,675		1,033,101
HDFC Bank, Ltd. ADR		20,669		1,251,095
ICICI Bank, Ltd. Sponsored ADR		134,100		1,397,322
Sun Pharmaceutical Industries, Ltd.		56,447		775,969
Tata Motors, Ltd. Sponsored ADR		23,927		824,764
UPL, Ltd.		63,426		532,766
				5,815,017

Description	Shares		Value
Indonesia | 2.5%
PT Bank Mandiri (Persero) Tbk		881,000	$	664,095
PT Matahari Department Store Tbk		606,000		752,245
				1,416,340
Mexico | 5.2%
Alsea SAB de CV		141,700		427,602
Fibra Uno Administracion SA de CV REIT		216,600		515,127
Gruma SAB de CV, Class B		59,000		761,078
Grupo Financiero Banorte SAB de CV, Class O		114,100		627,360
Grupo Televisa SAB Sponsored ADR		16,700		648,294
				2,979,461
Peru | 1.1%
Credicorp, Ltd.		4,350		604,302
Philippines | 3.8%
Alliance Global Group, Inc.		944,500		454,550
BDO Unibank, Inc.		367,780		884,173
GT Capital Holdings, Inc.		27,000		817,964
				2,156,687
Russia | 0.7%
Magnit PJSC Sponsored GDR		7,310		406,875
South Africa | 5.2%
Aspen Pharmacare Holdings, Ltd.		16,936		501,147
Mondi PLC		43,232		931,297
MTN Group, Ltd.		29,821		560,706
Naspers, Ltd., N Shares		6,079		946,877
				2,940,027
South Korea | 10.2%
Amorepacific Corp.		1,165		436,568
DGB Financial Group, Inc.		92,616		971,453
Hotel Shilla Co., Ltd.		9,248		924,427
KEPCO Plant Service & Engineering Co., Ltd.		5,328		563,633
Samsung Electronics Co., Ltd.		855		971,930
SK Hynix, Inc.		33,013		1,251,916
SK Telecom Co., Ltd. Sponsored ADR		28,100		696,599
				5,816,526
Taiwan | 19.9%
Advanced Semiconductor Engineering, Inc. ADR		145,900		962,940
Delta Electronics, Inc.		81,000		414,785
Eclat Textile Co., Ltd.		57,760		947,238
Hermes Microvision, Inc.		8,000		521,156
Hon Hai Precision Industry Co., Ltd. GDR		156,590		1,071,076
Largan Precision Co., Ltd.		24,000		2,741,901

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

24  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
MediaTek, Inc.		35,000	$	478,698
Mega Financial Holding Co., Ltd.		1,123,000		1,011,826
Merida Industry Co., Ltd.		108,800		705,246
President Chain Store Corp.		70,000		492,311
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		84,849		1,926,921
				11,274,098
Thailand | 2.3%
Bangkok Bank Public Co. Ltd.		72,900		385,269
Kasikornbank Public Co. Ltd.		170,300		952,960
				1,338,229
Turkey | 2.7%
TAV Havalimanlari Holding AS		86,254		732,166
Turk Traktor ve Ziraat Makineleri AS		15,943		410,458
Turkiye Garanti Bankasi AS		119,999		374,311
				1,516,935
Total Common Stocks (Identified cost $52,343,437)				54,561,194

Description	Shares		Value
Preferred Stock | 1.9%
Brazil | 1.9%
Itau Unibanco Holding SA Sponsored ADR (Identified cost $1,394,676)		100,552	$	1,101,044
Short-Term Investment | 2.3%
State Street Institutional Treasury Money Market Fund (Identified cost $1,297,925)		1,297,925		1,297,925
Total Investments | 100.3% (Identified cost $55,036,038) (d)			$	56,960,163
Liabilities in Excess of Cash and Other Assets | (0.3)%				(185,972	)
Net Assets | 100.0%			$	56,774,191

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

Semi-Annual Report  25

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 96.7%
Argentina | 1.3%
YPF SA Sponsored ADR		198,400	$	5,442,112
Brazil | 5.9%
Cosan SA Industria e Comercio		368,500		2,980,854
Estacio Participacoes SA		856,700		4,959,828
Gerdau SA Sponsored ADR		1,503,850		3,624,278
Localiza Rent a Car SA		267,820		2,643,658
Petroleo Brasileiro SA Sponsored ADR (a)		716,000		5,842,560
Vale SA Sponsored ADR		643,115		3,787,947
Via Varejo SA		497,900		1,798,404
				25,637,529
China | 20.1%
AAC Technologies Holdings, Inc.		1,003,200		5,675,035
Agricultural Bank of China, Ltd., Class H		21,565,500		11,656,952
Anhui Conch Cement Co., Ltd., Class H		3,394,000		11,909,463
Baidu, Inc. Sponsored ADR (a)		70,680		14,070,974
China Construction Bank Corp., Class H		5,075,184		4,642,046
China Medical System Holdings, Ltd.		3,506,000		4,875,758
China Merchants Bank Co., Ltd., Class H		2,744,711		8,037,740
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		426,100		10,447,972
Ping An Insurance (Group) Co. of China, Ltd., Class H		731,500		9,852,043
Zhuzhou CSR Times Electric Co., Ltd., Class H		817,500		6,159,026
				87,327,009
Colombia | 3.0%
Bancolombia SA Sponsored ADR		232,000		9,976,000
Cemex Latam Holdings SA (a)		594,640		2,912,468
				12,888,468
Hong Kong | 6.5%
China State Construction International Holdings, Ltd.		7,147,340		12,798,096
Melco Crown Entertainment, Ltd. ADR		160,900		3,158,467
Techtronic Industries Co., Ltd.		3,815,500		12,551,715
				28,508,278
India | 13.0%
Adani Ports & Special Economic Zone, Ltd.		849,153		4,105,084
Aurobindo Pharma, Ltd.		567,817		13,000,584
Glenmark Pharmaceuticals, Ltd.		629,376		9,865,627
HDFC Bank, Ltd. ADR		144,055		8,719,649

Description	Shares		Value
ICICI Bank, Ltd. Sponsored ADR		586,575	$	6,112,111
Reliance Industries, Ltd.		746,130		11,705,149
Shriram Transport Finance Co., Ltd.		226,929		3,033,144
				56,541,348
Indonesia | 1.7%
PT Bank Rakyat Indonesia (Persero) Tbk		9,359,900		7,266,077
Mexico | 2.6%
Grupo Financiero Banorte SAB de CV, Class O		2,067,457		11,367,561
Peru | 2.9%
Credicorp, Ltd.		92,400		12,836,208
Poland | 1.0%
Eurocash SA		443,046		4,401,002
Russia | 9.1%
NovaTek OAO Sponsored GDR		81,404		8,286,927
Sberbank of Russia (a)		8,660,248		11,314,736
TMK OAO GDR		716,877		3,082,571
X5 Retail Group NV GDR (a)		697,877		11,619,652
Yandex NV Class A (a)		349,000		5,311,780
				39,615,666
South Africa | 1.4%
Petra Diamonds, Ltd. (a)		1,235,112		2,889,657
Standard Bank Group, Ltd.		238,819		3,144,143
				6,033,800
South Korea | 9.4%
CJ CGV Co., Ltd.		48,955		5,617,679
Hotel Shilla Co., Ltd.		47,346		4,732,690
Kia Motors Corp.		118,045		4,793,974
Korea Aerospace Industries, Ltd.		181,311		12,922,340
Samsung Electronics Co., Ltd.		11,402		12,961,349
				41,028,032
Taiwan | 11.5%
Advanced Semiconductor Engineering, Inc.		6,157,000		8,341,169
Catcher Technology Co., Ltd.		968,000		12,110,000
Eclat Textile Co., Ltd.		558,000		9,150,950
Hiwin Technologies Corp.		518,821		3,413,462
Hota Industrial Manufacturing Co., Ltd.		58,000		183,975
MediaTek, Inc.		293,000		4,007,390
Taiwan Semiconductor Manufacturing Co., Ltd.		2,856,000		13,005,169
				50,212,115

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

26  Semi-Annual Report

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Turkey | 4.8%
Aselsan Elektronik Sanayi Ve Ticaret AS		1,528,741	$	7,928,622
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		6,044,668		6,224,873
Ford Otomotiv Sanayi AS		253,486		3,390,722
TAV Havalimanlari Holding AS		399,521		3,391,330
				20,935,547
United States | 2.5%
First Cash Financial Services, Inc. (a)		66,400		3,027,176
Freeport-McMoRan, Inc.		427,200		7,954,464
				10,981,640
Total Common Stocks (Identified cost $432,216,785)				421,022,392

Description	Shares		Value
Preferred Stock | 1.5%
Brazil | 1.5%
Banco Bradesco SA ADR (Identified cost $8,987,034)		712,385	$	6,525,447
Short-Term Investment | 1.4%
State Street Institutional Treasury Money Market Fund (Identified cost $5,998,558)		5,998,558		5,998,558
Total Investments | 99.6% (Identified cost $447,202,377) (d)			$	433,546,397
Cash and Other Assets in Excess of Liabilities | 0.4%				1,923,935
Net Assets | 100.0%			$	435,470,332

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

Semi-Annual Report  27

Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks | 92.4%
Brazil | 4.0%
Ambev SA ADR		6,600	$	40,260
BB Seguridade Participacoes SA		1,300		14,258
Braskem SA Sponsored ADR		900		7,794
BRF SA ADR		700		14,637
Cielo SA Sponsored ADR		2,400		33,936
JBS SA Sponsored ADR		1,100		11,561
				122,446
Chile | 2.6%
Banco Santander Chile ADR		600		12,150
Cia Cervecerias Unidas SA Sponsored ADR		500		10,590
Enersis SA Sponsored ADR		3,000		47,490
Latam Airlines Group SA Sponsored ADR (a)		1,200		8,448
				78,678
China | 18.2%
Agricultural Bank of China, Ltd., Class H		32,000		17,297
Bank of Chongqing Co., Ltd., Class H		6,000		5,728
Boer Power Holdings, Ltd.		3,000		6,370
China Construction Bank Corp., Class H		73,000		66,770
China Galaxy Securities Co., Ltd., Class H		4,000		5,233
China Hongqiao Group, Ltd.		14,000		13,184
China Lesso Group Holdings, Ltd.		6,000		4,876
China Life Insurance Co., Ltd., Class H		6,000		26,008
China Lilang, Ltd.		4,000		4,624
China Medical System Holdings, Ltd.		4,000		5,563
China Mengniu Dairy Co., Ltd.		2,000		9,959
China Merchants Bank Co., Ltd., Class H		9,500		27,820
China Overseas Land & Investment, Ltd.		10,000		35,412
China Railway Construction Corp., Ltd.		4,000		6,151
China Railway Group, Ltd., Class H		4,000		4,340
China Southern Airlines Co., Ltd., Class H (a)		10,000		11,817
China Telecom Corp., Ltd. Class H		12,000		7,044
Chongqing Rural Commercial Bank Co., Ltd., Class H		8,000		6,450
CIFI Holdings Group Co., Ltd.		18,000		4,737
CNOOC, Ltd.		29,000		41,228
Cosmo Lady China Holdings Co., Ltd.		5,000		4,928
Fufeng Group, Ltd.		15,000		11,127
Great Wall Motor Co., Ltd. Class H (b)		2,500		12,098
Haitong Securities Co., Ltd., Class H		2,000		5,302
Jintian Pharmaceutical Group, Ltd.		10,000		5,341
Longfor Properties Co., Ltd.		3,000		4,768

Description	Shares		Value
New China Life Insurance Co., Ltd.		1,100	$	6,577
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		200		4,904
Noah Holdings, Ltd. Sponsored ADR (a)		200		6,046
PetroChina Co., Ltd., Class H		6,000		6,680
PICC Property & Casualty Co., Ltd., Class H		4,000		9,103
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,500		20,202
Qingdao Port International Co., Ltd., Class H		6,000		3,522
Shanghai Electric Group Co., Ltd.		6,000		4,876
Shenzhou International Group Holdings, Ltd.		2,000		9,701
Tencent Holdings, Ltd.		4,000		79,881
The People’s Insurance Co. Group of China, Ltd., Class H		25,000		15,997
TravelSky Technology, Ltd. Class H		3,000		4,412
Vipshop Holdings, Ltd. ADR (a)		200		4,450
West China Cement, Ltd.		34,000		6,623
Xinhua Winshare Publishing & Media Co., Ltd., Class H		4,000		4,758
Xinjiang Goldwind Science & Technology Co., Ltd., Class H		2,000		4,046
Zhuzhou CSR Times Electric Co., Ltd., Class H		1,000		7,534
				553,487
Colombia | 0.4%
Ecopetrol SA Sponsored ADR		900		11,934
Egypt | 1.2%
Commercial International Bank Egypt SAE ADR		5,100		37,587
Greece | 0.2%
Hellenic Telecommunications Organization SA Sponsored ADR (b)		1,507		6,314
Hong Kong | 3.5%
Chia Tai Enterprises International, Ltd. (a), (b)		340		307
China Everbright, Ltd.		2,000		6,915
China Mobile, Ltd.		4,500		57,705
China Resources Land, Ltd.		4,000		12,978
China Unicom Hong Kong, Ltd.		6,000		9,428
CP Pokphand Co., Ltd.		34,000		5,263
Nexteer Automotive Group, Ltd.		4,000		4,164
Shimao Property Holdings, Ltd.		2,500		4,947
Sino Biopharmaceutical, Ltd.		4,000		4,655
				106,362

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

28  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Hungary | 1.4%
MOL Hungarian Oil & Gas Nyrt.		521	$	26,664
Richter Gedeon Nyrt.		1,155		17,350
				44,014
India | 5.9%
Axis Bank, Ltd. GDR		193		8,424
Cipla, Ltd.		668		6,456
Dr Reddy’s Laboratories, Ltd. ADR		500		27,660
HDFC Bank, Ltd. ADR		400		24,212
ICICI Bank, Ltd. Sponsored ADR		800		8,336
Infosys, Ltd. Sponsored ADR		2,600		41,210
Reliance Industries, Ltd. Sponsored GDR (c)		715		22,272
Tata Motors, Ltd. Sponsored ADR		1,000		34,470
Tata Steel, Ltd. GDR		1,034		5,051
				178,091
Indonesia | 3.0%
PT Bank Central Asia Tbk ADR		636		16,021
PT Bank Mandiri (Persero) Tbk ADR		3,200		24,064
PT Bank Negara Indonesia (Persero) Tbk ADR		1,271		12,631
PT Bank Rakyat Indonesia (Persero) Tbk ADR		1,289		19,786
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		400		17,356
				89,858
Luxembourg | 0.2%
Ternium SA Sponsored ADR		300		5,193
Malaysia | 2.1%
Dialog Group Berhad		11,900		5,015
Tenaga Nasional Berhad Sponsored ADR		4,000		53,360
Westports Holdings Berhad		4,800		5,381
				63,756
Mexico | 6.0%
Alfa SAB de CV, Series A		7,400		14,181
America Movil SAB de CV, Series L		26,300		28,111
Arca Continental SAB de CV		3,000		17,037
Fomento Economico Mexicano SAB de CV Sponsored ADR		100		8,909
Gentera SAB de CV		12,600		22,406
Grupo Aeroportuario del Centro Norte SAB de CV		2,100		10,320
Grupo Aeroportuario del Sureste SAB de CV ADR		200		28,374
Kimberly-Clark de Mexico SAB de CV, Series A		10,100		21,842

Description	Shares		Value
Megacable Holdings SAB de CV		1,700	$	7,116
Promotora y Operadora de Infraestructura SAB de CV (a)		1,200		12,842
Wal-Mart de Mexico SAB de CV		4,500		10,991
				182,129
Peru | 0.9%
Cia de Minas Buenaventura SAA ADR		1,200		12,456
Credicorp, Ltd.		100		13,892
				26,348
Philippines | 3.1%
Ayala Corp.		460		8,059
BDO Unibank, Inc.		11,110		26,709
DMCI Holdings, Inc.		26,600		7,787
Globe Telecom, Inc.		290		16,143
JG Summit Holdings, Inc.		8,770		13,946
Megaworld Corp.		52,000		5,490
Universal Robina Corp.		2,630		11,316
Vista Land & Lifescapes, Inc.		39,400		5,549
				94,999
Poland | 2.0%
Enea SA		1,736		7,364
Energa SA		932		5,637
Polskie Gornictwo Naftowe i Gazownictwo SA		19,963		35,042
Tauron Polska Energia SA		12,155		14,159
				62,202
Russia | 2.0%
MMC Norilsk Nickel PJSC ADR		746		12,585
Mobile TeleSystems OJSC Sponsored ADR		1,400		13,692
Rosneft Oil Co. OJSC GDR		1,125		4,635
Sberbank of Russia Sponsored ADR		1,041		5,434
Severstal PAO GDR		613		6,486
Tatneft OAO Sponsored ADR		536		17,141
				59,973
South Africa | 6.1%
Capitec Bank Holdings, Ltd.		147		5,860
Clicks Group, Ltd.		2,112		15,624
FirstRand, Ltd.		3,962		17,364
Hyosung Corp.		104		13,426
Life Healthcare Group Holdings, Ltd.		3,521		10,862
Mondi, Ltd.		261		5,727
Mr Price Group, Ltd.		1,187		24,440
MTN Group, Ltd.		373		7,013
Naspers, Ltd., N Shares		241		37,539
Sanlam, Ltd.		929		5,066

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

Semi-Annual Report  29

Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Sasol, Ltd.		1,010	$	37,358
Vodacom Group, Ltd.		489		5,575
				185,854
South Korea | 14.3%
Amorepacific Corp.		72		26,981
BGF retail Co., Ltd.		66		9,467
Hansol Chemical Co., Ltd.		89		7,875
Hyundai Motor Co. GDR		141		6,451
Hyundai Steel Co. Sponsored GDR (c)		300		18,208
Industrial Bank of Korea GDR		1,700		22,022
Kangwon Land, Inc.		256		8,492
KB Financial Group, Inc. ADR		700		23,009
Korea Electric Power Corp. Sponsored ADR		1,600		32,576
KT&G Corp. GDR (c)		700		29,777
LG Chem, Ltd.		38		9,488
LG Display Co., Ltd. ADR		1,600		18,544
LG Electronics, Inc. GDR		894		9,342
Lotte Chemical Corp.		21		5,441
Samsung Electronics Co., Ltd. GDR		251		143,195
Shinhan Financial Group Co., Ltd. ADR		300		11,118
SK Hynix, Inc.		800		30,338
SK Telecom Co., Ltd. Sponsored ADR		900		22,311
				434,635
Taiwan | 10.1%
AU Optronics Corp. Sponsored ADR		2,600		11,596
Cathay Financial Holding Co., Ltd. GDR		700		12,228
Chunghwa Telecom Co., Ltd. Sponsored ADR		400		12,768
Delta Electronics, Inc. GDR		823		21,036
E.Sun Financial Holding Co., Ltd. GDR		1,500		25,117
Far Eastern New Century Corp. GDR (b)		2,370		25,118
Far EasTone Telecommunications Co., Ltd. GDR		312		11,176
Hon Hai Precision Industry Co., Ltd. GDR		2,765		18,913
Silicon Motion Technology Corp. ADR		400		13,844
Siliconware Precision Industries Co., Ltd. Sponsored ADR		3,300		24,585
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		5,100		115,821
United Microelectronics Corp. Sponsored ADR		2,300		4,715
Yageo Corp. Sponsored GDR		984		8,438
				305,355

Description	Shares		Value
Thailand | 3.6%
Airports of Thailand Public Co. Ltd ADR		153	$	13,158
Bumrungrad Hospital Public Co. Ltd ADR (a)		234		12,956
Kasikornbank Public Co. Ltd ADR		765		17,289
Pruksa Real Estate Public Co. Ltd ADR		543		7,873
PTT Exploration & Production Public Co. Ltd. (b)		4,900		15,813
PTT Global Chemical Public Co. Ltd ADR		734		7,120
PTT Public Co. Ltd ADR (a)		1,014		21,556
The Siam Cement Public Co. Ltd.		500		7,668
Tisco Financial Group Public Co. Ltd ADR		542		7,127
				110,560
Turkey | 1.6%
Eregli Demir ve Celik Fabrikalari TAS ADR		1,505		10,535
Koza Altin Isletmeleri ADR		522		5,524
TAV Havalimanlari Holding ADR		372		12,484
Turk Hava Yollari AO ADR (a)		152		4,907
Turk Telekomunikasyon ADR		2,817		14,029
				47,479
Total Common Stocks (Identified cost $2,907,636)				2,807,254
Preferred Stocks | 1.9%
Brazil | 1.9%
Banco Bradesco SA ADR		4,200		38,472
Itau Unibanco Holding SA Sponsored ADR		1,800		19,710
Total Preferred Stocks (Identified cost $56,880)				58,182
Short-Term Investment | 1.4%
State Street Institutional Treasury Money Market Fund (Identified cost $41,634)		41,634		41,634
Total Investments | 95.7% (Identified cost $3,006,150) (d)			$	2,907,070
Cash and Other Assets in Excess of Liabilities | 4.3%				130,305
Net Assets | 100.0%			$	3,037,375

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

30  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks | 95.7%
Argentina | 1.7%
YPF SA Sponsored ADR		321,165	$	8,809,556
Brazil | 8.1%
Ambev SA ADR		816,275		4,979,277
Banco do Brasil SA		815,957		6,372,081
Cielo SA Sponsored ADR		580,296		8,205,385
Companhia de Locacao das Americas		101,500		115,241
Estacio Participacoes SA		745,700		4,317,198
GAEC Educacao SA		164,245		1,148,991
Iochpe-Maxion SA		473,200		1,917,700
Localiza Rent a Car SA		473,610		4,675,015
Natura Cosmeticos SA		197,495		1,749,385
Petroleo Brasileiro SA Sponsored ADR (a)		407,950		3,328,872
Souza Cruz SA		443,835		3,487,469
Tegma Gestao Logistica SA (a)		324,945		1,169,513
Via Varejo SA		314,300		1,135,245
				42,601,372
Cambodia | 0.1%
NagaCorp, Ltd.		978,000		724,206
China | 17.8%
AAC Technologies Holdings, Inc.		824,140		4,662,105
Agricultural Bank of China, Ltd., Class H		16,621,000		8,984,266
Anhui Conch Cement Co., Ltd., Class H		1,629,500		5,717,876
Baidu, Inc. Sponsored ADR (a)		89,637		17,844,934
China Animal Healthcare, Ltd. (b)		2,961,000		1,986,338
China Construction Bank Corp., Class H		13,180,281		12,055,420
China Lesso Group Holdings, Ltd.		2,902,000		2,358,573
China Pioneer Pharma Holdings, Ltd.		2,623,000		1,519,344
China Shenhua Energy Co., Ltd., Class H		2,019,000		4,605,004
China ZhengTong Auto Services Holdings, Ltd.		2,580,000		1,680,825
CNOOC, Ltd.		4,298,800		6,111,394
Cosmo Lady China Holdings Co., Ltd.		2,234,000		2,201,851
Greatview Aseptic Packaging Co., Ltd.		2,993,000		1,698,912
NetEase, Inc. ADR		78,285		11,340,757
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		193,765		4,751,118
Ping An Insurance (Group) Co. of China, Ltd., Class H		418,000		5,629,739
				93,148,456

Description	Shares		Value
Colombia | 0.9%
Bancolombia SA Sponsored ADR		102,520	$	4,408,360
Pacific Rubiales Energy Corp.		105,085		396,277
				4,804,637
Egypt | 1.3%
Commercial International Bank Egypt SAE GDR		677,714		4,981,198
Edita Food Industries SAE (b), (c)		75,482		1,403,965
Integrated Diagnostics Holdings PLC		52,400		306,540
				6,691,703
Georgia | 0.4%
Bank of Georgia Holdings PLC		72,336		2,216,330
Hong Kong | 4.6%
China Mobile, Ltd. Sponsored ADR		113,886		7,298,954
China State Construction International Holdings, Ltd.		3,930,504		7,037,998
Man Wah Holdings, Ltd.		2,315,200		2,266,949
Pacific Textiles Holdings, Ltd.		1,317,000		2,106,778
Techtronic Industries Co., Ltd.		1,611,000		5,299,650
				24,010,329
Hungary | 0.9%
OTP Bank Nyrt.		226,125		4,475,729
India | 9.5%
Aurobindo Pharma, Ltd.		327,097		7,489,124
Axis Bank, Ltd.		1,678,208		14,705,403
Bajaj Auto, Ltd.		116,251		4,628,133
Balkrishna Industries, Ltd.		189,083		2,120,058
Dewan Housing Finance Corp., Ltd.		355,209		2,340,263
HCL Technologies, Ltd.		233,891		3,379,446
ICICI Bank, Ltd. Sponsored ADR		583,765		6,082,831
Reliance Industries, Ltd.		371,708		5,831,286
UPL, Ltd.		359,252		3,017,649
				49,594,193
Indonesia | 4.9%
PT Bank Mandiri (Persero) Tbk		8,215,200		6,192,594
PT Bank Rakyat Indonesia (Persero)Tbk		8,545,818		6,634,106
PT Pakuwon Jati Tbk		66,615,100		2,148,471
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		167,815		7,281,493
PT United Tractors Tbk		2,378,180		3,634,383
				25,891,047
Macau | 0.7%
Wynn Macau, Ltd.		2,063,930		3,429,433

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

Semi-Annual Report  31

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Malaysia | 0.7%
Berjaya Auto Berhad		2,871,820	$	2,055,106
Kossan Rubber Industries Berhad		1,022,300		1,761,184
				3,816,290
Mexico | 3.4%
Credito Real SAB de CV		808,015		1,807,013
Grupo Financiero Banorte SAB de CV, Class O		875,200		4,812,138
Grupo Financiero Interacciones SA de CV, Class O		263,071		1,602,612
Grupo Mexico SAB de CV, Series B		1,127,301		3,391,765
Kimberly-Clark de Mexico SAB de CV, Series A		1,962,700		4,244,452
Unifin Financiera SAPI de CV SOFOM ENR		997,550		2,086,810
				17,944,790
Peru | 1.0%
Credicorp, Ltd.		36,316		5,045,019
Philippines | 0.8%
Philippine Long Distance Telephone Co. Sponsored ADR		65,102		4,055,855
Poland | 0.7%
Eurocash SA		352,224		3,498,821
Russia | 7.5%
Gazprom OAO Sponsored ADR		764,481		3,937,077
Lukoil OAO Sponsored ADR		79,773		3,582,605
MegaFon OAO GDR		12,102		168,218
MegaFon OAO GDR (b), (c)		180,368		2,507,115
Mobile TeleSystems OJSC Sponsored ADR		420,500		4,112,490
NovaTek OAO Sponsored GDR		57,352		5,838,434
Sberbank of Russia (a)		4,421,835		5,777,189
Sberbank of Russia Sponsored ADR		987,577		5,244,034
X5 Retail Group NV GDR (a)		335,898		5,592,702
Yandex NV Class A (a)		170,385		2,593,260
				39,353,124
South Africa | 1.8%
Standard Bank Group, Ltd.		439,395		5,784,802
Sun International, Ltd.		184,518		1,675,920
Tiger Brands, Ltd.		91,415		2,130,136
				9,590,858

Description	Shares		Value
South Korea | 9.4%
Eugene Technology Co., Ltd.		156,316	$	2,242,195
Fila Korea, Ltd.		21,455		2,135,017
Hanwha Life Insurance Co., Ltd.		720,855		5,124,730
Hyundai Mobis Co., Ltd.		28,449		5,406,955
Koh Young Technology, Inc.		48,353		1,781,620
KT&G Corp.		56,918		4,842,457
Samsung Electronics Co., Ltd.		12,456		14,159,494
Shinhan Financial Group Co., Ltd.		165,578		6,167,705
SK Hynix, Inc.		192,480		7,299,210
				49,159,383
Taiwan | 11.7%
Actron Technology Corp.		387,000		1,448,687
Advanced Semiconductor Engineering, Inc.		2,823,000		3,824,447
Catcher Technology Co., Ltd.		611,000		7,643,812
Chailease Holding Co., Ltd.		935,900		2,256,752
Chicony Electronics Co., Ltd.		986,520		2,647,389
Eclat Textile Co., Ltd.		286,000		4,690,272
Hon Hai Precision Industry Co., Ltd.		1,356,712		4,265,215
King Slide Works Co., Ltd.		157,000		2,096,420
Macauto Industrial Co., Ltd.		554,000		2,100,763
MediaTek, Inc.		174,000		2,379,815
Radiant Opto-Electronics Corp.		476,280		1,767,459
Silergy Corp.		158,000		1,623,296
Sinmag Equipment Corp.		342,760		1,899,624
Sporton International, Inc.		231,000		1,560,988
Taiwan Semiconductor Manufacturing Co., Ltd.		4,226,000		19,243,644
Voltronic Power Technology Corp.		132,000		1,664,198
				61,112,781
Thailand | 0.6%
KCE Electronics Public Co. Ltd (b)		1,096,800		1,802,265
Supalai Public Co. Ltd. (b)		2,700,600		1,503,198
				3,305,463
Turkey | 6.1%
Aselsan Elektronik Sanayi Ve Ticaret AS		784,977		4,071,184
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		2,474,354		2,548,120
Ford Otomotiv Sanayi AS		207,526		2,775,944
KOC Holding AS ADR		283,567		6,598,604
TAV Havalimanlari Holding AS		481,159		4,084,313
Turkcell Iletisim Hizmetleri AS ADR		430,475		4,946,158
Turkiye Is Bankasi AS, C Shares		2,277,054		4,791,830
Turkiye Sinai Kalkinma Bankasi AS		3,679,339		2,333,822
				32,149,975

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

32  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
United Arab Emirates | 0.5%
Al Noor Hospitals Group PLC		186,629	$	2,771,126
United States | 0.6%
Freeport-McMoRan, Inc.		169,100		3,148,642
Total Common Stocks (Identified cost $503,106,595)				501,349,118
Preferred Stocks | 0.7%
Brazil | 0.7%
Banco ABC Brasil SA		486,600		1,831,147
Vale SA Sponsored ADR		331,815		1,675,666
Total Preferred Stocks (Identified cost $6,822,232)				3,506,813

Description	Shares		Value
Short-Term Investment | 3.1%
State Street Institutional Treasury Money Market Fund (Identified cost $16,251,172)		16,251,172	$	16,251,172
Total Investments | 99.5% (Identified cost $526,179,999) (d)			$	521,107,103
Cash and Other Assets in Excess of Liabilities | 0.5%				2,762,990
Net Assets | 100.0%			$	523,870,093

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

Semi-Annual Report  33

Description	Shares		Value
Lazard Emerging Markets Multi Asset Portfolio
Common Stocks | 66.2%
Argentina | 1.0%
YPF SA Sponsored ADR		70,687	$	1,938,944
Brazil | 5.1%
Ambev SA ADR		198,300		1,209,630
Banco do Brasil SA		188,745		1,473,973
Cielo SA Sponsored ADR		129,130		1,825,898
Companhia de Locacao das Americas		16,000		18,166
Estacio Participacoes SA		141,840		821,177
GAEC Educacao SA		38,570		269,820
Iochpe-Maxion SA		111,400		451,462
Localiza Rent a Car SA		110,568		1,091,419
Natura Cosmeticos SA		47,155		417,693
Petroleo Brasileiro SA Sponsored ADR (a)		76,840		627,014
Souza Cruz SA		105,964		832,621
Tegma Gestao Logistica SA (a)		74,412		267,817
Via Varejo SA		60,475		218,434
				9,525,124
Cambodia | 0.1%
NagaCorp, Ltd.		224,565		166,290
China | 12.6%
AAC Technologies Holdings, Inc.		157,000		888,139
Agricultural Bank of China, Ltd., Class H		3,204,000		1,731,881
Anhui Conch Cement Co., Ltd., Class H		327,500		1,149,190
Baidu, Inc. Sponsored ADR (a)		22,347		4,448,841
China Animal Healthcare, Ltd. (a), (b)		644,000		432,017
China Construction Bank Corp., Class H		3,044,065		2,784,272
China Lesso Group Holdings, Ltd.		677,775		550,855
China Pioneer Pharma Holdings, Ltd.		615,000		356,232
China Shenhua Energy Co., Ltd., Class H		477,000		1,087,958
China ZhengTong Auto Services Holdings, Ltd.		594,570		387,352
CNOOC, Ltd.		998,000		1,418,808
Cosmo Lady China Holdings Co., Ltd.		512,000		504,632
CT Environmental Group, Ltd.		188,000		249,808
Greatview Aseptic Packaging Co., Ltd.		685,000		388,825
Industrial and Commercial Bank of China, Ltd., Class H		1,045,000		829,092
Lenovo Group, Ltd.		198,000		274,335
NetEase, Inc. ADR		18,065		2,616,986

Description	Shares		Value
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		38,445	$	942,671
PICC Property & Casualty Co., Ltd., Class H		158,000		359,556
Ping An Insurance (Group) Co. of China, Ltd., Class H		128,675		1,733,030
Vipshop Holdings, Ltd. ADR (a)		15,700		349,325
				23,483,805
Colombia | 0.5%
Bancolombia SA Sponsored ADR		19,520		839,360
Pacific Rubiales Energy Corp.		18,550		69,952
				909,312
Egypt | 0.9%
Commercial International Bank Egypt SAE GDR		162,717		1,195,970
Edita Food Industries SAE (b), (c)		17,958		334,019
Integrated Diagnostics Holdings PLC		12,100		70,785
				1,600,774
Georgia | 0.3%
Bank of Georgia Holdings PLC		17,098		523,872
Hong Kong | 3.3%
China Mobile, Ltd. Sponsored ADR		37,228		2,385,942
China State Construction International Holdings, Ltd.		748,125		1,339,600
Haier Electronics Group Co., Ltd.		118,000		317,395
Man Wah Holdings, Ltd.		542,400		531,096
Pacific Textiles Holdings, Ltd.		310,000		495,901
Techtronic Industries Co., Ltd.		309,500		1,018,151
				6,088,085
Hungary | 0.5%
OTP Bank Nyrt.		52,363		1,036,429
India | 6.7%
Aurobindo Pharma, Ltd.		62,987		1,442,133
Axis Bank, Ltd.		389,955		3,417,005
Bajaj Auto, Ltd.		26,885		1,070,334
Balkrishna Industries, Ltd.		44,416		498,006
Dewan Housing Finance Corp., Ltd.		83,529		550,324
Dr Reddy’s Laboratories, Ltd. ADR		9,100		503,412
HCL Technologies, Ltd.		56,251		812,760
HDFC Bank, Ltd. ADR		16,500		998,745
ICICI Bank, Ltd. Sponsored ADR		112,705		1,174,386
Reliance Industries, Ltd.		70,679		1,108,799
Tata Motors, Ltd. Sponsored ADR		7,200		248,184
UPL, Ltd.		83,525		701,594
				12,525,682

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

34  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Indonesia | 3.3%
PT Bank Mandiri (Persero) Tbk		2,389,500	$	1,801,198
PT Bank Rakyat Indonesia (Persero)Tbk		1,672,700		1,298,515
PT Pakuwon Jati Tbk		15,648,160		504,685
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		38,892		1,687,524
PT United Tractors Tbk		574,715		878,291
				6,170,213
Macau | 0.4%
Wynn Macau, Ltd.		473,200		786,271
Malaysia | 0.5%
Berjaya Auto Berhad		674,660		482,794
Kossan Rubber Industries Berhad		234,185		403,446
				886,240
Mexico | 2.9%
Credito Real SAB de CV		194,255		434,424
Fibra Uno Administracion SA de CV REIT		113,300		269,455
Gruma SAB de CV, Class B		28,800		371,510
Grupo Financiero Banorte SAB de CV, Class O		232,800		1,280,011
Grupo Financiero Interacciones SA de CV, Class O		62,787		382,494
Grupo Mexico SAB de CV, Series B		261,209		785,912
Grupo Televisa SAB Sponsored ADR		9,800		380,436
Kimberly-Clark de Mexico SAB de CV, Series A		474,835		1,026,858
Unifin Financiera SAPI de CV SOFOM ENR		234,315		490,172
				5,421,272
Peru | 0.7%
Credicorp, Ltd.		9,330		1,296,124
Philippines | 0.8%
BDO Unibank, Inc.		192,220		462,112
Philippine Long Distance Telephone Co. Sponsored ADR		15,940		993,062
				1,455,174
Poland | 0.4%
Eurocash SA		68,262		678,081
Russia | 4.5%
Gazprom OAO Sponsored ADR		176,989		911,493
Lukoil OAO Sponsored ADR		19,085		857,107
MegaFon OAO GDR		11,785		163,812

Description	Shares		Value
MegaFon OAO GDR (b), (c)		32,786	$	455,725
Mobile TeleSystems OJSC Sponsored ADR		100,310		981,032
NovaTek OAO Sponsored GDR		10,907		1,110,333
Sberbank of Russia (a)		840,494		1,098,117
Sberbank of Russia Sponsored ADR		234,812		1,246,852
X5 Retail Group NV GDR (a)		64,002		1,065,633
Yandex NV Class A (a)		32,800		499,216
				8,389,320
South Africa | 2.0%
Aspen Pharmacare Holdings, Ltd.		15,713		464,958
Mondi PLC		20,858		449,320
Naspers, Ltd., N Shares		4,751		740,025
Standard Bank Group, Ltd.		101,947		1,342,171
Sun International, Ltd.		43,344		393,680
Tiger Brands, Ltd.		18,953		441,639
				3,831,793
South Korea | 6.6%
Eugene Technology Co., Ltd.		36,734		526,912
Fila Korea, Ltd.		4,906		488,203
Hanwha Life Insurance Co., Ltd.		164,581		1,170,046
Hotel Shilla Co., Ltd.		3,490		348,859
Hyundai Mobis Co., Ltd.		6,536		1,242,218
KEPCO Plant Service & Engineering Co., Ltd.		2,523		266,900
Koh Young Technology, Inc.		11,571		426,346
KT&G Corp.		8,605		732,094
Samsung Electronics Co., Ltd.		2,965		3,370,496
Shinhan Financial Group Co., Ltd.		38,386		1,429,861
SK Hynix, Inc.		54,101		2,051,614
SK Telecom Co., Ltd. Sponsored ADR		11,300		280,127
				12,333,676
Taiwan | 8.0%
Actron Technology Corp.		89,000		333,161
Advanced Semiconductor Engineering, Inc.		546,000		739,691
Catcher Technology Co., Ltd.		118,000		1,476,219
Chailease Holding Co., Ltd.		219,500		529,284
Chicony Electronics Co., Ltd.		231,545		621,366
Delta Electronics, Inc.		29,000		148,503
Eclat Textile Co., Ltd.		75,000		1,229,967
Hon Hai Precision Industry Co., Ltd.		158,000		496,719
Hon Hai Precision Industry Co., Ltd. GDR		127,501		872,107
King Slide Works Co., Ltd.		37,000		494,061
Macauto Industrial Co., Ltd.		127,000		481,583
MediaTek, Inc.		33,000		451,344
Merida Industry Co., Ltd.		39,000		252,799
Radiant Opto-Electronics Corp.		116,930		433,923
Silergy Corp.		37,000		380,139
Sinmag Equipment Corp.		80,720		447,362

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

Semi-Annual Report  35

Description	Shares		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Sporton International, Inc.		58,000	$	391,936
Taiwan Semiconductor Manufacturing Co., Ltd.		291,000		1,325,107
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		157,085		3,567,400
Voltronic Power Technology Corp.		31,000		390,834
				15,063,505
Thailand | 0.5%
Kasikornbank Public Co. Ltd.		47,300		264,680
KCE Electronics Public Co. Ltd (b)		254,200		417,702
Supalai Public Co. Ltd. (b)		608,500		338,701
				1,021,083
Turkey | 3.8%
Aselsan Elektronik Sanayi Ve Ticaret AS		151,033		783,314
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		470,345		484,367
Ford Otomotiv Sanayi AS		39,448		527,671
KOC Holding AS ADR		66,104		1,538,240
TAV Havalimanlari Holding AS		119,524		1,014,578
Turkcell Iletisim Hizmetleri AS ADR		101,827		1,169,992
Turkiye Is Bankasi AS, C Shares		524,981		1,104,770
Turkiye Sinai Kalkinma Bankasi AS		828,993		525,834
				7,148,766
United Arab Emirates | 0.5%
Al Noor Hospitals Group PLC		42,889		636,829
Emaar Properties PJSC		110,384		236,823
				873,652
United States | 0.3%
Freeport-McMoRan, Inc.		31,600		588,392
Total Common Stocks (Identified cost $126,356,628)				123,741,879
Preferred Stocks | 0.6%
Brazil | 0.6%
Banco ABC Brasil SA		120,526		453,557
Itau Unibanco Holding SA Sponsored ADR		25,800		282,510
Vale SA Sponsored ADR		79,210		400,011
Total Preferred Stocks (Identified cost $1,810,405)				1,136,078

Description	Security Currency	Principal Amount (000)		Value
Corporate Bonds | 3.5%
Argentina | 0.1%
YPF SA:
8.750%, 04/04/24	USD		100	$	100,750
8.500%, 07/28/25	USD		75		74,250
					175,000
Brazil | 0.1%
Banco do Brasil SA, 9.000%, 06/18/24 (e)	USD		200		181,940
Brazil | 0.3%
Petrobras Global Finance BV:
5.750%, 01/20/20	USD		75		74,313
6.850%, 06/05/15	USD		525		436,614
					510,927
Bulgaria | 0.1%
ContourGlobal Power Holdings SA, 7.125%, 06/01/19 (c)	USD		150		157,875
Chile | 0.2%
AES Gener SA, 5.250%, 08/15/21	USD		50		53,000
ENTEL Chile SA, 4.875%, 10/30/24	USD		200		200,000
SACI Falabella, 4.375%, 01/27/25 (c)	USD		200		199,000
					452,000
China | 0.3%
BCP Singapore VI Cayman Financing Co., Ltd., 8.000%, 04/15/21	USD		100		100,750
Green Dragon Gas, Ltd., 10.000%, 11/20/17	USD		200		196,000
Kunlun Energy Co., Ltd., 2.875%, 05/13/20 (c)	USD		200		197,296
					494,046
Colombia | 0.1%
Grupo Aval, Ltd., 4.750%, 09/26/22	USD		225		217,125
Georgia | 0.1%
Bank of Georgia JSC, 7.750%, 07/05/17	USD		200		208,500

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

36  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Guatemala | 0.1%
Comcel Trust, 6.875%, 02/06/24 (c)	USD		125	$	132,187
Industrial Senior Trust, 5.500%, 11/01/22	USD		100		96,849
					229,036
Hong Kong | 0.1%
The Bank of East Asia, Ltd., 6.125%, 07/16/20	USD		100		112,216
India | 0.1%
Bharti Airtel International Netherlands BV, 5.125%, 03/11/23	USD		200		209,284
Indonesia | 0.1%
PT Berau Coal Energy Tbk, 7.250%, 03/13/17	USD		225		136,688
Iraq | 0.1%
Genel Energy Finance PLC, 7.500%, 05/14/19	USD		200		181,000
Kuwait | 0.1%
Burgan Finance No. 1 Jersey, Ltd., 7.875%, 09/29/20	USD		125		144,688
Mexico | 0.2%
Credito Real SAB de CV, 7.500%, 03/13/19 (c)	USD		100		105,250
JB y Co. SA de CV, 3.750%, 05/13/25	USD		150		146,066
Sixsigma Networks Mexico SA de CV, 8.250%, 11/07/21 (c)	USD		200		206,750
					458,066
Panama | 0.1%
Global Bank Corp., 5.125%, 10/30/19 (c)	USD		200		203,846
Peru | 0.1%
Banco de Credito del Peru, 6.125%, 04/24/27	USD		170		181,263

Description	Security Currency	Principal Amount (000)		Value
Cementos Pacasmayo SAA, 4.500%, 02/08/23	USD		100	$	95,000
					276,263
Qatar | 0.1%
CBQ Finance, Ltd., 2.875%, 06/24/19	USD		200		203,842
Russia | 0.2%
Gazprom OAO Via Gaz Capital SA, 4.300%, 11/12/15	USD		200		201,750
Sberbank of Russia Via SB Capital SA, 5.717%, 06/16/21	USD		200		191,000
					392,750
Singapore | 0.2%
BOC Aviation Pte, Ltd., 3.000%, 03/30/20 (c)	USD		200		197,062
Flextronics International, Ltd., 4.625%, 02/15/20	USD		75		76,968
Oversea-Chinese Banking Corp., Ltd., 3.750%, 11/15/22	USD		100		103,301
					377,331
South Africa | 0.2%
AngloGold Ashanti Holdings PLC, 8.500%, 07/30/20	USD		75		82,875
Petra Diamonds US Treasury PLC, 8.250%, 05/31/20 (c)	USD		200		205,750
					288,625
Thailand | 0.1%
PTT Exploration & Production Public Co. Ltd., 4.875%, 06/18/19 (e)	USD		225		226,688
Turkey | 0.2%
KOC Holding AS, 3.500%, 04/24/20	USD		200		195,700
Turkiye Halk Bankasi AS, 4.750%, 02/11/21 (c)	USD		250		246,562
					442,262
United Arab Emirates | 0.1%
Dolphin Energy, Ltd., 5.888%, 06/15/19	USD		92		100,101

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

Semi-Annual Report  37

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Uruguay | 0.1%
Navios South American Logistics, Inc., 7.250%, 05/01/22	USD		103	$	98,880
Total Corporate Bonds (Identified cost $6,551,312)					6,478,979
Foreign Government Obligations | 15.5%
Angola | 0.1%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19	USD		250		250,000
Bolivia | 0.1%
Bolivia Government Bond, 5.950%, 08/22/23	USD		125		132,969
Brazil | 1.2%
Brazil NTN-B:
6.000%, 08/15/16	BRL		680		575,244
6.000%, 08/15/18	BRL		270		227,276
6.000%, 08/15/50	BRL		320		272,221
Brazil NTN-F,
10.000%, 01/01/25	BRL		2,740		760,893
Federal Republic of Brazil:
4.250%, 01/07/25	USD		200		192,850
5.000%, 01/27/45	USD		275		238,906
					2,267,390
Chile | 0.1%
Republic of Chile, 3.625%, 10/30/42	USD		150		134,250
Colombia | 0.4%
Republic of Colombia:
7.375%, 03/18/19	USD		125		145,469
4.000%, 02/26/24	USD		225		224,437
5.625%, 02/26/44	USD		325		330,281
					700,187
Congo | 0.3%
Republic of Congo, 4.000%, 06/30/29 (f)	USD		556		501,842

Description	Security Currency	Principal Amount (000)		Value
Costa Rica | 0.1%
Republic of Costa Rica, 5.625%, 04/30/43	USD		300	$	250,500
Croatia | 0.2%
Croatia:
6.250%, 04/27/17	USD		50		53,000
6.750%, 11/05/19	USD		150		165,562
6.625%, 07/14/20	USD		125		137,188
					355,750
Dominican Republic | 0.2%
Dominican Republic:
7.500%, 05/06/21	USD		125		140,625
6.850%, 01/27/45 (c)	USD		210		215,775
					356,400
Ecuador | 0.3%
Republic of Ecuador:
10.500%, 03/24/20 (c)	USD		200		201,500
7.950%, 06/20/24	USD		300		269,625
					471,125
Egypt | 0.2%
Arab Republic of Egypt, 5.875%, 06/11/25 (c)	USD		445		434,431
El Salvador | 0.1%
Republic of El Salvador:
7.375%, 12/01/19	USD		50		54,594
6.375%, 01/18/27 (c)	USD		100		97,625
					152,219
Georgia | 0.1%
Republic of Georgia, 6.875%, 04/12/21	USD		200		215,500
Guatemala | 0.1%
Republic of Guatemala, 4.875%, 02/13/28	USD		200		197,414
Hungary | 0.8%
Hungary:
6.375%, 03/29/21	USD		180		204,840
5.750%, 11/22/23	USD		200		223,000
7.625%, 03/29/41	USD		200		266,453
Hungary Government Bonds:
7.500%, 11/12/20	HUF		124,520		536,412
6.000%, 11/24/23	HUF		10,900		44,633
3.000%, 06/26/24	HUF		35,000		115,670
5.500%, 06/24/25	HUF		26,700		107,072
					1,498,080

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

38  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Indonesia | 1.4%
Indonesia Government Bonds:
7.875%, 04/15/19	IDR		9,022,000	$	672,662
8.375%, 09/15/26	IDR		5,894,000		443,601
8.375%, 03/15/34	IDR		5,204,000		387,346
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/25 (c)	USD		650		635,050
Republic of Indonesia:
3.750%, 04/25/22	USD		200		197,450
8.500%, 10/12/35	USD		100		135,450
7.750%, 01/17/38	USD		100		127,650
					2,599,209
Ivory Coast | 0.3%
Ivory Coast:
6.375%, 03/03/28	USD		300		294,300
6.375%, 03/03/28 (c)	USD		250		245,250
					539,550
Kenya | 0.1%
Republic of Kenya, 6.875%, 06/24/24	USD		250		255,000
Malaysia | 0.1%
Malaysia Sovereign Sukuk Berhad, 3.043%, 04/22/25	USD		200		199,510
Mexico | 2.1%
Mexican Bonos:
4.750%, 06/14/18	MXN		11,000		702,702
10.000%, 12/05/24	MXN		26,748		2,182,410
Mexican Udibonos, 2.500%, 12/10/20	MXN		8,548		551,629
United Mexican States:
5.625%, 01/15/17	USD		130		138,742
4.000%, 10/02/23	USD		100		103,000
6.750%, 09/27/34	USD		125		157,500
6.050%, 01/11/40	USD		50		57,000
4.750%, 03/08/44	USD		50		47,813
5.550%, 01/21/45	USD		25		26,781
					3,967,577
Morocco | 0.1%
Kingdom of Morocco, 4.250%, 12/11/22	USD		125		127,969

Description	Security Currency	Principal Amount (000)		Value
Nigeria | 0.1%
Republic of Nigeria, 6.375%, 07/12/23	USD		200	$	201,000
Pakistan | 0.0%
Islamic Republic of Pakistan, 8.250%, 04/15/24 (c)	USD		5		5,470
Panama | 0.2%
Republic of Panama:
3.750%, 03/16/25	USD		300		297,000
6.700%, 01/26/36	USD		50		61,938
					358,938
Paraguay | 0.2%
Republic of Paraguay, 6.100%, 08/11/44	USD		275		281,531
Peru | 0.2%
Republic of Peru:
7.350%, 07/21/25	USD		125		163,625
6.550%, 03/14/37	USD		125		155,937
5.625%, 11/18/50	USD		100		111,750
					431,312
Philippines | 0.4%
Republic of Philippines:
4.200%, 01/21/24	USD		200		218,400
5.500%, 03/30/26	USD		200		236,050
3.950%, 01/20/40	USD		275		278,162
					732,612
Poland | 0.2%
Poland Government Bonds:
4.000%, 10/25/23	PLN		900		253,245
3.250%, 07/25/25	PLN		700		185,332
					438,577
Portugal | 0.6%
Republic of Portugal:
5.125%, 10/15/24	USD		1,125		1,153,215
5.125%, 10/15/24 (c)	USD		60		61,505
					1,214,720
Romania | 0.5%
Romania Government Bonds:
6.750%, 02/07/22	USD		200		234,375
5.850%, 04/26/23	RON		1,910		532,887
5.800%, 07/26/27	RON		170		47,185
6.125%, 01/22/44	USD		100		113,000
					927,447

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

Semi-Annual Report  39

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Russia | 0.5%
Russia Foreign Bonds:
4.875%, 09/16/23	USD		200	$	198,250
5.625%, 04/04/42	USD		200		189,000
Russia Government Bonds - OFZ:
7.500%, 02/27/19	RUB		8,900		145,600
6.700%, 05/15/19	RUB		8,150		128,930
7.000%, 08/16/23	RUB		20,800		300,777
					962,557
Rwanda | 0.1%
Republic of Rwanda, 6.625%, 05/02/23	USD		225		226,857
Senegal | 0.1%
Republic of Senegal, 8.750%, 05/13/21	USD		200		223,750
Serbia | 0.4%
Republic of Serbia, 4.875%, 02/25/20	USD		400		405,500
Serbia Treasury Bonds:
10.000%, 03/20/21	RSD		16,320		159,700
10.000%, 06/05/21	RSD		19,730		193,461
					758,661
Slovenia | 0.5%
Republic of Slovenia, 5.250%, 02/18/24	USD		800		873,981
South Africa | 1.1%
Republic of South Africa:
8.000%, 12/21/18	ZAR		3,118		259,915
6.875%, 05/27/19	USD		200		228,000
7.250%, 01/15/20	ZAR		2,200		177,305
5.875%, 05/30/22	USD		125		138,906
10.500%, 12/21/26	ZAR		7,690		735,700
8.250%, 03/31/32	ZAR		7,660		600,193
					2,140,019
Sri Lanka | 0.2%
Republic of Sri Lanka:
6.000%, 01/14/19	USD		50		51,063
6.250%, 07/27/21	USD		250		254,437
					305,500

Description	Security Currency	Principal Amount (000)		Value
Turkey | 0.6%
Turkey Government Bonds:
9.000%, 03/08/17	TRY		1,000	$	370,322
7.400%, 02/05/20	TRY		1,710		590,821
8.000%, 03/12/25	TRY		540		185,971
					1,147,114
Uganda | 0.2%
Uganda Government Bond, 12.875%, 05/19/16	UGX		519,600		152,403
Uganda Treasury Bills:
0.000%, 09/03/15	UGX		574,000		170,331
0.000%, 09/17/15	UGX		218,100		64,276
0.000%, 10/29/15	UGX		250,100		72,716
					459,726
Uruguay | 0.5%
Republica Orient Uruguay:
5.000%, 09/14/18	UYU		10,421		391,703
4.500%, 08/14/24	USD		75		78,985
7.625%, 03/21/36	USD		100		134,000
4.125%, 11/20/45	USD		1		860
5.100%, 06/18/50	USD		325		312,000
					917,548
Venezuela | 0.2%
Republic of Venezuela:
6.000%, 12/09/20	USD		215		81,162
12.750%, 08/23/22	USD		80		37,600
9.000%, 05/07/23	USD		190		75,050
8.250%, 10/13/24	USD		100		38,000
7.650%, 04/21/25	USD		115		42,837
11.750%, 10/21/26	USD		85		37,188
9.250%, 09/15/27	USD		140		60,200
					372,037
Vietnam | 0.2%
Socialist Republic of Vietnam, 4.800%, 11/19/24	USD		300		300,150
Zambia | 0.1%
Zambia Government Bond, 11.000%, 05/26/20	ZMW		2,010		170,554
Total Foreign Government Obligations (Identified cost $30,286,914)					29,056,933

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

40  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Quasi Government Bonds | 0.5%
Mexico | 0.1%
Petroleos Mexicanos, 5.500%, 06/27/44 (c)	USD		275	$	253,687
Tunisia | 0.2%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25 (c)	USD		280		273,350
Venezuela | 0.2%
Petroleos de Venezuela SA:
8.500%, 11/02/17	USD		160		110,600
12.750%, 02/17/22	USD		70		34,895
6.000%, 05/16/24	USD		360		129,600
6.000%, 11/15/26	USD		305		107,894
					382,989
Total Quasi Government Bonds (Identified cost $1,003,564)					910,026
US Treasury Securities | 8.0%
US Treasury Notes:
0.250%, 07/31/15	USD		4,900		4,900,000
4.250%, 08/15/15	USD		3,480		3,498,214
1.250%, 08/31/15	USD		1,600		1,602,750
0.250%, 10/15/15	USD		5,000		5,003,533
Total US Treasury Securities (Identified cost $15,005,589)					15,004,497

Description	Shares		Value
Warrant | 0.0%
Iraq | 0.0%
Gulf Keystone Petroleum, Ltd. Expires 04/18/17 (Identified cost $0)		64,000	$	0
Short-Term Investment | 7.8%
State Street Institutional Treasury Money Market Fund (Identified cost $14,551,253)		14,551,253		14,551,253
Total Investments | 102.1% (Identified cost $195,565,665) (d), (g)			$	190,879,645
Liabilities in Excess of Cash and Other Assets | (2.1)%				(3,881,110	)
Net Assets | 100.0%			$	186,998,535

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

Semi-Annual Report  41

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2015:

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AUD	SCB	07/22/15	586,862	$	450,000	$	452,294	$	2,294	$	—
BRL	BRC	07/02/15	20,707		6,674		6,660		—		14
BRL	BRC	07/02/15	629,185		202,793		202,369		—		424
BRL	BRC	08/04/15	20,707		6,591		6,583		—		8
BRL	JPM	07/02/15	172,019		55,517		55,328		—		189
BRL	JPM	07/02/15	629,185		202,793		202,369		—		424
BRL	JPM	07/22/15	305,091		97,095		97,440		345		—
BRL	SCB	07/02/15	20,707		6,674		6,660		—		14
BRL	SCB	07/02/15	137,808		44,483		44,324		—		159
BRL	SCB	07/02/15	629,184		202,793		202,369		—		424
BRL	SCB	07/02/15	934,650		300,000		300,618		618		—
BRL	SCB	07/02/15	1,334,383		435,003		429,187		—		5,816
BRL	SCB	07/22/15	553,275		180,000		176,705		—		3,295
BRL	SCB	07/22/15	555,075		180,000		177,280		—		2,720
BRL	SCB	08/04/15	20,707		6,596		6,583		—		13
BRL	UBS	07/02/15	20,707		6,674		6,660		—		14
BRL	UBS	07/02/15	629,185		202,793		202,369		—		424
BRL	UBS	08/04/15	20,707		6,596		6,583		—		13
CLP	BNP	07/09/15	280,984,200		447,000		439,233		—		7,767
CLP	HSB	08/18/15	354,809,000		557,000		552,632		—		4,368
CLP	JPM	07/13/15	37,908,000		60,000		59,237		—		763
CLP	JPM	07/22/15	25,300,000		40,000		39,504		—		496
CLP	SCB	07/13/15	156,461,911		247,800		244,495		—		3,305
CLP	SCB	07/22/15	108,839,699		172,200		169,944		—		2,256
CNH	HSB	07/10/15	2,723,922		438,000		438,539		539		—
CNH	HSB	04/14/16	2,208,583		344,000		349,409		5,409		—
CNY	HSB	09/10/15	4,455,566		706,000		715,215		9,215		—
COP	BRC	08/13/15	230,560,393		90,133		88,106		—		2,027
COP	JPM	08/13/15	304,485,821		119,079		116,356		—		2,723
COP	SCB	07/13/15	985,519,470		390,000		377,848		—		12,152
COP	SCB	07/22/15	850,119,200		332,000		325,632		—		6,368
COP	SCB	08/13/15	229,902,074		89,867		87,855		—		2,012
COP	SCB	08/13/15	232,529,639		90,921		88,859		—		2,062
DOP	CIT	07/08/15	4,827,240		106,000		107,282		1,282		—
DOP	CIT	08/07/15	9,972,000		220,327		220,755		428		—
DOP	CIT	08/13/15	3,710,610		81,000		82,038		1,038		—
DOP	CIT	09/14/15	3,736,530		81,000		82,050		1,050		—
DOP	CIT	10/07/15	10,929,600		234,390		238,789		4,399		—
DOP	CIT	06/30/16	4,827,240		100,526		99,267		—		1,259
EGP	CIT	08/17/15	897,050		116,500		116,180		—		320
EGP	JPM	07/20/15	885,400		116,500		115,584		—		916
EUR	BRC	07/22/15	111,235		126,180		124,043		—		2,137
EUR	CIT	07/13/15	291,000		330,096		324,470		—		5,626

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

42  Semi-Annual Report

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2015 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
EUR	CIT	08/27/15	145,000	$	161,653	$	161,777	$	124	$	—
EUR	JPM	07/06/15	410,232		462,372		457,372		—		5,000
EUR	JPM	08/24/15	410,232		459,482		457,676		—		1,806
EUR	SCB	07/22/15	118,765		134,721		132,440		—		2,281
EUR	SCB	08/13/15	62,395		69,605		69,600		—		5
EUR	UBS	09/08/15	252,294		285,000		281,535		—		3,465
HUF	BRC	07/10/15	92,929,905		331,000		328,389		—		2,611
HUF	BRC	07/13/15	39,994,292		146,510		141,319		—		5,191
HUF	JPM	07/13/15	27,234,019		99,780		96,231		—		3,549
HUF	SCB	07/13/15	22,853,777		83,709		80,753		—		2,956
IDR	BRC	07/13/15	1,915,312,840		143,201		143,373		172		—
IDR	BRC	07/22/15	2,764,837,958		205,549		206,587		1,038		—
IDR	JPM	07/13/15	2,316,171,125		173,107		173,379		272		—
IDR	JPM	07/22/15	2,764,837,958		205,947		206,587		640		—
IDR	JPM	03/24/16	1,409,100,000		99,936		100,132		196		—
IDR	SCB	07/13/15	1,922,600,030		143,692		143,918		226		—
IDR	SCB	07/22/15	2,764,837,958		205,717		206,587		870		—
IDR	UBS	07/22/15	2,764,837,958		205,412		206,587		1,175		—
INR	BRC	07/22/15	14,442,750		223,763		225,920		2,157		—
INR	BRC	07/24/15	5,478,494		85,883		85,663		—		220
INR	BRC	07/24/15	10,953,553		171,767		171,274		—		493
INR	HSB	08/21/15	44,355,348		684,000		689,776		5,776		—
INR	JPM	07/13/15	14,585,340		231,000		228,549		—		2,451
INR	JPM	07/22/15	6,409,000		99,302		100,252		950		—
INR	JPM	07/24/15	6,315,317		99,041		98,749		—		292
INR	SCB	07/13/15	6,593,030		103,000		103,311		311		—
INR	SCB	07/22/15	14,445,000		223,815		225,955		2,140		—
INR	SCB	07/24/15	10,929,047		171,302		170,891		—		411
INR	SCB	07/24/15	11,613,712		182,008		181,596		—		412
INR	SCB	07/27/15	27,783,450		434,592		434,180		—		412
JPY	UBS	07/01/15	46,025,364		372,396		376,070		3,674		—
KES	CIT	07/20/15	8,155,580		83,000		81,841		—		1,159
KES	CIT	08/18/15	8,205,380		83,000		81,895		—		1,105
KES	JPM	07/06/15	10,976,000		112,000		110,427		—		1,573
KRW	SCB	07/13/15	475,320,960		424,000		426,018		2,018		—
KRW	UBS	07/27/15	590,078,400		533,462		528,708		—		4,754
KWD	BNP	08/06/15	139,098		485,000		459,608		—		25,392
KWD	CIT	08/18/15	113,353		395,000		374,418		—		20,582
MXN	BRC	07/13/15	531,975		33,795		33,819		24		—
MXN	BRC	07/22/15	1,403,045		91,857		89,140		—		2,717
MXN	BRC	07/22/15	2,806,875		181,350		178,330		—		3,020
MXN	BRC	09/25/15	724,668		46,768		45,833		—		935
MXN	JPM	07/22/15	2,806,875		181,358		178,330		—		3,028

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

Semi-Annual Report  43

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2015 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
MXN	SCB	07/13/15	531,974	$	33,808	$	33,820	$	12	$	—
MXN	SCB	07/13/15	1,827,528		120,000		116,183		—		3,817
MXN	SCB	07/22/15	1,346,347		88,144		85,538		—		2,606
MXN	SCB	07/22/15	2,806,875		181,346		178,330		—		3,016
MXN	UBS	07/22/15	2,806,873		181,282		178,329		—		2,953
MYR	BRC	07/13/15	435,221		115,720		115,252		—		468
MYR	BRC	07/22/15	635,657		169,157		168,209		—		948
MYR	JPM	07/13/15	1,093,674		292,817		289,618		—		3,199
MYR	JPM	07/22/15	829,929		220,843		219,617		—		1,226
MYR	JPM	07/22/15	849,132		229,000		224,699		—		4,301
MYR	JPM	08/04/15	551,851		149,000		145,882		—		3,118
MYR	JPM	08/13/15	763,217		204,151		201,626		—		2,525
MYR	SCB	07/13/15	108,968		28,870		28,857		—		13
MYR	SCB	07/13/15	434,095		115,411		114,954		—		457
MYR	SCB	07/13/15	885,876		237,182		234,591		—		2,591
MYR	SCB	08/13/15	299,200		80,000		79,042		—		958
MYR	SCB	08/13/15	336,195		90,000		88,816		—		1,184
MYR	SCB	08/13/15	582,643		155,850		153,922		—		1,928
MYR	SCB	08/26/15	1,720,921		457,631		454,207		—		3,424
NGN	SCB	04/25/16	15,429,760		67,086		68,828		1,742		—
PEN	SCB	07/13/15	316,550		100,000		99,410		—		590
PHP	BRC	07/13/15	1,813,600		40,000		40,195		195		—
PHP	HSB	07/29/15	4,261,700		95,000		94,373		—		627
PHP	SCB	07/13/15	2,258,500		50,000		50,056		56		—
PHP	SCB	07/22/15	8,028,000		176,420		177,842		1,422		—
PHP	SCB	08/17/15	33,831,100		746,000		748,413		2,413		—
PLN	BRC	07/13/15	447,124		122,303		118,884		—		3,419
PLN	BRC	08/13/15	663,433		180,266		176,250		—		4,016
PLN	JPM	07/06/15	1,695,139		457,000		450,794		—		6,206
PLN	JPM	07/13/15	532,257		145,730		141,519		—		4,211
PLN	SCB	07/13/15	738,108		201,967		196,252		—		5,715
PLN	SCB	08/13/15	257,600		70,000		68,435		—		1,565
PLN	SCB	08/13/15	329,625		90,000		87,569		—		2,431
PLN	SCB	08/13/15	661,511		179,734		175,739		—		3,995
RON	BRC	07/13/15	322,510		82,022		80,341		—		1,681
RON	JPM	07/13/15	383,708		97,619		95,586		—		2,033
RON	JPM	09/10/15	119,041		30,000		29,629		—		371
RON	SCB	07/13/15	552,221		140,359		137,565		—		2,794
RSD	CIT	07/13/15	9,686,958		89,911		89,653		—		258
RSD	CIT	08/27/15	4,657,620		43,898		42,954		—		944
RUB	JPM	07/23/15	4,251,317		78,048		76,428		—		1,620
RUB	JPM	07/23/15	7,325,350		134,041		131,692		—		2,349
RUB	SCB	07/13/15	3,748,500		70,000		67,652		—		2,348

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

44  Semi-Annual Report

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2015 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
RUB	SCB	07/13/15	11,319,736	$	195,971	$	204,295	$	8,324	$	—
RUB	SCB	07/23/15	3,375,102		61,951		60,676		—		1,275
RUB	SCB	07/23/15	6,879,871		125,958		123,683		—		2,275
SGD	HSB	07/10/15	301,657		227,126		223,946		—		3,180
SGD	JPM	07/13/15	366,976		274,631		272,424		—		2,207
SGD	SCB	07/13/15	194,250		145,369		144,201		—		1,168
THB	BRC	07/13/15	7,898,864		234,597		233,781		—		816
THB	BRC	07/23/15	8,066,160		239,409		238,649		—		760
THB	JPM	07/13/15	3,374,442		100,199		99,873		—		326
THB	SCB	07/13/15	2,868,419		85,205		84,896		—		309
THB	SCB	07/22/15	6,077,700		180,000		179,824		—		176
THB	SCB	07/22/15	6,412,500		190,000		189,730		—		270
THB	SCB	07/23/15	6,906,450		205,000		204,337		—		663
TRY	BRC	07/13/15	439,752		161,003		163,510		2,507		—
TRY	BRC	08/13/15	285,827		105,173		105,343		170		—
TRY	JPM	07/08/15	704,018		258,000		262,146		4,146		—
TRY	JPM	07/13/15	529,256		194,041		196,790		2,749		—
TRY	JPM	07/24/15	1,192,054		441,000		441,836		836		—
TRY	SCB	07/13/15	477,806		174,956		177,659		2,703		—
TRY	SCB	08/13/15	105,362		39,000		38,832		—		168
TRY	SCB	08/13/15	284,942		104,828		105,017		189		—
TRY	UBS	08/13/15	137,792		51,000		50,784		—		216
UGX	BRC	07/08/15	559,303,000		186,248		169,069		—		17,179
UGX	CIT	08/24/15	272,880,000		90,000		81,370		—		8,630
UGX	SCB	07/20/15	252,901,000		83,000		76,159		—		6,841
UYU	CIT	07/22/15	1,211,510		44,821		44,568		—		253
ZAR	BRC	07/13/15	1,942,237		159,125		159,345		220		—
ZAR	JPM	07/13/15	2,478,438		202,175		203,337		1,162		—
ZAR	JPM	07/20/15	3,159,287		253,000		258,882		5,882		—
ZAR	SCB	07/13/15	969,101		79,350		79,507		157		—
ZAR	SCB	07/13/15	970,054		79,350		79,585		235		—
ZAR	SCB	07/13/15	1,712,676		140,000		140,512		512		—
ZAR	SCB	07/20/15	805,035		66,000		65,967		—		33
ZAR	SCB	07/22/15	1,193,572		97,575		97,771		196		—
ZAR	SCB	07/22/15	2,094,842		170,000		171,599		1,599		—
ZAR	SCB	07/22/15	3,210,524		262,266		262,990		724		—
ZMW	BRC	02/23/16	1,018,820		121,000		122,568		1,568		—
ZMW	CIT	08/18/15	511,360		68,000		66,766		—		1,234
ZMW	CIT	09/08/15	1,980,420		260,000		256,199		—		3,801
ZMW	SCB	07/02/15	1,160,108		155,198		154,681		—		517
ZMW	SCB	08/18/15	295,771		38,612		38,617		5		—
Total Forward Currency Purchase Contracts				$	30,566,199	$	30,349,773	$	88,104	$	304,530

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

Semi-Annual Report  45

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2015 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts
AUD	BRC	07/22/15	195,047	$	151,167	$	150,323	$	844	$	—
AUD	SCB	07/22/15	195,047		151,170		150,323		847		—
AUD	UBS	07/22/15	195,048		151,210		150,323		887		—
BRL	BRC	07/02/15	20,707		6,666		6,660		6		—
BRL	BRC	07/02/15	629,185		195,703		202,369		—		6,666
BRL	BRC	07/22/15	247,309		80,022		78,985		1,037		—
BRL	CIT	02/18/16	1,937,780		619,000		576,722		42,278		—
BRL	JPM	07/02/15	172,019		55,444		55,328		116		—
BRL	JPM	07/02/15	629,185		195,782		202,369		—		6,587
BRL	JPM	07/22/15	157,175		50,000		50,199		—		199
BRL	JPM	07/22/15	308,981		99,978		98,683		1,295		—
BRL	SCB	07/02/15	20,707		6,671		6,660		11		—
BRL	SCB	07/02/15	137,808		44,417		44,324		93		—
BRL	SCB	07/02/15	629,184		195,642		202,369		—		6,727
BRL	SCB	07/02/15	934,650		301,248		300,618		630		—
BRL	SCB	07/02/15	1,334,383		430,085		429,186		899		—
BRL	SCB	07/22/15	125,700		40,000		40,146		—		146
BRL	SCB	07/22/15	283,140		90,000		90,429		—		429
BRL	SCB	07/22/15	305,091		96,940		97,439		—		499
BRL	UBS	07/02/15	20,707		6,671		6,660		11		—
BRL	UBS	07/02/15	629,185		195,825		202,369		—		6,544
BRL	UBS	07/22/15	667,058		217,000		213,045		3,955		—
CAD	JPM	07/22/15	76,740		62,166		61,425		741		—
CAD	SCB	07/22/15	59,991		48,610		48,019		591		—
CLP	BRC	07/13/15	98,169,250		155,000		153,404		1,596		—
CLP	BRC	07/22/15	55,697,443		88,409		86,967		1,442		—
CLP	SCB	07/13/15	98,138,250		155,000		153,356		1,644		—
CLP	SCB	07/22/15	57,716,296		91,591		90,119		1,472		—
CLP	SCB	07/22/15	134,256,322		210,796		209,630		1,166		—
COP	BRC	07/13/15	157,490,812		59,854		60,382		—		528
COP	JPM	07/22/15	402,101,625		158,623		154,022		4,601		—
COP	SCB	07/13/15	26,180,000		10,000		10,037		—		37
COP	SCB	07/13/15	822,285,500		312,312		315,264		—		2,952
COP	SCB	07/22/15	203,400,000		80,000		77,911		2,089		—
COP	SCB	07/22/15	402,101,625		157,452		154,022		3,430		—
DOP	CIT	07/08/15	4,827,240		107,272		107,282		—		10
EUR	CIT	08/27/15	36,513		43,898		40,737		3,161		—
EUR	JPM	07/06/15	410,232		459,170		457,372		1,798		—
EUR	JPM	07/24/15	198,000		221,064		220,804		260		—
EUR	JPM	08/24/15	2,235,976		2,550,191		2,494,572		55,619		—
EUR	SCB	07/22/15	62,415		69,606		69,602		4		—
EUR	SCB	07/22/15	230,000		262,266		256,483		5,783		—
EUR	SCB	08/13/15	588,554		649,648		656,516		—		6,868

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

46  Semi-Annual Report

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2015 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (continued)
HUF	BRC	07/13/15	36,237,500	$	130,000	$	128,045	$	1,955	$	—
HUF	SCB	07/13/15	55,216,520		195,824		195,107		717		—
IDR	BRC	07/13/15	3,106,500,000		230,196		232,540		—		2,344
IDR	BRC	07/22/15	2,695,753,677		200,309		201,425		—		1,116
IDR	SCB	07/13/15	3,106,500,000		229,533		232,540		—		3,007
IDR	SCB	07/22/15	2,687,845,706		199,691		200,834		—		1,143
INR	BRC	07/22/15	7,186,886		112,312		112,420		—		108
INR	SCB	07/22/15	11,368,437		177,687		177,830		—		143
JPY	CIT	09/11/15	112,131,015		896,464		917,023		—		20,559
JPY	HSB	08/18/15	37,290,820		313,000		304,866		8,134		—
JPY	UBS	07/01/15	21,314,240		172,000		174,157		—		2,157
JPY	UBS	07/01/15	24,711,124		199,000		201,913		—		2,913
JPY	UBS	10/01/15	46,025,364		372,835		376,549		—		3,714
KES	CIT	07/06/15	10,976,000		110,757		110,427		330		—
KWD	CIT	08/06/15	28,078		95,926		92,774		3,152		—
KWD	CIT	08/06/15	111,021		381,121		366,834		14,287		—
KWD	CIT	08/18/15	56,531		193,201		186,727		6,474		—
KWD	CIT	08/18/15	56,823		194,000		187,691		6,309		—
MXN	BRC	07/13/15	2,977,756		190,000		189,307		693		—
MYR	BRC	07/13/15	998,028		263,714		264,290		—		576
MYR	BRC	07/22/15	739,500		196,185		195,688		497		—
MYR	SCB	07/13/15	998,028		263,617		264,290		—		673
MYR	SCB	07/22/15	739,450		196,219		195,675		544		—
NGN	SCB	04/25/16	15,429,760		64,695		68,828		—		4,133
PEN	JPM	07/13/15	313,125		98,803		98,334		469		—
PHP	BRC	07/13/15	1,770,200		38,923		39,234		—		311
PLN	BRC	07/13/15	1,302,294		348,277		346,261		2,016		—
PLN	JPM	07/06/15	1,695,139		462,372		450,794		11,578		—
PLN	SCB	07/13/15	446,452		119,267		118,705		562		—
RON	BRC	07/13/15	198,499		50,000		49,448		552		—
RON	JPM	09/10/15	2,429,862		605,000		604,793		207		—
RON	SCB	07/13/15	283,072		70,636		70,517		119		—
RON	UBS	07/13/15	807,649		201,574		201,195		379		—
RSD	CIT	07/13/15	35,223,368		330,096		325,991		4,105		—
RSD	CIT	08/27/15	17,605,900		161,654		162,368		—		714
RUB	SCB	07/13/15	15,267,965		264,243		275,551		—		11,308
RUB	SCB	07/23/15	348,095		6,343		6,257		86		—
RUB	SCB	07/23/15	8,270,000		150,337		148,675		1,662		—
SGD	BRC	07/13/15	492,315		362,263		365,470		—		3,207
SGD	BRC	07/22/15	203,117		150,727		150,763		—		36
SGD	HSB	07/10/15	301,657		226,614		223,946		2,668		—
SGD	JPM	07/22/15	203,117		150,767		150,763		4		—
SGD	SCB	07/13/15	67,759		50,000		50,301		—		301

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

Semi-Annual Report  47

Lazard Emerging Markets Multi Asset Portfolio (concluded)

Forward Currency Contracts open at June 30, 2015 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
SGD	SCB	07/22/15	203,116	$	150,822	$	150,762	$	60	$	—
THB	BRC	07/13/15	1,583,450		46,813		46,865		—		52
THB	BRC	07/22/15	4,142,857		122,581		122,577		4		—
THB	JPM	07/22/15	4,142,857		122,489		122,577		—		88
THB	SCB	07/13/15	12,531,160		370,000		370,882		—		882
THB	SCB	07/22/15	4,142,857		122,595		122,577		18		—
TRY	BRC	07/13/15	440,689		163,466		163,858		—		392
TRY	BRC	07/13/15	1,082,929		401,487		402,658		—		1,171
TRY	JPM	07/08/15	90,811		33,000		33,814		—		814
TRY	SCB	07/13/15	378,931		140,511		140,895		—		384
TRY	SCB	07/13/15	502,894		186,534		186,988		—		454
TRY	SCB	08/13/15	74,079		27,258		27,302		—		44
TWD	BRC	07/22/15	3,263,575		105,666		105,784		—		118
TWD	SCB	07/22/15	8,850,420		286,477		286,872		—		395
UGX	BRC	07/08/15	250,920,000		85,000		75,850		9,150		—
UGX	BRC	07/08/15	308,383,000		104,821		93,220		11,601		—
UGX	CIT	08/24/15	584,456,000		172,000		174,280		—		2,280
ZAR	BRC	07/13/15	3,268,375		258,744		268,145		—		9,401
ZAR	BRC	07/22/15	1,548,949		126,179		126,882		—		703
ZAR	CIT	07/20/15	3,159,963		256,422		258,938		—		2,516
ZAR	SCB	07/13/15	3,268,375		258,617		268,145		—		9,528
ZAR	SCB	07/22/15	1,330,560		106,723		108,993		—		2,270
ZAR	SCB	07/22/15	1,653,587		134,721		135,454		—		733
ZMW	SCB	07/02/15	295,771		39,436		39,436		—		—
ZMW	SCB	07/02/15	864,338		117,000		115,245		1,755		—
Total Forward Currency Sale Contracts				$	22,699,113	$	22,599,600		228,393		128,880
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	316,497	$	433,410

Credit Default Swap Agreements open at June 30, 2015:

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate			Value			Upfront Premiums Paid (Received)			Unrealized Appreciation		Unrealized Depreciation
Republic of Turkey	BRC	385,000	06/20/20		(1.000	)%	$	20,722		$	21,874		$	—	$	1,152
Republic of Turkey	BRC	535,000	06/20/20		(1.000	)		28,795			28,086			709		—
Republic of Turkey	BRC	430,000	06/20/20		(1.000	)		23,144			23,250			—		106
Republic of Turkey	BRC	450,000	06/20/20		(1.000	)		24,220			24,531			—		311
Russian Federation	BRC	385,000	06/20/20		1.000			(40,144	)		(41,391	)		1,247		—
Russian Federation	BRC	535,000	06/20/20		1.000			(55,784	)		(54,058	)		—		1,726
Russian Federation	BRC	430,000	06/20/20		1.000			(44,836	)		(46,065	)		1,229		—
Russian Federation	BRC	450,000	06/20/20		1.000			(46,922	)		(46,837	)		—		85
Total Credit Default Swap Agreements							$	(90,805	)	$	(90,610	)	$	3,185	$	3,380

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

48  Semi-Annual Report

		Principal
	Security	Amount
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 3.6%
Abu Dhabi | 0.2%
ADCB Finance Cayman, Ltd., 4.500%, 03/06/23	USD		675	$	691,875
Brazil | 0.2%
Petrobras Global Finance BV, 6.850%, 06/05/15	USD		750		623,734
Bulgaria | 0.2%
ContourGlobal Power Holdings SA:
7.125%, 06/01/19	USD		200		210,500
7.125%, 06/01/19 (c)	USD		525		552,562
					763,062
Chile | 0.2%
VTR Finance BV, 6.875%, 01/15/24	USD		625		640,516
China | 0.3%
BCP Singapore VI Cayman Financing Co., Ltd.:
8.000%, 04/15/21	USD		370		372,775
8.000%, 04/15/21 (c)	USD		250		251,875
ENN Energy Holdings, Ltd., 6.000%, 05/13/21	USD		550		608,957
					1,233,607
Colombia | 0.1%
Grupo Aval, Ltd., 4.750%, 09/26/22	USD		625		603,125
El Salvador | 0.2%
Agricola Senior Trust, 6.750%, 06/18/20 (c)	USD		650		664,625
Guatemala | 0.1%
Industrial Senior Trust, 5.500%, 11/01/22	USD		600		581,091
India | 0.1%
Reliance Holding USA, Inc., 5.400%, 02/14/22	USD		575		621,152

		Principal
	Security	Amount
Description	Currency	(000)		Value
Indonesia | 0.1%
PT Perusahaan Gas Negara Persero Tbk, 5.125%, 05/16/24	USD		600	$	605,700
Israel | 0.1%
B Communications, Ltd., 7.375%, 02/15/21 (c)	USD		575		616,688
Mexico | 0.1%
Cemex SAB de CV, 6.125%, 05/05/25 (c)	USD		600		591,000
Panama | 0.1%
Global Bank Corp., 5.125%, 10/30/19 (c)	USD		600		611,538
Peru | 0.2%
Union Andina de Cementos SAA, 5.875%, 10/30/21	USD		750		759,375
Russia | 0.1%
ALROSA Finance SA, 7.750%, 11/03/20	USD		575		605,906
South Africa | 0.5%
Transnet SOC, Ltd., 9.500%, 05/13/21 (c)	ZAR		24,000		1,943,771
South Korea | 0.2%
SK E&S Co., Ltd., 4.875%, 11/26/19 (e)	USD		650		651,625
Thailand | 0.2%
PTT Exploration & Production Public Co. Ltd., 4.875%, 06/18/19 (e)	USD		625		629,688
Turkey | 0.2%
Turkiye Garanti Bankasi AS, 5.250%, 09/13/22	USD		650		658,937
United Arab Emirates | 0.2%
Emirates NBD PJSC, 4.875%, 03/28/23	USD		650		676,812
Total Corporate Bonds (Identified cost $15,224,217)					14,773,827

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

Semi-Annual Report  49

		Principal
	Security	Amount
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Foreign Government Obligations | 90.6%
Angola | 0.1%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19	USD		575	$	575,000
Argentina | 1.1%
Republic of Argentina:
8.750%, 06/02/17 (h)	USD		350		332,155
8.280%, 12/31/33 (h)	USD		2,804		2,703,841
2.500%, 12/31/38 (h)	USD		2,375		1,321,391
					4,357,387
Belize | 0.1%
Republic of Belize, 5.000%, 02/20/38	USD		285		215,531
Bolivia | 0.7%
Bolivia Government Bonds:
4.875%, 10/29/22	USD		975		987,188
5.950%, 08/22/23	USD		1,700		1,808,375
					2,795,563
Brazil | 7.4%
Brazil Letras do Tesouro Nacional:
0.000%, 01/01/17	BRL		34,140		9,017,326
0.000%, 01/01/19	BRL		38,190		8,020,993
Brazil NTN, 0.000%, 01/01/16	BRL		3,280		985,445
Brazil NTN-B, 6.000%, 08/15/50	BRL		3,969		3,376,347
Brazil NTN-F, 10.000%, 01/01/25	BRL		9,430		2,618,693
Federal Republic of Brazil:
4.875%, 01/22/21	USD		1,800		1,886,400
2.625%, 01/05/23	USD		2,625		2,336,250
4.250%, 01/07/25	USD		875		843,719
8.250%, 01/20/34	USD		1,194		1,488,023
					30,573,196
Chile | 0.0%
Republic of Chile, 5.500%, 08/05/20	CLP		110,000		183,639

		Principal
	Security	Amount
Description	Currency	(000)		Value
Colombia | 4.5%
Colombian Titulos De Tesoreria:
7.250%, 06/15/16	COP		647,000	$	254,567
11.000%, 07/24/20	COP		3,089,000		1,426,022
10.000%, 07/24/24	COP		19,660,000		8,905,962
6.000%, 04/28/28	COP		855,000		279,611
Republic of Colombia:
12.000%, 10/22/15	COP		896,000		350,689
7.750%, 04/14/21	COP		1,151,000		485,799
4.375%, 07/12/21	USD		1,425		1,494,112
4.000%, 02/26/24	USD		620		618,450
9.850%, 06/28/27	COP		2,728,000		1,286,415
7.375%, 09/18/37	USD		2,175		2,688,844
6.125%, 01/18/41	USD		800		869,000
					18,659,471
Congo | 0.5%
Republic of Congo, 4.000%, 06/30/29 (f)	USD		2,250		2,032,075
Costa Rica | 0.8%
Republic of Costa Rica:
4.250%, 01/26/23	USD		475		441,453
5.625%, 04/30/43	USD		1,325		1,106,375
7.000%, 04/04/44	USD		1,775		1,711,766
					3,259,594
Croatia | 1.2%
Croatia:
6.750%, 11/05/19	USD		1,925		2,124,719
6.625%, 07/14/20	USD		150		164,625
6.375%, 03/24/21	USD		575		623,875
6.000%, 01/26/24	USD		1,975		2,091,031
					5,004,250
Dominican Republic | 0.9%
Dominican Republic:
7.500%, 05/06/21	USD		1,480		1,665,000
5.500%, 01/27/25	USD		425		428,187
7.450%, 04/30/44	USD		1,635		1,790,325
					3,883,512
Ecuador | 1.0%
Republic of Ecuador:
10.500%, 03/24/20	USD		350		352,625
10.500%, 03/24/20 (c)	USD		2,120		2,135,900
7.950%, 06/20/24	USD		725		651,594
7.950%, 06/20/24 (c)	USD		975		876,281
					4,016,400

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

50  Semi-Annual Report

		Principal
	Security	Amount
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Egypt | 1.0%
Arab Republic of Egypt:
5.750%, 04/29/20	USD		850	$	884,000
5.875%, 06/11/25 (c)	USD		3,225		3,148,406
					4,032,406
El Salvador | 0.8%
Republic of El Salvador:
7.375%, 12/01/19	USD		625		682,422
6.375%, 01/18/27	USD		200		195,250
6.375%, 01/18/27 (c)	USD		1,080		1,054,350
7.650%, 06/15/35	USD		1,145		1,164,322
					3,096,344
Gabon | 0.2%
Gabonese Republic, 6.375%, 12/12/24	USD		800		778,000
Georgia | 0.1%
Republic of Georgia, 6.875%, 04/12/21	USD		500		538,750
Ghana | 0.3%
Republic of Ghana:
7.875%, 08/07/23	USD		1,175		1,069,250
8.125%, 01/18/26	USD		275		250,938
					1,320,188
Guatemala | 0.3%
Republic of Guatemala:
5.750%, 06/06/22	USD		400		432,000
4.875%, 02/13/28	USD		875		863,686
					1,295,686
Hungary | 4.2%
Hungary:
4.000%, 03/25/19	USD		350		363,891
6.250%, 01/29/20	USD		200		225,170
6.375%, 03/29/21	USD		1,111		1,264,318
5.375%, 02/21/23	USD		2,120		2,321,146
5.750%, 11/22/23	USD		1,360		1,516,400
5.375%, 03/25/24	USD		880		953,700
7.625%, 03/29/41	USD		500		666,132
Hungary Government Bonds:
5.500%, 02/12/16	HUF		512,050		1,859,391
2.500%, 06/22/18	HUF		436,200		1,559,330
6.500%, 06/24/19	HUF		1,149,840		4,657,460

		Principal
	Security	Amount
Description	Currency	(000)		Value
3.500%, 06/24/20	HUF		67,100	$	242,900
7.000%, 06/24/22	HUF		253,500		1,081,044
6.000%, 11/24/23	HUF		45,200		185,083
3.000%, 06/26/24	HUF		22,600		74,690
5.500%, 06/24/25	HUF		92,940		372,705
					17,343,360
Indonesia | 6.8%
Indonesia Government Bonds:
7.875%, 04/15/19	IDR		69,665,000		5,194,085
8.375%, 03/15/24	IDR		39,716,000		2,988,657
6.125%, 05/15/28	IDR		12,513,000		773,408
9.000%, 03/15/29	IDR		73,738,000		5,812,263
8.375%, 03/15/34	IDR		57,792,000		4,301,597
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/25 (c)	USD		1,875		1,831,875
Republic of Indonesia:
3.750%, 04/25/22	USD		450		444,263
3.375%, 04/15/23	USD		1,550		1,463,200
5.875%, 01/15/24	USD		1,520		1,684,160
4.125%, 01/15/25 (c)	USD		650		639,113
7.750%, 01/17/38	USD		2,170		2,770,005
					27,902,626
Iraq | 0.3%
Republic of Iraq, 5.800%, 01/15/28	USD		1,625		1,324,375
Ivory Coast | 1.6%
Ivory Coast, 5.750%, 12/31/32	USD		6,750		6,395,625
Jamaica | 0.3%
Jamaica Government Bond, 7.625%, 07/09/25	USD		1,175		1,321,875
Kazakhstan | 0.9%
Republic of Kazakhstan:
3.875%, 10/14/24	USD		850		802,209
3.875%, 10/14/24 (c)	USD		1,885		1,779,016
4.875%, 10/14/44	USD		1,400		1,212,750
					3,793,975
Kenya | 0.4%
Republic of Kenya, 6.875%, 06/24/24	USD		1,650		1,683,000

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

Semi-Annual Report  51

		Principal
	Security	Amount
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Malaysia | 6.6%
Malaysia Government Bonds:
3.172%, 07/15/16	MYR		2,350	$	623,937
4.262%, 09/15/16	MYR		5,060		1,359,883
3.654%, 10/31/19	MYR		39,390		10,455,633
4.048%, 09/30/21	MYR		26,800		7,174,132
3.795%, 09/30/22	MYR		7,880		2,068,683
Malaysia Sovereign Sukuk Berhad, 3.043%, 04/22/25 (c)	USD		5,625		5,611,219
					27,293,487
Mexico | 6.8%
Mexican Bonos:
8.000%, 12/17/15	MXN		8,912		579,425
5.000%, 12/11/19	MXN		180,280		11,394,072
10.000%, 12/05/24	MXN		60,522		4,942,524
10.000%, 11/20/36	MXN		53,646		4,670,017
7.750%, 11/13/42	MXN		2,974		210,516
Mexican Udibonos:
5.000%, 06/16/16	MXN		28,732		1,917,191
4.000%, 11/15/40	MXN		5,593		383,379
United Mexican States:
5.625%, 01/15/17	USD		750		800,437
3.500%, 01/21/21	USD		535		546,569
6.750%, 09/27/34	USD		880		1,108,800
6.050%, 01/11/40	USD		680		775,200
4.750%, 03/08/44	USD		580		554,625
					27,882,755
Mongolia | 0.3%
Mongolia Government International Bond, 4.125%, 01/05/18	USD		1,175		1,133,875
Morocco | 0.3%
Kingdom of Morocco:
4.250%, 12/11/22	USD		800		819,000
5.500%, 12/11/42	USD		525		534,844
					1,353,844
Mozambique | 0.1%
Republic of Mozambique, 6.305%, 09/11/20	USD		475		445,313
Nigeria | 1.0%
Nigeria Government Bond, 14.200%, 03/14/24	NGN		476,550		2,334,987

		Principal
	Security	Amount
Description	Currency	(000)		Value
Republic of Nigeria:
5.125%, 07/12/18	USD		550	$	552,750
6.750%, 01/28/21	USD		1,050		1,086,750
6.375%, 07/12/23	USD		275		276,375
					4,250,862
Pakistan | 0.4%
Islamic Republic of Pakistan, 8.250%, 04/15/24	USD		1,425		1,558,964
Panama | 0.9%
Republic of Panama:
5.200%, 01/30/20	USD		1,150		1,271,612
4.000%, 09/22/24	USD		750		758,438
9.375%, 04/01/29	USD		1,125		1,662,187
					3,692,237
Paraguay | 0.8%
Republic of Paraguay:
4.625%, 01/25/23	USD		1,830		1,857,450
6.100%, 08/11/44 (c)	USD		1,210		1,238,737
					3,096,187
Peru | 1.9%
Republic of Peru:
7.125%, 03/30/19	USD		225		262,406
5.700%, 08/12/24	PEN		11,990		3,570,988
7.350%, 07/21/25	USD		2,050		2,683,450
8.750%, 11/21/33	USD		685		1,036,066
6.900%, 08/12/37	PEN		530		161,002
					7,713,912
Philippines | 1.6%
Republic of Philippines:
7.000%, 01/27/16	PHP		40,000		910,277
9.375%, 01/18/17	USD		425		478,338
4.000%, 01/15/21	USD		1,110		1,202,962
4.200%, 01/21/24	USD		300		327,600
10.625%, 03/16/25	USD		450		719,887
7.750%, 01/14/31	USD		1,600		2,313,600
3.950%, 01/20/40	USD		540		546,210
					6,498,874
Poland | 5.1%
Poland Government Bonds:
4.750%, 10/25/16	PLN		18,420		5,085,096
5.500%, 10/25/19	PLN		30,713		9,155,496
5.750%, 09/23/22	PLN		17,700		5,504,182
3.250%, 07/25/25	PLN		4,430		1,172,890
					20,917,664

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

52  Semi-Annual Report

		Principal
	Security	Amount
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Romania | 2.2%
Romania Government Bonds:
5.750%, 04/29/20	RON		4,580	$	1,277,802
5.950%, 06/11/21	RON		14,780		4,179,826
6.750%, 02/07/22	USD		2,170		2,542,969
4.375%, 08/22/23	USD		1		1,028
6.125%, 01/22/44	USD		850		960,500
					8,962,125
Russia | 6.1%
Russia Foreign Bonds:
5.000%, 04/29/20	USD		900		927,000
4.875%, 09/16/23	USD		1,600		1,586,000
12.750%, 06/24/28	USD		600		945,000
7.500%, 03/31/30	USD		5,750		6,743,313
5.625%, 04/04/42	USD		3,000		2,835,000
Russia Government Bonds - OFZ:
6.900%, 08/03/16	RUB		91,650		1,602,650
7.500%, 02/27/19	RUB		279,850		4,578,211
7.600%, 07/20/22	RUB		144,490		2,215,382
7.000%, 01/25/23	RUB		97,440		1,426,878
7.000%, 08/16/23	RUB		73,000		1,055,613
8.150%, 02/03/27	RUB		35,000		527,680
7.050%, 01/19/28	RUB		63,690		867,325
					25,310,052
Rwanda | 0.5%
Republic of Rwanda, 6.625%, 05/02/23	USD		2,025		2,041,716
Senegal | 0.1%
Republic of Senegal, 8.750%, 05/13/21	USD		525		587,344
Serbia | 0.8%
Republic of Serbia:
4.875%, 02/25/20	USD		1,375		1,393,906
7.250%, 09/28/21	USD		1,625		1,826,094
					3,220,000
South Africa | 6.1%
Republic of South Africa:
13.500%, 09/15/15	ZAR		5,960		496,690
8.250%, 09/15/17	ZAR		9,620		807,055
5.500%, 03/09/20	USD		2,725		2,970,250
6.750%, 03/31/21	ZAR		25,000		1,945,681
4.665%, 01/17/24	USD		900		924,750

		Principal
	Security	Amount
Description	Currency	(000)		Value
5.875%, 09/16/25	USD		1,725	$	1,919,062
10.500%, 12/21/26	ZAR		46,430		4,441,943
8.250%, 03/31/32	ZAR		141,160		11,060,483
6.250%, 03/08/41	USD		700		793,503
					25,359,417
Sri Lanka | 0.8%
Republic of Sri Lanka:
6.250%, 10/04/20	USD		900		923,850
6.250%, 07/27/21	USD		825		839,644
5.875%, 07/25/22	USD		1,600		1,582,000
					3,345,494
Tanzania | 0.3%
United Republic of Tanzania, 6.397%, 03/09/20	USD		1,400		1,433,250
Thailand | 3.3%
Thailand Government Bonds:
3.250%, 06/16/17	THB		35,830		1,096,095
3.875%, 06/13/19	THB		199,890		6,307,911
3.625%, 06/16/23	THB		27,700		864,846
3.850%, 12/12/25	THB		169,910		5,428,549
					13,697,401
Turkey | 6.5%
Republic of Turkey:
7.000%, 03/11/19	USD		2,500		2,815,625
3.250%, 03/23/23	USD		1,000		932,500
6.875%, 03/17/36	USD		2,225		2,586,562
Turkey Government Bonds:
9.000%, 01/27/16	TRY		9,876		3,665,407
9.000%, 03/08/17	TRY		4,015		1,486,843
6.300%, 02/14/18	TRY		15,030		5,195,812
8.500%, 09/14/22	TRY		13,500		4,845,715
8.000%, 03/12/25	TRY		15,850		5,458,583
					26,987,047
Uruguay | 1.1%
Republica Orient Uruguay:
4.500%, 08/14/24	USD		1,485		1,563,891
7.875%, 01/15/33	USD		875		1,180,156
5.100%, 06/18/50	USD		1,950		1,872,000
					4,616,047
Venezuela | 1.1%
Republic of Venezuela:
5.750%, 02/26/16	USD		1,510		1,238,200
6.000%, 12/09/20	USD		1,300		490,750
9.000%, 05/07/23	USD		1,175		464,125
8.250%, 10/13/24	USD		1,625		617,500

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

Semi-Annual Report  53

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (concluded)
7.650%, 04/21/25	USD		726	$	270,435
9.250%, 09/15/27	USD		1,250		537,500
11.950%, 08/05/31	USD		1,375		598,125
7.000%, 03/31/38	USD		382		136,565
					4,353,200
Vietnam | 0.2%
Socialist Republic of Vietnam:
4.800%, 11/19/24	USD		200		200,100
4.800%, 11/19/24 (c)	USD		825		825,413
					1,025,513
Zambia | 0.2%
Republic of Zambia:
5.375%, 09/20/22	USD		950		826,500
8.500%, 04/14/24	USD		195		197,925
					1,024,425
Total Foreign Government Obligations (Identified cost $392,556,485)					374,182,833
Quasi Government Bonds | 3.5%
Azerbaijan | 0.5%
State Oil Co. of the Azerbaijan Republic:
5.450%, 02/09/17	USD		1,600		1,666,000
4.750%, 03/13/23	USD		400		384,500
					2,050,500
Colombia | 0.2%
Emgesa SA ESP, 8.750%, 01/25/21	COP		1,000,000		410,523
Empresas Publicas de Medellin ESP, 8.375%, 02/01/21	COP		1,170,000		477,774
					888,297
Ecuador | 0.1%
EP Petroecuador, 5.912%, 09/24/19	USD		514		457,882
Kazakhstan | 0.6%
KazMunayGas National Co. JSC, 9.125%, 07/02/18	USD		2,050		2,324,188

Description	Security Currency	Principal Amount (000)		Value
Mexico | 0.7%
Petroleos Mexicanos:
3.500%, 07/18/18	USD		700	$	720,125
8.000%, 05/03/19	USD		960		1,129,200
5.500%, 06/27/44	USD		475		439,375
5.500%, 06/27/44 (c)	USD		705		650,362
					2,939,062
South Africa | 0.2%
Eskom Holdings, Ltd., 7.850%, 04/02/26	ZAR		9,000		674,353
Tunisia | 0.1%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25	USD		560		546,700
Venezuela | 1.1%
Petroleos de Venezuela SA:
5.000%, 10/28/15	USD		465		454,538
5.250%, 04/12/17	USD		893		449,134
8.500%, 11/02/17	USD		2,150		1,486,187
6.000%, 05/16/24	USD		1,000		360,000
9.750%, 05/17/35	USD		1,850		753,875
5.500%, 04/12/37	USD		2,295		783,169
					4,286,903
Total Quasi Government Bonds (Identified cost $15,939,871)					14,167,885
Description		Shares		Value
Short-Term Investment | 0.8%
State Street Institutional Treasury Money Market Fund (Identified cost $3,507,276)			3,507,276	$	3,507,276
Total Investments | 98.5% (Identified cost $427,227,849) (d)				$	406,631,821
Cash and Other Assets in Excess of Liabilities | 1.5%					6,291,390
Net Assets | 100.0%				$	412,923,211

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

54  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio
Corporate Bonds | 22.4%
Abu Dhabi | 0.3%
ADCB Finance Cayman, Ltd., 4.500%, 03/06/23	USD		975	$	999,375
Argentina | 0.5%
YPF SA:
8.750%, 04/04/24	USD		975		982,312
8.500%, 07/28/25	USD		625		618,750
					1,601,062
Brazil | 0.6%
Banco do Brasil SA:
9.000%, 06/18/24 (c), (e)	USD		450		409,365
9.000%, 06/18/24 (e)	USD		625		568,563
Klabin Finance SA, 5.250%, 07/16/24	USD		775		757,562
					1,735,490
Brazil | 1.4%
Petrobras Global Finance BV:
5.750%, 01/20/20	USD		675		668,817
6.850%, 06/05/15	USD		4,475		3,721,611
					4,390,428
Bulgaria | 0.4%
ContourGlobal Power Holdings SA:
7.125%, 06/01/19	USD		450		473,625
7.125%, 06/01/19 (c)	USD		550		578,875
					1,052,500
Chile | 1.4%
AES Gener SA, 5.250%, 08/15/21	USD		425		450,500
Colbun SA, 4.500%, 07/10/24	USD		1,175		1,173,590
ENTEL Chile SA, 4.875%, 10/30/24	USD		1,300		1,300,000
SACI Falabella:
4.375%, 01/27/25	USD		850		845,750
4.375%, 01/27/25 (c)	USD		450		447,750
					4,217,590
China | 1.9%
Agile Property Holdings, Ltd., 9.875%, 03/20/17	USD		500		516,250

Description	Security Currency	Principal Amount (000)		Value
Bank of China, Ltd.:
5.000%, 11/13/24	USD		425	$	434,681
5.000%, 11/13/24 (c)	USD		500		511,389
BCP Singapore VI Cayman Financing Co., Ltd., 8.000%, 04/15/21	USD		1,000		1,007,500
Country Garden Holdings Co., Ltd.,  7.250%, 04/04/21	USD		975		989,625
ENN Energy Holdings, Ltd.,  6.000%, 05/13/21	USD		700		775,036
Green Dragon Gas, Ltd.,  10.000%, 11/20/17	USD		400		392,000
Kunlun Energy Co., Ltd.:
2.875%, 05/13/20	USD		475		468,579
2.875%, 05/13/20 (c)	USD		800		789,185
					5,884,245
Colombia | 1.4%
Bancolombia SA,  5.125%, 09/11/22	USD		750		748,500
Grupo Aval, Ltd.,  4.750%, 09/26/22	USD		1,250		1,206,250
Millicom International Cellular SA:
6.000%, 03/15/25	USD		750		727,500
6.000%, 03/15/25 (c)	USD		1,050		1,018,500
Oleoducto Central SA,  4.000%, 05/07/21	USD		575		572,470
					4,273,220
Georgia | 0.5%
Bank of Georgia JSC,  7.750%, 07/05/17	USD		1,450		1,511,625
Guatemala | 0.9%
Comcel Trust,  6.875%, 02/06/24	USD		925		978,188
Industrial Senior Trust,  5.500%, 11/01/22	USD		1,675		1,622,212
					2,600,400
Hong Kong | 0.5%
FPC Finance, Ltd.,  6.000%, 06/28/19	USD		550		589,875
HPHT Finance 15, Ltd.,  2.875%, 03/17/20	USD		300		299,837
The Bank of East Asia, Ltd.,  6.125%, 07/16/20	USD		550		617,189
					1,506,901

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

Semi-Annual Report  55

Description	Security Currency	Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio (continued)
India | 1.2%
Bharti Airtel International Netherlands BV, 5.125%, 03/11/23	USD		925	$	967,938
GCX, Ltd.,  7.000%, 08/01/19	USD		1,125		1,139,063
Greenko Dutch BV,  8.000%, 08/01/19	USD		600		560,634
ICICI Bank, Ltd.:
4.800%, 05/22/19	USD		350		371,460
5.750%, 11/16/20	USD		625		693,855
					3,732,950
Indonesia | 0.6%
PT Berau Coal Energy Tbk, 7.250%, 03/13/17	USD		1,700		1,032,750
Theta Capital Pte, Ltd.,  6.125%, 11/14/20	USD		650		658,125
					1,690,875
Iraq | 0.5%
Genel Energy Finance PLC, 7.500%, 05/14/19	USD		1,800		1,629,000
Israel | 0.2%
Pontis III, Ltd.,  0.000%, 06/08/25 (c), (f)	USD		525		522,375
Jamaica | 0.2%
Digicel, Ltd.,  6.000%, 04/15/21	USD		650		627,250
Kuwait | 0.3%
Burgan Finance No. 1 Jersey, Ltd.,  7.875%, 09/29/20	USD		875		1,012,813
Luxembourg | 0.2%
Altice Financing SA,  6.625%, 02/15/23 (c)	USD		550		547,415
Mexico | 1.6%
Alfa SAB de CV,  5.250%, 03/25/24	USD		350		358,750
Cemex SAB de CV,  6.125%, 05/05/25 (c)	USD		1,600		1,576,000
Credito Real SAB de CV,  7.500%, 03/13/19	USD		1,175		1,236,687

Description	Security Currency	Principal Amount (000)		Value
JB y Co. SA de CV, 3.750%, 05/13/25	USD		675	$	657,298
Sixsigma Networks Mexico SA de CV:
8.250%, 11/07/21	USD		775		801,156
8.250%, 11/07/21 (c)	USD		250		258,438
					4,888,329
Panama | 0.5%
Global Bank Corp.:
5.125%, 10/30/19	USD		1,050		1,070,191
5.125%, 10/30/19 (c)	USD		450		458,654
					1,528,845
Paraguay | 0.3%
Telefonica Celular del Paraguay SA, 6.750%, 12/13/22	USD		950		990,375
Peru | 1.0%
Banco de Credito del Peru, 6.125%, 04/24/27	USD		1,375		1,466,094
Cementos Pacasmayo SAA,  4.500%, 02/08/23	USD		475		451,250
Consorcio Transmantaro SA,  4.375%, 05/07/23	USD		1,225		1,218,875
					3,136,219
Philippines | 0.3%
Energy Development Corp.,  6.500%, 01/20/21	USD		250		276,570
SM Investments Corp.,  4.250%, 10/17/19	USD		650		659,906
					936,476
Qatar | 0.2%
CBQ Finance, Ltd., 2.875%, 06/24/19	USD		650		662,487
Russia | 1.1%
Gazprom OAO Via Gaz Capital SA, 4.300%, 11/12/15	USD		900		907,875
Phosagro OAO, 4.204%, 02/13/18	USD		550		528,825
Sberbank of Russia Via SB Capital SA, 5.717%, 06/16/21	USD		850		811,750
Sibur Securities, Ltd., 3.914%, 01/31/18	USD		1,150		1,076,687
					3,325,137

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

56  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio (continued)
Singapore | 1.0%
BOC Aviation Pte, Ltd., 3.000%, 03/30/20 (c)	USD		800	$	788,247
Flextronics International, Ltd., 4.625%, 02/15/20	USD		625		641,406
HPHT Finance 15, Ltd., 2.875%, 03/17/20 (c)	USD		975		974,471
Oversea-Chinese Banking Corp., Ltd., 3.750%, 11/15/22	USD		600		619,806
					3,023,930
South Africa | 0.9%
AngloGold Ashanti Holdings PLC, 8.500%, 07/30/20	USD		625		690,625
Myriad International Holdings BV, 6.000%, 07/18/20	USD		1,250		1,371,875
Petra Diamonds US Treasury PLC, 8.250%, 05/31/20 (c)	USD		725		745,844
					2,808,344
South Korea | 0.2%
Shinhan Bank, 2.250%, 04/15/20	USD		625		617,606
Thailand | 0.8%
PTT Exploration & Production Public Co. Ltd., 4.875%, 06/18/19 (e)	USD		1,625		1,637,187
Siam Commercial Bank Public Co. Ltd., 3.500%, 04/07/19	USD		700		719,583
					2,356,770
Turkey | 1.1%
Akbank TAS, 5.000%, 10/24/22	USD		750		742,500
KOC Holding AS, 3.500%, 04/24/20	USD		775		758,337
Turkiye Halk Bankasi AS:
4.750%, 02/11/21	USD		200		197,250
4.750%, 02/11/21 (c)	USD		1,075		1,060,219
Turkiye Sise ve Cam Fabrikalari AS, 4.250%, 05/09/20	USD		675		666,563
					3,424,869
United Arab Emirates | 0.3%
Dolphin Energy, Ltd., 5.888%, 06/15/19	USD		840		915,211

Description	Security Currency	Principal Amount (000)		Value
Uruguay | 0.1%
Navios South American Logistics, Inc., 7.250%, 05/01/22	USD		221	$	212,160
Total Corporate Bonds (Identified cost $68,956,187)					68,362,272
Foreign Government Obligations | 58.6%
Angola | 0.3%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19	USD		775		775,000
Bolivia | 0.5%
Bolivia Government Bonds:
4.875%, 10/29/22	USD		590		597,375
5.950%, 08/22/23	USD		1,000		1,063,750
					1,661,125
Brazil | 4.1%
Brazil NTN-B, 6.000%, 08/15/50	BRL		1,900		1,616,309
Brazil NTN-F, 10.000%, 01/01/25	BRL		23,000		6,387,057
Federal Republic of Brazil:
4.250%, 01/07/25	USD		1,550		1,494,588
5.000%, 01/27/45	USD		3,350		2,910,312
					12,408,266
Chile | 0.5%
Republic of Chile:
3.125%, 03/27/25	USD		525		527,625
3.625%, 10/30/42	USD		1,075		962,125
					1,489,750
Colombia | 2.0%
Republic of Colombia:
7.375%, 03/18/19	USD		930		1,082,288
4.000%, 02/26/24	USD		1,305		1,301,737
5.625%, 02/26/44	USD		2,885		2,931,881
5.000%, 06/15/45	USD		775		719,781
					6,035,687
Congo | 1.5%
Republic of Congo, 4.000%, 06/30/29 (f)	USD		4,968		4,485,698

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

Semi-Annual Report  57

Description	Security Currency	Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio (continued)
Costa Rica | 0.5%
Republic of Costa Rica:
4.250%, 01/26/23	USD		750	$	697,031
5.625%, 04/30/43	USD		1,030		860,050
					1,557,081
Croatia | 1.0%
Croatia:
6.250%, 04/27/17	USD		250		265,000
6.750%, 11/05/19	USD		1,365		1,506,619
6.625%, 07/14/20	USD		1,275		1,399,312
					3,170,931
Dominican Republic | 1.1%
Dominican Republic:
7.500%, 05/06/21	USD		450		506,250
5.500%, 01/27/25	USD		550		554,125
5.500%, 01/27/25 (c)	USD		600		604,500
6.850%, 01/27/45 (c)	USD		1,500		1,541,250
					3,206,125
Ecuador | 0.9%
Republic of Ecuador:
10.500%, 03/24/20 (c)	USD		1,205		1,214,038
7.950%, 06/20/24	USD		1,675		1,505,406
					2,719,444
Egypt | 1.0%
Arab Republic of Egypt, 5.875%, 06/11/25 (c)	USD		3,100		3,026,375
El Salvador | 0.5%
Republic of El Salvador:
7.375%, 12/01/19	USD		580		633,287
6.375%, 01/18/27	USD		700		683,375
6.375%, 01/18/27 (c)	USD		275		268,469
					1,585,131
Georgia | 0.5%
Republic of Georgia, 6.875%, 04/12/21	USD		1,495		1,610,863
Guatemala | 0.3%
Republic of Guatemala,
4.875%, 02/13/28	USD		825		814,333
Hungary | 2.8%
Hungary:
6.375%, 03/29/21	USD		1,650		1,877,700

Description	Security Currency	Principal Amount (000)		Value
5.750%, 11/22/23	USD		1,700	$	1,895,500
7.625%, 03/29/41	USD		1,700		2,264,851
Hungary Government Bonds:
6.000%, 11/24/23	HUF		98,500		403,334
3.000%, 06/26/24	HUF		304,900		1,007,651
5.500%, 06/24/25	HUF		230,300		923,541
					8,372,577
Indonesia | 5.3%
Indonesia Government Bonds:
8.375%, 09/15/26	IDR		49,450,000		3,721,759
8.375%, 03/15/34	IDR		45,694,000		3,401,114
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/25 (c)	USD		4,900		4,787,300
Republic of Indonesia:
3.750%, 04/25/22	USD		750		740,437
8.500%, 10/12/35	USD		375		507,938
7.750%, 01/17/38	USD		750		957,375
5.250%, 01/17/42	USD		200		193,900
6.750%, 01/15/44	USD		775		901,325
5.125%, 01/15/45	USD		1,025		979,644
					16,190,792
Ivory Coast | 1.5%
Ivory Coast:
6.375%, 03/03/28	USD		1,925		1,888,425
6.375%, 03/03/28 (c)	USD		1,105		1,084,005
5.750%, 12/31/32	USD		1,665		1,577,587
					4,550,017
Kazakhstan | 0.2%
Republic of Kazakhstan:
3.875%, 10/14/24	USD		300		283,133
4.875%, 10/14/44	USD		225		194,906
					478,039
Kenya | 0.5%
Republic of Kenya:
5.875%, 06/24/19	USD		400		408,800
6.875%, 06/24/24	USD		1,175		1,198,500
					1,607,300
Malaysia | 0.5%
Malaysia Sovereign Sukuk Berhad, 3.043%, 04/22/25	USD		1,550		1,546,203
Mexico | 2.3%
Mexican Bonos, 10.000%, 12/05/24	MXN		29,766		2,430,838
United Mexican States: 5.625%, 01/15/17	USD		1,150		1,227,337

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

58  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio (continued)
4.000%, 10/02/23	USD		1,000	$	1,030,000
3.600%, 01/30/25	USD		400		395,400
6.050%, 01/11/40	USD		400		456,000
4.750%, 03/08/44	USD		750		717,188
5.550%, 01/21/45	USD		375		401,719
4.600%, 01/23/46	USD		375		349,219
					7,007,701
Morocco | 0.5%
Kingdom of Morocco:
4.250%, 12/11/22	USD		850		870,187
5.500%, 12/11/42	USD		685		697,844
					1,568,031
Nigeria | 0.7%
Republic of Nigeria:
5.125%, 07/12/18	USD		300		301,500
6.750%, 01/28/21	USD		925		957,375
6.375%, 07/12/23	USD		975		979,875
					2,238,750
Panama | 1.0%
Republic of Panama:
4.000%, 09/22/24	USD		375		379,219
3.750%, 03/16/25	USD		1,900		1,881,000
6.700%, 01/26/36	USD		625		774,218
					3,034,437
Paraguay | 1.0%
Republic of Paraguay:
4.625%, 01/25/23	USD		650		659,750
6.100%, 08/11/44	USD		1,810		1,852,987
6.100%, 08/11/44 (c)	USD		550		563,063
					3,075,800
Peru | 1.2%
Republic of Peru:
7.350%, 07/21/25	USD		1,375		1,799,875
6.550%, 03/14/37	USD		900		1,122,750
5.625%, 11/18/50	USD		701		783,367
					3,705,992
Philippines | 2.0%
Republic of Philippines:
4.200%, 01/21/24	USD		1,050		1,146,600
5.500%, 03/30/26	USD		1,525		1,799,881
3.950%, 01/20/40	USD		3,050		3,085,075
					6,031,556

Description	Security Currency	Principal Amount (000)		Value
Poland | 1.3%
Poland Government Bonds:
4.000%, 10/25/23	PLN		7,900	$	2,222,926
3.250%, 07/25/25	PLN		6,500		1,720,944
					3,943,870
Portugal | 3.5%
Republic of Portugal:
5.125%, 10/15/24	USD		7,295		7,477,959
5.125%, 10/15/24 (c)	USD		3,225		3,305,883
					10,783,842
Romania | 1.1%
Romania Government Bonds:
6.750%, 02/07/22	USD		1,900		2,226,562
6.125%, 01/22/44	USD		974		1,100,620
					3,327,182
Russia | 2.6%
Russia Foreign Bonds:
4.875%, 09/16/23	USD		1,600		1,586,000
5.625%, 04/04/42	USD		1,600		1,512,000
Russia Government Bonds - OFZ:
7.500%, 02/27/19	RUB		76,600		1,253,139
6.700%, 05/15/19	RUB		71,000		1,123,192
7.000%, 08/16/23	RUB		172,800		2,498,766
					7,973,097
Rwanda | 0.8%
Republic of Rwanda, 6.625%, 05/02/23	USD		2,390		2,409,729
Senegal | 0.5%
Republic of Senegal, 8.750%, 05/13/21	USD		1,450		1,622,188
Serbia | 1.1%
Republic of Serbia:
4.875%, 02/25/20	USD		885		897,169
7.250%, 09/28/21	USD		2,065		2,320,543
					3,217,712
Slovenia | 2.5%
Republic of Slovenia, 5.250%, 02/18/24	USD		6,865		7,499,846
South Africa | 4.3%
Republic of South Africa:
6.875%, 05/27/19	USD		1,740		1,983,600
7.250%, 01/15/20	ZAR		19,000		1,531,270
5.500%, 03/09/20	USD		175		90,750

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

Semi-Annual Report  59

Description	Security Currency	Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio (continued)
10.500%, 12/21/26	ZAR		66,950	$	6,405,085
8.250%, 03/31/32	ZAR		27,220		2,132,802
5.375%, 07/24/44	USD		875		877,187
					13,120,694
Sri Lanka | 0.5%
Republic of Sri Lanka:
6.250%, 07/27/21	USD		750		763,313
5.875%, 07/25/22	USD		775		766,281
					1,529,594
Turkey | 3.2%
Turkey Government Bonds:
9.000%, 03/08/17	TRY		8,500		3,147,737
7.400%, 02/05/20	TRY		14,800		5,113,541
8.000%, 03/12/25	TRY		4,610		1,587,638
					9,848,916
Uruguay | 1.5%
Republica Orient Uruguay:
4.500%, 08/14/24	USD		725		763,516
7.625%, 03/21/36	USD		775		1,038,500
4.125%, 11/20/45	USD		150		129,000
5.100%, 06/18/50	USD		2,800		2,688,000
					4,619,016
Venezuela | 1.0%
Republic of Venezuela:
6.000%, 12/09/20	USD		1,950		736,125
12.750%, 08/23/22	USD		675		317,250
9.000%, 05/07/23	USD		1,750		691,250
8.250%, 10/13/24	USD		325		123,500
7.650%, 04/21/25	USD		1,225		456,312
11.750%, 10/21/26	USD		775		339,063
9.250%, 09/15/27	USD		1,150		494,500
					3,158,000
Vietnam | 0.5%
Socialist Republic of Vietnam, 4.800%, 11/19/24	USD		1,555		1,555,778
Total Foreign Government Obligations (Identified cost $181,978,959)					178,562,468
Quasi Government Bonds | 3.1%
Ecuador | 0.1%
EP Petroecuador, 5.912%, 09/24/19	USD		291		258,803

Description	Security Currency	Principal Amount (000)		Value
Mexico | 0.7%
Petroleos Mexicanos:
5.500%, 06/27/44	USD		1,190	$	1,100,750
5.500%, 06/27/44 (c)	USD		1,195		1,102,388
					2,203,138
South Korea | 0.2%
Korea Gas Corp., 2.250%, 07/25/17	USD		600		607,513
Tunisia | 1.0%
Banque Centrale de Tunisie SA:
5.750%, 01/30/25	USD		650		634,562
5.750%, 01/30/25 (c)	USD		2,495		2,435,744
					3,070,306
Venezuela | 1.1%
Petroleos de Venezuela SA:
8.500%, 11/02/17	USD		1,625		1,123,281
12.750%, 02/17/22	USD		625		311,562
6.000%, 05/16/24	USD		2,575		927,000
6.000%, 11/15/26	USD		2,625		928,594
					3,290,437
Total Quasi Government Bonds (Identified cost $10,286,506)					9,430,197
Description		Shares		Value
Warrant | 0.0%
Iraq | 0.0%
Gulf Keystone Petroleum, Ltd. Expires 04/18/17 (Identified cost $0)			96,000	$	0
Short-Term Investment | 12.4%
State Street Institutional Treasury Money Market Fund (Identified cost $37,797,167)			37,797,167		37,797,167
Total Investments | 96.5% (Identified cost $299,018,819) (d), (g)				$	294,152,104
Cash and Other Assets in Excess of Liabilities | 3.5%					10,795,340
Net Assets | 100.0%				$	304,947,444

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

60  Semi-Annual Report

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at June 30, 2015:

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AUD	SCB	07/22/15	5,112,221	$	3,920,000	$	3,939,988	$	19,988	$	—
BRL	BRC	07/02/15	1,138,055		366,807		366,040		—		767
BRL	BRC	07/02/15	2,831,400		912,589		910,681		—		1,908
BRL	BRC	07/02/15	4,016,180		1,294,456		1,291,750		—		2,706
BRL	BRC	08/04/15	1,138,055		362,259		361,825		—		434
BRL	JPM	07/02/15	2,047,031		660,652		658,400		—		2,252
BRL	JPM	07/02/15	4,016,180		1,294,456		1,291,750		—		2,706
BRL	JPM	07/22/15	3,112,481		990,542		994,063		3,521		—
BRL	SCB	07/02/15	1,138,055		366,807		366,040		—		767
BRL	SCB	07/02/15	1,639,919		529,348		527,458		—		1,890
BRL	SCB	07/02/15	4,016,180		1,294,456		1,291,750		—		2,706
BRL	SCB	07/02/15	8,598,780		2,760,000		2,765,681		5,681		—
BRL	SCB	07/02/15	10,024,555		3,267,957		3,224,263		—		43,694
BRL	SCB	07/22/15	4,733,575		1,540,000		1,511,807		—		28,193
BRL	SCB	07/22/15	4,748,975		1,540,000		1,516,726		—		23,274
BRL	SCB	08/04/15	1,138,055		362,542		361,825		—		717
BRL	UBS	07/02/15	1,138,055		366,807		366,040		—		767
BRL	UBS	07/02/15	4,016,180		1,294,456		1,291,750		—		2,706
BRL	UBS	08/04/15	1,138,055		362,554		361,825		—		729
CLP	JPM	07/13/15	324,405,001		513,462		506,932		—		6,530
CLP	JPM	07/22/15	216,509,614		342,308		338,063		—		4,245
CLP	SCB	07/13/15	1,338,952,891		2,120,596		2,092,313		—		28,283
CLP	SCB	07/22/15	931,416,656		1,473,635		1,454,332		—		19,303
COP	BRC	08/13/15	1,959,763,354		766,131		748,902		—		17,229
COP	JPM	08/13/15	2,624,377,794		1,026,350		1,002,877		—		23,473
COP	SCB	07/13/15	8,970,754,150		3,550,000		3,439,383		—		110,617
COP	SCB	08/13/15	1,954,167,613		763,869		746,764		—		17,105
COP	SCB	08/13/15	2,004,184,031		783,650		765,877		—		17,773
EUR	BRC	07/22/15	981,771		1,113,671		1,094,813		—		18,858
EUR	SCB	07/22/15	1,048,229		1,189,059		1,168,924		—		20,135
EUR	SCB	08/13/15	536,320		598,292		598,251		—		41
HUF	BRC	07/13/15	342,981,351		1,256,434		1,211,920		—		44,514
HUF	JPM	07/13/15	233,552,334		855,691		825,254		—		30,437
HUF	SCB	07/13/15	195,988,459		717,874		692,522		—		25,352
IDR	BRC	07/13/15	17,779,099,403		1,329,278		1,330,872		1,594		—
IDR	BRC	07/22/15	23,755,642,686		1,766,087		1,775,005		8,918		—
IDR	JPM	07/13/15	21,500,110,328		1,606,884		1,609,412		2,528		—
IDR	JPM	07/22/15	23,755,642,686		1,769,507		1,775,005		5,498		—
IDR	SCB	07/13/15	17,846,743,877		1,333,837		1,335,935		2,098		—
IDR	SCB	07/22/15	23,755,642,686		1,767,533		1,775,005		7,472		—
IDR	UBS	07/22/15	23,755,642,686		1,764,907		1,775,006		10,099		—
INR	BRC	07/22/15	125,170,500		1,939,275		1,957,970		18,695		—
INR	BRC	07/24/15	47,300,238		741,499		739,603		—		1,896

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

Semi-Annual Report  61

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at June 30, 2015 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
INR	BRC	07/24/15	94,570,818	$	1,482,999	$	1,478,744	$	—	$	4,255
INR	JPM	07/22/15	57,681,000		893,725		902,271		8,546		—
INR	JPM	07/24/15	54,525,198		855,096		852,576		—		2,520
INR	SCB	07/22/15	125,190,000		1,939,727		1,958,275		18,548		—
INR	SCB	07/24/15	94,359,253		1,478,985		1,475,435		—		3,550
INR	SCB	07/24/15	100,270,488		1,571,421		1,567,866		—		3,555
MXN	BRC	07/13/15	2,168,656		137,770		137,869		99		—
MXN	BRC	07/22/15	12,003,829		785,884		762,641		—		23,243
MXN	BRC	07/22/15	24,083,025		1,555,982		1,530,071		—		25,911
MXN	JPM	07/22/15	24,083,025		1,556,053		1,530,072		—		25,981
MXN	SCB	07/13/15	2,168,656		137,822		137,870		48		—
MXN	SCB	07/13/15	16,752,340		1,100,000		1,065,009		—		34,991
MXN	SCB	07/22/15	11,518,743		754,116		731,822		—		22,294
MXN	SCB	07/22/15	24,083,025		1,555,952		1,530,071		—		25,881
MXN	UBS	07/22/15	24,083,025		1,555,404		1,530,071		—		25,333
MYR	BRC	07/13/15	3,799,816		1,010,321		1,006,239		—		4,082
MYR	BRC	07/22/15	5,476,428		1,457,349		1,449,183		—		8,166
MYR	JPM	07/13/15	10,070,055		2,696,133		2,666,676		—		29,457
MYR	JPM	07/22/15	7,150,161		1,902,651		1,892,090		—		10,561
MYR	JPM	08/13/15	6,508,546		1,740,951		1,719,419		—		21,532
MYR	SCB	07/13/15	951,378		252,054		251,937		—		117
MYR	SCB	07/13/15	3,789,982		1,007,625		1,003,634		—		3,991
MYR	SCB	07/13/15	8,156,745		2,183,867		2,160,007		—		23,860
MYR	SCB	08/13/15	2,655,400		710,000		701,500		—		8,500
MYR	SCB	08/13/15	2,876,335		770,000		759,866		—		10,134
MYR	SCB	08/13/15	4,968,649		1,329,049		1,312,611		—		16,438
NGN	SCB	04/25/16	94,782,810		412,099		422,800		10,701		—
PEN	SCB	07/13/15	2,912,260		920,000		914,568		—		5,432
PHP	BRC	07/13/15	10,428,200		230,000		231,124		1,124		—
PHP	SCB	07/13/15	19,423,100		430,000		430,481		481		—
PHP	SCB	07/22/15	70,022,000		1,538,776		1,551,179		12,403		—
PLN	BRC	07/13/15	4,195,353		1,147,568		1,115,484		—		32,084
PLN	BRC	08/13/15	5,657,609		1,537,269		1,503,018		—		34,251
PLN	JPM	07/13/15	4,994,153		1,367,381		1,327,874		—		39,507
PLN	SCB	07/13/15	6,925,656		1,895,052		1,841,432		—		53,620
PLN	SCB	08/13/15	2,244,800		610,000		596,360		—		13,640
PLN	SCB	08/13/15	2,820,125		770,000		749,203		—		20,797
PLN	SCB	08/13/15	5,641,218		1,532,732		1,498,664		—		34,068
RON	BRC	07/13/15	2,821,964		717,692		702,986		—		14,706
RON	JPM	07/13/15	3,357,442		854,170		836,380		—		17,790
RON	SCB	07/13/15	4,831,930		1,228,139		1,203,693		—		24,446
RUB	JPM	07/23/15	37,350,857		685,714		671,478		—		14,236
RUB	JPM	07/23/15	61,420,246		1,123,884		1,104,187		—		19,697

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

62  Semi-Annual Report

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at June 30, 2015 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
RUB	SCB	07/13/15	39,091,500	$	730,000	$	705,510	$	—	$	24,490
RUB	SCB	07/13/15	99,398,685		1,720,817		1,793,915		73,098		—
RUB	SCB	07/23/15	29,652,685		544,285		533,083		—		11,202
RUB	SCB	07/23/15	57,685,071		1,056,116		1,037,037		—		19,079
SGD	JPM	07/13/15	3,128,029		2,340,901		2,322,093		—		18,808
SGD	SCB	07/13/15	1,655,746		1,239,099		1,229,143		—		9,956
THB	BRC	07/13/15	67,328,416		1,999,656		1,992,703		—		6,953
THB	JPM	07/13/15	28,763,100		854,074		851,294		—		2,780
THB	SCB	07/13/15	24,449,858		726,269		723,636		—		2,633
THB	SCB	07/22/15	52,335,750		1,550,000		1,548,482		—		1,518
THB	SCB	07/22/15	54,337,500		1,610,000		1,607,709		—		2,291
TRY	BRC	07/13/15	4,090,521		1,497,630		1,520,949		23,319		—
TRY	BRC	08/13/15	2,504,390		921,510		923,002		1,492		—
TRY	JPM	07/13/15	4,923,083		1,804,947		1,830,514		25,567		—
TRY	SCB	07/13/15	4,444,493		1,627,424		1,652,564		25,140		—
TRY	SCB	08/13/15	901,434		333,667		332,227		—		1,440
TRY	SCB	08/13/15	2,496,638		918,489		920,145		1,656		—
TRY	UBS	08/13/15	1,178,885		436,334		434,483		—		1,851
ZAR	BRC	07/13/15	18,040,395		1,478,030		1,480,072		2,042		—
ZAR	JPM	07/13/15	23,020,877		1,877,891		1,888,682		10,791		—
ZAR	SCB	07/13/15	9,001,462		737,039		738,499		1,460		—
ZAR	SCB	07/13/15	9,010,306		737,040		739,225		2,185		—
ZAR	SCB	07/13/15	13,946,076		1,140,000		1,144,166		4,166		—
ZAR	SCB	07/22/15	10,145,358		829,391		831,057		1,666		—
ZAR	SCB	07/22/15	17,781,512		1,443,000		1,456,573		13,573		—
ZAR	SCB	07/22/15	28,196,776		2,303,376		2,309,739		6,363		—
Total Forward Currency Purchase Contracts				$	136,454,914	$	135,521,840	$	330,560	$	1,263,634
Forward Currency Sale Contracts
AUD	BRC	07/22/15	1,681,946	$	1,303,553	$	1,296,275	$	7,278	$	—
AUD	SCB	07/22/15	1,681,946		1,303,575		1,296,275		7,300		—
AUD	UBS	07/22/15	1,681,946		1,303,920		1,296,275		7,645		—
BRL	BRC	07/02/15	1,138,055		366,346		366,040		306		—
BRL	BRC	07/02/15	2,831,400		900,000		910,682		—		10,682
BRL	BRC	07/02/15	4,016,180		1,249,201		1,291,750		—		42,549
BRL	BRC	07/22/15	2,115,865		684,635		675,764		8,871		—
BRL	JPM	07/02/15	2,047,031		659,779		658,400		1,379		—
BRL	JPM	07/02/15	4,016,180		1,249,706		1,291,750		—		42,044
BRL	JPM	07/22/15	1,351,705		430,000		431,707		—		1,707
BRL	JPM	07/22/15	2,643,505		855,365		844,282		11,083		—
BRL	SCB	07/02/15	1,138,055		366,641		366,040		601		—
BRL	SCB	07/02/15	1,639,919		528,563		527,458		1,105		—
BRL	SCB	07/02/15	4,016,180		1,248,812		1,291,750		—		42,938
BRL	SCB	07/02/15	8,598,780		2,771,475		2,765,681		5,794		—

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

Semi-Annual Report  63

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at June 30, 2015 (continued):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (continued)
BRL	SCB	07/02/15	10,024,555	$	3,231,018	$	3,224,263	$	6,755	$	—
BRL	SCB	07/22/15	1,084,163		345,000		346,259		—		1,259
BRL	SCB	07/22/15	2,438,150		775,000		778,695		—		3,695
BRL	SCB	07/22/15	3,112,481		988,968		994,063		—		5,095
BRL	UBS	07/02/15	1,138,055		366,641		366,040		601		—
BRL	UBS	07/02/15	4,016,180		1,249,978		1,291,750		—		41,772
CAD	JPM	07/22/15	641,823		519,935		513,736		6,199		—
CAD	SCB	07/22/15	489,383		396,541		391,718		4,823		—
CLP	BRC	07/13/15	836,022,000		1,320,000		1,306,409		13,591		—
CLP	BRC	07/22/15	476,522,594		756,386		744,052		12,334		—
CLP	SCB	07/13/15	835,758,000		1,320,000		1,305,996		14,004		—
CLP	SCB	07/22/15	493,794,948		783,615		771,021		12,594		—
CLP	SCB	07/22/15	1,158,121,233		1,818,372		1,808,313		10,059		—
COP	BRC	07/13/15	5,041,622,353		1,916,056		1,932,956		—		16,900
COP	JPM	07/22/15	3,481,075,550		1,373,232		1,333,400		39,832		—
COP	SCB	07/13/15	4,008,108,000		1,522,317		1,536,707		—		14,390
COP	SCB	07/22/15	1,652,625,000		650,000		633,026		16,974		—
COP	SCB	07/22/15	3,481,075,550		1,363,097		1,333,401		29,696		—
EUR	SCB	07/22/15	536,488		598,291		598,260		31		—
EUR	SCB	07/22/15	2,020,000		2,303,376		2,252,586		50,790		—
EUR	SCB	08/13/15	5,058,919		5,584,055		5,643,087		—		59,032
HUF	BRC	07/13/15	267,600,000		960,000		945,561		14,439		—
HUF	SCB	07/13/15	517,415,700		1,835,003		1,828,281		6,722		—
IDR	BRC	07/13/15	28,660,725,000		2,123,803		2,145,427		—		21,624
IDR	BRC	07/22/15	22,846,512,629		1,697,616		1,707,076		—		9,460
IDR	SCB	07/13/15	28,660,725,000		2,117,683		2,145,427		—		27,744
IDR	SCB	07/22/15	22,779,492,140		1,692,384		1,702,068		—		9,684
INR	BRC	07/22/15	60,964,625		952,721		953,635		—		914
INR	SCB	07/22/15	96,435,702		1,507,279		1,508,489		—		1,210
MXN	BRC	07/13/15	21,314,464		1,360,000		1,355,040		4,960		—
MYR	BRC	07/13/15	9,201,023		2,431,239		2,436,545		—		5,306
MYR	BRC	07/22/15	6,344,910		1,683,268		1,679,003		4,265		—
MYR	SCB	07/13/15	9,201,023		2,430,340		2,436,545		—		6,205
MYR	SCB	07/22/15	6,374,059		1,691,405		1,686,716		4,689		—
NGN	SCB	04/25/16	94,782,810		397,413		422,801		—		25,388
PEN	JPM	07/13/15	2,919,735		921,284		916,915		4,369		—
PHP	BRC	07/13/15	10,178,650		223,805		225,593		—		1,788
PLN	BRC	07/13/15	8,126,034		2,173,178		2,160,595		12,583		—
PLN	SCB	07/13/15	8,126,035		2,170,822		2,160,596		10,226		—
RON	BRC	07/13/15	3,533,278		890,000		880,183		9,817		—
RON	SCB	07/13/15	3,730,707		930,931		929,365		1,566		—
RON	UBS	07/13/15	3,905,645		974,779		972,944		1,835		—

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

64  Semi-Annual Report

Lazard Explorer Total Return Portfolio (concluded)

Forward Currency Contracts open at June 30, 2015 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
RUB	SCB	07/13/15	139,938,500	$	2,421,919	$	2,525,563	$	—	$	103,644
RUB	SCB	07/23/15	1,588,412		28,946		28,556		390		—
RUB	SCB	07/23/15	67,000,000		1,217,961		1,204,498		13,463		—
SGD	BRC	07/13/15	3,409,745		2,509,010		2,531,224		—		22,214
SGD	BRC	07/22/15	1,760,343		1,306,298		1,306,609		—		311
SGD	JPM	07/22/15	1,760,343		1,306,643		1,306,609		34		—
SGD	SCB	07/13/15	1,409,377		1,040,000		1,046,251		—		6,251
SGD	SCB	07/22/15	1,760,343		1,307,129		1,306,610		519		—
THB	BRC	07/13/15	17,185,250		508,064		508,628		—		564
THB	BRC	07/22/15	35,560,211		1,052,167		1,052,136		31		—
THB	JPM	07/22/15	35,560,211		1,051,377		1,052,136		—		759
THB	SCB	07/13/15	103,636,080		3,060,000		3,067,292		—		7,292
THB	SCB	07/22/15	35,560,212		1,052,295		1,052,136		159		—
TRY	BRC	07/13/15	3,827,702		1,419,824		1,423,227		—		3,403
TRY	BRC	07/13/15	6,795,451		2,519,353		2,526,703		—		7,350
TRY	SCB	07/13/15	4,367,996		1,620,176		1,624,120		—		3,944
TRY	SCB	07/13/15	6,795,451		2,519,820		2,526,703		—		6,883
TRY	SCB	08/13/15	400,867		147,502		147,741		—		239
TWD	BRC	07/22/15	48,203,825		1,560,701		1,562,449		—		1,748
TWD	SCB	07/22/15	57,367,500		1,856,914		1,859,476		—		2,562
ZAR	BRC	07/13/15	30,130,957		2,385,344		2,472,008		—		86,664
ZAR	BRC	07/22/15	13,671,159		1,113,672		1,119,873		—		6,201
ZAR	SCB	07/13/15	30,130,956		2,384,174		2,472,008		—		87,834
ZAR	SCB	07/22/15	11,615,763		931,691		951,505		—		19,814
ZAR	SCB	07/22/15	14,594,704		1,189,059		1,195,525		—		6,466
Total Forward Currency Sale Contracts				$	113,078,441	$	113,484,258		359,712		765,529
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	690,272	$	2,029,163

Credit Default Swap Agreements open at June 30, 2015:

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate			Value			Upfront Premiums Paid (Received)			Unrealized Appreciation		Unrealized Depreciation
Republic of Turkey	BRC	2,335,000	06/20/20		(1.000	)%	$	125,675		$	132,664		$	—	$	6,989
Republic of Turkey	BRC	5,625,000	06/20/20		(1.000	)		302,750			295,300			7,450		—
Republic of Turkey	BRC	4,880,000	06/20/20		(1.000	)		262,652			263,864			—		1,212
Republic of Turkey	BRC	2,730,000	06/20/20		(1.000	)		146,935			148,822			—		1,887
Russian Federation	BRC	2,335,000	06/20/20		1.000			(243,470	)		(251,034	)		7,564		—
Russian Federation	BRC	5,625,000	06/20/20		1.000			(586,517	)		(568,365	)		—		18,152
Russian Federation	BRC	4,880,000	06/20/20		1.000			(508,836	)		(522,791	)		13,955		—
Russian Federation	BRC	2,730,000	06/20/20		1.000			(284,656	)		(284,148	)		—		508
Total Credit Default Swap Agreements							$	(785,467	)	$	(785,688	)	$	28,969	$	28,748

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

Semi-Annual Report  65

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations | 14.1%
Brazil | 3.1%
Brazil NTN-B, 6.000%, 08/15/16	BRL		220	$	186,108
Brazil NTN-F, 10.000%, 01/01/17	BRL		940		287,254
					473,362
Hungary | 0.4%
Hungary Government Bond, 7.500%, 11/12/20	HUF		14,700		63,325
Indonesia | 0.3%
Indonesia Government Bond, 7.875%, 04/15/19	IDR		650,000		48,463
Malaysia | 1.2%
Bank Negara Monetary Note, 0.000%, 08/04/15	MYR		700		184,999
Mexico | 2.5%
Mexican Bonos, 4.750%, 06/14/18	MXN		900		57,494
Mexican Udibonos, 2.500%, 12/10/20	MXN		5,118		330,297
					387,791
Romania | 2.0%
Romania Government Bonds:
5.850%, 04/26/23	RON		1,060		295,738
5.800%, 07/26/27	RON		30		8,327
					304,065
Singapore | 1.7%
Singapore Government Bond, 2.875%, 07/01/15	SGD		355		263,552
South Africa | 2.9%
Republic of South Africa, 8.000%, 12/21/18	ZAR		5,400		449,697
Total Foreign Government Obligations (Identified cost $2,316,176)					2,175,254

Description	Security Currency	Principal Amount (000)		Value
Supranationals | 0.3%
European Investment Bank, 7.200%, 07/09/19 (c) (Identified cost $51,166)	IDR		600,000	$	42,661
US Treasury Securities | 80.7%
US Treasury Notes:
0.250%, 07/15/15	USD		225		225,018
0.250%, 07/31/15	USD		600		600,000
0.250%, 08/15/15	USD		600		600,047
4.250%, 08/15/15	USD		600		603,140
0.375%, 08/31/15	USD		600		600,281
1.250%, 08/31/15	USD		600		601,031
0.250%, 09/15/15	USD		600		600,094
0.250%, 09/30/15	USD		600		600,235
1.250%, 09/30/15	USD		600		601,781
0.250%, 10/15/15	USD		600		600,328
0.250%, 10/31/15	USD		600		600,281
1.250%, 10/31/15	USD		200		200,734
0.375%, 11/15/15	USD		615		615,625
0.250%, 11/30/15	USD		600		600,422
1.375%, 11/30/15	USD		615		618,316
0.250%, 12/15/15	USD		600		600,375
0.250%, 12/31/15	USD		600		600,187
2.125%, 12/31/15	USD		500		504,766
0.375%, 01/15/16	USD		600		600,656
0.375%, 01/31/16	USD		500		500,742
2.000%, 01/31/16	USD		450		454,852
0.375%, 02/15/16	USD		500		500,742
2.625%, 02/29/16	USD		450		457,277
Total US Treasury Securities (Identified cost $12,487,260)					12,486,930

Description	Shares		Value
Short-Term Investment | 5.0%
State Street Institutional Treasury Money Market Fund (Identified cost $777,784)		777,784	$	777,784
Total Investments | 100.1% (Identified cost $15,632,386) (d), (g)			$	15,482,629
Liabilities in Excess of Cash and Other Assets | (0.1)%				(21,136	)
Net Assets | 100.0%			$	15,461,493

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

66  Semi-Annual Report

Lazard Emerging Markets Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2015:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts
BRL	CIT	02/18/16		39,240	$	12,000	$	11,679		$	—		$	321
BRL	CIT	02/18/16		66,234		20,000		19,713			—			287
BRL	CIT	02/18/16		79,855		25,000		23,766			—			1,234
BRL	CIT	02/18/16		543,056		162,000		161,624			—			376
BRL	JPM	02/18/16		118,524		35,000		35,275			275			—
CLP	HSB	07/27/15		34,344,750		55,000		53,603			—			1,397
CLP	HSB	07/27/15		72,325,650		113,000		112,881			—			119
CLP	HSB	08/18/15		138,229,000		217,000		215,298			—			1,702
CNH	HSB	07/10/15		2,543,571		409,000		409,504			504			—
CNH	HSB	07/10/15		3,108,500		500,000		500,455			455			—
CNH	HSB	07/14/15		2,246,987		358,000		361,645			3,645			—
CNH	HSB	10/14/15		2,266,247		358,000		362,452			4,452			—
CNY	SCB	07/13/15		668,225		109,000		109,219			219			—
COP	SCB	07/22/15		453,226,200		177,000		173,605			—			3,395
CZK	JPM	07/10/15		3,269,997		135,000		133,679			—			1,321
CZK	JPM	07/10/15		7,979,747		326,000		326,216			216			—
HUF	BRC	07/10/15		50,337,560		182,000		177,879			—			4,121
HUF	BRC	07/10/15		103,879,350		370,000		367,081			—			2,919
IDR	JPM	03/24/16		6,467,748,000		458,706		455,573			—			3,133
ILS	JPM	07/08/15		203,388		53,000		53,894			894			—
INR	HSB	08/21/15		15,109,351		233,000		235,892			2,892			—
INR	SCB	07/13/15		65,802,280		1,028,000		1,033,623			5,623			—
INR	SCB	07/27/15		20,693,880		323,696		324,386			690			—
JPY	UBS	07/01/15		18,985,037		153,610		155,126			1,516			—
KRW	SCB	07/13/15		873,290,160		779,000		779,809			809			—
KRW	UBS	07/27/15		861,585,000		778,918		768,957			—			9,961
KWD	CIT	08/18/15		16,504		57,000		54,516			—			2,484
MXN	BRC	09/25/15		15,263,744		985,072		965,383			—			19,689
MYR	JPM	07/22/15		574,740		155,000		152,891			—			2,109
MYR	JPM	08/04/15		522,222		141,000		138,766			—			2,234
MYR	SCB	08/26/15		1,197,576		318,462		317,616			—			846
PHP	HSB	07/29/15		2,404,080		53,000		53,270			270			—
PHP	HSB	07/29/15		3,633,660		81,000		80,515			—			485
PHP	SCB	08/17/15		2,403,550		53,000		53,206			206			—
PLN	JPM	07/06/15		348,270		94,000		92,617			—			1,383
PLN	JPM	07/06/15		752,983		203,000		200,243			—			2,757
PLN	JPM	08/03/15		1,101,253		293,443		292,637			—			806
RON	JPM	09/10/15		239,915		60,000		59,715			—			285
RON	JPM	09/10/15		264,674		67,000		65,877			—			1,123
RON	JPM	09/10/15		309,547		76,909		77,046			137			—
RUB	BRC	07/06/15		18,064,200		330,000		326,847			—			3,153
RUB	BRC	07/06/15		24,915,640		457,000		450,814			—			6,186

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

Semi-Annual Report  67

Lazard Emerging Markets Income Portfolio (concluded)

Forward Currency Contracts open at June 30, 2015 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
RUB	BRC	07/06/15		44,245,486	$	806,627	$	800,561		$	—		$	6,066
SGD	HSB	07/10/15		15,916		12,000		11,816			—			184
SGD	HSB	07/10/15		90,484		67,000		67,174			174			—
SGD	HSB	07/10/15		435,307		323,000		323,165			165			—
SGD	HSB	07/10/15		632,000		475,850		469,187			—			6,663
THB	SCB	07/23/15		19,910,790		591,000		589,089			—			1,911
TRY	JPM	07/08/15		96,026		36,000		35,756			—			244
TRY	JPM	07/08/15		323,539		118,884		120,472			1,588			—
TRY	JPM	07/08/15		427,817		158,000		159,301			1,301			—
TRY	JPM	07/08/15		695,831		255,000		259,098			4,098			—
TRY	JPM	07/24/15		427,085		158,000		158,300			300			—
TWD	JPM	07/13/15		6,465,206		209,000		209,309			309			—
TWD	JPM	07/13/15		15,721,420		506,000		508,975			2,975			—
ZAR	SCB	07/20/15		4,000,780		328,000		327,837			—			163
Total Forward Currency Purchase Contracts					$	14,840,177	$	14,784,833		$	33,713		$	89,057
Forward Currency Sale Contracts
BRL	CIT	02/18/16		85,618	$	26,000	$	25,482		$	518		$	—
BRL	CIT	02/18/16		534,789		163,140		159,164			3,976			—
EUR	JPM	07/24/15		71,000		79,270		79,177			93			—
EUR	JPM	08/24/15		2,473		2,821		2,759			62			—
JPY	HSB	08/18/15		13,820,240		116,000		112,986			3,014			—
JPY	UBS	07/01/15		2,726,240		22,000		22,276			—			276
JPY	UBS	07/01/15		5,091,236		41,000		41,600			—			600
JPY	UBS	07/01/15		11,167,560		90,000		91,249			—			1,249
JPY	UBS	07/23/15		2,386,000		20,000		19,501			499			—
JPY	UBS	09/11/15		3,241,475		25,915		26,509			—			594
JPY	UBS	10/01/15		18,985,037		153,791		155,323			—			1,532
KWD	CIT	08/18/15		16,504		56,348		54,516			1,832			—
PLN	JPM	07/06/15		1,101,253		293,650		292,860			790			—
RON	JPM	09/10/15		40,163		10,000		9,997			3			—
RON	JPM	09/10/15		622,980		157,000		155,060			1,940			—
RON	JPM	09/10/15		1,198,835		301,659		298,390			3,269			—
SGD	HSB	07/10/15		67,611		51,000		50,193			807			—
SGD	HSB	07/10/15		206,460		155,099		153,273			1,826			—
TRY	JPM	07/08/15		8,256		3,000		3,074			—			74
ZAR	CIT	07/20/15		5,485,217		449,028		449,476			—			448
Total Forward Currency Sale Contracts					$	2,216,721	$	2,202,865			18,629			4,773
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	52,342		$	93,830

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

68  Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2015 (unaudited)

(a)	Non-income producing security.
(b)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under accounting principles generally accepted in the United States of America (“GAAP”) hierarchy – see Note 9.
(c)	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, 2015. The percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity		1.1	%
Emerging Markets Equity Advantage		2.3
Emerging Markets Equity Blend		0.7
Emerging Markets Multi Asset		2.7
Emerging Markets Debt		6.1
Explorer Total Return		10.0
Emerging Markets Income		0.3

(d) For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity	$	14,083,127,054	$	2,111,143,628	$	2,444,344,374	$	(333,200,746	)
Emerging Markets Core Equity		55,036,038		4,760,601		2,836,476		1,924,125
Developing Markets Equity		447,202,377		50,302,341		63,958,321		(13,655,980	)
Emerging Markets Equity Advantage		3,006,150		34,320		133,400		(99,080	)
Emerging Markets Equity Blend		526,179,999		59,177,587		64,250,483		(5,072,896	)
Emerging Markets Multi Asset		195,565,665		9,487,994		14,174,014		(4,686,020	)
Emerging Markets Debt		427,227,849		1,169,542		21,765,570		(20,596,028	)
Explorer Total Return		299,018,819		413,586		5,280,301		(4,866,715	)
Emerging Markets Income		15,632,386		2,068		151,825		(149,757	)

(e)	Date shown is the next perpetual call date.
(f)	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, 2015 which may step up at a future date.
(g)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(h)	Issue in default.

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

Semi-Annual Report  69

Security Abbreviations:
ADR	—	American Depositary Receipt	NTN-F	—	Brazil Sovereign “Nota do Tesouro Nacional” Series F
GDR	—	Global Depositary Receipt	OJSC	—	Open Joint Stock Company
NTN	—	Brazil Sovereign “Nota do Tesouro Nacional”	PJSC	—	Public Joint Stock Company
NTN-B	—	Brazil Sovereign “Nota do Tesouro Nacional” Series B	REIT	—	Real Estate Investment Trust
Currency Abbreviations:
AUD	—	Australian Dollar	MXN	—	Mexican New Peso
BRL	—	Brazilian Real	MYR	—	Malaysian Ringgit
CAD	—	Canadian Dollar	NGN	—	Nigerian Naira
CLP	—	Chilean Peso	PEN	—	Peruvian Nuevo Sol
CNH	—	Yuan Renminbi	PHP	—	Philippine Peso
CNY	—	Chinese Renminbi	PLN	—	Polish Zloty
COP	—	Colombian Peso	RON	—	New Romanian Leu
CZK	—	Czech Koruna	RSD	—	Serbian Dinar
DOP	—	Dominican Republic Peso	RUB	—	Russian Ruble
EGP	—	Egyptian Pound	SGD	—	Singapore Dollar
EUR	—	Euro	THB	—	Thai Baht
HUF	—	Hungarian Forint	TRY	—	New Turkish Lira
IDR	—	Indonesian Rupiah	TWD	—	Taiwan Dollar
ILS	—	Israeli Shekel	UGX	—	Ugandan Shilling
INR	—	Indian Rupee	USD	—	United States Dollar
JPY	—	Japanese Yen	UYU	—	Uruguayan Peso
KES	—	Kenya Shilling	ZAR	—	South African Rand
KRW	—	South Korean Won	ZMW	—	Zambian Kwacha
KWD	—	Kuwaiti Dinar
Counterparty Abbreviations:
BNP	—	BNP Paribas SA	JPM	—	JPMorgan Chase Bank NA
BRC	—	Barclays Bank PLC	SCB	—	Standard Chartered Bank
CIT	—	Citibank NA	UBS	—	UBS AG
HSB	—	HSBC Bank USA NA

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

70  Semi-Annual Report

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

Industry*	Lazard Emerging Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Developing Markets Equity Portfolio			Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi Asset Portfolio
Agriculture		—	%		1.4	%		—	%		0.2	%		0.6	%		0.4	%
Alcohol & Tobacco		4.6			—			—			2.7			2.5			1.5
Apparel & Textiles		—			1.7			2.1			0.8			1.3			0.9
Automotive		3.1			1.5			1.9			1.9			2.1			1.4
Banking		22.4			21.2			23.3			16.9			21.8			16.6
Cable Television		—			1.7			—			1.2			—			0.4
Chemicals		0.7			—			—			1.9			—			—
Commercial Services		3.4			1.7			1.0			1.4			2.8			1.8
Computer Software		5.2			3.9			4.5			2.6			6.1			4.2
Construction & Engineering		—			—			2.9			0.8			1.3			0.7
Construction Materials		—			2.3			2.7			0.2			1.5			1.0
Consumer Products		—			2.8			2.9			0.7			1.8			1.4
Diamonds & Precious Stones		—			—			—			—			—			0.1
Diversified		0.9			0.8			—			—			1.3			0.9
Electric		0.6			—			—			5.3			—			—
Energy Exploration & Production		3.6			—			—			3.6			1.2			1.4
Energy Integrated		4.1			—			7.9			4.3			6.9			4.8
Energy Services		—			—			0.7			0.2			—			0.1
Financial Services		2.8			1.8			1.4			2.1			2.9			2.2
Food & Beverages		0.4			1.3			—			2.4			0.7			0.7
Forest & Paper Products		0.8			2.8			—			0.9			1.1			1.0
Gas Utilities		—			1.1			—			—			—			0.1
Health Services		—			1.1			—			0.8			0.6			0.4
Household & Personal Products		2.2			0.8			—			0.9			0.7			0.5
Housing		1.1			—			0.7			0.7			—			—
Insurance		3.4			4.8			2.3			3.4			2.1			1.7
Leisure & Entertainment		0.7			1.9			5.6			0.4			2.8			1.9
Manufacturing		3.6			3.0			9.0			1.9			5.3			3.2
Metals & Mining		2.2			—			4.2			2.9			1.6			1.0
Pharmaceutical & Biotechnology		—			4.1			6.4			2.0			2.1			1.7
Real Estate		—			0.9			1.4			2.2			1.2			1.0
Retail		4.9			7.4			4.2			2.9			2.8			2.2
Semiconductors & Components		8.7			16.1			10.8			12.5			11.3			7.6
Technology		3.6			—			—			1.4			0.6			0.4
Technology Hardware		1.1			3.2			—			1.2			1.7			1.5
Telecommunications		10.4			5.4			—			7.8			5.8			4.7
Transportation		2.2			2.2			2.3			3.2			1.9			1.3
Water		—			1.1			—			—			—			0.1
Subtotal		96.7			98.0			98.2			94.3			96.4			70.8
Foreign Government Obligations		—			—			—			—			—			15.5
US Treasury Securities		—			—			—			—			—			8.0
Short-Term Investments		2.7			2.3			1.4			1.4			3.1			7.8
Total Investments		99.4	%		100.3	%		99.6	%		95.7	%		99.5	%		102.1	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report  71

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

Industry*	Lazard Emerging Markets Debt Portfolio			Lazard Explorer Total Return Portfolio
Banking		1.1	%		6.9	%
Chemicals		—			0.3
Commercial Services		—			0.2
Computer Software		0.2			0.7
Construction Materials		0.3			0.9
Diamonds & Precious Stones		0.1			0.2
Diversified		—			0.3
Electric		0.5			1.0
Energy Exploration & Production		1.7			2.7
Energy Integrated		1.8			3.8
Energy Services		—			0.7
Financial Services		0.1			1.4
Food & Beverages		—			0.4
Forest & Paper Products		—			0.3
Gas Utilities		0.5			0.8
Media		0.2			—
Metals & Mining		—			0.2
Printing & Publishing		—			0.5
Real Estate		—			0.7
Retail		—			0.6
Telecommunications		0.1			2.4
Transportation		0.5			0.5
Subtotal		7.1			25.5
Foreign Government Obligations		90.6			58.6
Short-Term Investments		0.8			12.4
Total Investments		98.5	%		96.5	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

72  Semi-Annual Report

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Semi-Annual Report  73

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

June 30, 2015	Lazard Emerging Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio			Lazard Developing Markets Equity Portfolio
ASSETS
Investments in securities, at value		$	13,749,926,308		$	56,960,163		$	433,546,397
Cash			—			—			—
Cash at other bank			—			—			—
Foreign currency			3,936,026			317,368			138,938
Receivables for:
Dividends and interest			73,841,737			282,929			1,300,286
Investments sold			29,756,987			113,980			127,705
Capital stock sold			22,040,142			64,356			1,904,378
Amount due from Investment Manager (Note 3)			—			—			—
Gross unrealized appreciation on:
Forward currency contracts			—			—			—
Swap agreements			—			—			—
Deferred offering costs (Note 2(h))			4,098			—			—
Total assets			13,879,505,298			57,738,796			437,017,704
LIABILITIES
Due to custodian			—			—			—
Payables for:
Management fees			11,480,942			34,826			362,849
Accrued distribution fees			280,116			355			2,606
Accrued directors’ fees			135,764			434			4,443
Capital stock redeemed			23,747,977			7,000			661,028
Investments purchased			1,127,389			871,469			183,975
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			4,809,260			50,521			332,471
Total liabilities			41,581,448			964,605			1,547,372
Net assets		$	13,837,923,850		$	56,774,191		$	435,470,332
NET ASSETS
Paid in capital		$	14,241,097,087		$	56,327,910		$	559,585,544
Undistributed (distributions in excess of) net investment income			171,488,584			(97,250	)		(129,956	)
Accumulated net realized loss			(238,923,672	)		(1,375,578	)		(110,169,025	)
Net unrealized appreciation (depreciation) on:
Investments			(335,799,992	)		1,924,125			(13,818,765	)
Foreign currency and forward currency contracts			61,843			(5,016	)		2,534
Swap agreements			—			—			—
Net assets		$	13,837,923,850		$	56,774,191		$	435,470,332
Institutional Shares
Net assets		$	12,455,739,895		$	54,597,608		$	423,688,371
Shares of capital stock outstanding*			732,384,920			5,402,755			39,897,524
Net asset value, offering and redemption price per share		$	17.01		$	10.11		$	10.62
Open Shares
Net assets		$	1,291,887,688		$	2,176,583		$	11,781,961
Shares of capital stock outstanding*			74,077,384			216,055			1,111,187
Net asset value, offering and redemption price per share		$	17.44		$	10.07		$	10.60
R6 Shares
Net assets		$	90,296,267			—			—
Shares of capital stock outstanding*			5,310,911			—			—
Net asset value, offering and redemption price per share		$	17.00			—			—
Cost of investments in securities		$	14,083,127,054		$	55,036,038		$	447,202,377
Cost of foreign currency		$	3,924,917		$	317,368		$	138,593

* $0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.

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

74  Semi-Annual Report

Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi Asset Portfolio			Lazard Emerging Markets Debt Portfolio			Lazard Explorer Total Return Portfolio			Lazard Emerging Markets Income Portfolio
$	2,907,070		$	521,107,103		$	190,879,645		$	406,631,821		$	294,152,104		$	15,482,629
	264			—			—			—			—			—
	—			—			—			—			1,110,000			—
	721			169,680			1,064,866			2,584,554			7,950,790			20,927
	13,001			1,899,503			1,181,678			7,111,369			4,455,407			64,918
	—			810,340			348,503			413,812			—			402,923
	117,500			1,293,479			460,908			87,171			124,881			—
	17,909			—			—			—			—			8,974
	—			—			316,497			—			690,272			52,342
	—			—			3,185			—			28,969			—
	42,479			—			—			—			—			—
	3,098,944			525,280,105			194,255,282			416,828,727			308,512,423			16,032,713
	—			—			—			42			—			—
	—			446,681			152,785			277,340			253,463			—
	21			21,240			203			392			1,480			28
	21			5,864			1,976			3,080			1,296			48
	—			380,366			66,185			491,138			364,458			—
	—			169,768			6,366,612			3,080,048			38,276			450,865
	—			—			—			31,096			869			—
	—			—			433,410			—			2,029,163			93,830
	—			—			3,380			—			28,748			—
	—			—			90,610			—			785,688			—
	—			—			8,142			—			—			—
	61,527			386,093			133,444			22,380			61,538			26,449
	61,569			1,410,012			7,256,747			3,905,516			3,564,979			571,220
$	3,037,375		$	523,870,093		$	186,998,535		$	412,923,211		$	304,947,444		$	15,461,493
$	3,123,600		$	573,544,507		$	208,268,986		$	477,287,703		$	323,120,159		$	15,898,856
	13,923			1,310,293			803,847			(7,948,066	)		(36,787	)		(240,910	)
	(1,069	)		(45,749,148	)		(17,248,032	)		(35,395,149	)		(11,749,164	)		(4,487	)
	(99,080	)		(5,237,789	)		(4,719,438	)		(20,596,028	)		(4,866,715	)		(149,757	)
	1			2,230			(106,633	)		(425,249	)		(1,520,270	)		(42,209	)
	—			—			(195	)		—			221			—
$	3,037,375		$	523,870,093		$	186,998,535		$	412,923,211		$	304,947,444		$	15,461,493
$	2,936,771		$	425,167,068		$	186,040,439		$	412,070,392		$	297,705,771		$	15,326,888
	302,354			41,768,714			21,700,935			48,689,978			32,880,238			1,689,512
$	9.71		$	10.18		$	8.57		$	8.46		$	9.05		$	9.07
$	100,604		$	98,703,025		$	958,096		$	852,819		$	7,241,673		$	134,605
	10,360			9,726,910			111,738			99,874			795,325			14,872
$	9.71		$	10.15		$	8.57		$	8.54		$	9.11		$	9.05
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
$	3,006,150		$	526,179,999		$	195,565,665		$	427,227,849		$	299,018,819		$	15,632,386
$	721		$	169,253		$	1,076,181		$	2,878,314		$	8,054,336		$	21,117

Semi-Annual Report  75

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

For the Period Ended June 30, 2015	Lazard Emerging Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio			Lazard Developing Markets Equity Portfolio
Investment Income
Income
Dividends		$	250,347,493		$	527,990		$	4,336,397
Interest			—			—			1
Total investment income*			250,347,493			527,990			4,336,398
Expenses
Management fees (Note 3)			69,391,530			243,129			2,162,348
Custodian fees			4,283,152			62,689			233,877
Distribution fees (Open Shares)			1,780,603			3,032			16,699
Administration fees			768,300			29,658			68,042
Shareholders’ reports			604,994			2,212			41,267
Shareholders’ services			466,415			15,462			24,255
Directors’ fees and expenses			295,383			959			9,423
Professional services			150,820			18,351			25,377
Registration fees			45,351			17,484			24,854
Amortization of offering costs (Note 2(h))			3,271			—			—
Organization expenses			1,138			—			—
Other†			126,729			2,959			6,945
Total gross expenses			77,917,686			395,935			2,613,087
Management fees waived and expenses reimbursed			—			(76,228	)		—
Administration and shareholders’ services fees waived			(6,114	)		—			—
Total net expenses			77,911,572			319,707			2,613,087
Net investment income			172,435,921			208,283			1,723,311
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Forward Currency Contracts and Swap Agreements
Net realized gain (loss) on:
Investments**			(227,236,277	)		(1,075,113	)		(28,895,999	)
Foreign currency and forward currency contracts			(2,931,826	)		(18,211	)		(266,240	)
Swap agreements			—			—			—
Total net realized gain (loss) on investments, foreign currency, forward currency contracts and swap agreements			(230,168,103	)		(1,093,324	)		(29,162,239	)
Net change in unrealized appreciation (depreciation) on:
Investments***			(86,593,145	)		2,930,705			33,782,873
Foreign currency and forward currency contracts			58,250			(4,968	)		10,867
Swap agreements			—			—			—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency, forward currency contracts and swap agreements			(86,534,895	)		2,925,737			33,793,740
Net realized and unrealized gain (loss) on investments, foreign currency, forward currency contracts and swap agreements			(316,702,998	)		1,832,413			4,631,501
Net increase (decrease) in net assets resulting from operations		$	(144,267,077	)	$	2,040,696		$	6,354,812
* Net of foreign withholding taxes of		$	34,199,984		$	75,368		$	462,032
** Net of foreign capital gains taxes of		$	—		$	—		$	101,389
*** Includes net change in unrealized foreign capital gains taxes of		$	(2,599,246	)	$	—		$	64,467
† Includes interest on line of credit of		$	—		$	474		$	539
(a) From the Portfolio’s commencement of operations on May 29, 2015.

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

76  Semi-Annual Report

Lazard Emerging Markets Equity Advantage Portfolio (a)			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi Asset Portfolio			Lazard Emerging Markets Debt Portfolio			Lazard Explorer Total Return Portfolio			Lazard Emerging Markets Income Portfolio
$	16,617		$	7,348,093		$	1,638,719		$	—		$	—		$	—
	—			—			1,238,565			10,454,866			4,266,546			45,138
	16,617			7,348,093			2,877,284			10,454,866			4,266,546			45,138
	2,062			2,750,539			952,969			1,580,093			1,208,027			28,881
	5,888			252,127			164,375			106,226			71,454			28,469
	21			139,832			1,305			1,281			9,101			168
	4,109			79,806			43,855			64,298			48,956			25,761
	701			86,673			12,598			3,555			4,700			1,644
	2,932			177,166			16,260			15,765			16,082			15,144
	21			12,505			4,223			7,376			3,463			132
	5,034			24,520			28,427			27,921			26,605			20,039
	561			30,163			20,096			20,305			17,365			12,599
	3,804			—			—			—			—			15,249
	1,067			—			—			—			—			—
	70			8,067			4,206			6,341			3,869			2,431
	26,270			3,561,398			1,248,314			1,833,161			1,409,622			150,517
	(19,971	)		(11,056	)		(7,887	)		(6,958	)		(4,506	)		(100,949	)
	(3,605	)		—			—			—			—			(9,375	)
	2,694			3,550,342			1,240,427			1,826,203			1,405,116			40,193
	13,923			3,797,751			1,636,857			8,628,663			2,861,430			4,945
	(993	)		(35,777,929	)		(9,583,303	)		(12,354,623	)		(8,546,744	)		(139,047	)
	(76	)		(99,645	)		313,013			(334,211	)		1,339,856			141,356
	—			—			(197,946	)		—			(634,485	)		—
	(1,069	)		(35,877,574	)		(9,468,236	)		(12,688,834	)		(7,841,373	)		2,309
	(99,080	)		40,496,163			7,264,658			(4,390,149	)		770,299			(35,296	)
	1			2,547			74,299			(85,492	)		(1,346,137	)		(28,740	)
	—			—			202,053			—			667,586			—
	(99,079	)		40,498,710			7,541,010			(4,475,641	)		91,748			(64,036	)
	(100,148	)		4,621,136			(1,927,226	)		(17,164,475	)		(7,749,625	)		(61,727	)
$	(86,225	)	$	8,418,887		$	(290,369	)	$	(8,535,812	)	$	(4,888,195	)	$	(56,782	)
$	2,026		$	928,303		$	213,080		$	167,405		$	(5,023	)	$	392
$	—		$	189,885		$	32,259		$	35,867		$	(2,221	)	$	—
$	—		$	(72,797	)	$	(10,296	)	$	—		$	—		$	—
$	—		$	2,656		$	—		$	89		$	—		$	2

Semi-Annual Report  77

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

	Lazard Emerging Markets Equity Portfolio							Lazard Emerging Markets Core Equity Portfolio
	Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014			Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income		$	172,435,921		$	289,096,793			$	208,283		$	60,252
Net realized gain (loss) on investments, foreign currency and forward currency contracts			(230,168,103	)		204,425,909				(1,093,324	)		(270,609	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency and forward currency contracts			(86,534,895	)		(1,138,493,359	)			2,925,737			(974,052	)
Net increase (decrease) in net assets resulting from operations			(144,267,077	)		(644,970,657	)			2,040,696			(1,184,409	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(260,208,938	)			—			(325,319	)
Open Shares			—			(26,512,068	)			—			(42,737	)
From net realized gains
Institutional Shares			—			(242,338,939	)			—			—
Open Shares			—			(31,751,273	)			—			—
From return of capital
Institutional Shares			—			—				—			(17,144	)
Open Shares			—			—				—			(2,252	)
Net decrease in net assets resulting from distributions			—			(560,811,218	)			—			(387,452	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			1,632,274,343			2,785,687,244				13,822,406			41,489,162
Open Shares			138,918,297			291,205,135				765,496			6,581,493
R6 Shares			93,459,389			—				—			—
Net proceeds from reinvestment of distributions
Institutional Shares			1,804			443,622,509				—			166,092
Open Shares			—			53,741,798				—			34,510
Cost of shares redeemed
Institutional Shares			(1,205,484,090	)		(2,660,246,028	)			(950,703	)		(4,037,695	)
Open Shares			(308,261,943	)		(975,340,501	)			(4,002,381	)		(1,455,720	)
R6 Shares			(287	)		—				—			—
Net increase (decrease) in net assets from capital stock transactions			350,907,513			(61,329,843	)			9,634,818			42,777,842
Redemption fees (Note 2(j))
Institutional Shares			20,377			67,217				—			—
Open Shares			21,652			27,027				—			282
Net increase in net assets from redemption fees			42,029			94,244				—			282
Total increase (decrease) in net assets			206,682,465			(1,267,017,474	)			11,675,514			41,206,263
Net assets at beginning of period			13,631,241,385			14,898,258,859				45,098,677			3,892,414
Net assets at end of period*		$	13,837,923,850		$	13,631,241,385			$	56,774,191		$	45,098,677
*Includes undistributed (distributions in excess of) net investment income of		$	171,488,584		$	(947,337	)		$	(97,250	)	$	(305,533	)
(a) The Portfolio commenced operations on May 29, 2015.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			707,314,715			679,948,606				4,141,159			332,077
Shares sold			94,530,908			145,475,699				1,355,274			4,182,945
Shares issued to shareholders from reinvestment of distributions			104			24,766,476				—			17,247
Shares redeemed			(69,460,807	)		(142,876,066	)			(93,678	)		(391,110	)
Net increase (decrease)			25,070,205			27,366,109				1,261,596			3,809,082
Shares outstanding at end of period			732,384,920			707,314,715				5,402,755			4,141,159
Open Shares
Shares outstanding at beginning of period			83,551,356			115,276,325				547,633			63,785
Shares sold			7,810,350			14,950,480				74,545			629,779
Shares issued to shareholders from reinvestment of distributions			—			2,898,847				—			3,584
Shares redeemed			(17,284,322	)		(49,574,296	)			(406,123	)		(149,515	)
Net increase (decrease)			(9,473,972	)		(31,724,969	)			(331,578	)		483,848
Shares outstanding at end of period			74,077,384			83,551,356				216,055			547,633
R6 Shares*
Shares outstanding at beginning of period			—			—
Shares sold			5,310,928			—
Shares redeemed			(17	)		—
Net increase			5,310,911			—
Shares outstanding at end of period			5,310,911			—

* The inception date for the R6 Shares was January 19, 2015.

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

78  Semi-Annual Report

Lazard Developing Markets Equity Portfolio							Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio
Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014			Period Ended June 30, 2015 (a) (unaudited)			Six Months Ended June 30, 2015 (unaudited)			Year Ended December 31, 2014
	$	1,723,311		$	4,190,638		$	13,923		$	3,797,751		$	8,278,550
		(29,162,239	)		(10,145,838	)		(1,069	)		(35,877,574	)		4,108,849
		33,793,740			(50,394,682	)		(99,079	)		40,498,710			(67,688,890	)
		6,354,812			(56,349,882	)		(86,225	)		8,418,887			(55,301,491	)
		—			(7,086,749	)		—			—			(9,413,910	)
		—			(205,797	)		—			—			(2,397,601	)
		—			—			—			—			—
		—			—			—			—			—
		—			—			—			—			(142,329	)
		—			—			—			—			(36,249	)
		—			(7,292,546	)		—			—			(11,990,089	)
		90,331,257			202,079,783			3,020,000			72,322,495			190,763,944
		1,271,305			9,912,568			103,600			11,630,454			63,704,064
		—			—			—			—			—
		—			6,212,668			—			—			9,543,351
		—			199,401			—			—			2,136,896
		(99,683,426	)		(278,284,304	)		—			(117,357,940	)		(163,324,467	)
		(5,681,178	)		(36,645,367	)		—			(37,944,623	)		(46,084,987	)
		—			—			—			—			—
		(13,762,042	)		(96,525,251	)		3,123,600			(71,349,614	)		56,738,801
		1,345			3,357			—			1,400			2,907
		2			912			—			114			1,263
		1,347			4,269			—			1,514			4,170
		(7,405,883	)		(160,163,410	)		3,037,375			(62,929,213	)		(10,548,609	)
		442,876,215			603,039,625			—			586,799,306			597,347,915
	$	435,470,332		$	442,876,215		$	3,037,375		$	523,870,093		$	586,799,306
	$	(129,956	)	$	(1,853,267	)	$	13,923		$	1,310,293		$	(2,487,458	)
		40,927,103			47,319,142			—			46,286,681			42,827,110
		8,511,843			17,759,739			302,354			7,132,311			17,480,521
		—			599,100			—			—			947,701
		(9,541,422	)		(24,750,878	)		—			(11,650,278	)		(14,968,651	)
		(1,029,579	)		(6,392,039	)		302,354			(4,517,967	)		3,459,571
		39,897,524			40,927,103			302,354			41,768,714			46,286,681
		1,536,338			3,753,626			—			12,384,807			10,619,862
		121,970			858,092			10,360			1,148,769			5,700,656
		—			19,210			—			—			212,415
		(547,121	)		(3,094,590	)		—			(3,806,666	)		(4,148,126	)
		(425,151	)		(2,217,288	)		10,360			(2,657,897	)		1,764,945
		1,111,187			1,536,338			10,360			9,726,910			12,384,807

Semi-Annual Report  79

	Lazard Emerging Markets Multi Asset Portfolio							Lazard Emerging Markets Debt Portfolio
	Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014			Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income		$	1,636,857		$	4,564,030			$	8,628,663		$	16,516,844
Net realized gain (loss) on investments, foreign currency, forward currency contracts, options and swap agreements			(9,468,236	)		(5,355,641	)			(12,688,834	)		(33,656,581	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency, forward currency contracts, options and swap agreements			7,541,010			(10,460,495	)			(4,475,641	)		4,620,466
Net decrease in net assets resulting from operations			(290,369	)		(11,252,106	)			(8,535,812	)		(12,519,271	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(3,815,304	)			(8,579,467	)		(4,871,679	)
Open Shares			—			(29,024	)			(20,293	)		(40,972	)
From net realized gains
Institutional Shares			—			—				—			—
Open Shares			—			—				—			—
From return of capital
Institutional Shares			—			(106,077	)			—			(12,190,985	)
Open Shares			—			(807	)			—			(102,530	)
Net decrease in net assets resulting from distributions			—			(3,951,212	)			(8,599,760	)		(17,206,166	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			7,639,147			96,895,257				133,958,651			168,311,344
Open Shares			96,093			684,542				61,033			342,520
Net proceeds from reinvestment of distributions
Institutional Shares			—			3,520,615				8,425,103			16,698,576
Open Shares			—			19,974				19,661			123,828
Cost of shares redeemed
Institutional Shares			(15,760,556	)		(114,168,186	)			(39,385,440	)		(275,457,957	)
Open Shares			(335,337	)		(1,612,316	)			(294,208	)		(8,512,593	)
Net increase (decrease) in net assets from capital stock transactions			(8,360,653	)		(14,660,114	)			102,784,800			(98,494,282	)
Redemption fees (Note 2(j))
Institutional Shares			—			127				2,730			713
Open Shares			—			—				50			1
Net increase in net assets from redemption fees			—			127				2,780			714
Total increase (decrease) in net assets			(8,651,022	)		(29,863,305	)			85,652,008			(128,219,005	)
Net assets at beginning of period			195,649,557			225,512,862				327,271,203			455,490,208
Net assets at end of period*		$	186,998,535		$	195,649,557			$	412,923,211		$	327,271,203
*Includes undistributed (distributions in excess of) net investment income of		$	803,847		$	(833,010	)		$	(7,948,066	)	$	(7,976,969	)
(a) The Portfolio commenced operations on April 30, 2014.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			22,650,250			24,076,955				36,913,195			46,798,919
Shares sold			890,458			10,602,139				15,378,190			17,837,703
Shares issued to shareholders from reinvestment of distributions			—			408,898				969,645			1,742,981
Shares redeemed			(1,839,773	)		(12,437,742	)			(4,571,052	)		(29,466,408	)
Net increase (decrease)			(949,315	)		(1,426,705	)			11,776,783			(9,885,724	)
Shares outstanding at end of period			21,700,935			22,650,250				48,689,978			36,913,195
Open Shares
Shares outstanding at beginning of period			139,329			235,128				124,131			971,317
Shares sold			11,185			73,889				6,946			35,334
Shares issued to shareholders from reinvestment of distributions			—			2,317				2,239			12,870
Shares redeemed			(38,776	)		(172,005	)			(33,442	)		(895,390	)
Net increase (decrease)			(27,591	)		(95,799	)			(24,257	)		(847,186	)
Shares outstanding at end of period			111,738			139,329				99,874			124,131

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

80  Semi-Annual Report

Lazard Explorer Total Return Portfolio						Lazard Emerging Markets Income Portfolio
Six Months Ended June 30, 2015 (unaudited)			Year Ended December 31, 2014			Six Months Ended June 30, 2015 (unaudited)			Period Ended December 31, 2014 (a)
$	2,861,430		$	4,843,171		$	4,945		$	3,134
	(7,841,373	)		(1,297,846	)		2,309			(350,292	)
	91,748			(6,352,243	)		(64,036	)		(127,930	)
	(4,888,195	)		(2,806,918	)		(56,782	)		(475,088	)
	(2,787,337	)		(6,931,869	)		(12,459	)		—
	(79,377	)		(346,247	)		—			—
	—			(86,593	)		—			—
	—			(4,325	)		—			—
	—			(233,009	)		—			—
	—			(11,639	)		—			—
	(2,866,714	)		(7,613,682	)		(12,459	)		—
	207,224,621			165,082,565			11,194,673			5,545,100
	2,412,704			5,800,920			10,273			207,700
	2,766,971			7,234,199			12,459			—
	77,998			304,315			—			—
	(38,215,380	)		(60,293,265	)		(797,651	)		(99,405	)
	(2,191,442	)		(1,199,825	)		(6,673	)		(60,654	)
	172,075,472			116,928,909			10,413,081			5,592,741
	—			584			—			—
	3,644			11			—			—
	3,644			595			—			—
	164,324,207			106,508,906			10,343,840			5,117,653
	140,623,237			34,114,333			5,117,653			—
$	304,947,444		$	140,623,237		$	15,461,493		$	5,117,653
$	(36,787	)	$	(31,503	)	$	(240,910	)	$	(233,396	)
	14,321,463			3,190,427			544,226			—
	22,407,596			16,663,479			1,229,485			554,137
	300,878			751,650			1,371			—
	(4,149,699	)		(6,284,093	)		(85,570	)		(9,911	)
	18,558,775			11,131,036			1,145,286			544,226
	32,880,238			14,321,463			1,689,512			544,226
	763,194			269,801			14,487			—
	259,584			584,641			1,128			20,680
	8,422			31,480			—			—
	(235,875	)		(122,728	)		(743	)		(6,193	)
	32,131			493,393			385			14,487
	795,325			763,194			14,872			14,487

Semi-Annual Report  81

The Lazard Funds, Inc. Financial Highlights

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	17.19		$	18.67		$	19.54		$	16.80		$	21.78		$	18.01
Income (loss) from investment operations:
Net investment income (a)		0.22			0.37			0.35			0.35			0.49			0.38
Net realized and unrealized gain (loss)		(0.40	)		(1.13	)		(0.51	)		3.39			(4.36	)		3.71
Total from investment operations		(0.18	)		(0.76	)		(0.16	)		3.74			(3.87	)		4.09
Less distributions from:
Net investment income		—			(0.37	)		(0.36	)		(0.36	)		(0.63	)		(0.32	)
Net realized gains		—			(0.35	)		(0.35	)		(0.64	)		(0.48	)		—
Total distributions		—			(0.72	)		(0.71	)		(1.00	)		(1.11	)		(0.32	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	17.01		$	17.19		$	18.67		$	19.54		$	16.80		$	21.78
Total Return (c)		–1.05	%		–4.16	%		–0.80	%		22.36	%		–17.75	%		22.81	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$12,455,740			$12,156,645			$12,691,329			$13,315,172			$10,902,557			$14,561,085
Ratios to average net assets (d):
Net expenses		1.09	%		1.09	%		1.09	%		1.10	%		1.12	%		1.14	%
Gross expenses		1.09	%		1.09	%		1.09	%		1.10	%		1.12	%		1.14	%
Net investment income		2.52	%		1.97	%		1.80	%		1.85	%		2.44	%		1.96	%
Portfolio turnover rate		6	%		12	%		16	%		23	%		23	%		23	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	17.65		$	19.14		$	20.03		$	17.20		$	22.19		$	18.28
Income (loss) from investment operations:
Net investment income (a)		0.19			0.34			0.30			0.30			0.49			0.34
Net realized and unrealized gain (loss)		(0.40	)		(1.16	)		(0.53	)		3.47			(4.50	)		3.76
Total from investment operations		(0.21	)		(0.82	)		(0.23	)		3.77			(4.01	)		4.10
Less distributions from:
Net investment income		—			(0.32	)		(0.31	)		(0.30	)		(0.50	)		(0.19	)
Net realized gains		—			(0.35	)		(0.35	)		(0.64	)		(0.48	)		—
Total distributions		—			(0.67	)		(0.66	)		(0.94	)		(0.98	)		(0.19	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	17.44		$	17.65		$	19.14		$	20.03		$	17.20		$	22.19
Total Return (c)		–1.19	%		–4.39	%		–1.14	%		22.03	%		–18.02	%		22.43	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$1,291,888			$1,474,597			$2,206,930			$2,625,843			$2,731,646			$4,187,207
Ratios to average net assets (d):
Net expenses		1.38	%		1.37	%		1.37	%		1.40	%		1.42	%		1.49	%
Gross expenses		1.38	%		1.37	%		1.37	%		1.40	%		1.42	%		1.49	%
Net investment income		2.19	%		1.76	%		1.55	%		1.58	%		2.18	%		1.73	%
Portfolio turnover rate		6	%		12	%		16	%		23	%		23	%		23	%

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

82  Semi-Annual Report

Selected data for a share of capital stock outstanding throughout the period	For the Period 1/19/15* to 6/30/15†
Lazard Emerging Markets Equity Portfolio (concluded)
R6 Shares
Net asset value, beginning of period	$	17.26
Income (loss) from investment operations:
Net investment income (a)		0.22
Net realized and unrealized loss		(0.48	)
Total from investment operations		(0.26	)
Net asset value, end of period	$	17.00
Total Return (c)		–1.51	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	90,296
Ratios to average net assets (d):
Net expenses		1.11	%
Gross expenses		1.13	%
Net investment income		2.92	%
Portfolio turnover rate		6	%

†	Unaudited.
*	The inception date for the R6 Shares was January 19, 2015.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived by 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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  83

LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Year Ended 12/31/14			For the Period 10/31/13* to 12/31/13
Institutional Shares
Net asset value, beginning of period	$	9.62		$	9.83		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.04			0.03			(0.01	)
Net realized and unrealized gain (loss)		0.45			(0.15	)		(0.16	)
Total from investment operations		0.49			(0.12	)		(0.17	)
Less distributions from:
Net investment income		—			(0.08	)		—
Return of capital		—			(0.01	)		—
Total distributions		—			(0.09	)		—
Net asset value, end of period	$	10.11		$	9.62		$	9.83
Total Return (c)		5.09	%		–1.25	%		–1.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$54,598			$39,832			$3,265
Ratios to average net assets (d):
Net expenses		1.30	%		1.30	%		1.30	%
Gross expenses		1.59	%		2.28	%		24.66	%
Net investment income (loss)		0.89	%		0.28	%		–0.71	%
Portfolio turnover rate		29	%		45	%		12	%

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Year Ended 12/31/14			For the Period 10/31/13* to 12/31/13
Open Shares
Net asset value, beginning of period	$	9.62		$	9.83		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.01			(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		0.44			(0.11	)		(0.16	)
Total from investment operations		0.45			(0.15	)		(0.17	)
Less distributions from:
Net investment income		—			(0.05	)		—
Return of capital		—			(0.01	)		—
Total distributions		—			(0.06	)		—
Redemption fees		—			—	(b)		—
Net asset value, end of period	$	10.07		$	9.62		$	9.83
Total Return (c)		4.68	%		–1.56	%		–1.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,177		$	5,266		$	627
Ratios to average net assets (d):
Net expenses		1.60	%		1.60	%		1.60	%
Gross expenses		2.45	%		2.81	%		30.92	%
Net investment income (loss)		0.13	%		–0.35	%		–0.90	%
Portfolio turnover rate		29	%		45	%		12	%

*	The Portfolio commenced operations on October 31, 2013.
†	Unaudited.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.
The accompanying notes are an integral part of these financial statements.

84  Semi-Annual Report

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	10.43			$	11.81		$	12.40		$	10.68		$	15.12		$	13.18
Income (loss) from investment operations:
Net investment income (a)		0.04				0.09			0.11			0.09			0.06			0.02
Net realized and unrealized gain (loss)		0.15				(1.30	)		(0.60	)		1.74			(4.00	)		3.63
Total from investment operations		0.19				(1.21	)		(0.49	)		1.83			(3.94	)		3.65
Less distributions from:
Net investment income		—				(0.17	)		(0.10	)		(0.11	)		—			(0.09	)
Net realized gains		—				—			—			—			(0.50	)		(1.62	)
Total distributions		—				(0.17	)		(0.10	)		(0.11	)		(0.50	)		(1.71	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	10.62			$	10.43		$	11.81		$	12.40		$	10.68		$	15.12
Total Return (c)		1.82	%			–10.27	%		–3.90	%		17.16	%		–26.15	%		28.62	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	423,688			$	426,847		$	558,716		$	339,771		$	160,441		$	72,798
Ratios to average net assets (d):
Net expenses		1.20	%			1.19	%		1.17	%		1.21	%		1.30	%		1.30	%
Gross expenses		1.20	%			1.19	%		1.17	%		1.21	%		1.30	%		1.67	%
Net investment income		0.81	%			0.80	%		0.96	%		0.74	%		0.45	%		0.15	%
Portfolio turnover rate		32	%			57	%		48	%		61	%		68	%		112	%

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	10.43			$	11.81		$	12.40		$	10.68		$	15.16		$	13.19
Income (loss) from investment operations:
Net investment income (loss) (a)		0.02				0.08			0.11			0.05			0.01			(0.05	)
Net realized and unrealized gain (loss)		0.15				(1.33	)		(0.63	)		1.74			(3.99	)		3.65
Total from investment operations		0.17				(1.25	)		(0.52	)		1.79			(3.98	)		3.60
Less distributions from:
Net investment income		—				(0.13	)		(0.07	)		(0.07	)		—			(0.01	)
Net realized gains		—				—			—			—			(0.50	)		(1.62	)
Total distributions		—				(0.13	)		(0.07	)		(0.07	)		(0.50	)		(1.63	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	10.60			$	10.43		$	11.81		$	12.40		$	10.68		$	15.16
Total Return (c)		1.63	%			–10.57	%		–4.18	%		16.79	%		–26.34	%		28.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$11,782					$16,029			$44,324			$93,352			$63,415		$101,584
Ratios to average net assets (d):
Net expenses		1.58	%			1.49	%		1.45	%		1.53	%		1.60	%		1.60	%
Gross expenses		1.58	%			1.49	%		1.45	%		1.53	%		1.62	%		1.85	%
Net investment income (loss)		0.31	%			0.70	%		0.90	%		0.43	%		0.10	%		–0.33	%
Portfolio turnover rate		32	%			57	%		48	%		61	%		68	%		112	%

†	Unaudited.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  85

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

Selected data for a share of capital stock outstanding throughout the period	For the Period 5/29/15* to 6/30/15†
Institutional Shares
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.05
Net realized and unrealized loss		(0.34	)
Total from investment operations		(0.29	)
Net asset value, end of period	$	9.71
Total Return (b)		–2.90	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,937
Ratios to average net assets (c):
Net expenses		1.10	%
Gross expenses		10.24	%
Net investment income		5.75	%
Portfolio turnover rate		2	%

Selected data for a share of capital stock outstanding throughout the period	For the Period 5/29/15* to 6/30/15†
Open Shares
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.04
Net realized and unrealized loss		(0.33	)
Total from investment operations		(0.29	)
Net asset value, end of period	$	9.71
Total Return (b)		–2.90	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	101
Ratios to average net assets (c):
Net expenses		1.40	%
Gross expenses		27.45	%
Net investment income		5.46	%
Portfolio turnover rate		2	%

*	The Portfolio commenced operations on May 29, 2015.
†	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, 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)	Annualized for a period of less than one year.

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

86  Semi-Annual Report

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	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	10.00			$	11.18		$	11.45		$	9.77		$	12.45		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.07				0.15			0.11			0.11			0.15			(0.01	)
Net realized and unrealized gain (loss)		0.11				(1.12	)		(0.24	)		1.68			(2.70	)		2.48
Total from investment operations		0.18				(0.97	)		(0.13	)		1.79			(2.55	)		2.47
Less distributions from:
Net investment income		—				(0.21	)		(0.08	)		(0.11	)		(0.08	)		—
Net realized gains		—				—			(0.05	)		—			(0.05	)		(0.02	)
Return of capital		—				—	(b)		(0.01	)		—			—			—
Total distributions		—				(0.21	)		(0.14	)		(0.11	)		(0.13	)		(0.02	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	10.18			$	10.00		$	11.18		$	11.45		$	9.77		$	12.45
Total Return (c)		1.80	%			–8.66	%		–1.14	%		18.19	%		–20.43	%		24.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	425,167			$	463,043		$	478,754		$	201,512		$	85,091		$54,826
Ratios to average net assets (d):
Net expenses		1.21	%			1.28	%		1.30	%		1.34	%		1.35	%		1.35	%
Gross expenses		1.21	%			1.28	%		1.33	%		1.34	%		1.54	%		6.24	%
Net investment income (loss)		1.47	%			1.33	%		1.00	%		1.01	%		1.34	%		–0.16	%
Portfolio turnover rate		15	%			44	%		48	%		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	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	9.99			$	11.17		$	11.44		$	9.76		$	12.43		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.05				0.10			0.07			0.09			0.11			(0.05	)
Net realized and unrealized gain (loss)		0.11				(1.10	)		(0.24	)		1.66			(2.68	)		2.50
Total from investment operations		0.16				(1.00	)		(0.17	)		1.75			(2.57	)		2.45
Less distributions from:
Net investment income		—				(0.18	)		(0.04	)		(0.07	)		(0.05	)		—
Net realized gains		—				—			(0.05	)		—			(0.05	)		(0.02	)
Return of capital		—				—	(b)		(0.01	)		—			—			—
Total distributions		—				(0.18	)		(0.10	)		(0.07	)		(0.10	)		(0.02	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	10.15			$	9.99		$	11.17		$	11.44		$	9.76		$	12.43
Total Return (c)		1.60	%			–8.95	%		–1.47	%		17.97	%		–20.74	%		24.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	98,703			$	123,756		$	118,594		$	37,648		$	22,571		$	9,121
Ratios to average net assets (d):
Net expenses		1.60	%			1.60	%		1.60	%		1.64	%		1.65	%		1.65	%
Gross expenses		1.62	%			1.63	%		1.69	%		1.77	%		1.92	%		6.06	%
Net investment income (loss)		1.01	%			0.94	%		0.61	%		0.78	%		0.94	%		–0.70	%
Portfolio turnover rate		15	%			44	%		48	%		57	%		62	%		62	%

*	The Portfolio commenced operations on May 28, 2010.
†	Unaudited.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.
The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  87

LAZARD EMERGING MARKETS MULTI ASSET PORTFOLIO

Selected data for a share of capital	Six Months Ended				Year Ended										For the Period 3/31/11* to
stock outstanding throughout each period	6/30/15†					12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	8.58			$	9.28		$	9.70		$	8.57			$	10.00
Income (loss) from investment operations:
Net investment income (a)			0.07				0.17			0.13			0.09				0.09
Net realized and unrealized gain (loss)			(0.08	)			(0.70	)		(0.37	)		1.11				(1.47	)
Total from investment operations			(0.01	)			(0.53	)		(0.24	)		1.20				(1.38	)
Less distributions from:
Net investment income			—				(0.17	)		(0.10	)		(0.07	)			(0.05	)
Net realized gains			—				—			(0.08	)		—				—
Return of capital			—				—	(b)		—			—				—
Total distributions			—				(0.17	)		(0.18	)		(0.07	)			(0.05	)
Redemption fees			—				—	(b)		—	(b)		—	(b)			—	(b)
Net asset value, end of period		$	8.57			$	8.58		$	9.28		$	9.70			$	8.57
Total Return (c)			–0.23	%			–5.57	%		–2.41	%		14.02	%			–13.79	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	186,040			$	194,451		$	223,328		$	125,019			$	56,527
Ratios to average net assets (d):
Net expenses			1.30	%			1.28	%		1.30	%		1.30	%			1.30	%
Gross expenses			1.30	%			1.28	%		1.31	%		1.57	%			2.23	%
Net investment income			1.72	%			1.86	%		1.42	%		1.01	%			1.34	%
Portfolio turnover rate			66	%			122	%		155	%		160	%			98	%

Selected data for a share of capital	Six Months Ended				Year Ended										For the Period 3/31/11* to
stock outstanding throughout each period	6/30/15†					12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period		$	8.60			$	9.29		$	9.71		$	8.59			$	10.00
Income (loss) from investment operations:
Net investment income (a)			0.06				0.15			0.10			0.08				0.07
Net realized and unrealized gain (loss)			(0.09	)			(0.70	)		(0.37	)		1.08				(1.46	)
Total from investment operations			(0.03	)			(0.55	)		(0.27	)		1.16				(1.39	)
Less distributions from:
Net investment income			—				(0.14	)		(0.07	)		(0.04	)			(0.02	)
Net realized gains			—				—			(0.08	)		—				—
Return of capital			—				—	(b)		—			—				—
Total distributions			—				(0.14	)		(0.15	)		(0.04	)			(0.02	)
Redemption fees			—				—			—	(b)		—				—	(b)
Net asset value, end of period		$	8.57			$	8.60		$	9.29		$	9.71			$	8.59
Total Return (c)			–0.35	%			–5.89	%		–2.73	%		13.28	%			–13.67	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	958			$	1,198		$	2,185		$	858			$	262
Ratios to average net assets (d):
Net expenses			1.60	%			1.60	%		1.60	%		1.60	%			1.60	%
Gross expenses			3.02	%			2.23	%		2.52	%		3.82	%			16.96	%
Net investment income			1.38	%			1.63	%		1.03	%		0.82	%			1.00	%
Portfolio turnover rate			66	%			122	%		155	%		160	%			98	%

*	The Portfolio commenced operations on March 31, 2011.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

88  Semi-Annual Report

LAZARD EMERGING MARKETS DEBT 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	6/30/15†					12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	8.84			$	9.53		$	10.85		$	9.76			$	10.00
Income (loss) from investment operations:
Net investment income (a)			0.19				0.49			0.49			0.48				0.34
Net realized and unrealized gain (loss)			(0.38	)			(0.66	)		(1.25	)		1.33				(0.17	)
Total from investment operations			(0.19	)			(0.17	)		(0.76	)		1.81				0.17
Less distributions from:
Net investment income			(0.19	)			(0.15	)		(0.52	)		(0.48	)			(0.40	)
Net realized gains			—				—			(0.04	)		(0.24	)			(0.01	)
Return of capital			—				(0.37	)		—			—				—
Total distributions			(0.19	)			(0.52	)		(0.56	)		(0.72	)			(0.41	)
Redemption fees			—	(b)			—	(b)		—	(b)		—	(b)			—
Net asset value, end of period		$	8.46			$	8.84		$	9.53		$	10.85			$	9.76
Total Return (c)			–2.21	%			–2.07	%		–7.13	%		18.95	%			1.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	412,070			$	326,165		$	446,180		$	286,163			$	106,813
Ratios to average net assets (d):
Net expenses			0.92	%			0.96	%		0.97	%		1.00	%			1.04	%
Gross expenses			0.92	%			0.96	%		0.97	%		1.03	%			1.67	%
Net investment income			4.37	%			5.14	%		4.84	%		4.60	%			4.14	%
Portfolio turnover rate			71	%			204	%		108	%		220	%			108	%

Selected data for a share of capital	Six Months Ended			Year Ended										For the Period 2/28/11* to
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	8.91			$	9.59		$	10.88		$	9.77		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.17				0.46			0.45			0.45			0.33
Net realized and unrealized gain (loss)		(0.37	)			(0.68	)		(1.24	)		1.35			(0.20	)
Total from investment operations		(0.20	)			(0.22	)		(0.79	)		1.80			0.13
Less distributions from:
Net investment income		(0.17	)			(0.09	)		(0.46	)		(0.45	)		(0.35	)
Net realized gains		—				—			(0.04	)		(0.24	)		(0.01	)
Return of capital		—				(0.37	)		—			—			—
Total distributions		(0.17	)			(0.46	)		(0.50	)		(0.69	)		(0.36	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—
Net asset value, end of period	$	8.54			$	8.91		$	9.59		$	10.88		$	9.77
Total Return (c)		–2.24	%			–2.53	%		–7.35	%		18.68	%		1.34	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	853			$	1,107		$	9,310		$	1,138		$	128
Ratios to average net assets (d):
Net expenses		1.30	%			1.30	%		1.30	%		1.30	%		1.39	%
Gross expenses		2.66	%			1.71	%		1.39	%		2.97	%		16.28	%
Net investment income		3.98	%			4.80	%		4.45	%		4.26	%		3.84	%
Portfolio turnover rate		71	%			204	%		108	%		220	%		108	%

*	The Portfolio commenced operations on February 28, 2011.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  89

LAZARD EXPLORER TOTAL RETURN PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Year Ended 12/31/14			For the Period 6/28/13* to 12/31/13
Institutional Shares
Net asset value, beginning of period	$	9.32		$	9.86		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.11			0.36			0.16
Net realized and unrealized loss		(0.26	)		(0.38	)		(0.12	)
Total from investment operations		(0.15	)		(0.02	)		0.04
Less distributions from:
Net investment income		(0.12	)		(0.49	)		(0.18	)
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.02	)		—
Total distributions		(0.12	)		(0.52	)		(0.18	)
Redemption fees		—			—	(b)		—
Net asset value, end of period	$	9.05		$	9.32		$	9.86
Total Return (c)		–1.77	%		–0.21	%		0.38	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	297,706		$	133,473		$	31,450
Ratios to average net assets (d):
Net expenses		1.15	%		1.24	%		1.30	%
Gross expenses		1.15	%		1.30	%		2.97	%
Net investment income		2.38	%		3.57	%		3.15	%
Portfolio turnover rate		146	%		182	%		69	%

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Year Ended 12/31/14			For the Period 6/28/13* to 12/31/13
Open Shares
Net asset value, beginning of period	$	9.37		$	9.88		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.10			0.33			0.14
Net realized and unrealized loss		(0.26	)		(0.38	)		(0.11	)
Total from investment operations		(0.16	)		(0.05	)		0.03
Less distributions from:
Net investment income		(0.10	)		(0.43	)		(0.15	)
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.02	)		—
Total distributions		(0.10	)		(0.46	)		(0.15	)
Redemption fees		—	(b)		—	(b)		—
Net asset value, end of period	$	9.11		$	9.37		$	9.88
Total Return (c)		–1.93	%		–0.52	%		0.27	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,242		$	7,150		$	2,665
Ratios to average net assets (d):
Net expenses		1.50	%		1.54	%		1.60	%
Gross expenses		1.62	%		1.78	%		5.01	%
Net investment income		2.16	%		3.26	%		2.78	%
Portfolio turnover rate		146	%		182	%		69	%

*	The Portfolio commenced operations on June 28, 2013.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

90  Semi-Annual Report

LAZARD EMERGING MARKETS INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			For the Period 4/30/14* to 12/31/14
Institutional Shares
Net asset value, beginning of period	$	9.16			$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.01				0.01
Net realized and unrealized loss		(0.09	)			(0.85	)
Total from investment operations		(0.08	)			(0.84	)
Less distributions from:
Net investment income		(0.01	)			—
Total distributions		(0.01	)			—
Net asset value, end of period	$	9.07			$	9.16
Total Return (b)		–0.95	%			–8.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	15,327			$	4,985
Ratios to average net assets (c):
Net expenses		0.90	%			0.90	%
Gross expenses		3.21	%			5.15	%
Net investment income		0.12	%			0.10	%
Portfolio turnover rate		86	%			125	%

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			For the Period 4/30/14* to 12/31/14
Open Shares
Net asset value, beginning of period	$	9.14			$	10.00
Loss from investment operations:
Net investment loss (a)		(0.01	)			(0.01	)
Net realized and unrealized loss		(0.08	)			(0.85	)
Total from investment operations		(0.09	)			(0.86	)
Net asset value, end of period	$	9.05			$	9.14
Total Return (b)		–1.09	%			–8.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	135			$	132
Ratios to average net assets (c):
Net expenses		1.20	%			1.20	%
Gross expenses		14.79	%			13.96	%
Net investment loss		–0.13	%			–0.18	%
Portfolio turnover rate		86	%			125	%

*	The Portfolio commenced operations on April 30, 2014.
†	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, 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)	Annualized for a period of less than one year.

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

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The Lazard Funds, Inc. Notes to Financial Statements June 30, 2015 (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 “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-five 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 US Small Cap Equity Growth Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Equity Concentrated Portfolio, Lazard International Strategic Equity Portfolio, Lazard International Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard International Small Cap Equity Portfolio, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Portfolio, Lazard Emerging Markets Core Equity Portfolio, Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Blend Portfolio, Lazard Emerging Markets Multi Asset Portfolio, Lazard Emerging Markets Debt Portfolio, Lazard Explorer Total Return Portfolio, Lazard Emerging Markets Income Portfolio, Lazard US Corporate Income Portfolio, Lazard US Short Duration Fixed Income Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Realty Income Portfolio, Lazard US Realty Equity Portfolio, Lazard Global Realty Equity Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Capital Allocator Opportunistic Strategies Portfolio, Lazard Global Dynamic Multi Asset Portfolio, Lazard Enhanced Opportunities Portfolio, Lazard Fundamental Long/Short Portfolio, and Lazard Master Alternatives Portfolio. All Portfolios, other than US Equity Concentrated, International Equity Concentrated, Emerging Markets Debt, Explorer Total Return, Emerging Markets Income, US Realty Equity, Global Realty Equity, Enhanced Opportunities and Fundamental Long/Short Portfolios, are operated as “diversified” funds, as defined in the 1940 Act. Global Dynamic Multi Asset Portfolio had not commenced operations as of June 30, 2015. This report includes only the financial

statements of Emerging Markets Equity, Emerging Markets Core Equity, Developing Markets Equity, Emerging Markets Equity Advantage, Emerging Markets Equity Blend, Emerging Markets Multi Asset, Emerging Markets Debt, Explorer Total Return and Emerging Markets Income Portfolios. The financial statements of other Portfolios are presented separately.

Effective November 29, 2013, the Fund formed an R6 Share class. Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each Share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Prospectus). As of June 30, 2015, only US Strategic Equity, International Equity, International Strategic Equity, Emerging Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi Asset and Emerging Markets Debt Portfolios offered R6 Shares and US Strategic Equity, International Equity, International Strategic Equity and Emerging Markets Equity Portfolios had issued R6 Shares.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

(a) Valuation of Investments—Net asset value (“NAV”) per share for each class of each Portfolio is determined on each day the New York Stock Exchange (“NYSE”) is open for business. Market values for securities listed on the 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

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the last reported sales price in certain instances. Forward currency contracts are valued using quotations from an independent pricing service. Exchange-traded options are valued at the last reported sales price on the exchange on which the contract is principally traded. 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. Investments in money market funds are valued at the fund’s NAV.

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.

The Valuation Committee of the Investment Manager, which meets periodically and acts pursuant to delegated authority from the Board of Directors (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 portfolio managers/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 NAV 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 of relevant ADRs or futures contracts. Non-US securi-

ties 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 NAV 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’ NAVs.

(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.

During the period ended June 30, 2015, Emerging Markets Multi Asset, Emerging Markets Debt, Explorer Total Return and Emerging Markets Income Portfolios traded in fixed-income securities.

A Portfolio may be subject to taxes imposed by foreign countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and unrealized) from the applicable portfolio securities.

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund 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.

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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 the Portfolios’ accounting records and the US dollar equivalent amounts actually received or paid. Net change 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, a 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.

During the period ended June 30, 2015, Emerging Markets Multi Asset, Explorer Total Return and Emerging Markets Income Portfolios traded in forward currency contracts.

(d) Options Transactions—For hedging and investment purposes, certain Portfolios may purchase and write (sell) put and call options. Such options may be traded on US or non-US securities exchanges or on 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 will not benefit from exercise of an option 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.

None of the Portfolios presented traded in options during the period ended June 30, 2015.

(e) Swap Agreements—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 specified 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,

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(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) spread locks, 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 a Portfolio’s accompanying Statement of Assets and Liabilities.

During the period ended June 30, 2015, Emerging Markets Multi Asset and Explorer Total Return Portfolios traded in swap agreements with average notional exposure of approximately $3,700,000 and $18,100,000, respectively.

(f) 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 (the “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.

The Regulated Investment Company Modernization Act of 2010 (the “RIC Modernization Act”) includes numerous provisions that generally became effective for taxable years beginning after December 22, 2010. Among the 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.

At December 31, 2014, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:

Portfolio	Short-Term		Long-Term
Emerging Markets Core Equity	$	92,870	$	—
Developing Markets Equity		17,587,271		49,969,993
Emerging Markets Equity Blend		221,840		—
Emerging Markets Multi Asset		557,845		4,264,151
Emerging Markets Debt		7,779,232		3,275,142
Emerging Markets Income		6,016		—

Under current tax law, certain late year losses, as defined by the Code, 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, 2014, the following Portfolios elected to defer such losses as follows:

Portfolio	Post October Capital Loss Deferral			Late Year Ordinary Loss Deferral
Emerging Markets Equity	$	—		$	(724,683	)
Emerging Markets Equity Blend		—			(43,681	)
Emerging Markets Multi Asset		—			(575,077	)
Emerging Markets Debt		(7,281,440	)		(7,831,064	)
Explorer Total Return		(3,864,090	)		(765,961	)
Emerging Markets Income		(157	)		(240,115	)

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 (2011-2013), or expected to be taken in the Portfolios’ 2014 tax returns.

(g) Dividends and Distributions—Emerging Markets Debt, Explorer Total Return and Emerging Markets Income Portfolios intend to declare dividends from net investment income, if any, daily and to pay such dividends monthly. Dividends from net investment income, if any, on the other Portfolios will be declared and paid annually. 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

Semi-Annual Report  95

differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, wash sales, passive foreign investment companies and certain fixed-income securities and derivatives. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(h) Offering Costs—Costs 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.

(i) Allocation of Expenses—Expenses not directly chargeable to a specific Portfolio are allocated among all Portfolios primarily on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees to Open Shares. The Portfolios’ 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.

(j) Redemption Fee—The Portfolios 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 the Portfolios and are included as paid in capital on the Statements of Assets and Liabilities. The fees are also shown on the Statements of Changes in Net Assets.

(k) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 objectives and policies, including the purchase, retention and disposition of securities. For its services provided to the Portfolios, 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
Emerging Markets Equity		1.00	%
Emerging Markets Core Equity		1.00
Developing Markets Equity		1.00
Emerging Markets Equity Advantage		0.85
Emerging Markets Equity Blend		1.00
Emerging Markets Multi Asset		1.00
Emerging Markets Debt		0.80
Explorer Total Return		1.00
Emerging Markets Income		0.65

The Investment Manager has voluntarily agreed, through May 1 of the year shown below, 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			R6 Shares			Year
Emerging Markets Equity		1.30	%		1.60	%		1.25	%		2016
Emerging Markets Core Equity		1.30			1.60			N/A			2016
Developing Markets Equity		1.30			1.60			N/A			2016
Emerging Markets Equity Advantage		1.10			1.40			N/A			2017	(a)
Emerging Markets Equity Blend		1.30			1.60			N/A			2016
Emerging Markets Multi Asset		1.30			1.60			N/A			2025
Emerging Markets Debt		1.00			1.30			N/A			2016	(b)
Explorer Total Return		1.20			1.50			N/A			2016
Emerging Markets Income		0.90			1.20			N/A			2016

(a)	Agreement is through May 29, 2017.
(b)	Agreement extends, for May 2, 2016 through May 1, 2025, at levels of 1.10% and 1.40%, respectively.

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During the period ended June 30, 2015, 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
Emerging Markets Core Equity	$	65,909	$	—	$	10,319	$	—
Emerging Markets Equity Advantage		1,991		16,884		71		1,025
Emerging Markets Equity Blend		—		—		11,056		—
Emerging Markets Multi Asset		490		—		5,221		2,176
Emerging Markets Debt		—		—		4,099		2,859
Explorer Total Return		—		—		4,506		—
Emerging Markets Income		28,444		63,506		437		8,562

The Fund has entered into an administration agreement with State Street to provide certain administrative services. 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 up to $18,750 of the $42,500 annual fee for Portfolios with net assets under $25 million. During the period ended June 30, 2015, State Street waived its fees as follows:

Portfolio	Amount
Emerging Markets Equity Advantage	$1,563
Emerging Markets 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 adopted pursuant to 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, 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 the first six months after a new Portfolio or share class has commenced operations. During the period ended June 30, 2015, BFDS waived its fees as follows:

Portfolio	Amount
Emerging Markets Equity	$6,114
Emerging Markets Equity Advantage	2,042

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, and Lazard Alternative Emerging Markets 1099 Fund, a closed-end registered management investment company advised by an affiliate of the Investment Manager (the “1099 Fund”): (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director, and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Directors also are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. The Statements of Operations show the Directors’ fees and expenses paid by each Portfolio.

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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, 2015 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Equity	$	1,271,792,471	$	848,463,339
Emerging Markets Core Equity		23,986,486		14,103,168
Developing Markets Equity		138,029,191		152,013,138
Emerging Markets Equity Advantage		2,988,201		22,691
Emerging Markets Equity Blend		83,173,091		154,454,919
Emerging Markets Multi Asset		111,210,375		103,218,854
Emerging Markets Debt		381,925,493		261,792,886
Explorer Total Return		354,859,808		209,179,437
Emerging Markets Income		2,375,171		1,068,872

	US Government Securities
Portfolio	Purchases		Sales
Explorer Total Return	$	26,496,384	$	26,280,910

For the period ended June 30, 2015, 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: from January 1, 2015 to June 28, 2015, at the higher of the Federal Funds rate or Overnight LIBOR rate plus 1.00%, and from June 29, 2015 to June 30, 2015, at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.10% per annum fee from January 1, 2015 to June 28, 2015 and 0.20% per annum from June 29, 2015 to June 30, 2015 on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the period ended June 30, 2015, the Portfolios 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
Emerging Markets Core Equity	$	2,500,000		$ 2,500,000		1.14	%		6
Developing Markets Equity		1,441,667		2,100,000		1.12			12
Emerging Markets Equity Blend		6,507,692		16,800,000		1.13			13
Emerging Markets Debt		2,800,000		2,800,000		1.14			1
Emerging Markets Income		70,000		70,000		1.13			1

* For days borrowings were outstanding.

Management believes that the fair value of the liabilities under the line of credit is equivalent to the recorded amount based on its short term maturity and interest rate, which fluctuates with LIBOR. The line of credit outstanding as of June 30, 2015 is categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—Certain Portfolios may invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in US securities. Such Portfolios’ performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolios invest. Non-US securities carry special risks, such as 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 may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolios’ investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed

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countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the US. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(b) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). Interest rate risk is usually greater for fixed-income securities with longer maturities or durations.

The Portfolios’ investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the

Portfolios’ share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolios may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolios may not fully benefit from any increase in the value of their portfolio holdings as a result of declining interest rates).

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. 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, developed based on the best information available in the circum-

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stances. 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)

Changes in valuation technique may result in transfer into or out of the current assigned level within the hierarchy.

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

The following table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2015:

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, 2015
Emerging Markets Equity Portfolio
Common Stocks*
Russia	$	528,829,790		$	517,373,827	$	—	$	1,046,203,617
Thailand		126,436,947			247,075,093		—		373,512,040
Other		11,957,360,658			—		—		11,957,360,658
Short-Term Investment		372,849,993			—		—		372,849,993
Total	$	12,985,477,388		$	764,448,920	$	—	$	13,749,926,308
Emerging Markets Core Equity Portfolio
Common Stocks*	$	54,561,194		$	—	$	—	$	54,561,194
Preferred Stock*		1,101,044			—		—		1,101,044
Short-Term Investment		1,297,925			—		—		1,297,925
Total	$	56,960,163		$	—	$	—	$	56,960,163
Developing Markets Equity Portfolio
Common Stocks*
Russia	$	28,300,930		$	11,314,736	$	—	$	39,615,666
Other		381,406,726			—		—		381,406,726
Preferred Stock*		6,525,447			—		—		6,525,447
Short-Term Investment		5,998,558			—		—		5,998,558
Total	$	422,231,661		$	11,314,736	$	—	$	433,546,397
Emerging Markets Equity Advantage Portfolio
Common Stocks*
China	$	541,389		$	12,098	$	—	$	553,487
Hong Kong		106,055			307		—		106,362
Taiwan		280,237			25,118		—		305,355
Thailand		94,747			15,813		—		110,560
Other		1,725,176			6,314		—		1,731,490
Preferred Stocks*		58,182			—		—		58,182
Short-Term Investment		41,634			—		—		41,634
Total	$	2,847,420		$	59,650	$	—	$	2,907,070

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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, 2015
Emerging Markets Equity Blend Portfolio
Common Stocks*
China	$	91,162,118		$	1,986,338		$	—	$	93,148,456
Egypt		5,287,738			1,403,965			—		6,691,703
Russia		31,068,820			8,284,304			—		39,353,124
Other		358,850,372			3,305,463			—		362,155,835
Preferred Stocks*		3,506,813			—			—		3,506,813
Short-Term Investment		16,251,172			—			—		16,251,172
Total	$	506,127,033		$	14,980,070		$	—	$	521,107,103
Emerging Markets Multi Asset Portfolio
Assets:
Common Stocks*
China	$	23,051,788		$	432,017		$	—	$	23,483,805
Egypt		1,266,755			334,019			—		1,600,774
Russia		6,835,478			1,553,842			—		8,389,320
Thailand		264,680			756,403			—		1,021,083
Other		89,246,897			—			—		89,246,897
Preferred Stocks*		1,136,078			—			—		1,136,078
Corporate Bonds*		—			6,478,979			—		6,478,979
Foreign Government Obligations*		—			29,056,933			—		29,056,933
Quasi Government Bonds*		—			910,026			—		910,026
US Treasury Securities		—			15,004,497			—		15,004,497
Warrant**		—			—			—		—
Short-Term Investment		14,551,253			—			—		14,551,253
Other Financial Instruments†
Credit Default Swap Agreements		—			3,185			—		3,185
Forward Currency Contracts		—			316,497			—		316,497
Total	$	136,352,929		$	54,846,398		$	—	$	191,199,327
Liabilities:
Other Financial Instruments†
Credit Default Swap Agreements	$	—		$	(3,380	)	$	—	$	(3,380	)
Forward Currency Contracts		—			(433,410	)		—		(433,410	)
Total	$	—		$	(436,790	)	$	—	$	(436,790	)
Emerging Markets Debt Portfolio
Corporate Bonds*	$	—		$	14,773,827		$	—	$	14,773,827
Foreign Government Obligations*		—			374,182,833			—		374,182,833
Quasi Government Bonds*		—			14,167,885			—		14,167,885
Short-Term Investment		3,507,276			—			—		3,507,276
Total	$	3,507,276		$	403,124,545		$	—	$	406,631,821
Explorer Total Return Portfolio
Assets:
Corporate Bonds*	$	—		$	68,362,272		$	—	$	68,362,272
Foreign Government Obligations*		—			178,562,468			—		178,562,468
Quasi Government Bonds*		—			9,430,197			—		9,430,197
Short-Term Investment		37,797,167			—			—		37,797,167
Warrant**		—			—			—		—
Other Financial Instruments†
Credit Default Swap Agreements		—			28,969			—		28,969
Forward Currency Contracts		—			690,272			—		690,272
Total	$	37,797,167		$	257,074,178		$	—	$	294,871,345

Semi-Annual Report  101

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, 2015
Explorer Total Return Portfolio (concluded)
Liabilities:
Other Financial Instruments†
Credit Default Swap Agreements	$	—		$	(28,748	)	$	—	$	(28,748	)
Forward Currency Contracts		—			(2,029,163	)		—		(2,029,163	)
Total	$	—		$	(2,057,911	)	$	—	$	(2,057,911	)
Emerging Markets Income Portfolio
Assets:
Foreign Government Obligations*	$	—		$	2,175,254		$	—	$	2,175,254
Supranationals		—			42,661			—		42,661
US Treasury Securities		—			12,486,930			—		12,486,930
Short-Term Investment		777,784			—			—		777,784
Other Financial Instruments†
Forward Currency Contracts		—			52,342			—		52,342
Total	$	777,784		$	14,757,187		$	—	$	15,534,971
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—		$	(93,830	)	$	—	$	(93,830	)

*	Please refer to Portfolios of Investments (page 22 through 68) and Notes to Portfolios of Investments (page 71 through 72) for portfolio holdings by country and industry.
**	The warrant 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.

Certain common stocks (see footnote (b) in the Notes to Portfolios of Investments) included in Level 2 were valued based on reference to similar securities which were trading on active markets.

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 (b) in the Notes to Portfolios of Investments) in the Emerging Markets Equity, Emerging Markets Core Equity, Developing Markets Equity, Emerging Markets Equity Advantage, Emerging Markets Equity Blend and Emerging Markets Multi Asset Portfolios can transfer 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. A Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period.

At June 30, 2015, securities valued at the following amounts were transferred from Level 2 to Level 1:

Portfolio	Amount
Emerging Markets Equity	$	10,044,769,224
Emerging Markets Core Equity		23,252,201
Developing Markets Equity		260,235,493
Emerging Markets Equity Blend		370,571,892
Emerging Markets Multi Asset		64,606,319

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2015.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

A Portfolio enters into swap agreements in an attempt to obtain a particular exposure when it is considered

102  Semi-Annual Report

desirable to do so, possibly at a lower cost to such Portfolio than if it had invested directly in the asset that yielded the desired exposure.

Emerging Markets Multi Asset Portfolio

During the period ended June 30, 2015, the notional amounts of purchases and sales of forward currency contracts were $295,725,674 and $290,701,282, respectively, with average notional exposure of approximately $67,800,000.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2015:

	Fair Value
Asset Derivatives
Credit Risk:
Gross unrealized appreciation on credit default swap agreements	$	3,185
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	316,497
Liability Derivatives
Credit Risk:
Gross unrealized depreciation on credit default swap agreements	$	3,380
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	433,410

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2015 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Credit Risk:
Net realized loss on credit default swap agreements	$	(197,946	)
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	411,724
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Credit Risk:
Net change in unrealized appreciation on credit default swap agreements	$	202,053
Foreign Exchange Risk:
Net change in unrealized appreciation on forward currency contracts	$	51,613

Explorer Total Return Portfolio

During the period ended June 30, 2015, the notional amounts of purchases and sales of forward currency contracts were $916,868,585 and $890,807,665, respectively, with average notional exposure of approximately $155,900,000.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2015:

	Fair Value
Asset Derivatives
Credit Risk:
Gross unrealized appreciation on credit default swap agreements	$	28,969
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	690,272
Liability Derivatives
Credit Risk:
Gross unrealized depreciation on credit default swap agreements	$	28,748
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	2,029,163

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2015 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Credit Risk:
Net realized loss on credit default swap agreements	$	(634,485	)
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	1,515,253
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Credit Risk:
Net change in unrealized appreciation on credit default swap agreements	$	667,586
Foreign Exchange Risk:
Net change in unrealized depreciation on forward currency contracts	$	(1,178,204	)

Semi-Annual Report  103

Emerging Markets Income Portfolio

During the period ended June 30, 2015, the notional amounts of purchases and sales of forward currency contracts were $52,980,834 and $43,450,325, respectively, with average notional exposure of approximately $10,200,000.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2015:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	52,342
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	93,830

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2015 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	138,082

	Amount
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized depreciation on forward currency contracts	$	(29,522	)

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

None of the other Portfolios presented traded in derivative instruments during the period ended June 30, 2015.

As of June 30, 2015, Emerging Markets Multi Asset, Explorer Total Return and Emerging Markets Income Portfolios hold derivative instruments that are eligible for offset in the Statements of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

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The required information for the affected Portfolios are presented in the below table, as of June 30, 2015:

Emerging Markets Multi Asset Portfolio

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Credit Default Swap Agreements		$	3,185	$	—	$	3,185
Forward Currency Contracts			316,497		—		316,497
Total		$	319,682	$	—	$	319,682

	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in Statement of Assets and Liabilities			Financial Instruments				Collateral Received		Net Amounts
Barclays Bank PLC		$	42,629		$	(42,629)		$	—	$	—
Citibank NA			88,417			(71,250	)		—		17,167
HSBC Bank USA NA			31,741			(8,175	)		—		23,566
JPMorgan Chase Bank NA			93,866			(64,590	)		—		29,276
Standard Chartered Bank			52,948			(52,948	)		—		—
UBS AG			10,081			(10,081	)		—		—
Total		$	319,682		$	(249,673	)	$	—	$	70,009

				Gross Amounts		Net Amounts of
				Offset in the		Liabilities Presented
	Gross Amounts			Statement of		in the Statement
	of Recognized			Assets and		of Assets and
Description	Liabilities			Liabilities		Liabilities
Credit Default Swap Agreements		$	3,380	$	—	$	3,380
Forward Currency Contracts			433,410		—		433,410
Total		$	436,790	$	—	$	436,790

	Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented in
	Statement of Assets			Financial				Collateral
Counterparty	and Liabilities			Instruments				Pledged		Net Amounts
Barclays Bank PLC		$	79,193		$	(42,629)		$	—	$	36,564
BNP Paribas SA			33,159			—			—		33,159
Citibank NA			71,250			(71,250	)		—		—
HSBC Bank USA NA			8,175			(8,175	)		—		—
JPMorgan Chase Bank NA			64,590			(64,590	)		—		—
Standard Chartered Bank			153,256			(52,948	)		—		100,308
UBS AG			27,167			(10,081	)		—		17,086
Total		$	436,790		$	(249,673	)	$	—	$	187,117

Semi-Annual Report  105

Explorer Total Return Portfolio

				Gross Amounts		Net Amounts of
				Offset in the		Assets Presented
	Gross Amounts			Statement of		in the Statement
	of Recognized			Assets and		of Assets and
Description	Assets			Liabilities		Liabilities
Credit Default Swap Agreements		$	28,969	$	—	$	28,969
Forward Currency Contracts			690,272		—		690,272
Total		$	719,241	$	—	$	719,241

	Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented in
	Statement of Assets			Financial				Collateral
Counterparty	and Liabilities			Instruments				Received		Net Amounts
Barclays Bank PLC		$	174,727		$	(174,727)		$	—	$	—
JPMorgan Chase Bank NA			119,347			(119,347	)		—		—
Standard Chartered Bank			404,987			(404,987	)		—		—
UBS AG			20,180			(20,180	)		—		—
Total		$	719,241		$	(719,241	)	$	—	$	—

				Gross Amounts		Net Amounts of
				Offset in the		Liabilities Presented
	Gross Amounts			Statement of		in the Statement
	of Recognized			Assets and		of Assets and
Description	Liabilities			Liabilities		Liabilities
Credit Default Swap Agreements		$	28,748	$	—	$	28,748
Forward Currency Contracts			2,029,163		—		2,029,163
Total		$	2,057,911	$	—	$	2,057,911

	Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented in
	Statement of Assets			Financial				Collateral
Counterparty	and Liabilities			Instruments				Pledged		Net Amounts
Barclays Bank PLC		$	508,389		$	(174,727)		$	—	$	333,662
JPMorgan Chase Bank NA			317,022			(119,347	)		—		197,675
Standard Chartered Bank			1,159,342			(404,987	)		—		754,355
UBS AG			73,158			(20,180	)		—		52,978
Total		$	2,057,911		$	(719,241	)	$	—	$	1,338,670

106  Semi-Annual Report

Emerging Markets Income Portfolio

				Gross Amounts		Net Amounts of
				Offset in the		Assets Presented
	Gross Amounts			Statement of		in the Statement
	of Recognized			Assets and		of Assets and
Description	Assets			Liabilities		Liabilities
Forward Currency Contracts		$	52,342	$	—	$	52,342

	Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented in
	Statement of Assets			Financial				Collateral
Counterparty	and Liabilities			Instruments				Received		Net Amounts
Citibank NA		$	6,326		$	(5,150)		$	—	$	1,176
HSBC Bank USA NA			18,204			(10,550	)		—		7,654
JPMorgan Chase Bank NA			18,250			(15,469	)		—		2,781
Standard Chartered Bank			7,547			(6,315	)		—		1,232
UBS AG			2,015			(2,015	)		—		—
Total		$	52,342		$	(39,499	)	$	—	$	12,843

				Gross Amounts		Net Amounts of
				Offset in the		Liabilities Presented
	Gross Amounts			Statement of		in the Statement
	of Recognized			Assets and		of Assets and
Description	Liabilities			Liabilities		Liabilities
Forward Currency Contracts		$	93,830	$	—	$	93,830

	Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented in
	Statement of Assets			Financial				Collateral
Counterparty	and Liabilities			Instruments				Pledged		Net Amounts
Barclays Bank PLC		$	42,134		$	—		$	—	$	42,134
Citibank NA			5,150			(5,150	)		—		—
HSBC Bank USA NA			10,550			(10,550	)		—		—
JPMorgan Chase Bank NA			15,469			(15,469	)		—		—
Standard Chartered Bank			6,315			(6,315	)		—		—
UBS AG			14,212			(2,015	)		—		12,197
Total		$	93,830		$	(39,499	)	$	—	$	54,331

11. Subsequent Events

Management has evaluated the possibility of subsequent events affecting the Fund’s financial statements

and has determined that there were no such subsequent events that required adjustment or disclosure in the financial statements.

Semi-Annual Report  107

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):
Franci J. Blassberg (61)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		Cornell Law School, Visiting Professor of Practice (2015 – present); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (70)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
		Aquiline Holdings LLC, an investment manager, Partner (2006 – 2012)
Nancy A. Eckl (52)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (65 funds) and TIAA-CREF Life Funds (11 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)
Trevor W. Morrison (44)	Director (April 2014)	New York University School of Law, Dean and Eric M. and Laurie B. Roth Professor of Law (2013 – present)
		Columbia Law School, Professor of Law (2008 – 2013)
		Office of Counsel to the President, The White House, Associate Counsel to the President (2009)
Richard Reiss, Jr. (71)	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 (67)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

108  Semi-Annual Report

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)
Interested Directors(4):
Charles L. Carroll (54)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (55)	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 serves as a Director for each of the Lazard Funds (comprised of, as of July 31, 2015, 41 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) are also board members of the 1099 Fund.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the 1940 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, or online, at www.LazardNet.com.

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) Held During the Past Five Years(2)
Officers(3):
Nathan A. Paul (42)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Stephen St. Clair (56)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (44)	Chief Compliance Officer (September 2014)	Director and Chief Compliance Officer of the Investment Manager (since September 2014)
		Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (40)	Assistant Secretary (February 2009)	Senior Vice President (since February 2012, previously Vice President) and Director of Legal Affairs (since July 2015) of the Investment Manager
Cesar A. Trelles (40)	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, except Messrs. St. Clair and Trelles, serves in the same capacity for the other Lazard Funds and the 1099 Fund. Messrs. St. Clair and Trelles serve 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  109

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

Lazard Emerging Markets Equity Advantage Portfolio

At a meeting of the Board held on April 29, 2015, the Board considered the approval of the Management Agreement between the Fund, on behalf of Lazard Emerging Markets Equity Advantage Portfolio (the “New Portfolio”), and the Investment Manager (the “New Portfolio Management Agreement”). 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

The Board previously had received and discussed information 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 39 active funds comprised approximately $28 billion of the

¹ The New Portfolio has two comparison groups, corresponding to Open and Institutional Shares.

approximately $180 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2015); 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 members of the New Portfolio’s proposed portfolio management team, 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 $28 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 Strategic Insight, an independent provider of investment company data.

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 Strategic Insight, which compared the management fee and expense ratios for the New Portfolio to groups¹ of comparison funds (“Groups”), and the Directors noted the methodology and assumptions

110  Semi-Annual Report

used by Strategic Insight, 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 contractual management fee and estimated expense ratios for the New Portfolio were below the medians for the Groups. The Board also considered the fees paid by the Investment Manager’s client accounts with investment objectives, policies and strategies similar to those of the New Portfolios.

Performance. The Directors considered the performance of accounts managed by the portfolio managers with investment objectives, policies and strategies similar to those contemplated for the New Portfolio compared to relevant indexes.

Investment Manager Profitability and Economies of Scale
Representatives of the Investment Manager 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 and 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 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 two years following the New Portfolio’s commencement of operations to maintain the expense ratios reflected in the Strategic Insight 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 New Portfolio Management Agreement. The Investment Manager representatives noted that neither the Investment Manager nor its affiliates were expected to receive any significant indirect benefits from the Investment Manager acting as investment adviser to the New Portfolio. The Investment Manager’s repre-

sentatives 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 record-keeping 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 New Portfolio Management Agreement. Based on its discussions and considerations as described above, the Board made the following conclusions and determinations with regard to the New Portfolio Management Agreement:

• 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 $180 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

Semi-Annual Report  111

being dispositive, determined to approve the New Portfolio Management Agreement.

All Portfolios except Lazard Emerging Markets Equity Advantage Portfolio

At a meeting of the Board held on June 8-9, 2015, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of the 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 39 active funds comprised approximately $30 billion (as of April 30, 2015) of the approximately $180 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2015). The Investment Manager’s representatives 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 opera-

tions, 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 $30 billion fund complex not managed by a large, global firm such as the Investment Manager.

The Investment Manager representatives noted that the Investment Manager had historically provided certain administrative, operational and compliance assistance services in connection with the operation of the Fund, but that such services had been in addition to the investment advisory and other services that were contractually required by the Management Agreement currently in place. The Investment Manager representatives explained that the Management Agreement, on behalf of each Portfolio for which the Management Agreement is being considered, was proposed to be revised in order to include such services. The Investment Manager representatives reviewed the proposed revisions with the Directors and confirmed that no changes were proposed to the nature, extent or quality of services provided or to the Management Agreement’s terms related to investment advisory services.

Comparative Management Fee, Expense Ratio and Performance Information
The Directors reviewed comparative management fee, expense ratio and performance (through March 31, 2015) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”).

Management Fees and Expense Ratios. The Directors discussed the management fees and expense ratios for each Portfolio. They noted the methodology and assumptions used by Strategic Insight, 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

112  Semi-Annual Report

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 Strategic Insight’s analysis (which was for the Institutional Shares and Open Shares classes of all Portfolios), it was noted that, for both share classes of each Portfolio, contractual management fees were at or below the median of the relevant Group, except for the Emerging Markets Core Equity Portfolio (in the fourth quartile of the Group for Institutional Shares and the third quartile of the Group for Open Shares); Emerging Markets Debt Portfolio and Explorer Total Return Portfolio (each Portfolio in the fourth quartile of the Group for each share class); and Emerging Markets Income Portfolio (the highest in the Group for both share classes). The Directors noted, however, that the actual management fee for each of these Portfolios, except the Explorer Total Return Portfolio (fourth quartile for both share classes), was in the first quartile of the Group for at least one share class, and the lowest in the group for both share classes of Emerging Markets Core Equity and the Open Share class of Emerging Markets Income Portfolio (first quartile for both share classes).

It also was noted that, for both share classes of all Portfolios, expense ratios were below, at or only slightly above the medians of those of the funds in the relevant Group, except for the Emerging Markets Debt Portfolio (in the fourth quartile of both share class Groups) and Explorer Total Return Portfolio (the highest in the Group for both share classes). 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. For the Emerging Markets Debt Portfolio, the Investment Manager representatives presented supplemental comparisons against peer funds the Investment Manager believed were more appropriate than those comprising the respective Groups, showing that the Portfolio’s contractual management fee and net expenses were within the

range of those in the Investment Manager’s group of comparison funds. The Directors also noted the unique nature of the Explorer Total Return Portfolio and discussed the appropriateness of the peer comparisons with the Investment Manager representatives.

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. Strategic Insight’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and Category over measurement periods up to ten years through March 31, 2015. Although year-to-date performance was provided by Strategic Insight, except as noted, the Directors did not consider three-month performance to be relevant to their considerations and focused on longer-term performance.

The Directors noted that both share classes of the Emerging Markets Core Equity Portfolio were above the average of the performance Group and Category for the one-year period (the Portfolio commenced operations in 2013); for the Explorer Total Return Portfolio, performance in the one-year period was above the Category average, but below the Group average (the Portfolio commenced operations in 2013); for the

Semi-Annual Report  113

Emerging Markets Equity Portfolio, performance was generally below median, except that performance was above median for the ten-year period; for the Emerging Markets Income Portfolio, performance was below the 2015 year-to-date Group and Category medians (the Portfolio commenced operations in 2014); and the performance of the Developing Markets Equity, Emerging Markets Debt, Emerging Markets Equity Blend and Emerging Markets Multi Asset Portfolios was below average in all periods. The Directors noted that the Investment Manager believed the funds in the peer group for the Emerging Markets Debt Portfolio were not the most appropriate comparisons, as discussed in connection with the fee comparisons.

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, 2014 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s costs to the Investment Manager. 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 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 recordkeeping 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 such information as may reasonably be necessary to make an informed business decision with respect to evaluation of 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 adequate and appropriate, noting the benefits of advisory and research services and other

114  Semi-Annual Report

	services and infrastructure (as discussed above) associated with an approximately $180 billion global asset management business.
•	The Board was generally satisfied with the overall performance of most of the Portfolios, either because relative performance in the Group and/or Category was satisfactory or performance was otherwise consistent with the investment approach employed for a Portfolio. For certain Portfolios that were not performing in accordance with expectations, the Board would continue to monitor performance.

• 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 determined to approve the Fund’s Management Agreement.

Semi-Annual Report  115

NOTES

NOTES

NOTES

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 Iron Street
Boston, Massachusetts 02210

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

Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015

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 LZDPS024

Lazard Funds Semi-Annual Report

June 30, 2015

Equity Funds

Lazard US Equity Concentrated Portfolio	Lazard International Equity Concentrated Portfolio
Lazard US Strategic Equity Portfolio	Lazard International Strategic Equity Portfolio
Lazard US Mid Cap Equity Portfolio	Lazard International Equity Advantage Portfolio
Lazard US Small-Mid Cap Equity Portfolio	Lazard International Small Cap Equity Portfolio
Lazard US Small Cap Equity Growth Portfolio	Lazard Global Equity Select Portfolio
Lazard International Equity Portfolio	Lazard Global Strategic Equity Portfolio
Lazard International Equity Select Portfolio	Lazard Managed Equity Volatility Portfolio

Privacy Notice Regarding Customer Financial Information Rev. 8/2015

FACTS	What does Lazard do with your personal information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all, sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	Social Security number and credit history;
	Assets and income;
	Account transactions;
	When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Lazard chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Lazard share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For nonaffiliates to market to you	No	We do not share

Questions? Call 800-823-6300 or go to http://www.LazardNet.com

Who we are
Who is providing this notice?	Lazard Asset Management LLC, Lazard Alternatives, LLC, Lazard Asset Management (Canada), Inc., and Lazard Asset Management Securities LLC, on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard collect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal and applicable state laws. These measures include computer safeguards and secured files and buildings.
How does Lazard collect my personal information?	We collect your personal information, for example, when you: Open an account; Seek advice about your investments; Direct us to buy securities; Direct us to sell your securities; Enter into an investment advisory contract; We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: Sharing for affiliates’ everyday business purposes — information about your creditworthiness; Affiliates from using your information to market to you; Sharing for nonaffiliates to market to you; State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. Our affiliates may include financial companies whose names include “Lazard”.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. Lazard does not share information with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Lazard does not jointly market.
Other important information
Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers or former customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overviews
9	Performance Overviews
23	Information About Your Portfolio’s Expenses
27	Portfolio Holdings Presented by Sector
28	Portfolios of Investments
28	Lazard US Equity Concentrated Portfolio
29	Lazard US Strategic Equity Portfolio
31	Lazard US Mid Cap Equity Portfolio
32	Lazard US Small-Mid Cap Equity Portfolio
34	Lazard US Small Cap Equity Growth Portfolio
36	Lazard International Equity Portfolio
38	Lazard International Equity Select Portfolio
40	Lazard International Equity Concentrated Portfolio
41	Lazard International Strategic Equity Portfolio
43	Lazard International Equity Advantage Portfolio
46	Lazard International Small Cap Equity Portfolio
48	Lazard Global Equity Select Portfolio
50	Lazard Global Strategic Equity Portfolio
52	Lazard Managed Equity Volatility Portfolio
55	Notes to Portfolios of Investments
58	Statements of Assets and Liabilities
62	Statements of Operations
66	Statements of Changes in Net Assets
72	Financial Highlights
89	Notes to Financial Statements
99	Board of Directors and Officers Information
101	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 the investment objectives, risks, charges, expenses and other information about Portfolios of the Fund, which is 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,

During the first half of 2015, global equity markets were supported by monetary easing measures in many countries and the stabilization of oil prices. In Europe, equities performed well as the European Central Bank’s quantitative easing program appeared to forestall deflation. Japanese equities continued their impressive streak as Abenomics reforms began to pay dividends. US equity markets rose as corporate earnings generally exceeded expectations. Despite concerns about the possibility of higher US short-term interest rates, heightened volatility in the Chinese stock market, and a potential debt default by Greece, emerging markets performed in line with developed markets.

Globally, fixed-income markets staged impressive rallies during the first quarter of 2015 amid weak growth in the United States due to another harsh winter and continued downward pressure on inflation worldwide. However, the action-packed second quarter, particularly in Greece, created some volatility in global bonds. Meanwhile, there was significant divergence between the winners and losers in emerging markets debt. From a global bond standpoint, fundamental challenges in Turkey, Brazil, and South Africa are likely to persist while some eastern European countries, including Hungary, the Czech Republic, and Poland, are benefiting from monetary stimulus, structural reforms, and economic and business ties to Germany. Currency markets were volatile during the period as investors either reassessed or rebalanced their overweight positions to the US dollar. Notably, central banks cut rates in more than thirty countries.

At Lazard Asset Management LLC, we remain focused on active management and are committed to you, our valued shareholders, and we continue to focus our strengths in pursuing the Portfolios’ investment objectives. As always, we appreciate your continued confidence in our investment 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 S&P 500^® Index rose 1.2% during the first half of 2015. Markets rose modestly as corporate earnings generally exceeded lowered expectations. Economic data during the six month period was mixed. The unemployment rate fell to 5.4% in May, and fourth-quarter GDP growth exceeded expectations. However, the economy contracted in the first quarter, though this was largely attributed to severe winter weather and the West Coast port labor conflict. Investors continued to focus on when the Federal Reserve would begin raising interest rates, but were largely reassured that rate hikes would occur in a measured manner. The prospect that Greece might default on payments to its creditors spurred an uptick in volatility in markets globally towards the end of the period.

International Equities

During the first half of 2015, international equity markets rose overall, with the most significant rises occurring in local currencies. Japanese equities were among the best performers, as data showed the economy expanding during the first quarter at a faster rate than initially expected. Additionally, improving corporate governance at a number of Japanese companies helped lift share prices. British equities also performed well after the surprise victory of the incumbent, and traditionally business-friendly, Conservative Party. The euro zone is standing up relatively well despite the Greek debt stand-off with its creditors, with better-than-expected economic data. Emerging markets lagged developed markets during the period, as equities in Brazil and Greece were both among the worst performers globally. In Brazil, the central bank raised interest rates to a six year high as consumer prices in the country soared in January by more than 7%. Additionally, a corruption probe is reaching almost all corners of the Brazilian government.

Equities in the health care and consumer discretionary sectors performed well, while the utilities and energy sectors lagged.

Lazard US Equity Concentrated Portfolio

For the six months ended June 30, 2015, the Lazard US Equity Concentrated Portfolio’s Institutional Shares posted a total return of 3.80%, while Open

Shares posted a total return of 3.56%, as compared with the 1.23% return for the S&P 500 Index.

Stock selection and an overweight position in the consumer discretionary sector helped returns. Shares of online travel services provider Orbitz rose after competitor Expedia announced plans to acquire the company for $1.6 billion. We sold our position after the announcement was made in February, as the stock approached our target valuation. A lack of exposure to the energy and utilities sectors also contributed to performance, as the sectors were the worst performers in the benchmark during the period.

In contrast, stock selection in the information technology sector detracted from performance. Shares of business solutions provider Xerox fell after the company reported disappointing quarterly earnings, driven by lower service revenues, and management lowered guidance. Shares of food distributor Sysco fell amid concerns that the Federal Trade Commission would block the company’s proposed acquisition of US Foods. We sold our position in June, as we saw opportunities with better risk-reward profiles elsewhere.

Lazard US Strategic Equity Portfolio

For the six months ended June 30, 2015, the Lazard US Strategic Equity Portfolio’s Institutional Shares posted a total return of -0.16%, while Open Shares posted a total return of -0.32%, and R6 Shares posted a total return of -0.16%, as compared with the 1.23% return for the S&P 500 Index.

A lack of exposure to utilities helped returns, as the sector was the worst performer in the S&P 500 Index during the period. Stock selection in the health care sector also contributed to performance. Shares of pharmaceutical company Mylan rose after the company had two strategic options become available; the company announced a bid to purchase drug maker Perrigo, and competitor Teva made a separate bid to purchase Mylan. Shares of animal health company Zoetis rose after the company reported earnings which exceeded expectations. Investors were also heartened as the company announced a cost restructuring plan.

In contrast, stock selection in the information technology sector detracted from performance. Shares of

Semi-Annual Report  3

business solutions provider Xerox fell after the company reported disappointing quarterly earnings, driven by lower service revenues, and management lowered guidance. Stock selection in the financials sector also hurt returns. Shares of card network operator American Express fell after management issued guidance for heavier-than-expected investment this year, pressuring earnings. The company also announced that its contract with Costco would not be renewed beyond 2016.

Lazard US Mid Cap Equity Portfolio

For the six months ended June 30, 2015, the Lazard US Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 4.19%, while Open Shares posted a total return of 4.04%, as compared with the 2.35% return for the Russell Midcap^® Index.

Stock selection in the consumer discretionary sector helped returns. Shares of online travel services provider Orbitz rose after competitor Expedia announced plans to acquire the company for $1.6 billion. We sold our position after the announcement was made in February, as the stock approached our target valuation. Stock selection in the financials sector also contributed to performance. Shares of diversified financial services firm Voya rose after the company reported quarterly earnings that exceeded expectations, driven by strong performance from its Retirement, Annuities, and Individual Life segments. Management also raised its long-term return targets at the company’s investor day.

In contrast, stock selection in the industrials sector hurt returns. Shares of American Airlines fell amid rising oil prices and capacity concerns in the industry, with competitor Southwest’s expansion in the Dallas area directly impacting American’s share. Stock selection in the consumer staples sector also detracted from performance. Shares of brewer Molson Coors fell after the company reported disappointing quarterly results, as investors were concerned about the difficult demand environment in Europe.

Lazard US Small-Mid Cap Equity Portfolio

For the six months ended June 30, 2015, the Lazard US Small-Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 6.26%, while Open

Shares posted a total return of 6.05%, as compared with the 4.81% return for the Russell 2500^® Index.

Stock selection in the financials sector contributed to performance. Shares of regional bank Comerica rose after the company reported quarterly results. While earnings were in line with expectations, investors were encouraged by solid net interest margin expansion. Stock selection in the information technology sector also helped returns. Shares of display maker Universal Display rose after the company announced an OLED technology licensing agreement with LG through 2022. The company also reported solid quarterly earnings, driven by stronger revenues.

In contrast, stock selection in the materials sector detracted from performance. Shares of chemical maker Tronox fell after the company reported disappointing earnings, as unfavorable pricing hurt results. Stock selection and an underweight position in the health care sector also hurt returns. Shares of medical technology maker Fluidigm fell after the company reported earnings that were below expectations and management lowered its revenue guidance for the year, citing weakness in its BioMark electronic identification business.

Lazard US Small Cap Equity Growth Portfolio

For the six months ended June 30, 2015, the Lazard US Small Cap Equity Growth Portfolio’s Institutional Shares posted a total return of 12.60%, while Open Shares posted a total return of 12.50%, as compared with the 8.74% return for the Russell 2000^® Growth Index.

Stock selection in the health care sector contributed to performance. Shares of small-molecule therapeutics maker Anacor Pharmaceuticals rose after the company reported strong quarterly earnings, driven by sales of its anti-fungal treatment Kerydin. Stock selection in the consumer discretionary sector also helped returns. Shares of apparel maker G-III rose after the company reported solid earnings that were driven by strong revenues. Additionally, management raised its earnings guidance for the year.

In contrast, stock selection in the consumer staples sector detracted from performance. Shares of Boston Beer Company fell after management lowered its guid-

4  Semi-Annual Report

ance for the year, citing competitive pressures and slower growth in the market for cider. Stock selection and an underweight position in the information technology sector also hurt returns. Shares of electronic payment technology maker VeriFone fell after the company reported quarterly results. While earnings were broadly in-line with expectations, foreign exchange and weakness in Asia concerned some investors.

Lazard International Equity Portfolio

For the six months ended June 30, 2015, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of 7.97%, while Open Shares posted a total return of 7.79%, as compared with the 5.52% return for the MSCI EAFE^® Index (the “EAFE Index”). The R6 Shares posted a total return of 1.84% for the period since inception on April 1, 2015 through June 30, 2015, compared with the 0.47% return for the EAFE Index for the same period.

Stock selection in the consumer staples sector was additive to returns as shares of Japan Tobacco hit a record high on news that the company would sell its vending machine business and two of its beverage brands to Suntory Beverage & Foods. Within the financials sector, shares of Japanese real estate construction company Daiwa House Industry performed well on earnings that were better than expected, driven by a recovery in logistics, housing, and condos. The company also issued well-received company guidance and raised its dividend. Lastly, in the information technology sector, shares of Netherlands-based company NXP Semiconductors rallied on news that they would acquire Texas-based competitor Freescale. The deal would bolster the combined company’s position to be the largest supplier in the automotive industry, which is growing strongly as technology assumes a larger role in automobile components.

In contrast, stock selection in the telecommunication services sector detracted from returns. Shares of Canadian mobile and cable-television provider Rogers Communications declined despite earnings which highlighted higher average revenues per customer while shares of Turkish mobile phone operator Turkcell declined along with the Turkish equity market over political concerns. Rogers Communications was sold

in favor of other higher-conviction ideas after a series of operational disappointments. Positioning in emerging markets subdued returns as shares of Brazilian private education company Estacio declined in January after the government made an unexpected, negative change to its student loan program, which delayed payment of loans for four-year enrollments to six years. The stock later recovered somewhat, on earnings that highlighted higher average tuition fees and strong performance in the distance-learning segment, and was subsequently sold. Lastly, shares of Greek bank Piraeus, which was also sold during the period, declined due to the anti-austerity posturing of the new government.

Lazard International Equity Select Portfolio

For the six months ended June 30, 2015, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of 4.44%, while Open Shares posted a total return of 4.32%, as compared with the 4.04% return for the MSCI All Country World^® Index ex-US.

Stock selection in the consumer staples sector was additive to relative returns as shares of Japan Tobacco hit a record high on news that the company would sell its vending machine business and two of its beverage brands to Suntory Beverage & Foods. Within the financials sector, shares of Japanese real estate construction company Daiwa House Industry performed well on earnings that were better than expected, driven by a recovery in logistics, housing, and condos. The company also issued well-received company guidance and raised its dividend. Lastly, an overweight allocation to and stock selection in the health care sector was beneficial to relative returns, as shares of Danish pharmaceutical company Novo Nordisk increased on news that the company might be able to introduce Tesiba, a long-acting insulin treatment for diabetes, into the United States as early as next year.

In contrast, stock selection in the information technology sector detracted from relative returns as shares of Chinese search engine company Baidu underperformed on earnings that highlighted higher customer acquisition costs for mobile users. In the consumer

Semi-Annual Report  5

discretionary sector, shares of Brazilian private education company Estacio declined in January after the government made an unexpected, negative change to its student loan program, which delayed payment of loans for four year enrollments to six years. The stock later recovered somewhat on earnings that highlighted higher average tuition fees and strong performance in the distance-learning segment. Lastly, shares of Turkish mobile phone operator Turkcell declined along with the Turkish equity market over political concerns.

Lazard International Equity Concentrated Portfolio

For the six months ended June 30, 2015, the Lazard International Equity Concentrated Portfolio’s Institutional Shares posted a total return of 2.20%, while Open Shares posted a total return of 2.10%, as compared with the 4.04% return for the MSCI All Country World Index ex-US.

The Portfolio rose overall but lagged the MSCI All Country World Index ex-US during the six month period. Macro issues in Brazil, Greece, Turkey, and South Africa were mostly responsible for the short-term underperformance. Garanti, BB Seguridade, and Sanlam all detracted from relative returns during the first half of the year, being hurt by currency. We sold Garanti during the period. The Portfolio was also hurt by its stock selection in industrials as shares of MacDonald Dettwiler, which had disappointing order intake during the period, and Ashtead group, which declined due to a negative read-across from a competitor despite strong results.

In contrast, the Portfolio benefited from its position in health care company, Actelion, which rose on company reports of encouraging drug-trial data leading to strengthened expectations of future organic growth. The company was also touted as a potential bid target in a consolidating sector. Stock selection in consumer staples also benefited relative returns as positions in Asaleo and Anheuser-Busch InBev performed well.

Lazard International Strategic Equity Portfolio

For the six months ended June 30, 2015, the Lazard International Strategic Equity Portfolio’s Institutional

Shares posted a total return of 6.20%, while Open Shares posted a total return of 6.15%, as compared with the 5.52% return for the EAFE Index. The R6 Shares posted a total return of 6.28% for the period since inception on January 19, 2015 through June 30, 2015, compared with the 7.50% return for the EAFE Index for the same period.

The Portfolio outperformed the EAFE Index during the first half of the year. This was driven mostly by strong performance from AEON Financial and Azimut in the financials sector, Don Quijote and Valeo in the consumer discretionary sector, and Japan Tobacco and Daiwa House Industry in Japan. The Portfolio also benefited from low exposure to the utilities sector, and from the UK election results which helped Lloyds Bank and UK bookmaker William Hill in the second quarter. In the health care sector, Actelion reported more encouraging trial data, and Fresenius reported strong results. In the energy sector, oil refining and marketing business Caltex was hurt by the recovery in the price of oil. The biggest drag on performance came from the emerging markets, where Nampak in South Africa, Estacio in Brazil, Halk Bankasi of Turkey, and Tata Motors of India declined, as did Piraeus Bank in Greece, which was impacted by the uncertainty of that country’s future over the past six months. We sold Piraeus Bank during the period.

New Fund Launched: Lazard International Equity Advantage Portfolio

We are pleased to announce the May 29, 2015 launch of the Lazard International Equity Advantage Portfolio. Portfolio commentaries will be provided in the December 31, 2015 Lazard Funds Annual Report.

Lazard International Small Cap Equity Portfolio

For the six months ended June 30, 2015, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of 11.09%, while Open Shares posted a total return of 10.97%, as compared with the 10.15% return for the MSCI EAFE Small Cap^® Index.

The Portfolio gained back the first quarter’s slight underperformance mostly by protecting capital in

6  Semi-Annual Report

June’s weak market. Stock picking in Asia ex-Japan, Japan, and continental Europe contributed to performance, while stock picking in Canada and the emerging markets hurt performance. Stock picking in consumer staples, materials, and energy contributed to performance, while stock picking in industrials and financials detracted from performance.

Ain Pharmaciez, an operator of dispensing pharmacies in Japan, contributed to performance in the consumer staples sector and in Japan in the first half of 2015. Stock performance followed mergers-and-acquisitions deals in the first quarter and strong results and positive guidance announced at the end of May. Ain added 119 stores through acquisition last year and opened forty stores.

AirBoss of America, an integrated group of complementary businesses using rubber compounding technology and engineering to develop, manufacture, and sell proprietary rubber-based compounds into industrial, automotive, and defense end-markets, was a contributor to performance for the period. The shares appreciated on the announced acquisition of Response Technologies, expanding the company’s capabilities in personal protection and safety products in its higher-margin defense product offering. The acquisition is immediately accretive to earnings and AirBoss of America was able to acquire Response Technologies at what we believe was an attractive price.

HSS, a leading UK plant hire company, detracted from portfolio performance. The company has embarked on a rapid expansion plan, opening about fifty local branches per annum. Having had a good start to 2015, (organic revenue growth in the mid-teens) the second quarter proved more challenging, with growth slowing as a result of UK election uncertainty and cold weather impacting the demand for certain product lines. HSS, as a plant hire company, is very sensitive to moves in revenue and hence the slow growth has had a big impact on current profit expectations impacting the stock. We believe this to be temporary in nature and the position is being held for recovery.

Alaris Royalty, a niche Canadian financial company which provides quasi-private equity financings to

small private companies, underperformed during the first six months of 2015. Investors have expressed frustration that the company’s pipeline of intended new investments has not yet borne fruit as anticipated, while several currently held private company investments have disappointed, leading to a stable versus expected growing dividend stream. We believe the company should eventually add investments and grow the dividend, and we recognize the process and results can be uneven. We also support the current 5% dividend yield. We continue to hold the shares.

Lazard Global Equity Select Portfolio

For the six months ended June 30, 2015, the Lazard Global Equity Select Portfolio’s Institutional Shares posted a total return of 2.33%, while Open Shares posted a total return of 2.23%, as compared with the 2.66% return for the MSCI All Country World Index.

Stock selection and an overweight in the health care sector contributed to performance. Biopharmaceutical development company Quintiles contributed to performance as shares rose after the company reported strong earnings and significant backlog increases, a leading indicator of future growth. The company also announced a share buyback program. Stock selection in the consumer staples sector also helped performance. Shares of Magnit, a discount supermarket chain in Russia, rose after sales exceeded expectations and the company continued its expansion plans. Russian stocks were also broadly strong during the period.

In contrast, stock selection in the financials sector detracted from performance. Shares of American Express fell after management issued guidance for heavier-than-expected investment this year, pressuring earnings. The company also announced that its contract with Costco would not be renewed beyond 2016. We sold American Express during the period. Stock selection in the consumer discretionary sector also hurt performance. Media company Viacom detracted from performance, as shares fell amid ratings declines and continued speculation that one of the PayTV distributors could drop Viacom’s channels.

Semi-Annual Report  7

Lazard Global Strategic Equity Portfolio

For the six months ended June 30, 2015, the Lazard Global Strategic Equity Portfolio’s Institutional Shares posted a total return of -0.20%, while Open Shares posted a total return of -0.40%, as compared with the 2.66% return for the MSCI All Country World Index.

The Portfolio lagged the broader market in the first half of the year. On the positive side we saw strong performance from United Therapeutics following the successful launch of a new drug for pulmonary arterial hypertension. In the media sector, the UK companies Informa and Auto Trader Group performed well, as did US company Houghton Mifflin Harcourt (which was sold prior to the end of the period). In Japan, our holdings in Daiwa House Industry, Makita, and Don Quijote continued to deliver strong performance. The UK packaging company Rexam rose sharply as it received a takeover offer from US competitor Ball Corp.

Stock selection in emerging markets was the most challenging area for performance as several of our holdings suffered from unfavorable political developments. Piraeus Bank in Greece was hit by the election of a new government that pushed that country back into turmoil and intense negotiations on a further bailout by the European Union. We sold our position shortly after the election results were revealed. We also saw weakness in American Airlines and Caltex as the oil price bounced off its lows early in the year.

New Fund Launched: Lazard Managed Equity Volatility Portfolio

We are pleased to announce the May 29, 2015 launch of the Lazard Managed Equity Volatility Portfolio. Portfolio commentaries will be provided in the December 31, 2015 Lazard Funds Annual Report.

Notes to Investment Overviews:

All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of a Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager’), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or Boston Financial Data Services, Inc., the Fund’s transfer and dividend disbursing agent (“BFDS”); without such waiver/reimbursement of expenses, such Portfolio’s returns would have been lower. Past performance is not indicative, or a guarantee, of future results. A period of less than one year is not annualized.

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, 2015; 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 a 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 a 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 any 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.

8  Semi-Annual Report

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, 2015

	One Year	Five Years	Since Inception	†
Institutional Shares**	13.16%	17.51%	7.91%
Open Shares**	12.63%	17.08%	7.57%
S&P 500 Index	7.42%	17.34%	7.71%
Russell 1000 Value/S&P 500 Linked Index	7.42%	16.23%	6.69%

*	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 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 U.S. Equity Value Portfolio. As of May 31, 2012, the Portfolio changed its name to Lazard U.S. 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 unman- aged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was September 30, 2005.

Semi-Annual Report  9

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, 2015

	One Year	Five Years	Ten Years	Since Inception	†
Institutional Shares**	6.73%	16.37%	7.11%	6.76%
Open Shares**	6.42%	16.03%	6.81%	6.46%
R6 Shares**	6.79%	N/A	N/A	10.71%
S&P 500 Index	7.42%	17.34%	7.89%	7.40%
				(Institutional and Open Shares)
				10.94%
				(R6 Shares)

*	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 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, Open Shares and R6 Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional and Open Shares was December 30, 2004 and for the R6 Shares was May 19, 2014.

10  Semi-Annual Report

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, 2015      

	One Year	Five Years	Ten Years
Institutional Shares**	12.81%	14.81%	7.11%
Open Shares**	12.41%	14.49%	6.81%
Russell Midcap Index	6.63%	18.23%	9.40%

*	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; 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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  11

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, 2015

	One Year	Five Years	Ten Years
Institutional Shares**	9.01%	16.30%	9.23%
Open Shares**	8.64%	15.92%	8.88%
Russell 2500 Index	5.92%	17.86%	9.09%
Russell 2000/2500 Linked Index	5.92%	17.85%	9.11%

*	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 U.S. Small Cap Equity Portfolio. As of August 25, 2008, the Portfolio changed its name to Lazard U.S. 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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

12  Semi-Annual Report

Lazard US Small Cap Equity Growth Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Small Cap Equity Growth Portfolio and Russell 2000 Growth Index*

 

Total Returns*

Period Ended June 30, 2015

	Since Inception	†
Institutional Shares**	12.60%
Open Shares**	12.50%
Russell 2000 Growth Index	8.74%

*	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.
	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 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was December 31, 2014.

Semi-Annual Report  13

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, 2015

	One Year	Five Years	Ten Years	Since Inception	†
Institutional Shares**	–1.30%	11.76%	6.41%	6.44%
Open Shares**	–1.62%	11.43%	6.09%	5.25%
RS Shares**	N/A	N/A	N/A	1.84%
EAFE Index	–4.23%	9.54%	5.12%	5.48%
				(Institutional Shares)
				5.02%
				(Open Shares)
				0.47%
				(R6 Shares)

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived by BFDS; without such waiver of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
	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, Open Shares and R6 Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional Shares was October 29, 1991, for the Open Shares was January 23, 1997 and for the R6 Shares was April 1, 2015.

14  Semi-Annual Report

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 All Country World^® Index ex-US and MSCI EAFE/All Country World Index ex-US Linked Index*

 

Average Annual Total Returns*

Periods Ended June 30, 2015

	One Year	Five Years	Ten Years
Institutional Shares**	–6.19%	9.96%	4.48%
Open Shares**	–6.47%	9.60%	4.14%
MSCI All Country World Index ex-US	–5.26%	7.76%	5.54%
MSCI EAFE/All Country World Index ex-US Linked Index	–5.26%	7.76%	4.26%

*	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 All Country World Index 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/All Country World Index 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 All Country World Index 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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  15

Lazard International Equity Concentrated Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Concentrated Portfolio and MSCI All Country World Index ex-US*

 

Total Returns*

Period Ended June 30, 2015

	Since Inception	†
Institutional Shares**	–2.50%
Open Shares**	–2.66%
MSCI All Country World Index ex-US	–4.83%

*	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.
	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 All Country World Index 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 index is unman- aged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was August 29, 2014.

16  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, 2015

	One Year	Five Years	Since Inception	†
Institutional Shares**	–1.51%	13.39%	7.39%
Open Shares**	–1.74%	13.09%	5.68%
R6 Shares**	N/A	N/A	6.28%
EAFE Index	–4.23%	9.54%	4.55%
			(Institutional Shares)
			3.25%
			(Open Shares)
			7.50%
			(R6 Shares)

*	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 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.
	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, Open Shares and R6 Shares may vary, 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, for the Open Shares was February 3, 2006 and for the R6 Shares was January 19, 2015.

Semi-Annual Report  17

Lazard International Equity Advantage Portfolio

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

 

Total Returns*

Period Ended June 30, 2015

	Since Inception	†
Institutional Shares**	–2.30%
Open Shares**	–2.30%
EAFE Index	–2.83%

*	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.
	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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was May 29, 2015.

18  Semi-Annual Report

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, 2015

	One Year	Five Years	Ten Years
Institutional Shares**	2.01%	14.19%	5.68%
Open Shares**	1.71%	13.83%	5.37%
MSCI EAFE Small Cap Index	–0.77%	12.40%	6.59%

*	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 and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  19

Lazard Global Equity Select Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Equity Select Portfolio and MSCI All Country World Index*

 

Average Annual Total Returns*

Periods Ended June 30, 2015

	One Year	Since Inception	†
Institutional Shares**	2.46%	4.13%
Open Shares**	2.07%	3.86%
MSCI All Country World Index	0.71%	4.57%

*	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 MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was December 31, 2013.

20  Semi-Annual Report

Lazard Global Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Strategic Equity Portfolio and MSCI All Country World Index*

 

Total Returns*

Period Ended June 30, 2015

	Since Inception	†
Institutional Shares**	–0.56%
Open Shares**	–0.86%
MSCI All Country World Index	–0.26%

*	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.
	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 All Country World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was August 29, 2014.

Semi-Annual Report  21

Lazard Managed Equity Volatility Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Managed Equity Volatility Portfolio and MSCI World^® Index*

 

Total Returns*

Period Ended June 30, 2015

	Since Inception	†
Institutional Shares**	–1.50%
Open Shares**	–1.50%
MSCI World Index	–2.33%

*	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.
	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 World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance or developed markets. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was May 29, 2015.

22  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, 2015 through June 30, 2015 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 shareholder reports of other mutual 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.

Semi-Annual Report  23

Portfolio	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15 - 6/30/15	Annualized Expense Ratio During Period 1/1/15 - 6/30/15
US Equity Concentrated
Institutional Shares
Actual	$1,000.00	$	1,038.00	$3.94		0.78	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.93	$3.91		0.78	%
Open Shares
Actual	$1,000.00	$	1,035.60	$5.35		1.06	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.54	$5.31		1.06	%
US Strategic Equity
Institutional Shares
Actual	$1,000.00	$	998.40	$3.72		0.75	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.08	$3.76		0.75	%
Open Shares
Actual	$1,000.00	$	996.80	$5.20		1.05	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.59	$5.26		1.05	%
R6 Shares
Actual	$1,000.00	$	998.40	$3.47		0.70	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.32	$3.51		0.70	%
US Mid Cap Equity
Institutional Shares
Actual	$1,000.00	$	1,041.90	$5.32		1.05	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.59	$5.26		1.05	%
Open Shares
Actual	$1,000.00	$	1,040.40	$6.83		1.35	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.10	$6.76		1.35	%
US Small-Mid Cap Equity
Institutional Shares
Actual	$1,000.00	$	1,062.60	$4.60		0.90	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.33	$4.51		0.90	%
Open Shares
Actual	$1,000.00	$	1,060.50	$6.23		1.22	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.74	$6.11		1.22	%
US Small Cap Equity Growth
Institutional Shares
Actual	$1,000.00	$	1,126.00	$5.80		1.10	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.34	$5.51		1.10	%
Open Shares
Actual	$1,000.00	$	1,125.00	$7.38		1.40	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.85	$7.00		1.40	%
International Equity
Institutional Shares
Actual	$1,000.00	$	1,079.70	$4.38		0.85	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.58	$4.26		0.85	%
Open Shares
Actual	$1,000.00	$	1,077.90	$5.82		1.13	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.19	$5.66		1.13	%
R6 Shares**
Actual	$1,000.00	$	1,018.40	$1.99		0.80	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,010.36	$1.98		0.80	%

24  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15 - 6/30/15	Annualized Expense Ratio During Period 1/1/15 - 6/30/15
International Equity Select
Institutional Shares
Actual	$1,000.00	$	1,044.40	$5.47		1.08	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.44	$5.41		1.08	%
Open Shares
Actual	$1,000.00	$	1,043.20	$6.99		1.38	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.95	$6.90		1.38	%
International Equity Concentrated
Institutional Shares
Actual	$1,000.00	$	1,022.00	$5.41		1.08	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.44	$5.41		1.08	%
Open Shares
Actual	$1,000.00	$	1,021.00	$7.02		1.40	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.85	$7.00		1.40	%
International Strategic Equity
Institutional Shares
Actual	$1,000.00	$	1,062.00	$4.14		0.81	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.78	$4.06		0.81	%
Open Shares
Actual	$1,000.00	$	1,061.50	$5.47		1.07	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.49	$5.36		1.07	%
R6 Shares†
Actual	$1,000.00	$	1,062.80	$5.04		1.10	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.31	$4.92		1.10	%
International Equity Advantage††
Institutional Shares
Actual	$1,000.00	$	977.00	$0.73		0.90	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,003.37	$0.74		0.90	%
Open Shares
Actual	$1,000.00	$	977.00	$0.97		1.20	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,003.12	$0.99		1.20	%
International Small Cap Equity
Institutional Shares
Actual	$1,000.00	$	1,110.90	$5.55		1.06	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.54	$5.31		1.06	%
Open Shares
Actual	$1,000.00	$	1,109.70	$6.96		1.33	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.20	$6.66		1.33	%
Global Equity Select
Institutional Shares
Actual	$1,000.00	$	1,023.30	$5.52		1.10	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.34	$5.51		1.10	%
Open Shares
Actual	$1,000.00	$	1,022.30	$7.02		1.40	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.85	$7.00		1.40	%

Semi-Annual Report  25

Portfolio	Beginning Account Value 1/1/15	Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15 - 6/30/15	Annualized Expense Ratio During Period 1/1/15 - 6/30/15
Global Strategic Equity
Institutional Shares
Actual	$1,000.00	$	998.00	$5.45		1.10	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.34	$5.51		1.10	%
Open Shares
Actual	$1,000.00	$	996.00	$6.93		1.40	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.85	$7.00		1.40	%
Managed Equity Volatility††
Institutional Shares
Actual	$1,000.00	$	985.00	$0.61		0.75	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,003.49	$0.62		0.75	%
Open Shares
Actual	$1,000.00	$	985.00	$0.86		1.05	%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,003.25	$0.86		1.05	%

*	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).
**	The inception date for the R6 Shares was April 1, 2015.
†	The inception date for the R6 Shares was January 19, 2015.
††	The Portfolio commenced operations on May 29, 2015.

26  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2015 (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 US Small Cap Equity Growth Portfolio
Consumer Discretionary		29.3	%		16.8	%		20.2	%		19.5	%		17.5	%
Consumer Staples		9.5			5.2			7.4			1.4			2.1
Energy		—			5.9			3.4			3.4			1.5
Financials		—			19.3			24.4			24.0			8.4
Health Care		23.8			13.7			15.8			9.2			33.2
Industrials		2.0			8.0			5.6			22.6			8.6
Information Technology		27.2			24.2			9.5			12.0			17.5
Materials		—			2.9			7.8			4.9			2.8
Utilities		—			—			—			2.6			—
Repurchase Agreement		—			—			—			0.4			—
Short-Term Investments		8.2			4.0			5.9			—			8.4
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Sector*	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio
Consumer Discretionary		15.2	%		11.7	%		11.5	%		15.7	%		12.8	%
Consumer Staples		10.3			11.2			8.2			10.7			10.0
Energy		4.7			2.4			—			4.2			5.4
Financials		24.0			20.0			29.5			26.1			24.2
Health Care		12.9			15.1			11.6			15.6			12.0
Industrials		11.5			12.6			17.9			7.3			13.4
Information Technology		4.3			8.5			7.0			1.1			5.3
Materials		3.8			3.4			2.3			7.5			6.4
Telecommunication Services		8.4			8.6			8.8			7.6			5.9
Utilities		0.9			1.8			—			0.5			2.7
Repurchase Agreement		4.0			—			—			—			—
Short-Term Investments		—			4.7			3.2			3.7			1.9
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Sector*				Lazard International Small Cap Equity Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
Consumer Discretionary					22.6	%		10.3	%		14.1	%		14.7	%
Consumer Staples					6.7			11.2			14.8			10.1
Energy					2.2			3.9			3.2			4.0
Financials					20.3			22.4			17.8			18.1
Health Care					6.7			15.3			16.5			10.2
Industrials					18.2			11.6			9.5			12.7
Information Technology					9.3			19.2			12.2			6.8
Materials					5.4			2.5			4.0			2.9
Telecommunication Services					0.4			1.2			4.8			5.8
Utilities					—			—			—			5.7
Short-Term Investments					8.2			2.4			3.1			9.0
Total Investments					100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report  27

The Lazard Funds, Inc. Portfolios of Investments June 30, 2015 (unaudited)

Description	Shares		Value
Lazard US Equity Concentrated Portfolio
Common Stocks | 92.7%
Alcohol & Tobacco | 3.9%
Molson Coors Brewing Co., Class B		332,012	$	23,177,758
Food & Beverages | 5.6%
Kellogg Co.		528,925		33,163,598
Leisure & Entertainment | 18.4%
Houghton Mifflin Harcourt Co. (a)		1,013,842		25,548,818
Norwegian Cruise Line Holdings, Ltd. (a)		445,790		24,982,072
The Madison Square Garden Co., Class A (a)		315,780		26,364,472
Viacom, Inc., Class B		493,075		31,872,368
				108,767,730
Medical Products | 4.7%
Baxter International, Inc.		395,415		27,651,371
Pharmaceutical & Biotechnology | 16.2%
Mylan NV (a)		322,525		21,886,546
Pfizer, Inc.		1,165,467		39,078,109
Zoetis, Inc.		722,711		34,849,124
				95,813,779
Retail | 11.2%
Advance Auto Parts, Inc.		383,121		61,027,344
J.C. Penney Co., Inc. (a)		590,405		5,000,731
				66,028,075

Description	Shares		Value
Semiconductors & Components | 6.9%
Bruker Corp. (a)		929,320	$	18,967,421
Xerox Corp.		2,027,990		21,577,814
				40,545,235
Technology | 5.5%
Google, Inc., Class A (a)		59,400		32,078,376
Technology Hardware | 18.3%
Apple, Inc.		136,272		17,091,915
Cisco Systems, Inc.		1,000,800		27,481,968
EMC Corp.		1,314,505		34,689,787
International Business Machines Corp.		178,030		28,958,360
				108,222,030
Transportation | 2.0%
American Airlines Group, Inc.		298,570		11,923,393
Total Common Stocks (Identified cost $511,440,807)				547,371,345
Short-Term Investment | 8.2%
State Street Institutional Treasury Money Market Fund (Identified cost $48,645,959)		48,645,959		48,645,959
Total Investments | 100.9% (Identified cost $560,086,766) (b)			$	596,017,304
Liabilities in Excess of Cash and Other Assets | (0.9)%				(5,392,216	)
Net Assets | 100.0%			$	590,625,088

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

28  Semi-Annual Report

Description	Shares		Value
Lazard US Strategic Equity Portfolio
Common Stocks | 96.7%
Alcohol & Tobacco | 1.5%
Molson Coors Brewing Co., Class B		29,150	$	2,034,962
Automotive | 0.6%
Harley-Davidson, Inc.		14,700		828,345
Banking | 2.2%
Comerica, Inc.		58,900		3,022,748
Chemicals | 1.7%
Eastman Chemical Co.		27,630		2,260,687
Commercial Services | 4.3%
Corrections Corp. of America		77,910		2,577,263
ServiceMaster Global Holdings, Inc. (a)		37,175		1,344,620
The ADT Corp.		20,200		678,114
Tyco International PLC		34,300		1,319,864
				5,919,861
Computer Software | 0.7%
Symantec Corp.		41,400		962,550
Energy Exploration & Production | 4.6%
Anadarko Petroleum Corp.		18,900		1,475,334
Apache Corp.		28,175		1,623,725
Devon Energy Corp.		30,250		1,799,573
EOG Resources, Inc.		16,000		1,400,800
				6,299,432
Energy Services | 1.3%
Dril-Quip, Inc. (a)		23,700		1,783,425
Financial Services | 11.8%
Ally Financial, Inc. (a)		65,275		1,464,118
American Express Co.		17,300		1,344,556
CBOE Holdings, Inc.		36,000		2,059,920
Citigroup, Inc.		56,125		3,100,345
Intercontinental Exchange, Inc.		11,425		2,554,744
Morgan Stanley		38,700		1,501,173
Springleaf Holdings, Inc. (a)		38,800		1,781,308
State Street Corp.		9,300		716,100
Visa, Inc., Class A		25,220		1,693,523
				16,215,787

Description	Shares		Value
Food & Beverages | 2.4%
Kellogg Co.		52,100	$	3,266,670
Forest & Paper Products | 1.2%
International Paper Co.		35,700		1,698,963
Household & Personal Products | 1.3%
The Procter & Gamble Co.		23,200		1,815,168
Insurance | 4.8%
Aon PLC		16,600		1,654,688
The Hartford Financial Services Group, Inc.		57,925		2,407,942
Voya Financial, Inc.		54,700		2,541,909
				6,604,539
Leisure & Entertainment | 7.8%
Houghton Mifflin Harcourt Co. (a)		53,600		1,350,720
Norwegian Cruise Line Holdings, Ltd. (a)		53,325		2,988,333
The Madison Square Garden Co., Class A (a)		18,825		1,571,699
Viacom, Inc., Class B		74,250		4,799,520
				10,710,272
Manufacturing | 5.2%
Honeywell International, Inc.		34,693		3,537,645
Parker Hannifin Corp.		17,600		2,047,408
Rockwell Automation, Inc.		12,700		1,582,928
				7,167,981
Medical Products | 3.1%
Baxter International, Inc.		61,100		4,272,723
Pharmaceutical & Biotechnology | 10.8%
Eli Lilly & Co.		42,400		3,539,976
Mylan NV (a)		27,475		1,864,454
Pfizer, Inc.		139,314		4,671,198
Zoetis, Inc.		97,019		4,678,256
				14,753,884
Retail | 7.5%
Advance Auto Parts, Inc.		47,423		7,554,010
Deckers Outdoor Corp. (a)		9,900		712,503
Dick’s Sporting Goods, Inc.		24,655		1,276,389
J.C. Penney Co., Inc. (a)		90,725		768,441
				10,311,343
Semiconductors & Components | 4.7%
Maxim Integrated Products, Inc.		40,625		1,404,609
NXP Semiconductors NV (a)		10,000		982,000
Xerox Corp.		373,200		3,970,848
				6,357,457

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

Semi-Annual Report  29

Description	Shares		Value
Lazard US Strategic Equity Portfolio (concluded)
Technology | 3.4%
Citrix Systems, Inc. (a)		20,650	$	1,448,804
Google, Inc., Class A (a)		4,167		2,250,347
Google, Inc., Class C (a)		1,840		957,738
				4,656,889
Technology Hardware | 14.4%
Apple, Inc.		22,042		2,764,618
Applied Materials, Inc.		49,800		957,156
Cisco Systems, Inc.		141,430		3,883,668
EMC Corp.		143,775		3,794,222
Hewlett-Packard Co.		59,075		1,772,841
International Business Machines Corp.		16,500		2,683,890
QUALCOMM, Inc.		26,650		1,669,089
Teradyne, Inc.		114,675		2,212,081
				19,737,565
Transportation | 1.4%
American Airlines Group, Inc.		30,275		1,209,032
Union Pacific Corp.		7,000		667,590
				1,876,622
Total Common Stocks (Identified cost $119,630,926)				132,557,873

Description	Shares		Value
Short-Term Investment | 4.1%
State Street Institutional Treasury Money Market Fund (Identified cost $5,563,023)		5,563,023	$	5,563,023
Total Investments | 100.8% (Identified cost $125,193,949) (b)			$	138,120,896
Liabilities in Excess of Cash and Other Assets | (0.8)%				(1,139,067	)
Net Assets | 100.0%			$	136,981,829

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

30  Semi-Annual Report

Description	Shares		Value
Lazard US Mid Cap Equity Portfolio
Common Stocks | 91.6%
Alcohol &Tobacco | 3.5%
Molson Coors Brewing Co., Class B		18,380	$	1,283,108
Banking | 7.5%
Comerica, Inc.		37,500		1,924,500
Signature Bank (a)		5,700		834,423
				2,758,923
Chemicals | 7.6%
Calgon Carbon Corp.		65,400		1,267,452
Eastman Chemical Co.		18,625		1,523,897
				2,791,349
Commercial Services | 5.9%
MDC Partners, Inc., Class A		57,900		1,140,630
ServiceMaster Global Holdings, Inc. (a)		28,060		1,014,930
				2,155,560
Energy Exploration & Production | 3.3%
Memorial Resource Development Corp. (a)		63,300		1,200,801
Financial Services | 5.5%
Springleaf Holdings, Inc. (a)		44,300		2,033,813
Food & Beverages | 3.7%
Kellogg Co.		21,400		1,341,780
Health Services | 2.4%
Quintiles Transnational Holdings, Inc. (a)		11,900		864,059
Insurance | 10.6%
The Hartford Financial Services Group, Inc.		32,925		1,368,692
Voya Financial, Inc.		54,500		2,532,615
				3,901,307
Medical Products | 4.3%
Natus Medical, Inc. (a)		36,650		1,559,824

Description	Shares		Value
Pharmaceutical & Biotechnology | 8.8%
United Therapeutics Corp. (a)		10,750	$	1,869,962
Zoetis, Inc.		28,075		1,353,777
				3,223,739
Retail | 13.8%
Advance Auto Parts, Inc.		11,569		1,842,826
Dick’s Sporting Goods, Inc.		27,450		1,421,087
Kohl’s Corp.		28,325		1,773,428
				5,037,341
Semiconductors & Components | 5.3%
NXP Semiconductors NV (a)		7,775		763,505
Xerox Corp.		111,950		1,191,148
				1,954,653
Technology | 3.9%
Citrix Systems, Inc. (a)		20,350		1,427,756
Transportation | 5.5%
American Airlines Group, Inc.		34,625		1,382,749
XPO Logistics, Inc. (a)		13,925		629,132
				2,011,881
Total Common Stocks (Identified cost $31,145,658)				33,545,894
Short-Term Investment | 5.7%
State Street Institutional Treasury Money Market Fund (Identified cost $2,096,396)		2,096,396		2,096,396
Total Investments | 97.3% (Identified cost $33,242,054) (b)			$	35,642,290
Cash and Other Assets in Excess of Liabilities | 2.7%				984,702
Net Assets | 100.0%			$	36,626,992

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

Semi-Annual Report  31

Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks | 98.7%
Aerospace & Defense | 0.9%
B/E Aerospace, Inc.		35,190	$	1,931,931
Automotive | 3.4%
Gentherm, Inc. (a)		46,105		2,531,626
Modine Manufacturing Co. (a)		245,306		2,632,133
Tenneco, Inc. (a)		40,895		2,349,009
				7,512,768
Banking | 10.1%
Comerica, Inc.		63,650		3,266,518
East West Bancorp, Inc.		70,185		3,145,692
Great Western Bancorp, Inc.		136,170		3,283,059
IBERIABANK Corp.		38,010		2,593,422
PacWest Bancorp		71,191		3,328,891
Signature Bank (a)		22,535		3,298,899
Wintrust Financial Corp.		61,088		3,260,877
				22,177,358
Chemicals | 2.6%
Calgon Carbon Corp.		178,740		3,463,981
Tronox, Ltd., Class A		150,290		2,198,743
				5,662,724
Commercial Services | 10.1%
Applied Industrial Technologies, Inc.		47,795		1,895,072
Blackhawk Network Holdings, Inc. (a)		82,510		3,399,412
EVERTEC, Inc.		109,200		2,319,408
Huron Consulting Group, Inc. (a)		49,895		3,497,140
MDC Partners, Inc., Class A		134,010		2,639,997
Morningstar, Inc.		21,600		1,718,280
On Assignment, Inc. (a)		78,410		3,079,945
ServiceMaster Global Holdings, Inc. (a)		98,230		3,552,979
				22,102,233
Computer Software | 1.6%
j2 Global, Inc.		51,560		3,502,986
Construction & Engineering | 2.2%
EMCOR Group, Inc.		35,760		1,708,255
Quanta Services, Inc. (a)		111,400		3,210,548
				4,918,803
Consumer Products | 2.4%
Fox Factory Holding Corp. (a)		196,055		3,152,564
LifeLock, Inc. (a)		141,230		2,316,172
				5,468,736

Description	Shares		Value
Energy Exploration & Production | 1.4%
Memorial Resource Development Corp. (a)		162,955	$	3,091,256
Energy Services | 1.1%
Tesco Corp.		211,225		2,302,353
Financial Services | 5.4%
Air Lease Corp.		101,960		3,456,444
CBOE Holdings, Inc.		60,965		3,488,418
Springleaf Holdings, Inc. (a)		71,220		3,269,710
TAL International Group, Inc.		48,440		1,530,704
				11,745,276
Food & Beverages | 1.3%
SunOpta, Inc. (a)		275,575		2,956,920
Forest & Paper Products | 2.3%
KapStone Paper and Packaging Corp.		89,560		2,070,627
Schweitzer-Mauduit International, Inc.		75,275		3,001,967
				5,072,594
Gas Utilities | 2.6%
Dynegy, Inc. (a)		84,935		2,484,349
New Jersey Resources Corp.		115,510		3,182,300
				5,666,649
Health Services | 3.2%
Brookdale Senior Living, Inc. (a)		93,090		3,230,223
Quintiles Transnational Holdings, Inc. (a)		47,000		3,412,670
Teladoc, Inc. (a)		15,300		290,700
				6,933,593
Housing | 3.0%
Continental Building Products, Inc. (a)		128,670		2,726,517
FMSA Holdings, Inc.		252,340		2,066,665
PGT, Inc. (a)		119,405		1,732,566
				6,525,748
Insurance | 3.1%
Arch Capital Group, Ltd. (a)		50,195		3,361,057
Argo Group International Holdings, Ltd.		61,155		3,406,334
				6,767,391
Leisure & Entertainment | 3.7%
Bloomin’ Brands, Inc.		113,905		2,431,872
Hyatt Hotels Corp., Class A (a)		59,110		3,350,946
Scholastic Corp.		54,000		2,383,020
				8,165,838
Manufacturing | 10.6%
Actuant Corp., Class A		102,910		2,376,192
Advanced Drainage Systems, Inc.		45,760		1,342,141
Altra Industrial Motion Corp.		83,790		2,277,412

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

32  Semi-Annual Report

Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
FLIR Systems, Inc.		122,210	$	3,766,512
Joy Global, Inc.		53,200		1,925,840
KLX, Inc. (a)		35,765		1,578,310
Littelfuse, Inc.		16,060		1,523,933
The Toro Co.		41,845		2,836,254
TriMas Corp. (a)		84,151		2,490,870
Woodward, Inc.		57,020		3,135,530
				23,252,994
Medical Products | 1.2%
Sirona Dental Systems, Inc. (a)		26,325		2,643,557
Pharmaceutical & Biotechnology | 4.8%
AMAG Pharmaceuticals, Inc. (a)		27,210		1,879,123
Cellectis SA ADR		49,755		1,795,160
Fluidigm Corp. (a)		67,520		1,633,984
Phibro Animal Health Corp., Class A		56,735		2,209,261
United Therapeutics Corp. (a)		16,675		2,900,616
				10,418,144
Real Estate | 7.5%
DCT Industrial Trust, Inc. REIT		94,318		2,965,358
Extra Space Storage, Inc. REIT		47,060		3,069,253
Jones Lang LaSalle, Inc.		20,555		3,514,905
Kilroy Realty Corp. REIT		52,710		3,539,476
LaSalle Hotel Properties REIT		94,310		3,344,233
				16,433,225
Retail | 6.0%
Advance Auto Parts, Inc.		17,625		2,807,486
Carter’s, Inc.		20,980		2,230,174
Chico’s FAS, Inc.		177,445		2,950,910
Dick’s Sporting Goods, Inc.		56,320		2,915,687
Steven Madden, Ltd. (a)		54,370		2,325,949
				13,230,206
Semiconductors & Components | 2.7%
M/A-COM Technology Solutions
Holdings, Inc. (a)		47,635		1,822,039
Microsemi Corp. (a)		50,450		1,763,227
Universal Display Corp. (a)		43,085		2,228,787
				5,814,053

Description	Shares		Value
Technology | 2.6%
BroadSoft, Inc. (a)		92,540	$	3,199,108
Vantiv, Inc., Class A (a)		68,250		2,606,467
				5,805,575
Transportation | 2.9%
Alaska Air Group, Inc.		56,815		3,660,590
Echo Global Logistics, Inc. (a)		85,753		2,800,693
				6,461,283
Total Common Stocks (Identified cost $198,148,733)				216,564,194
Description	Principal Amount (000)		Value
Repurchase Agreement | 0.4%
State Street Bank and Trust Co., 0.00%, 07/01/15 (Dated 06/30/15, collateralized by $820,000 United States Treasury Note, 2.625%, 11/15/20, with a value of $858,950) Proceeds of $838,000 (Identified cost $838,000)	$	838	$	838,000
Total Investments | 99.1% (Identified cost $198,986,733) (b)			$	217,402,194
Cash and Other Assets in Excess of Liabilities | 0.9%				1,924,738
Net Assets | 100.0%			$	219,326,932

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

Semi-Annual Report  33

Description	Shares		Value
Lazard US Small Cap Equity Growth Portfolio
Common Stocks | 91.0%
Alcohol &Tobacco | 0.8%
The Boston Beer Co., Inc., Class A (a)		425	$	98,596
Banking | 7.4%
BofI Holding, Inc. (a)		910		96,196
Central Pacific Financial Corp.		9,565		227,169
Hanmi Financial Corp.		7,085		175,992
Pinnacle Financial Partners, Inc.		2,925		159,032
Western Alliance Bancorp (a)		5,945		200,703
				859,092
Commercial Services | 5.7%
Cardtronics, Inc. (a)		2,805		103,925
On Assignment, Inc. (a)		5,640		221,539
PRA Health Sciences, Inc.		5,090		184,920
Tyler Technologies, Inc. (a)		1,211		156,679
				667,063
Computer Software | 3.0%
Callidus Software, Inc. (a)		6,785		105,710
Manhattan Associates, Inc. (a)		3,990		238,004
				343,714
Energy Exploration & Production | 1.5%
Bonanza Creek Energy, Inc. (a)		1,485		27,101
Diamondback Energy, Inc. (a)		985		74,250
Synergy Resources Corp. (a)		6,235		71,266
				172,617
Food & Beverages | 1.3%
United Natural Foods, Inc. (a)		2,325		148,056
Forest & Paper Products | 1.2%
Graphic Packaging Holding Co.		10,225		142,434
Health Services | 9.0%
Acadia Healthcare Co., Inc. (a)		1,585		124,153
AmSurg Corp. (a)		4,250		297,287
LifePoint Health, Inc. (a)		1,425		123,904
PharMerica Corp. (a)		4,425		147,353
Premier, Inc., Class A (a)		4,590		176,531
Team Health Holdings, Inc. (a)		2,770		180,964
				1,050,192
Leisure & Entertainment | 10.6%
Cinemark Holdings, Inc.		4,200		168,714
Cracker Barrel Old Country Store, Inc.		590		88,004

Description	Shares		Value
DineEquity, Inc.		840	$	83,236
Gray Television, Inc. (a)		5,470		85,770
IMAX Corp. (a)		5,175		208,397
Jack in the Box, Inc.		1,380		121,661
Media General, Inc. (a)		3,685		60,876
Penn National Gaming, Inc. (a)		9,965		182,858
Pinnacle Entertainment, Inc. (a)		4,130		153,966
Red Robin Gourmet Burgers, Inc. (a)		955		81,958
				1,235,440
Manufacturing | 7.6%
Canadian Solar, Inc. (a)		4,650		132,990
HEICO Corp.		3,745		218,334
LSB Industries, Inc. (a)		4,325		176,633
NN, Inc.		5,475		139,722
The Middleby Corp. (a)		1,950		218,848
				886,527
Medical Products | 6.2%
ABIOMED, Inc. (a)		1,600		105,168
Akorn, Inc. (a)		6,310		275,495
Cardiovascular Systems, Inc. (a)		2,690		71,150
DexCom, Inc. (a)		900		71,982
Globus Medical, Inc., Class A (a)		5,435		139,516
STERIS Corp.		950		61,218
				724,529
Pharmaceutical & Biotechnology | 16.2%
AMAG Pharmaceuticals, Inc. (a)		4,025		277,966
Anacor Pharmaceuticals, Inc. (a)		2,240		173,443
Bluebird Bio, Inc. (a)		580		97,655
Cepheid, Inc. (a)		2,265		138,505
Charles River Laboratories
International, Inc. (a)		2,050		144,197
DepoMed, Inc. (a)		6,870		147,430
Esperion Therapeutics, Inc. (a)		1,085		88,710
GW Pharmaceuticals PLC ADR (a)		1,000		122,840
Neurocrine Biosciences, Inc. (a)		4,390		209,666
Receptos, Inc. (a)		1,660		315,483
Relypsa, Inc. (a)		5,085		168,263
				1,884,158
Real Estate | 1.0%
Summit Hotel Properties, Inc. REIT		9,080		118,131
Retail | 6.7%
Asbury Automotive Group, Inc. (a)		1,385		125,508
Burlington Stores, Inc. (a)		2,500		128,000
G-III Apparel Group, Ltd. (a)		4,100		288,435
Lithia Motors, Inc., Class A		2,155		243,860
				785,803

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

34  Semi-Annual Report

Description	Shares		Value
Lazard US Small Cap Equity Growth Portfolio (concluded)
Semiconductors & Components | 2.9%
Cypress Semiconductor Corp.		9,315	$	109,544
Monolithic Power Systems, Inc.		2,445		123,986
Qorvo, Inc. (a)		1,250		100,338
				333,868
Technology | 5.3%
BroadSoft, Inc. (a)		1,835		63,436
Imperva, Inc. (a)		2,405		162,818
Proofpoint, Inc. (a)		2,830		180,186
VeriFone Systems, Inc. (a)		6,060		205,798
				612,238
Technology Hardware | 2.9%
Electronics For Imaging, Inc. (a)		3,395		147,717
Synaptics, Inc. (a)		2,240		194,286
				342,003
Transportation | 1.7%
JetBlue Airways Corp. (a)		4,590		95,288
Virgin America, Inc.		3,600		98,928
				194,216
Total Common Stocks (Identified cost $9,627,330)				10,598,677

Description	Shares		Value
Short-Term Investment | 8.3%
State Street Institutional Treasury Money Market Fund (Identified cost $970,439)		970,439	$	970,439
Total Investments | 99.3% (Identified cost $10,597,769) (b)			$	11,569,116
Cash and Other Assets in Excess of Liabilities | 0.7%				82,575
Net Assets | 100.0%			$	11,651,691

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

Semi-Annual Report  35

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks | 95.4%
Australia | 3.3%
Ansell, Ltd.		256,935	$	4,775,559
Caltex Australia, Ltd.		340,891		8,377,012
James Hardie Industries PLC		407,211		5,441,662
				18,594,233
Austria | 0.6%
UNIQA Insurance Group AG		384,487		3,467,311
Belgium | 3.8%
Anheuser-Busch InBev NV		130,673		15,660,679
KBC Groep NV		88,453		5,910,791
				21,571,470
Brazil | 0.7%
BB Seguridade Participacoes SA		359,600		3,944,022
Canada | 2.0%
Encana Corp.		440,200		4,853,126
MacDonald Dettwiler & Associates, Ltd.		89,600		6,547,471
				11,400,597
Denmark | 1.0%
Carlsberg A/S, Class B		64,071		5,816,455
Finland | 1.7%
Sampo Oyj, A Shares		207,796		9,787,689
France | 6.3%
BNP Paribas SA		137,276		8,287,229
Cap Gemini SA		114,390		10,121,869
Valeo SA		58,983		9,294,776
Vinci SA		136,360		7,886,844
				35,590,718
Germany | 4.4%
Bayer AG		111,656		15,628,419
Continental AG		22,594		5,346,346
RTL Group SA		44,715		4,040,882
				25,015,647
Ireland | 0.8%
Ryanair Holdings PLC Sponsored ADR		61,665		4,399,798
Israel | 3.1%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		301,920		17,843,472

Description	Shares		Value
Italy | 2.0%
Atlantia SpA		195,022	$	4,818,032
Azimut Holding SpA		231,258		6,765,141
				11,583,173
Japan | 20.0%
Daikin Industries, Ltd.		106,400		7,658,435
Daiwa House Industry Co., Ltd.		589,800		13,749,229
Don Quijote Holdings Co., Ltd.		334,600		14,244,115
Isuzu Motors, Ltd.		414,800		5,448,307
Japan Tobacco, Inc.		201,400		7,175,755
KDDI Corp.		670,300		16,178,994
Makita Corp.		83,400		4,524,868
Seven & I Holdings Co., Ltd.		212,900		9,150,255
SoftBank Corp.		146,200		8,611,805
Sony Corp. (a)		330,900		9,359,075
Sumitomo Mitsui Financial Group, Inc.		303,000		13,515,357
United Arrows, Ltd.		137,600		4,311,770
				113,927,965
Netherlands | 3.9%
Koninklijke KPN NV		2,433,822		9,306,775
NXP Semiconductors NV (a)		53,953		5,222,298
Wolters Kluwer NV		254,327		7,554,826
				22,083,899
Norway | 1.4%
Telenor ASA		357,904		7,842,395
Philippines | 1.0%
Alliance Global Group, Inc.		11,925,600		5,739,311
Spain | 0.9%
Red Electrica Corporacion SA		62,714		5,025,611
Sweden | 3.5%
Assa Abloy AB, Class B		520,550		9,802,090
Swedbank AB, A Shares		445,216		10,381,400
				20,183,490
Switzerland | 6.5%
Credit Suisse Group AG		238,554		6,557,396
GAM Holding AG		33,595		706,072
Glencore PLC		1,005,085		4,031,799
Novartis AG		258,000		25,428,847
				36,724,114
Taiwan | 1.6%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		391,300		8,886,423

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

36  Semi-Annual Report

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Thailand | 0.5%
Krung Thai Bank Public Co. Ltd.		6,143,400	$	3,110,306
Turkey | 1.0%
Turkcell Iletisim Hizmetleri AS		1,264,499		5,826,858
United Kingdom | 25.4%
Anglo American PLC		275,578		3,977,123
Aon PLC		56,685		5,650,361
BG Group PLC		380,641		6,336,680
British American Tobacco PLC		247,595		13,285,498
Direct Line Insurance Group PLC		782,692		4,129,685
Informa PLC		854,637		7,338,666
International Consolidated Airlines Group SA (a)		597,001		4,640,473
Lloyds Banking Group PLC		13,115,001		17,565,359
Provident Financial PLC		141,831		6,522,876
Prudential PLC		648,361		15,612,147
Reed Elsevier PLC		521,030		8,473,217
Rexam PLC		948,748		8,228,776
Royal Dutch Shell PLC, A Shares		251,416		7,057,343
Shire PLC		118,940		9,521,763
Taylor Wimpey PLC		1,041,398		3,040,239
Unilever PLC		160,422		6,881,321
William Hill PLC		1,174,334		7,437,889
Wolseley PLC		140,143		8,946,713
				144,646,129
Total Common Stocks (Identified cost $505,317,548)				543,011,086

Description	Principal Amount (000)		Value
Repurchase Agreement | 4.0%
State Street Bank and Trust Co., 0.00%, 07/01/15 (Dated 06/30/15, collateralized by $22,225,000 United States Treasury Note, 2.625%, 11/15/20, with a value of $23,280,688) Proceeds of $22,822,000 (Identified cost $22,822,000)	$	22,822	$	22,822,000
Total Investments | 99.4% (Identified cost $528,139,548) (b)			$	565,833,086
Cash and Other Assets in Excess of Liabilities | 0.6%				3,686,893
Net Assets | 100.0%			$	569,519,979

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

Semi-Annual Report  37

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks | 94.2%
Australia | 0.9%
BHP Billiton, Ltd.		9,300	$	194,095
Belgium | 3.6%
Anheuser-Busch InBev NV		4,996		598,752
KBC Groep NV		2,684		179,356
				778,108
Bermuda | 0.8%
Signet Jewelers, Ltd.		1,282		163,897
Brazil | 3.7%
Ambev SA		32,600		200,270
BB Seguridade Participacoes SA		28,300		310,389
Cia de Saneamento Basico do Estado de Sao Paulo		26,200		139,044
Estacio Participacoes SA		25,000		144,736
				794,439
Canada | 0.6%
Encana Corp.		11,700		128,990
China | 1.7%
Baidu, Inc. Sponsored ADR (a)		1,885		375,266
Denmark | 2.0%
Novo Nordisk A/S, Class B		8,025		437,232
Finland | 1.4%
Sampo Oyj, A Shares		6,404		301,644
France | 3.4%
BNP Paribas SA		4,132		249,445
Valeo SA		1,788		281,760
Vinci SA		3,542		204,864
				736,069
Germany | 3.1%
Bayer AG		3,481		487,234
Continental AG		728		172,264
				659,498
India | 1.5%
HCL Technologies, Ltd.		22,846		330,097

Description	Shares		Value
Indonesia | 1.3%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		6,519	$	282,859
Ireland | 1.0%
Ryanair Holdings PLC Sponsored ADR		3,085		220,115
Israel | 2.7%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		9,705		573,566
Italy | 2.1%
Atlantia SpA		6,177		152,603
Mediolanum SpA		35,217		290,536
				443,139
Japan | 16.9%
Daikin Industries, Ltd.		3,400		244,725
Daiwa House Industry Co., Ltd.		19,200		447,584
Japan Tobacco, Inc.		8,900		317,101
KDDI Corp.		20,200		487,566
Makita Corp.		5,500		298,403
Ryohin Keikaku Co., Ltd.		1,500		290,967
Seven & I Holdings Co., Ltd.		8,317		357,457
SoftBank Corp.		6,600		388,768
Sony Corp. (a)		9,400		265,867
Sumitomo Mitsui Financial Group, Inc.		9,076		404,836
Sumitomo Mitsui Trust Holdings, Inc.		31,000		142,000
				3,645,274
Netherlands | 1.9%
NXP Semiconductors NV (a)		1,700		164,549
Wolters Kluwer NV		7,921		235,295
				399,844
Norway | 1.1%
Telenor ASA		11,099		243,201
Philippines | 1.1%
Alliance Global Group, Inc.		472,900		227,588
Russia | 0.5%
Mobile TeleSystems OJSC Sponsored ADR		11,261		110,133
South Africa | 3.7%
Mediclinic International, Ltd.		29,493		248,094
Mr Price Group, Ltd.		8,838		181,976
Nampak, Ltd.		63,521		176,424
Sanlam, Ltd.		34,076		185,813
				792,307

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

38  Semi-Annual Report

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
South Korea | 1.3%
Samsung Electronics Co., Ltd.		245	$	278,506
Spain | 1.1%
Red Electrica Corporacion SA		3,068		245,855
Sweden | 3.4%
Assa Abloy AB, Class B		19,883		374,402
Swedbank AB, A Shares		15,329		357,437
				731,839
Switzerland | 6.2%
Actelion, Ltd.		1,819		266,152
Cie Financiere Richemont SA		2,509		204,085
Novartis AG		8,795		866,848
				1,337,085
Taiwan | 3.1%
Taiwan Semiconductor
Manufacturing Co., Ltd.		146,341		666,383
Thailand | 0.7%
Kasikornbank Public Co. Ltd.		27,900		156,122
Turkey | 2.5%
KOC Holding AS		50,081		231,709
Turkcell Iletisim Hizmetleri AS		67,167		309,508
				541,217
United Kingdom | 20.9%
Anglo American PLC		6,747		97,372
Ashtead Group PLC		14,331		247,468

Description	Shares		Value
Associated British Foods PLC		4,507	$	203,314
BG Group PLC		12,578		209,391
British American Tobacco PLC		7,849		421,163
Compass Group PLC		9,807		162,259
Informa PLC		29,246		251,132
Lloyds Banking Group PLC		336,196		450,279
London Stock Exchange Group PLC		5,525		205,743
Pearson PLC		7,706		145,902
Prudential PLC		24,244		583,781
Rexam PLC		30,165		261,630
Royal Dutch Shell PLC, A Shares		5,665		160,227
Shire PLC		4,299		344,157
The Weir Group PLC		5,527		147,373
Unilever PLC		6,785		291,044
Wolseley PLC		5,272		336,564
				4,518,799
Total Common Stocks (Identified cost $20,035,268)				20,313,167
Short-Term Investment | 4.6%
State Street Institutional Treasury Money Market Fund (Identified cost $996,675)		996,675		996,675
Total Investments | 98.8% (Identified cost $21,031,943) (b)			$	21,309,842
Cash and Other Assets in Excess of Liabilities | 1.2%				257,279
Net Assets | 100.0%			$	21,567,121

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

Semi-Annual Report  39

Description	Shares		Value
Lazard International Equity Concentrated Portfolio
Common Stocks | 96.7%
Australia | 5.5%
Asaleo Care, Ltd.		586,711	$	860,086
Belgium | 2.7%
Anheuser-Busch InBev NV		3,563		427,012
Brazil | 3.9%
BB Seguridade Participacoes SA		55,900		613,100
Canada | 6.6%
Home Capital Group, Inc.		9,237		320,078
MacDonald Dettwiler & Associates, Ltd.		9,820		717,591
				1,037,669
China | 5.4%
Baidu, Inc. Sponsored ADR (a)		1,674		333,260
China Construction Bank Corp., Class H		552,000		504,890
				838,150
France | 7.5%
Valeo SA		3,759		592,358
Vinci SA		10,195		589,663
				1,182,021
Israel | 3.7%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		9,736		575,398
Japan | 13.4%
KDDI Corp.		31,100		750,659
SoftBank Corp.		10,700		630,276
Sony Corp. (a)		25,500		721,234
				2,102,169
Netherlands | 3.1%
Wolters Kluwer NV		16,136		479,322
Philippines | 3.3%
Alliance Global Group, Inc.		1,060,600		510,424

Description	Shares		Value
South Africa | 3.0%
Sanlam, Ltd.		87,369	$	476,414
Sweden | 3.9%
Swedbank AB, A Shares		26,260		612,322
Switzerland | 10.2%
Actelion, Ltd.		4,851		709,789
Glencore PLC		88,598		355,402
Novartis AG		5,467		538,835
				1,604,026
Taiwan | 4.9%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		33,459		759,854
United Kingdom | 19.6%
Aon PLC		3,347		333,629
Ashtead Group PLC		26,260		453,459
Lloyds Banking Group PLC		562,887		753,893
Provident Financial PLC		9,085		417,824
Prudential PLC		24,188		582,433
The Weir Group PLC		19,758		526,829
				3,068,067
Total Common Stocks (Identified cost $15,065,837)				15,146,034
Short-Term Investment | 3.2%
State Street Institutional Treasury Money Market Fund  (Identified cost $505,763)		505,763		505,763
Total Investments | 99.9% (Identified cost $15,571,600) (b)			$	15,651,797
Cash and Other Assets in Excess of Liabilities | 0.1%				16,761
Net Assets | 100.0%			$	15,668,558

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

40  Semi-Annual Report

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks | 96.0%
Australia | 6.7%
Amcor, Ltd.		12,455,417	$	131,848,913
Ansell, Ltd.		5,631,796		104,676,185
Caltex Australia, Ltd.		4,374,825		107,506,393
James Hardie Industries PLC		6,985,279		93,346,022
				437,377,513
Austria | 0.9%
UNIQA Insurance Group AG		6,403,883		57,750,333
Belgium | 1.9%
Anheuser-Busch InBev NV		1,061,370		127,201,298
Bermuda | 0.7%
Signet Jewelers, Ltd.		336,825		43,061,307
Brazil | 1.4%
Cia de Saneamento Basico do Estado de Sao Paulo		6,702,700		35,571,242
Estacio Participacoes SA		8,967,800		51,918,690
LPS Brasil Consultoria de Imoveis SA		4,276,400		7,152,321
				94,642,253
Canada | 2.6%
Encana Corp.		4,750,245		52,370,596
Home Capital Group, Inc.		2,188,859		75,847,732
MEG Energy Corp. (a)		2,742,090		44,786,738
				173,005,066
Denmark | 2.0%
Carlsberg A/S, Class B		793,690		72,052,283
Topdanmark A/S (a)		2,289,531		61,378,960
				133,431,243
Finland | 3.4%
Sampo Oyj, A Shares		4,654,190		219,223,493
France | 3.2%
Valeo SA		945,534		149,001,018
Vivendi SA		2,472,292		62,359,787
				211,360,805
Germany | 5.6%
Bayer AG		1,104,330		154,572,368
Fresenius SE & Co. KGaA		1,520,178		97,534,002
Symrise AG		1,811,621		112,435,858
				364,542,228

Description	Shares		Value
India | 0.5%
Tata Motors, Ltd. Sponsored ADR		962,729	$	33,185,269
Indonesia | 0.3%
PT Media Nusantara Citra Tbk		115,379,200		16,788,723
Ireland | 1.6%
Kerry Group PLC, Class A		1,456,458		107,953,846
Israel | 1.7%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		1,918,835		113,403,149
Italy | 1.6%
Azimut Holding SpA		3,511,895		102,735,757
Japan | 20.2%
AEON Financial Service Co., Ltd.		6,043,600		167,898,353
Asics Corp.		5,004,650		129,425,316
Daikin Industries, Ltd.		1,940,500		139,672,872
Daiwa House Industry Co., Ltd.		5,809,300		135,424,545
Don Quijote Holdings Co., Ltd.		4,839,400		206,016,048
Japan Tobacco, Inc.		4,194,600		149,450,940
KDDI Corp.		4,064,400		98,102,199
Makita Corp.		2,373,900		128,795,980
SoftBank Corp.		2,774,500		163,429,918
				1,318,216,171
Netherlands | 1.7%
Koninklijke KPN NV		28,891,173		110,477,940
Norway | 1.1%
Telenor ASA		3,304,803		72,414,868
Philippines | 2.7%
Alliance Global Group, Inc.		158,801,000		76,424,522
GT Capital Holdings, Inc.		3,266,875		98,969,866
				175,394,388
South Africa | 2.3%
Mediclinic International, Ltd.		7,411,830		62,348,075
Nampak, Ltd.		30,692,475		85,245,663
				147,593,738
Spain | 0.4%
Mediaset Espana Comunicacion SA		2,030,441		26,609,045

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

Semi-Annual Report  41

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Sweden | 3.0%
Assa Abloy AB, Class B		6,606,147	$	124,395,441
Swedbank AB, A Shares		3,123,342		72,829,063
				197,224,504
Switzerland | 8.6%
Actelion, Ltd.		817,862		119,667,920
Cie Financiere Richemont SA		773,974		62,956,011
Credit Suisse Group AG		2,442,262		67,133,144
GAM Holding AG		3,527,881		74,146,063
Novartis AG		2,435,080		240,004,944
				563,908,082
Taiwan | 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		16,256,000		74,023,821
Thailand | 0.6%
Kasikornbank Public Co. Ltd.		6,682,650		37,394,586
Turkey | 1.5%
Turkcell Iletisim Hizmetleri AS		11,235,603		51,774,075
Turkiye Halk Bankasi AS		9,607,873		44,273,434
				96,047,509
United Kingdom | 18.7%
Amec Foster Wheeler PLC		5,056,471		64,950,208
Aon PLC		1,027,880		102,459,078

Description	Shares		Value
Associated British Foods PLC		1,274,457	$	57,491,500
British American Tobacco PLC		3,351,439		179,832,131
Informa PLC		19,370,425		166,331,528
International Consolidated Airlines Group SA (a)		1,212,591		9,425,437
Lloyds Banking Group PLC		161,581,957		216,412,114
Prudential PLC		6,768,859		162,990,095
Rexam PLC		7,687,425		66,675,339
Shire PLC		1,588,815		127,192,875
William Hill PLC		11,366,543		71,992,368
				1,225,752,673
Total Common Stocks (Identified cost $5,746,863,478)				6,280,719,608
Short-Term Investment | 3.7%
State Street Institutional Treasury Money Market Fund (Identified cost $238,886,559)		238,886,559		238,886,559
Total Investments | 99.7% (Identified cost $5,985,750,037) (b)			$	6,519,606,167
Cash and Other Assets in Excess of Liabilities | 0.3%				21,903,118
Net Assets | 100.0%			$	6,541,509,285

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

42  Semi-Annual Report

Description	Shares		Value
Lazard International Equity Advantage Portfolio
Common Stocks | 98.4%
Australia | 6.4%
Aurizon Holdings, Ltd.		1,013	$	4,010
Australia and New Zealand Banking Group, Ltd.		392		9,739
BHP Billiton, Ltd.		557		11,625
CSL, Ltd.		334		22,283
Downer EDI, Ltd.		1,846		6,808
Independence Group NL		1,809		5,820
Platinum Asset Management, Ltd.		1,593		9,193
Qantas Airways, Ltd. (a)		2,016		4,915
Telstra Corp., Ltd.		7,341		34,777
The GPT Group		5,141		16,977
				126,147
Austria | 0.2%
Voestalpine AG		82		3,413
Belgium | 0.2%
Telenet Group Holding NV (a)		81		4,406
Denmark | 3.4%
Coloplast A/S, Class B		148		9,711
Novo Nordisk A/S, Class B		1,024		55,792
				65,503
Finland | 1.6%
Kone Oyj, Class B		769		31,206
France | 8.2%
Airbus Group SE		471		30,560
AXA SA		898		22,656
BNP Paribas SA		492		29,702
Elis SA		192		3,772
L’Oreal SA		28		4,994
Sanofi		69		6,788
Societe Generale SA		244		11,390
Total SA		683		33,176
Valeo SA		114		17,964
				161,002
Germany | 8.2%
Allianz SE		211		32,862
BASF SE		372		32,689
Continental AG		60		14,198
Daimler AG		87		7,918

Description	Shares		Value
Deutsche Bank AG		130	$	3,955
Deutsche Post AG		108		3,155
Dialog Semiconductor PLC (a)		104		5,622
HUGO BOSS AG		61		6,818
Indus Holding AG		96		4,836
Muenchener Rueckversicherungs AG		137		24,285
ProSiebenSat.1 Media AG		84		4,149
SAP SE		46		3,210
Siemens AG		171		17,224
				160,921
Hong Kong | 2.6%
BOC Hong Kong Holdings, Ltd.		1,500		6,270
Hong Kong Exchanges & Clearing, Ltd.		300		10,589
PCCW, Ltd.		7,000		4,172
The Link REIT		500		2,931
The Wharf Holdings, Ltd.		4,000		26,627
				50,589
Ireland | 1.1%
Experian PLC		599		10,908
ICON PLC (a)		113		7,605
Smurfit Kappa Group PLC		103		2,818
				21,331
Israel | 0.4%
Bank Leumi Le-Israel BM (a)		957		4,047
Israel Discount Bank, Ltd., Class A (a)		2,268		4,354
				8,401
Italy | 1.0%
Eni SpA		1,105		19,612
Japan | 23.6%
Alps Electric Co., Ltd.		400		12,338
Asahi Kasei Corp.		2,000		16,432
Astellas Pharma, Inc.		600		8,557
Canon, Inc.		400		13,016
Daito Trust Construction Co., Ltd. Sponsored ADR		185		4,810
Daiwa House Industry Co., Ltd.		600		13,987
Fujitsu, Ltd.		1,000		5,592
Haseko Corp.		700		8,259
ITOCHU Corp.		200		2,643
Japan Airlines Co., Ltd.		300		10,467
JVC Kenwood Corp.		1,200		3,275
Kanamoto Co., Ltd.		300		7,611
Kawasaki Heavy Industries, Ltd.		2,000		9,331
KDDI Corp.		400		9,655
Mitsubishi Electric Corp.		2,000		25,853

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

Semi-Annual Report  43

Description	Shares		Value
Lazard International Equity Advantage Portfolio (continued)
Mitsubishi UFJ Financial Group, Inc.		3,900	$	28,036
Mitsui Mining & Smelting Co., Ltd.		4,000		10,818
Murata Manufacturing Co., Ltd.		200		34,906
Nihon Nohyaku Co., Ltd.		400		3,883
Nippon Telegraph & Telephone Corp.		800		28,981
Nipro Corp.		1,200		12,286
Nissan Motor Co., Ltd.		2,800		29,170
NTT Data Corp.		100		4,372
ORIX Corp.		200		2,976
Resona Holdings, Inc.		1,700		9,286
Sanden Holdings Corp.		1,000		4,658
Senshu Ikeda Holdings, Inc.		1,400		6,349
Sumitomo Heavy Industries, Ltd.		3,000		17,502
Sumitomo Mitsui Financial Group, Inc.		1,000		44,605
Sumitomo Rubber Industries, Ltd.		1,300		20,150
Taisei Corp.		1,000		5,744
The Bank of Yokohama, Ltd.		1,000		6,133
The Chugoku Electric Power Co., Inc.		300		4,378
The San-In Godo Bank, Ltd.		1,000		9,650
West Japan Railway Co.		400		25,608
				461,317
Netherlands | 2.0%
Aegon NV		1,064		7,820
Euronext NV		224		8,820
Koninklijke Ahold NV		713		13,354
NXP Semiconductors NV (a)		100		9,820
				39,814
Norway | 2.6%
Bakkafrost P/F		315		8,417
DNB ASA		439		7,324
Statoil ASA		1,307		23,354
Telenor ASA		579		12,687
				51,782
Singapore | 1.7%
ComfortDelGro Corp., Ltd.		7,000		16,267
DBS Group Holdings, Ltd.		400		6,145
Singapore Exchange, Ltd.		1,100		6,395
United Overseas Bank, Ltd.		300		5,139
				33,946
South Africa | 0.6%
Mondi PLC		514		11,072

Description	Shares		Value
Spain | 4.5%
Banco Bilbao Vizcaya Argentaria SA		2,207	$	21,632
Banco de Sabadell SA		1,926		4,649
Banco Santander SA		889		6,208
Bolsas y Mercados Espanoles SA		304		12,296
Distribuidora Internacional de
Alimentacion SA		2,009		15,342
Gamesa Corp. Tecnologica SA (a)		252		3,991
Iberdrola SA		2,675		18,019
Red Electrica Corp. SA		67		5,369
				87,506
Sweden | 1.5%
Boliden AB		705		12,850
Hennes & Mauritz AB, B Shares		201		7,740
Svenska Cellulosa AB SCA, Class B		316		8,035
				28,625
Switzerland | 8.5%
Geberit AG		30		10,002
Glencore PLC		3,496		14,024
Nestle SA		734		52,992
Novartis AG		139		13,700
Roche Holding AG		234		65,573
Swiss Life Holding AG		27		6,183
UBS AG		194		4,119
				166,593
United Kingdom | 20.1%
Auto Trader Group PLC		1,156		5,538
Barclays PLC		1,339		5,481
Bellway PLC		784		29,220
BT Group PLC		3,577		25,303
Centrica PLC		6,134		25,425
Compass Group PLC		2,138		35,374
Howden Joinery Group PLC		1,723		14,010
HSBC Holdings PLC		535		4,792
IMI PLC		178		3,146
Imperial Tobacco Group PLC		280		13,650
ITV PLC		10,499		43,435
J Sainsbury PLC		2,122		8,846
Lloyds Banking Group PLC		3,137		4,202
Micro Focus International PLC		466		9,965
Provident Financial PLC		473		21,754
Reckitt Benckiser Group PLC		187		16,125
Rentokil Initial PLC		3,570		8,302
Royal Dutch Shell PLC, A Shares		905		25,404
Royal Dutch Shell PLC, B Shares		162		4,600

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

44  Semi-Annual Report

Description	Shares		Value
Lazard International Equity Advantage Portfolio (concluded)
Shire PLC		424	$	33,943
Unilever NV		881		36,689
Unilever PLC		427		18,316
				393,520
Total Common Stocks (Identified cost $1,971,237)				1,926,706
Short-Term Investment | 1.9%
State Street Institutional Treasury Money Market Fund (Identified cost $36,704)		36,704		36,704

Description	Value
Total Investments | 100.3% (Identified cost $2,007,941) (b)	$	1,963,410
Liabilities in Excess of Cash and Other Assets | (0.3)%		(6,256	)
Net Assets | 100.0%	$	1,957,154

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

Semi-Annual Report  45

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 94.0%
Australia | 6.6%
Ainsworth Game Technology, Ltd.		490,583	$	972,769
Ansell, Ltd.		40,866		759,562
Asaleo Care, Ltd.		858,731		1,258,853
iSelect, Ltd. (a)		795,615		883,954
Macquarie Atlas Roads Group		357,995		878,351
Pact Group Holdings, Ltd.		374,497		1,352,254
Spotless Group Holdings, Ltd.		617,487		995,723
				7,101,466
Austria | 0.8%
UNIQA Insurance Group AG		100,837		909,350
Belgium | 2.6%
Fagron		28,881		1,192,935
Kinepolis Group NV		41,371		1,620,281
				2,813,216
Canada | 7.8%
AirBoss of America Corp.		91,200		1,628,311
Alaris Royalty Corp.		35,100		856,845
Altus Group, Ltd.		84,735		1,207,592
Entertainment One, Ltd.		208,786		1,167,876
Genworth MI Canada, Inc.		29,300		769,447
Intertape Polymer Group, Inc.		60,800		911,270
MacDonald Dettwiler & Associates, Ltd.		14,600		1,066,887
Sandvine Corp. (a)		246,600		708,802
				8,317,030
France | 2.7%
Gaztransport Et Technigaz SA		12,696		803,105
Ingenico Group		10,105		1,186,263
Plastic Omnium SA		36,158		921,302
				2,910,670
Germany | 5.8%
Aurelius AG		25,212		1,077,785
CompuGroup Medical AG		44,157		1,545,034
CTS Eventim AG & Co. KGaA		38,136		1,390,482
Norma Group SE		22,239		1,124,245
SHW AG		23,126		1,109,787
				6,247,333
Hong Kong | 0.9%
Pacific Textiles Holdings, Ltd.		581,000		929,414

Description	Shares		Value
Ireland | 4.0%
Cairn Homes PLC		757,720	$	922,883
Greencore Group PLC		257,155		1,268,732
Origin Enterprises PLC (a)		122,238		1,083,402
Permanent TSB Group Holdings PLC (a)		186,365		974,852
				4,249,869
Italy | 2.5%
Azimut Holding SpA		50,324		1,472,161
EI Towers SpA		19,508		1,175,505
				2,647,666
Japan | 24.2%
Ai Holdings Corp.		66,260		1,172,686
Ain Pharmaciez, Inc.		41,800		1,939,976
Ariake Japan Co., Ltd.		44,600		1,825,763
Asics Corp.		45,100		1,166,332
Doshisha Co., Ltd.		61,200		1,085,133
Gulliver International Co., Ltd.		125,200		1,165,198
Iriso Electronics Co., Ltd.		18,000		1,276,627
JAFCO Co., Ltd.		27,200		1,085,689
Misumi Group, Inc.		100,400		1,425,789
Rinnai Corp.		13,800		1,088,124
Santen Pharmaceutical Co., Ltd.		94,700		1,340,974
Sawai Pharmaceutical Co., Ltd.		14,000		815,623
Seria Co., Ltd.		35,000		1,318,381
Ship Healthcare Holdings, Inc.		39,300		812,428
Skylark Co., Ltd.		75,900		1,000,341
Suruga Bank, Ltd.		68,000		1,459,623
Temp Holdings Co., Ltd.		38,060		1,374,557
Topcon Corp.		37,700		908,731
USS Co., Ltd.		85,500		1,543,939
Yumeshin Holdings Co., Ltd.		158,000		1,006,986
Zenkoku Hosho Co., Ltd.		30,742		1,095,192
				25,908,092
Luxembourg | 0.9%
Grand City Properties SA		53,936		936,533
Malaysia | 1.8%
Berjaya Auto Berhad		1,208,180		864,587
Silverlake Axis, Ltd.		1,438,560		1,046,730
				1,911,317
Mexico | 0.7%
Credito Real SAB de CV SOFOM		345,560		772,797
Netherlands | 1.8%
Aalberts Industries NV		37,317		1,108,300
Frank’s International NV		42,900		808,236
				1,916,536

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

46   Semi-Annual Report

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Norway | 0.4%
Europris ASA		92,112	$	459,359
Singapore | 1.0%
XP Power, Ltd.		45,047		1,110,540
Spain | 0.4%
Euskaltel SA (a)		37,900		401,402
Sweden | 5.2%
Alimak Group AB		101,070		1,170,434
Indutrade AB		17,468		803,879
Intrum Justitia AB		35,099		1,062,727
Inwido AB		118,470		1,289,760
Nordax Group AB		236,433		1,266,323
				5,593,123
Switzerland | 2.1%
Cembra Money Bank AG		19,463		1,186,578
Kardex AG		17,928		1,076,696
				2,263,274
Taiwan | 3.0%
Chicony Electronics Co., Ltd.		302,000		810,436
Sinmag Equipment Corp.		137,660		762,931
Sporton International, Inc.		130,000		878,478
Zeng Hsing Industrial Co., Ltd.		151,000		780,583
				3,232,428
Turkey | 0.7%
Turkiye Sinai Kalkinma Bankasi AS		1,166,928		740,188
United Arab Emirates | 0.9%
Al Noor Hospitals Group PLC		62,668		930,514
United Kingdom | 16.3%
AA PLC (a)		164,486		958,069
Ashtead Group PLC		69,665		1,202,978
Auto Trader Group PLC		166,887		799,512

Description	Shares		Value
Dignity PLC		36,804	$	1,239,260
Elementis PLC		185,187		746,642
Foxtons Group PLC		289,546		1,077,775
Hansteen Holdings PLC		521,897		947,135
HSS Hire Group PLC		350,949		741,671
Hunting PLC		85,040		815,076
IG Group Holdings PLC		139,326		1,634,208
Markit, Ltd. (a)		37,500		958,875
Provident Financial PLC		22,905		1,053,412
Rightmove PLC		28,820		1,483,938
RPC Group PLC		127,064		1,331,661
Telit Communications PLC (a)		258,291		1,174,906
Workspace Group PLC REIT		88,364		1,248,883
				17,414,001
United States | 0.9%
Samsonite International SA		288,300		993,041
Total Common Stocks (Identified cost $84,598,573)				100,709,159
Preferred Stock | 0.6%
Brazil | 0.6%
Banco ABC Brasil SA (Identified cost $872,072)		167,914		631,885
Short-Term Investment | 8.4%
State Street Institutional Treasury Money Market Fund (Identified cost $8,997,066)		8,997,066		8,997,066
Total Investments | 103.0% (Identified cost $94,467,711) (b)			$	110,338,110
Liabilities in Excess of Cash and Other Assets | (3.0)%				(3,217,434	)
Net Assets | 100.0%			$	107,120,676

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

Semi-Annual Report   47

Description	Shares		Value
Lazard Global Equity Select Portfolio
Common Stocks | 97.3%
Australia | 0.7%
Spotless Group Holdings, Ltd.		84,000	$	135,453
Belgium | 2.7%
Anheuser-Busch InBev NV		4,053		485,737
Canada | 0.7%
MacDonald Dettwiler & Associates, Ltd.		1,795		131,169
China | 0.9%
Baidu, Inc. Sponsored ADR (a)		790		157,273
Denmark | 2.1%
Novo Nordisk A/S, Class B		3,854		209,981
Topdanmark A/S (a)		6,025		161,521
				371,502
Finland | 1.1%
Sampo Oyj, A Shares		4,149		195,428
Germany | 3.5%
Continental AG		1,529		361,803
Symrise AG		4,230		262,529
				624,332
India | 1.1%
Indiabulls Housing Finance Ltd. GDR		8,500		81,532
Tata Motors, Ltd. Sponsored ADR		3,355		115,647
				197,179
Ireland | 0.6%
Permanent TSB Group Holdings PLC (a)		21,900		114,556
Italy | 1.1%
Davide Campari-Milano SpA		24,989		190,138
Japan | 6.1%
AEON Financial Service Co., Ltd.		11,100		308,371
Daiwa House Industry Co., Ltd.		17,150		399,795
Recruit Holdings Co., Ltd.		5,800		177,007
Sumitomo Mitsui Financial Group, Inc.		65		2,899
Sumitomo Mitsui Trust Holdings, Inc.		44,110		202,052
				1,090,124

Description	Shares		Value
Netherlands | 0.9%
NXP Semiconductors NV (a)		1,715	$	168,413
Norway | 1.7%
Europris ASA		15,600		77,796
Telenor ASA		10,027		219,712
				297,508
Peru | 0.9%
Credicorp, Ltd.		1,168		162,259
Philippines | 0.4%
Alliance Global Group, Inc.		133,511		64,253
Russia | 0.8%
Magnit PJSC Sponsored GDR		2,517		140,096
South Africa | 0.8%
Sanlam, Ltd.		26,359		143,733
Sweden | 1.9%
Assa Abloy AB, Class B		17,911		337,269
Switzerland | 3.7%
Actelion, Ltd.		1,438		210,405
Novartis AG		4,670		460,282
				670,687
Taiwan | 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		7,555		171,574
Thailand | 0.8%
Kasikornbank Public Co. Ltd.		24,640		137,880
United Kingdom | 10.9%
Aon PLC		2,460		245,213
Auto Trader Group PLC		46,968		225,011
Compass Group PLC		10,478		173,361
Henderson Group PLC		34,444		141,254
Provident Financial PLC		3,896		179,179
Prudential PLC		10,643		256,277
Shire PLC		4,037		323,183
UBM PLC		21,151		177,633
Unilever PLC		5,389		231,162
				1,952,273

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

48   Semi-Annual Report

Description	Shares		Value
Lazard Global Equity Select Portfolio (concluded)
United States | 52.9%
Advance Auto Parts, Inc.		1,170	$	186,369
Apple, Inc.		4,226		530,046
AutoZone, Inc. (a)		304		202,738
Bristol-Myers Squibb Co.		3,795		252,519
Cisco Systems, Inc.		10,940		300,412
Citigroup, Inc.		4,014		221,733
CVS Health Corp.		2,570		269,542
EMC Corp.		8,442		222,784
EOG Resources, Inc.		1,640		143,582
Google, Inc., Class A (a)		582		314,303
Google, Inc., Class C (a)		483		251,406
Halliburton Co.		6,090		262,296
Harley-Davidson, Inc.		3,415		192,435
Honeywell International, Inc.		4,043		412,265
Intercontinental Exchange, Inc.		1,071		239,486
Joy Global, Inc.		2,944		106,573
Kellogg Co.		1,335		83,705
MasterCard, Inc., Class A		2,505		234,167
McKesson Corp.		938		210,872
Microsoft Corp.		4,245		187,417
Molson Coors Brewing Co., Class B		1,554		108,485
Monsanto Co.		1,730		184,401
Mylan NV (a)		3,030		205,616
Qualcomm, Inc.		3,677		230,291
Quintiles Transnational Holdings, Inc. (a)		3,860		280,275
Reynolds American, Inc.		4,430		330,744
Rockwell Automation, Inc.		1,490		185,714
Schlumberger, Ltd.		3,281		282,789

Description	Shares		Value
ServiceMaster Global Holdings, Inc. (a)		4,790	$	173,254
Springleaf Holdings, Inc. (a)		3,530		162,062
The Charles Schwab Corp.		4,365		142,517
The Hartford Financial Services Group, Inc.		7,089		294,690
The J.M. Smucker Co.		1,480		160,447
Thermo Fisher Scientific, Inc.		1,365		177,122
Tyco International PLC		4,775		183,742
Union Pacific Corp.		1,670		159,268
United Technologies Corp.		1,539		170,721
Vertex Pharmaceuticals, Inc. (a)		1,350		166,698
Viacom, Inc., Class B		2,664		172,201
Visa, Inc., Class A		4,123		276,860
Voya Financial, Inc.		4,235		196,800
Xerox Corp.		14,950		159,068
Zoetis, Inc.		4,837		233,240
				9,461,655
Total Common Stocks (Identified cost $16,785,588)				17,400,491
Short-Term Investment | 2.4%
State Street Institutional Treasury Money Market Fund (Identified cost $429,221)		429,221		429,221
Total Investments | 99.7% (Identified cost $17,214,809) (b)			$	17,829,712
Cash and Other Assets in Excess of Liabilities | 0.3%				54,969
Net Assets | 100.0%			$	17,884,681

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

Semi-Annual Report   49

Description	Shares		Value
Lazard Global Strategic Equity Portfolio
Common Stocks | 96.9%
Australia | 2.8%
Asaleo Care, Ltd.		71,294	$	104,513
Caltex Australia, Ltd.		6,514		160,074
				264,587
Belgium | 1.8%
Anheuser-Busch InBev NV		1,467		175,815
Canada | 1.8%
Encana Corp.		5,500		60,637
MacDonald Dettwiler & Associates, Ltd.		1,587		115,969
				176,606
Denmark | 2.2%
Carlsberg A/S, Class B		1,194		108,393
Topdanmark A/S (a)		3,954		106,001
				214,394
Finland | 2.8%
Sampo Oyj, A Shares		5,573		262,502
France | 1.0%
Vivendi SA		3,617		91,233
Indonesia | 0.6%
PT Media Nusantara Citra Tbk		374,300		54,464
Israel | 1.8%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		2,834		167,489
Italy | 1.0%
Mediolanum SpA		11,059		91,236
Japan | 8.3%
Asics Corp.		5,500		142,236
Daiwa House Industry Co., Ltd.		7,200		167,844
Don Quijote Holdings Co., Ltd.		3,092		131,628
Makita Corp.		3,150		170,903
SoftBank Corp.		3,080		181,425
				794,036
Netherlands | 2.8%
Koninklijke KPN NV		45,829		175,247
Sensata Technologies Holding NV (a)		1,754		92,506
				267,753

Description	Shares		Value
Norway | 0.5%
Europris ASA		10,175	$	50,742
Philippines | 1.4%
Alliance Global Group, Inc.		276,900		133,261
South Africa | 4.2%
Mediclinic International, Ltd.		15,820		133,077
Nampak, Ltd.		51,857		144,028
Sanlam, Ltd.		22,287		121,529
				398,634
Switzerland | 2.8%
Novartis AG		2,699		266,017
Taiwan | 1.5%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		6,445		146,366
Turkey | 2.1%
Turkcell Iletisim Hizmetleri AS		22,571		104,008
Turkiye Halk Bankasi AS		21,456		98,870
				202,878
United Kingdom | 16.7%
Aon PLC		1,653		164,771
Auto Trader Group PLC		28,316		135,655
British American Tobacco PLC		4,046		217,101
Informa PLC		22,433		192,629
Lloyds Banking Group PLC		155,133		207,775
Prudential PLC		6,705		161,452
Rexam PLC		16,784		145,573
Shire PLC		2,577		206,302
Spire Healthcare Group PLC		30,749		160,887
				1,592,145
United States | 40.8%
Advance Auto Parts, Inc.		1,887		300,580
American Airlines Group, Inc.		1,703		68,009
Ameriprise Financial, Inc.		729		91,074
BorgWarner, Inc.		1,629		92,592
Celgene Corp. (a)		832		96,292
Eastman Chemical Co.		1,174		96,057
EOG Resources, Inc.		915		80,108
Google, Inc., Class A (a)		777		419,611
J.C. Penney Co., Inc. (a)		6,270		53,107
Kellogg Co.		2,258		141,577
MasterCard, Inc., Class A		2,564		239,683
McKesson Corp.		887		199,406

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

50   Semi-Annual Report

Description	Shares		Value
Lazard Global Strategic Equity Portfolio (concluded)
Molson Coors Brewing Co., Class B		2,582	$	180,249
Morningstar, Inc.		1,250		99,438
Mylan NV (a)		2,150		145,899
Reynolds American, Inc.		3,235		241,525
Rockwell Automation, Inc.		781		97,344
Springleaf Holdings, Inc. (a)		1,900		87,229
Sysco Corp.		2,609		94,185
The J.M. Smucker Co.		1,382		149,823
Tyco International PLC		3,104		119,442
Union Pacific Corp.		1,154		110,057
United Therapeutics Corp. (a)		1,147		199,521
Viacom, Inc., Class B		2,077		134,257
Visa, Inc., Class A		3,256		218,640
Voya Financial, Inc.		2,700		125,469
				3,881,174
Total Common Stocks (Identified cost $9,238,708)				9,231,332

Description	Shares		Value
Short-Term Investment | 3.2%
State Street Institutional Treasury Money Market Fund (Identified cost $300,134)		300,134	$	300,134
Total Investments | 100.1% (Identified cost $9,538,842) (b)			$	9,531,466
Liabilities in Excess of Cash and Other Assets | (0.1)%				(10,905	)
Net Assets | 100.0%			$	9,520,561

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

Semi-Annual Report   51

Description	Shares		Value
Lazard Managed Equity Volatility Portfolio
Common Stocks | 86.0%
Australia | 6.3%
AGL Energy, Ltd.		906	$	10,870
CSL, Ltd.		387		25,819
CSR, Ltd.		2,443		6,861
Downer EDI, Ltd.		1,237		4,562
Echo Entertainment Group, Ltd.		2,504		8,423
Evolution Mining, Ltd.		5,851		5,191
Newcrest Mining, Ltd. (a)		452		4,541
Qantas Airways, Ltd. (a)		1,905		4,645
Regis Resources, Ltd. (a)		5,325		4,437
Telstra Corp., Ltd.		5,960		28,234
The GPT Group		7,963		26,296
Woodside Petroleum, Ltd.		453		11,964
				141,843
Belgium | 0.5%
Telenet Group Holding NV (a)		188		10,226
Bermuda | 2.1%
Everest Re Group, Ltd.		150		27,301
PartnerRe, Ltd.		70		8,995
Validus Holdings, Ltd.		250		10,998
				47,294
Canada | 10.2%
Baytex Energy Corp.		600		9,334
Canadian National Railway Co.		400		23,078
Canadian Natural Resources, Ltd.		400		10,857
Capital Power Corp.		400		6,898
CI Financial Corp.		1,000		26,902
Cineplex, Inc.		300		11,294
Cogeco Cable, Inc.		200		11,568
Colliers International Group, Inc.		100		3,827
Constellation Software, Inc.		10		3,970
Crescent Point Energy Corp.		200		4,104
Dollarama, Inc.		500		30,304
Dominion Diamond Corp.		300		4,203
Empire Co., Ltd., Class A		200		14,086
Imperial Oil, Ltd.		100		3,863
Intact Financial Corp.		400		27,795
Magna International, Inc.		70		3,929

Description	Shares		Value
Metro, Inc.		700	$	18,786
Royal Bank of Canada		200		12,231
Suncor Energy, Inc.		150		4,131
				231,160
China | 0.4%
Yangzijiang Shipbuilding Holdings, Ltd.		9,200		9,666
Denmark | 1.7%
AP Moeller-Maersk A/S, Class B		3		5,433
Coloplast A/S, Class B		219		14,370
Novo Nordisk A/S, Class B		209		11,387
William Demant Holding A/S (a)		101		7,705
				38,895
Finland | 0.8%
Elisa Oyj		187		5,927
Kone Oyj, Class B		298		12,093
				18,020
France | 0.2%
Bureau Veritas SA		207		4,768
Germany | 0.5%
Dialog Semiconductor PLC (a)		110		5,946
Muenchener Rueckversicherungs AG		25		4,432
				10,378
Hong Kong | 5.7%
Cheung Kong Property Holdings Ltd. (a)		1,000		8,269
CK Hutchison Holdings, Ltd.		1,000		14,759
CLP Holdings, Ltd.		1,500		12,733
Henderson Land Development Co., Ltd.		2,100		14,426
Jardine Matheson Holdings, Ltd.		100		5,675
PCCW, Ltd.		20,000		11,920
Swire Pacific, Ltd., Class A		500		6,292
The Link REIT		5,000		29,317
The Wharf Holdings, Ltd.		4,000		26,627
				130,018
Ireland | 0.8%
ICON PLC (a)		65		4,374
Paddy Power PLC		70		5,999
Ryanair Holdings PLC Sponsored ADR		100		7,135
				17,508
Israel | 1.0%
Bank Hapoalim BM		763		4,110
Bank Leumi Le-Israel BM (a)		1,279		5,409
Frutarom Industries, Ltd.		153		6,418
Israel Discount Bank, Ltd., Class A (a)		4,044		7,763
				23,700

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

52  Semi-Annual Report

Description	Shares		Value
Lazard Managed Equity Volatility Portfolio (continued)
Japan | 10.3%
Asahi Glass Co., Ltd.		1,000	$	6,006
Asahi Kasei Corp.		1,000		8,216
Astellas Pharma, Inc.		500		7,131
Bic Camera, Inc.		400		5,040
Canon, Inc.		500		16,270
Daito Trust Construction Co., Ltd.		100		10,361
DCM Holdings Co., Ltd.		700		6,858
East Japan Railway Co.		100		8,996
Electric Power Development Co., Ltd.		300		10,602
Heiwa Corp.		700		13,945
Japan Airlines Co., Ltd.		200		6,978
Mitsui Chemicals, Inc.		1,000		3,718
Murata Manufacturing Co., Ltd.		100		17,453
Nipro Corp.		500		5,119
NTT Data Corp.		100		4,371
OBIC Co., Ltd.		100		4,461
Resona Holdings, Inc.		1,100		6,008
Senshu Ikeda Holdings, Inc.		1,400		6,349
Showa Shell Sekiyu KK		500		4,371
Sumitomo Mitsui Financial Group, Inc.		100		4,461
Sumitomo Rubber Industries, Ltd.		300		4,650
Taikisha, Ltd.		200		4,827
TDK Corp.		100		7,656
The San-In Godo Bank, Ltd.		1,000		9,650
TOTO, Ltd.		1,000		18,025
West Japan Railway Co.		500		32,010
				233,532
Malta | 0.4%
Unibet Group PLC SDR		167		10,173
Netherlands | 0.8%
Euronext NV		116		4,568
Koninklijke Vopak NV		90		4,542
NN Group NV		308		8,658
				17,768
New Zealand | 1.7%
Air New Zealand, Ltd.		3,556		6,145
Fisher & Paykel Healthcare Corp., Ltd., Class C		1,596		7,408
Sky Network Television, Ltd.		5,116		20,836
Spark New Zealand, Ltd.		2,043		3,870
				38,259

Description	Shares		Value
Norway | 1.7%
Statoil ASA		1,119	$	19,995
Telenor ASA		615		13,476
Yara International ASA		96		5,001
				38,472
Singapore | 2.5%
CapitaLand, Ltd.		1,800		4,678
ComfortDelGro Corp., Ltd.		11,800		27,422
United Overseas Bank, Ltd.		1,400		23,980
				56,080
Spain | 0.5%
Bolsas y Mercados Espanoles SA		105		4,247
Corporacion Financiera Alba SA		46		2,133
Distribuidora Internacional de Alimentacion SA		594		4,536
				10,916
Sweden | 0.2%
Axfood AB		355		5,670
Switzerland | 1.1%
Kaba Holding AG		8		4,762
Novartis AG		51		5,027
Roche Holding AG		58		16,253
				26,042
United Kingdom | 5.2%
Acacia Mining PLC		865		4,103
Aon PLC		62		6,180
Centrica PLC		1,716		7,113
Compass Group PLC		1,030		17,041
Debenhams PLC		3,272		4,588
Greggs PLC		498		9,257
ITV PLC		1,697		7,021
Next PLC		146		17,090
Provident Financial PLC		339		15,591
Rentokil Initial PLC		2,476		5,758
Shire PLC		69		5,524
Unilever NV		454		18,907
				118,173
United States | 31.4%
3M Co.		200		30,860
Apple, Inc.		65		8,153
AT&T, Inc.		900		31,968
Baxter International, Inc.		100		6,993
Biogen, Inc. (a)		15		6,059
Blackbaud, Inc.		100		5,695
CBOE Holdings, Inc.		150		8,583
Centene Corp. (a)		80		6,432

The accompanying notes are an integral part of these financial statements

Semi-Annual Report  53

Description	Shares		Value
Lazard Managed Equity Volatility Portfolio (concluded)
Chemed Corp.		40	$	5,244
Cirrus Logic, Inc. (a)		300		10,209
Colgate-Palmolive Co.		200		13,082
Comcast Corp., Class A		100		6,014
CR Bard, Inc.		30		5,121
Credit Acceptance Corp. (a)		35		8,616
DIRECTV (a)		100		9,279
Dr Pepper Snapple Group, Inc.		300		21,870
Edison International		200		11,116
Edwards Lifesciences Corp. (a)		45		6,409
Emerson Electric Co.		100		5,543
FactSet Research Systems, Inc.		100		16,251
FMC Technologies, Inc. (a)		100		4,149
Gilead Sciences, Inc.		55		6,439
HCA Holdings, Inc. (a)		65		5,897
Intel Corp.		300		9,125
International Paper Co.		100		4,759
Intuit, Inc.		100		10,077
Jack in the Box, Inc.		100		8,816
Johnson & Johnson		300		29,238
Kimberly-Clark Corp.		300		31,791
Lockheed Martin Corp.		55		10,225
Marathon Oil Corp.		300		7,962
MasterCard, Inc., Class A		100		9,348
McDonald’s Corp.		200		19,014
McGraw Hill Financial, Inc.		135		13,561
Monsanto Co.		40		4,264
Northrop Grumman Corp.		45		7,138
O’Reilly Automotive, Inc. (a)		50		11,299
PepsiCo, Inc.		200		18,668
PG&E Corp.		500		24,550
Public Service Enterprise Group, Inc.		255		10,016

Description	Shares		Value
Reynolds American, Inc.		200	$	14,932
Ross Stores, Inc.		300		14,583
Sanderson Farms, Inc.		100		7,516
Skyworks Solutions, Inc.		100		10,410
Spirit AeroSystems Holdings, Inc., Class A (a)		100		5,511
Starbucks Corp.		160		8,578
The Clorox Co.		100		10,402
The Estee Lauder Cos., Inc., Class A		60		5,200
The Kroger Co.		300		21,753
The Southern Co.		400		16,760
The TJX Cos., Inc.		400		26,468
The Walt Disney Co.		100		11,414
Time Warner, Inc.		130		11,363
UnitedHealth Group, Inc.		100		12,200
Verizon Communications, Inc.		600		27,966
Visa, Inc., Class A		100		6,715
Waters Corp. (a)		140		17,973
Xcel Energy, Inc.		380		12,229
				711,806
Total Common Stocks (Identified cost $1,985,785)				1,950,367
Short-Term Investment | 8.5%
State Street Institutional Treasury Money Market Fund (Identified cost $193,292)		193,292		193,292
Total Investments | 94.5% (Identified cost $2,179,077) (b)			$	2,143,659
Cash and Other Assets in Excess of Liabilities | 5.5%				125,501
Net Assets | 100.0%			$	2,269,160

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

54  Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2015 (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) were as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
US Equity Concentrated	$	560,086,766	$	43,883,809	$	7,953,271	$	35,930,538
US Strategic Equity		125,193,949		15,817,179		2,890,232		12,926,947
US Mid Cap Equity		33,242,054		3,187,674		787,438		2,400,236
US Small-Mid Cap Equity		198,986,733		26,484,174		8,068,713		18,415,461
US Small Cap Equity Growth		10,597,769		1,247,645		276,298		971,347
International Equity		528,139,548		53,057,863		15,364,325		37,693,538
International Equity Select		21,031,943		1,312,597		1,034,698		277,899
International Equity Concentrated		15,571,600		536,346		456,149		80,197
International Strategic Equity		5,985,750,037		784,797,222		250,941,092		533,856,130
International Equity Advantage		2,007,941		18,404		62,935		(44,531	)
International Small Cap Equity		94,467,711		19,251,494		3,381,095		15,870,399
Global Equity Select		17,214,809		1,148,530		533,627		614,903
Global Strategic Equity		9,538,842		433,019		440,395		(7,376	)
Managed Equity Volatility		2,179,077		25,571		60,989		(35,418	)

Security Abbreviations:
ADR	—  American Depositary Receipt
GDR	—  Global Depositary Receipt
OJSC	—  Open Joint Stock Company
PJSC	—  Public Joint Stock Company
REIT	—  Real Estate Investment Trust
SDR	—  Swedish Depositary Receipt

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

Semi-Annual Report  55

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

Industry*	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio			Lazard International Small Cap Equity Portfolio
Agriculture		—	%		—	%		—	%		—	%		0.2	%		—	%
Alcohol & Tobacco		7.4			7.1			2.7			8.1			0.7			—
Apparel & Textiles		—			—			—			—			—			0.9
Automotive		3.5			2.1			3.8			2.8			4.8			1.9
Banking		7.2			6.9			9.2			3.5			11.6			4.9
Chemicals		—			—			—			1.7			2.5			2.2
Commercial Services		1.6			1.6			—			0.1			1.6			13.9
Computer Software		—			1.7			2.1			—			0.2			—
Construction & Engineering		1.4			0.9			3.7			—			2.7			0.9
Consumer Products		0.8			2.3			—			2.9			0.2			2.9
Diversified		1.0			2.1			3.3			1.2			—			—
Electric		0.9			1.1			—			—			1.4			—
Energy Exploration & Production		0.9			0.6			—			1.5			—			—
Energy Integrated		3.8			1.7			—			1.7			5.4			0.8
Energy Services		—			—			—			1.0			—			0.8
Financial Services		6.7			5.1			13.4			9.6			4.9			12.0
Food & Beverages		—			0.9			—			2.5			3.1			3.9
Forest & Paper Products		1.4			2.0			—			4.4			0.7			3.4
Gas Utilities		—			—			—			—			1.3			—
Health Services		—			1.2			—			2.5			0.9			4.2
Household & Personal Products		1.2			1.4			5.5			—			4.3			1.9
Housing		3.9			2.1			—			3.5			2.7			2.1
Insurance		7.5			6.9			9.8			9.2			4.8			2.4
Leisure & Entertainment		6.1			4.4			3.1			5.1			4.2			2.4
Manufacturing		3.9			3.6			3.4			7.2			5.0			8.5
Medical Products		—			—			—			—			0.6			0.8
Metals & Mining		1.4			1.4			2.3			—			2.4			—
Pharmaceutical & Biotechnology		12.0			13.8			11.6			11.5			10.6			3.1
Real Estate		—			—			—			—			2.6			3.0
Retail		4.9			4.6			—			5.8			3.4			6.5
Semiconductors & Components		2.5			5.1			4.8			1.1			5.2			4.4
Technology		4.9			4.6			8.6			2.5			1.0			1.0
Technology Hardware		1.2			—			4.6			—			—			4.6
Telecommunications		6.9			6.7			4.8			6.0			6.1			0.4
Transportation		2.4			1.7			—			0.1			3.3			0.8
Water		—			0.6			—			0.5			—			—
Subtotal		95.4			94.2			96.7			96.0			98.4			94.6
Repurchase Agreement		4.0			—			—			—			—			—
Short-Term Investments		—			4.6			3.2			3.7			1.9			8.4
Total Investments		99.4	%		98.8	%		99.9	%		99.7	%		100.3	%		103.0	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

56  Semi-Annual Report

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

Industry*	Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
Agriculture		1.0	%		—	%		0.4	%
Alcohol & Tobacco		6.2			9.7			0.7
Automotive		3.8			1.0			0.4
Banking		2.8			1.0			3.5
Cable Television		—			—			2.1
Chemicals		1.5			1.0			1.1
Commercial Services		4.0			3.7			1.8
Computer Software		2.9			—			0.7
Construction & Engineering		—			—			0.7
Consumer Products		—			1.8			0.6
Diversified		0.4			1.4			—
Electric		—			—			4.6
Energy Exploration & Production		0.8			1.5			2.0
Energy Integrated		—			1.7			1.4
Energy Services		3.0			—			0.2
Financial Services		12.6			10.1			3.7
Food & Beverages		1.4			4.0			2.9
Forest & Paper Products		—			3.0			1.6
Gas Utilities		—			—			0.8
Health Services		1.6			3.1			2.1
Household & Personal Products		1.3			1.1			2.1
Housing		2.2			1.8			1.3
Insurance		7.5			9.6			4.2
Leisure & Entertainment		2.9			4.0			5.4
Manufacturing		6.8			1.0			4.4
Medical Products		2.2			2.1			1.4
Metals & Mining		—			—			1.0
Pharmaceutical & Biotechnology		11.5			11.4			6.0
Real Estate		—			—			5.4
Retail		4.9			7.1			7.6
Semiconductors & Components		2.8			2.5			3.4
Technology		3.2			6.3			0.6
Technology Hardware		7.9			1.2			0.4
Telecommunications		1.2			3.9			5.9
Transportation		0.9			1.9			5.6
Subtotal		97.3			96.9			86.0
Short-Term Investments		2.4			3.2			8.5
Total Investments		99.7	%		100.1	%		94.5	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report   57

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

June 30, 2015	Lazard US Equity Concentrated Portfolio			Lazard US Strategic Equity Portfolio
ASSETS
Investments in securities, at value		$	596,017,304	$	138,120,896
Cash			—		—
Foreign currency			—		—
Receivables for:
Dividends and interest			706,041		224,457
Capital stock sold			3,707,983		247,136
Investments sold			2,920,438		291,398
Amount due from Investment Manager (Note 3)			—		—
Deferred offering costs (Note 2(g))			—		—
Total assets			603,351,766		138,883,887
LIABILITIES
Payables for:
Management fees			335,858		61,095
Accrued distribution fees			13,799		747
Accrued directors’ fees			3,274		1,422
Investments purchased			12,254,885		247,926
Capital stock redeemed			99,818		1,548,415
Other accrued expenses and payables			19,044		42,453
Total liabilities			12,726,678		1,902,058
Net assets		$	590,625,088	$	136,981,829
NET ASSETS
Paid in capital		$	527,216,735	$	116,719,542
Undistributed net investment income (loss)			1,192,926		599,062
Accumulated net realized gain (loss)			26,284,889		6,736,278
Net unrealized appreciation (depreciation) on:
Investments			35,930,538		12,926,947
Foreign currency			—		—
Net assets		$	590,625,088	$	136,981,829
Institutional Shares
Net assets		$	517,966,652	$	121,519,968
Shares of capital stock outstanding*			37,220,040		9,791,034
Net asset value, offering and redemption price per share		$	13.92	$	12.41
Open Shares
Net assets		$	72,658,436	$	1,813,902
Shares of capital stock outstanding*			5,195,918		145,873
Net asset value, offering and redemption price per share		$	13.98	$	12.43
R6 Shares
Net assets			—	$	13,647,959
Shares of capital stock outstanding*			—		1,099,793
Net asset value, offering and redemption price per share			—	$	12.41
Cost of investments in securities		$	560,086,766	$	125,193,949
Cost of foreign currency		$	—	$	—

* $0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.

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

58  Semi-Annual Report

Lazard US Mid Cap Equity Portfolio			Lazard US Small-Mid Cap Equity Portfolio		Lazard US Small Cap Equity Growth Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
$	35,642,290		$	217,402,194	$	11,569,116		$	565,833,086		$	21,309,842
	—			958		—			904			—
	—			—		—			49,128			3,259
	29,782			176,245		2,515			1,830,465			54,765
	29,838			617,048		37,957			1,321,060			291,110
	1,055,166			1,716,684		68,554			1,640,341			359
	—			—		13,981			—			8,972
	—			—		57,685			5,552			—
	36,757,076			219,913,129		11,749,808			570,680,536			21,668,307
	14,243			133,821		—			351,673			—
	6,388			6,113		857			13,340			671
	404			3,029		4			4,323			155
	—			290,700		—			182,779			51,468
	67,801			102,577		—			589,591			22,660
	41,248			49,957		97,256			18,851			26,232
	130,084			586,197		98,117			1,160,557			101,186
$	36,626,992		$	219,326,932	$	11,651,691		$	569,519,979		$	21,567,121
$	72,880,724		$	183,004,849	$	10,565,876		$	533,952,712		$	22,586,629
	(39,192	)		153,790		(38,848	)		10,911,058			490,865
	(38,614,776	)		17,752,832		153,316			(13,018,329	)		(1,786,835	)
	2,400,236			18,415,461		971,347			37,693,538			277,899
	—			—		—			(19,000	)		(1,437	)
$	36,626,992		$	219,326,932	$	11,651,691		$	569,519,979		$	21,567,121
$	7,149,340		$	187,173,884	$	6,929,725		$	457,544,930		$	18,473,873
	363,597			12,540,671		615,198			25,031,450			1,914,260
$	19.66		$	14.93	$	11.26		$	18.28		$	9.65
$	29,477,652		$	32,153,048	$	4,721,966		$	62,535,601		$	3,093,248
	1,527,089			2,266,452		419,711			3,397,871			320,607
$	19.30		$	14.19	$	11.25		$	18.40		$	9.65
	—			—		—		$	49,439,448			—
	—			—		—			2,705,433			—
	—			—		—		$	18.27			—
$	33,242,054		$	198,986,733	$	10,597,769		$	528,139,548		$	21,031,943
$	—		$	—	$	—		$	49,425		$	3,259

Semi-Annual Report  59

June 30, 2015	Lazard International Equity Concentrated Portfolio				Lazard International Strategic Equity Portfolio
ASSETS
Investments in securities, at value		$	15,651,797		$	6,519,606,167
Foreign currency			7,312			1,172,927
Receivables for:
Dividends and interest			45,914			16,619,827
Capital stock sold			—			16,179,033
Investments sold			—			16,177,928
Amount due from Investment Manager (Note 3)			10,534			—
Deferred offering costs (Note 2(g))			12,461			4,098
Total assets			15,728,018			6,569,759,980
LIABILITIES
Payables for:
Management fees			—			4,037,338
Accrued distribution fees			20			381,063
Accrued directors’ fees			95			52,523
Investments purchased			23,456			19,517,427
Capital stock redeemed			—			4,111,983
Other accrued expenses and payables			35,889			150,361
Total liabilities			59,460			28,250,695
Net assets		$	15,668,558		$	6,541,509,285
NET ASSETS
Paid in capital		$	15,832,144		$	5,959,856,264
Undistributed net investment income			103,208			64,269,409
Accumulated net realized gain (loss)			(347,012	)		(16,315,297	)
Net unrealized appreciation (depreciation) on:
Investments			80,197			533,856,130
Foreign currency			21			(157,221	)
Net assets		$	15,668,558		$	6,541,509,285
Institutional Shares
Net assets		$	15,577,138		$	4,705,145,684
Shares of capital stock outstanding*			1,599,071			322,911,923
Net asset value, offering and redemption price per share		$	9.74		$	14.57
Open Shares
Net assets		$	91,420		$	1,836,362,538
Shares of capital stock outstanding*			9,393			125,210,667
Net asset value, offering and redemption price per share		$	9.73		$	14.67
R6 Shares
Net assets			—		$	1,063
Shares of capital stock outstanding*			—			73
Net asset value, offering and redemption price per share			—		$	14.56
Cost of investments in securities		$	15,571,600		$	5,985,750,037
Cost of foreign currency		$	7,315		$	1,170,745

* $0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.

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

60  Semi-Annual Report

Lazard International Equity Advantage Portfolio			Lazard International Small Cap Equity Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
$	1,963,410		$	110,338,110		$	17,829,712		$	9,531,466		$	2,143,659
	—			51,927			452			1,220			255
	1,827			184,608			23,766			14,339			3,407
	—			497,558			54,495			—			122,536
	19,975			818,016			—			—			—
	19,082			—			4,305			18,329			19,314
	42,479			—			—			11,925			42,479
	2,046,773			111,890,219			17,912,730			9,577,279			2,331,650
	—			63,103			—			—			—
	21			9,419			78			28			21
	21			645			124			71			21
	28,066			4,644,164			—			25,525			936
	—			10,202			—			—			—
	61,511			42,010			27,847			31,094			61,512
	89,619			4,769,543			28,049			56,718			62,490
$	1,957,154		$	107,120,676		$	17,884,681		$	9,520,561		$	2,269,160
$	2,002,500		$	154,257,267		$	17,101,496		$	9,555,291		$	2,301,611
	494			509,023			43,324			45,552			3,024
	(1,296	)		(63,506,653	)		125,287			(72,936	)		(62	)
	(44,531	)		15,870,399			614,903			(7,376	)		(35,418	)
	(13	)		(9,360	)		(329	)		30			5
$	1,957,154		$	107,120,676		$	17,884,681		$	9,520,561		$	2,269,160
$	1,859,443		$	55,841,564		$	17,595,088		$	9,380,885		$	2,164,361
	190,252			5,020,175			1,665,435			946,031			219,670
$	9.77		$	11.12		$	10.56		$	9.92		$	9.85
$	97,711		$	51,279,112		$	289,593		$	139,676		$	104,799
	10,000			4,606,250			27,438			14,110			10,639
$	9.77		$	11.13		$	10.55		$	9.90		$	9.85
	—			—			—			—			—
	—			—			—			—			—
	—			—			—			—			—
$	2,007,941		$	94,467,711		$	17,214,809		$	9,538,842		$	2,179,077
$	—		$	51,935		$	456		$	1,224		$	257

Semi-Annual Report  61

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

For the Six Months Ended June 30, 2015	Lazard US Equity Concentrated Portfolio				Lazard US Strategic Equity Portfolio
Investment Income (Loss)
Income
Dividends*		$	3,073,132		$	1,111,198
Expenses
Management fees (Note 3)			1,625,629			485,727
Distribution fees (Open Shares)			54,720			6,689
Custodian fees			39,844			34,000
Administration fees			71,242			38,673
Shareholders’ services			16,225			20,821
Shareholders’ reports			4,049			4,715
Registration fees			23,484			15,629
Directors’ fees and expenses			7,953			3,053
Professional services			21,414			19,387
Amortization of offering costs (Note 2(g))			—			2,786
Organization expenses			—			—
Other			5,689			3,854
Total gross expenses			1,870,249			635,334
Management fees waived and expenses reimbursed			—			(110,473	)
Administration and shareholders’ services fees waived			—			—
Total net expenses			1,870,249			524,861
Net investment income (loss)			1,202,883			586,337
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency
Net realized gain (loss) on:
Investments			26,533,739			6,952,111
Foreign currency			—			—
Total net realized gain (loss) on investments and foreign currency			26,533,739			6,952,111
Net change in unrealized appreciation (depreciation) on:
Investments			(13,261,759	)		(7,786,429	)
Foreign currency			—			—
Total net change in unrealized appreciation (depreciation) on investments and foreign currency			(13,261,759	)		(7,786,429	)
Net realized and unrealized gain (loss) on investments and foreign currency			13,271,980			(834,318	)
Net increase (decrease) in net assets resulting from operations		$	14,474,863		$	(247,981	)
* Net of foreign withholding taxes of		$	—		$	—

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

62  Semi-Annual Report

Lazard US Mid Cap Equity Portfolio			Lazard US Small-Mid Cap Equity Portfolio			Lazard US Small Cap Equity Growth Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
$	166,154		$	972,482		$	12,140		$	8,925,473		$	329,276
	142,151			731,397			37,568			1,878,573			74,254
	37,781			27,954			4,225			77,368			4,004
	24,426			41,293			31,098			89,833			54,444
	28,586			44,299			25,707			74,891			26,703
	15,985			16,968			19,952			27,510			15,491
	4,754			7,700			2,042			9,343			2,708
	14,886			17,315			6,276			21,274			14,985
	849			5,205			72			9,672			360
	18,304			20,323			17,970			22,943			18,389
	—			—			37,986			1,817			—
	—			—			4,487			1,638			—
	2,813			4,684			2,408			6,367			2,556
	290,535			917,138			189,791			2,221,229			213,894
	(46,186	)		—			(117,237	)		(8,789	)		(106,216	)
	—			—			(21,566	)		(3,062	)		—
	244,349			917,138			50,988			2,209,378			107,678
	(78,195	)		55,344			(38,848	)		6,716,095			221,598
	2,768,245			14,100,594			153,316			4,389,572			(236,828	)
	—			—			—			(119,552	)		(671	)
	2,768,245			14,100,594			153,316			4,270,020			(237,499	)
	(1,227,427	)		(2,845,572	)		971,608			22,693,798			723,998
	—			—			—			12,225			1,008
	(1,227,427	)		(2,845,572	)		971,608			22,706,023			725,006
	1,540,818			11,255,022			1,124,924			26,976,043			487,507
$	1,462,623		$	11,310,366		$	1,086,076		$	33,692,138		$	709,105
$	4,048		$	8,903		$	—		$	1,033,278		$	41,584

Semi-Annual Report  63

For the Period Ended June 30, 2015	Lazard International Equity Concentrated Portfolio				Lazard International Strategic Equity Portfolio
Investment Income
Income
Dividends*		$	182,588		$	91,735,003
Expenses
Management fees (Note 3)			52,337			22,462,344
Distribution fees (Open Shares)			427			2,192,143
Custodian fees			40,221			728,443
Administration fees			26,035			373,882
Shareholders’ services			17,239			244,401
Shareholders’ reports			1,663			201,312
Registration fees			10,174			147,876
Directors’ fees and expenses			217			119,036
Professional services			18,032			70,365
Amortization of offering costs (Note 2(g))			36,428			3,271
Organization expenses			—			1,138
Other†			2,607			50,877
Total gross expenses			205,380			26,595,088
Management fees waived and expenses reimbursed			(128,599	)		(7,738	)
Administration and shareholders’ services fees waived			(13,437	)		(6,132	)
Total net expenses			63,344			26,581,218
Net investment income			119,244			65,153,785
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency
Net realized gain (loss) on:
Investments			(201,941	)		4,111,125
Foreign currency			(2,903	)		(1,286,592	)
Total net realized gain (loss) on investments and foreign currency			(204,844	)		2,824,533
Net change in unrealized appreciation (depreciation) on:
Investments			163,316			267,808,625
Foreign currency			51			200,176
Total net change in unrealized appreciation (depreciation) on investments and foreign currency			163,367			268,008,801
Net realized and unrealized gain (loss) on investments and foreign currency			(41,477	)		270,833,334
Net increase (decrease) in net assets resulting from operations		$	77,767		$	335,987,119
* Net of foreign withholding taxes of		$	21,755		$	11,072,590
† Includes interest on line of credit of		$	—		$	—
(a) From the Portfolio’s commencement of operations on May 29, 2015.

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

64  Semi-Annual Report

Lazard International Equity Advantage Portfolio (a)			Lazard International Small Cap Equity Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio (a)
$	2,000		$	1,026,382		$	147,881		$	111,236		$	4,299
	1,069			307,493			63,952			38,823			999
	21			40,396			287			163			21
	5,888			38,874			39,524			41,403			5,888
	4,093			32,995			26,377			25,786			4,094
	2,932			16,440			15,211			17,235			2,932
	701			4,428			1,884			1,307			701
	561			14,886			12,485			10,106			561
	21			1,487			278			172			21
	5,034			18,881			18,056			18,013			5,034
	3,804			—			734			34,859			3,804
	1,067			—			—			—			1,067
	71			3,065			2,517			2,453			71
	25,262			478,945			181,305			190,320			25,193
	(20,151	)		—			(88,824	)		(125,898	)		(20,313	)
	(3,605	)		—			(9,375	)		(13,444	)		(3,605	)
	1,506			478,945			83,106			50,978			1,275
	494			547,437			64,775			60,258			3,024
	(1,687	)		862,015			155,732			(45,839	)		(531	)
	391			(33,646	)		(2,208	)		(1,574	)		469
	(1,296	)		828,369			153,524			(47,413	)		(62	)
	(44,531	)		6,737,306			35,016			(38,615	)		(35,418	)
	(13	)		(2,036	)		(43	)		58			5
	(44,544	)		6,735,270			34,973			(38,557	)		(35,413	)
	(45,840	)		7,563,639			188,497			(85,970	)		(35,475	)
$	(45,346	)	$	8,111,076		$	253,272		$	(25,712	)	$	(32,451	)
$	351		$	109,991		$	11,654		$	11,723		$	510
$	—		$	—		$	8		$	—		$	—

Semi-Annual Report  65

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, 2015 (unaudited)				Year Ended December 31, 2014			Six Months Ended June 30, 2015 (unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,202,883		$	2,165,203		$	586,337		$	1,349,167
Net realized gain on investments			26,533,739			22,982,399			6,952,111			16,092,029
Net change in unrealized appreciation (depreciation) on investments			(13,261,759	)		24,622,937			(7,786,429	)		1,285,334
Net increase (decrease) in net assets resulting from operations			14,474,863			49,770,539			(247,981	)		18,726,530
Distributions to shareholders
From net investment income
Institutional Shares			—			(2,101,268	)		—			(1,136,357	)
Open Shares			—			(18,669	)		—			(46,822	)
R6 Shares			—			—			—			(146,879	)
From net realized gains
Institutional Shares			—			(31,353,490	)		—			(15,206,664	)
Open Shares			—			(631,686	)		—			(902,421	)
R6 Shares			—			—			—			(1,895,325	)
Net decrease in net assets resulting from distributions			—			(34,105,113	)		—			(19,334,468	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			186,448,358			87,575,985			17,108,096			21,887,406
Open Shares			69,652,643			9,687,222			385,542			2,073,196
R6 Shares			—			—			1,176,764			16,841,957
Net proceeds from reinvestment of distributions
Institutional Shares			—			25,161,207			—			16,322,102
Open Shares			—			638,951			—			722,266
R6 Shares			—			—			—			2,042,204
Cost of shares redeemed
Institutional Shares			(12,930,601	)		(25,786,587	)		(15,299,405	)		(34,132,392	)
Open Shares			(6,107,913	)		(4,516,085	)		(5,405,690	)		(3,791,036	)
R6 Shares			—			—			(2,462,141	)		(3,605,237	)
Net increase (decrease) in net assets from capital stock transactions			237,062,487			92,760,693			(4,496,834	)		18,360,466
Redemption fees (Note 2(i))
Institutional Shares			607			592			807			87
Open Shares			1,442			14			—			—
R6 Shares			—			—			8			—
Net increase in net assets from redemption fees			2,049			606			815			87
Total increase (decrease) in net assets			251,539,399			108,426,725			(4,744,000	)		17,752,615
Net assets at beginning of period			339,085,689			230,658,964			141,725,829			123,973,214
Net assets at end of period*		$	590,625,088		$	339,085,689		$	136,981,829		$	141,725,829
*Includes undistributed (distributions in excess of) net investment income (loss) of		$	1,192,926		$	(9,957	)	$	599,062		$	12,725
(a) The Portfolio commenced operations on December 31, 2014.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			24,685,845			18,141,803			9,645,978			9,312,694
Shares sold			13,475,251			6,636,759			1,366,094			1,701,553
Shares issued to shareholders from reinvestment of distributions			—			1,879,748			—			1,296,958
Shares redeemed			(941,056	)		(1,972,465	)		(1,221,038	)		(2,665,227	)
Net increase (decrease)			12,534,195			6,544,042			145,056			333,284
Shares outstanding at end of period			37,220,040			24,685,845			9,791,034			9,645,978
Open Shares
Shares outstanding at beginning of period			593,582			172,050			547,671			610,440
Shares sold			5,035,543			703,552			31,539			162,079
Shares issued to shareholders from reinvestment of distributions			—			47,190			—			57,177
Shares redeemed			(433,207	)		(329,210	)		(433,337	)		(282,025	)
Net increase (decrease)			4,602,336			421,532			(401,798	)		(62,769	)
Shares outstanding at end of period			5,195,918			593,582			145,873			547,671
R6 Shares*
Shares outstanding at beginning of period									1,202,892			—
Shares sold									94,942			1,310,124
Shares issued to shareholders from reinvestment of distributions									—			162,340
Shares redeemed									(198,041	)		(269,572	)
Net increase (decrease)									(103,099	)		1,202,892
Shares outstanding at end of period									1,099,793			1,202,892
* The inception date for the R6 Shares was May 19, 2014.
The accompanying notes are an integral part of these financial statements.

66  Semi-Annual Report

Lazard US Mid Cap Equity Portfolio						Lazard US Small-Mid Cap Equity Portfolio						Lazard US Small Cap Equity Growth Portfolio
Six Months Ended June 30, 2015 (unaudited)			Year Ended December 31, 2014			Six Months Ended June 30, 2015 (unaudited)			Year Ended December 31, 2014			Six Months Ended June 30, 2015 (unaudited)			Period Ended December 31, 2014 (a)
$	(78,195	)	$	39,023		$	55,344		$	485,551		$	(38,848	)	$	(31	)
	2,768,245			2,328,882			14,100,594			76,194,228			153,316			—
	(1,227,427	)		2,659,937			(2,845,572	)		(42,407,373	)		971,608			(261	)
	1,462,623			5,027,842			11,310,366			34,272,406			1,086,076			(292	)
	—			(36,779	)		—			(179,683	)		—			—
	—			(69,931	)		—			—			—			—
	—			—			—			—			—			—
	—			—			—			(60,580,450	)		—			—
	—			—			—			(3,449,911	)		—			—
	—			—			—			—			—			—
	—			(106,710	)		—			(64,210,044	)		—			—
	1,003,251			1,371,752			44,010,322			13,693,718			5,430,332			950,000
	4,435,754			8,080,253			17,230,236			4,685,761			4,324,328			50,000
	—			—			—			—			—			—
	—			34,113			—			58,099,903			—			—
	—			67,500			—			3,395,032			—			—
	—			—			—			—			—			—
	(1,719,011	)		(6,347,573	)		(24,800,104	)		(239,569,890	)		(87,642	)		—
	(8,947,141	)		(13,112,821	)		(2,016,620	)		(5,004,869	)		(101,336	)		—
	—			—			—			—			—			—
	(5,227,147	)		(9,906,776	)		34,423,834			(164,700,345	)		9,565,682			1,000,000
	—			2,980			12			309			136			—
	52			472			115			50			89			—
	—			—			—			—			—			—
	52			3,452			127			359			225			—
	(3,764,472	)		(4,982,192	)		45,734,327			(194,637,624	)		10,651,983			999,708
	40,391,464			45,373,656			173,592,605			368,230,229			999,708			—
$	36,626,992		$	40,391,464		$	219,326,932		$	173,592,605		$	11,651,691		$	999,708
$	(39,192	)	$	39,003		$	153,790		$	98,446		$	(38,848	)	$	—
	399,731			705,811			11,226,207			22,132,447			95,000			—
	50,301			74,618			2,959,805			881,663			528,203			95,000
	—			2,028			—			4,033,281			—			—
	(86,435	)		(382,726	)		(1,645,341	)		(15,821,184	)		(8,005	)		—
	(36,134	)		(306,080	)		1,314,464			(10,906,240	)		520,198			95,000
	363,597			399,731			12,540,671			11,226,207			615,198			95,000
	1,770,896			2,063,556			1,185,030			951,721			5,000			—
	227,605			468,958			1,226,629			304,719			423,884			5,000
	—			4,076			—			247,429			—			—
	(471,412	)		(765,694	)		(145,207	)		(318,839	)		(9,173	)		—
	(243,807	)		(292,660	)		1,081,422			233,309			414,711			5,000
	1,527,089			1,770,896			2,266,452			1,185,030			419,711			5,000

Semi-Annual Report  67

	Lazard International Equity Portfolio							Lazard International Equity Select Portfolio
	Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014			Six Months Ended June 30, 2015 (unaudited)			Year Ended December 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	6,716,095		$	4,401,589		$	221,598		$	295,879
Net realized gain (loss) on investments and foreign currency			4,270,020			8,410,316			(237,499	)		2,583,594
Net change in unrealized appreciation (depreciation) on investments and foreign currency			22,706,023			(30,663,453	)		725,006			(3,573,726	)
Net increase (decrease) in net assets resulting from operations			33,692,138			(17,851,548	)		709,105			(694,253	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(1,974,980	)		—			(171,714	)
Open Shares			—			(327,493	)		—			(26,153	)
From net realized gains
Institutional Shares			—			—			—			—
Open Shares			—			—			—			—
Net decrease in net assets resulting from distributions			—			(2,302,473	)		—			(197,867	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			88,971,535			263,655,606			8,240,013			12,551,546
Open Shares			14,145,079			38,101,824			216,473			281,695
R6 Shares			50,001,000			—			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			—			1,545,639			—			152,169
Open Shares			—			198,061			—			25,938
Cost of shares redeemed
Institutional Shares			(39,607,394	)		(54,451,378	)		(3,083,813	)		(18,482,909	)
Open Shares			(13,522,054	)		(20,632,372	)		(311,193	)		(530,943	)
Net increase (decrease) in net assets from capital stock transactions			99,988,166			228,417,380			5,061,480			(6,002,504	)
Redemption fees (Note 2(i))
Institutional Shares			1,844			3,106			7			35,028
Open Shares			72			2,479			—			7
Net increase in net assets from redemption fees			1,916			5,585			7			35,035
Total increase (decrease) in net assets			133,682,220			208,268,944			5,770,592			(6,859,589	)
Net assets at beginning of period			435,837,759			227,568,815			15,796,529			22,656,118
Net assets at end of period*		$	569,519,979		$	435,837,759		$	21,567,121		$	15,796,529
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	10,911,058		$	4,194,963		$	490,865		$	269,267
(a) The Portfolio commenced operations on August 29, 2014.
(b) The Portfolio commenced operations on May 29, 2015.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			22,354,987			10,372,906			1,379,602			1,969,195
Shares sold			4,870,868			14,965,499			855,002			1,296,315
Shares issued to shareholders from reinvestment of distributions			—			87,671			—			15,448
Shares redeemed			(2,194,405	)		(3,071,089	)		(320,344	)		(1,901,356	)
Net increase (decrease)			2,676,463			11,982,081			534,658			(589,593	)
Shares outstanding at end of period			25,031,450			22,354,987			1,914,260			1,379,602
Open Shares
Shares outstanding at beginning of period			3,359,468			2,353,781			329,390			351,946
Shares sold			774,519			2,139,525			23,087			28,856
Shares issued to shareholders from reinvestment of distributions			—			11,133			—			2,628
Shares redeemed			(736,116	)		(1,144,971	)		(31,870	)		(54,040	)
Net increase (decrease)			38,403			1,005,687			(8,783	)		(22,556	)
Shares outstanding at end of period			3,397,871			3,359,468			320,607			329,390
R6 Shares*
Shares outstanding at beginning of period			—
Shares sold			2,705,433
Net increase			2,705,433
Shares outstanding at end of period			2,705,433

*	The inception dates for the R6 Shares were April 1, 2015 and January 19, 2015 for Lazard International Equity Portfolio and Lazard International Strategic Equity Portfolio, respectively.
The accompanying notes are an integral part of these financial statements.

68  Semi-Annual Report

Lazard International Equity Concentrated Portfolio						Lazard International Strategic Equity Portfolio						Lazard International Equity Advantage Portfolio
Six Months Ended June 30, 2015 (unaudited)			Period Ended December 31, 2014 (a)			Six Months Ended June 30, 2015 (unaudited)			Year Ended December 31, 2014				Period Ended June 30, 2015 (b) (unaudited)
$	119,244		$	(7,276	)	$	65,153,785		$	54,718,466			$	494
	(204,844	)		(141,773	)		2,824,533			73,281,197				(1,296	)
	163,367			(83,149	)		268,008,801			(242,293,995	)			(44,544	)
	77,767			(232,198	)		335,987,119			(114,294,332	)			(45,346	)
	—			(5,298	)		—			(40,821,246	)			—
	—			—			—			(13,234,085	)			—
	—			(3,894	)		—			(96,231,718	)			—
	—			(228	)		—			(40,179,844	)			—
	—			(9,420	)		—			(190,466,893	)			—
	8,037,677			9,454,619			1,007,167,694			1,871,953,512				1,902,500
	71,766			584,263			423,143,874			1,073,366,684				100,000
	—			—			1,000			—				—
	—			9,193			—			121,459,960				—
	—			227			—			47,953,478				—
	(1,627,822	)		(144,556	)		(265,757,712	)		(405,784,975	)			—
	(553,919	)		—			(260,548,680	)		(325,547,714	)			—
	5,927,702			9,903,746			904,006,176			2,383,400,945				2,002,500
	961			—			8,392			30,455				—
	—			—			11,096			28,268				—
	961			—			19,488			58,723				—
	6,006,430			9,662,128			1,240,012,783			2,078,698,443				1,957,154
	9,662,128			—			5,301,496,502			3,222,798,059				—
$	15,668,558		$	9,662,128		$	6,541,509,285		$	5,301,496,502			$	1,957,154
$	103,208		$	(16,036	)	$	64,269,409		$	(884,376	)		$	494
	955,107			—			271,757,135			162,756,915				—
	803,324			968,720			69,527,449			128,369,831				190,252
	—			950			—			8,639,512				—
	(159,360	)		(14,563	)		(18,372,661	)		(28,009,123	)			—
	643,964			955,107			51,154,788			109,000,220				190,252
	1,599,071			955,107			322,911,923			271,757,135				190,252
	58,704			—			113,872,041			59,609,458				—
	7,351			58,680			29,206,934			73,161,164				10,000
	—			24			—			3,380,097				—
	(56,662	)		—			(17,868,308	)		(22,278,678	)			—
	(49,311	)		58,704			11,338,626			54,262,583				10,000
	9,393			58,704			125,210,667			113,872,041				10,000
							—
							73
							73
							73

Semi-Annual Report  69

	Lazard						Lazard
	International Small Cap Equity Portfolio						Global Equity Select Portfolio
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2015			December 31,			June 30, 2015			December 31,
	(unaudited)			2014			(unaudited)			2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	547,437		$	744,954		$	64,775		$	57,452
Net realized gain (loss) on investments and foreign currency		828,369			5,491,771			153,524			(33,343	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency		6,735,270			(8,128,315	)		34,973			576,334
Net increase (decrease) in net assets resulting from operations		8,111,076			(1,891,590	)		253,272			600,443
Distributions to shareholders
From net investment income
Institutional Shares		—			(1,173,296	)		—			(75,719	)
Open Shares		—			(424,610	)		—			(668	)
From return of capital
Institutional Shares		—			—			—			—
Open Shares		—			—			—			—
Net decrease in net assets resulting from distributions		—			(1,597,906	)		—			(76,387	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		6,273,901			5,512,283			7,317,895			11,974,387
Open Shares		30,100,388			5,540,791			93,910			189,852
Net proceeds from reinvestment of distributions
Institutional Shares		—			1,167,228			—			75,719
Open Shares		—			402,060			—			633
Cost of shares redeemed
Institutional Shares		(1,920,461	)		(9,423,018	)		(2,240,224	)		(2,197,235	)
Open Shares		(1,767,355	)		(4,537,263	)		(8,071	)		(103,100	)
Net increase (decrease) in net assets from capital stock transactions		32,686,473			(1,337,919	)		5,163,510			9,940,256
Redemption fees (Note 2(i))
Institutional Shares		3			2,318			198			122
Open Shares		116			1,263			—			—
Net increase in net assets from redemption fees		119			3,581			198			122
Total increase (decrease) in net assets		40,797,668			(4,823,834	)		5,416,980			10,464,434
Net assets at beginning of period		66,323,008			71,146,842			12,467,701			2,003,267
Net assets at end of period*	$	107,120,676		$	66,323,008		$	17,884,681		$	12,467,701
* Includes undistributed (distributions in excess of) net investment income (loss) of	$	509,023		$	(38,414	)	$	43,324		$	(21,451	)
(a) The Portfolio commenced operations on August 29, 2014.
(b) The Portfolio commenced operations on May 29, 2015.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		4,628,708			4,886,987			1,188,968			190,000
Shares sold		572,971			520,710			684,345			1,204,388
Shares issued to shareholders from reinvestment of distributions		—			110,743			—			7,246
Shares redeemed		(181,504	)		(889,732	)		(207,878	)		(212,666	)
Net increase (decrease)		391,467			(258,279	)		476,467			998,968
Shares outstanding at end of period		5,020,175			4,628,708			1,665,435			1,188,968
Open Shares
Shares outstanding at beginning of period		1,993,264			1,859,232			19,499			10,000
Shares sold		2,779,732			528,968			8,698			19,438
Shares issued to shareholders from reinvestment of distributions		—			38,038			—			61
Shares redeemed		(166,746	)		(432,974	)		(759	)		(10,000	)
Net increase		2,612,986			134,032			7,939			9,499
Shares outstanding at end of period		4,606,250			1,993,264			27,438			19,499

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

70  Semi-Annual Report

Lazard						Lazard
Global Strategic Equity Portfolio						Managed Equity Volatility Portfolio
Six Months Ended			Period Ended			Period Ended
June 30, 2015			December 31,			June 30, 2015 (b)
(unaudited)			2014 (a)			(unaudited)
$	60,258		$	(1,491	)	$	3,024
	(47,413	)		(25,752	)		(62	)
	(38,557	)		31,211			(35,413	)
	(25,712	)		3,968			(32,451	)
	—			(12,804	)		—
	—			(241	)		—
	—			(2,628	)		—
	—			(49	)		—
	—			(15,722	)		—
	2,301,919			7,114,369			2,197,311
	39,200			136,100			106,300
	—			15,585			—
	—			137			—
	(8,032	)		(7,551	)		(2,000	)
	(33,700	)		—			—
	2,299,387			7,258,640			2,301,611
	—			—			—
	—			—			—
	—			—			—
	2,273,675			7,246,886			2,269,160
	7,246,886			—			—
$	9,520,561		$	7,246,886		$	2,269,160
$	45,552		$	(14,706	)	$	3,024
	715,249			—			—
	231,561			714,476			219,872
	—			1,554			—
	(779	)		(781	)		(202	)
	230,782			715,249			219,670
	946,031			715,249			219,670
	13,609			—			—
	3,847			13,596			10,639
	—			13			—
	(3,346	)		—			—
	501			13,609			10,639
	14,110			13,609			10,639

Semi-Annual Report  71

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	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	13.41			$	12.59		$	10.71		$	9.24		$	9.56		$	8.62
Income (loss) from investment operations:
Net investment income (a)		0.04				0.11			0.14			0.20			0.15			0.10
Net realized and unrealized gain (loss)		0.47				2.23			3.02			1.37			(0.30	)		0.93
Total from investment operations		0.51				2.34			3.16			1.57			(0.15	)		1.03
Less distributions from:
Net investment income		—				(0.09	)		(0.14	)		(0.10	)		(0.17	)		(0.09	)
Net realized gains		—				(1.43	)		(1.14	)		—			—			—
Total distributions		—				(1.52	)		(1.28	)		(0.10	)		(0.17	)		(0.09	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	13.92			$	13.41		$	12.59		$	10.71		$	9.24		$	9.56
Total Return (c)		3.80	%			18.88	%		29.59	%		16.83	%		–1.47	%		12.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	517,967			$	331,074		$	228,478		$	121,379		$	11,108		$	13,066
Ratios to average net assets (d):
Net expenses		0.78	%			0.81	%		0.85	%		0.93	%		0.75	%		0.97	%
Gross expenses		0.78	%			0.81	%		0.85	%		1.28	%		2.27	%		2.76	%
Net investment income		0.54	%			0.79	%		1.16	%		1.94	%		1.59	%		1.19	%
Portfolio turnover rate		30	%			63	%		108	%		116	%		53	%		53	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	13.50			$	12.68		$	10.77		$	9.30		$	9.61		$	8.67
Income (loss) from investment operations:
Net investment income (a)		0.02				0.05			0.09			0.15			0.12			0.08
Net realized and unrealized gain (loss)		0.46				2.23			3.04			1.39			(0.29	)		0.93
Total from investment operations		0.48				2.28			3.13			1.54			(0.17	)		1.01
Less distributions from:
Net investment income		—				(0.03	)		(0.08	)		(0.07	)		(0.14	)		(0.07	)
Net realized gains		—				(1.43	)		(1.14	)		—			—			—
Total distributions		—				(1.46	)		(1.22	)		(0.07	)		(0.14	)		(0.07	)
Redemption fees		—	(b)			—	(b)		—			—	(b)		—	(b)		—
Net asset value, end of period	$	13.98			$	13.50		$	12.68		$	10.77		$	9.30		$	9.61
Total Return (c)		3.56	%			18.28	%		29.21	%		16.51	%		–1.77	%		11.62	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	72,658			$	8,011		$	2,181		$	691		$	312		$	294
Ratios to average net assets (d):
Net expenses		1.06	%			1.25	%		1.25	%		1.19	%		1.05	%		1.27	%
Gross expenses		1.06	%			1.46	%		1.87	%		4.84	%		6.49	%		7.28	%
Net investment income		0.32	%			0.37	%		0.74	%		1.51	%		1.30	%		0.88	%
Portfolio turnover rate		30	%			63	%		108	%		116	%		53	%		53	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

72  Semi-Annual Report

LAZARD US STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	12.43			$	12.49		$	10.11		$	9.03		$	8.97		$	8.02
Income (loss) from investment operations:
Net investment income (a)		0.05				0.14			0.14			0.14			0.12			0.07
Net realized and unrealized gain (loss)		(0.07	)			1.73			2.72			1.17			0.02			0.97
Total from investment operations		(0.02	)			1.87			2.86			1.31			0.14			1.04
Less distributions from:
Net investment income		—				(0.13	)		(0.15	)		(0.23	)		(0.08	)		(0.09	)
Net realized gains		—				(1.80	)		(0.33	)		—			—			—
Total distributions		—				(1.93	)		(0.48	)		(0.23	)		(0.08	)		(0.09	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	12.41			$	12.43		$	12.49		$	10.11		$	9.03		$	8.97
Total Return (c)		–0.16	%			15.04	%		28.38	%		14.56	%		1.65	%		13.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	121,520			$	119,941		$	116,323		$	75,327		$	64,239		$	71,207
Ratios to average net assets (d):
Net expenses		0.75	%			0.75	%		0.75	%		0.75	%		0.75	%		1.01	%
Gross expenses		0.89	%			0.90	%		0.93	%		0.99	%		1.00	%		1.06	%
Net investment income		0.85	%			1.05	%		1.21	%		1.40	%		1.29	%		0.88	%
Portfolio turnover rate		26	%			69	%		71	%		60	%		48	%		49	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	12.48			$	12.53		$	10.14		$	9.04		$	8.97		$	8.02
Income (loss) from investment operations:
Net investment income (a)		0.03				0.10			0.11			0.11			0.09			0.05
Net realized and unrealized gain (loss)		(0.08	)			1.74			2.73			1.16			0.03			0.97
Total from investment operations		(0.05	)			1.84			2.84			1.27			0.12			1.02
Less distributions from:
Net investment income		—				(0.09	)		(0.12	)		(0.17	)		(0.05	)		(0.07	)
Net realized gains		—				(1.80	)		(0.33	)		—			—			—
Total distributions		—				(1.89	)		(0.45	)		(0.17	)		(0.05	)		(0.07	)
Redemption fees		—				—			—			—			—			—	(b)
Net asset value, end of period	$	12.43			$	12.48		$	12.53		$	10.14		$	9.04		$	8.97
Total Return (c)		–0.32	%			14.77	%		28.04	%		14.10	%		1.42	%		12.79	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,814			$	6,833		$	7,650		$	8,401		$	8,478		$	10,024
Ratios to average net assets (d):
Net expenses		1.05	%			1.05	%		1.05	%		1.05	%		1.05	%		1.31	%
Gross expenses		1.41	%			1.31	%		1.33	%		1.37	%		1.36	%		1.44	%
Net investment income		0.54	%			0.75	%		0.95	%		1.10	%		0.99	%		0.59	%
Portfolio turnover rate		26	%			69	%		71	%		60	%		48	%		49	%

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

Semi-Annual Report  73

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			For the Period 5/19/14* to 12/31/14
Lazard US Strategic Equity Portfolio (concluded)
R6 Shares
Net asset value, beginning of period	$	12.43		$	12.81
Income (loss) from investment operations:
Net investment income (a)		0.06			0.09
Net realized and unrealized gain (loss)		(0.08	)		1.47
Total from investment operations		(0.02	)		1.56
Less distributions from:
Net investment income		—			(0.14	)
Net realized gains		—			(1.80	)
Total distributions		—			(1.94	)
Redemption fees		—	(b)		—	(b)
Net asset value, end of period	$	12.41		$	12.43
Total Return (c)		–0.16	%		12.23	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	13,648		$	14,951
Ratios to average net assets (d):
Net expenses		0.70	%		0.70	%
Gross expenses		0.97	%		1.06	%
Net investment income		0.89	%		1.14	%
Portfolio turnover rate		26	%		69	%

*	The inception date for R6 Shares was May 19, 2014.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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 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.
(d)	Annualized for a period of less than one year.

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

74  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	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	18.87			$	16.58		$	12.52		$	11.87		$	12.61		$	10.31
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.02	)			0.05			0.07			0.05			0.05			0.10
Net realized and unrealized gain (loss)		0.81				2.33			4.04			0.63			(0.75	)		2.31
Total from investment operations		0.79				2.38			4.11			0.68			(0.70	)		2.41
Less distributions from:
Net investment income		—				(0.09	)		(0.05	)		(0.03	)		(0.04	)		(0.11	)
Total distributions		—				(0.09	)		(0.05	)		(0.03	)		(0.04	)		(0.11	)
Redemption fees		—				—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	19.66			$	18.87		$	16.58		$	12.52		$	11.87		$	12.61
Total Return (c)		4.19	%			14.35	%		32.95	%		5.76	%		–5.58	%		23.43	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,149			$	7,542		$	11,706		$	30,803		$	91,740		$	126,626
Ratios to average net assets (d):
Net expenses		1.05	%			1.05	%		1.05	%		0.98	%		0.93	%		0.91	%
Gross expenses		1.45	%			1.45	%		1.19	%		0.98	%		0.93	%		0.91	%
Net investment income (loss)		–0.17	%			0.29	%		0.46	%		0.40	%		0.37	%		0.90	%
Portfolio turnover rate		60	%			95	%		133	%		102	%		83	%		75	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	18.55			$	16.32		$	12.35		$	11.72		$	12.45		$	10.18
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.05	)			0.01			0.02			0.03			0.01			0.07
Net realized and unrealized gain (loss)		0.80				2.26			4.00			0.61			(0.74	)		2.28
Total from investment operations		0.75				2.27			4.02			0.64			(0.73	)		2.35
Less distributions from:
Net investment income		—				(0.04	)		(0.05	)		(0.01	)		—	(b)		(0.08	)
Total distributions		—				(0.04	)		(0.05	)		(0.01	)		—	(b)		(0.08	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	19.30			$	18.55		$	16.32		$	12.35		$	11.72		$	12.45
Total Return (c)		4.04	%			13.94	%		32.59	%		5.44	%		–5.84	%		23.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	29,478			$	32,850		$	33,668		$	41,492		$	52,048		$	69,551
Ratios to average net assets (d):
Net expenses		1.35	%			1.35	%		1.35	%		1.26	%		1.19	%		1.17	%
Gross expenses		1.55	%			1.57	%		1.43	%		1.26	%		1.19	%		1.17	%
Net investment income (loss)		–0.47	%			0.05	%		0.16	%		0.21	%		0.11	%		0.66	%
Portfolio turnover rate		60	%			95	%		133	%		102	%		83	%		75	%

†	Unaudited.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  75

LAZARD US SMALL-MID CAP EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	14.05			$	15.97		$	13.29		$	11.82		$	14.55		$	11.80
Income (loss) from investment operations:
Net investment income (a)		0.01				0.03			0.01			0.05			0.01			0.09
Net realized and unrealized gain (loss)		0.87				1.74			4.70			1.77			(1.45	)		2.70
Total from investment operations		0.88				1.77			4.71			1.82			(1.44	)		2.79
Less distributions from:
Net investment income		—				(0.01	)		(0.01	)		(0.02	)		—			(0.04	)
Net realized gains		—				(3.68	)		(2.02	)		(0.33	)		(1.29	)		—
Total distributions		—				(3.69	)		(2.03	)		(0.35	)		(1.29	)		(0.04	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	14.93			$	14.05		$	15.97		$	13.29		$	11.82		$	14.55
Total Return (c)		6.26	%			11.39	%		35.81	%		15.45	%		–9.83	%		23.67	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	187,174			$	157,742		$	353,565		$	289,855		$	167,042		$	238,901
Ratios to average net assets (d):
Net expenses		0.90	%			0.86	%		0.86	%		0.88	%		0.90	%		1.00	%
Gross expenses		0.90	%			0.86	%		0.86	%		0.88	%		0.90	%		1.00	%
Net investment income		0.09	%			0.17	%		0.06	%		0.41	%		0.08	%		0.68	%
Portfolio turnover rate		40	%			91	%		101	%		92	%		110	%		114	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	13.38			$	15.41		$	12.92		$	11.52		$	14.26		$	11.56
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.01	)			(0.02	)		(0.04	)		—	(b)		(0.03	)		0.03
Net realized and unrealized gain (loss)		0.82				1.67			4.56			1.73			(1.42	)		2.67
Total from investment operations		0.81				1.65			4.52			1.73			(1.45	)		2.70
Less distributions from:
Net investment income		—				—			(0.01	)		—			—			—
Net realized gains		—				(3.68	)		(2.02	)		(0.33	)		(1.29	)		—
Total distributions		—				(3.68	)		(2.03	)		(0.33	)		(1.29	)		—
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	14.19			$	13.38		$	15.41		$	12.92		$	11.52		$	14.26
Total Return (c)		6.05	%			11.01	%		35.47	%		14.97	%		–10.09	%		23.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	32,153			$	15,851		$	14,665		$	15,984		$	20,039		$	21,620
Ratios to average net assets (d):
Net expenses		1.22	%			1.20	%		1.20	%		1.21	%		1.21	%		1.34	%
Gross expenses		1.22	%			1.20	%		1.20	%		1.21	%		1.21	%		1.34	%
Net investment income (loss)		–0.18	%			–0.15	%		–0.27	%		0.01	%		–0.23	%		0.21	%
Portfolio turnover rate		40	%			91	%		101	%		92	%		110	%		114	%

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

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

76  Semi-Annual Report

LAZARD US SMALL CAP EQUITY GROWTH PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Period Ended 12/31/14*
Institutional Shares
Net asset value, beginning of period	$	10.00		$	10.00
Income (loss) from investment operations:
Net investment loss (a)		(0.04	)		—	(b)
Net realized and unrealized gain		1.30			—	(b)
Total from investment operations		1.26			—	(b)
Redemption fees		—	(b)		—
Net asset value, end of period	$	11.26		$	10.00
Total Return (c)		12.60	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,930		$	950
Ratios to average net assets (d):
Net expenses		1.10	%		1.10	%
Gross expenses		4.48	%		346.85	%(e)
Net investment loss		–0.81	%		–1.10	%
Portfolio turnover rate		49	%		0	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†			Period Ended 12/31/14*
Open Shares
Net asset value, beginning of period	$	10.00		$	10.00
Income (loss) from investment operations:
Net investment loss (a)		(0.06	)		—	(b)
Net realized and unrealized gain		1.31			—	(b)
Total from investment operations		1.25			—	(b)
Redemption fees		—	(b)		—
Net asset value, end of period	$	11.25		$	10.00
Total Return (c)		12.50	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	4,722		$	50
Ratios to average net assets (d):
Net expenses		1.40	%		1.40	%
Gross expenses		4.65	%		346.82	%(e)
Net investment loss		–1.11	%		–1.40	%
Portfolio turnover rate		49	%		0	%

*	The Portfolio commenced operations on December 31, 2014.
†	Unaudited.
(a)	Net investment loss has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(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 December 31, 2014.

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

Semi-Annual Report  77

LAZARD INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	16.93		$	17.85		$	14.78		$	12.49		$	13.81		$	13.14
Income (loss) from investment operations:
Net investment income (a)		0.24			0.26			0.23			0.25			0.27			0.21
Net realized and unrealized gain (loss)		1.11			(1.02	)		2.85			2.56			(1.25	)		0.82
Total from investment operations		1.35			(0.76	)		3.08			2.81			(0.98	)		1.03
Less distributions from:
Net investment income		—			(0.16	)		(0.01	)		(0.52	)		(0.34	)		(0.36	)
Total distributions		—			(0.16	)		(0.01	)		(0.52	)		(0.34	)		(0.36	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	18.28		$	16.93		$	17.85		$	14.78		$	12.49		$	13.81
Total Return (c)		7.97	%		–4.29	%		20.84	%		22.70	%		–7.17	%		8.04	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	457,545		$	378,488		$	185,199		$	109,088		$	86,880		$	127,485
Ratios to average net assets (d):
Net expenses		0.85	%		0.90	%		0.95	%		1.02	%		1.03	%		0.98	%
Gross expenses		0.85	%		0.90	%		0.95	%		1.02	%		1.03	%		0.98	%
Net investment income		2.68	%		1.46	%		1.42	%		1.85	%		1.99	%		1.63	%
Portfolio turnover rate		20	%		36	%		43	%		48	%		39	%		53	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	17.07		$	18.00		$	14.94		$	12.59		$	13.91		$	13.24
Income (loss) from investment operations:
Net investment income (a)		0.21			0.27			0.19			0.21			0.24			0.16
Net realized and unrealized gain (loss)		1.12			(1.09	)		2.88			2.57			(1.26	)		0.83
Total from investment operations		1.33			(0.82	)		3.07			2.78			(1.02	)		0.99
Less distributions from:
Net investment income		—			(0.11	)		(0.01	)		(0.43	)		(0.30	)		(0.32	)
Total distributions		—			(0.11	)		(0.01	)		(0.43	)		(0.30	)		(0.32	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	18.40		$	17.07		$	18.00		$	14.94		$	12.59		$	13.91
Total Return (c)		7.79	%		–4.57	%		20.55	%		22.30	%		–7.42	%		7.65	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	62,536		$	57,350		$	42,370		$	25,610		$	18,699		$	28,670
Ratios to average net assets (d):
Net expenses		1.13	%		1.17	%		1.23	%		1.32	%		1.33	%		1.29	%
Gross expenses		1.13	%		1.17	%		1.23	%		1.32	%		1.33	%		1.29	%
Net investment income		2.37	%		1.49	%		1.18	%		1.49	%		1.78	%		1.25	%
Portfolio turnover rate		20	%		36	%		43	%		48	%		39	%		53	%

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

78  Semi-Annual Report

Selected data for a share of capital stock outstanding throughout the period	For the Period 4/1/15* to 6/30/15†
Lazard International Equity Portfolio (concluded)
R6 Shares
Net asset value, beginning of period	$	17.94
Income from investment operations:
Net investment income (a)		0.17
Net realized and unrealized gain		0.16
Total from investment operations		0.33
Net asset value, end of period	$	18.27
Total Return (c)		1.84	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	49,439
Ratios to average net assets (d):
Net expenses		0.80	%
Gross expenses		0.92	%
Net investment income		3.65	%
Portfolio turnover rate		20	%

*	The inception date for R6 Shares was April 1, 2015.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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 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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  79

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14				12/31/13				12/31/12				12/31/11				12/31/10
Institutional Shares
Net asset value, beginning of period	$	9.24				$	9.76			$	8.51			$	7.18			$	7.99			$	7.70
Income (loss) from investment operations:
Net investment income (a)		0.11					0.15				0.12				0.12				0.13				0.14
Net realized and unrealized gain (loss)		0.30					(0.58	)			1.15				1.43				(0.70	)			0.49
Total from investment operations		0.41					(0.43	)			1.27				1.55				(0.57	)			0.63
Less distributions from:
Net investment income		—					(0.11	)			(0.02	)			(0.22	)			(0.24	)			(0.34	)
Total distributions		—					(0.11	)			(0.02	)			(0.22	)			(0.24	)			(0.34	)
Redemption fees		—	(b)				0.02				—	(b)			—	(b)			—	(b)			—
Net asset value, end of period	$	9.65				$	9.24			$	9.76			$	8.51			$	7.18			$	7.99
Total Return (c)		4.44	%				–4.29	%			14.93	%			21.59	%			–7.14	%			8.49	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	18,474				$	12,749			$	19,212			$	7,571			$	4,519			$	3,614
Ratios to average net assets (d):
Net expenses		1.08	%				1.15	%			1.15	%			1.15	%			1.15	%			1.15	%
Gross expenses		2.14	%				2.10	%			2.45	%			4.17	%			4.66	%			5.08	%
Net investment income		2.38	%				1.54	%			1.33	%			1.55	%			1.72	%			1.80	%
Portfolio turnover rate		15	%				80	%			36	%			46	%			55	%			75	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14				12/31/13				12/31/12				12/31/11				12/31/10
Open Shares
Net asset value, beginning of period	$	9.25				$	9.79			$	8.57			$	7.20			$	8.02			$	7.72
Income (loss) from investment operations:
Net investment income (a)		0.10					0.11				0.10				0.12				0.11				0.12
Net realized and unrealized gain (loss)		0.30					(0.57	)			1.14				1.42				(0.72	)			0.49
Total from investment operations		0.40					(0.46	)			1.24				1.54				(0.61	)			0.61
Less distributions from:
Net investment income		—					(0.08	)			(0.02	)			(0.17	)			(0.21	)			(0.31	)
Total distributions		—					(0.08	)			(0.02	)			(0.17	)			(0.21	)			(0.31	)
Redemption fees		—					—	(b)			—				—	(b)			—				—	(b)
Net asset value, end of period	$	9.65				$	9.25			$	9.79			$	8.57			$	7.20			$	8.02
Total Return (c)		4.32	%				–4.76	%			14.48	%			21.23	%			–7.41	%			8.29	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,093				$	3,048			$	3,444			$	2,888			$	2,463			$	3,056
Ratios to average net assets (d):
Net expenses		1.38	%				1.45	%			1.45	%			1.45	%			1.45	%			1.45	%
Gross expenses		2.77	%				2.70	%			3.03	%			4.77	%			5.12	%			5.31	%
Net investment income		2.02	%				1.11	%			1.08	%			1.55	%			1.43	%			1.56	%
Portfolio turnover rate		15	%				80	%			36	%			46	%			55	%			75	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

80  Semi-Annual Report

LAZARD INTERNATIONAL EQUITY CONCENTRATED PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†				For the Period 8/29/14* to 12/31/14
Institutional Shares
Net asset value, beginning of period		$	9.53			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.10				(0.01	)
Net realized and unrealized gain (loss)			0.11				(0.45	)
Total from investment operations			0.21				(0.46	)
Less distributions from:
Net investment income			—				(0.01	)
Net realized gains			—				—	(b)
Total distributions			—				(0.01	)
Redemption fees			—	(b)			—
Net asset value, end of period		$	9.74			$	9.53
Total Return (c)			2.20	%			–4.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	15,577			$	9,103
Ratios to average net assets (d):
Net expenses			1.08	%			1.15	%
Gross expenses			3.38	%			7.40	%
Net investment income (loss)			2.09	%			–0.41	%
Portfolio turnover rate			39	%			45	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†				For the Period 8/29/14* to 12/31/14
Open Shares
Net asset value, beginning of period		$	9.53			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.03				(0.02	)
Net realized and unrealized gain (loss)			0.17				(0.45	)
Total from investment operations			0.20				(0.47	)
Less Distributions from:
Net realized gains			—				—	(b)
Total distributions			—				—	(b)
Net asset value, end of period		$	9.73			$	9.53
Total Return (c)			2.10	%			–4.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	91			$	559
Ratios to average net assets (d):
Net expenses			1.40	%			1.45	%
Gross expenses			8.70	%			12.39	%
Net investment income (loss)			0.67	%			–0.55	%
Portfolio turnover rate			39	%			45	%

*	The Portfolio commenced operations on August 29, 2014.
†	Unaudited.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  81

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	13.72			$	14.46		$	11.71		$	9.46		$	10.63		$	9.41
Income (loss) from investment operations:
Net investment income (a)		0.16				0.19			0.14			0.15			0.16			0.13
Net realized and unrealized gain (loss)		0.69				(0.39	)		2.79			2.21			(1.19	)		1.22
Total from investment operations		0.85				(0.20	)		2.93			2.36			(1.03	)		1.35
Less distributions from:
Net investment income		—				(0.16	)		(0.10	)		(0.11	)		(0.14	)		(0.13	)
Net realized gains		—				(0.38	)		(0.08	)		—			—			—
Total distributions		—				(0.54	)		(0.18	)		(0.11	)		(0.14	)		(0.13	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	14.57			$	13.72		$	14.46		$	11.71		$	9.46		$	10.63
Total Return (c)		6.20	%			–1.48	%		25.02	%		25.00	%		–9.70	%		14.43	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	4,705,146			$	3,727,391		$	2,354,068		$	893,610		$	435,411		$	356,098
Ratios to average net assets (d):
Net expenses		0.81	%			0.84	%		0.86	%		0.86	%		0.88	%		0.90	%
Gross expenses		0.81	%			0.84	%		0.86	%		0.86	%		0.88	%		0.90	%
Net investment income		2.26	%			1.28	%		1.02	%		1.45	%		1.53	%		1.30	%
Portfolio turnover rate		17	%			33	%		42	%		52	%		53	%		55	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	13.82			$	14.57		$	11.80		$	9.53		$	10.68		$	9.43
Income (loss) from investment operations:
Net investment income (a)		0.14				0.16			0.10			0.09			0.13			0.09
Net realized and unrealized gain (loss)		0.71				(0.41	)		2.82			2.26			(1.20	)		1.24
Total from investment operations		0.85				(0.25	)		2.92			2.35			(1.07	)		1.33
Less distributions from:
Net investment income		—				(0.12	)		(0.07	)		(0.08	)		(0.08	)		(0.08	)
Net realized gains		—				(0.38	)		(0.08	)		—			—			—
Total distributions		—				(0.50	)		(0.15	)		(0.08	)		(0.08	)		(0.08	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	14.67			$	13.82		$	14.57		$	11.80		$	9.53		$	10.68
Total Return (c)		6.15	%			–1.78	%		24.73	%		24.74	%		–10.01	%		14.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,836,363			$	1,574,106		$	868,730		$	315,811		$	63,280		$	46,051
Ratios to average net assets (d):
Net expenses		1.07	%			1.09	%		1.10	%		1.13	%		1.16	%		1.20	%
Gross expenses		1.07	%			1.09	%		1.10	%		1.13	%		1.16	%		1.20	%
Net investment income		1.98	%			1.06	%		0.78	%		0.87	%		1.26	%		0.89	%
Portfolio turnover rate		17	%			33	%		42	%		52	%		53	%		55	%

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

82  Semi-Annual Report

	For the Period
Selected data for a share of capital stock outstanding throughout the period		1/19/15* to 6/30/15†
Lazard International Strategic Equity Portfolio (concluded)
R6 Shares
Net asset value, beginning of period		$	13.70
Income from investment operations:
Net investment income (a)			0.16
Net realized and unrealized gain			0.70
Total from investment operations			0.86
Net asset value, end of period		$	14.56
Total Return (c)			6.28	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1
Ratios to average net assets (d):
Net expenses			1.10	%
Gross expenses	2,944.34			%
Net investment income			2.40	%
Portfolio turnover rate			17	%

*	The inception date for R6 Shares was January 19, 2015.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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 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.
(d)	Annualized for a period of less than one year.

Semi-Annual Report  83

LAZARD INTERNATIONAL EQUITY ADVANTAGE PORTFOLIO

	For the Period
Selected data for a share of capital stock outstanding throughout the period		5/29/15* to 6/30/15†
Institutional Shares
Net asset value, beginning of period		$	10.00
Income (loss) from investment operations:
Net investment income (a)			—	(b)
Net realized and unrealized loss			(0.23	)
Total from investment operations			(0.23	)
Net asset value, end of period		$	9.77
Total Return (c)			–2.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,859
Ratios to average net assets (d):
Net expenses			0.90	%
Gross expenses			14.50	%
Net investment income			0.31	%
Portfolio turnover rate			13	%
	For the Period
Selected data for a share of capital stock outstanding throughout the period		5/29/15* to 6/30/15†
Open Shares
Net asset value, beginning of period		$	10.00
Income (loss) from investment operations:
Net investment income (a)			—	(b)
Net realized and unrealized loss			(0.23	)
Total from investment operations			(0.23	)
Net asset value, end of period		$	9.77
Total Return (c)			–2.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	98
Ratios to average net assets (d):
Net expenses			1.20	%
Gross expenses			31.65	%
Net investment income			0.02	%
Portfolio turnover rate			13	%

*	The Portfolio commenced operations on May 29, 2015.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

84  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	6/30/15†				12/31/14				12/31/13				12/31/12				12/31/11				12/31/10
Institutional Shares
Net asset value, beginning of period	$	10.01				$	10.54			$	8.12			$	6.84			$	8.12			$	6.68
Income (loss) from investment operations:
Net investment income (a)		0.07					0.12				0.11				0.11				0.13				0.10
Net realized and unrealized gain (loss)		1.04					(0.40	)			2.34				1.40				(1.27	)			1.45
Total from investment operations		1.11					(0.28	)			2.45				1.51				(1.14	)			1.55
Less distributions from:
Net investment income		—					(0.25	)			(0.03	)			(0.23	)			(0.14	)			(0.11	)
Total distributions		—					(0.25	)			(0.03	)			(0.23	)			(0.14	)			(0.11	)
Redemption fees		—	(b)				—	(b)			—				—	(b)			—	(b)			—	(b)
Net asset value, end of period	$	11.12				$	10.01			$	10.54			$	8.12			$	6.84			$	8.12
Total Return (c)		11.09	%				–2.77	%			30.20	%			22.28	%			–14.11	%			23.55	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	55,842				$	46,329			$	51,508			$	45,360			$	38,879			$	47,134
Ratios to average net assets (d):
Net expenses		1.06	%				1.13	%			1.13	%			1.13	%			1.13	%			1.13	%
Gross expenses		1.06	%				1.15	%			1.19	%			1.18	%			1.17	%			1.21	%
Net investment income		1.34	%				1.13	%			1.15	%			1.40	%			1.65	%			1.39	%
Portfolio turnover rate		22	%				48	%			58	%			48	%			28	%			41	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†				12/31/14				12/31/13				12/31/12				12/31/11				12/31/10
Open Shares
Net asset value, beginning of period	$	10.03				$	10.56			$	8.17			$	6.86			$	8.14			$	6.70
Income (loss) from investment operations:
Net investment income (a)		0.07					0.09				0.08				0.08				0.10				0.08
Net realized and unrealized gain (loss)		1.03					(0.40	)			2.34				1.41				(1.26	)			1.45
Total from investment operations		1.10					(0.31	)			2.42				1.49				(1.16	)			1.53
Less distributions from:
Net investment income		—					(0.22	)			(0.03	)			(0.18	)			(0.12	)			(0.09	)
Total distributions		—					(0.22	)			(0.03	)			(0.18	)			(0.12	)			(0.09	)
Redemption fees		—	(b)				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period	$	11.13				$	10.03			$	10.56			$	8.17			$	6.86			$	8.14
Total Return (c)		10.97	%				–3.05	%			29.65	%			21.96	%			–14.36	%			23.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	51,279				$	19,994			$	19,639			$	17,669			$	17,744			$	24,984
Ratios to average net assets (d):
Net expenses		1.33	%				1.43	%			1.43	%			1.43	%			1.43	%			1.43	%
Gross expenses		1.33	%				1.44	%			1.48	%			1.48	%			1.46	%			1.49	%
Net investment income		1.33	%				0.85	%			0.85	%			1.08	%			1.34	%			1.09	%
Portfolio turnover rate		22	%				48	%			58	%			48	%			28	%			41	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  85

LAZARD GLOBAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†				Year Ended 12/31/14				Period Ended 12/31/13*
Institutional Shares
Net asset value, beginning of period		$	10.32			$	10.02			$	10.00
Income from investment operations:
Net investment income (a)			0.05				0.07				—
Net realized and unrealized gain			0.19				0.29				0.02
Total from investment operations			0.24				0.36				0.02
Less distributions from:
Net investment income			—				(0.06	)			—
Total distributions			—				(0.06	)			—
Redemption fees			—	(b)			—	(b)			—
Net asset value, end of period		$	10.56			$	10.32			$	10.02
Total Return (c)			2.33	%			3.84	%			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	17,595			$	12,266			$	1,903
Ratios to average net assets (d):
Net expenses			1.10	%			1.10	%			0.00	%
Gross expenses			2.31	%			4.62	%			91.25	%(e)
Net investment income			0.87	%			0.64	%			0.00	%
Portfolio turnover rate			35	%			64	%			0	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/15†				Year Ended 12/31/14				Period Ended 12/31/13*
Open Shares
Net asset value, beginning of period		$	10.32			$	10.01			$	10.00
Income from investment operations:
Net investment income (a)			0.03				0.04				—
Net realized and unrealized gain			0.20				0.30				0.01
Total from investment operations			0.23				0.34				0.01
Less distributions from:
Net investment income			—				(0.03	)			—
Total distributions			—				(0.03	)			—
Net asset value, end of period		$	10.55			$	10.32			$	10.01
Total Return (c)			2.23	%			3.54	%			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	290			$	201			$	100
Ratios to average net assets (d):
Net expenses			1.40	%			1.40	%			0.00	%
Gross expenses			9.06	%			13.34	%			91.25	%(e)
Net investment income			0.53	%			0.35	%			0.00	%
Portfolio turnover rate			35	%			64	%			0	%

*	The Portfolio commenced operations on December 31, 2013.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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 Manage, 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.
(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 December 31, 2013.

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

86  Semi-Annual Report

LAZARD GLOBAL STRATEGIC EQUITY PORTFOLIO

	Six Months					For the Period
Selected data for a share of capital stock outstanding throughout each period	Ended 6/30/15†					8/29/14* to 12/31/14
Institutional Shares
Net asset value, beginning of period		$	9.94				$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.07					—	(b)
Net realized and unrealized loss			(0.09	)				(0.04	)
Total from investment operations			(0.02	)				(0.04	)
Less distributions from:
Net investment income			—					(0.02	)
Return of capital			—					—	(b)
Total distributions			—					(0.02	)
Net asset value, end of period		$	9.92				$	9.94
Total Return (c)			–0.20	%				–0.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	9,381				$	7,112
Ratios to average net assets (d):
Net expenses			1.10	%				1.10	%
Gross expenses			3.98	%				7.11	%
Net investment income (loss)			1.33	%				–0.08	%
Portfolio turnover rate			34	%				24	%
	Six Months				For the Period
Selected data for a share of capital stock outstanding throughout each period	Ended 6/30/15†					8/29/14* to 12/31/14
Open Shares
Net asset value, beginning of period		$	9.94				$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.05					(0.01	)
Net realized and unrealized loss			(0.09	)				(0.04	)
Total from investment operations			(0.04	)				(0.05	)
Less distributions from:
Net investment income			—					(0.01	)
Return of capital			—					—	(b)
Total distributions			—					(0.01	)
Net asset value, end of period		$	9.90				$	9.94
Total Return (c)			–0.40	%				–0.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	140				$	135
Ratios to average net assets (d):
Net expenses			1.40	%				1.40	%
Gross expenses			17.20	%				24.52	%
Net investment income (loss)			0.90	%				–0.32	%
Portfolio turnover rate			34	%				24	%

*	The Portfolio commenced operations on August 29, 2014.
†	Unaudited.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

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LAZARD MANAGED EQUITY VOLATILITY PORTFOLIO

	For the Period
Selected data for a share of capital stock outstanding throughout the period	5/29/15* to 6/30/15†
Institutional Shares
Net asset value, beginning of period		$	10.00
Income (loss) from investment operations:
Net investment income (a)			0.02
Net realized and unrealized loss			(0.17	)
Total from investment operations			(0.15	)
Net asset value, end of period		$	9.85
Total Return (b)			–1.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,164
Ratios to average net assets (c):
Net expenses			0.75	%
Gross expenses			14.28	%
Net investment income			1.83	%
Portfolio turnover rate			16	%
	For the Period
Selected data for a share of capital stock outstanding throughout the period	5/29/15* to 6/30/15†
Open Shares
Net asset value, beginning of period		$	10.00
Income (loss) from investment operations:
Net investment income (a)			0.01
Net realized and unrealized loss			(0.16	)
Total from investment operations			(0.15	)
Net asset value, end of period		$	9.85
Total Return (b)			–1.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	105
Ratios to average net assets (c):
Net expenses			1.05	%
Gross expenses			30.72	%
Net investment income			1.52	%
Portfolio turnover rate			16	%

*	The Portfolio commenced operations on May 29, 2015.
†	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, 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)	Annualized for a period of less than one year.

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

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The Lazard Funds, Inc. Notes to Financial Statements June 30, 2015 (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 “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-five 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 US Small Cap Equity Growth Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Equity Concentrated Portfolio, Lazard International Strategic Equity Portfolio, Lazard International Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard International Small Cap Equity Portfolio, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Portfolio, Lazard Emerging Markets Core Equity Portfolio, Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Blend Portfolio, Lazard Emerging Markets Multi Asset Portfolio, Lazard Emerging Markets Debt Portfolio, Lazard Explorer Total Return Portfolio, Lazard Emerging Markets Income Portfolio, Lazard US Corporate Income Portfolio, Lazard US Short Duration Fixed Income Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Realty Income Portfolio, Lazard US Realty Equity Portfolio, Lazard Global Realty Equity Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Capital Allocator Opportunistic Strategies Portfolio, Lazard Global Dynamic Multi Asset Portfolio, Lazard Enhanced Opportunities Portfolio, Lazard Fundamental Long/Short Portfolio, and Lazard Master Alternatives Portfolio. All Portfolios, other than US Equity Concentrated, International Equity Concentrated, Emerging Markets Debt, Explorer Total Return, Emerging Markets Income, US Realty Equity, Global Realty Equity, Enhanced Opportunities and Fundamental Long/Short Portfolios, are operated as “diversified” funds, as defined in the 1940 Act. Global Dynamic Multi Asset Portfolio had not commenced operations as of June 30, 2015. This report includes only the financial

statements of US Equity Concentrated, US Strategic Equity, US Mid Cap Equity, US Small-Mid Cap Equity, US Small Cap Equity Growth, International Equity, International Equity Select, International Equity Concentrated, International Strategic Equity, International Equity Advantage, International Small Cap Equity, Global Equity Select, Global Strategic Equity and Managed Equity Volatility Portfolios. The financial statements of other Portfolios are presented separately.

Effective November 29, 2013, the Fund formed an R6 Share class. Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each Share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Prospectus). As of June 30, 2015, only US Strategic Equity, International Equity, International Strategic Equity, Emerging Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi Asset and Emerging Markets Debt Portfolios offered R6 Shares and US Strategic Equity, International Equity, International Strategic Equity and Emerging Markets Equity Portfolios had issued R6 Shares.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company and therefore applies specialized accounting guidance in Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

(a) Valuation of Investments—Net asset value (“NAV”) per share for each class of each Portfolio is determined on each day the New York Stock Exchange (“NYSE”) is open for business. Market values for securities listed on the 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 trad-

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ing 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. Investments in money market funds are valued at the fund’s NAV. Repurchase agreements are valued at the principal amounts plus accrued interest.

The Valuation Committee of the Investment Manager, which meets periodically and acts pursuant to delegated authority from the Board of Directors (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 portfolio managers/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 NAV 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 of relevant ADRs or futures 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 NAV 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’ NAVs.

(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.

A Portfolio may be subject to taxes imposed by foreign countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and unrealized) from the applicable portfolio securities.

(c) Repurchase Agreements—In connection with transactions in repurchase agreements under the terms of a Master Repurchase Agreement, 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. Upon an event of default under the Master Repurchase Agreement, if the seller defaults, the affected Portfolio may retain the collateral in lieu of repayment. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the affected Portfolio may be delayed or limited.

At June 30, 2015, the US Small-Mid Cap Equity and International Equity Portfolios had investments in repurchase agreements with a value of $838,000 and $22,822,000, respectively, as shown on the Portfolios of Investments. The value of the related collateral exceeded the value of the repurchase agreements at period end.

(d) Foreign Currency Translation—The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities

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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 represents net foreign currency gain (loss) from 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 the Portfolios’ accounting records and the US dollar equivalent amounts actually received or paid. Net change 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.

(e) 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 (the “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.

The Regulated Investment Company Modernization Act of 2010 (the “RIC Modernization Act”) includes numerous provisions that generally became effective for taxable years beginning after December 22, 2010. Among the 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 carryfor-wards may expire unused.

At December 31, 2014, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains as follows:

Portfolio	Expiring 2016		Expiring 2017
US Mid Cap Equity	$	—	$	40,134,489
International Equity		—		10,129,297
International Equity Select		—		38,626
International Small Cap Equity		8,509,165		50,821,243

Portfolio	Amount		Expiring Year
International Equity	$	5,103,235		2018
International Equity Select		1,173,332		2018
International Small Cap Equity		4,306,477		2018
Global Equity Select		16,557		N/A*
Global Strategic Equity		14,861		N/A*	*

*	Non-Expiring; Long-Term
**	Non-Expiring; Short-Term

Under current tax law, certain late year losses, as defined by the Code, 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, 2014, the following Portfolios elected to defer such losses as follows:

	Post October			Late Year
	Capital Loss			Ordinary Loss
Portfolio	Deferral			Deferral
US Equity Concentrated	$	(248,652	)	$	—
US Mid Cap Equity		(1,202,845	)		—
International Equity		(1,708,827	)		—
International Equity Select		(66,373	)		—
International Equity Concentrated		(135,093	)		—
International Strategic Equity		(18,010,059	)		(889,975	)
Global Equity Select		—			(2,560	)

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 (2011-2013), or expected to be taken in the Portfolios’ 2014 tax returns.

(f) Dividends and Distributions—Dividends from net investment income, if any, will be declared and paid annually. During any particular year, net realized gains

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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, redemptions in-kind, certain redemptions treated as distributions, 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.

(g) Offering Costs—Costs 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.

(h) Allocation of Expenses—Expenses not directly chargeable to a specific Portfolio are allocated among all Portfolios primarily on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees to Open Shares. The Portfolios’ 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.

(i) Redemption Fee—The Portfolios 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 the Portfolios and are included as paid in capital on the Statements of Assets and Liabilities. The fees are also shown on the Statements of Changes in Net Assets.

(j) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 objectives and policies, including the purchase, retention and disposition of securities. For its services provided to the Portfolios, 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
US Small Cap Equity Growth		0.90
International Equity		0.75
International Equity Select (a)		0.75
International Equity Concentrated		0.90
International Strategic Equity		0.75
International Equity Advantage		0.65
International Small Cap Equity		0.75
Global Equity Select		0.85
Global Strategic Equity		0.85
Managed Equity Volatility		0.60

(a) From January 1, 2015 to February 28, 2015, percentage was 0.85%.

The Investment Manager has voluntarily agreed, through May 1 of the year shown below, 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:

92  Semi-Annual Report

Portfolio	Institutional Shares			Open Shares			R6 Shares			Year
US Equity Concentrated		0.95	%		1.25	%		N/A			2016	(a)
US Strategic Equity		0.75			1.05			0.70	%		2016
US Mid Cap Equity		1.05			1.35			N/A			2016
US Small-Mid Cap Equity		1.15			1.45			N/A			2016
US Small Cap Equity Growth		1.10			1.40			N/A			2016	(b)
International Equity		0.85			1.15			0.80			2016	(c)
International Equity Select		1.05			1.35			N/A			2016	(d)
International Equity Concentrated		1.05			1.35			N/A			2016	(e)
International Strategic Equity		1.15			1.45			1.10			2016
International Equity Advantage		0.90			1.20			N/A			2017	(f)
International Small Cap Equity		1.13			1.43			N/A			2016
Global Equity Select		1.10			1.40			N/A			2016
Global Strategic Equity		1.10			1.40			N/A			2016	(g)
Managed Equity Volatility		0.75			1.05			N/A			2017	(f)

(a)	Agreement extends, for May 2, 2016 through May 1, 2025, at levels of 1.10% and 1.40%, respectively.
(b)	Agreement is through December 31, 2016.
(c)	From January 1, 2015 to February 28, 2015, percentages were 1.05% and 1.35% for the Institutional Shares and Open Shares, respectively.
(d)	From January 1, 2015 to February 28, 2015, percentages were 1.15% and 1.45%, respectively. Agreement extends, for May 2, 2016 through May 1, 2025, at levels of 1.15% and 1.45%, respectively.
(e)	From January 1, 2015 to February 28, 2015, percentages were 1.15% and 1.45%, respectively. Agreement is through August 29, 2016.
(f)	Agreement is through May 29, 2017.
(g)	Agreement is through August 29, 2016.

During the period ended June 30, 2015, 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 Strategic Equity		$	81,313		$	—		$	9,686		$	—
US Mid Cap Equity			15,492			—			30,694			—
US Small Cap Equity Growth			22,358			49,878			15,210			29,791
International Equity Select			61,732			22,326			12,522			9,636
International Equity Concentrated			50,799			67,624			1,538			8,638

	Institutional Shares						Open Shares
Portfolio	Management Fees Waived			Expenses Reimbursed			Management Fees Waived			Expenses Reimbursed
International Equity Advantage		$	1,016		$	17,731		$	53		$	1,351
Global Equity Select			62,976			17,195			976			7,677
Global Strategic Equity			38,268			79,486			555			7,589
Managed Equity Volatility			948			17,928			51			1,386

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
US Strategic Equity		$19,474		$     —
International Equity		8,789		—
International Strategic Equity		3		7,735

The Fund has entered into an administration agreement with State Street to provide certain administrative services. 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 up to $18,750 of the $42,500 annual fee for Portfolios with net assets under $25 million. During the period ended June 30, 2015, State Street waived its fees as follows:

Portfolio	Amount
US Small Cap Equity Growth	$9,375
International Equity Concentrated	9,375
International Equity Advantage	1,563
Global Equity Select	9,375
Global Strategic Equity	9,375
Managed Equity Volatility	1,563

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 adopted pursuant to Rule 12b-1 under the Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of

Semi-Annual Report  93

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, 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 the first six months after a new Portfolio or share class has commenced operations. During the period ended June 30, 2015, BFDS waived its fees as follows:

Portfolio	Amount
US Small Cap Equity Growth	$12,191
International Equity	3,062
International Equity Concentrated	4,062
International Strategic Equity	6,132
International Equity Advantage	2,042
Global Strategic Equity	4,069
Managed Equity Volatility	2,042

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, and Lazard Alternative Emerging Markets 1099 Fund, a closed-end registered management investment company advised by an affiliate of the Investment Manager (the “1099 Fund”): (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director, and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Directors also are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. The

Statements of Operations show the Directors’ fees and expenses paid by each Portfolio.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2015 were as follows:

Portfolio	Purchases		Sales
US Equity Concentrated	$	378,345,318	$	123,312,995
US Strategic Equity		35,868,728		40,479,025
US Mid Cap Equity		21,013,865		27,681,652
US Small-Mid Cap Equity		115,051,738		74,759,104
US Small Cap Equity Growth		12,070,576		3,576,458
International Equity		187,559,166		93,869,152
International Equity Select		7,647,916		2,735,709
International Equity Concentrated		10,454,442		4,508,364
International Strategic Equity		1,899,120,530		964,089,986
International Equity Advantage		2,097,198		124,275
International Small Cap Equity		46,222,445		17,608,503
Global Equity Select		10,436,378		5,126,351
Global Strategic Equity		5,306,782		2,924,649
Managed Equity Volatility		2,143,065		156,749

For the period ended June 30, 2015, 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: from January 1, 2015 to June 28, 2015, at the higher of the Federal Funds rate or Overnight LIBOR rate plus 1.00%, and from June 29, 2015 to June 30, 2015, at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.10% per annum fee from January 1, 2015 to June 28, 2015 and 0.20% per annum from June 29, 2015 to June 30, 2015 on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05%

94  Semi-Annual Report

of the committed line amount. During the period ended June 30, 2015, the Portfolios had borrowings under the Agreement as follows:

			Weighted	Number of
	Average	Maximum	Average	Days
	Daily Loan	Daily Loan	Interest	Borrowings
Portfolio	Balance*	Outstanding	Rate	were Outstanding
Global Equity Select	$250,000	$250,000	1.13%	1

* For days borrowings were outstanding.

Management believes that the fair value of the liabilities under the line of credit is equivalent to the recorded amount based on its short term maturity and interest rate, which fluctuates with LIBOR. The line of credit outstanding as of June 30, 2015 is categorized as Level 2 (see Note 9).

7. Non-US Securities Risk

Certain Portfolios may invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in US securities. Such Portfolios’ performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolios invest. Non-US securities carry special risks, such as 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 may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolios’ investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Investments in these countries may

be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the US. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

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. 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, developed 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

Semi-Annual Report  95

• 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)

Changes in valuation technique may result in transfer into or out of the current assigned level within the hierarchy.

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

The following table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2015:

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, 2015
US Equity Concentrated Portfolio
Common Stocks*	$	547,371,345	$	—	$	—	$	547,371,345
Short-Term Investment		48,645,959		—		—		48,645,959
Total	$	596,017,304	$	—	$	—	$	596,017,304
US Strategic Equity Portfolio
Common Stocks*	$	132,557,873	$	—	$	—	$	132,557,873
Short-Term Investment		5,563,023		—		—		5,563,023
Total	$	138,120,896	$	—	$	—	$	138,120,896
US Mid Cap Equity Portfolio
Common Stocks*	$	33,545,894	$	—	$	—	$	33,545,894
Short-Term Investment		2,096,396		—		—		2,096,396
Total	$	35,642,290	$	—	$	—	$	35,642,290
US Small-Mid Cap Equity Portfolio
Common Stocks*	$	216,564,194	$	—	$	—	$	216,564,194
Repurchase Agreement		—		838,000		—		838,000
Total	$	216,564,194	$	838,000	$	—	$	217,402,194
US Small Cap Equity Growth Portfolio
Common Stocks*	$	10,598,677	$	—	$	—	$	10,598,677
Short-Term Investment		970,439		—		—		970,439
Total	$	11,569,116	$	—	$	—	$	11,569,116
International Equity Portfolio
Common Stocks*	$	543,011,086	$	—	$	—	$	543,011,086
Repurchase Agreement		—		22,822,000		—		22,822,000
Total	$	543,011,086	$	22,822,000	$	—	$	565,833,086
International Equity Select Portfolio
Common Stocks*	$	20,313,167	$	—	$	—	$	20,313,167
Short-Term Investment		996,675		—		—		996,675
Total	$	21,309,842	$	—	$	—	$	21,309,842
International Equity Concentrated Portfolio
Common Stocks*	$	15,146,034	$	—	$	—	$	15,146,034
Short-Term Investment		505,763		—		—		505,763
Total	$	15,651,797	$	—	$	—	$	15,651,797

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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, 2015
International Strategic Equity Portfolio
Common Stocks*	$	6,280,719,608	$	—	$	—	$	6,280,719,608
Short-Term Investment		238,886,559		—		—		238,886,559
Total	$	6,519,606,167	$	—	$	—	$	6,519,606,167
International Equity Advantage Portfolio
Common Stocks*	$	1,926,706	$	—	$	—	$	1,926,706
Short-Term Investment		36,704		—		—		36,704
Total	$	1,963,410	$	—	$	—	$	1,963,410
International Small Cap Equity Portfolio
Common Stocks*	$	100,709,159	$	—	$	—	$	100,709,159
Preferred Stock*		631,885		—		—		631,885
Short-Term Investment		8,997,066		—		—		8,997,066
Total	$	110,338,110	$	—	$	—	$	110,338,110
Global Equity Select Portfolio
Common Stocks*	$	17,400,491	$	—	$	—	$	17,400,491
Short-Term Investment		429,221		—		—		429,221
Total	$	17,829,712	$	—	$	—	$	17,829,712
Global Strategic Equity Portfolio
Common Stocks*	$	9,231,332	$	—	$	—	$	9,231,332
Short-Term Investment		300,134		—		—		300,134
Total	$	9,531,466	$	—	$	—	$	9,531,466
Global Managed Volatility Portfolio
Common Stocks*	$	1,950,367	$	—	$	—	$	1,950,367
Short-Term Investment		193,292		—		—		193,292
Total	$	2,143,659	$	—	$	—	$	2,143,659

* Please refer to Portfolios of Investments (page 28 through 54) and Notes to Portfolios of Investments (page 56 through 57) for portfolio holdings by country and industry.

In connection with the periodic implementation of fair value pricing procedures with respect to non-US securities (see Note 2(a)), certain equity securities in the International Equity, International Equity Select, International Equity Concentrated, International Strategic Equity, International Equity Advantage, International Small Cap Equity, Global Equity Select, Global Strategic Equity and Managed Equity Volatility Portfolios can transfer 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. A Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period.

At June 30, 2015, securities valued at the following amounts were transferred from Level 2 to Level 1:

Portfolio	Amount
International Equity	$	335,937,594
International Equity Select		12,057,550
International Equity Concentrated		4,869,742
International Strategic Equity		4,378,314,004
International Small Cap Equity		48,708,054
Global Equity Select		2,949,585
Global Strategic Equity		2,928,930

Semi-Annual Report   97

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2015.

For further information regarding security characteristics see Portfolios of Investments.

10. Subsequent Events

Management has evaluated the possibility of subsequent events affecting the Fund’s financial statements and has determined that there were no such subsequent events that required adjustment or disclosure in the financial statements.

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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):
Franci J. Blassberg (61)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		Cornell Law School, Visiting Professor of Practice (2015 – present); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (70)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
		Aquiline Holdings LLC, an investment manager, Partner (2006 – 2012)
Nancy A. Eckl (52)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (65 funds) and TIAA-CREF Life Funds (11 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)
Trevor W. Morrison (44)	Director (April 2014)	New York University School of Law, Dean and Eric M. and Laurie B. Roth Professor of Law (2013 – present)
		Columbia Law School, Professor of Law (2008 – 2013)
		Office of Counsel to the President, The White House, Associate Counsel to the President (2009)
Richard Reiss, Jr. (71)	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 (67)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

Semi-Annual Report   99

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)
Interested Directors(4):
Charles L. Carroll (54)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (55)	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 serves as a Director for each of the Lazard Funds (comprised of, as of July 31, 2015, 41 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) are also board members of the 1099 Fund.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the 1940 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, or online, at www.LazardNet.com.

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 (42)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Stephen St. Clair (56)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (44)	Chief Compliance Officer (September 2014)	Director and Chief Compliance Officer of the Investment Manager (since September 2014)
		Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (40)	Assistant Secretary (February 2009)	Senior Vice President (since February 2012, previously Vice President) and Director of Legal Affairs (since July 2015) of the Investment Manager
Cesar A. Trelles (40)	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, except Messrs. St. Clair and Trelles, serves in the same capacity for the other Lazard Funds and the 1099 Fund. Messrs. St. Clair and Trelles serve 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.

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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

Lazard International Equity Advantage Portfolio and Lazard Managed Equity Volatility Portfolio

At a meeting of the Board held on April 29, 2015 the Board considered the approval of the Management Agreement between the Fund, on behalf of Lazard International Equity Advantage Portfolio and Lazard Managed Equity Volatility Portfolio (the “New Portfolios”), and the Investment Manager (the “New Portfolio Management Agreements”). 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

The Board previously had received and discussed information 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 39 active funds comprised approximately $28 billion (as of March 31, 2015) of the approximately $180 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2015); 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 Portfolios from members of the New Portfolios’ proposed portfolio management team, including the strategies to be employed for the New Portfolios and the New Portfolios’ 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 Portfolios were 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 $28 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 Strategic Insight, an independent provider of investment company data.

Management Fee and Expense Ratios. Representatives of the Investment Manager reviewed the proposed management fees and anticipated expense ratios for the New Portfolios and the comparisons provided by Strategic Insight, which compared the management fee and expense ratios for each New

Semi-Annual Report  101

Portfolio to its respective groups¹ of comparison funds (“Groups”), and the Directors noted the methodology and assumptions used by Strategic Insight, 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 contractual management fees and estimated expense ratios for the New Portfolios were below the medians for the Groups. The Board also considered the fees paid by the Investment Manager’s client accounts with investment objectives, policies and strategies similar to those of the New Portfolios.

Performance. The Directors considered the performance of accounts managed by the portfolio managers with investment objectives, policies and strategies similar to those contemplated for the New Portfolios compared to relevant indexes.

Investment Manager Profitability and Economies of Scale

Representatives of the Investment Manager noted that because the New Portfolios are newly formed, have not commenced operations and the eventual aggregate amount of the New Portfolios’ assets was uncertain, specific information concerning the cost of services to be provided to the New Portfolios and the expected profits to be realized by the Investment Manager and its affiliates from their relationships with the New Portfolios 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 Portfolios initially, noting the Investment Manager’s agreement to waive its fees and/or reimburse each New Portfolio for at least two years following the New Portfolio’s commencement of operations to maintain the expense ratios reflected in the Strategic Insight 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 New Portfolio Management Agreements. The Investment Manager’s representatives noted that neither the Investment Manager nor its affiliates were expected to receive any significant indi-

rect benefits from the Investment Manager acting as investment adviser to the New Portfolios. 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 Portfolios 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 Portfolios’ 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 New Portfolio Management Agreements. Based on its discussions and considerations as described above, the Board made the following conclusions and determinations with regard to the New Portfolio Management Agreements:

• 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 $180 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 Portfolios’ 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 Portfolios increase. The Board determined it would seek to have the Investment Manager share any material economies of scale with the New Portfolios.

1 The New Portfolios have two comparison groups, corresponding to Open and Institutional Shares.

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The Board considered these conclusions and determinations in their totality and, without any one factor being dispositive, determined to approve the New Portfolio Management Agreements.

All Portfolios except Lazard Global Strategic Equity Portfolio, Lazard International Equity Advantage Portfolio, Lazard International Equity Concentrated Portfolio, Lazard Managed Equity Volatility Portfolio and Lazard US Small Cap Equity Growth Portfolio

At a meeting of the Board held on June 8-9, 2015, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of the 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 39 active funds comprised approximately $30 billion (as of April 30, 2015) of the approximately $180 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2015). The Investment Manager’s representatives 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 $30 billion fund complex not managed by a large, global firm such as the Investment Manager.

The Investment Manager representatives noted that the Investment Manager had historically provided certain administrative, operational and compliance assistance services in connection with the operation of the Fund, but that such services had been in addition to the investment advisory and other services that were contractually required by the Management Agreement currently in place. The Investment Manager representatives explained that the Management Agreement, on behalf of each Portfolio for which the Management Agreement is being considered, was proposed to be revised in order to include such services. The Investment Manager representatives reviewed the proposed revisions with the Directors and confirmed that no changes were proposed to the nature, extent or quality of services provided or to the Management Agreement’s terms related to investment advisory services.

Comparative Management Fee, Expense Ratio and Performance Information

The Directors reviewed comparative management fee, expense ratio and performance (through March 31, 2015) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”).

Management Fees and Expense Ratios. The Directors discussed the management fees and expense ratios for each Portfolio. They noted the methodology and assumptions used by Strategic Insight, including that management fee comparisons for the Portfolios and

Semi-Annual Report   103

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 Strategic Insight’s analysis (which was for the Institutional Shares and Open Shares classes of all Portfolios), 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 Portfolio (in the fourth quartile of the Group for each share class) and Global Equity Select Portfolio (highest in the Group for both share classes). The Directors noted, however, that the actual management fee for each of these Portfolios was in the first quartile for both share classes and, for Global Equity Select, was the lowest in the Group for both share classes. The Directors also were reminded that the Management Agreement had been amended during the year to lower the management fee payable by the by the International Equity Select Portfolio from an annual rate of .85% to .75% of the value of the Portfolio’s average daily assets.

It also was noted that, for both share classes of the Portfolios, expense ratios were below or at the medians of those of the funds in the relevant Group, except for the International Equity Select Portfolio and US Mid Cap Equity Portfolio, for which the expense ratios were slightly above the medians of those of the funds in the relevant Group. 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. Strategic Insight’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and Category over measurement periods up to ten years through March 31, 2015. Although year-to-date performance was provided by Strategic Insight the Directors did not consider three-month performance to be relevant to their considerations and focused on longer-term performance.

The Directors noted that both share classes of the Global Equity Select, International Equity, International Strategic Equity and US Equity Concentrated Portfolios were above the average of the performance Group and Category for all periods and the International Small Cap Equity, US Small-Mid Cap Equity, and US Strategic Equity Portfolios were above the average of the performance Group and/or Category for most periods; for the US Mid Cap Equity Portfolio, performance was generally below average, except that performance was above average in the one-year period (the Portfolio had implemented changes to its investment strategy as of December 31, 2014); and the performance of the International Equity Select Portfolio was generally below average.

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

104    Semi-Annual Report

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, 2014 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s costs to the Investment Manager. 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 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 recordkeeping 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 such information as may reasonably be necessary to make an informed business decision with respect to evaluation of 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 adequate and appropriate, noting the benefits of advisory and research services and other services and infrastructure (as discussed above) associated with an approximately $180 billion global asset management business.

• The Board was generally satisfied with the overall performance of most of the Portfolios, either because relative performance in the Group and/or Category was satisfactory or performance was otherwise consistent with the investment approach employed for a Portfolio. For certain Portfolios that were not performing in accordance with expectations, the Board would continue to monitor performance.

• 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 determined to approve the Fund’s Management Agreement.

Semi-Annual Report   105

NOTES

NOTES

NOTES

NOTES

NOTES

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 Iron Street
Boston, Massachusetts 02210

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

Deloitte &Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015

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

LZDPS020

Lazard Funds Semi-Annual Report

June 30, 2015

Fixed Income Funds

Lazard US Corporate Income Portfolio

Lazard US Short Duration Fixed Income Portfolio

Lazard Global Fixed Income Portfolio

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Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all, sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: Social Security number and credit history; Assets and income; Account transactions; When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Lazard chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Lazard share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For nonaffiliates to market to you	No	We do not share

Questions? Call 800-823-6300 or go to http://www.LazardNet.com

Who we are
Who is providing this notice?	Lazard Asset Management LLC, Lazard Alternatives, LLC, Lazard Asset Management (Canada), Inc., and Lazard Asset Management Securities LLC, on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard collect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal and applicable state laws. These measures include computer safeguards and secured files and buildings.
How does Lazard collect my personal information?	We collect your personal information, for example, when you: Open an account; Seek advice about your investments; Direct us to buy securities; Direct us to sell your securities; Enter into an investment advisory contract; We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: Sharing for affiliates’ everyday business purposes — information about your creditworthiness; Affiliates from using your information to market to you; Sharing for nonaffiliates to market to you; State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. Our affiliates may include financial companies whose names include “Lazard”.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. Lazard does not share information with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Lazard does not jointly market.

Other important information

Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers or former customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overviews
7	Performance Overviews
10	Information About Your Portfolio’s Expenses
12	Portfolio Holdings Presented by Credit Rating
13	Portfolios of Investments
13	Lazard US Corporate Income Portfolio
18	Lazard US Short Duration Fixed Income Portfolio
20	Lazard Global Fixed Income Portfolio
26	Notes to Portfolios of Investments
28	Statements of Assets and Liabilities
29	Statements of Operations
30	Statements of Changes in Net Assets
32	Financial Highlights
35	Notes to Financial Statements
45	Board of Directors and Officers Information
47	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 the investment objectives, risks, charges, expenses and other information about Portfolios of the Fund, which is 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,

During the first half of 2015, global equity markets were supported by monetary easing measures in many countries and the stabilization of oil prices. In Europe, equities performed well as the European Central Bank’s quantitative easing program appeared to forestall deflation. Japanese equities continued their impressive streak as Abenomics reforms began to pay dividends. US equity markets rose as corporate earnings generally exceeded expectations. Despite concerns about the possibility of higher US short-term interest rates, heightened volatility in the Chinese stock market, and a potential debt default by Greece, emerging markets performed in line with developed markets.

Globally, fixed-income markets staged impressive rallies during the first quarter of 2015 amid weak growth in the United States due to another harsh winter and continued downward pressure on inflation worldwide. However, the action-packed second quarter, particularly in Greece, created some volatility in global bonds. Meanwhile, there was significant divergence between the winners and losers in emerging markets debt. From a global bond standpoint, fundamental challenges in Turkey, Brazil, and South Africa are likely to persist while some eastern European countries, including Hungary, the Czech Republic, and Poland, are benefiting from monetary stimulus, structural reforms, and economic and business ties to Germany. Currency markets were volatile during the period as investors either reassessed or rebalanced their overweight positions to the US dollar. Notably, central banks cut rates in more than thirty countries.

At Lazard Asset Management LLC, we remain focused on active management and are committed to you, our valued shareholders, and we continue to focus our strengths in pursuing the Portfolios’ investment objectives. As always, we appreciate your continued confidence in our investment 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 Corporate Income

For the first half of 2015, the US high yield market produced attractive returns when compared to its other fixed-income counterparts. Although most fixed-income sector returns were positive for the first quarter of this year, a rise in rates across the Treasury curve resulted in mostly negative returns during the second quarter. The high yield sector, which proved somewhat resilient during the second quarter, produced modestly positive returns over the first half of the year despite failing to earn its coupon. For the six month period ended June 30, 2015, the BofA Merrill Lynch BB-B US Cash Pay Non-Distressed High Yield^® Index (the “Cash Pay Index”) returned 2.7%, significantly outperforming the Barclays US Aggregate Bond^® Index that returned -0.1%, and the investment-grade corporate sector that returned approximately -0.5%. Equities also underperformed, with the S&P 500^® Index returning 1.2%.

High yield market spreads were about even, widening slightly by one basis point (bps) during the first half of the year to 493 bps over treasuries. The BB sector widened 9 bps to 341 bps and the CCC sector widened materially by 70 bps to 1,005 bps. At 504 bps, the B sector narrowed by 29 bps and was the only rating sector to do so. Intermediate Treasury yields (five to seven year) increased slightly, ending at 1.87% on June 30, 2015. For the first half of 2015, high-yield mutual fund market flows were positive, and totaled about $4.1 billion. This compares to an inflow of $5 billion in 2014’s first half. New high yield bond issuance in the US market was $191 billion for the first half versus $210 billion in 2014’s first half. The domestic high yield market capitalization is now approximately $1.37 trillion, an all-time high. The Standard & Poor’s US speculative-grade trailing 12-month issuer default rate was 2.1% as of June 30, 2015, up from 1.5% in December 2014.

US Short Duration Fixed Income

With the first half of 2015 coming to a close, speculation about the timing of the US Federal Reserve’s first interest rate hike saturated headlines once again. This attention was particularly acute given the coordinated and unprecedented easing from central banks globally, including the European Central Bank (ECB), Bank

of Japan, and People’s Bank of China, among others. As the Fed’s first rate rise would separate the United States from the rest of the pack, investors are wondering what the new policy regime will look like and how the market will adjust. Most prominently, investors are concerned that prior interest rate debacles may repeat themselves and are quick to draw comparisons, particularly to the 1994 interest rate hike.

While many investors currently fear that the eventual Fed rate hike could cause another market debacle, we are not in that camp. In our view, healthier market underpinnings and an economy that is gradually improving (but still on the mend) set a favorable backdrop for a more benign reaction than many fear. That said, were such an event to occur, we believe it would materially differentiate fixed-income managers that employ prudent security selection.

As volatility mounts amid shifting US interest-rate environment, in our view, increased volatility will lead to increased opportunity. Current market conditions are dominated by financial repression from an overly accommodative Fed. This repression has established complacency in the market as conditions are stagnant. A breakdown of this paradigm as the Fed begins to tighten policy could provide meaningful opportunities for bottom-up security selection in the current market. In keeping with our investment philosophy, the US Fixed-Income team analyzes each position to ensure it fundamentally stands on its own. Currently, the team continues to focus investments on specific, well-researched securities that we believe will outperform regardless of the labels assigned by the market. The outcome of this discipline is an unconventional exposure to sectors as specific securities drive the investment process, not market labels and the related historical expectations that surrounded them.

Global Fixed Income

Many bond markets around the world staged impressive rallies during the first quarter of 2015 given weak growth in the northern hemisphere that was attributed to a harsh winter and continued downward pressure on inflation worldwide. Notably, official rate cuts were initiated in over thirty countries, ranging from Pakistan to Denmark to Peru. Highly charged political

Semi-Annual Report  3

and economic factors also drove financial markets, as all eyes were focused on the stand-off between the ECB and Greece, geopolitical developments in Russia and the Middle East, and fluctuating oil prices. Adding to that list was the ECB quantitative easing program, which was announced on January 22 and which further drove down yields for euro zone bonds.

Interest rates began to thaw in April along with the weather in the northern hemisphere, and yield curves in many countries exhibited a steepening bias which continued throughout the second quarter. Slightly disappointing US economic data early in the second quarter, which was weather-induced, gave way to stronger employment figures, housing prices, and manufacturing and consumer confidence data later in the period, increasing the odds that the Fed will begin lifting rates in September. Inflationary concerns began to surface as evidenced by stronger gains in the Employment Cost Index, which rose at a 2.8% annualized pace. Base effects and slightly higher energy prices may also boost inflation in the United States, Europe, and other parts of the world, which justified the steepening of yield curves in the second quarter. However, we do not currently expect inflation to increase aggressively but rather tick higher from low levels over the past year.

After a choppy six months, the US 10-year Treasury note ended the second quarter with a yield of 2.35% (having begun the year only modestly lower at 2.18%). Euro zone bonds proved to no longer be a “one-way street” supported by the ECB’s bond repurchases, as in late April investors began to back away from many bonds in the region which had very low or negative yields. The yield on the 10-year German bund reached an all-time low of 0.07% on April 20, moved close to 1.00% by mid-June, and closed the second quarter at 0.76%.

Credit sector performance was mixed at the start of the year, with spreads widening for certain lower quality country- and company-specific issues tied to energy and commodity production. This spread widening reversed for most of the second quarter, with riskier parts of the market generally outperform-

ing higher quality bonds. In June, however, position adjustments and risk aversion related to Greece caused credit spreads to widen by varying amounts depending on the sector and security. Nevertheless, the “carry” that credit provides created a buffer for the recent rates volatility, which fueled its continued outperformance versus government bonds.

Currency markets were volatile during the second quarter, as investors appeared to either reassess or rebalance their overweight positions to the US dollar from earlier in the year. Overstretched technical factors, oil price stabilization, and a slightly more dovish US Federal Reserve early in the second quarter were catalysts for some reversion to the mean that resulted in a weaker dollar. Counterintuitively, the euro strengthened 3.9% against the US dollar during this time (partially reversing its first-quarter weakness), despite investor angst over Greece’s debt negotiations. Several other currencies strengthened between 2% and 6% against the dollar while a few others—mostly emerging markets currencies—weakened between 1% and 3%. We believe recent currency movements provide a healthy market rebalancing, and technical factors are now more neutral. Looking ahead, the timing and sequence of interest rate moves combined with economic growth differentials should drive currency valuations. Even though inflection points in interest rate and economic cycles can result in choppy trading patterns, we are focused on opportunistic as well as defensive positioning in order to pursue returns while also managing risk.

The action-packed second quarter has created more uncertainty for investors. Greece’s debt situation took a turn for the worse as it reneged on its debt payment due to the International Monetary Fund (IMF) on June 30 and called a referendum for July 5. Capital controls are newly in place and ATMs are for the most part out of cash, contributing to the local economy’s implosion. Greece requires massive debt relief and its financing needs for the year ahead total almost €30 million, according to IMF estimates. Countries such as Spain and Ireland have been improving in terms of economic performance and outlook in contrast to the deterioration in Greece thus far this year.

4  Semi-Annual Report

Stepping away from Greece, there has been significant progress on finalizing the Trans-Pacific Partnership (TPP), a path-breaking free trade agreement between the United States and twelve Pacific Rim countries that represent nearly 40% of global GDP. A deal could be struck by the end of the year, although many hurdles remain. The big winners in this trade pact are Vietnam, Malaysia, and Japan. TPP’s success is also likely to spur other trade deals, including an Asia-wide free trade agreement.

Emerging markets divergence between the winners and losers is widening. Fundamental challenges in Turkey, Brazil, and South Africa appear likely to persist. Turkey’s June election and concerns over its balance of payments could partially explain the pressure on the lira, which was one of the worst-performing currencies in the first half—it traded off by 13% against the dollar. Brazil’s growth contracted in the first quarter, and inflation pressures have been exacerbated by the weak real, which lost almost 15% versus the dollar in the first half. On a positive note, some eastern European countries, including Hungary, the Czech Republic, and Poland, are benefiting from monetary stimulus, structural reforms, and economic and business ties to Germany. We are also pleased with the economic dynamics in countries such as Chile and the Philippines, and maintain modest positions in both countries. In China, at this time, we favor offshore renminbi bonds issued by foreign corporations and supranationals, but are not very keen on onshore credits.

With the Greek crisis underway and geopolitical risks and other idiosyncratic events continuously unfolding, bond investments are important in “flight to quality” situations as they play an important part in asset allocation, providing balance and potentially helping to counteract price movements from other, riskier, areas in a portfolio.

Lazard US Corporate Income Portfolio

For the six months ended June 30, 2015, the Lazard US Corporate Income Portfolio’s Institutional Shares posted a total return of 2.49%, while Open Shares posted a total return of 2.34%, as compared with the 2.74% return for the Cash Pay Index.

The Portfolio modestly underperformed the Cash Pay Index over the first six months of 2015 due to its underweight position in both B rated securities and the energy sector. The energy sector, which at 14% represents the largest industry concentration of the index, returned 5.4% while the B rated sector returned 3.2%. Performance was helped by an underweight position in the basic industry and telecommunications sectors and an overweight position in the leisure sector. To a lesser extent, overweight positions in the technology & electronics and an underweight position in the automotive sector also aided performance. As mentioned above, performance was hurt by an underweight exposure to the energy sector. The healthcare sector was also underweight, which dampened performance. To a lesser extent, overweight positions in the services and consumer goods sectors as well as an underweight position in the utility sector detracted from performance. Throughout the market volatility of the past several years, we have maintained our credit discipline. As of June 30, 2015, approximately 73% of the holdings by market value were rated BB- or better by Standard & Poor’s and 87% were rated B+ or better. The Portfolio’s effective duration is approximately 4.3 years as compared to the Cash Pay Index duration of 4.7 years. The Portfolio is shorter in maturity by design to protect against rising interest rates.

Lazard US Short Duration Fixed Income Portfolio

For the six months ended June 30, 2015, the Lazard US Short Duration Fixed Income Portfolio’s Institutional Shares posted a total return of 0.28%, while Open Shares posted a total return of 0.03%, as compared with the 0.67% for the BofA Merrill Lynch 1-3 Year US Treasury^® Index.

The Portfolio lagged the BofA Merrill Lynch 1-3 Year Treasury Index for the period. Performance was helped by the outperformance of US financials and US consumer asset-backed securities. In contrast, 2-3 year US Treasury outperformance detracted from returns for the period, and was the main driver of the Portfolio’s underperformance.

Currently, our duration positioning is shorter based on valuations. We believe that accommodative Fed policy warrants continued bias toward curve steepening. We

Semi-Annual Report  5

are currently overweight US municipals and US corporates, and are significantly underweight in US Treasury and Agency debt. We continue to find opportunities to capture excess yield premiums relative to convexity in the pricing of specific mortgage-backed securities and municipal securities.

Lazard Global Fixed Income Portfolio

For the six months ended June 30, 2015, the Lazard Global Fixed Income Portfolio’s Institutional Shares posted a total return of -2.63%, while Open Shares posted a total return of -2.67%, as compared with the -3.08% return for the Barclays Capital Global Aggregate Bond^® Index.

The Portfolio’s performance was helped by country allocations, namely through overweight exposures to

Canada, Mexico, Australia, and New Zealand. The Portfolio’s defensive duration and yield curve positioning in the United States and the euro zone added value, notably through a combination of underweight positions, government bond sector exposure, and long maturity bonds. Tactical currency exposure to the Swiss franc and an underweight exposure to the euro (in favor of the US dollar) also helped performance. Conversely, the Portfolio’s overweight exposure to the Norwegian bond and currency markets detracted from performance during the reporting period.

The portfolio management team utilizes forward currency contracts, both opportunistically and defensively, for hedging purposes. During the first half of 2015, the use of forward currency contracts did not have a material impact on the Portfolio.

Notes to Investment Overviews:

All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of a Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or Boston Financial Data Services, Inc., the Fund’s transfer and dividend disbursing agent (“BFDS”); without such waiver/reimbursement of expenses, such Portfolio’s returns would have been lower. Past performance is not indicative, or a guarantee, of future results. A period of less than one year is not annualized.

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, 2015; 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 a 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 a 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 any 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.

6  Semi-Annual Report

The Lazard Funds, Inc. Performance Overviews (unaudited)

Lazard US Corporate Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Corporate Income Portfolio and Cash Pay Index*

Average Annual Total Returns*

Periods Ended June 30, 2015

	One			Five			Ten
	Year			Years			Years
Institutional Shares**		1.86	%		7.45	%	6.41%
Open Shares**		1.37	%		7.08	%	6.10%
Cash Pay Index		0.93	%		8.35	%	6.64%

*	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 U.S. 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 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 Cash Pay Index is the BofA Merrill Lynch BB-B US Cash Pay Non-Distressed High Yield® Index which is constructed to mirror the BB-B Non Distressed sector of the public high yield corporate debt market and is a subset of the BofA Merrill Lynch High Yield Cash Pay® Index. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  7

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 and BofA Merrill Lynch 1-3 Year US Treasury^® Index*

 

Average Annual Total Returns*

Periods Ended June 30, 2015

	One			Since
	Year			Inception	†
Institutional Shares**		0.39	%	1.45%
Open Shares**		-0.01	%	1.17%
BofA Merrill Lynch 1-3 Year US Treasury Index		0.88	%	0.82%

*	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 U.S. 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 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 BofA Merrill Lynch 1-3 Year US 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 index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was February 28, 2011.

8  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, 2015

	One			Since
	Year			Inception	†
Institutional Shares**		-6.97	%	-1.09%
Open Shares**		-7.14	%	-1.34%
Barclays Capital Global Aggregate Bond Index		-7.09	%	-0.56%

*	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. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, 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  9

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, 2015 through June 30, 2015 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 shareholder reports of other mutual 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.

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Portfolio	Beginning Account Value 1/1/15		Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15 - 6/30/15		Annualized Expense Ratio During Period 1/1/15 - 6/30/15
US Corporate Income
Institutional Shares
Actual	$	1,000.00	$	1,024.90		$2.76		0.55	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.07		$2.76		0.55	%
Open Shares
Actual	$	1,000.00	$	1,023.40		$4.26		0.85	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.58		$4.26		0.85	%
US Short Duration Fixed Income
Institutional Shares
Actual	$	1,000.00	$	1,002.80		$1.99		0.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.81		$2.01		0.40	%
Open Shares
Actual	$	1,000.00	$	1,000.30		$3.47		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.32		$3.51		0.70	%
Global Fixed Income
Institutional Shares
Actual	$	1,000.00	$	973.70		$3.77		0.77	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.98		$3.86		0.77	%
Open Shares
Actual	$	1,000.00	$	973.30		$5.24		1.07	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.49		$5.36		1.07	%

* 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).

Semi-Annual Report  11

The Lazard Funds, Inc. Portfolio Holdings Presented by Credit Rating June 30, 2015 (unaudited)

S&P Credit Rating*	Lazard US Corporate Income Portfolio			Lazard US Short Duration Fixed Income Portfolio			Lazard Global Fixed Income Portfolio
AAA		—	%		3.9	%		11.9	%
AA+		—			53.6			7.0
AA		—			—			1.9
AA-		—			0.5			7.6
A+		—			6.2			8.6
A		—			1.9			10.7
A-		—			13.9			6.0
BBB+		—			—			4.5
BBB		1.7			12.8			9.8
BBB-		4.7			2.0			3.1
BB+		13.7			—			3.3
BB		25.1			—			0.6
BB-		24.0			—			1.8
B+		13.7			—			—
B		6.7			—			—
B-		5.3			—			—
NR		—			—			1.6
NA		0.7			2.4			17.3
Short-Term Investments		4.4			2.8			4.3
Total Investments		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

12  Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments June 30, 2015 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard US Corporate Income Portfolio
Corporate Bonds | 95.0%
Aerospace & Defense | 1.8%
Bombardier, Inc., 7.750%, 03/15/20 (a)		$1,600	$	1,608,800
KLX, Inc., 5.875%, 12/01/22 (a)		1,400		1,413,846
Triumph Group, Inc., 4.875%, 04/01/21		1,400		1,372,000
				4,394,646
Automotive | 2.2%
FCA US LLC, 8.250%, 06/15/21		1,400		1,526,000
Schaeffler Finance BV, 4.750%, 05/15/21 (a)		1,850		1,859,250
The Goodyear Tire & Rubber Co., 8.250%, 08/15/20		1,775		1,855,762
				5,241,012
Building Materials | 2.3%
HD Supply, Inc., 5.250%, 12/15/21 (a)		1,500		1,520,625
Masco Corp., 6.125%, 10/03/16		1,500		1,578,750
USG Corp., 9.750%, 01/15/18		675		767,812
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,616,000
				5,483,187
Cable Television | 5.7%
Cable One, Inc., 5.750%, 06/15/22 (a)		1,750		1,771,875
Cablevision Systems Corp., 7.750%, 04/15/18		1,500		1,620,000
CCO Holdings LLC, 5.250%, 03/15/21		1,950		1,945,125
Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (a)		1,800		1,787,850
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,618,000
Mediacom Broadband LLC, 5.500%, 04/15/21		1,500		1,462,500
Videotron, Ltd., 5.000%, 07/15/22		1,808		1,803,480

	Principal
	Amount
Description	(000)		Value
Virgin Media Secured Finance PLC, 5.375%, 04/15/21 (a)		$1,629	$	1,678,888
				13,687,718
Chemicals | 3.5%
Chemtura Corp., 5.750%, 07/15/21		1,400		1,421,000
Eagle Spinco, Inc., 4.625%, 02/15/21		1,400		1,358,000
Huntsman International LLC, 4.875%, 11/15/20		1,600		1,596,000
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		964,082
Tronox Finance LLC, 6.375%, 08/15/20		1,400		1,298,500
WR Grace & Co-Conn, 5.125%, 10/01/21 (a)		1,700		1,712,750
				8,350,332
Communications Equipment | 1.3%
Belden, Inc., 5.500%, 09/01/22 (a)		1,750		1,736,875
CommScope, Inc., 5.000%, 06/15/21 (a)		1,500		1,468,125
				3,205,000
Computer Services | 3.0%
Activision Blizzard, Inc., 5.625%, 09/15/21 (a)		1,400		1,466,500
First Data Corp.:
8.875%, 08/15/20 (a)		850		893,562
6.750%, 11/01/20 (a)		260		274,789
iGATE Corp., 4.750%, 04/15/19		1,500		1,554,375
Nuance Communications, Inc., 5.375%, 08/15/20 (a)		1,373		1,379,865
VeriSign, Inc., 4.625%, 05/01/23		1,800		1,723,500
				7,292,591
Consumer Products | 0.6%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (a)		1,500		1,402,500
Diversified | 1.3%
Amsted Industries, Inc., 5.000%, 03/15/22 (a)		1,700		1,697,875
Griffon Corp., 5.250%, 03/01/22		1,400		1,393,000
				3,090,875

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

Semi-Annual Report  13

	Principal
	Amount
Description	(000)		Value
Lazard US Corporate Income Portfolio (continued)
Electric Generation | 1.4%
AES Corp., 7.375%, 07/01/21		$1,095	$	1,201,763
Calpine Corp., 6.000%, 01/15/22 (a)		1,500		1,586,250
TerraForm Power Operating LLC, 5.875%, 02/01/23 (a)		462		468,930
				3,256,943
Electronics | 0.6%
Amkor Technologies, Inc., 6.625%, 06/01/21		1,400		1,421,000
Energy Exploration & Production | 5.3%
Antero Resources Corp., 5.125%, 12/01/22		1,850		1,748,250
California Resources Corp., 5.500%, 09/15/21		1,500		1,299,375
Chesapeake Energy Corp., 5.375%, 06/15/21		1,450		1,312,250
Denbury Resources, Inc., 5.500%, 05/01/22		1,400		1,249,500
EP Energy LLC, 9.375%, 05/01/20		1,600		1,714,000
Linn Energy LLC, 6.500%, 05/15/19		425		343,187
Range Resources Corp., 5.000%, 08/15/22		1,700		1,666,000
Whiting Petroleum Corp., 5.750%, 03/15/21		1,750		1,722,000
WPX Energy, Inc., 6.000%, 01/15/22		1,700		1,678,750
				12,733,312
Energy Services | 1.2%
Cie Generale de Geophysique-Veritas SA, 7.750%, 05/15/17		596		78,120
Hornbeck Offshore Services, Inc., 5.000%, 03/01/21		1,600		1,376,000
PBF Holding Co. LLC, 8.250%, 02/15/20		900		950,850
				2,904,970
Environmental | 1.0%
Clean Harbors, Inc., 5.250%, 08/01/20		1,750		1,776,250
Darling Ingredients, Inc., 5.375%, 01/15/22		850		850,000
				2,626,250

	Principal
	Amount
Description	(000)		Value
Financial Services | 1.9%
Aircastle, Ltd., 5.125%, 03/15/21		$1,500	$	1,515,000
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,548,750
International Lease Finance Corp.:
8.625%, 09/15/15		500		506,250
5.750%, 05/15/16		500		512,500
8.750%, 03/15/17		500		547,055
				4,629,555
Food & Beverages | 3.1%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,477,500
Constellation Brands, Inc.,  7.250%, 05/15/17		950		1,035,524
HJ Heinz Co., 4.250%, 10/15/20		1,600		1,634,000
Post Holdings, Inc., 7.375%, 02/15/22		1,650		1,678,875
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,511,250
				7,337,149
Forest & Paper Products | 1.4%
Cascades, Inc., 5.500%, 07/15/22 (a)		1,500		1,451,250
Smurfit Kappa Acquisitions, 4.875%, 09/15/18 (a)		1,050		1,099,875
Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25		750		922,500
				3,473,625
Gaming | 3.6%
GLP Capital LP, 4.875%, 11/01/20		1,500		1,526,250
International Game Technology PLC:
5.625%, 02/15/20 (a)		250		244,375
6.250%, 02/15/22 (a)		1,450		1,384,750
MGM Resorts International, 6.625%, 12/15/21		1,000		1,045,000
Pinnacle Entertainment, Inc., 6.375%, 08/01/21		1,250		1,326,563
Scientific Games Corp., 8.125%, 09/15/18		350		330,750
Scientific Games International, Inc., 6.250%, 09/01/20		750		583,125
Wynn Las Vegas LLC, 5.375%, 03/15/22		2,007		2,044,631
				8,485,444

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

14  Semi-Annual Report

	Principal
	Amount
Description	(000)		Value
Lazard US Corporate Income Portfolio (continued)
Gas Distribution | 5.8%
AmeriGas Finance LLC, 6.750%, 05/20/20		$1,525	$	1,605,063
Energy Transfer Equity LP, 7.500%, 10/15/20		1,250		1,409,375
Ferrellgas LP, 6.500%, 05/01/21		500		498,750
Ferrellgas Partners LP, 8.625%, 06/15/20		520		538,200
Kinder Morgan, Inc.:
7.000%, 06/15/17		650		706,749
5.000%, 02/15/21 (a)		1,275		1,341,742
Regency Energy Partners LP, 5.750%, 09/01/20		1,300		1,414,309
Rockies Express Pipeline LLC, 6.850%, 07/15/18 (a)		1,450		1,546,063
Suburban Propane Partners LP, 7.375%, 08/01/21		1,531		1,634,342
Sunoco LP, 6.375%, 04/01/23 (a)		1,700		1,768,000
Tesoro Logistics LP, 6.125%, 10/15/21		1,383		1,441,778
				13,904,371
Health Services | 4.9%
Community Health Systems, Inc., 8.000%, 11/15/19		1,400		1,475,250
Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 (a)		1,097		1,187,502
Fresenius US Finance II, Inc., 9.000%, 07/15/15 (a)		525		525,840
Grifols Worldwide Operations, Ltd., 5.250%, 04/01/22		1,475		1,478,687
HCA, Inc., 6.500%, 02/15/20		1,600		1,788,000
HealthSouth Corp., 5.125%, 03/15/23		1,801		1,789,744
LifePoint Health, Inc., 5.500%, 12/01/21		1,400		1,445,500
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		710,938
4.375%, 10/01/21		1,250		1,221,875
				11,623,336

	Principal
	Amount
Description	(000)		Value
Leisure & Entertainment | 3.5%
ACCO Brands Corp., 6.750%, 04/30/20		$1,750	$	1,841,875
Cedar Fair LP, 5.250%, 03/15/21		1,800		1,849,500
Regal Entertainment Group, 5.750%, 03/15/22		1,450		1,466,240
RHP Hotel Properties LP, 5.000%, 04/15/23 (a)		1,775		1,739,500
Six Flags Entertainment Corp., 5.250%, 01/15/21 (a)		1,400		1,428,000
				8,325,115
Machinery | 1.2%
Terex Corp., 6.500%, 04/01/20		1,600		1,676,000
The Manitowoc Co., Inc., 8.500%, 11/01/20		1,000		1,056,250
				2,732,250
Media | 7.4%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,500,000
Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,750		1,822,187
Lamar Media Corp., 5.875%, 02/01/22		1,685		1,743,975
Netflix, Inc., 5.375%, 02/01/21		1,450		1,504,375
Nielsen Finance LLC, 5.000%, 04/15/22 (a)		1,800		1,768,500
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,518,750
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,900		1,914,250
Sirius XM Radio, Inc., 5.750%, 08/01/21 (a)		1,500		1,541,250
Starz LLC, 5.000%, 09/15/19		725		734,063
Tribune Media Co., 5.875%, 07/15/22 (a)		1,800		1,813,500
WMG Acquisition Corp., 6.000%, 01/15/21 (a)		1,620		1,656,450
				17,517,300
Metals & Mining | 0.4%
First Quantum Minerals, Ltd., 6.750%, 02/15/20 (a)		862		833,985

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

Semi-Annual Report  15

	Principal
	Amount
Description	(000)		Value
Lazard US Corporate Income Portfolio (continued)
Packaging | 2.7%
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (a)		$1,592	$	1,572,100
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,500		1,537,500
Sealed Air Corp., 4.875%, 12/01/22 (a)		1,700		1,674,500
Silgan Holdings, Inc., 5.000%, 04/01/20		1,475		1,515,563
				6,299,663
Pharmaceutical & Biotechnology | 2.4%
Endo Finance LLC, 5.750%, 01/15/22 (a)		1,600		1,620,000
Mallinckrodt International Finance SA, 5.750%, 08/01/22 (a)		1,700		1,734,000
Mylan, Inc., 7.875%, 07/15/20 (a)		650		677,118
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (a)		1,500		1,579,687
				5,610,805
Printing & Publishing | 2.2%
R.R. Donnelley & Sons Co., 7.250%, 05/15/18		1,016		1,130,300
TEGNA, Inc., 7.125%, 09/01/18		1,676		1,717,900
The McClatchy Co., 9.000%, 12/15/22		1,100		1,047,750
Time, Inc., 5.750%, 04/15/22 (a)		1,425		1,378,687
				5,274,637
Real Estate | 0.6%
DuPont Fabros Technology LP, 5.875%, 09/15/21		1,400		1,417,500
Restaurants | 0.7%
1011778 BC ULC, 4.625%, 01/15/22 (a)		1,800		1,773,000
Retail | 2.8%
Argos Merger Sub, Inc., 7.125%, 03/15/23 (a)		1,600		1,676,000
Family Tree Escrow LLC:
5.250%, 03/01/20 (a)		75		78,469
5.750%, 03/01/23 (a)		1,750		1,828,750

	Principal
	Amount
Description	(000		Value
Group 1 Automotive, Inc., 5.000%, 06/01/22		$1,412	$	1,404,940
Ingles Markets, Inc., 5.750%, 06/15/23		1,750		1,778,525
				6,766,684
Steel-Producers | 2.1%
ArcelorMittal, 6.250%, 03/01/21		1,400		1,466,500
Steel Dynamics, Inc., 6.125%, 08/15/19		1,800		1,894,500
United States Steel Corp., 6.050%, 06/01/17		1,475		1,534,000
				4,895,000
Support Services | 6.1%
Algeco Scotsman Global Finance PLC, 8.500%, 10/15/18 (a)		1,250		1,206,250
Audatex North America, Inc., 6.000%, 06/15/21 (a)		1,400		1,438,500
Avis Budget Car Finance, Inc., 5.125%, 06/01/22 (a)		1,600		1,560,000
DigitalGlobe, Inc., 5.250%, 02/01/21 (a)		1,750		1,712,812
IHS, Inc., 5.000%, 11/01/22 (a)		1,750		1,739,062
Iron Mountain, Inc., 6.000%, 08/15/23		1,700		1,780,750
The ADT Corp., 6.250%, 10/15/21		1,400		1,470,000
United Rentals North America, Inc.:
7.375%, 05/15/20		750		800,243
4.625%, 07/15/23		1,100		1,078,660
West Corp., 5.375%, 07/15/22 (a)		1,750		1,636,250
				14,422,527
Technology Hardware | 2.0%
Denali Borrower Finance Corp., 5.625%, 10/15/20 (a)		1,400		1,471,750
NCR Corp., 4.625%, 02/15/21		1,568		1,571,920
Plantronics, Inc., 5.500%, 05/31/23 (a)		1,750		1,771,875
				4,815,545
Telecommunications | 7.7%
CenturyLink, Inc., 5.625%, 04/01/20		1,800		1,833,750

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

16  Semi-Annual Report

	Principal
	Amount
Description	(000)		Value
Lazard US Corporate Income Portfolio (concluded)
Communications Sales & Leasing, Inc., 6.000%, 04/15/23 (a)		$1,700	$	1,662,617
Crown Castle International Corp., 4.875%, 04/15/22		1,500		1,515,000
Equinix, Inc., 4.875%, 04/01/20		1,872		1,890,720
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,625,625
Inmarsat Finance PLC, 4.875%, 05/15/22 (a)		1,750		1,688,750
Intelsat Jackson Holdings SA, 7.250%, 04/01/19		1,300		1,319,500
Level 3 Financing, Inc., 5.125%, 05/01/23 (a)		1,800		1,769,616
SBA Telecommunications, Inc., 5.750%, 07/15/20		1,500		1,556,250
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,504,500
T-Mobile USA, Inc., 6.250%, 04/01/21		1,850		1,896,250
				18,262,578
Transportation | 1.3%
Hapag-Lloyd AG, 9.750%, 10/15/17 (a)		1,075		1,091,125
Teekay Corp., 8.500%, 01/15/20		1,725		1,919,063
				3,010,188
Total Corporate Bonds
(Identified cost $226,215,259)				226,500,593

Description	Shares		Value
Short-Term Investment | 4.4%
State Street Institutional Treasury Money Market Fund (Identified cost $10,543,999)		10,543,999	$	10,543,999
Total Investments | 99.4%
(Identified cost $236,759,258) (b)			$	237,044,592
Cash and Other Assets in Excess of Liabilities | 0.6%				1,374,112
Net Assets | 100.0%			$	238,418,704

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

Semi-Annual Report  17

	Principal
	Amount
Description	(000)		Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities | 6.2%
Automotive | 3.8%
GM Financial Automobile Leasing Trust:
1.530%, 09/20/18		$1,460	$	1,463,097
1.680%, 12/20/18		1,625		1,628,323
GMF Floorplan Owner Revolving Trust, 1.650%, 05/15/20 (a)		1,200		1,199,249
				4,290,669
Financial Services | 2.4%
Citibank Credit Card Issuance Trust, 5.650%, 09/20/19		2,550		2,789,863
Total Asset-Backed Securities (Identified cost $7,087,830)				7,080,532
Corporate Bonds | 31.8%
Banking | 5.2%
Bank of America Corp.:
3.700%, 09/01/15		2,310		2,319,570
1.500%, 10/09/15		825		826,893
3.625%, 03/17/16		700		712,911
Wells Fargo & Co., 1.500%, 07/01/15		2,075		2,075,000
				5,934,374
Cable Television | 4.2%
DIRECTV Holdings LLC, 3.500%, 03/01/16		2,700		2,741,923
Time Warner Cable, Inc., 5.850%, 05/01/17		1,835		1,959,270
				4,701,193
Energy Exploration & Production | 3.9%
Anadarko Petroleum Corp., 6.375%, 09/15/17		2,025		2,221,652
Marathon Oil Corp., 6.000%, 10/01/17		1,959		2,141,063
				4,362,715
Energy Services | 2.4%
ONEOK Partners LP:
3.250%, 02/01/16		1,344		1,356,631
2.000%, 10/01/17		1,300		1,302,517
				2,659,148

	Principal
	Amount
Description	(000)		Value
Financial Services | 16.1%
Citigroup, Inc.:
2.250%, 08/07/15		$1,600	$	1,602,293
4.587%, 12/15/15		625		635,609
3.953%, 06/15/16		1,090		1,118,991
Ford Motor Credit Co. LLC, 8.000%, 12/15/16		2,030		2,211,259
JPMorgan Chase & Co.:
1.100%, 10/15/15		975		975,883
2.600%, 01/15/16		400		403,157
Morgan Stanley:
5.375%, 10/15/15		1,100		1,114,666
3.800%, 04/29/16		2,925		2,989,204
The Bear Stearns Cos., LLC, 5.300%, 10/30/15		225		228,218
The Goldman Sachs Group, Inc.:
3.700%, 08/01/15		1,760		1,763,728
1.600%, 11/23/15		50		50,172
3.625%, 02/07/16		2,475		2,513,989
The Western Union Co., 5.930%, 10/01/16		2,526		2,651,845
				18,259,014
Total Corporate Bonds (Identified cost $35,955,173)				35,916,444
Municipal Bonds | 6.1%
California | 1.6%
California State Taxable Various Purpose:
1.050%, 02/01/16		1,175		1,178,443
5.500%, 03/01/16		575		593,469
				1,771,912
Illinois | 0.5%
Railsplitter Illinois Tobacco Settlement Authority, 4.125%, 06/01/16		500		514,280
Kentucky | 2.8%
Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18		3,053		3,141,690
Massachusetts | 0.4%
Massachusetts State School Building Authority Sales Tax Revenue Series A, 5.000%, 08/15/17 (Pre-Refunded to 08/15/15 @ $100) (c)		500		502,675

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

18  Semi-Annual Report

	Principal
	Amount
Description	(000)		Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Michigan | 0.4%
Michigan State Hospital Finance Authority Series A Trinity Health, 5.250%, 12/01/15		$    500	$	509,870
Virginia | 0.4%
Richmond VA Public Improvement Series A, 5.000%, 07/15/17 (Pre-Refunded to 07/15/15 @ $100) (c)		500		500,610
Total Municipal Bonds (Identified cost $6,935,204)				6,941,037
US Government Securities | 39.3%
Mortgage-Backed Securities | 39.3%
Federal Home Loan Mortgage Corp.:
Pool# 1B4676, 2.532%, 05/01/40		838		890,799
Pool# 1B8709, 2.101%, 08/01/34		2,220		2,344,328
Pool# 1H2577, 2.417%, 09/01/35		1,373		1,465,909
Pool# 848138, 2.463%, 07/01/38		1,119		1,196,560
Pool# 848514, 2.548%, 03/01/32		2,308		2,470,422
Pool# 848517, 2.406%, 12/01/34		1,696		1,809,796
Pool# 849414, 2.431%, 07/01/35		2,215		2,362,783
Pool# G11720, 4.500%, 08/01/20		388		406,155
Pool# G13867, 5.000%, 06/01/25		535		581,775
Series 2628, Class QN, 3.750%, 06/15/32		1,085		1,123,024
Series 2976, Class LF, 0.526%, 05/15/35		1,500		1,505,817
Series 3153, Class FJ, 0.566%, 05/15/36		951		955,471
Series 3725, Class A, 3.500%, 09/15/24		352		364,073
Federal National Mortgage Association:
Pool# 725296, 2.189%, 03/01/34		986		1,052,379
Pool# 725429, 5.000%, 05/01/19		546		579,782
Pool# 889735, 5.500%, 07/01/23		507		559,057
Pool# 889828, 5.000%, 10/01/19		374		398,118
Pool# 963058, 2.529%, 05/01/38		801		860,254
Pool# 995609, 2.374%, 04/01/35		1,126		1,204,058
Pool# AD0278, 4.250%, 09/01/39		308		330,358
Pool# AD0701, 2.180%, 02/01/37		1,320		1,398,254
Pool# AE0149, 2.366%, 12/01/36		1,140		1,216,855
Pool# AE0315, 4.500%, 02/01/21		137		142,894
Pool# AE0887, 2.687%, 09/01/40		486		518,566
Pool# AL0345, 2.401%, 11/01/35		1,071		1,139,182
Pool# AL3232, 2.357%, 02/01/40		503		532,446

	Principal
	Amount
Description	(000)		Value
Pool# AL3260, 2.247%, 07/01/38		$     683	$	725,068
Pool# AL3739, 2.363%, 07/01/38		384		409,812
Pool# AL3746, 2.362%, 01/01/37		1,285		1,369,691
Pool# AL3941, 6.000%, 03/01/24		720		783,618
Pool# AL4118, 2.286%, 05/01/35		823		875,841
Pool# AL4545, 2.365%, 05/01/39		1,099		1,169,991
Pool# AL4660, 2.532%, 11/01/41		1,100		1,175,029
Pool# AL5574, 2.361%, 12/01/40		1,675		1,784,031
Pool# AL5642, 2.399%, 05/01/39		2,326		2,478,070
Series 2005-45, Class XA, 0.527%, 06/25/35		1,693		1,694,289
Series 2006-101, Class FA, 0.607%, 10/25/36		1,931		1,944,352
Series 2007-85, Class FL, 0.727%, 09/25/37		879		888,285
Series 2009-70, Class NL, 3.000%, 08/25/19		1,681		1,724,220
Total US Government Securities (Identified cost $44,258,011)				44,431,412
US Treasury Securities | 13.0%
US Treasury Notes:
2.125%, 12/31/15		3,440		3,472,787
0.500%, 06/30/16		11,240		11,256,680
Total US Treasury Securities
(Identified cost $14,732,697)				14,729,467
Description	Shares		Value
Short-Term Investment | 2.8%
State Street Institutional Treasury Money Market Fund (Identified cost $3,116,642)		3,116,642	$	3,116,642
Total Investments | 99.2% (Identified cost $112,085,557) (b)			$	112,215,534
Cash and Other Assets in Excess of Liabilities | 0.8%				863,404
Net Assets | 100.0%			$	113,078,938

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

Semi-Annual Report  19

			Principal
	Security		Amount
Description	Currency		(000)		Value
Lazard Global Fixed Income Portfolio
Corporate Bonds | 32.4%
Australia | 1.8%
Telstra Corp., Ltd., 4.000%, 11/15/17		AUD		110	$	87,095
Toyota Finance Australia, Ltd., 4.250%, 05/15/19		AUD		35		28,066
						115,161
Canada | 5.4%
Shaw Communications, Inc., 5.650%, 10/01/19		CAD		80		72,964
Suncor Energy, Inc., 6.100%, 06/01/18		USD		50		55,678
The Bank of Nova Scotia, 2.125%, 09/11/19		USD		100		100,557
The Toronto-Dominion Bank:
1.824%, 04/03/17		CAD		80		64,647
2.250%, 11/05/19		USD		45		45,145
						338,991
Chile | 1.7%
Codelco, Inc., 3.750%, 11/04/20		USD		100		103,567
France | 1.1%
Orange SA, 5.375%, 07/08/19		USD		60		66,585
Italy | 1.1%
Atlantia SpA, 4.375%, 09/16/25		EUR		50		68,479
Luxembourg | 0.6%
ArcelorMittal SA, 5.250%, 02/25/17		USD		35		36,356
Netherlands | 2.6%
Volkswagen International Finance NV, 2.150%, 05/23/16		CNY		1,000		159,096
Norway | 0.8%
Statoil ASA, 3.700%, 03/01/24		USD		50		51,620

			Principal
	Security		Amount
Description	Currency		(000)		Value
United Kingdom | 3.7%
GKN Holdings PLC, 6.750%, 10/28/19		GBP		30	$	54,513
Rolls-Royce PLC, 6.750%, 04/30/19		GBP		50		92,558
SSE PLC, 5.000%, 10/01/18		GBP		50		85,819
						232,890
United States | 13.6%
Apple, Inc., 3.850%, 05/04/43		USD		55		49,868
Constellation Brands, Inc., 7.250%, 05/15/17		USD		50		54,501
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20		USD		30		30,112
Fresenius US Finance II, Inc., 9.000%, 07/15/15		USD		20		20,032
General Electric Capital Corp., 5.500%, 02/01/17		NZD		90		62,815
HCA, Inc., 6.500%, 02/15/20		USD		40		44,700
John Deere Capital Corp., 2.300%, 09/16/19		USD		30		30,172
Marathon Petroleum Corp., 3.625%, 09/15/24		USD		35		34,366
Nestle Holdings, Inc.:
2.500%, 07/10/17		NOK		250		32,579
2.750%, 04/15/20		NOK		340		45,344
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19		NZD		95		66,477
3.625%, 01/22/23		USD		55		54,585
The Home Depot, Inc., 2.625%, 06/01/22		USD		65		63,946
Union Pacific Corp., 4.163%, 07/15/22		USD		60		64,364
United Rentals North America, Inc., 4.625%, 07/15/23		USD		35		34,321
Valero Energy Corp., 6.125%, 02/01/20		USD		55		62,767
Verizon Communications, Inc., 1.350%, 06/09/17		USD		50		49,922
Yum! Brands, Inc., 3.750%, 11/01/21		USD		45		45,252
						846,123

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

20  Semi-Annual Report

			Principal
	Security		Amount
Description	Currency		(000)		Value
Lazard Global Fixed Income Portfolio (continued)
Total Corporate Bonds (Identified cost $2,114,781)					$	2,018,868
Foreign Government Obligations | 48.9%
Australia | 2.1%
Queensland Treasury Corp.:
5.500%, 06/21/21		AUD		105		91,993
4.250%, 07/21/23		AUD		50		40,944
						132,937
Bahamas | 0.7%
Commonwealth of Bahamas, 6.950%, 11/20/29		USD		35		41,213
Bermuda | 1.8%
Government of Bermuda, 5.603%, 07/20/20		USD		100		111,000
Canada | 5.0%
Province of Alberta, 4.000%, 12/01/19		CAD		85		75,994
Province of British Columbia, 3.700%, 12/18/20		CAD		80		71,439
Province of Ontario, 2.450%, 06/29/22		USD		60		59,976
Province of Quebec, 3.500%, 07/29/20		USD		95		101,733
						309,142
Chile | 1.0%
Republic of Chile, 5.500%, 08/05/20		CLP		37,500		62,604
Colombia | 2.9%
Republic of Colombia:
12.000%, 10/22/15		COP		178,000		69,668
7.375%, 01/27/17		USD		100		108,800
						178,468
France | 1.9%
Government of France, 2.500%, 05/25/30		EUR		95		117,068
Hungary | 1.0%
Hungary Government Bond, 3.500%, 06/24/20		HUF		16,780		60,743

			Principal
	Security		Amount
Description	Currency		(000)		Value
Ireland | 3.3%
Irish Treasury:
3.400%, 03/18/24		EUR		95	$	122,211
2.400%, 05/15/30		EUR		75		86,530
						208,741
Malaysia | 2.0%
Malaysia Government Bond, 3.394%, 03/15/17		MYR		479		127,531
Mexico | 5.1%
Mexican Bonos, 4.750%, 06/14/18		MXN		3,600		229,975
United Mexican States, 6.750%, 02/06/24		GBP		45		87,499
						317,474
New Zealand | 2.8%
Auckland Council, 4.620%, 03/29/16		NZD		100		68,420
New Zealand Government Bond, 3.000%, 04/15/20		NZD		110		74,276
New Zealand Local Government Funding Agency, 6.000%, 12/15/17		NZD		40		28,870
						171,566
Norway | 2.2%
Oslo Kommune, 3.550%, 02/12/21		NOK		1,000		136,650
Peru | 1.2%
Peru Government International Bond, 5.700%, 08/12/24		PEN		240		71,873
Philippines | 2.2%
Republic of Philippines, 4.950%, 01/15/21		PHP		6,000		139,721
Poland | 4.1%
Poland Government Bond, 2.010%, 01/25/21		PLN		600		157,356
Republic of Poland, 3.000%, 03/17/23		USD		103		101,162
						258,518
Romania | 0.2%
Romanian Government Bond, 3.625%, 04/24/24		EUR		12		14,067

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

Semi-Annual Report  21

			Principal
	Security		Amount
Description	Currency		(000)		Value
Lazard Global Fixed Income Portfolio (continued)
Singapore | 1.6%
Singapore Government Bond, 3.000%, 09/01/24		SGD		129	$	98,700
Spain | 1.5%
Spain Government Bonds:
1.600%, 04/30/25		EUR		60		62,938
1.950%, 07/30/30		EUR		30		29,984
						92,922
Sweden | 1.3%
Svensk Exportkredit AB, 1.875%, 12/21/18		GBP		50		80,071
United Kingdom | 3.2%
United Kingdom Treasury:
1.750%, 07/22/19		GBP		40		63,942
2.250%, 09/07/23		GBP		85		136,681
						200,623
Vietnam | 1.8%
Socialist Republic of Vietnam, 6.750%, 01/29/20		USD		100		110,500
Total Foreign Government Obligations (Identified cost $3,244,418)						3,042,132
Quasi Government Bonds | 2.0%
Canada | 1.6%
Hydro-Quebec, 9.625%, 07/15/22		CAD		85		102,004
Germany | 0.4%
Landeskreditbank Baden-Wuerttemberg Foerderbank, 3.000%, 05/22/17		NOK		160		21,076
Total Quasi Government Bonds (Identified cost $140,557)						123,080

			Principal
	Security		Amount
Description	Currency		(000)		Value
Supranationals | 5.9%
Asian Development Bank, 2.125%, 03/19/25		USD		55	$	53,128
Corporacion Andina de Fomento, 4.375%, 06/15/22		USD		105		113,394
Inter-American Development Bank, 6.000%, 12/15/17		NZD		55		39,651
International Bank for Reconstruction & Development:
2.375%, 09/26/16		CNY		280		44,688
1.375%, 06/23/19		SEK		420		52,650
International Finance Corp., 6.450%, 10/30/18		INR		4,160		64,943
Total Supranationals (Identified cost $387,184)						368,454
US Municipal Bonds | 4.5%
Alaska | 1.4%
Alaska State Qualified School Construction Bond, 5.342%, 08/01/27		USD		75		87,822
Texas | 2.1%
Texas State Build America Bond Series A, 4.123%, 04/01/25		USD		50		54,367
University of Texas Build America Bond Series B, 6.276%, 08/15/41		USD		70		78,715
						133,082
Utah | 1.0%
Utah State Build America Bond Series D, 4.554%, 07/01/24		USD		55		60,936
Total US Municipal Bonds (Identified cost $285,162)						281,840

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

22  Semi-Annual Report

Description	Shares		Value
Lazard Global Fixed Income Portfolio (continued)
Short-Term Investment | 4.2%
State Street Institutional Treasury Money Market Fund (Identified cost $264,219)		264,219	$	264,219

Description	Value
Total Investments | 97.9%
(Identified cost $6,436,321) (b), (d)	$	6,098,593
Cash and Other Assets in Excess of Liabilities | 2.1%		131,551
Net Assets | 100.0%	$	6,230,144

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

Semi-Annual Report  23

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2015:

					US $ Cost			US $
		Expiration	Foreign		on Origination			Current		Unrealized		Unrealized
Currency	Counterparty	Date	Currency Amount		Date			Value		Appreciation		Depreciation
Forward Currency Purchase Contracts
AUD	CAN	08/19/15		1,432		$	1,094	$	1,102	$	8	$	—
AUD	CAN	08/19/15		8,023			6,446		6,174		—		272
CAD	RBC	08/19/15		88,796			71,310		71,049		—		261
CZK	CIT	08/19/15		1,433,533			59,859		58,640		—		1,219
DKK	CIT	08/19/15		99,403			15,151		14,874		—		277
EUR	CIT	08/19/15		13,723			15,358		15,310		—		48
EUR	CIT	08/19/15		27,020			30,237		30,142		—		95
EUR	CIT	08/19/15		989,755			1,127,618		1,104,142		—		23,476
EUR	HSB	08/19/15		114,685			125,000		127,939		2,939		—
EUR	HSB	08/19/15		177,315			202,099		197,807		—		4,292
GBP	CIT	08/19/15		45,701			71,606		71,784		178		—
GBP	CIT	08/19/15		46,125			72,736		72,450		—		286
JPY	CIT	08/19/15		11,670,292			95,100		95,410		310		—
JPY	CIT	08/19/15		71,300,076			598,248		582,911		—		15,337
JPY	HSB	08/19/15		35,739,003			299,739		292,183		—		7,556
KRW	HSB	09/30/15		34,889,150			31,313		31,215		—		98
MXN	HSB	08/19/15		630,974			41,428		40,009		—		1,419
NOK	CIT	08/19/15		274,495			35,232		34,971		—		261
NOK	HSB	08/19/15		777,962			105,370		99,115		—		6,255
SEK	CIT	08/19/15		219,703			26,816		26,528		—		288
SGD	SCB	08/19/15		10,697			8,093		7,936		—		157
Total Forward Currency Purchase Contracts						$	3,039,853	$	2,981,691	$	3,435	$	61,597
Forward Currency Sale Contracts
AUD	CAN	08/19/15		40,260		$	32,400	$	30,981	$	1,419	$	—
AUD	CAN	08/19/15		120,236			96,610		92,527		4,083		—
AUD	CIT	08/19/15		31,183			25,057		23,996		1,061		—
CAD	RBC	08/19/15		19,654			16,181		15,726		455		—
CAD	RBC	08/19/15		123,557			101,723		98,862		2,861		—
CAD	RBC	08/19/15		167,349			137,776		133,901		3,875		—
CLP	JPM	09/02/15		20,839,680			32,400		32,412		—		12
COP	CIT	07/13/15		38,237,157			15,338		14,660		678		—
COP	CIT	07/13/15		73,714,816			30,375		28,262		2,113		—
COP	CIT	07/13/15		80,996,259			33,182		31,054		2,128		—
CZK	CIT	08/19/15		998,593			41,697		40,848		849		—
DKK	CIT	08/19/15		99,403			14,984		14,875		109		—
EUR	CIT	08/19/15		27,584			30,812		30,773		39		—
EUR	CIT	08/19/15		56,701			64,866		63,254		1,612		—
EUR	CIT	08/19/15		60,100			66,982		67,046		—		64
EUR	CIT	08/19/15		125,900			142,072		140,450		1,622		—
EUR	HSB	08/19/15		84,523			95,349		94,292		1,057		—
EUR	HSB	08/19/15		131,173			144,900		146,333		—		1,433
EUR	HSB	08/19/15		156,522			177,700		174,611		3,089		—

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

24  Semi-Annual Report

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at June 30, 2015 (concluded):

						US $ Cost			US $
			Expiration	Foreign		on Origination			Current		Unrealized		Unrealized
Currency	Counterparty		Date	Currency Amount		Date			Value		Appreciation		Depreciation
Forward Currency Sale Contracts (concluded)
GBP		CIT	08/19/15		15,368		$	24,179	$	24,139	$	40		$	—
GBP		HSB	08/19/15		40,596			62,800		63,765		—			965
GBP		HSB	08/19/15		165,135			258,823		259,382		—			559
HUF		JPM	08/19/15		17,552,618			65,216		61,979		3,237			—
JPY		CIT	08/19/15		9,674,742			77,000		79,095		—			2,095
MXN		HSB	08/19/15		2,485,870			163,213		157,624		5,589			—
MXN		JPM	08/19/15		430,805			28,276		27,316		960			—
MYR		JPM	09/02/15		294,115			79,142		77,588		1,554			—
NOK		HSB	08/19/15		2,635,139			356,993		335,724		21,269			—
NZD		BRC	08/19/15		89,801			66,719		60,602		6,117			—
NZD		CAN	08/19/15		311,115			231,220		209,955		21,265			—
NZD		HSB	08/19/15		49,611			36,900		33,480		3,420			—
PHP		HSB	10/19/15		6,167,685			136,348		135,964		384			—
PLN		HSB	08/19/15		546,044			153,806		145,041		8,765			—
SEK		CIT	08/19/15		288,000			34,716		34,775		—			59
SGD		SCB	08/19/15		137,372			103,935		101,922		2,013			—
Total Forward Currency Sale Contracts							$	3,179,690	$	3,083,214		101,663			5,187
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts											$	105,098		$	66,784

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

Semi-Annual Report  25

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2015 (unaudited)

(a) 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, 2015. The percentage of net assets for each Portfolio was as follows:

	Percentage of
Portfolio	Net Assets
US Corporate Income		34.1	%
US Short Duration Fixed Income		1.1

(b) For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

			Aggregate Gross	Aggregate Gross	Net Unrealized
	Aggregate		Unrealized	Unrealized	Appreciation
Portfolio	Cost		Appreciation	Depreciation	(Depreciation)
US Corporate Income	$	236,759,258	$3,786,938	$3,501,604	$285,334
US Short Duration Fixed Income		112,085,557	244,178	114,201	129,977
Global Fixed Income		6,436,321	24,490	362,218	(337,728)

(c)	Security collateralized by an amount sufficient to pay principal and interest.
(d)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Currency Abbreviations: 

AUD	—	Australian Dollar	KRW	—	South Korean Won
CAD	—	Canadian Dollar	MXN	—	Mexican New Peso
CLP	—	Chilean Peso	MYR	—	Malaysian Ringgit
CNY	—	Chinese Renminbi	NOK	—	Norwegian Krone
COP	—	Colombian Peso	NZD	—	New Zealand Dollar
CZK	—	Czech Koruna	PEN	—	Peruvian Nuevo Sol
DKK	—	Danish Krone	PHP	—	Philippine Peso
EUR	—	Euro	PLN	—	Polish Zloty
GBP	—	British Pound Sterling	SEK	—	Swedish Krona
HUF	—	Hungarian Forint	SGD	—	Singapore Dollar
INR	—	Indian Rupee	USD	—	United States Dollar
JPY	—	Japanese Yen

Counterparty Abbreviations: 

BRC	—	Barclays Bank PLC	JPM	—	JPMorgan Chase Bank NA
CAN	—	Canadian Imperial Bank of Commerce	RBC	—	Royal Bank of Canada
CIT	—	Citibank NA	SCB	—	Standard Chartered Bank
HSB	—	HSBC Bank USA NA

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

26  Semi-Annual Report

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

	Lazard
	Global Fixed
	Income
Industry*	Portfolio
Aerospace & Defense		1.5	%
Automotive		3.9
Banking		3.7
Cable Television		1.2
Electric		3.0
Energy Exploration & Production		0.6
Energy Integrated		2.7
Financial Services		3.0
Food & Beverages		2.1
Health Services		1.5
Leisure & Entertainment		0.7
Machinery		0.5
Metals & Mining		2.2
Retail		1.0
Support Services		0.6
Technology Hardware		0.8
Telecommunications		3.3
Transportation		2.1
Subtotal		34.4
Foreign Government Obligations		48.9
Supranationals		5.9
US Municipal Bonds		4.5
Short-Term Investment		4.2
Total Investments		97.9	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report  27

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

June 30, 2015	Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio			Lazard Global Fixed Income Portfolio
ASSETS
Investments in securities, at value		$	237,044,592		$	112,215,534		$	6,098,593
Foreign currency			—			—			10
Receivables for:
Interest			3,423,752			767,021			71,761
Capital stock sold			49,814			157,000			—
Investments sold			—			—			116,917
Amount due from Investment Manager (Note 3)			—			—			14,786
Gross unrealized appreciation on forward currency contracts			—			—			105,098
Total assets			240,518,158			113,139,555			6,407,165
LIABILITIES
Payables for:
Management fees			77,991			13,949			—
Accrued directors’ fees			1,831			1,128			65
Accrued distribution fees			390			12			12
Investments purchased			1,811,350			—			84,168
Capital stock redeemed			113,895			8,392			4
Dividends			29,581			14,225			—
Gross unrealized depreciation on forward currency contracts			—			—			66,784
Other accrued expenses and payables			64,416			22,911			25,988
Total liabilities			2,099,454			60,617			177,021
Net assets		$	238,418,704		$	113,078,938		$	6,230,144
NET ASSETS
Paid in capital		$	241,012,653		$	113,440,949		$	6,725,290
Distributions in excess of net investment income			(30,973	)		(129,498	)		(47,575	)
Accumulated net realized loss			(2,848,310	)		(362,490	)		(146,766	)
Net unrealized appreciation (depreciation) on:
Investments			285,334			129,977			(337,728	)
Foreign currency and forward currency contracts			—			—			36,923
Net assets		$	238,418,704		$	113,078,938		$	6,230,144
Institutional Shares
Net assets		$	236,527,942		$	113,042,428		$	6,173,963
Shares of capital stock outstanding*			48,178,864			11,339,304			688,793
Net asset value, offering and redemption price per share		$	4.91		$	9.97		$	8.96
Open Shares
Net assets		$	1,890,762		$	36,510		$	56,181
Shares of capital stock outstanding*			383,269			3,657			6,266
Net asset value, offering and redemption price per share		$	4.93		$	9.98		$	8.97
Cost of investments in securities		$	236,759,258		$	112,085,557		$	6,436,321
Cost of foreign currency		$	—		$	—		$	10

* $0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.

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

28  Semi-Annual Report

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

For the Six Months Ended June 30, 2015	Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio			Lazard Global Fixed Income Portfolio
Investment Income
Income
Interest		$	5,826,930		$	780,372		$	87,849
Expenses
Management fees (Note 3)			581,097			142,089			15,270
Administration fees			45,926			36,162			25,483
Custodian fees			37,085			28,130			33,370
Professional services			22,295			19,010			20,037
Registration fees			17,371			20,225			16,021
Shareholders’ services			15,928			15,406			15,209
Shareholders’ reports			14,243			5,213			3,917
Directors’ fees and expenses			4,134			2,472			137
Distribution fees (Open Shares)			2,365			44			70
Other†			4,180			3,495			2,465
Total gross expenses			744,624			272,246			131,979
Management fees waived and expenses reimbursed			(160,690	)		(44,853	)		(99,087	)
Administration fees waived			—			—			(9,375	)
Total net expenses			583,934			227,393			23,517
Net investment income			5,242,996			552,979			64,332
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Forward Currency Contracts
Net realized gain (loss) on:
Investments			427,608			(258,000	)		(198,084	)
Foreign currency and forward currency contracts			—			—			54,449
Total net realized gain (loss) on investments, foreign currency and forward currency contracts			427,608			(258,000	)		(143,635	)
Net change in unrealized depreciation on:
Investments			(1,040,973	)		(30,211	)		(87,434	)
Foreign currency and forward currency contracts			—			—			(160	)
Total net change in unrealized depreciation on investments, foreign currency and forward currency contracts			(1,040,973	)		(30,211	)		(87,594	)
Net realized and unrealized loss on investments, foreign currency and forward currency contracts			(613,365	)		(288,211	)		(231,229	)
Net increase (decrease) in net assets resulting from operations		$	4,629,631		$	264,768		$	(166,897	)
† Includes interest on line of credit of		$	185		$	—		$	104

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

Semi-Annual Report  29

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

	Lazard US Corporate Income Portfolio
	Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income		$	5,242,996		$	10,068,292
Net realized gain (loss) on investments, foreign currency and forward currency contracts			427,608			2,785,980
Net change in unrealized depreciation on investments, foreign currency and forward currency contracts			(1,040,973	)		(6,840,555	)
Net increase (decrease) in net assets resulting from operations			4,629,631			6,013,717
Distributions to shareholders
From net investment income
Institutional Shares			(5,198,786	)		(9,957,360	)
Open Shares			(44,210	)		(110,932	)
From return of capital
Institutional Shares			—			—
Open Shares			—			—
Net decrease in net assets resulting from distributions			(5,242,996	)		(10,068,292	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			71,183,469			43,782,111
Open Shares			241,218			893,566
Net proceeds from reinvestment of distributions
Institutional Shares			5,027,981			9,590,665
Open Shares			33,236			83,595
Cost of shares redeemed
Institutional Shares			(25,030,285	)		(38,550,105	)
Open Shares			(194,475	)		(1,749,305	)
Net increase (decrease) in net assets from capital stock transactions			51,261,144			14,050,527
Redemption fees (Note 2(g))
Institutional Shares			714			230
Open Shares			—			—
Net increase in net assets from redemption fees			714			230
Total increase (decrease) in net assets			50,648,493			9,996,182
Net assets at beginning of period			187,770,211			177,774,029
Net assets at end of period*		$	238,418,704		$	187,770,211
*Includes distributions in excess of net investment income of		$	(30,973	)	$	(30,973	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			37,885,592			34,990,674
Shares sold			14,308,412			8,712,871
Shares issued to shareholders from reinvestment of distributions			1,012,469			1,914,270
Shares redeemed			(5,027,609	)		(7,732,223	)
Net increase (decrease)			10,293,272			2,894,918
Shares outstanding at end of period			48,178,864			37,885,592
Open Shares
Shares outstanding at beginning of period			367,106			520,621
Shares sold			48,441			176,995
Shares issued to shareholders from reinvestment of distributions			6,662			16,577
Shares redeemed			(38,940	)		(347,087	)
Net increase (decrease)			16,163			(153,515	)
Shares outstanding at end of period			383,269			367,106

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

30  Semi-Annual Report

Lazard US Short Duration Fixed Income Portfolio								Lazard Global Fixed Income Portfolio
Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014				Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014
	$	552,979			$	810,216			$	64,332			$	137,091
		(258,000	)			(373,550	)			(143,635	)			(55,920	)
		(30,211	)			(5,086	)			(87,594	)			(119,268	)
		264,768				431,580				(166,897	)			(38,097	)
		(552,142	)			(444,786	)			(63,998	)			(103,110	)
		(122	)			(373	)			(511	)			(1,346	)
		—				(365,461	)			—				(32,214	)
		—				(307	)			—				(421	)
		(552,264	)			(810,927	)			(64,509	)			(137,091	)
		15,212,486				58,139,157				1,245,707				3,151,289
		86				9,999				1,444				22,418
		452,620				684,703				63,988				135,496
		122				421				511				1,530
		(17,040,297	)			(11,824,848	)			(1,403,264	)			(2,138,901	)
		—				(302,038	)			—				(22,096	)
		(1,374,983	)			46,707,394				(91,614	)			1,149,736
		—				—				—				—
		—				—				—				30
		—				—				—				30
		(1,662,479	)			46,328,047				(323,020	)			974,578
		114,741,417				68,413,370				6,553,164				5,578,586
	$	113,078,938			$	114,741,417			$	6,230,144			$	6,553,164
	$	(129,498	)		$	(130,213	)		$	(47,575	)		$	(47,398	)
		11,477,378				6,787,754				698,777				580,570
		1,522,879				5,801,329				136,644				326,904
		45,324				68,339				7,016				14,115
		(1,706,277	)			(1,180,044	)			(153,644	)			(222,812	)
		(138,074	)			4,689,624				(9,984	)			118,207
		11,339,304				11,477,378				688,793				698,777
		3,637				32,684				6,051				5,931
		8				996				159				2,345
		12				42				56				159
		—				(30,085	)			—				(2,384	)
		20				(29,047	)			215				120
		3,657				3,637				6,266				6,051

Semi-Annual Report  31

The Lazard Funds, Inc. Financial Highlights

LAZARD US CORPORATE INCOME PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	4.91		$	5.01		$	5.01		$	4.78		$	4.88		$	4.70
Income (loss) from investment operations
Net investment income (a)		0.12			0.26			0.30			0.33			0.35			0.35
Net realized and unrealized gain (loss)		—			(0.09	)		—	(b)		0.23			(0.10	)		0.18
Total from investment operations		0.12			0.17			0.30			0.56			0.25			0.53
Less distributions from:
Net investment income		(0.12	)		(0.27	)		(0.30	)		(0.33	)		(0.35	)		(0.35	)
Total distributions		(0.12	)		(0.27	)		(0.30	)		(0.33	)		(0.35	)		(0.35	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	4.91		$	4.91		$	5.01		$	5.01		$	4.78		$	4.88
Total Return (c)		2.49	%		3.31	%		6.17	%		12.02	%		5.17	%		11.78	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	236,528		$	185,959		$	175,154		$	182,749		$	151,278		$	112,427
Ratios to average net assets (d):
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses		0.70	%		0.71	%		0.73	%		0.71	%		0.73	%		0.80	%
Net investment income		4.97	%		5.28	%		6.00	%		6.67	%		7.13	%		7.38	%
Portfolio turnover rate		9	%		28	%		22	%		26	%		27	%		25	%

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	4.93		$	5.03		$	5.04		$	4.80		$	4.90		$	4.73
Income (loss) from investment operations:
Net investment income (a)		0.12			0.25			0.29			0.32			0.33			0.34
Net realized and unrealized gain (loss)		—			(0.10	)		(0.01	)		0.24			(0.10	)		0.17
Total from investment operations		0.12			0.15			0.28			0.56			0.23			0.51
Less distributions from:
Net investment income		(0.12	)		(0.25	)		(0.29	)		(0.32	)		(0.33	)		(0.34	)
Total distributions		(0.12	)		(0.25	)		(0.29	)		(0.32	)		(0.33	)		(0.34	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	4.93		$	4.93		$	5.03		$	5.04		$	4.80		$	4.90
Total Return (c)		2.34	%		3.01	%		5.64	%		11.89	%		4.89	%		11.19	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,891		$	1,811		$	2,620		$	4,249		$	11,602		$	26,266
Ratios to average net assets (d):
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses		1.76	%		1.55	%		1.41	%		1.24	%		1.08	%		1.13	%
Net investment income		4.67	%		5.00	%		5.69	%		6.37	%		6.72	%		7.05	%
Portfolio turnover rate		9	%		28	%		22	%		26	%		27	%		25	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

32  Semi-Annual Report

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	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	9.99		$	10.03		$	10.31		$	10.23		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.05			0.09			0.11			0.14			0.17
Net realized and unrealized gain (loss)		(0.02	)		(0.04	)		(0.25	)		0.12			0.27
Total from investment operations		0.03			0.05			(0.14	)		0.26			0.44
Less distributions from:
Net investment income		(0.05	)		(0.05	)		(0.11	)		(0.14	)		(0.17	)
Net realized gains		—			—			(0.03	)		(0.04	)		(0.04	)
Return of capital		—			(0.04	)		—			—			—
Total distributions		(0.05	)		(0.09	)		(0.14	)		(0.18	)		(0.21	)
Redemption fees		—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	9.97		$	9.99		$	10.03		$	10.31		$	10.23
Total Return (c)		0.28	%		0.49	%		-1.39	%		2.54	%		4.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	113,042		$	114,705		$	68,086		$	19,726		$	11,594
Ratios to average net assets (d):
Net expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.47	%		0.52	%		0.90	%		1.41	%		3.09	%
Net investment income		0.97	%		0.87	%		1.06	%		1.34	%		1.97	%
Portfolio turnover rate		17	%		46	%		161	%		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	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	10.01		$	10.03		$	10.31		$	10.23		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.03			0.06			0.06			0.14			0.14
Net realized and unrealized gain (loss)		(0.03	)		(0.02	)		(0.23	)		0.09			0.28
Total from investment operations		—			0.04			(0.17	)		0.23			0.42
Less distributions from:
Net investment income		(0.03	)		(0.02	)		(0.08	)		(0.11	)		(0.15	)
Net realized gains		—			—			(0.03	)		(0.04	)		(0.04	)
Return of capital		—			(0.04	)		—			—			—
Total distributions		(0.03	)		(0.06	)		(0.11	)		(0.15	)		(0.19	)
Net asset value, end of period	$	9.98		$	10.01		$	10.03		$	10.31		$	10.23
Total Return (c)		0.03	%		0.38	%		-1.70	%		2.24	%		4.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	37		$	36		$	328		$	4		$	103
Ratios to average net assets (d):
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Gross expenses		42.54	%		17.62	%		8.10	%		38.11	%		18.49	%
Net investment income		0.68	%		0.60	%		0.65	%		1.32	%		1.69	%
Portfolio turnover rate		17	%		46	%		161	%		77	%		60	%

*	The Portfolio commenced operations on February 28, 2011.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  33

LAZARD GLOBAL FIXED INCOME PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended						For the Period 3/30/12* to
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period	$	9.30		$	9.51		$	10.16			$10.00
Income (loss) from investment operations:
Net investment income (a)		0.10			0.22			0.23			0.17
Net realized and unrealized gain (loss)		(0.34	)		(0.21	)		(0.65	)		0.16
Total from investment operations		(0.24	)		0.01			(0.42	)		0.33
Less distributions from:
Net investment income		(0.10	)		(0.17	)		—			(0.07	)
Net realized gains		—			—			(0.01	)		—
Return of capital		—			(0.05	)		(0.22	)		(0.10	)
Total distributions		(0.10	)		(0.22	)		(0.23	)		(0.17	)
Redemption fees		—			—			—	(b)		—
Net asset value, end of period	$	8.96		$	9.30		$	9.51			$10.16
Total Return (c)		-2.63	%		0.08	%		-4.13	%		3.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,174		$	6,497		$	5,522			$4,814
Ratios to average net assets (d):
Net expenses		0.77	%		0.80	%		0.80	%		0.80	%
Gross expenses		4.07	%		4.12	%		4.94	%		8.81	%
Net investment income		2.11	%		2.28	%		2.38	%		2.24	%
Portfolio turnover rate		41	%		78	%		66	%		47	%

Selected data for a share of capital	Six Months Ended			Year Ended						For the Period 3/30/12* to
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period	$	9.30		$	9.51		$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.08			0.19			0.20			0.15
Net realized and unrealized gain (loss)		(0.33	)		(0.21	)		(0.65	)		0.16
Total from investment operations		(0.25	)		(0.02	)		(0.45	)		0.31
Less distributions from:
Net investment income		(0.08	)		(0.14	)		—			(0.06	)
Net realized gains		—			—			(0.01	)		—
Return of capital		—			(0.05	)		(0.19	)		(0.09	)
Total distributions		(0.08	)		(0.19	)		(0.20	)		(0.15	)
Redemption fees		—			—	(b)		—			—
Net asset value, end of period	$	8.97		$	9.30		$	9.51		$	10.16
Total Return (c)		-2.67	%		-0.22	%		-4.41	%		3.08	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	56		$	56		$	56		$	55
Ratios to average net assets (d):
Net expenses		1.07	%		1.10	%		1.10	%		1.10	%
Gross expenses		31.13	%		20.84	%		28.86	%		26.46	%
Net investment income		1.82	%		2.01	%		2.09	%		2.02	%
Portfolio turnover rate		41	%		78	%		66	%		47	%

*	The Portfolio commenced operations on March 30, 2012.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

34  Semi-Annual Report

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2015 (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 “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-five 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 US Small Cap Equity Growth Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Equity Concentrated Portfolio, Lazard International Strategic Equity Portfolio, Lazard International Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard International Small Cap Equity Portfolio, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Portfolio, Lazard Emerging Markets Core Equity Portfolio, Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Blend Portfolio, Lazard Emerging Markets Multi Asset Portfolio, Lazard Emerging Markets Debt Portfolio, Lazard Explorer Total Return Portfolio, Lazard Emerging Markets Income Portfolio, Lazard US Corporate Income Portfolio, Lazard US Short Duration Fixed Income Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Realty Income Portfolio, Lazard US Realty Equity Portfolio, Lazard Global Realty Equity Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Capital Allocator Opportunistic Strategies Portfolio, Lazard Global Dynamic Multi Asset Portfolio, Lazard Enhanced Opportunities Portfolio, Lazard Fundamental Long/Short Portfolio, and Lazard Master Alternatives Portfolio. All Portfolios, other than US Equity Concentrated, International Equity Concentrated, Emerging Markets Debt, Explorer Total Return, Emerging Markets Income, US Realty Equity, Global Realty Equity, Enhanced Opportunities and Fundamental Long/Short Portfolios, are operated as “diversified” funds, as defined in the 1940 Act. Global Dynamic Multi Asset Portfolio had not commenced operations as of June 30, 2015. This report includes

only the financial statements of US Corporate Income, US Short Duration Fixed Income and Global Fixed Income Portfolios. The financial statements of other Portfolios are presented separately.

Effective November 29, 2013, the Fund formed an R6 Share class. Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each Share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Prospectus). As of June 30, 2015, only US Strategic Equity, International Equity, International Strategic Equity, Emerging Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi Asset and Emerging Markets Debt Portfolios offered R6 Shares and US Strategic Equity, International Equity, International Strategic Equity and Emerging Markets Equity Portfolios had issued R6 Shares.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company and therefore applies specialized accounting guidance in Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

(a) Valuation of Investments—Net asset value (“NAV”) per share for each class of each Portfolio is determined on each day the New York Stock Exchange is open for business. 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. Forward currency contracts are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s NAV.

Semi-Annual Report  35

The Valuation Committee of the Investment Manager, which meets periodically and acts pursuant to delegated authority from the Board of Directors (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 portfolio managers/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 NAV 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. 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 NAV 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’ NAVs.

(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. Interest income is accrued daily. The Portfolios amortize premiums and accrete discounts on fixed-income securities using the effective yield method.

A Portfolio may be subject to taxes imposed by foreign countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and unrealized) from the applicable portfolio securities.

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund 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 the Portfolios’ accounting records and the US dollar equivalent amounts actually received or paid. Net change 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.

36  Semi-Annual Report

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, a 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.

During the period ended June 30, 2015, only Global Fixed Income Portfolio traded in forward currency contracts.

(d) 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 (the “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.

The Regulated Investment Company Modernization Act of 2010 (the “RIC Modernization Act”) includes numerous provisions that generally became effective for taxable years beginning after December 22, 2010. Among the 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.

At December 31, 2014, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains as follows:

Portfolio	Amount		Expiring Year
US Corporate Income		$3,275,918		2017
US Short Duration Fixed Income		104,490		N/A*

* Non-Expiring; Short-Term

Under current tax law, certain late year losses, as defined by the Code, 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, 2014, the following Portfolios elected to defer such losses as follows:

Portfolio	Post October Capital Loss Deferral		Late Year Ordinary Loss Deferral
US Short Duration Fixed Income	$	—	$	79,919
Global Fixed Income		1,384		—

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 (2011-2013), or expected to be taken in the Portfolios’ 2014 tax returns.

(e) Dividends and Distributions—Each Portfolio intends to declare dividends from net investment income daily and to pay such dividends monthly. 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 and fixed income transactions, wash sales, consent fee income and paydown gain/loss. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(f) Allocation of Expenses—Expenses not directly chargeable to a specific Portfolio are allocated among all Portfolios primarily on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees to Open Shares. The Portfolios’ income, expenses (other than class specific expenses) and

Semi-Annual Report  37

realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class.

(g) Redemption Fee—The Portfolios, other than the US Short Duration Fixed Income 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 the Portfolios and are included as paid in capital on the Statements of Assets and Liabilities. The fees are also shown on the Statements of Changes in Net Assets.

(h) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 objectives and policies, including the purchase, retention and disposition of securities. For its services provided to the Portfolios, 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 Corporate Income		0.55	%
US Short Duration Fixed Income		0.25
Global Fixed Income		0.50

The Investment Manager has voluntarily agreed to reduce its fees and, if necessary, reimburse the Portfolios through May 1, 2016 if annualized operating

expenses exceed the following percentages of average daily net assets for the respective Shares:

Portfolio	Institutional Shares			Open Shares
US Corporate Income		0.55	%		0.85	%
US Short Duration Fixed Income		0.40			0.70
Global Fixed Income (a)		0.75			1.05

(a)  From January 1, 2015 to February 28, 2015, percentages were 0.80% and 1.10%, respectively.

During the period ended June 30, 2015, 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 Corporate Income	$	152,124	$	—	$	5,203		$3,363
US Short Duration Fixed Income		37,295		—		45		7,513
Global Fixed Income		15,130		75,656		140		8,161

The Fund has entered into an administration agreement with State Street to provide certain administrative services. 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 up to $18,750 of the $42,500 annual fee for Portfolios with net assets under $25 million. During the period ended June 30, 2015, State Street waived $9,375 of its fee for Global Fixed Income Portfolio.

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 adopted pursuant to Rule 12b-1 under the Act, each Portfolio pays

38  Semi-Annual Report

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, 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 the first six months after a new Portfolio or share class 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, and Lazard Alternative Emerging Markets 1099 Fund, a closed-end registered management investment company advised by an affiliate of the Investment Manager (the “1099 Fund”): (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director, and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Directors also are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. The Statements of Operations show the Directors’ fees and expenses paid by each Portfolio.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2015 were as follows:

Portfolio	Purchases		Sales
US Corporate Income	$	67,077,518	$	17,668,288
US Short Duration Fixed Income		17,080,401		5,365,000
Global Fixed Income		2,426,739		2,756,887

	US Government Securities
Portfolio	Purchases		Sales
US Short Duration Fixed Income	$	11,262,863	$	9,497,916

For the period ended June 30, 2015, 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: from January 1, 2015 to June 28, 2015, at the higher of the Federal Funds rate or Overnight LIBOR rate plus 1.00%, and from June 29, 2015 to June 30, 2015, at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.10% per annum fee from January 1, 2015 to June 28, 2015 and 0.20% per annum from June 29, 2015 to June 30, 2015 on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the period ended June 30, 2015, the Portfolios 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 Corporate Income	$	1,966,667	$	5,100,000		1.13	%		3
Global Fixed Income		367,778		500,000		1.13			9

* For days borrowings were outstanding.

Semi-Annual Report  39

Management believes that the fair value of the liabilities under the line of credit is equivalent to the recorded amount based on its short term maturity and interest rate, which fluctuates with LIBOR. The line of credit outstanding as of June 30, 2015 is categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—Certain Portfolios may invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in US securities. Such Portfolios’ performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolios invest. Non-US securities carry special risks, such as 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 may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolios’ investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the US. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acqui-

sition of investments denominated in emerging market currencies.

(b) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). Interest rate risk is usually greater for fixed-income securities with longer maturities or durations.

The Portfolios’ investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolios’ share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity. If securities held by the Portfolios are called during a time of declining interest rates (which is typically the case when issuers exercise options to call outstanding securities), the Portfolios may have to reinvest the

40  Semi-Annual Report

proceeds in an investment offering a lower yield (and the Portfolios may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

(c) Mortgage-Related and Asset-Backed Securities Risk—US Short Duration Fixed Income Portfolio may invest in mortgage-related and asset-backed securities. Mortgage-related securities are complex instruments, subject to both credit and prepayment risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.

The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide the Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.

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. 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, developed 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)

Changes in valuation technique may result in transfer into or out of the current assigned level within the hierarchy.

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

Semi-Annual Report  41

The following table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2015:

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, 2015
US Corporate Income Portfolio
Corporate Bonds*	$	—	$	226,500,593		$	—	$	226,500,593
Short-Term Investment		10,543,999		—			—		10,543,999
Total	$	10,543,999	$	226,500,593		$	—	$	237,044,592
US Short Duration Fixed Income Portfolio
Asset-Backed Securities*	$	—	$	7,080,532		$	—	$	7,080,532
Corporate Bonds*		—		35,916,444			—		35,916,444
Municipal Bonds		—		6,941,037			—		6,941,037
US Government Securities		—		44,431,412			—		44,431,412
US Treasury Securities		—		14,729,467			—		14,729,467
Short-Term Investment		3,116,642		—			—		3,116,642
Total	$	3,116,642	$	109,098,892		$	—	$	112,215,534
Global Fixed Income Portfolio
Assets:
Corporate Bonds*	$	—	$	2,018,868		$	—	$	2,018,868
Foreign Government Obligations*		—		3,042,132			—		3,042,132
Quasi Government Bonds*		—		123,080			—		123,080
Supranationals		—		368,454			—		368,454
US Municipal Bonds		—		281,840			—		281,840
Short-Term Investment		264,219		—			—		264,219
Other Financial Instruments**
Forward Currency Contracts		—		105,098			—		105,098
Total	$	264,219	$	5,939,472		$	—	$	6,203,691
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(66,784	)	$	—	$	(66,784	)

*	Please refer to Portfolios of Investments (page 13 through 25) and Notes to Portfolios of Investments (page 27) for portfolio holdings by country and industry.
**	Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

A Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period. There were no transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2015.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

Certain Portfolios may use derivative instruments, including forward currency contracts.

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

Global Fixed Income Portfolio

During the period ended June 30, 2015, the notional amounts of purchases and sales of forward currency contracts were $14,242,663 and $13,717,334, respectively, with average notional exposure of approximately $7,100,000.

42  Semi-Annual Report

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2015:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	105,098
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	66,784

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2015 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	62,634
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized depreciation on forward currency contracts	$	(1,596	)

See Note 2(c) and the Portfolios of Investments for additional disclosures about derivative instruments.

During the period ended June 30, 2015, US Corporate Income and US Short Duration Fixed Income Portfolios did not trade in derivatives.

As of June 30, 2015, Global Fixed Income Portfolio holds derivative instruments that are eligible for offset in the Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of June 30, 2015:

Global Fixed Income Portfolio

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	105,098	$	—	$	105,098

				Gross Amounts Not Offset in the
				Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in Statement of Assets and Liabilities			Financial Instruments			Collateral Received		Net Amounts
Barclays Bank PLC		$	6,117	$	—		$	—	$	6,117
Canadian Imperial Bank of Commerce			26,775		(272	)		—		26,503
Citibank NA			10,739		(10,739	)		—		—
HSBC Bank USA NA			46,512		(22,577	)		—		23,935
JPMorgan Chase Bank NA			5,751		(12	)		—		5,739
Royal Bank of Canada			7,191		(261	)		—		6,930
Standard Chartered Bank			2,013		(157	)		—		1,856
Total		$	105,098	$	(34,018	)	$	—	$	71,080

Semi-Annual Report  43

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$66,784	$	—	$	66,784

				Gross Amounts Not Offset in the
				Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged		Net Amounts
Canadian Imperial Bank of Commerce		$	272	$	(272	)	$	—	$	—
Citibank NA			43,505		(10,739	)		—		32,766
HSBC Bank USA NA			22,577		(22,577	)		—		—
JPMorgan Chase Bank NA			12		(12	)		—		—
Royal Bank of Canada			261		(261	)		—		—
Standard Chartered Bank			157		(157	)		—		—
Total		$	66,784	$	(34,018	)	$	—	$	32,766

11. Subsequent Events

Management has evaluated the possibility of subsequent events affecting the Fund’s financial statements

and has determined that there were no such subsequent events that required adjustment or disclosure in the financial statements.

44  Semi-Annual Report

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):
Franci J. Blassberg (61)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		Cornell Law School, Visiting Professor of Practice (2015 – present); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (70)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
		Aquiline Holdings LLC, an investment manager, Partner (2006 – 2012)
Nancy A. Eckl (52)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (65 funds) and TIAA-CREF Life Funds (11 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)
Trevor W. Morrison (44)	Director (April 2014)	New York University School of Law, Dean and Eric M. and Laurie B. Roth Professor of Law (2013 – present)
		Columbia Law School, Professor of Law (2008 – 2013)
		Office of Counsel to the President, The White House, Associate Counsel to the President (2009)
Richard Reiss, Jr. (71)	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 (67)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

Semi-Annual Report  45

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)
Interested Directors(4):
Charles L. Carroll (54)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (55)	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 serves as a Director for each of the Lazard Funds (comprised of, as of July 31, 2015, 41 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) are also board members of the 1099 Fund.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the 1940 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, or online, at www.LazardNet.com.

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 (42)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Stephen St. Clair (56)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (44)	Chief Compliance Officer (September 2014)	Director and Chief Compliance Officer of the Investment Manager (since September 2014)
		Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (40)	Assistant Secretary (February 2009)	Senior Vice President (since February 2012, previously Vice President) and Director of Legal Affairs (since July 2015) of the Investment Manager
Cesar A. Trelles (40)	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, except Messrs. St. Clair and Trelles, serves in the same capacity for the other Lazard Funds and the 1099 Fund. Messrs. St. Clair and Trelles serve 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.

46  Semi-Annual Report

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

At a meeting of the Board held on June 8-9, 2015, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of the 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 39 active funds comprised approximately $30 billion (as of April 30, 2015) of the approximately $180 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2015). The Investment

Manager’s representatives 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 $30 billion fund complex not managed by a large, global firm such as the Investment Manager.

The Investment Manager representatives noted that the Investment Manager had historically provided certain administrative, operational and compliance assistance services in connection with the operation of the Fund, but that such services had been in addition to the investment advisory and other services that were contractually required by the Management Agreement currently in place. The Investment Manager representatives explained that the Management Agreement, on behalf of each Portfolio for which the Management Agreement is being considered, was proposed to be revised in order to include such services. The Investment Manager representatives reviewed the proposed revisions with the Directors and confirmed that no changes were proposed to the nature, extent or quality of services provided or to the Management Agreement’s terms related to investment advisory services.

Semi-Annual Report  47

Comparative Management Fee, Expense Ratio and Performance Information

The Directors reviewed comparative management fee, expense ratio and performance (through March 31, 2015) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”).

Management Fees and Expense Ratios. The Directors discussed the management fees and expense ratios for each Portfolio. They noted the methodology and assumptions used by Strategic Insight, 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 Strategic Insight’s analysis (which was for the Institutional Shares and Open Shares classes of all Portfolios), it was noted that, for both share classes of each Portfolio, contractual management fees were at or below the median of the relevant Group, except for the Global Fixed Income Portfolio (highest in the Group for both share classes). The Directors noted, however, that the actual management fee for the Global Fixed Income Portfolio was the lowest in the Group for both share classes.

It also was noted that, for both share classes of the Portfolios, expense ratios were below the medians of those of the funds in the relevant Group, except for the Global Fixed Income Portfolio (both share classes slightly above the medians). 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. Strategic Insight’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and Category over measurement periods up to ten years through March 31, 2015. Although year-to-date performance was provided by Strategic Insight the Directors did not consider three-month performance to be relevant to their considerations and focused on longer-term performance.

The Directors noted that, for the US Corporate Income Portfolio, performance was generally below the Group average, except that performance was above the Group and Category averages in the one-year period and the performance of the Global Fixed Income and US Short Duration Fixed Income Portfolios was generally below average in most 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

48  Semi-Annual Report

affiliates resulting from the Management Agreement, calculated using the actual revenues received for the calendar year ended December 31, 2014 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s costs to the Investment Manager. 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 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 recordkeeping 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 such information as may reasonably be necessary to make an informed business decision with respect to evaluation of 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 adequate and appropriate, noting the benefits of advisory and research services and other services and infrastructure (as discussed above) associated with an approximately $180 billion global asset management business.

• The Board was generally satisfied with the overall performance of most of the Portfolios, either because relative performance in the Group and/or Category was satisfactory or performance was otherwise consistent with the investment approach employed for a Portfolio. For certain Portfolios that were not performing in accordance with expectations, the Board would continue to monitor performance.

• 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 determined to approve the Fund’s Management Agreement.

Semi-Annual Report  49

NOTES

NOTES

NOTES

NOTES

NOTES

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 Iron Street

Boston, Massachusetts 02210

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

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, New York 10112-0015

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   LZDPS026

Lazard Funds Semi-Annual Report

June 30, 2015

Real Asset Funds

Lazard US Realty Income Portfolio

Lazard US Realty Equity Portfolio

Lazard Global Realty Equity Portfolio

Lazard Global Listed Infrastructure Portfolio

Privacy Notice Regarding Customer Financial Information Rev. 8/2015

FACTS	What does Lazard do with your personal information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all, sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: Social Security number and credit history; Assets and income; Account transactions; When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Lazard chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Lazard share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	No	We do not share
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For nonaffiliates to market to you	No	We do not share

Questions? Call 800-823-6300 or go to http://www.LazardNet.com

Who we are
Who is providing this notice?	Lazard Asset Management LLC, Lazard Alternatives, LLC, Lazard Asset Management (Canada), Inc., and Lazard Asset Management Securities LLC, on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard collect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal and applicable state laws. These measures include computer safeguards and secured files and buildings.
How does Lazard collect my personal information?	We collect your personal information, for example, when you: Open an account; Seek advice about your investments; Direct us to buy securities; Direct us to sell your securities; Enter into an investment advisory contract; We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: Sharing for affiliates’ everyday business purposes — information about your creditworthiness; Affiliates from using your information to market to you; Sharing for nonaffiliates to market to you; State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. Our affiliates may include financial companies whose names include “Lazard”.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. Lazard does not share information with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Lazard does not jointly market.

Other important information

Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers or former customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overviews
7	Performance Overviews
11	Information About Your Portfolio’s Expenses
13	Portfolio Holdings Presented by Sector
14	Portfolios of Investments
14	Lazard US Realty Income Portfolio
15	Lazard US Realty Equity Portfolio
16	Lazard Global Realty Equity Portfolio
18	Lazard Global Listed Infrastructure Portfolio
21	Notes to Portfolios of Investments
22	Statements of Assets and Liabilities
24	Statements of Operations
26	Statements of Changes in Net Assets
28	Financial Highlights
32	Notes to Financial Statements
42	Board of Directors and Officers Information
44	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 the investment objectives, risks, charges, expenses and other information about Portfolios of the Fund, which is 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,

During the first half of 2015, global equity markets were supported by monetary easing measures in many countries and the stabilization of oil prices. In Europe, equities performed well as the European Central Bank’s quantitative easing program appeared to forestall deflation. Japanese equities continued their impressive streak as Abenomics reforms began to pay dividends. US equity markets rose as corporate earnings generally exceeded expectations. Despite concerns about the possibility of higher US short-term interest rates, heightened volatility in the Chinese stock market, and a potential debt default by Greece, emerging markets performed in line with developed markets.

Globally, fixed-income markets staged impressive rallies during the first quarter of 2015 amid weak growth in the United States due to another harsh winter and continued downward pressure on inflation worldwide. However, the action-packed second quarter, particularly in Greece, created some volatility in global bonds. Meanwhile, there was significant divergence between the winners and losers in emerging markets debt. From a global bond standpoint, fundamental challenges in Turkey, Brazil, and South Africa are likely to persist while some eastern European countries, including Hungary, the Czech Republic, and Poland, are benefiting from monetary stimulus, structural reforms, and economic and business ties to Germany. Currency markets were volatile during the period as investors either reassessed or rebalanced their overweight positions to the US dollar. Notably, central banks cut rates in more than thirty countries.

At Lazard Asset Management LLC, we remain focused on active management and are committed to you, our valued shareholders, and we continue to focus our strengths in pursuing the Portfolios’ investment objectives. As always, we appreciate your continued confidence in our investment 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

Real Estate Securities

Global property stocks (represented by the FTSE EPRA/NAREIT Global^® Index) returned -2.31% during the first half of 2015, underperforming global equities (represented by the MSCI All Country World^® Index). As usual, the period was marked by meaningful performance differences among regions due to varying outlooks for economic growth, interest rates, and real estate fundamentals. Emerging markets outperformed developed markets during the period due primarily to strength in Chinese and Hong Kong-listed property stocks. Among major countries representing at least 2% of the FTSE EPRA/NAREIT Global Index, property companies in the United Kingdom and Hong Kong were leading performers. Using the same size criteria, property companies in United States and Canada were the worst relative performers.

Amid a global backdrop of mixed economic growth, persistently low interest rates, capital markets volatility, and region-specific geopolitical risks, we are selectively positive on global real estate equities in 2015.

On a country basis, we remain most positive and overweight in the United States. Currently the country presents a scenario of attractive company valuations supported by healthy underlying real estate fundamentals, an improving economic outlook, and a strong bid for real estate in the private markets. While we expect limited new supply and modestly rising interest rates, we expect continually improving user demand to drive favorable levels of rental, earnings, and dividend growth in the region. We are cautious about Canada and Australia due to the effect of declining commodity prices on their economies and associated earnings impact in addition to stretched valuations for property companies.

Due to supply constraints and compelling valuations, we are overweight in Hong Kong; however, we remain wary of the potential geopolitical risks and a slowdown in Chinese consumer spending. We are underweight in China as we believe the elevated levels of supply across a majority of the sub-markets warrant a significant level of valuation correction in that part of the world. We have a neutral view of Japan, where we see positive earnings growth in

Japanese developers and the positive macro benefit from the Bank of Japan’s policy, which are offset by premium valuations relative to underlying net asset value (NAV). We see potential upside in the accommodation sector associated with strong tourism growth.

In Europe we are modestly underweight due to deflation risks and a slowdown in growth across a majority of the markets there. Within the region we maintain preferred overweight positions in London-centric UK property companies, and regional French retail real estate investment trusts (REITs) due to compelling valuations and a stronger growth outlook.

Our view of emerging markets is “opportunistically” positive for 2015. We maintain significant overweights across Mexico, Brazil, and the United Arab Emirates. While a sustained decline in the price of oil poses a significant risk to the economies of all three countries, our bottom-up analysis of the regions’ property companies reveals stocks (that we have invested in) trading at compelling long-term discounted valuations.

We have reduced our exposure to South East Asia property and expect to remain neutral to the region due to the clear divergence in future growth prospects, heightened fiscal and monetary risks, currency weakness, and political uncertainty. That said, we maintain a large overweight to the Philippines, a stable political environment, which offers both strong macro fundamentals and property company growth potential.

Global Listed Infrastructure

Weaker performance in January and March was more than made up for by strength in global markets in February, with the MSCI World^® Index (Local) posting total gains for the first quarter of 4.9%. Europe and Japan with their regional quantitative easing programs, posted strong gains with fears of a US Federal Reserve interest rate hike resulting in a volatile start to the quarter for the S&P 500^® Index, though the index gained some ground over the quarter as the expectation for the timing of those increases was pushed out. Over the second quarter, global losses were broad-based as gains made over April and May were consumed by a June month-end sell-off as global

Semi-Annual Report  3

investors reacted to news of a breakdown in negotiations between Greek Prime Minister Alex Tsipras and the nation’s creditors, increasing the likelihood of an exit from the currency union. In the United States, the US Federal Reserve appeared to extend the timeline for rate normalization with dovish commentary and a lowering of the nation’s economic growth assumptions for 2015. In the end, the infrastructure market was virtually flat, returning 0.27% for the first six months of 2015, as represented by the Custom Infrastructure Index (Hedged).¹

Lazard US Realty Income Portfolio

For the six months ended June 30, 2015, the Lazard US Realty Income Portfolio’s Institutional Shares posted a total return of -6.06%, while Open Shares posted a total return of -6.20%, as compared with the -1.41% blended index return for the 50% FTSE NAREIT All Equity REITs^® Index/50% Wells Fargo Hybrid and Preferred Securities REIT^® Index (the “Hybrid Index”).

With REIT common stocks dramatically underperforming preferred stocks during the first half of 2015, the Portfolio’s investment allocation hurt performance relative to the benchmark. Stock selection also detracted from relative performance. On average, the Portfolio was invested as follows: 77% in common securities and 21% in preferred securities, with the remainder in cash. On a weighted average basis, the Portfolio’s preferred stock holdings outperformed its benchmark but its common stock holdings lagged its benchmark.

In terms of relative performance, the Portfolio was helped by an overweight position in Excel Trust, a shopping center REIT, which was acquired at a substantial premium to its share price. Also helping the Portfolio was an overweight position in Sun Communities, a manufactured-home REIT, which produced a healthy organic growth outlook and surprisingly high acquisition volume, and an overweight position in Columbia Property Trust, an office REIT, which followed its IPO with solid results and guidance for 2015. We exited our positions in Excel Trust, Sun Communities, and Columbia Property as the stocks reached our price targets.

An overweight position in WP Glimcher, a US mall REIT, hurt performance as the company was heavily impacted by retail bankruptcies and struggled to communicate its strategic direction to investors. Other detractors from relative performance included an overweight position in CBL & Associates Properties, a US mall REIT, which was also heavily impacted by retail bankruptcies and produced an anemic organic growth outlook, and an overweight position in STAG Industrial, an industrial REIT, whose shares were hurt by the company’s perceived interest rate sensitivity. Still, we have maintained our overweight positions in WP Glimcher, CBL & Associates Properties, and STAG Industrial.

Lazard US Realty Equity Portfolio

For the six months ended June 30, 2015, the Lazard US Realty Equity Portfolio’s Institutional Shares posted a total return of -3.96%, while Open Shares posted a total return of -4.15%, as compared with the -5.44% return for the FTSE NAREIT All Equity REITs Index.

Both stock selection and subsector allocation contributed positively to relative performance.

In terms of relative performance, the Portfolio benefited from an underweight position in Host Hotels & Resorts, a lodging REIT, which seriously underperformed its peers due to poorly timed property renovations and outsized exposure to the supply-impacted New York City market. Also helping the Portfolio was an overweight position in Realogy Holdings, a housing broker, which benefited from national home price appreciation and increased home sales velocity, and an overweight position in Apartment Investment and Management Company, an apartment REIT, which benefited from strong multifamily housing fundamentals, particularly in its high barrier coastal markets.

An overweight position in WP Glimcher, a US mall REIT, hurt performance, as the company was heavily impacted by retail bankruptcies and struggled to communicate its strategic direction to investors. Other detractors from performance included an underweight position in Equity Residential, an apartment REIT, which outperformed the broader REIT market

4  Semi-Annual Report

but underperformed our apartment holdings and an underweight position in Weyerhaeuser, a timber REIT, which underperformed as its results failed to reflect strength in the single-family housing market. We have exited our position in Weyerhaeuser.

When specific market conditions exist that we feel make the Portfolio particularly susceptible to loss of principal, we may hedge the Portfolio using derivatives. In the overwhelming number of cases, we anticipate that such derivatives would be put options on an exchange-traded fund that closely tracks our benchmark. During the first half of 2015, we purchased one put position to seek to protect the Portfolio from losses, and the Portfolio benefited from the position.

Lazard Global Realty Equity Portfolio

For the six months ended June 30, 2015, the Lazard Global Realty Equity Portfolio’s Institutional Shares posted a total return of -0.20%, while Open Shares posted a total return of -0.40%, as compared with the -2.31% return for the FTSE EPRA/NAREIT Global Index.

Country allocation and stock selection were contributors to relative performance, outweighing negative attribution from currency.

In terms of relative performance, an overweight position in CK Hutchison Holdings, a Hong Kong-listed holding company, helped performance as the stock benefited from the spin-off and separate listing of Cheung Kong Property, closing the discount to NAV. Also helping the Portfolio was an overweight position in Hongkong Land Holdings, an office landlord and developer, which benefited from its dominant Hong Kong Central Office exposure which is experiencing solid rental growth and low vacancy. In addition, the Portfolio has generated outperformance from the Philippines where real estate companies SM Prime Holdings and Ayala Land benefited from very strong earnings growth associated with retail and office rental growth and residential completions.

An overweight position in WP Glimcher, a US mall REIT, hurt performance, as the company was heavily impacted by retail bankruptcies and struggled to communicate its strategic direction to investors. Other

detractors from performance included an overweight position in Hulic, a Japanese developer, which underperformed owing to dilution from an equity raise; and an overweight position in Corporacion Inmobiliaria Vesta, a Mexican developer, which has been negatively impacted by concerns around the US Federal Reserve increasing rates, domestic revenue falling with weaker oil prices, and the pace of asset acquisitions. Still, we have maintained our overweight positions in WP Glimcher, Hulic, and Corporacion Inmobiliaria Vesta.

Lazard Global Listed Infrastructure Portfolio

For the six months ended June 30, 2015, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares posted a total return of 3.37%, while Open Shares posted a total return of 3.22%, as compared with the 0.27% return for the Custom Infrastructure Index (Hedged) and 2.63% return for the MSCI World Index.

The Portfolio is passively hedged back to the US dollar (using forward currency contracts) in an effort to minimize the impact of currency movements of a stock against the investor’s local currency. Forward currency contracts contributed positively to performance.

Atlantia, an Italian toll road company, benefited from improved investor sentiment during the first quarter of 2015. This was a result of the European Central Bank commencing a quantitative easing program in March, helping to lower the perception of sovereign risk to countries such as Italy.

French toll road operator Vinci performed well over the first half of the year. While the group confirmed that its contracting business faced the impact of the poor economic backdrop in France, the core infrastructure operations, French toll roads and Portuguese airports, are performing very well. Given the fact that they represent a large part of our assessment of Vinci, confirmation of this trend was positive news.

US railroads CSX and Norfolk Southern were detractors over the period. Both saw their share prices unwind gains, mostly due to declining coal volumes. The positive news was that CSX’s network perform-

Semi-Annual Report  5

ance remained stable, and, as CSX indicated in April, it is pushing through significant price increases this year upon the expiration of a number of medium-term freight contracts and continuing to make efficiency gains across the network. The US freight railways enjoy extremely high barriers to entry, and at current asset returns they enjoy a high degree of pricing power.

Great Plains Energy (GXP), a US electric utility, detracted from performance in the first half of 2015. GXP had a flat share price over the past twelve

months. Despite having few positions in regulated US utilities, we own GXP as contrarians, given that its regulatory returns are significantly lower than its peer group, on account of both low authorized returns as well as significant regulatory earnings lag. The next major data point for this stock will be the outcome of rate cases for both of its assets in the third quarter of 2015. The Portfolio continues to have a small weighting towards regulated US utilities as we believe they are expensively priced, given the approximately 30% share price run up over calendar year 2014.

Notes to Investment Overviews:

All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of a Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or Boston Financial Data Services, Inc., the Fund’s transfer and dividend disbursing agent (“BFDS”); without such waiver/reimbursement of expenses, such Portfolio’s returns would have been lower. Past performance is not indicative, or a guarantee, of future results. A period of less than one year is not annualized.

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, 2015; 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 a 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 a 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 any 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 The Custom Infrastructure Index (Hedged) is an index created by the Fund’s Investment Manager, which is the performance of the UBS Global 50/50 Infrastructure & Utilities Index (Hedged) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50^® Index (Hedged) for all periods thereafter.

6  Semi-Annual Report

The Lazard Funds, Inc. Performance Overviews (unaudited)

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, 2015

	Institutional Shares						Open Shares
	One			Since			One		Five		Since
	Year			Inception		†	Year		Years		Inception	†
US Realty Income Portfolio**		-1.88	%		12.95%		-2.08	%	11.19	%	11.08%
FTSE NAREIT All Equity REITs Index		4.14	%		14.97%		4.14	%	14.36	%	7.29%
Wells Fargo Hybrid and Preferred Securities REIT Index		7.38	%		8.37%		7.38	%	9.68	%	12.29%
Hybrid Index		5.96	%		11.86%		5.96	%	12.24	%	10.35%
S&P 500 Index		7.42	%		19.71%		7.42	%	17.34	%	9.46%

*	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 and Open Shares may vary, 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.

Semi-Annual Report  7

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, 2015

	Institutional Shares						Open Shares
	One			Since			One		Five		Since
	Year			Inception		†	Year		Years		Inception	†
US Realty Equity Portfolio**		4.12	%		16.79%		3.77	%	15.51	%	21.24%
FTSE NAREIT All Equity REITs Index		4.14	%		15.00%		4.14	%	14.36	%	16.13%

*	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, 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 and Open Shares may vary, 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.

8  Semi-Annual Report

Lazard Global Realty Equity Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2015

	Institutional Shares								Open Shares
	One			Since				One			Five			Since
	Year			Inception			†	Year			Years			Inception	†
Global Realty Equity Portfolio**		-0.69	%		13.57	%			-1.00	%		9.78	%	16.38%
FTSE EPRA/NAREIT Global Index		0.28	%		12.30	%			0.28	%		10.80	%	13.10%
Global Realty Linked Index		0.28	%		12.98	%			0.28	%		10.49	%	13.05%

*	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 International Realty Equity Portfolio. As of August 15, 2013, the Portfolio changed its name to Lazard Global Realty Equity Portfolio and adopted its current investment strategies.
	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 Global Realty Linked Index is an index created by the Portfolio’s Investment Manager, which links the performance of the FTSE EPRA/NAREIT Global ex-US® Index for all periods through August 14, 2013 and the FTSE EPRA/NAREIT Global Index for all periods thereafter. Both the FTSE EPRA/NAREIT Global Index and the FTSE EPRA/NAREIT Global ex-US Index are free-float adjusted market capitalization indices that are designed to measure the performance of REITs in both developed and emerging markets. The FTSE EPRA/NAREIT Global ex-US Index excludes those REITs listed or incorporated in the United States. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, 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  9

Lazard Global Listed Infrastructure Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2015

	One			Five			Since
	Year			Years			Inception	†
Institutional Shares**		6.95	%		15.72	%	12.51%
Open Shares**		6.64	%		15.33	%	12.13%
Custom Infrastructure Index (Hedged)		6.74	%		12.16	%	9.93%
MSCI World Index		1.43	%		13.10	%	9.75%

*	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 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 Custom Infrastructure Index (Hedged) is an index created by the Portfolio’s Investment Manager, which is the performance of the UBS Global 50/50 Infrastructure & Utilities® Index (Hedged) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50® Index (Hedged) for all periods thereafter. 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 FTSE Developed Core Infrastructure 50/50 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 free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was December 31, 2009.

10  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, 2015 through June 30, 2015 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 shareholder reports of other mutual 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.

Semi-Annual Report  11

Portfolio	Beginning Account Value 1/1/15		Ending Account Value 6/30/15		Expenses Paid During Period* 1/1/15-6/30/15		Annualized Expense Ratio During Period 1/1/15-6/30/15
US Realty Income
Institutional Shares
Actual	$	1,000.00	$	939.40		$4.52		0.94	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.13		$4.71		0.94	%
Open Shares
Actual	$	1,000.00	$	938.00		$5.77		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.84		$6.01		1.20	%
US Realty Equity
Institutional Shares
Actual	$	1,000.00	$	960.40		$5.10		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.59		$5.26		1.05	%
Open Shares
Actual	$	1,000.00	$	958.50		$6.46		1.33	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.20		$6.66		1.33	%
Global Realty Equity
Institutional Shares
Actual	$	1,000.00	$	998.00		$5.45		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.34		$5.51		1.10	%
Open Shares
Actual	$	1,000.00	$	996.00		$6.93		1.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.85		$7.00		1.40	%
Global Listed Infrastructure
Institutional Shares
Actual	$	1,000.00	$	1,033.70		$4.84		0.96	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.03		$4.81		0.96	%
Open Shares
Actual	$	1,000.00	$	1,032.20		$6.20		1.23	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.70		$6.16		1.23	%

* 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).

12  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2015 (unaudited)

Sector*	Lazard US Realty Income Portfolio			Lazard US Realty Equity Portfolio			Lazard Global Realty Equity Portfolio			Lazard Global Listed Infrastructure Portfolio
Consumer Discretionary		—	%		—	%		—	%		8.6	%
Financials		99.2			99.9			98.5			0.1
Industrials		—			—			—			44.6
Utilities		—			—			—			40.3
Short-Term Investments		0.8			0.1			1.5			6.4
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report  13

The Lazard Funds, Inc. Portfolios of Investments June 30, 2015 (unaudited)

Description	Shares		Value
Lazard US Realty Income Portfolio
Preferred Stocks | 22.5%
Real Estate | 22.5%
American Realty Capital Properties, Inc., Series F, 6.700%		121,985	$	2,928,860
DDR Corp.:
Series K, 6.250%		66,000		1,664,520
Series J, 6.500%		47,900		1,218,097
Digital Realty Trust, Inc., Series G, 5.875%		50,400		1,191,960
General Growth Properties, Inc., Series A, 6.375%		156,340		3,956,965
Kilroy Realty Corp., Series H, 6.375%		17,700		450,465
Kimco Realty Corp.:
Series J, 5.500%		69,900		1,681,794
Series K, 5.625%		30,700		742,019
LaSalle Hotel Properties, Series I, 6.375%		88,400		2,289,560
National Retail Properties, Inc., Series E, 5.700%		30,800		745,976
Pebblebrook Hotel Trust, Series C, 6.500%		133,941		3,396,744
PS Business Parks, Inc., Series U, 5.750%		90,900		2,158,875
Regency Centers Corp., Series 7, 6.000%		31,481		782,303
Taubman Centers, Inc., Series K, 6.250%		73,890		1,879,023
Vornado Realty Trust, Series K, 5.700%		102,064		2,425,040
Total Preferred Stocks (Identified cost $27,229,993)				27,512,201
Real Estate Investment Trusts | 76.0%
American Realty Capital Properties, Inc.		660,153		5,367,044
Apollo Commercial Real Estate Finance, Inc.		155,271		2,551,103

Description	Shares		Value
Ashford Hospitality Trust, Inc.		148,600	$	1,257,156
Blackstone Mortgage Trust, Inc., Class A		224,200		6,237,244
Camden Property Trust		17,100		1,270,188
CBL & Associates Properties, Inc.		354,400		5,741,280
City Office REIT, Inc.		22,700		281,480
Colony Capital, Inc., Class A		237,926		5,389,024
EPR Properties		46,062		2,523,276
Farmland Partners, Inc.		97,000		1,154,300
First Potomac Realty Trust		398,426		4,103,788
HCP, Inc.		147,300		5,372,031
Health Care REIT, Inc.		18,600		1,220,718
LaSalle Hotel Properties		35,300		1,251,738
Lexington Realty Trust		289,400		2,454,112
Mack-Cali Realty Corp.		140,314		2,585,987
Medical Properties Trust, Inc.		427,000		5,597,970
NorthStar Realty Finance Corp.		356,900		5,674,710
Public Storage		3,400		626,710
Realty Income Corp.		27,900		1,238,481
Spirit Realty Capital, Inc.		435,800		4,214,186
STAG Industrial, Inc.		291,600		5,832,000
Starwood Property Trust, Inc.		300,300		6,477,471
The GEO Group, Inc.		53,400		1,824,144
WP Carey, Inc.		110,069		6,487,467
WP Glimcher, Inc.		464,165		6,280,152
Total Real Estate Investment Trusts (Identified cost $103,219,424)				93,013,760
Short-Term Investment | 0.8%
State Street Institutional Treasury Money Market Fund (Identified cost $1,000,679)		1,000,679		1,000,679
Total Investments | 99.3% (Identified cost $131,450,096) (a)			$	121,526,640
Cash and Other Assets in Excess of Liabilities | 0.7%				912,839
Net Assets | 100.0%			$	122,439,479

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

14  Semi-Annual Report

Description	Shares		Value
Lazard US Realty Equity Portfolio
Common Stocks | 3.1%
Commercial Services | 2.1%
Realogy Holdings Corp. (b)		43,523	$	2,033,395
Real Estate | 1.0%
CBRE Group, Inc., Class A (b)		26,361		975,357
Total Common Stocks (Identified cost $2,576,158)				3,008,752
Real Estate Investment Trusts | 94.9%
Acadia Realty Trust		49,611		1,444,176
American Homes 4 Rent, Class A		222,323		3,566,061
American Realty Capital Properties, Inc.		420,116		3,415,543
American Tower Corp.		74,957		6,992,738
Apartment Investment & Management Co., Class A		132,002		4,874,834
AvalonBay Communities, Inc.		34,000		5,435,580
Boston Properties, Inc.		21,878		2,648,113
Colony Capital, Inc., Class A		83,410		1,889,236
Equinix, Inc.		14,112		3,584,448
Equity Lifestyle Properties, Inc.		46,157		2,426,935
Essex Property Trust, Inc.		24,641		5,236,212
Extra Space Storage, Inc.		55,362		3,610,710
Federal Realty Investment Trust		9,408		1,205,071
General Growth Properties, Inc.		74,380		1,908,591
Health Care REIT, Inc.		45,863		3,009,989
Host Hotels & Resorts, Inc.		124,302		2,464,909

Description	Shares		Value
Kilroy Realty Corp.		10,653	$	715,349
Parkway Properties Inc.		141,343		2,465,022
Prologis, Inc.		97,476		3,616,360
Public Storage		24,690		4,552,095
Retail Opportunity Investments Corp.		62,136		970,564
Rexford Industrial Realty, Inc.		204,799		2,985,969
Simon Property Group, Inc.		54,619		9,450,179
SL Green Realty Corp.		13,266		1,457,801
Strategic Hotels & Resorts, Inc. (b)		285,759		3,463,399
Sunstone Hotel Investors, Inc.		117,500		1,763,675
Tanger Factory Outlet Centers, Inc.		41,943		1,329,593
Ventas, Inc.		57,085		3,544,408
WP Glimcher, Inc.		192,956		2,610,695
Total Real Estate Investment Trusts (Identified cost $89,837,559)				92,638,255
Short-Term Investment | 0.1%
State Street Institutional Treasury Money Market Fund (Identified cost $132,587)		132,587		132,587
Total Investments | 98.1% (Identified cost $92,546,304) (a)			$	95,779,594
Cash and Other Assets in Excess of Liabilities | 1.9%				1,898,546
Net Assets | 100.0%			$	97,678,140

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

Semi-Annual Report  15

Description	Shares		Value
Lazard Global Realty Equity Portfolio
Common Stocks | 30.7%
Brazil | 1.9%
Aliansce Shopping Centers SA		7,290	$	33,999
BR Properties SA		8,640		29,095
Sonae Sierra Brasil SA		6,720		40,742
				103,836
China | 1.2%
China Overseas Land & Investment, Ltd.		18,000		63,742
Germany | 2.3%
Deutsche Annington Immobilien SE		4,332		122,187
Hong Kong | 6.7%
Cheung Kong Property Holdings, Ltd. (b)		9,000		74,424
China Resources Land, Ltd.		30,000		97,335
Hongkong Land Holdings, Ltd.		18,330		150,306
The Wharf Holdings, Ltd.		5,825		38,776
				360,841
India | 0.9%
DLF, Ltd.		26,272		48,084
Japan | 6.7%
Hulic Co., Ltd.		14,200		126,005
Mitsubishi Estate Co., Ltd.		840		18,096
Mitsui Fudosan Co., Ltd.		7,680		215,054
				359,155
Mexico | 1.4%
Corp Inmobiliaria Vesta SAB de CV		46,640		75,965
Philippines | 3.6%
Ayala Land, Inc.		95,625		79,104
SM Prime Holdings, Inc.		255,250		113,105
				192,209
Singapore | 1.0%
Frasers Centrepoint, Ltd.		41,000		54,034
United Arab Emirates | 2.0%
Emaar Properties PJSC		50,172		107,641
United Kingdom | 0.9%
Capital & Counties Properties PLC		7,021		48,010

Description	Shares		Value
United States | 2.1%
CBRE Group, Inc., Class A (b)		1,417	$	52,429
Realogy Holdings Corp. (b)		1,251		58,447
				110,876
Total Common Stocks (Identified cost $1,715,905)				1,646,580
Real Estate Investment Trusts | 68.3%
Australia | 4.9%
Charter Hall Group		11,341		39,551
Goodman Group		13,812		66,817
Westfield Corp.		22,098		155,493
				261,861
Canada | 2.6%
Allied Properties Real Estate Investment Trust		1,084		30,758
Boardwalk Real Estate Investment Trust		2,392		108,454
				139,212
France | 4.5%
Gecina SA		340		41,904
Klepierre		2,423		106,579
Unibail-Rodamco SE		381		96,292
				244,775
Hong Kong | 3.3%
The Link		30,019		176,012
Italy | 0.9%
Beni Stabili SpA		63,948		47,481
Japan | 2.9%
Kenedix Retail REIT Corp.		44		104,441
Premier Investment Corp.		9		49,565
				154,006
Singapore | 1.0%
Ascendas Real Estate Investment Trust		29,080		53,114
United Kingdom | 3.7%
Big Yellow Group PLC		7,402		74,144
Great Portland Estates PLC		7,489		91,313
Workspace Group PLC		2,387		33,736
				199,193

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

16  Semi-Annual Report

Description	Shares		Value
Lazard Global Realty Equity Portfolio (concluded)
United States | 44.5%
American Homes 4 Rent, Class A		7,150	$	114,686
American Realty Capital Properties, Inc.		12,374		100,601
American Tower Corp.		687		64,090
Apartment Investment & Management Co., Class A		2,942		108,648
AvalonBay Communities, Inc.		815		130,294
Boston Properties, Inc.		593		71,777
Colony Capital, Inc., Class A		2,463		55,787
Equinix, Inc.		458		116,332
Equity Lifestyle Properties, Inc.		1,700		89,386
Essex Property Trust, Inc.		873		185,512
Extra Space Storage, Inc.		800		52,176
General Growth Properties, Inc.		2,082		53,424
Health Care REIT, Inc.		1,350		88,601
Host Hotels & Resorts, Inc.		3,400		67,422
Kilroy Realty Corp.		748		50,228
Prologis, Inc.		2,878		106,774
Public Storage		865		159,480
Retail Opportunity Investments Corp.		4,862		75,944
Rexford Industrial Realty, Inc.		6,392		93,195
Simon Property Group, Inc.		1,537		265,932
SL Green Realty Corp.		530		58,242
Strategic Hotels & Resorts, Inc. (b)		9,127		110,619
Ventas, Inc.		1,266		78,606
WP Glimcher, Inc.		6,532		88,378
				2,386,134
Total Real Estate Investment Trusts (Identified cost $3,640,961)				3,661,788

Description	Shares		Value
Short-Term Investment | 1.5%
State Street Institutional Treasury Money Market Fund (Identified cost $78,319)		78,319	$	78,319
Total Investments | 100.5% (Identified cost $5,435,185) (a)			$	5,386,687
Liabilities in Excess of Cash and Other Assets | (0.5)%				(26,584	)
Net Assets | 100.0%			$	5,360,103

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

Semi-Annual Report  17

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 93.2%
Australia | 12.0%
AusNet Services		27,615,727	$	29,723,152
DUET Group		33,239,848		59,242,746
Macquarie Atlas Roads Group		9,843,472		24,151,249
Spark Infrastructure Group		28,882,937		43,566,461
Transurban Group		13,153,116		94,379,086
				251,062,694
Austria | 0.4%
Flughafen Wien AG		84,870		7,363,117
France | 14.8%
Aeroports de Paris		389,868		44,051,187
Eutelsat Communications SA		3,034,927		97,951,951
Vinci SA		2,898,131		167,623,248
				309,626,386
Germany | 2.5%
Fraport AG		830,500		52,164,224
Italy | 23.8%
ASTM SpA		834,619		10,988,906
Atlantia SpA		6,806,772		168,161,755
Hera SpA		14,348,703		35,896,472
Snam SpA		34,680,947		165,018,118
Societa Iniziative Autostradali e Servizi SpA		1,980,147		21,126,407
Terna SpA		21,883,675		96,709,731
				497,901,389
Japan | 3.4%
Toho Gas Co., Ltd.		3,402,661		20,157,121
Tokyo Gas Co., Ltd.		9,643,700		51,218,736
				71,375,857
Luxembourg | 3.9%
SES SA		2,394,712		80,452,725
South Korea | 0.1%
Macquarie Korea Infrastructure Fund		260,112		1,877,181

Description	Shares		Value
Spain | 4.5%
Abertis Infraestructuras SA		5,680,100	$	93,150,443
Switzerland | 2.5%
Flughafen Zuerich AG		66,103		51,153,025
United Kingdom | 4.9%
National Grid PLC		1,610,000		20,672,809
Pennon Group PLC		6,476,911		82,483,335
				103,156,144
United States | 20.4%
Ameren Corp.		2,269,000		85,495,920
CSX Corp.		2,885,659		94,216,767
Great Plains Energy, Inc.		4,130,000		99,780,800
Norfolk Southern Corp.		1,129,837		98,702,560
PG&E Corp.		824,699		40,492,721
SJW Corp.		215,316		6,608,048
				425,296,816
Total Common Stocks
(Identified cost $2,025,941,604)				1,944,580,001
Right | 0.2%
Spain | 0.2%
Abertis Infraestructuras SA Expires 07/29/15
(Identified cost $4,751,913)		5,320,100		4,389,022
Short-Term Investment | 6.3%
State Street Institutional Treasury
Money Market Fund
(Identified cost $132,407,424)		132,407,424		132,407,424
Total Investments | 99.7%
(Identified cost $2,163,100,941) (a), (c)			$	2,081,376,447
Cash and Other Assets in Excess of Liabilities | 0.3%				6,994,189
Net Assets | 100.0%			$	2,088,370,636

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

18  Semi-Annual Report

Lazard Global Listed Infrastructure Portfolio (continued)

Forward Currency Contracts open at June 30, 2015:

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
EUR		CAN	09/24/15		45,551,515	$	51,774,991	$	50,843,062	$	—	$	931,929
GBP		MEL	09/24/15		6,957,934		11,006,540		10,926,015		—		80,525
JPY		CAN	09/24/15		495,485,030		4,027,810		4,053,179		25,369		—
JPY		CSF	09/24/15		2,017,210,715		16,248,174		16,501,235		253,061		—
KRW		CSF	09/24/15		579,079,100		524,885		518,162		—		6,723
KRW		RBC	09/24/15		1,165,373,788		1,038,010		1,042,781		4,771		—
Total Forward Currency Purchase Contracts						$	84,620,410	$	83,884,434	$	283,201	$	1,019,177
Forward Currency Sale Contracts
AUD		BNP	09/24/15		63,775,615	$	48,767,618	$	48,982,889	$	—	$	215,271
AUD		CAN	09/24/15		21,544,869		16,474,284		16,547,546		—		73,262
AUD		CIT	09/24/15		45,187,929		34,529,542		34,706,608		—		177,066
AUD		CSF	09/24/15		70,997,329		54,249,059		54,529,530		—		280,471
AUD		HSB	09/24/15		46,567,933		35,588,844		35,766,521		—		177,677
AUD		RBC	09/24/15		34,687,532		26,524,168		26,641,774		—		117,606
AUD		SSB	09/24/15		52,630,670		40,249,568		40,423,009		—		173,441
CHF		BNP	09/24/15		5,455,044		5,877,330		5,853,717		23,613		—
CHF		CAN	09/24/15		8,752,624		9,432,723		9,392,295		40,428		—
CHF		CSF	09/24/15		17,122,906		18,455,982		18,374,307		81,675		—
CHF		JPM	09/24/15		2,754,140		2,969,227		2,955,422		13,805		—
CHF		RBC	09/24/15		13,114,600		14,136,225		14,073,060		63,165		—
CHF		SCB	09/24/15		2,543,814		2,741,622		2,729,725		11,897		—
EUR		BNP	09/24/15		218,892,207		246,062,202		244,320,082		1,742,120		—
EUR		CAN	09/24/15		127,183,421		143,055,913		141,957,836		1,098,077		—
EUR		CIT	09/24/15		52,980,050		59,582,689		59,134,541		448,148		—
EUR		CSF	09/24/15		35,190,736		39,579,021		39,278,710		300,311		—
EUR		HSB	09/24/15		60,328,808		67,847,889		67,336,976		510,913		—
EUR		MEL	09/24/15		110,910,038		124,754,938		123,794,035		960,903		—
EUR		RBC	09/24/15		204,842,719		230,291,764		228,638,519		1,653,245		—
EUR		SCB	09/24/15		30,078,077		33,821,294		33,572,133		249,161		—
EUR		SSB	09/24/15		152,656,668		171,642,120		170,390,213		1,251,907		—
GBP		BNP	09/24/15		21,758,940		34,190,910		34,167,974		22,936		—
GBP		CIT	09/24/15		4,486,232		7,048,499		7,044,712		3,787		—
GBP		HSB	09/24/15		4,564,871		7,173,055		7,168,197		4,858		—
GBP		JPM	09/24/15		1,929,593		3,032,230		3,030,032		2,198		—
GBP		RBC	09/24/15		11,196,931		17,595,529		17,582,494		13,035		—
GBP		SCB	09/24/15		19,092,455		30,003,124		29,980,803		22,321		—
GBP		SSB	09/24/15		11,281,971		17,729,279		17,716,033		13,246		—
JPY		BNP	09/24/15		1,670,702,529		13,460,923		13,666,720		—		205,797
JPY		CAN	09/24/15		411,907,237		3,317,819		3,369,493		—		51,674
JPY		CIT	09/24/15		2,281,035,676		18,369,376		18,659,382		—		290,006
JPY		CSF	09/24/15		2,341,438,594		18,859,755		19,153,491		—		293,736
JPY		HSB	09/24/15		1,305,550,453		10,517,352		10,679,695		—		162,343

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

Semi-Annual Report  19

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at June 30, 2015 (concluded):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
JPY		JPM	09/24/15		991,859,340	$	7,989,446	$	8,113,631	$	—	$	124,185
JPY		MEL	09/24/15		1,817,432,020		14,638,471		14,867,001		—		228,530
JPY		SSB	09/24/15		790,067,041		6,364,220		6,462,925		—		98,705
KRW		CAN	09/24/15		1,922,149,575		1,712,230		1,719,947		—		7,717
KRW		CSF	09/24/15		665,285,396		593,078		595,300		—		2,222
KRW		HSB	09/24/15		2,892,414,038		2,578,598		2,588,143		—		9,545
KRW		JPM	09/24/15		74,166,086		66,137		66,364		—		227
KRW		RBC	09/24/15		1,410,623,131		1,257,128		1,262,231		—		5,103
Total Forward Currency Sale Contracts						$	1,643,131,181	$	1,637,294,016		8,531,749		2,694,584
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	8,814,950	$	3,713,761

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

20  Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2015 (unaudited)

(a) For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
US Realty Income		$   131,450,096		$     783,710		$  10,707,166		$  (9,923,456	)
US Realty Equity		92,546,304		7,451,797		4,218,507		3,233,290
Global Realty Equity		5,435,185		299,896		348,394		(48,498	)
Global Listed Infrastructure		2,163,100,941		28,068,541		109,793,035		(81,724,494	)

(b)	Non-income producing security.
(c)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:
REIT	—	Real Estate Investment Trust	PJSC	—	Public Joint Stock Company
Currency Abbreviations:
AUD	—	Australian Dollar	GBP	—	British Pound Sterling
CHF	—	Swiss Franc	JPY	—	Japanese Yen
EUR	—	Euro	KRW	—	South Korean Won
Counterparty Abbreviations:
BNP	—	BNP Paribas SA	JPM	—	JPMorgan Chase Bank NA
CAN	—	Canadian Imperial Bank of Commerce	MEL	—	The Bank of New York Mellon Corp.
CIT	—	Citibank NA	RBC	—	Royal Bank of Canada
CSF	—	Credit Suisse International	SCB	—	Standard Chartered Bank
HSB	—	HSBC Bank USA NA	SSB	—	State Street Bank and Trust Co.

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

Industry*	Lazard Global Realty Equity Portfolio			Lazard Global Listed Infrastructure Portfolio
Cable Television		—	%		8.6	%
Commercial Services		1.1			—
Construction & Engineering		—			8.0
Electric		—			24.5
Gas Utilities		—			11.3
Real Estate		97.9			—
Transportation		—			36.7
Water		—			4.3
Subtotal		99.0			93.4
Short-Term Investments		1.5			6.3
Total Investments		100.5	%		99.7	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report  21

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

	Lazard				Lazard
	US Realty Income				US Realty Equity
June 30, 2015	Portfolio				Portfolio
ASSETS
Investments in securities, at value		$	121,526,640			$	95,779,594
Foreign currency			—				—
Receivables for:
Capital stock sold			261,223				99,096
Dividends and interest			1,172,878				265,770
Investments sold			1,958,986				1,967,308
Amount due from Investment Manager (Note 3)			—				—
Gross unrealized appreciation on forward currency contracts			—				—
Total assets			124,919,727				98,111,768
LIABILITIES
Payables for:
Foreign currency due to custodian			—				—
Management fees			78,719				65,448
Accrued distribution fees			14,399				16,663
Accrued directors’ fees			1,524				1,099
Capital stock redeemed			403,063				77,477
Investments purchased			1,925,248				—
Gross unrealized depreciation on forward currency contracts			—				—
Line of credit outstanding			—				215,000
Other accrued expenses and payables			57,295				57,941
Total liabilities			2,480,248				433,628
Net assets		$	122,439,479			$	97,678,140
NET ASSETS
Paid in capital		$	132,739,698			$	89,083,314
Undistributed net investment income			744,796				966,435
Accumulated net realized gain (loss)			(1,121,559	)			4,395,101
Net unrealized appreciation (depreciation) on:
Investments			(9,923,456	)			3,233,290
Foreign currency and forward currency contracts			—				—
Net assets		$	122,439,479			$	97,678,140
Institutional Shares
Net assets		$	57,201,675			$	20,157,939
Shares of capital stock outstanding*			7,368,720				1,065,078
Net asset value, offering and redemption price per share		$	7.76			$	18.93
Open Shares
Net assets		$	65,237,804			$	77,520,201
Shares of capital stock outstanding*			8,423,279				4,087,553
Net asset value, offering and redemption price per share		$	7.74			$	18.96
Cost of investments in securities		$	131,450,096			$	92,546,304
Cost of foreign currency		$	—			$	—

*  $0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.

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

22  Semi-Annual Report

Lazard			Lazard
Global Realty			Global Listed
Equity Portfolio			Infrastructure Portfolio
$	5,386,687		$	2,081,376,447
	1,210			—
	—			10,089,280
	19,249			6,652,606
	—			591,872
	14,147			—
	—			8,814,950
	5,421,293			2,107,525,155
	—			51,852
	—			1,590,304
	401			62,672
	69			15,205
	—			10,140,153
	16,194			3,472,446
	—			3,713,761
	—			—
	44,526			108,126
	61,190			19,154,519
$	5,360,103		$	2,088,370,636
$	5,106,882		$	2,016,948,512
	66,700			27,447,137
	235,134			120,613,094
	(48,498	)		(81,724,494	)
	(115	)		5,086,387
$	5,360,103		$	2,088,370,636
$	3,455,389		$	1,776,056,657
	228,266			126,815,295
$	15.14		$	14.01
$	1,904,714		$	312,313,979
	126,149			22,262,135
$	15.10		$	14.03
$	5,435,185		$	2,163,100,941
$	1,224		$	—

Semi-Annual Report  23

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

	Lazard				Lazard
	US Realty Income				US Realty Equity
For the Six Months Ended June 30, 2015	Portfolio				Portfolio
Investment Income
Income
Dividends		$	4,153,281			$	1,635,346
Interest			—				—
Total investment income*			4,153,281				1,635,346
Expenses
Management fees (Note 3)			560,215				448,208
Distribution fees (Open Shares)			105,170				112,048
Custodian fees			23,247				22,221
Administration fees			39,734				36,000
Registration fees			19,945				20,372
Shareholders’ services			23,115				39,933
Professional services			19,418				19,355
Directors’ fees and expenses			3,405				2,471
Shareholders’ reports			15,521				12,095
Other†			3,978				3,490
Total gross expenses			813,748				716,193
Management fees waived and expenses reimbursed			—				(3,177	)
Administration fees waived			—				—
Total net expenses			813,748				713,016
Net investment income			3,339,533				922,330
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Forward Currency Contracts and Options
Net realized gain (loss) on:
Investments			(3,521,567	)			3,868,186
Foreign currency and forward currency contracts			—				—
Purchased Options			—				174,437
Total net realized gain (loss) on investments, foreign currency, forward currency contracts and options			(3,521,567	)			4,042,623
Net change in unrealized appreciation (depreciation) on:
Investments			(7,859,996	)			(9,289,467	)
Foreign currency and forward currency contracts			—				—
Total net change in unrealized depreciation on investments, foreign currency and forward currency contracts			(7,859,996	)			(9,289,467	)
Net realized and unrealized loss on investments, foreign currency, forward currency contracts and options			(11,381,563	)			(5,246,844	)
Net increase (decrease) in net assets resulting from operations		$	(8,042,030	)		$	(4,324,514	)
* Net of foreign withholding taxes of		$	—			$	—
† Includes interest on line of credit of		$	1,990			$	1,110

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

24  Semi-Annual Report

Lazard			Lazard
Global Realty			Global Listed
Equity Portfolio			Infrastructure Portfolio
$	81,243		$	39,328,794
	1			—
	81,244			39,328,794
	24,851			8,561,595
	2,519			318,193
	42,348			173,774
	25,457			169,513
	14,886			54,189
	15,237			49,544
	18,186			37,596
	140			35,466
	2,132			33,744
	2,465			16,471
	148,221			9,450,085
	(103,663	)		—
	(9,375	)		—
	35,183			9,450,085
	46,061			29,878,709
	242,630			41,705,113
	(432	)		70,779,028
	—			—
	242,198			112,484,141
	(251,249	)		(102,892,841	)
	175			(12,143,951	)
	(251,074	)		(115,036,792	)
	(8,876	)		(2,552,651	)
$	37,185		$	27,326,058
$	3,612		$	4,760,703
$	129		$	—

Semi-Annual Report  25

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

	Lazard US Realty Income Portfolio							Lazard US Realty Equity Portfolio
	Six Months Ended				Year Ended			Six Months Ended			Year Ended
	June 30, 2015				December 31,			June 30, 2015			December 31,
	(unaudited)				2014			(unaudited)			2014
Increase (Decrease) in Net Assets
Operations
Net investment income		$	3,339,533		$	4,617,726		$	922,330		$	913,988
Net realized gain (loss) on investments, foreign currency, forward currency contracts and options			(3,521,567	)		7,759,876			4,042,623			2,311,598
Net change in unrealized appreciation (depreciation) on investments, foreign currency and forward currency contracts			(7,859,996	)		12,661,157			(9,289,467	)		15,391,357
Net increase (decrease) in net assets resulting from operations			(8,042,030	)		25,038,759			(4,324,514	)		18,616,943
Distributions to shareholders
From net investment income
Institutional Shares			(1,195,863	)		(2,171,258	)		—			(216,488	)
Open Shares			(1,398,874	)		(3,053,369	)		—			(653,395	)
From net realized gains
Institutional Shares			—			(2,229,967	)		—			(281,022	)
Open Shares			—			(2,904,898	)		—			(1,162,212	)
Net decrease in net assets resulting from distributions			(2,594,737	)		(10,359,492	)		—			(2,313,117	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			11,387,549			30,642,647			3,420,166			14,479,016
Open Shares			19,138,482			54,138,803			18,034,236			48,165,637
Net proceeds from reinvestment of distributions
Institutional Shares			1,084,085			3,985,440			—			496,372
Open Shares			1,379,161			5,696,540			—			1,678,762
Cost of shares redeemed
Institutional Shares			(17,369,960	)		(21,092,217	)		(4,182,236	)		(3,168,079	)
Open Shares			(37,278,351	)		(47,389,819	)		(25,977,610	)		(35,924,926	)
Net increase (decrease) in net assets from capital stock transactions			(21,659,034	)		25,981,394			(8,705,444	)		25,726,782
Redemption fees (Note 2(h))
Institutional Shares			1,290			2,416			757			11
Open Shares			9,734			5,771			4,445			4,818
Net increase in net assets from redemption fees			11,024			8,187			5,202			4,829
Total increase (decrease) in net assets			(32,284,777	)		40,668,848			(13,024,756	)		42,035,437
Net assets at beginning of period			154,724,256			114,055,408			110,702,896			68,667,459
Net assets at end of period*		$	122,439,479		$	154,724,256		$	97,678,140		$	110,702,896
*Includes undistributed net investment income of		$	744,796		$	—		$	966,435		$	44,105
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			7,953,633			6,343,004			1,106,356			488,840
Shares sold			1,342,616			3,713,599			167,546			769,862
Shares issued to shareholders from reinvestment of distributions			129,807			479,580			—			24,881
Shares redeemed			(2,057,336	)		(2,582,550	)		(208,824	)		(177,227	)
Net increase (decrease)			(584,913	)		1,610,629			(41,278	)		617,516
Shares outstanding at end of period			7,368,720			7,953,633			1,065,078			1,106,356
Open Shares
Shares outstanding at beginning of period			10,454,927			8,991,883			4,494,866			3,776,638
Shares sold			2,210,383			6,536,633			882,492			2,599,349
Shares issued to shareholders from reinvestment of distributions			164,990			686,872			—			83,854
Shares redeemed			(4,407,021	)		(5,760,461	)		(1,289,805	)		(1,964,975	)
Net increase (decrease)			(2,031,648	)		1,463,044			(407,313	)		718,228
Shares outstanding at end of period			8,423,279			10,454,927			4,087,553			4,494,866

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

26  Semi-Annual Report

Lazard Global Realty Equity Portfolio								Lazard Global Listed Infrastructure Portfolio
Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014				Six Months Ended June 30, 2015 (unaudited)				Year Ended December 31, 2014
	$	46,061			$	160,191			$	29,878,709			$	28,183,407
		242,198				732,122				112,484,141				180,066,399
		(251,074	)			58,973				(115,036,792	)			(24,497,036	)
		37,185				951,286				27,326,058				183,752,770
		—				(170,402	)			(21,903,252	)			(93,499,882	)
		—				(68,132	)			(3,290,533	)			(8,651,001	)
		—				(375,865	)			—				(68,480,736	)
		—				(163,613	)			—				(6,840,627	)
		—				(778,012	)			(25,193,785	)			(177,472,246	)
		346,997				1,487,809				500,479,576				823,544,885
		162,066				1,461,456				218,015,838				139,281,785
		—				546,267				16,843,233				124,923,577
		—				218,688				3,267,378				14,800,994
		(1,710,893	)			(2,563,689	)			(120,952,917	)			(226,235,857	)
		(270,064	)			(2,213,583	)			(49,575,966	)			(46,719,020	)
		(1,471,894	)			(1,063,052	)			568,077,142				829,596,364
		—				—				6,190				3,195
		—				—				38,333				14,627
		—				—				44,523				17,822
		(1,434,709	)			(889,778	)			570,253,938				835,894,710
		6,794,812				7,684,590				1,518,116,698				682,221,988
	$	5,360,103			$	6,794,812			$	2,088,370,636			$	1,518,116,698
	$	66,700			$	20,639			$	27,447,137			$	22,762,213
		314,965				343,325				99,989,007				48,827,881
		21,848				85,002				33,964,014				58,107,173
		—				35,657				1,147,568				9,008,859
		(108,547	)			(149,019	)			(8,285,294	)			(15,954,906	)
		(86,699	)			(28,360	)			26,826,288				51,161,126
		228,266				314,965				126,815,295				99,989,007
		133,021				152,733				10,615,342				3,125,100
		10,233				94,693				14,796,245				9,679,786
		—				14,293				222,527				1,066,135
		(17,105	)			(128,698	)			(3,371,979	)			(3,255,679	)
		(6,872	)			(19,712	)			11,646,793				7,490,242
		126,149				133,021				22,262,135				10,615,342

Semi-Annual Report  27

The Lazard Funds, Inc. Financial Highlights

LAZARD US REALTY INCOME PORTFOLIO

	Six Months													For the Period
Selected data for a share of capital	Ended			Year Ended										9/26/11* to
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	8.42			$	7.44		$	8.57		$	7.46			$	9.73
Income (loss) from investment operations:
Net investment income (a)		0.20				0.29			0.47			0.49				0.16
Net realized and unrealized gain (loss)		(0.70	)			1.30			(0.27	)		1.23				0.55
Total from investment operations		(0.50	)			1.59			0.20			1.72				0.71
Less distributions from:
Net investment income		(0.16	)			(0.32	)		(0.34	)		(0.37	)			(0.24	)
Net realized gains		—				(0.29	)		(0.99	)		(0.24	)			(2.74	)
Total distributions		(0.16	)			(0.61	)		(1.33	)		(0.61	)			(2.98	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)			—
Net asset value, end of period	$	7.76			$	8.42		$	7.44		$	8.57			$	7.46
Total Return (c)		–6.06	%			21.54	%		2.37	%		23.32	%			9.71	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	57,202			$	66,942		$	47,222		$	52,024			$	19,849
Ratios to average net assets (d):
Net expenses		0.94	%			0.96	%		0.95	%		1.15	%			1.15	%
Gross expenses		0.94	%			0.96	%		0.98	%		1.16	%			2.31	%
Net investment income		4.69	%			3.52	%		5.29	%		5.94	%			8.26	%
Portfolio turnover rate		28	%			53	%		104	%		42	%			89	%

	Six Months													For the Period
Selected data for a share of capital	Ended			Year Ended										6/1/11 to				Year Ended
stock outstanding throughout each period	6/30/15†				12/31//14			12/31/13			12/31/12			12/31/11				5/31/11			5/31/10
Open Shares
Net asset value, beginning of period	$	8.40			$	7.43		$	8.56		$	7.45			$	11.34		$	10.78		$	6.79
Income (loss) from investment operations:
Net investment income (a)		0.18				0.26			0.44			0.51				0.44			0.32			0.48
Net realized and unrealized gain (loss)		(0.69	)			1.30			(0.26	)		1.19				(1.21	)		2.05			4.10
Total from investment operations		(0.51	)			1.56			0.18			1.70				(0.77	)		2.37			4.58
Less distributions from:
Net investment income		(0.15	)			(0.30	)		(0.32	)		(0.35	)			(0.38	)		(0.64	)		(0.59	)
Net realized gains		—				(0.29	)		(0.99	)		(0.24	)			(2.74	)		(1.17	)		—
Total distributions		(0.15	)			(0.59	)		(1.31	)		(0.59	)			(3.12	)		(1.81	)		(0.59	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	7.74			$	8.40		$	7.43		$	8.56			$	7.45		$	11.34		$	10.78
Total Return (c)		–6.20	%			21.35	%		1.99	%		23.00	%			–4.82	%		23.27	%		69.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	65,238			$	87,782		$	66,834		$	55,393			$	6,007		$	15,830		$	9,864
Ratios to average net assets (d):
Net expenses		1.20	%			1.24	%		1.22	%		1.45	%			1.47	%		1.48	%		1.48	%
Gross expenses		1.20	%			1.24	%		1.24	%		1.47	%			3.05	%		2.42	%		4.20	%
Net investment income		4.30	%			3.19	%		4.86	%		6.18	%			7.49	%		2.81	%		5.14	%
Portfolio turnover rate		28	%			53	%		104	%		42	%			89	%		77	%		116	%

*	The inception date for Institutional Shares was September 26, 2011.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

28  Semi-Annual Report

LAZARD US REALTY EQUITY PORTFOLIO

	Six Months												For the Period
Selected data for a share of capital	Ended			Year Ended									9/26/11* to
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	19.71		$	16.05		$	17.40		$	14.89			$	15.76
Income (loss) from investment operations:
Net investment income (a)		0.19			0.28			0.41			0.31				0.10
Net realized and unrealized gain (loss)		(0.97	)		3.85			(0.10	)		2.79				2.91
Total from investment operations		(0.78	)		4.13			0.31			3.10				3.01
Less distributions from:
Net investment income		—			(0.20	)		(0.25	)		(0.17	)			(0.12	)
Net realized gains		—			(0.27	)		(1.41	)		(0.42	)			(3.76	)
Total distributions		—			(0.47	)		(1.66	)		(0.59	)			(3.88	)
Redemption fees		—	(b)		—	(b)		—			—	(b)			—
Net asset value, end of period	$	18.93		$	19.71		$	16.05		$	17.40			$	14.89
Total Return (c)		–3.96	%		25.70	%		1.77	%		20.83	%			20.84	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	20,158		$	21,806		$	7,844		$	2,794			$	1,525
Ratios to average net assets (d):
Net expenses		1.05	%		1.05	%		1.13	%		1.20	%			1.20	%
Gross expenses		1.08	%		1.18	%		1.27	%		2.34	%			13.07	%
Net investment income		1.88	%		1.50	%		2.28	%		1.86	%			2.32	%
Portfolio turnover rate		35	%		43	%		98	%		52	%			63	%

	Six Months												For the Period
Selected data for a share of capital	Ended			Year Ended									6/1/11 to				Year Ended
stock outstanding throughout each period	6/30/15†			12/31//14			12/31/13			12/31/12			12/31/11				5/31/11			5/31/10
Open Shares
Net asset value, beginning of period	$	19.78		$	16.11		$	17.45		$	14.92			$	19.49		$	16.66		$	10.76
Income (loss) from investment operations:
Net investment income (loss) (a)		0.16			0.19			0.33			0.30				0.14			(0.07	)		0.05
Net realized and unrealized gain (loss)		(0.98	)		3.90			(0.06	)		2.76				(0.90	)		5.17			7.26
Total from investment operations		(0.82	)		4.09			0.27			3.06				(0.76	)		5.10			7.31
Less distributions from:
Net investment income		—			(0.15	)		(0.20	)		(0.12	)			(0.06	)		(0.04	)		(0.17	)
Net realized gains		—			(0.27	)		(1.41	)		(0.42	)			(3.76	)		(2.23	)		(1.24	)
Total distributions		—			(0.42	)		(1.61	)		(0.54	)			(3.82	)		(2.27	)		(1.41	)
Redemption fees		—	(b)		—	(b)		—	(b)		0.01				0.01			—	(b)		—
Net asset value, end of period	$	18.96		$	19.78		$	16.11		$	17.45			$	14.92		$	19.49		$	16.66
Total Return (c)		–4.15	%		25.33	%		1.58	%		20.58	%			–2.44	%		33.01	%		70.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	77,520		$	88,897		$	60,823		$	65,387			$	1,138		$	4,852		$	2,463
Ratios to average net assets (d):
Net expenses		1.33	%		1.35	%		1.36	%		1.50	%			1.80	%		1.93	%		2.00	%
Gross expenses		1.33	%		1.42	%		1.41	%		1.78	%			7.48	%		5.66	%		17.23	%
Net investment income (loss)		1.59	%		1.01	%		1.83	%		1.74	%			1.36	%		–0.41	%		0.32	%
Portfolio turnover rate		35	%		43	%		98	%		52	%			63	%		91	%		138	%

*	The inception date for Institutional Shares was September 26, 2011.
†	Unaudited.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  29

LAZARD GLOBAL REALTY EQUITY PORTFOLIO

	Six Months													For the Period
Selected data for a share of capital	Ended				Year Ended									9/26/11* to
stock outstanding throughout each period	6/30/15†				12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	15.17		$	15.49		$	16.98		$	12.18			$	13.08
Income (loss) from investment operations:
Net investment income (a)			0.13			0.34			0.30			0.22				0.03
Net realized and unrealized gain (loss)			(0.16	)		1.29			(0.18	)		5.27				0.05
Total from investment operations			(0.03	)		1.63			0.12			5.49				0.08
Less distributions from:
Net investment income			—			(0.61	)		(0.50	)		(0.57	)			(0.75	)
Net realized gains			—			(1.34	)		(0.96	)		(0.12	)			(0.23	)
Return of capital			—			—			(0.15	)		—				—
Total distributions			—			(1.95	)		(1.61	)		(0.69	)			(0.98	)
Redemption fees			—			—			—			—	(b)			—
Net asset value, end of period		$	15.14		$	15.17		$	15.49		$	16.98			$	12.18
Total Return (c)			–0.20	%		10.35	%		0.89	%		45.14	%			0.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,455		$	4,779		$	5,320		$	2,797			$	1,914
Ratios to average net assets (d):
Net expenses			1.10	%		1.13	%		1.22	%		1.30	%			1.30	%
Gross expenses			4.85	%		3.79	%		5.49	%		5.84	%			17.38	%
Net investment income			1.65	%		2.04	%		1.79	%		1.50	%			0.83	%
Portfolio turnover rate			35	%		84	%		81	%		42	%			41	%

	Six Months													For the Period
Selected data for a share of capital	Ended				Year Ended									6/1/11 to				Year Ended
stock outstanding throughout each period	6/30/15†				12/31//14			12/31/13			12/31/12			12/31/11				5/31/11			5/31/10
Open Shares
Net asset value, beginning of period		$	15.16		$	15.48		$	16.97		$	12.17			$	16.98		$	14.54		$	15.39
Income (loss) from investment operations:
Net investment income (a)			0.11			0.29			0.25			0.19				0.06			0.16			0.28
Net realized and unrealized gain (loss)			(0.17	)		1.29			(0.18	)		5.25				(3.89	)		3.99			1.40
Total from investment operations			(0.06	)		1.58			0.07			5.44				(3.83	)		4.15			1.68
Less distributions from:
Net investment income			—			(0.58	)		(0.45	)		(0.52	)			(0.75	)		(0.55	)		(1.51	)
Net realized gains			—			(1.34	)		(0.96	)		(0.12	)			(0.23	)		(1.16	)		(1.05	)
Return of capital			—			—			(0.15	)		—				—			—			—
Total distributions			—			(1.90	)		(1.56	)		(0.64	)			(0.98	)		(1.71	)		(2.56	)
Redemption fees			—			—			—	(b)		—	(b)			—			—	(b)		0.03
Net asset value, end of period		$	15.10		$	15.16		$	15.48		$	16.97			$	12.17		$	16.98		$	14.54
Total Return (c)			–0.40	%		10.05	%		0.60	%		44.81	%			–22.98	%		29.13	%		9.65	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,905		$	2,016		$	2,365		$	2,209			$	667		$	1,716		$	1,427
Ratios to average net assets (d):
Net expenses			1.40	%		1.43	%		1.54	%		1.60	%			1.84	%		1.96	%		2.00	%
Gross expenses			5.48	%		4.26	%		5.81	%		6.13	%			16.46	%		14.35	%		25.27	%
Net investment income			1.43	%		1.76	%		1.45	%		1.25	%			0.66	%		0.98	%		1.71	%
Portfolio turnover rate			35	%		84	%		81	%		42	%			41	%		54	%		81	%

*	The inception date for Institutional Shares was September 26, 2011.
†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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.
(d)	Annualized for a period of less than one year.

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

30  Semi-Annual Report

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Institutional Shares
Net asset value, beginning of period	$	13.72		$	13.13		$	10.96		$	9.78		$	10.31		$	10.00
Income from investment operations
Net investment income (a)		0.23			0.34			0.35			0.31			0.33			0.30
Net realized and unrealized gain (loss)		0.24			2.01			2.53			1.43			(0.48	)		0.34
Total from investment operations		0.47			2.35			2.88			1.74			(0.15	)		0.64
Less distributions from:
Net investment income		(0.18	)		(1.04	)		(0.33	)		(0.35	)		(0.15	)		(0.23	)
Net realized gains		—			(0.72	)		(0.38	)		(0.21	)		(0.23	)		(0.10	)
Total distributions		(0.18	)		(1.76	)		(0.71	)		(0.56	)		(0.38	)		(0.33	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	14.01		$	13.72		$	13.13		$	10.96		$	9.78		$	10.31
Total Return (c)		3.37	%		17.95	%		26.56	%		18.05	%		–1.55	%		6.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,776,057		$	1,372,216		$	641,127		$	125,112		$	104,439		$	115,680
Ratios to average net assets (d):
Net expenses		0.96	%		0.98	%		1.01	%		1.14	%		1.09	%		1.30	%
Gross expenses		0.96	%		0.98	%		1.01	%		1.14	%		1.09	%		1.35	%
Net investment income		3.13	%		2.35	%		2.80	%		3.01	%		3.15	%		3.01	%
Portfolio turnover rate		14	%		41	%		35	%		26	%		135	%		46	%

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/15†			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Open Shares
Net asset value, beginning of period	$	13.74		$	13.15		$	10.97		$	9.78		$	10.34		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.23			0.29			0.30			0.28			0.28			0.24
Net realized and unrealized gain (loss)		0.22			2.02			2.55			1.42			(0.49	)		0.38
Total from investment operations		0.45			2.31			2.85			1.70			(0.21	)		0.62
Less distributions from:
Net investment income		(0.16	)		(1.00	)		(0.29	)		(0.30	)		(0.12	)		(0.18	)
Net realized gains		—			(0.72	)		(0.38	)		(0.21	)		(0.23	)		(0.10	)
Total distributions		(0.16	)		(1.72	)		(0.67	)		(0.51	)		(0.35	)		(0.28	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—
Net asset value, end of period	$	14.03		$	13.74		$	13.15		$	10.97		$	9.78		$	10.34
Total Return (c)		3.22	%		17.61	%		26.24	%		17.54	%		–1.95	%		6.28	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	312,314		$	145,901		$	41,095		$	12,715		$	8,359		$	118
Ratios to average net assets (d):
Net expenses		1.23	%		1.29	%		1.32	%		1.50	%		1.60	%		1.60	%
Gross expenses		1.23	%		1.29	%		1.32	%		1.50	%		1.67	%		18.06	%
Net investment income		3.23	%		2.04	%		2.42	%		2.66	%		2.81	%		2.37	%
Portfolio turnover rate		14	%		41	%		35	%		26	%		135	%		46	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	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 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.
(d)	Annualized for a period of less than one year.

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

Semi-Annual Report  31

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2015 (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 “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-five 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 US Small Cap Equity Growth Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Equity Concentrated Portfolio, Lazard International Strategic Equity Portfolio, Lazard International Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard International Small Cap Equity Portfolio, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Portfolio, Lazard Emerging Markets Core Equity Portfolio, Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio (commenced investment operations on May 29, 2015), Lazard Emerging Markets Equity Blend Portfolio, Lazard Emerging Markets Multi Asset Portfolio, Lazard Emerging Markets Debt Portfolio, Lazard Explorer Total Return Portfolio, Lazard Emerging Markets Income Portfolio, Lazard US Corporate Income Portfolio, Lazard US Short Duration Fixed Income Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Realty Income Portfolio, Lazard US Realty Equity Portfolio, Lazard Global Realty Equity Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Capital Allocator Opportunistic Strategies Portfolio, Lazard Global Dynamic Multi Asset Portfolio, Lazard Enhanced Opportunities Portfolio, Lazard Fundamental Long/Short Portfolio, and Lazard Master Alternatives Portfolio. All Portfolios, other than US Equity Concentrated, International Equity Concentrated, Emerging Markets Debt, Explorer Total Return, Emerging Markets Income, US Realty Equity, Global Realty Equity, Enhanced Opportunities and Fundamental Long/Short Portfolios, are operated as “diversified” funds, as defined in the 1940 Act. Global Dynamic Multi Asset Portfolio had not commenced

operations as of June 30, 2015. This report includes only the financial statements of US Realty Income, US Realty Equity, Global Realty Equity and Global Listed Infrastructure Portfolios. The financial statements of other Portfolios are presented separately.

Effective November 29, 2013, the Fund formed an R6 Share class. Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each Share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Prospectus). As of June 30, 2015, only US Strategic Equity, International Equity, International Strategic Equity, Emerging Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi Asset and Emerging Markets Debt Portfolios offered R6 Shares and US Strategic Equity, International Equity, International Strategic Equity and Emerging Markets Equity Portfolios had issued R6 Shares.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company and therefore applies specialized accounting guidance in Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

(a) Valuation of Investments—Net asset value (“NAV”) per share for each class of each Portfolio is determined on each day the New York Stock Exchange (“NYSE”) is open for business. Market values for securities listed on the 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

32  Semi-Annual Report

the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Forward currency contracts are valued using quotations from an independent pricing service. Exchange-traded options are valued at the last reported sales price on the exchange on which the contract is principally traded. Investments in money market funds are valued at the fund’s NAV.

The Valuation Committee of the Investment Manager, which meets periodically and acts pursuant to delegated authority from the Board of Directors (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 portfolio managers/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 NAV 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 of relevant American Depositary Receipts or futures 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 NAV 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’ NAVs.

(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.

A Portfolio may be subject to taxes imposed by foreign countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and unrealized) from the applicable portfolio securities.

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund 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 the Portfolios’ accounting records and the US dollar equivalent amounts actually received or paid. Net change in

Semi-Annual Report  33

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, a 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.

During the period ended June 30, 2015, only Global Listed Infrastructure Portfolio traded in forward currency contracts.

(d) Options Transactions—For hedging and investment purposes, certain Portfolios may purchase and write (sell) put and call options. Such options may be traded on US or non-US securities exchanges or on 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 will not benefit from exercise of an option 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, 2015, transactions in options purchased were as follows:

US Realty Equity Portfolio

Purchased Options	Number of Contracts			Cost
Options outstanding at beginning of period		—		$	—
Options purchased		1,775			415,858
Options sold		(1,775	)		(415,858	)
Options outstanding at end of period		—		$	—

None of the other Portfolios presented traded in options during the period ended June 30, 2015.

(e) 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 (the “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.

The Regulated Investment Company Modernization Act of 2010 (the “RIC Modernization Act”) includes numerous provisions that generally became effective for taxable years beginning after December 22, 2010. Among the 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.

At December 31, 2014, the Portfolios had no unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains.

Under current tax law, certain late year losses, as defined by the Code, within the taxable year may be deferred and treated as occurring on the first day of

34  Semi-Annual Report

the following tax year. For the tax year ended December 31, 2014, the Portfolios had no such losses to defer.

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 (2011-2013), or expected to be taken in the Portfolios’ 2014 tax returns.

(f) Dividends and Distributions—Dividends from net investment income, if any, will be declared and paid annually, except that US Realty Income and Global Listed Infrastructure 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.

REIT distributions received by a Portfolio are generally comprised of ordinary income, long-term capital gains and a return of REIT capital. However, as the actual character of such distributions received are not known until after the calendar year end, distributions made by a Portfolio during the year are subject to re-characterization that may result in some portion of the distributions being reclassified as a return of capital distribution to Portfolio shareholders.

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. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(g) Allocation of Expenses—Expenses not directly chargeable to a specific Portfolio are allocated among all Portfolios primarily on the basis of relative net

assets. Portfolios accrue distribution and service (12b-1) fees to Open Shares. The Portfolios’ 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.

(h) Redemption Fee—The Portfolios 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 the Portfolios and are included as paid in capital on the Statements of Assets and Liabilities. The fees are also shown on the Statements of Changes in Net Assets.

(i) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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 objectives and policies, including the purchase, retention and disposition of securities. For its services provided to the Portfolios, 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 Realty Income		0.75	%
US Realty Equity		0.80
Global Realty Equity		0.85
Global Listed Infrastructure		0.90

Semi-Annual Report 35

The Investment Manager has voluntarily agreed, through May 1 of the year shown below, 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			Year
US Realty Income		1.00	%		1.30	%		2016
US Realty Equity		1.05			1.35			2025
Global Realty Equity		1.10			1.40			2016
Global Listed Infrastructure		1.30			1.60			2025

During the period ended June 30, 2015, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
	Management		Expenses		Management		Expenses
Portfolio	Fees Waived		Reimbursed		Fees Waived		Reimbursed
US Realty Equity		$  3,177		$       —		$     —	$	—
Global Realty Equity		16,287		49,466		8,564		29,346

The Fund has entered into an administration agreement with State Street to provide certain administrative services. 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 up to $18,750 of the $42,500 annual fee for Portfolios with net assets under $25 million. During the period ended June 30, 2015, State Street waived $9,375 of its fee for Global Realty Equity Portfolio.

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 adopted pursuant to 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, 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 the first six months after a new Portfolio or share class 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, and Lazard Alternative Emerging Markets 1099 Fund, a closed-end registered management investment company advised by an affiliate of the Investment Manager (the “1099 Fund”): (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director, and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Directors also are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. The Statements of Operations show the Directors’ fees and expenses paid by each Portfolio.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2015 were as follows:

36  Semi-Annual Report

Portfolio	Purchases		Sales
US Realty Income	$	40,929,655	$	60,963,423
US Realty Equity		38,463,050		45,956,095
Global Realty Equity		2,046,620		3,481,200
Global Listed Infrastructure		826,476,472		241,613,526

For the period ended June 30, 2015, 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: from January 1, 2015 to June 28, 2015, at the higher of the Federal Funds rate or Overnight LIBOR rate plus 1.00%, and from June 29, 2015 to June 30, 2015, at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.10% per annum fee from January 1, 2015 to June 28, 2015 and 0.20% per annum from June 29, 2015 to June 30, 2015 on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the period ended June 30, 2015, the Portfolios had borrowings under the Agreement as follows:

					Weighted			Number of
	Average		Maximum		Average			Days
	Daily Loan		Daily Loan		Interest			Borrowings
Portfolio	Balance*		Outstanding		Rate			were Outstanding
US Realty Income	$	1,323,438	$	4,826,000		1.13	%		48
US Realty Equity		609,983		2,440,000		1.13			58
Global Realty Equity		108,179		265,000		1.13			38

* For days borrowings were outstanding.

Management believes that the fair value of the liabilities under the line of credit is equivalent to the recorded amount based on its short term maturity and interest rate, which fluctuates with LIBOR. The line of credit outstanding as of June 30, 2015 is categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—Certain Portfolios may invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in US securities. Such Portfolios’ performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolios invest. Non-US securities carry special risks, such as 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 may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolios’ investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the US. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(b) Realty Companies Risk—Since US Realty Income, US Realty Equity and Global Realty Equity Portfolios focus their investments in realty companies, the Portfolios could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The per-

Semi-Annual Report  37

formance of investments made by the Portfolios may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. Consequently, the investment strategies of the Portfolios could lead to securities investment results that may be significantly different from investments in securities of other industries or sectors or in a more broad-based portfolio generally. The risks related to investments in realty companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of non-realty companies traded on national exchanges, which may affect the Portfolios’ ability to trade or liquidate those securities. An investment in REITs may be adversely affected or lost if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolios generally will have no control over the operations and policies of the REITs, and the Portfolios generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.

(c) Infrastructure Companies Risk—Global Listed Infrastructure Portfolio’s assets are invested primarily in securities of companies related to infrastructure industries. Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs

associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation and service interruption due to environmental, operational or other mishaps.

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. 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, developed 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

38  Semi-Annual Report

• 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)

Changes in valuation technique may result in transfer into or out of the current assigned level within the hierarchy.

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

The following table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2015:

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, 2015
US Realty Income Portfolio
Preferred Stocks*	$	27,512,201	$	—		$	—	$	27,512,201
Real Estate Investment Trusts		93,013,760		—			—		93,013,760
Short-Term Investment		1,000,679		—			—		1,000,679
Total	$	121,526,640	$	—		$	—	$	121,526,640
US Realty Equity Portfolio
Common Stocks*	$	3,008,752	$	—		$	—	$	3,008,752
Real Estate Investment Trusts		92,638,255		—			—		92,638,255
Short-Term Investment		132,587		—			—		132,587
Total	$	95,779,594	$	—		$	—	$	95,779,594
Global Realty Equity Portfolio
Common Stocks*	$	1,646,580	$	—		$	—	$	1,646,580
Real Estate Investment Trusts*		3,661,788		—			—		3,661,788
Short-Term Investment		78,319		—			—		78,319
Total	$	5,386,687	$	—		$	—	$	5,386,687
Global Listed Infrastructure Portfolio
Assets:
Common Stocks*	$	1,944,580,001	$	—		$	—	$	1,944,580,001
Right*		4,389,022		—			—		4,389,022
Short-Term Investment		132,407,424		—			—		132,407,424
Other Financial Instruments**
Forward Currency Contracts		—		8,814,950			—		8,814,950
Total	$	2,081,376,447	$	8,814,950		$	—	$	2,090,191,397
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(3,713,761	)	$	—	$	(3,713,761	)

*	Please refer to Portfolios of Investments (page 14 through 20) and Notes to Portfolios of Investments (page 21) for portfolio holdings by country and industry.
**	Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

In connection with the periodic implementation of fair value pricing procedures with respect to non-US securities (see Note 2(a)), certain equity securities in the Global Realty Equity and Global Listed Infrastructure Portfolios can transfer 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. A Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period.

Semi-Annual Report  39

At June 30, 2015, securities valued at the following amounts were transferred from Level 2 to Level 1:

Portfolio	Amount
Global Realty Equity	$	2,701,931
Global Listed Infrastructure		1,120,548,264

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2015.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

A Portfolio may write or purchase a covered call or put option to seek to realize, through the receipt of premiums and changes in market value, a greater return than would be realized on the underlying securities alone, or to seek to protect the Portfolio from losses.

US Realty Equity Portfolio

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2015 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Equity Risk:
Net realized gain on purchased options	$	174,437

Global Listed Infrastructure Portfolio

During the period ended June 30, 2015, the notional amounts of purchases and sales of forward currency contracts were $3,086,404,126 and $3,581,159,785, respectively, with average notional exposure of approximately $1,437,700,000.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2015:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	8,814,950
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	3,713,761

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2015 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	71,410,825
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized depreciation on forward currency contracts	$	(12,185,814	)

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

During the period ended June 30, 2015, US Realty Income and Global Realty Equity Portfolios did not trade in derivatives.

As of June 30, 2015, Global Listed Infrastructure Portfolio holds derivative instruments that are eligible for offset in the Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

40  Semi-Annual Report

The required information for the affected Portfolio is presented in the below table, as of June 30, 2015:

Global Listed Infrastructure Portfolio

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities	Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$8,814,950	$   —	$8,814,950

				Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in Statement of Assets and Liabilities			Financial Instruments				Collateral Received			Net Amounts
BNP Paribas SA		$	1,788,669		$	(421,068	)		$	—		$	1,367,601
Canadian Imperial Bank of Commerce			1,163,874			(1,064,582	)			—			99,292
Citibank NA			451,935			(451,935	)			—			—
Credit Suisse International			635,047			(583,152	)			—			51,895
HSBC Bank USA NA			515,771			(349,565	)			—			166,206
JPMorgan Chase Bank NA			16,003			(16,003	)			—			—
Royal Bank of Canada			1,734,216			(122,709	)			—			1,611,507
Standard Chartered Bank			283,379			—				—			283,379
State Street Bank and Trust Co.			1,265,153			(272,146	)			—			993,007
The Bank of New York Mellon Corp.			960,903			(309,055	)			—			651,848
Total		$	8,814,950		$	(3,590,215	)		$	—		$	5,224,735

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$3,713,761	$   —		$3,713,761

				Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in Statement of Assets and Liabilities			Financial Instruments				Collateral Pledged			Net Amounts
BNP Paribas SA		$	421,068		$	(421,068	)		$	—		$	—
Canadian Imperial Bank of Commerce			1,064,582			(1,064,582	)			—			—
Citibank NA			467,072			(451,935	)			—			15,137
Credit Suisse International			583,152			(583,152	)			—			—
HSBC Bank USA NA			349,565			(349,565	)			—			—
JPMorgan Chase Bank NA			124,412			(16,003	)			—			108,409
Royal Bank of Canada			122,709			(122,709	)			—			—
State Street Bank and Trust Co.			272,146			(272,146	)			—			—
The Bank of New York Mellon Corp.			309,055			(309,055	)			—			—
Total		$	3,713,761		$	(3,590,215	)		$	—		$	123,546

11. Subsequent Events

Management has evaluated the possibility of subsequent events affecting the Fund’s financial statements

and has determined that there were no such subsequent events that required adjustment or disclosure in the financial statements.

Semi-Annual Report  41

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):
Franci J. Blassberg (61)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		Cornell Law School, Visiting Professor of Practice (2015 – present); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (70)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
		Aquiline Holdings LLC, an investment manager, Partner (2006 – 2012)
Nancy A. Eckl (52)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (65 funds) and TIAA-CREF Life Funds (11 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)
Trevor W. Morrison (44)	Director (April 2014)	New York University School of Law, Dean and Eric M. and Laurie B. Roth Professor of Law (2013 – present)
		Columbia Law School, Professor of Law (2008 – 2013)
		Office of Counsel to the President, The White House, Associate Counsel to the President (2009)
Richard Reiss, Jr. (71)	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 (67)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

42  Semi-Annual Report

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)
Interested Directors(4):
Charles L. Carroll (54)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (55)	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 serves as a Director for each of the Lazard Funds (comprised of, as of July 31, 2015, 41 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) are also board members of the 1099 Fund.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the 1940 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, or online, at www.LazardNet.com.

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 (42)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Stephen St. Clair (56)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (44)	Chief Compliance Officer (September 2014)	Director and Chief Compliance Officer of the Investment Manager (since September 2014)
		Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (40)	Assistant Secretary (February 2009)	Senior Vice President (since February 2012, previously Vice President) and Director of Legal Affairs (since July 2015) of the Investment Manager
Cesar A. Trelles (40)	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, except Messrs. St. Clair and Trelles, serves in the same capacity for the other Lazard Funds and the 1099 Fund. Messrs. St. Clair and Trelles serve 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  43

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

At a meeting of the Board held on June 8-9, 2015, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of the 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 39 active funds comprised approximately $30 billion (as of April 30, 2015) of the approximately $180 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2015). The Investment

Manager’s representatives 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 $30 billion fund complex not managed by a large, global firm such as the Investment Manager.

The Investment Manager representatives noted that the Investment Manager had historically provided certain administrative, operational and compliance assistance services in connection with the operation of the Fund, but that such services had been in addition to the investment advisory and other services that were contractually required by the Management Agreement currently in place. The Investment Manager representatives explained that the Management Agreement, on behalf of each Portfolio for which the Management Agreement is being considered, was proposed to be revised in order to include such services. The Investment Manager representatives reviewed the proposed revisions with the Directors and confirmed that no changes were proposed to the nature, extent or quality of services provided or to the Management Agreement’s terms related to investment advisory services.

44  Semi-Annual Report

Comparative Management Fee, Expense Ratio and Performance Information

The Directors reviewed comparative management fee, expense ratio and performance (through March 31, 2015) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”).

Management Fees and Expense Ratios. The Directors discussed the management fees and expense ratios for each Portfolio. They noted the methodology and assumptions used by Strategic Insight, 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 Strategic Insight’s analysis (which was for the Institutional Shares and Open Shares classes of all Portfolios), it was noted that, for both share classes of each Portfolio, contractual management fees were at or below the median of the relevant Group, except for the US Realty Equity Portfolio (in the third quartile of the Group for each share class) and Global Realty Equity Portfolio (the highest in the Group for both share classes). The Directors noted, however, that the actual management fee for the US Realty Equity Portfolio was in the first quartile for one share class and for the Global Realty Equity Portfolio the actual management fee was the lowest in the Group for both share classes. The Directors also were reminded that the Management Agreement had been amended during the year, to lower the management fee payable by the Global Realty Equity Portfolio from an annual rate of .90% to .85% of the value of the Portfolio’s average daily assets.

It also was noted that, for at least one share class of the Portfolios, expense ratios were below the medians of those of the funds in the relevant Group. 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. For the Global Realty Equity Portfolio, the Investment Manager representatives presented supplemental comparisons against peer funds the Investment Manager believed were more appropriate than those comprising the respective Groups, showing that the Portfolio’s contractual management fee and net expenses were within the range of those in the Investment Manager’s group of comparison funds.

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. Strategic Insight’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and Category over measurement periods up to ten years through March 31, 2015. Although year-to-date performance was provided by Strategic Insight the Directors did not consider three-month performance to be relevant to their considerations and focused on longer-term performance.

The Directors noted that both share classes of Global Listed Infrastructure were above the average of the performance Group and/or Category for all periods and that the performance of the Global Realty Equity, US Realty Equity and US Realty Income Portfolios was generally below average in most periods. The Direc-

Semi-Annual Report  45

tors noted that the Investment Manager believed the peer groups for the Global Realty Equity Portfolio were not the most appropriate comparisons, as discussed in connection with the fee comparisons.

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, 2014 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s costs to the Investment Manager. 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 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 recordkeeping 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 esti-

mated 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 such information as may reasonably be necessary to make an informed business decision with respect to evaluation of 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 adequate and appropriate, noting the benefits of advisory and research services and other services and infrastructure (as discussed above) associated with an approximately $180 billion global asset management business.

• The Board was generally satisfied with the overall performance of most of the Portfolios, either because relative performance in the Group and/or Category was satisfactory or performance was otherwise consistent with the investment approach employed for a Portfolio. For certain Portfolios that were not performing in accordance with expectations, the Board would continue to monitor performance.

46  Semi-Annual Report

• 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 determined to approve the Fund’s Management Agreement.

Semi-Annual Report  47

NOTES

NOTES

NOTES

NOTES

NOTES

NOTES

NOTES

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 Iron Street

Boston, Massachusetts 02210

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

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, New York 10112-0015

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
LZDPS028

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 8, 2015

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 8, 2015

By	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date	September 8, 2015