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:	6/30/16

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds Semi-Annual Report

June 30, 2016

Alternative Funds

Lazard Enhanced Opportunities Portfolio

Lazard Fundamental Long/Short Portfolio

PRIVACY NOTICE

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., Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect 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.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overviews
5	Performance Overviews
7	Information About Your Portfolio’s Expenses
9	Portfolio Holdings Presented by Sector
10	Portfolios of Investments
10	Lazard Enhanced Opportunities Portfolio
19	Lazard Fundamental Long/Short Portfolio
22	Notes to Portfolios of Investments
24	Statements of Assets and Liabilities
25	Statements of Operations
26	Statements of Changes in Net Assets
27	Financial Highlights
29	Notes to Financial Statements
40	Board of Directors and Officers Information
43	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,

In the first half of 2016, global equity markets stood firm despite significant bouts of volatility. Concerns about the Chinese economy, commodity price declines, and a series of disappointing earnings announcements pressured equity markets in the early months of 2016. However, they rallied in the latter half of the first quarter and into the second as the US Federal Reserve lowered its forecast for 2016 interest rate increases. Although global equity markets fell again in late-June due to the uncertainty caused by the United Kingdom’s vote to leave the European Union, certain regions rebounded by the end of the period. In addition, signs of some stability in commodity prices helped emerging markets assets during the period.

Volatility also played a role in global bond markets as investors traded largely on risk assessment of macro events. In Europe, the 10-year German bund yield fell below zero for the first time, following Swiss and Japanese 10-year government bonds, which have been in negative territory for some time. The surprising outcome of the UK referendum triggered another rally in safe haven assets, pushing some government bond yields even further into negative territory. The low yield, but still positive, environment continued in the United States.

At Lazard Asset Management, we remain focused on active management and are committed to responsibly pursuing the Portfolios’ investment objectives. We appreciate your continued confidence in our investment management capabilities, and we 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

Lazard Alternatives

Global financial markets were volatile during the first half of 2016, as risk sentiment seesawed amid mixed macro developments. Equity markets worldwide experienced a sharp sell-off at the beginning of the year and the Chicago Board Options Exchange Volatility^® Index spiked, as investors looked to hedge equity prices when the bottom began to fall out of the market. In February, however, stocks staged a recovery. By the end of the six-month period, the MSCI All Country World^® Index and the S&P 500^® Index finished up 1.2% and 3.8%, respectively. Commodity prices weakened in the first several weeks of the year, due largely to worries about global economic growth, but rallied after February, led by crude oil prices, which nearly doubled from January lows. The market value of sovereign bonds trading with a negative yield reached a record-high during the period, led by Germany and Japan. The yield on the benchmark 10-year US Treasury bond, which began the year at 2.27%, reached as low as 1.34% at one point, but rebounded to 1.47% at the end of the first half of the year. The affirmative vote in the United Kingdom to leave the European Union (the so-called “Brexit”), coupled with anxiety about global growth and heightened geopolitical risks, clouded the outlook as to when the US Federal Reserve might raise interest rates again. This uncertainty about the timing, among other factors, resulted in significant volatility in the US dollar, though it paled against the revaluation on the pound sterling. Similar to other risk assets, credit spreads, specifically the BofA High Yield^® Index, rose early in the year before falling markedly to finish at 625 basis points (bps), or roughly 80 bps lower than where they began the year. Similarly, investment grade spreads tightened roughly 30 bps. Both high yield and investment grade returns benefited from the improvement in US Treasuries, which, combined with the improvement in spreads, yielded positive returns.

Lazard Enhanced Opportunities Portfolio

For the six months ended June 30, 2016, the Lazard Enhanced Opportunities Portfolio’s Institutional Shares posted a total return of 1.57%, while Open Shares posted a total return of 1.46%, as compared with the 1.36% return for the BofA Merrill Lynch U.S. Convertible ex Mandatory^® Index and -0.83% return for the HFRX Global Hedge Fund^® Index.

Special situations—notably bond exchanges—paced returns. Portfolio-level credit hedges contributed as well, as did directional and hedged positions in real estate investment trusts. Commodity, building materials, transports, and natural resource exposures helped as well. Valuations improved in the second quarter, from significant mark to market in the first quarter, but nonetheless remain compelling. The special situation opportunity set continues to grow, particularly in light of record high equity prices, the low rate environment, and elevated single name equity volatility. After a quiet first quarter, the primary market gained momentum in the second quarter, which is a trend we expect to continue, given the constructive economic backdrop.

Lazard Fundamental Long/Short Portfolio

For the six months ended June 30, 2016, the Lazard Fundamental Long/Short Portfolio’s Institutional Shares posted a total return of -8.24%, while Open Shares posted a total return of -8.36%, as compared with the -3.92% return for the HFRX Equity Hedge^® Index and 3.84% return for the S&P 500 Index.

A long position in wireless infrastructure REIT Communications Sales & Leasing contributed to performance, as shares rose after investors shifted capital into higher-yielding names amid expectations for a prolonged low-rate environment. Also, during the second quarter, the company announced plans to acquire Tower Cloud for $230 million. A long position in Molson Coors also helped returns, as shares rose as investors anticipated the close of the company’s acquisition of its remaining stake in MillerCoors. The Portfolio also benefited from a long position in clothing and apparel company Deckers, as shares rose after the company announced strong earnings and conservative management guidance. We sold our position in April, as the stock approached our target valuation and we saw opportunity elsewhere.

In contrast, the Portfolio was hurt by its long position in consumer financial services provider OneMain, as shares fell amid continued concerns about the company’s funding costs in a rising rate environment, as well as its subprime loan exposure. We sold our position in February, as a reassessment of our scenarios resulted in the risk-adjusted upside no longer being

Semi-Annual Report  3

favorable. A long position in medical device maker Natus Medical also hurt returns, as shares fell after the company announced revenues below expectations, citing pushouts of key orders. We sold our position after the announcement in April, as our thesis was negatively impacted by the company’s business in Venezuela. The Portfolio also was hurt by its short

position in retailer Big Lots, as shares rose after the company reported quarterly earnings above expectations and management raised its guidance for the year, driven by strong same-store sales. We covered our position after the announcement in May, as we saw better opportunity elsewhere.

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. Return for 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, 2016; 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.

4  Semi-Annual Report

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, BofA Merrill Lynch U.S. Convertible ex Mandatory^® Index and HFRX Global Hedge Fund^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2016

	One Year		Since Inception		†
Institutional Shares**		-1.67%		-0.53%
Open Shares**		-1.93%		-0.77%
BofA Merrill Lynch U.S. Convertible ex Mandatory Index		-4.96%		-0.95%
HFRX Global Hedge Fund Index		-5.64%		-2.98%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and may differ from amounts reported in the financial highlights.
	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 BofA Merrill Lynch U.S. Convertible ex Mandatory Index measures the performance of convertible securities of all corporate sectors with a par amount of $25 million or more and a maturity of at least one year and excludes preferred equity redemption stocks and converted securities. 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 fund industry. 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.

Semi-Annual Report  5

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, 2016
			Since
	One Year		Inception		†
Institutional Shares**		-4.96%		4.92%
Open Shares**		-5.23%		4.66%
S&P 500 Index		3.99%		7.39%
HFRX Equity Hedge Index		-8.33%		-2.17%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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.

6  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, 2016 through June 30, 2016 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  7

Portfolio	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Expenses Paid During Period* 1/1/16 - 6/30/16		Annualized Expense Ratio During Period 1/1/16 - 6/30/16
Enhanced Opportunities
Institutional Shares
Actual	$	1,000.00	$	1,015.70	$	8.52		1.70%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.41	$	8.52		1.70%
Open Shares
Actual	$	1,000.00	$	1,013.50	$	9.76		1.95%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.17	$	9.77		1.95%
Fundamental Long/Short†
Institutional Shares
Actual	$	1,000.00	$	917.60	$	14.83		3.11%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,009.40	$	15.54		3.11%
Open Shares
Actual	$	1,000.00	$	916.40	$	16.11		3.38%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,008.06	$	16.88		3.38%

*	Expenses are equal to the annualized expense ratio of each Share class multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
†	The expense ratios include broker expense and dividend expense on securities sold short.

8  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2016 (unaudited)

	Lazard Enhanced Opportunities			Lazard Fundamental Long/Short Portfolio
Sector	Portfolio*			Long**		Short†
Consumer Discretionary		13.5	%	9.5	%		-28.5	%
Consumer Staples		0.9		5.8			-4.0
Energy		4.1		1.4			—
Financials		19.1		10.1			-23.1
Health Care		13.4		11.9			-19.4
Industrials		6.9		6.2			-8.3
Information Technology		18.9		7.5			-14.5
Materials		6.0		1.2			-2.2
Telecommunication Services		—		1.7			—
Short-Term Investments		17.2		44.7			—
Total Investments		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  9

The Lazard Funds, Inc. Portfolios of Investments June 30, 2016 (unaudited)

Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Common Stocks | 0.9%
Mexico | 0.1%
Cemex SAB de CV Sponsored ADR (a)		3,357	$	20,712
United States | 0.8%
Colony Starwood Homes REIT		801		24,367
Dycom Industries, Inc. (a)		83		7,450
Encore Capital Group, Inc. (a)		376		8,847
Exelixis, Inc. (a)		11,696		91,346
Forest City Realty Trust, Inc., Class A REIT		100		2,231
FXCM, Inc., Class A (a)		23		199
Gramercy Property Trust REIT		22		203
Innoviva, Inc.		1,311		13,805
JAKKS Pacific, Inc. (a)		562		4,445
LinkedIn Corp., Class A (a)		20		3,785
Navistar International Corp. (a)		351		4,103
Sequenom, Inc. (a)		519		474
Trinity Industries, Inc.		961		17,846
				179,101
Total Common Stocks (Cost $167,552)				199,813

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds | 62.7%
Argentina | 0.4%
MercadoLibre, Inc.,
2.250%, 07/01/19	USD		62	$	78,314
Canada | 2.1%
Element Financial Corp.:
5.125%, 06/30/19	CAD		158		131,774
4.250%, 06/30/20	CAD		367		287,646
					419,420
Greece | 0.6%
Aegean Marine Petroleum Network, Inc.,
4.000%, 11/01/18	USD		154		120,890

Description	Security Currency	Principal Amount (000)		Fair Value
Japan | 0.5%
Nipro Corp.,
0.000%, 01/29/21	JPY		10,000	$	104,585
Mexico | 2.9%
Cemex SAB de CV:
3.750%, 03/15/18	USD		243		249,379
3.720%, 03/15/20	USD		372		346,657
					596,036
United States | 56.2%
Aceto Corp.,
2.000%, 11/01/20 (b)	USD		55		51,013
AK Steel Corp.,
5.000%, 11/15/19	USD		111		127,581
Akamai Technologies, Inc.,
0.000%, 02/15/19	USD		228		224,865
Allscripts Healthcare Solutions, Inc.,
1.250%, 07/01/20	USD		45		45,000
Altra Industrial Motion Corp.,
2.750%, 03/01/31	USD		20		22,600
AMAG Pharmaceuticals, Inc.,
2.500%, 02/15/19	USD		8		8,820
American Residential
Properties OP LP,
3.250%, 11/15/18 (b)	USD		68		81,898
AmTrust Financial Services, Inc.,
2.750%, 12/15/44	USD		172		131,580
Ascent Capital Group, Inc.,
4.000%, 07/15/20	USD		55		31,247
Bottomline Technologies de, Inc.,
1.500%, 12/01/17	USD		121		121,529
Broadsoft, Inc.,
1.000%, 09/01/22 (b)	USD		75		91,172
CalAtlantic Group, Inc.:
0.250%, 06/01/19	USD		265		245,291
1.250%, 08/01/32	USD		39		41,925
Carriage Services, Inc.,
2.750%, 03/15/21	USD		68		79,858
Ciena Corp.,
0.875%, 06/15/17	USD		124		122,528
Cobalt International Energy, Inc.,
2.625%, 12/01/19	USD		147		55,125
Colony Starwood Homes:
4.500%, 10/15/17	USD		240		264,000
3.000%, 07/01/19	USD		281		309,802

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

10  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Cornerstone OnDemand, Inc.,
1.500%, 07/01/18	USD		111	$	114,122
Cowen Group, Inc.,
3.000%, 03/15/19	USD		141		126,548
CSG Systems International, Inc.,
4.250%, 03/15/36 (b)	USD		224		235,760
Dycom Industries, Inc.,
0.750%, 09/15/21 (b)	USD		240		273,300
Electronics For Imaging, Inc.,
0.750%, 09/01/19	USD		16		17,150
Encore Capital Group, Inc.:
3.000%, 11/27/17	USD		186		182,164
2.875%, 03/15/21	USD		147		103,819
Exelixis, Inc.,
4.250%, 08/15/19	USD		64		94,840
Forest City Realty Trust, Inc.:
4.250%, 08/15/18	USD		43		49,665
3.625%, 08/15/20	USD		351		382,371
FXCM, Inc.,
2.250%, 06/15/18	USD		55		19,216
GPT Property Trust LP,
3.750%, 03/15/19	USD		7		8,798
Green Plains, Inc.,
3.250%, 10/01/18	USD		32		35,700
Griffon Corp.,
4.000%, 01/15/17	USD		225		274,781
HealthSouth Corp.,
2.000%, 12/01/43	USD		56		65,345
Huron Consulting Group, Inc.,
1.250%, 10/01/19	USD		17		17,278
Iconix Brand Group, Inc.,
1.500%, 03/15/18	USD		355		287,106
Illumina, Inc.,
0.500%, 06/15/21	USD		104		103,870
Innoviva, Inc.,
2.125%, 01/15/23	USD		102		80,580
Integra LifeSciences Holdings Corp.,
1.625%, 12/15/16	USD		132		200,227
JAKKS Pacific, Inc.,
4.250%, 08/01/18	USD		142		149,366
Knowles Corp.,
3.250%, 11/01/21 (b)	USD		87		88,631

Description	Security Currency	Principal Amount (000)		Fair Value
LGI Homes, Inc.,
4.250%, 11/15/19	USD		140	$	217,000
Liberty Interactive LLC,
1.000%, 09/30/43 (b)	USD		175		152,234
Liberty Media Corp.,
1.375%, 10/15/23	USD		14		13,904
LinkedIn Corp.,
0.500%, 11/01/19	USD		261		257,574
Live Nation Entertainment, Inc.,
2.500%, 05/15/19	USD		80		80,200
M/I Homes, Inc.,
3.250%, 09/15/17	USD		139		139,608
Meritage Homes Corp.,
1.875%, 09/15/32	USD		325		323,172
Micron Technology, Inc.,
3.000%, 11/15/43	USD		80		61,100
Molina Healthcare, Inc.,
1.625%, 08/15/44	USD		189		205,183
Monster Worldwide, Inc.,
3.500%, 10/15/19	USD		148		127,557
Navistar International Corp.,
4.750%, 04/15/19	USD		85		49,353
NetSuite, Inc.,
0.250%, 06/01/18	USD		250		244,844
Nuance Communications, Inc.:
2.750%, 11/01/31	USD		178		179,557
1.000%, 12/15/35 (b)	USD		50		43,938
NuVasive, Inc.,
2.250%, 03/15/21	USD		256		303,040
PDL BioPharma, Inc.,
4.000%, 02/01/18	USD		150		142,125
PRA Group, Inc.,
3.000%, 08/01/20	USD		190		148,081
Quidel Corp.,
3.250%, 12/15/20	USD		123		113,929
Red Hat, Inc.,
0.250%, 10/01/19	USD		76		92,150
Redwood Trust, Inc.,
4.625%, 04/15/18	USD		178		175,886
Renewable Energy Group, Inc.,
4.000%, 06/15/36 (b)	USD		88		86,680
RTI International Metals, Inc.,
1.625%, 10/15/19	USD		123		130,380
RWT Holdings, Inc.,
5.625%, 11/15/19	USD		32		31,320

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

Semi-Annual Report  11

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Shutterfly, Inc.,
0.250%, 05/15/18	USD		146	$	144,631
Starwood Property Trust, Inc.:
3.750%, 10/15/17	USD		193		194,568
4.550%, 03/01/18	USD		236		245,882
TerraVia Holdings, Inc.,
5.000%, 10/01/19	USD		144		72,630
The Greenbrier Cos., Inc.,
3.500%, 04/01/18	USD		60		63,750
The Medicines Co.,
2.750%, 07/15/23 (b)	USD		260		249,275
Toll Brothers Finance Corp.,
0.500%, 09/15/32	USD		192		187,920
Trinity Industries, Inc.,
3.875%, 06/01/36	USD		126		136,237
VEREIT, Inc.,
3.000%, 08/01/18	USD		95		94,240
Vitamin Shoppe, Inc.,
2.250%, 12/01/20 (b)	USD		23		22,741
Wabash National Corp.,
3.375%, 05/01/18	USD		174		216,956
Weatherford International, Ltd.,
5.875%, 07/01/21	USD		265		288,097
Web.com Group, Inc.,
1.000%, 08/15/18	USD		309		284,087
WebMD Health Corp.:
1.500%, 12/01/20	USD		265		336,384
2.625%, 06/15/23 (b)	USD		158		154,149
Whiting Petroleum Corp.,
1.250%, 04/01/20	USD		80		63,300
Workday, Inc.,
0.750%, 07/15/18	USD		73		81,030
Wright Medical Group NV,
2.250%, 11/15/21 (b)	USD		121		124,479
Wright Medical Group, Inc.,
2.000%, 02/15/20	USD		116		105,995
					11,351,637
Total Corporate Bonds
(Cost $12,556,812)					12,670,882

Description	Shares		Fair Value
Preferred Stocks | 0.7%
United States | 0.7%
Bunge, Ltd.
(Cost $128,654)		1,519	$	140,523
Short-Term Investment | 13.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $2,698,999)		2,698,999		2,698,999

Description	Number of Contracts		Fair Value
Purchased Options | 0.1%
Aegean Marine Petroleum Network, Inc. 10 Call, Expires 09/16/16		15	$	240
AK Steel Holding Corp. 4.5 Call, Expires 07/15/16		18		522
AK Steel Holding Corp. 6 Call, Expires 09/16/16		41		697
Allscripts Healthcare Solutions, Inc. 15 Call, Expires 09/16/16		20		100
Altra Industrial Motion Corp. 30 Call, Expires 10/21/16		7		315
AmTrust Financial Services, Inc. 28.75 Call, Expires 09/16/16		12		60
Ascent Capital Group, Inc. 17.5 Call, Expires 07/15/16		8		240
Atlas Air Worldwide Holdings, Inc. 55 Call, Expires 11/18/16		17		765
Blucora, Inc. 10 Call, Expires 07/15/16		12		696
Bunge, Ltd. 75 Call, Expires 10/21/16		4		20
Cemex SAB de CV 7 Call, Expires 07/15/16		81		324
Emergent Biosolutions, Inc. 35 Call, Expires 08/19/16		23		1,150
Encore Capital Group, Inc. 30 Call, Expires 07/15/16		1		10

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

12  Semi-Annual Report

Description	Number of Contracts		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Encore Capital Group, Inc. 35 Call, Expires 09/16/16		10	$	100
Iconix Brand Group, Inc. 10 Call, Expires 08/19/16		15		90
Innoviva, Inc. 12.5 Call, Expires 09/16/16		9		270
MercadoLibre, Inc. 145 Call, Expires 07/15/16		12		1,980
Micron Technology, Inc. 15 Call, Expires 07/01/16		5		40
NetSuite, Inc. 90 Call, Expires 07/15/16		2		60
Red Hat, Inc. 90 Call, Expires 09/16/16		10		100
The Greenbrier Cos., Inc. 35 Call, Expires 09/16/16		16		848
Trinity Industries, Inc. 22 Call, Expires 07/15/16		7		56

Description	Number of Contracts		Fair Value
Twitter, Inc. 17 Call, Expires 09/16/16		13	$	2,119
Web.com Group, Inc. 22.5 Call, Expires 09/16/16		10		50
WebMD Health Corp. 70 Call, Expires 09/16/16		13		650
Workday, Inc. 82.5 Call, Expires 09/16/16		3		705
Total Purchased Options (Cost $35,346)				12,207
Total Investments | 77.8% (Cost $15,587,363) (c), (d)			$	15,722,424
Cash and Other Assets in Excess of Liabilities | 22.2%				4,482,964
Net Assets | 100.0%			$	20,205,388

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

Semi-Annual Report  13

Lazard Enhanced Opportunities Portfolio (continued)

Forward Currency Contracts open at June 30, 2016:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		429,433	CAD		421,910	SSB	09/21/16	$	7,523	$	—
USD		93,900	JPY		97,093	SSB	09/21/16		—		3,192
Total gross unrealized appreciation/depreciation on Forward Currency Contracts								$	7,523	$	3,192

Written Options open at June 30, 2016:

Description	Number of Contracts	Strike Price		Expiration Date	Premium		Fair Value
Aegean Marine Petroleum Network, Inc. 7.5 Put	15	$	7.50	09/16/16	$	1,147	$	(2,550	)
AK Steel Holding Corp. 4 Put	20		4.00	09/16/16		628		(640	)
AK Steel Holding Corp. 4.5 Put	20		4.50	09/16/16		982		(1,180	)
Allscripts Healthcare Solutions, Inc. 12 Put	20		12.00	09/16/16		828		(800	)
Altra Industrial Motion Corp. 25 Put	7		25.00	10/21/16		643		(595	)
AmTrust Financial Services, Inc. 23.75 Put	8		23.75	09/16/16		773		(920	)
AmTrust Financial Services, Inc. 25 Put	3		25.00	09/16/16		368		(450	)
Ascent Capital Group, Inc. 12.5 Put	8		12.50	07/15/16		1,367		(80	)
Atlas Air Worldwide Holdings, Inc. 40 Put	17		40.00	11/18/16		5,543		(5,950	)
Bunge, Ltd. 57.5 Put	3		57.50	07/15/16		286		(150	)
Bunge, Ltd. 60 Put	4		60.00	07/15/16		194		(696	)
Bunge, Ltd. 60 Put	4		60.00	10/21/16		626		(1,520	)
Bunge, Ltd. 65 Put	4		65.00	07/15/16		404		(2,120	)
Cemex SAB de CV 6 Put	20		6.00	07/15/16		356		(360	)
Emergent Biosolutions, Inc. 30 Put	23		30.00	08/19/16		5,055		(5,405	)
Encore Capital Group, Inc. 22.5 Put	1		22.50	07/15/16		62		(40	)
Encore Capital Group, Inc. 22.5 Put	12		22.50	09/16/16		1,542		(2,040	)
Iconix Brand Group, Inc. 7.5 Put	15		7.50	08/19/16		1,479		(1,650	)
Innoviva, Inc. 10 Put	9		10.00	09/16/16		616		(675	)
MercadoLibre, Inc. 125 Put	12		125.00	07/15/16		2,919		(360	)
Meritage Homes Corp. 32.5 Put	4		32.50	07/15/16		149		(80	)
NetSuite, Inc. 70 Put	2		70.00	07/15/16		308		(364	)
NetSuite, Inc. 75 Put	4		75.00	07/15/16		491		(1,680	)
Red Hat, Inc. 67.5 Put	10		67.50	09/16/16		996		(1,650	)
Red Hat, Inc. 70 Put	10		70.00	07/15/16		1,736		(500	)
Red Hat, Inc. 72.5 Put	10		72.50	07/15/16		1,035		(1,250	)
The Greenbrier Cos., Inc. 25 Put	16		25.00	09/16/16		2,892		(1,600	)
Trinity Industries, Inc. 18 Put	7		18.00	07/15/16		476		(210	)
Web.com Group, Inc. 15 Put	10		15.00	09/16/16		561		(250	)
WebMD Health Corp. 60 Put	8		60.00	07/15/16		508		(2,320	)
WebMD Health Corp. 60 Put	13		60.00	09/16/16		4,040		(6,370	)
Workday, Inc. 77.5 Put	3		77.50	09/16/16		1,612		(2,070	)
Total premium/fair value of Written Options					$	40,622	$	(46,525	)

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

14  Semi-Annual Report

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at June 30, 2016:

Pay	Currency	Counterparty	Notional Amount (000)		Expiration Date	Receive	Unrealized Appreciation		Unrealized Depreciation
1 Month JPY LIBOR plus 1.00%	JPY	DUB		108	12/05/16	Keihan Holdings Co., Ltd.	$	—	$	7,299
1 Month JPY LIBOR plus 1.00%	JPY	DUB		94	12/05/16	Unicharm Corp.		—		1,840
1 Month USD LIBOR plus 1.00%	USD	DUB		170	09/28/16	Aceto Corp.		1,443		—
1 Month USD LIBOR plus 1.00%	USD	DUB		139	09/28/16	Aegean Marine Petroleum Network, Inc.		3,023		—
1 Month USD LIBOR plus 1.00%	USD	DUB		55	09/28/16	AK Steel Corp.		39,190		—
1 Month USD LIBOR plus 1.00%	USD	DUB		180	09/28/16	Allscripts Healthcare Solutions, Inc.		—		2,872
1 Month USD LIBOR plus 1.00%	USD	DUB		240	09/28/16	Altra Industrial Motion Corp.		4,845		—
1 Month USD LIBOR plus 1.00%	USD	DUB		101	09/28/16	AMAG Pharmaceuticals, Inc.		—		376
1 Month USD LIBOR plus 1.00%	USD	DUB		206	09/28/16	American Residential Properties OP LP		50,081		—
1 Month USD LIBOR plus 1.00%	USD	DUB		86	09/28/16	AmTrust Financial Services, Inc.		—		5,837
1 Month USD LIBOR plus 1.00%	USD	DUB		12	09/28/16	Ascent Capital Group, Inc.		—		3,085
1 Month USD LIBOR plus 1.00%	USD	DUB		31	09/28/16	Blucora, Inc.		7,402		—
1 Month USD LIBOR plus 1.00%	USD	DUB		150	09/28/16	Bottomline Technologies de, Inc.		—		14,836
1 Month USD LIBOR plus 1.00%	USD	DUB		197	09/28/16	BroadSoft, Inc.		21,449		—
1 Month USD LIBOR plus 1.00%	USD	DUB		71	09/28/16	Bunge Ltd.		—		1,817
1 Month USD LIBOR plus 1.00%	USD	DUB		260	09/28/16	CalAtlantic Group, Inc.		9,990		—
1 Month USD LIBOR plus 1.00%	USD	DUB		271	09/28/16	Carriage Services, Inc.		11,864		—
1 Month USD LIBOR plus 1.00%	USD	DUB		185	09/28/16	Cemex SAB de CV		13,368		—
1 Month USD LIBOR plus 1.00%	USD	DUB		1	09/28/16	Colony Starwood Homes		149		—
1 Month USD LIBOR plus 1.00%	USD	DUB		26	09/28/16	Colony Starwood Homes		1,413		—
1 Month USD LIBOR plus 1.00%	USD	DUB		34	09/28/16	Cornerstone OnDemand, Inc.		256		—
1 Month USD LIBOR plus 1.00%	USD	DUB		69	09/28/16	Cowen Group, Inc.		—		10,975
1 Month USD LIBOR plus 1.00%	USD	DUB		16	09/28/16	CSG Systems International, Inc.		—		256
1 Month USD LIBOR plus 1.00%	USD	DUB		54	09/28/16	Dycom Industries, Inc.		2,039		—
1 Month USD LIBOR plus 1.00%	USD	DUB		42	09/28/16	Electronics For Imaging, Inc.		—		49
1 Month USD LIBOR plus 1.00%	USD	DUB		43	09/28/16	Encore Capital Group, Inc.		—		1,513
1 Month USD LIBOR plus 1.00%	USD	DUB		57	09/28/16	Encore Capital Group, Inc.		—		14,522
1 Month USD LIBOR plus 1.00%	USD	DUB		64	09/28/16	Exelixis, Inc.		33,079		—
1 Month USD LIBOR plus 1.00%	USD	DUB		84	09/28/16	Forest City Realty Trust, Inc.		—		2,578
1 Month USD LIBOR plus 1.00%	USD	DUB		48	09/28/16	Forest City Realty Trust, Inc.		2,965		—
1 Month USD LIBOR plus 1.00%	USD	DUB		182	09/28/16	GPT Property Trust LP		30,804		—
1 Month USD LIBOR plus 1.00%	USD	DUB		261	09/28/16	Green Plains, Inc.		18,590		—
1 Month USD LIBOR plus 1.00%	USD	DUB		282	09/28/16	Greenbrier Cos, Inc.		601		—
1 Month USD LIBOR plus 1.00%	USD	DUB		212	09/28/16	HealthSouth Corp.		17,788		—
1 Month USD LIBOR plus 1.00%	USD	DUB		327	09/28/16	Hologic, Inc.		—		3,652
1 Month USD LIBOR plus 1.00%	USD	DUB		24	09/28/16	Huron Consulting Group, Inc.		321		—
1 Month USD LIBOR plus 1.00%	USD	DUB		124	09/28/16	Innoviva, Inc.		8,958		—
1 Month USD LIBOR plus 1.00%	USD	DUB		305	09/28/16	Integra LifeSciences Holdings Corp.		63,957		—
1 Month USD LIBOR plus 1.00%	USD	DUB		81	09/28/16	Intercept Pharmaceuticals, Inc.		—		—	^
1 Month USD LIBOR plus 1.00%	USD	DUB		82	09/28/16	Knowles Corp.		—		4,569
1 Month USD LIBOR plus 1.00%	USD	DUB		44	09/28/16	LGI Homes, Inc.		18,404		—

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

Semi-Annual Report  15

Lazard Enhanced Opportunities Portfolio (continued)

Pay	Currency	Counterparty	Notional Amount (000)		Expiration Date	Receive	Unrealized Appreciation		Unrealized Depreciation
1 Month USD LIBOR plus 1.00%	USD	DUB		71	09/28/16	Liberty Interactive LLC	$	221	$	—
1 Month USD LIBOR plus 1.00%	USD	DUB		169	09/28/16	Liberty Media Corp.		10,190		—
1 Month USD LIBOR plus 1.00%	USD	DUB		16	09/28/16	Live Nation Entertainment, Inc.		648		—
1 Month USD LIBOR plus 1.00%	USD	DUB		250	09/28/16	MercadoLibre, Inc.		55,116		—
1 Month USD LIBOR plus 1.00%	USD	DUB		85	09/28/16	Molina Healthcare, Inc.		—		10,110
1 Month USD LIBOR plus 1.00%	USD	DUB		141	09/28/16	NetSuite, Inc.		8,939		—
1 Month USD LIBOR plus 1.00%	USD	DUB		137	09/28/16	Nuance Communications, Inc.		—		10,215
1 Month USD LIBOR plus 1.00%	USD	DUB		14	09/28/16	PDL BioPharma, Inc.		—		182
1 Month USD LIBOR plus 1.00%	USD	DUB		10	09/28/16	PRA Group, Inc.		—		1,154
1 Month USD LIBOR plus 1.00%	USD	DUB		34	09/28/16	Proofpoint, Inc.		109		—
1 Month USD LIBOR plus 1.00%	USD	DUB		62	09/28/16	PTC Therapeutics, Inc.		—		8,153
1 Month USD LIBOR plus 1.00%	USD	DUB		16	09/28/16	Quidel Corp.		—		1,843
1 Month USD LIBOR plus 1.00%	USD	DUB		18	09/28/16	Renewable Energy Group, Inc.		—		847
1 Month USD LIBOR plus 1.00%	USD	DUB		27	09/28/16	RTI International Metals, Inc.		1,134		—
1 Month USD LIBOR plus 1.00%	USD	DUB		30	09/28/16	RWT Holdings, Inc.		4,948		—
1 Month USD LIBOR plus 1.00%	USD	DUB		23	09/28/16	Sequenom, Inc.		—		8,291
1 Month USD LIBOR plus 1.00%	USD	DUB		144	09/28/16	Shutterfly, Inc.		434		—
1 Month USD LIBOR plus 1.00%	USD	DUB		46	09/28/16	Starwood Property Trust, Inc.		1,967		—
1 Month USD LIBOR plus 1.00%	USD	DUB		23	09/28/16	Starwood Property Trust, Inc.		1,298		—
1 Month USD LIBOR plus 1.00%	USD	DUB		69	09/28/16	TerraVia Holdings, Inc.		—		5,411
1 Month USD LIBOR plus 1.00%	USD	DUB		476	09/28/16	Trinity Industries, Inc.		—		9,364
1 Month USD LIBOR plus 1.00%	USD	DUB		17	09/28/16	Wabash National Corp.		1,613		—
1 Month USD LIBOR plus 1.00%	USD	DUB		58	09/28/16	WebMD Health Corp.		—		3,201
1 Month USD LIBOR plus 1.00%	USD	DUB		214	09/28/16	Workday, Inc.		20,222		—
1 Month USD LIBOR plus 1.00%	USD	DUB		42	09/28/16	Wright Medical Group NV		—		2,895
1 Month USD LIBOR plus 1.00%	USD	DUB		99	09/28/16	Wright Medical Group, Inc.		—		612
								468,818		138,354

Receive	Currency	Counterparty	Notional Amount (000)		Expiration Date	Pay	Unrealized Appreciation		Unrealized Depreciation
1 Month JPY LIBOR less 0.40%	JPY	DUB		13	12/05/16	Keihan Holdings Co., Ltd.	$	—	$	140
1 Month JPY LIBOR less 0.40%	JPY	DUB		26	12/05/16	Nipro Corp.		—		1,922
1 Month JPY LIBOR less 0.40%	JPY	DUB		48	12/05/16	Unicharm Corp.		3,910		—
CAD CDOR less 0.30%	CAD	DUB		100	01/20/17	Element Financial Corp.		6,011		—
USD FED OPEN less 0.25%	USD	DUB		158	09/29/16	NuVasive, Inc.		—		22,493
USD FED OPEN less 0.30%	USD	DUB		117	09/29/16	Aceto Corp.		509		—
USD FED OPEN less 0.30%	USD	DUB		88	09/29/16	Aegean Marine Petroleum Network, Inc.		22,193		—
USD FED OPEN less 0.30%	USD	DUB		39	09/29/16	Akamai Technologies, Inc.		—		925
USD FED OPEN less 0.30%	USD	DUB		50	09/29/16	Alcoa, Inc.		637		—
USD FED OPEN less 0.30%	USD	DUB		90	09/29/16	Allscripts Healthcare Solutions, Inc.		3,229		—
USD FED OPEN less 0.30%	USD	DUB		159	09/29/16	Altra Industrial Motion Corp.		—		11,391

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

16  Semi-Annual Report

Lazard Enhanced Opportunities Portfolio (continued)

Receive

Currency

Counterparty

Notional Amount (000)

Expiration Date

Pay

Unrealized Appreciation

Unrealized Depreciation

USD FED OPEN less 0.30%

USD

DUB

62

09/29/16

AMAG Pharmaceuticals, Inc.

$

929

$

—

USD FED OPEN less 0.30%

USD

DUB

172

09/29/16

American Homes 4 Rent

—

24,599

USD FED OPEN less 0.30%

USD

DUB

53

09/29/16

Anacor Pharmaceuticals, Inc.

—

21,749

USD FED OPEN less 0.30%

USD

DUB

13

09/29/16

Ascent Capital Group, Inc.

—

3,010

USD FED OPEN less 0.30%

USD

DUB

3

09/29/16

Blucora, Inc.

—

1,239

USD FED OPEN less 0.30%

USD

DUB

57

09/29/16

Bottomline Technologies de, Inc.

6,020

—

USD FED OPEN less 0.30%

USD

DUB

183

09/29/16

BroadSoft, Inc.

—

37,948

USD FED OPEN less 0.30%

USD

DUB

164

09/29/16

Bunge Ltd.

—

6,228

USD FED OPEN less 0.30%

USD

DUB

160

09/29/16

CalAtlantic Group, Inc.

287

—

USD FED OPEN less 0.30%

USD

DUB

242

09/29/16

Carriage Services, Inc.

—

22,583

USD FED OPEN less 0.30%

USD

DUB

232

09/29/16

Cemex SAB de CV

7,083

—

USD FED OPEN less 0.30%

USD

DUB

27

09/29/16

Cobalt International Energy, Inc.

13,735

—

USD FED OPEN less 0.30%

USD

DUB

232

09/29/16

Colony Starwood Homes

—

39,563

USD FED OPEN less 0.30%

USD

DUB

39

09/29/16

Cornerstone OnDemand, Inc.

3,851

—

USD FED OPEN less 0.30%

USD

DUB

81

09/29/16

Cowen Group, Inc.

15,167

—

USD FED OPEN less 0.30%

USD

DUB

95

09/29/16

CSG Systems International, Inc.

9,116

—

USD FED OPEN less 0.30%

USD

DUB

171

09/29/16

Dycom Industries, Inc.

—

21,307

USD FED OPEN less 0.30%

USD

DUB

21

09/29/16

Electronics For Imaging, Inc.

—

943

USD FED OPEN less 0.30%

USD

DUB

25

09/29/16

Emergent BioSolutions, Inc.

138

—

USD FED OPEN less 0.30%

USD

DUB

153

09/29/16

Forest City Realty Trust, Inc.

—

3,515

USD FED OPEN less 0.30%

USD

DUB

147

09/29/16

Gramercy Property Trust

—

18,824

USD FED OPEN less 0.30%

USD

DUB

164

09/29/16

Green Plains, Inc.

—

35,815

USD FED OPEN less 0.30%

USD

DUB

114

09/29/16

Greenbrier Cos, Inc.

—

9,297

USD FED OPEN less 0.30%

USD

DUB

217

09/29/16

Griffon Corp.

—

11,988

USD FED OPEN less 0.30%

USD

DUB

184

09/29/16

HealthSouth Corp.

—

4,854

USD FED OPEN less 0.30%

USD

DUB

47

09/29/16

Hologic, Inc.

—

184

USD FED OPEN less 0.30%

USD

DUB

17

09/29/16

Huron Consulting Group, Inc.

—

305

USD FED OPEN less 0.30%

USD

DUB

76

09/29/16

Iconix Brand Group, Inc.

7,839

—

USD FED OPEN less 0.30%

USD

DUB

23

09/29/16

Illumina, Inc.

18

—

USD FED OPEN less 0.30%

USD

DUB

496

09/29/16

Integra LifeSciences Holdings Corp.

—

77,879

USD FED OPEN less 0.30%

USD

DUB

39

09/29/16

Intercept Pharmaceuticals, Inc.

—

—

^

USD FED OPEN less 0.30%

USD

DUB

95

09/29/16

Knowles Corp.

8,044

—

USD FED OPEN less 0.30%

USD

DUB

1

09/29/16

Liberty Braves Group

—

2,011

USD FED OPEN less 0.30%

USD

DUB

—

†

09/29/16

Liberty Media Group

—

11,484

USD FED OPEN less 0.30%

USD

DUB

71

09/29/16

Liberty SiriusXM Group

—

227

USD FED OPEN less 0.30%

USD

DUB

62

09/29/16

LinkedIn Corp.

—

7,650

USD FED OPEN less 0.30%

USD

DUB

19

09/29/16

Live Nation Entertainment, Inc.

—

83

USD FED OPEN less 0.30%

USD

DUB

32

09/29/16

M/I Homes, Inc.

—

599

USD FED OPEN less 0.30%

USD

DUB

132

09/29/16

Medicines Co.

6,843

—

USD FED OPEN less 0.30%

USD

DUB

189

09/29/16

MercadoLibre, Inc.

—

43,648

USD FED OPEN less 0.30%

USD

DUB

19

09/29/16

Micron Technology, Inc.

—

2,107

USD FED OPEN less 0.30%

USD

DUB

124

09/29/16

Molina Healthcare, Inc.

7,168

—

USD FED OPEN less 0.30%

USD

DUB

53

09/29/16

Monster Worldwide, Inc.

10,284

—

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

Semi-Annual Report  17

Lazard Enhanced Opportunities Portfolio (concluded)

Receive	Currency	Counterparty	Notional Amount (000)		Expiration Date	Pay	Unrealized Appreciation		Unrealized Depreciation
USD FED OPEN less 0.30%	USD	DUB		25	09/29/16	Navistar International Corp.	$	2,586	$	—
USD FED OPEN less 0.30%	USD	DUB		79	09/29/16	NetSuite, Inc.		5,639		—
USD FED OPEN less 0.30%	USD	DUB		63	09/29/16	Nuance Communications, Inc.		8,930		—
USD FED OPEN less 0.30%	USD	DUB		45	09/29/16	PRA Group, Inc.		3,367		—
USD FED OPEN less 0.30%	USD	DUB		17	09/29/16	Proofpoint, Inc.		—		126
USD FED OPEN less 0.30%	USD	DUB		20	09/29/16	PTC Therapeutics, Inc.		—		1,173
USD FED OPEN less 0.30%	USD	DUB		43	09/29/16	Quidel Corp.		685		—
USD FED OPEN less 0.30%	USD	DUB		81	09/29/16	Red Hat, Inc.		2,182		—
USD FED OPEN less 0.30%	USD	DUB		67	09/29/16	Renewable Energy Group, Inc.		—		81
USD FED OPEN less 0.30%	USD	DUB		70	09/29/16	Shutterfly, Inc.		128		—
USD FED OPEN less 0.30%	USD	DUB		64	09/29/16	Starwood Property Trust, Inc.		—		1,708
USD FED OPEN less 0.30%	USD	DUB		218	09/29/16	Trinity Industries, Inc.		2,479		—
USD FED OPEN less 0.30%	USD	DUB		95	09/29/16	United States Treasury Note, 1.625%, 02/15/26		—		2,126
USD FED OPEN less 0.30%	USD	DUB		12	09/29/16	Vitamin Shoppe, Inc.		—		326
USD FED OPEN less 0.30%	USD	DUB		147	09/29/16	Wabash National Corp.		—		3,315
USD FED OPEN less 0.30%	USD	DUB		161	09/29/16	Weatherford International PLC		12,126		—
USD FED OPEN less 0.30%	USD	DUB		57	09/29/16	Web.com Group, Inc.		1,112		—
USD FED OPEN less 0.30%	USD	DUB		443	09/29/16	WebMD Health Corp.		27,553		—
USD FED OPEN less 0.30%	USD	DUB		12	09/29/16	Whiting Petroleum Corp.		2,059		—
USD FED OPEN less 0.30%	USD	DUB		148	09/29/16	Workday, Inc.		—		11,202
USD FED OPEN less 0.30%	USD	DUB		168	09/29/16	Wright Medical Group NV		7,489		—
USD FED OPEN less 0.75%	USD	DUB		126	09/29/16	AK Steel Holding Corp.		—		17,720
USD FED OPEN less 0.75%	USD	DUB		214	09/29/16	iShares Russell 2000 ETF		—		3,754
USD FED OPEN less 1.13%	USD	DUB		162	09/29/16	LGI Homes, Inc.		—		52,051
USD FED OPEN less 1.75%	USD	DUB		181	09/29/16	Encore Capital Group, Inc.		18,524		—
USD FED OPEN less 15.40%	USD	DUB		9	09/29/16	Sequenom, Inc.		4,705		—
USD FED OPEN less 2.50%	USD	DUB		10	09/29/16	PDL BioPharma, Inc.		835		—
USD FED OPEN less 24.50%	USD	DUB		3	09/29/16	FXCM, Inc.		1,095		—
USD FED OPEN less 3.00%	USD	DUB		131	09/29/16	AmTrust Financial Services, Inc.		2,203		—
USD FED OPEN less 3.00%	USD	DUB		172	09/29/16	Exelixis, Inc.		—		63,998
USD FED OPEN less 3.00%	USD	DUB		94	09/29/16	JAKKS Pacific, Inc.		—		4,366
USD FED OPEN less 4.00%	USD	DUB		116	09/29/16	Innoviva, Inc.		6,284		—
USD FED OPEN less 65.00%	USD	DUB		34	09/29/16	TerraVia Holdings, Inc.		1,935		—
								244,927		608,456
Total gross unrealized appreciation/depreciation on Total Return Swap Agreements							$	713,745	$	746,810

^	Amount is less than $0.50.
†	Amount is less than 500.

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

18  Semi-Annual Report

Description	Shares		Fair Value
Lazard Fundamental Long/Short Portfolio
Common Stocks | 85.8%
Aerospace & Defense | 3.7%
Honeywell International, Inc. (e)		76,979	$	8,954,197
Banks | 1.8%
Comerica, Inc. (e)		108,755		4,473,093
Beverages | 4.8%
Molson Coors Brewing Co., Class B (e)		116,385		11,770,015
Biotechnology | 5.7%
BioMarin Pharmaceutical, Inc. (a)		18,735		1,457,583
Celgene Corp. (a), (e)		58,795		5,798,951
Neurocrine Biosciences, Inc. (a)		35,685		1,621,883
Portola Pharmaceuticals, Inc. (a)		67,650		1,596,540
Vertex Pharmaceuticals, Inc. (a)		39,810		3,424,456
				13,899,413
Capital Markets | 2.3%
The Charles Schwab Corp. (e)		226,856		5,741,725
Commercial Services & Supplies | 1.2%
Tyco International PLC		69,355		2,954,523
Communications Equipment | 1.8%
Cisco Systems, Inc. (e)		154,300		4,426,867
Containers & Packaging | 1.8%
International Paper Co. (e)		104,100		4,411,758
Diversified Financial Services | 4.2%
Intercontinental Exchange, Inc. (e)		39,772		10,180,041
Diversified Telecommunication Services | 2.6%
AT&T, Inc. (e)		147,200		6,360,512
Electrical Equipment | 2.5%
Rockwell Automation, Inc. (e)		53,260		6,115,313
Food & Staples Retailing | 2.8%
Walgreens Boots Alliance, Inc. (e)		81,175		6,759,442

Description	Shares		Fair Value
Health Care Equipment &Supplies | 2.6%
Stryker Corp. (e)		53,750	$	6,440,863
Health Care Providers & Services | 2.5%
Aetna, Inc.		24,360		2,975,087
McKesson Corp.		16,400		3,061,060
				6,036,147
Insurance | 3.6%
The Hartford Financial Services
Group, Inc. (e)		200,178		8,883,900
Internet Software & Services | 3.8%
Alphabet, Inc., Class C (a), (e)		8,796		6,087,711
Facebook, Inc., Class A (a)		28,128		3,214,468
				9,302,179
IT Services | 3.6%
Accenture PLC, Class A		24,875		2,818,089
Visa, Inc., Class A (e)		80,184		5,947,247
				8,765,336
Life Sciences Tools & Services | 3.1%
Thermo Fisher Scientific, Inc. (e)		50,979		7,532,657
Machinery | 2.3%
Deere & Co. (e)		70,125		5,682,930
Media | 3.1%
Comcast Corp., Class A		115,100		7,503,369
Oil, Gas & Consumable Fuels | 2.2%
Pioneer Natural Resources Co. (e)		36,000		5,443,560
Pharmaceuticals | 4.6%
Allergan PLC (a)		20,400		4,714,236
Bristol-Myers Squibb Co. (e)		87,510		6,436,361
				11,150,597
Real Estate Investment Trusts (REITs) | 3.8%
Communications Sales & Leasing, Inc. (e)		319,445		9,231,961
Semiconductors & Semiconductor Equipment | 1.6%
Skyworks Solutions, Inc. (e)		63,185		3,998,347
Software | 0.7%
RealPage, Inc. (a)		81,170		1,812,526

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

Semi-Annual Report  19

Description	Shares			Fair Value
Lazard Fundamental Long/Short Portfolio (continued)
Specialty Retail | 9.0%
AutoZone, Inc. (a)		3,800		$	3,016,592
Lowe’s Cos., Inc. (e)		154,245			12,211,577
Ross Stores, Inc. (e)		117,600			6,666,744
					21,894,913
Textiles, Apparel & Luxury Goods | 2.7%
VF Corp. (e)		107,830			6,630,467
Tobacco | 1.4%
Reynolds American, Inc.		64,085			3,456,104
Total Common Stocks (Cost $203,695,569)					209,812,755
Short-Term Investment | 69.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $169,292,019)		169,292,019			169,292,019
Total Investments excluding Securities Sold Short | 155.0% (Cost $372,987,588)					379,104,774
Securities Sold Short | (57.7)%
Aerospace & Defense | (1.6)%
Spirit AeroSystems Holdings, Inc., Class A (a)		(33,500	)		(1,440,500	)
The Boeing Co.		(18,100	)		(2,350,647	)
					(3,791,147	)
Air Freight & Logistics | (2.0)%
CH Robinson Worldwide, Inc.		(46,495	)		(3,452,254	)
Hub Group, Inc., Class A (a)		(38,685	)		(1,484,343	)
					(4,936,597	)
Automobiles | (1.7)%
General Motors Co.		(146,110	)		(4,134,913	)
Banks | (4.7)%
Citizens Financial Group, Inc.		(66,640	)		(1,331,467	)
SunTrust Banks, Inc.		(34,950	)		(1,435,746	)
Umpqua Holdings Corp.		(144,700	)		(2,238,509	)
US Bancorp		(76,382	)		(3,080,486	)
Valley National Bancorp		(370,635	)		(3,380,191	)
					(11,466,399	)

Description	Shares			Fair Value
Biotechnology | (2.3)%
Amgen, Inc.		(19,700	)	$	(2,997,355	)
Regeneron Pharmaceuticals, Inc. (a)		(7,450	)		(2,601,763	)
					(5,599,118	)
Capital Markets | (3.6)%
Franklin Resources, Inc.		(43,585	)		(1,454,431	)
Janus Capital Group, Inc.		(107,990	)		(1,503,221	)
The Goldman Sachs Group, Inc.		(30,020	)		(4,460,372	)
WisdomTree Investments, Inc.		(147,900	)		(1,447,941	)
					(8,865,965	)
Chemicals | (0.6)%
Air Products & Chemicals, Inc.		(10,778	)		(1,530,907	)
Containers & Packaging | (0.6)%
Sealed Air Corp.		(32,872	)		(1,511,126	)
Diversified Financial Services | (0.5)%
Voya Financial, Inc.		(48,905	)		(1,210,888	)
Electronic Equipment, Instruments & Components | (1.0)%
Corning, Inc.		(122,500	)		(2,508,800	)
Food & Staples Retailing | (1.3)%
Wal-Mart Stores, Inc.		(44,340	)		(3,237,707	)
Food Products | (1.0)%
Hormel Foods Corp.		(65,600	)		(2,400,960	)
Health Care Equipment & Supplies | (4.3)%
Baxter International, Inc.		(58,200	)		(2,631,804	)
DexCom, Inc. (a)		(41,895	)		(3,323,530	)
Varian Medical Systems, Inc. (a)		(37,012	)		(3,043,497	)
Zeltiq Aesthetics, Inc. (a)		(53,600	)		(1,464,888	)
					(10,463,719	)
Health Care Providers & Services | (2.3)%
Express Scripts Holding Co. (a)		(47,205	)		(3,578,139	)
Owens & Minor, Inc.		(54,589	)		(2,040,537	)
					(5,618,676	)
Hotels, Restaurants & Leisure | (2.3)%
Buffalo Wild Wings, Inc. (a)		(8,800	)		(1,222,760	)
Marriott International, Inc., Class A		(44,800	)		(2,977,408	)
The Wendy’s Co.		(150,000	)		(1,443,000	)
					(5,643,168	)

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

20  Semi-Annual Report

Description	Shares			Fair Value
Lazard Fundamental Long/Short Portfolio (concluded)
Insurance | (4.5)%
CNO Financial Group, Inc.		(148,535	)	$	(2,593,421	)
Lincoln National Corp.		(34,495	)		(1,337,371	)
Prudential Financial, Inc.		(19,200	)		(1,369,728	)
The Travelers Cos., Inc.		(48,138	)		(5,730,348	)
					(11,030,868	)
Internet & Catalog Retail | (1.0)%
Netflix, Inc. (a)		(25,770	)		(2,357,440	)
IT Services | (5.8)%
Amdocs, Ltd.		(85,446	)		(4,931,943	)
Infosys, Ltd. Sponsored ADR		(81,000	)		(1,445,850	)
International Business Machines Corp.		(20,890	)		(3,170,684	)
MasterCard, Inc., Class A		(31,400	)		(2,765,084	)
PayPal Holdings, Inc. (a)		(47,700	)		(1,741,527	)
					(14,055,088	)
Life Sciences Tools & Services | (0.5)%
Bruker Corp.		(56,780	)		(1,291,177	)
Machinery | (0.6)%
PACCAR, Inc.		(29,725	)		(1,541,836	)
Media | (3.0)%
DISH Network Corp., Class A (a)		(27,932	)		(1,463,637	)
The Walt Disney Co.		(60,564	)		(5,924,370	)
					(7,388,007	)
Multiline Retail | (2.6)%
Macy’s, Inc.		(93,414	)		(3,139,645	)
Target Corp.		(45,365	)		(3,167,384	)
					(6,307,029	)

Description	Shares			Fair Value
Pharmaceuticals | (1.8)%
Merck & Co., Inc.		(76,500	)	$	(4,407,165	)
Road & Rail | (0.6)%
JB Hunt Transport Services, Inc.		(18,232	)		(1,475,516	)
Semiconductors & Semiconductor Equipment | (0.7)%
Intel Corp.		(51,980	)		(1,704,944	)
Software | (0.9)%
ANSYS, Inc. (a)		(24,330	)		(2,207,947	)
Specialty Retail | (5.9)%
Bed Bath & Beyond, Inc.		(32,900	)		(1,421,938	)
Best Buy Co., Inc.		(83,595	)		(2,558,007	)
Dick’s Sporting Goods, Inc.		(75,800	)		(3,415,548	)
Guess?, Inc.		(172,540	)		(2,596,727	)
L Brands, Inc.		(42,560	)		(2,857,053	)
Staples, Inc.		(176,400	)		(1,520,568	)
					(14,369,841	)
Total Securities Sold Short (Proceeds $140,805,171)					(141,056,948	)
Total Investments | 97.3% (Cost and short proceeds $232,182,417) (c)				$	238,047,826
Cash and Other Assets in Excess of Liabilities | 2.7%					6,490,669
Net Assets | 100.0%				$	244,538,495

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

Semi-Annual Report  21

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2016 (unaudited)

(a)	Non-income producing security.
(b)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2016, the percentage of net assets for the following Portfolio was as follows:

Portfolio	Percentage of Net Assets
Enhanced Opportunities		8.2	%

(c) 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 and Short Proceeds		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Enhanced Opportunities	$	15,587,363	$	435,746	$	300,685	$	135,061
Fundamental Long/Short		232,182,417		13,695,906		7,830,497		5,865,409

(d)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(e)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.

Security Abbreviations:
ADR	—	American Depositary Receipt	FED OPEN			—  Federal Funds Effective Rate
CDOR	—	Canadian Dealer Offered Rate	LIBOR			—  London Interbank Offered Rate
ETF	—	Exchange-Traded Fund	REIT			—  Real Estate Investment Trust
Currency Abbreviations:
CAD	—	Canadian Dollar	USD	—	United States Dollar
JPY	—	Japanese Yen
Counterparty Abbreviations:
DUB	—	Deutsche Bank AG	SSB	—	State Street Bank and Trust Co.

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

22  Semi-Annual Report

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

Industry*	Lazard Enhanced Opportunities Portfolio
Biotechnology		1.7	%
Building Products		1.4
Capital Markets		0.7
Chemicals		0.4
Communications Equipment		0.6
Construction & Engineering		1.4
Construction Materials		3.1
Consumer Finance		2.2
Diversified Consumer Services		0.5
Diversified Financial Services		2.1
Electronic Equipment, Instruments & Components		0.4
Energy Equipment & Services		1.4
Food Products		0.7
Health Care Equipment & Supplies		4.7
Health Care Providers & Services		1.6
Health Care Technology		0.2
Household Durables		5.7
Insurance		0.7
Internet & Catalog Retail		0.7
Internet Software & Services		7.8
IT Services		1.2
Leisure Products		0.8
Life Sciences Tools & Services		0.5
Machinery		2.5
Media		1.2
Metals & Mining		1.3
Oil, Gas & Consumable Fuels		1.8
Pharmaceuticals		1.7
Professional Services		0.1
Real Estate Investment Trusts (REITs)		9.2
Semiconductors & Semiconductor Equipment		0.3
Software		4.2
Specialty Retail		0.1
Technology Hardware, Storage & Peripherals		0.1
Textiles, Apparel & Luxury Goods		1.4
Subtotal		64.4
Short-Term Investment		13.4
Total Investments		77.8	%

* 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  23

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

June 30, 2016	Lazard Enhanced Opportunities Portfolio				Lazard Fundamental Long/Short Portfolio
ASSETS
Investments in securities, at fair value		$	15,722,424		$	379,104,774
Cash collateral due from broker			4,474,088			—
Receivables for:
Investments sold			598,563			16,264,484
Dividends and interest			96,792			646,455
Capital stock sold			—			567,476
Gross unrealized appreciation on:
Forward currency contracts			7,523			—
Swap agreements			713,745			—
Total assets			21,613,135			396,583,189
LIABILITIES
Securities sold short, at fair value			—			141,056,948
Due to custodian			—			145,558
Payables for:
Management fees			4,303			336,429
Accrued distribution fees			23			8,833
Investments purchased			513,792			9,650,918
Capital stock redeemed			—			388,332
Dividends on securities sold short			—			185,286
Gross unrealized depreciation on:
Forward currency contracts			3,192			—
Swap agreements			746,810			—
Written options, at fair value			46,525			—
Other accrued expenses and payables			93,102			272,390
Total liabilities			1,407,747			152,044,694
Net assets		$	20,205,388		$	244,538,495
NET ASSETS
Paid in capital		$	20,281,640		$	259,363,174
Undistributed (distributions in excess of) net investment income (loss)			(109,262	)		(2,469,420	)
Accumulated net realized gain (loss)			(67,857	)		(18,220,668	)
Net unrealized appreciation (depreciation) on:
Investments			135,061			6,117,186
Securities sold short			—			(251,777	)
Foreign currency translations and forward currency contracts			4,774			—
Written options			(5,903	)		—
Swap agreements			(33,065	)		—
Net assets		$	20,205,388		$	244,538,495
Institutional Shares
Net assets		$	20,094,300		$	202,703,638
Shares of capital stock outstanding*			2,226,467			18,584,594
Net asset value, offering and redemption price per share		$	9.03		$	10.91
Open Shares
Net assets		$	111,088		$	41,834,857
Shares of capital stock outstanding*			12,328			3,855,389
Net asset value, offering and redemption price per share		$	9.01		$	10.85
Cost of investments in securities		$	15,587,363		$	372,987,588
Proceeds received from securities sold short		$	—		$	140,805,171
Proceeds received from written options		$	40,622		$	—

* $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.

24  Semi-Annual Report

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

	Lazard				Lazard
	Enhanced				Fundamental
	Opportunities				Long/Short
For the Six Months Ended June 30, 2016	Portfolio				Portfolio
Investment Income (Loss)
Income
Dividends		$	3,440		$	2,110,870
Interest			150,212			—
Total investment income*			153,652			2,110,870
Expenses
Management fees (Note 3)			152,081			1,987,270
Distribution fees (Open Shares)			137			60,729
Custodian fees			111,916			59,275
Administration fees			27,130			53,322
Professional services			18,356			23,862
Registration fees			12,454			22,264
Shareholders’ services			12,718			14,987
Directors’ fees and expenses			2,731			6,945
Shareholders’ reports			1,603			4,237
Other			2,835			6,013
Total gross expenses before expenses on securities sold short			341,961			2,238,904
Broker expense on securities sold short			—			826,399
Dividend expense on securities sold short			—			1,420,427
Total gross expenses			341,961			4,485,730
Management fees waived and expenses reimbursed			(147,780	)		—
Administration fees waived			(9,375	)		—
Total net expenses			184,806			4,485,730
Net investment income (loss)			(31,154	)		(2,374,860	)
Net Realized and Unrealized Gain (Loss) on Investments, Securities Sold Short, Foreign Currency Transactions, Forward Currency Contracts, Options and Swap Agreements
Net realized gain (loss) on:
Investments			6,150			(13,603,135	)
Securities sold short			—			(3,775,506	)
Foreign currency transactions and forward currency contracts			(11,710	)		(456	)
Written options			29,227			—
Swap agreements			(75,485	)		—
Total net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contacts, options and swap agreements			(51,818	)		(17,379,097	)
Net change in unrealized appreciation (depreciation) on:
Investments			257,488			2,846,198
Securities sold short			—			(6,564,697	)
Foreign currency translations and forward currency contracts			4,722			—
Written options			(2,492	)		—
Swap agreements			87,294			—
Total net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts, options and swap agreements			347,012			(3,718,499	)
Net realized and unrealized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, options and swap agreements			295,194			(21,097,596	)
Net increase (decrease) in net assets resulting from operations		$	264,040		$	(23,472,456	)
* Net of foreign withholding taxes of		$	7		$	18,013

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

Semi-Annual Report  25

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

	Lazard							Lazard
	Enhanced Opportunities Portfolio							Fundamental Long/Short Portfolio
	Six Months Ended				Year Ended			Six Months Ended			Year Ended
	June 30, 2016				December 31,			June 30, 2016			December 31,
	(unaudited)				2015			(unaudited)			2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(31,154	)	$	(11,243	)	$	(2,374,860	)	$	(3,256,949	)
Net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, options and swap agreements			(51,818	)		140,136			(17,379,097	)		1,688,726
Net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts, options and swap agreements			347,012			(245,573	)		(3,718,499	)		8,151,901
Net increase (decrease) in net assets resulting from operations			264,040			(116,680	)		(23,472,456	)		6,583,678
Distributions to shareholders
From net investment income
Institutional Shares			—			(67,248	)		—			—
Open Shares			—			(1,254	)		—			—
From net realized gains
Institutional Shares			—			(174,626	)		—			(372,248	)
Open Shares			—			(4,044	)		—			(102,327	)
Return of capital
Institutional Shares			—			(191,531	)		—			(67	)
Open Shares			—			(4,325	)		—			(19	)
Net decrease in net assets resulting from distributions			—			(443,028	)		—			(474,661	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			20,015,000			41,301			158,380,015			151,822,500
Open Shares			—			12,500			18,994,029			43,859,478
Net proceeds from reinvestment of distributions
Institutional Shares			—			433,405			—			189,065
Open Shares			—			9,623			—			102,106
Cost of shares redeemed
Institutional Shares			(5,005,968	)		(3,936	)		(110,998,771	)		(22,552,262	)
Open Shares			—			—			(19,735,852	)		(9,245,054	)
Net increase (decrease) in net assets from capital stock transactions			15,009,032			492,893			46,639,421			164,175,833
Redemption fees (Note 2(j))
Institutional Shares			—			—			1,347			86
Open Shares			—			—			3,016			1,242
Net increase in net assets from redemption fees			—			—			4,363			1,328
Total increase (decrease) in net assets			15,273,072			(66,815	)		23,171,328			170,286,178
Net assets at beginning of period			4,932,316			4,999,131			221,367,167			51,080,989
Net assets at end of period*		$	20,205,388		$	4,932,316		$	244,538,495		$	221,367,167
*Includes undistributed (distributions in excess of) net investment income (loss) of		$	(109,262	)	$	(78,108	)	$	(2,469,420	)	$	(94,560	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			542,467			490,000			14,687,573			3,576,865
Shares sold			2,243,832			4,279			13,961,662			13,030,458
Shares issued to shareholders from reinvestment of distributions			—			48,588			—			16,643
Shares redeemed			(559,832	)		(400	)		(10,064,641	)		(1,936,393	)
Net increase (decrease)			1,684,000			52,467			3,897,021			11,110,708
Shares outstanding at end of period			2,226,467			542,467			18,584,594			14,687,573
Open Shares
Shares outstanding at beginning of period			12,328			10,000			3,948,574			961,228
Shares sold			—			1,249			1,676,145			3,778,921
Shares issued to shareholders from reinvestment of distributions			—			1,079			—			9,012
Shares redeemed			—			—			(1,769,330	)		(800,587	)
Net increase (decrease)			—			2,328			(93,185	)		2,987,346
Shares outstanding at end of period			12,328			12,328			3,855,389			3,948,574

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

26  Semi-Annual Report

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 6/30/16†				Year Ended 12/31/15			Period Ended 12/31/14*
Institutional Shares
Net asset value, beginning of period		$	8.89		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			(0.01	)		(0.02	)		—	(b)
Net realized and unrealized gain (loss)			0.15			(0.21	)		—	(b)
Total from investment operations			0.14			(0.23	)		—	(b)
Less distributions from:
Net investment income			—			(0.14	)		—
Net realized gains			—			(0.35	)		—
Return of capital			—			(0.39	)		—
Total distributions			—			(0.88	)		—
Net asset value, end of period		$	9.03		$	8.89		$	10.00
Total Return (c)			1.57	%		-2.32	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	20,094		$	4,823		$	4,899
Ratios to average net assets (d):
Net expenses			1.70	%		1.70	%		1.70	%
Gross expenses			3.09	%		13.45	%		69.35	%(e)
Net investment income (loss)			-0.29	%		-0.22	%		-1.70	%
Portfolio turnover rate			140	%		639	%		37	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/16†				Year Ended 12/31/15			Period Ended 12/31/14*
Open Shares
Net asset value, beginning of period		$	8.89		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			(0.02	)		(0.05	)		—	(b)
Net realized and unrealized gain (loss)			0.14			(0.21	)		—	(b)
Total from investment operations			0.12			(0.26	)		—	(b)
Less distributions from:
Net investment income			—			(0.11	)		—
Net realized gains			—			(0.35	)		—
Return of capital			—			(0.39	)		—
Total distributions			—			(0.85	)		—
Net asset value, end of period		$	9.01		$	8.89		$	10.00
Total Return (c)			1.35	%		-2.57	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	111		$	110		$	100
Ratios to average net assets (d):
Net expenses			1.95	%		1.95	%		1.95	%
Gross expenses			14.98	%		26.46	%		69.36	%(e)
Net investment income (loss)			-0.51	%		-0.46	%		-1.95	%
Portfolio turnover rate			140	%		639	%		37	%

*	The Portfolio commenced operations on December 31, 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. Return for 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  27

LAZARD FUNDAMENTAL LONG/SHORT PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/16†				Year Ended 12/31/15			For the Period 4/30/14* to 12/31/14
Institutional Shares
Net asset value, beginning of period		$	11.89		$	11.26		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			(0.09	)		(0.31	)		(0.14	)
Net realized and unrealized gain (loss)			(0.89	)		0.98			1.55
Total from investment operations			(0.98	)		0.67			1.41
Less distributions from:
Net realized gains			—			(0.04	)		(0.15	)
Return of capital			—			—	(b)		—
Total distributions			—			(0.04	)		(0.15	)
Redemption fees			—	(b)		—	(b)		—
Net asset value, end of period		$	10.91		$	11.89		$	11.26
Total Return (c)			-8.24	%		5.97	%		14.15	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	202,704		$	174,601		$	40,273
Ratios to average net assets (d):
Net expenses			3.11	%		3.56	%		3.20	%
Gross expenses			3.11	%		3.59	%		5.51	%
Gross expenses, excluding expenses on securities sold short			1.53	%		1.73	%		4.01	%
Net investment income (loss)			-1.62	%		-2.64	%		-1.94	%
Portfolio turnover rate:
Excluding securities sold short			161	%		183	%		132	%
Including securities sold short			187	%		263	%		277	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/16†				Year Ended 12/31/15			For the Period 4/30/14* to 12/31/14
Open Shares
Net asset value, beginning of period		$	11.84		$	11.24		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			(0.11	)		(0.33	)		(0.17	)
Net realized and unrealized gain (loss)			(0.88	)		0.97			1.56
Total from investment operations			(0.99	)		0.64			1.39
Less distributions from:
Net realized gains			—			(0.04	)		(0.15	)
Return of capital			—			—	(b)		—
Total distributions			—			(0.04	)		(0.15	)
Redemption fees			—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	10.85		$	11.84		$	11.24
Total Return (c)			-8.36	%		5.71	%		14.05	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	41,835		$	46,766		$	10,808
Ratios to average net assets (d):
Net expenses			3.38	%		3.81	%		3.41	%
Gross expenses			3.38	%		3.89	%		6.28	%
Gross expenses, excluding expenses on securities sold short			1.80	%		2.02	%		4.82	%
Net investment income (loss)			-1.91	%		-2.89	%		-2.34	%
Portfolio turnover rate:
Excluding securities sold short			161	%		183	%		132	%
Including securities sold short			187	%		263	%		277	%

*	The Portfolio commenced operations on April 30, 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. Return for 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

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2016 (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-three no-load portfolios (each referred to as a “Portfolio”), as follows: Lazard US Equity Concentrated Portfolio, Lazard US Strategic Equity Portfolio, Lazard US Mid Cap Equity Portfolio, Lazard US Small-Mid Cap Equity Portfolio, Lazard 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, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio, 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, 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 (commenced investment operations on May 27, 2016), Lazard Enhanced Opportunities Portfolio and Lazard Fundamental Long/Short 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. This report includes only the financial statements of Enhanced Opportunities and Fundamental Long/Short Portfolios. The financial statements of other Portfolios are presented separately.

Effective November 29, 2013, an R6 Share class was classified for each Portfolio. 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, 2016, 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. Emerging Markets Debt Portfolio began issuing R6 Shares on July 28, 2016.

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—Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other US or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded on each valuation date; securities not traded on the valuation date are valued at the most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Exchange-traded options are valued at the last 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, generally are valued by an independent pricing service. Forward currency contracts generally are valued using quotations from an independent pricing

Semi-Annual Report  29

service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.

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 on, among other things, trading in securities with similar characteristics, brokers’ quotations and/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 under the direction of 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 except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Portfolio. 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 non-US 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 transactions and forward currency contracts

30  Semi-Annual Report

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 translations 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, 2016, only the Enhanced Opportunities 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, 2016, transactions in options purchased and written were as follows:

Enhanced Opportunities Portfolio

	Number of
Purchased Options	Contracts			Cost
Options outstanding at beginning of period		45		$	2,938
Options purchased		1,128			109,037
Options sold		(401	)		(59,312	)
Options expired		(388	)		(17,317	)
Options outstanding at end of period		384		$	35,346
	Number of
Written Options	Contracts			Premiums
Options outstanding at beginning of period		18		$	1,141
Options written		833			110,340
Options exercised		(468	)		(68,173	)
Options expired		(61	)		(2,686	)
Options outstanding at end of period		322		$	40,622

During the period ended June 30, 2016, Fundamental Long/Short Portfolio did not trade in options.

(e) Swap Agreements—Swap agreements on equity securities involve commitments to pay interest in exchange for a market linked return based on a notional amount. The counterparty pays out the total return of the equity security or 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 security or basket of securities 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 generally 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. Once the

Semi-Annual Report  31

interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio’s accompanying Statement of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.

During the period ended June 30, 2016, only the Enhanced Opportunities Portfolio traded in swap agreements.

(f) 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 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, 2016 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), 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, 2016, Fundamental Long/Short Portfolio had pledged $168,060,896 of long securities as collateral under such arrangement.

For the period ended June 30, 2016, the following Portfolio received proceeds from securities sold short and purchased to cover short positions as follows:

	Proceeds from		Purchased to
	Securities		Cover Short
Portfolio	Sold Short		Positions
Fundamental Long/Short	$	326,711,332	$	311,847,834

During the period ended June 30, 2016, Enhanced Opportunities Portfolio did not engage in short sales.

(g) Federal Income Taxes—The Fund’s policy is to continue to have each Portfolio qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (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.

At December 31, 2015, 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 the following tax year. For the tax year ended December 31, 2015, the following Portfolios elected to defer such losses as follows:

	Post October		Late Year
	Capital Loss		Ordinary Loss
Portfolio	Deferral		Deferral
Enhanced Opportunities	$	3,478	$	—
Fundamental Long/Short		102,368		—

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 the open tax year (2014), or expected to be taken in the Portfolios’ 2015 tax returns.

32  Semi-Annual Report

(h) 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. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Income 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 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.

(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. The redemption fee will not apply to transactions in Portfolio shares on or after August 15, 2016.

(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 resulting from operations during the reporting period. Actual results could differ from those estimates.

(l) Net Asset Value—NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. NAV per share is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

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

The Fund, on behalf of the Portfolios, has entered into a 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
Enhanced Opportunities		1.40	%
Fundamental Long/Short		1.40

The Investment Manager has voluntarily agreed to reduce its fees and, if necessary, reimburse the Portfolios through May 1, 2017 if annualized operating expenses, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired

Semi-Annual Report  33

Funds” (as defined in Form N-1A) and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees, but including the management fee stated in the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolios, exceed the following percentages of the value of the Portfolios’ average daily net assets for the respective shares:

Portfolio	Institutional Shares			Open Shares
Enhanced Opportunities		1.70	%		1.95	%
Fundamental Long/Short		1.70			1.95

During the period ended June 30, 2016, the Investment Manager waived its management fees and reimbursed the following Portfolio for other expenses as follows:

	Institutional Shares				Open Shares
	Management		Expenses		Management		Expenses
Portfolio	Fees Waived		Reimbursed		Fees Waived		Reimbursed
Enhanced Opportunities		$140,679	$	—		$768		$6,333

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

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, 2016, State Street waived $9,375 of its fees for the Enhanced Opportunities 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 1940 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 Fund Complex”), each a registered management investment company advised by the Investment Manager: (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund), and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Independent Directors may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent 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. Independent Directors’ fees are allocated among the portfolios in the Lazard Fund Complex at a rate of $5,000 per portfolio with the remainder allocated based upon each portfolio’s proportionate share of combined net assets. The Statements of Operations show the Independent Directors’ fees and expenses paid by each Portfolio.

34  Semi-Annual Report

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments and short sales) for the period ended June 30, 2016 were as follows:

Portfolio	Purchases		Sales
Enhanced Opportunities	$	19,600,665	$	8,608,870
Fundamental Long/Short		403,768,000		366,132,568

For the period ended June 30, 2016, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and 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.

At June 30, 2016, the Investment Manager owned 24.54% of the outstanding shares of Enhanced Opportunities Portfolio.

6. Line of Credit

The Fund has a $50 million Line of Credit Agreement (the “Agreement”) with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings was payable at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee 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, 2016, the Portfolios had no borrowings under the Agreement.

7. Investment Risks

(a) Non-US Securities Risk—The 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. The 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. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. 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.

(b) Fixed-Income and Debt Securities Risk—Enhanced Opportunities Portfolio invests in fixed-income securities. 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. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with

Semi-Annual Report  35

longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that interest rates in the US and other countries are at or near historic lows.

The Portfolio’s 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 Portfolio’s 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.

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 Portfolio may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

(c) Short Position Risk—Fundamental Long/Short Portfolio engages in short sales. Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long 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 Portfolio’s 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—Enhanced Opportunities Portfolio trades in swap agreements and derivative instruments. Swap agreements and other derivatives transactions, including those entered into for hedging purposes, may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. 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 Portfolio 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 Portfolio’s performance. Derivatives transactions incur cost, either explicitly or implicitly, which reduce return. Successful use of derivatives is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market. Use of derivatives transactions, even when entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio 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-

36  Semi-Annual Report

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 over-

all 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, 2016:

	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, 2016
Enhanced Opportunities Portfolio
Assets:
Common Stocks*	$	199,813			$	—		$	—	$	199,813
Corporate Bonds*		—				12,670,882			—		12,670,882
Preferred Stocks*		140,523				—			—		140,523
Purchased Options*		12,207				—			—		12,207
Short-Term Investment		2,698,999				—			—		2,698,999
Other Financial Instruments**
Forward Currency Contracts		—				7,523			—		7,523
Total Return Swap Agreements		—				713,745			—		713,745
Total	$	3,051,542			$	13,392,150		$	—	$	16,443,692
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—			$	(3,192	)	$	—	$	(3,192	)
Total Return Swap Agreements		—				(746,810	)		—		(746,810	)
Written Options		(46,525	)			—			—		(46,525	)
Total	$	(46,525	)		$	(750,002	)	$	—	$	(796,527	)
Fundamental Long/Short Portfolio
Assets:
Common Stocks*	$	209,812,755			$	—		$	—	$	209,812,755
Short-Term Investment		169,292,019				—			—		169,292,019
Total	$	379,104,774			$	—		$	—	$	379,104,774
Liabilities:
Securities Sold Short*	$	(141,056,948	)		$	—		$	—	$	(141,056,948	)

*	Please refer to Portfolios of Investments (page 10 through 21) and Notes to Portfolios of Investments (page 23) for portfolio holdings by country and industry.
**	Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).

Semi-Annual Report  37

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 Enhanced Opportunities Portfolio 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.

There were no transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2016.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

A Portfolio may write or purchase a call or put option to seek to realize, through the receipt of premiums or 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

During the period ended June 30, 2016, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts	$	500,000	*
Total return swap agreements	$	13,200,000

* Represents average monthly notional exposure for the one month the derivative instrument was open during the period.

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2016:

	Fair Value
Asset Derivatives
Equity Risk:
Investments in securities, at fair value	$	12,207
Gross unrealized appreciation on swap agreements	$	713,745
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	7,523
Liability Derivatives
Equity Risk:
Gross unrealized depreciation on swap agreements	$	746,810
Written options, at fair value	$	46,525
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	3,192

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2016 was:

	Amount
Realized Gain (Loss) on Derivatives
Equity Risk:
Net realized gain (loss) on investments	$	13,091
Net realized gain (loss) on written options	$	29,227
Net realized gain (loss) on swap agreements	$	(75,485	)
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(2,375	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Equity Risk:
Net change in unrealized appreciation (depreciation) on investments	$	(20,716	)
Net change in unrealized appreciation (depreciation) on written options	$	(2,492	)
Net change in unrealized appreciation (depreciation) on swap agreements	$	87,294
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	4,331

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

38  Semi-Annual Report

During the period ended June 30, 2016, Fundamental Long/Short Portfolio did not trade in derivative instruments.

As of June 30, 2016, Enhanced Opportunities Portfolio holds derivative instruments that are eligible for offset in the Statement of Assets and Liabilities and are sub-

ject 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, 2016:

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
Forward Currency Contracts		$	7,523	$	—	$	7,523
Total Return Swap Agreements			713,745		—		713,745
Total		$	721,268	$	—	$	721,268

				Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented
	in the Statement of			Financial			Collateral
Counterparty	Assets and Liabilities			Instruments			Received (a)		Net Amounts
Deutsche Bank AG		$	713,745	$	(713,745	)	$	—	$	—
State Street Bank and Trust Co.			7,523		(3,192	)		—		4,331
Total		$	721,268	$	(716,937	)	$	—	$	4,331

						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		$	3,192	$	—	$	3,192
Total Return Swap Agreements			746,810		—		746,810
Total		$	750,002	$	—	$	750,002

				Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented
	in the Statement of			Financial			Collateral
Counterparty	Assets and Liabilities			Instruments			Pledged (a)			Net Amounts
Deutsche Bank AG		$	746,810	$	(713,745	)	$	(33,065	)	$	—
State Street Bank and Trust Co.			3,192		(3,192	)		—			—
Total		$	750,002	$	(716,937	)	$	(33,065	)	$	—

(a) Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

11. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial

statements and has determined that, aside from items previously disclosed, there were no subsequent events that required adjustment or disclosure.

Semi-Annual Report  39

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 (62)	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 (71)	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 (53)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (67 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 (45)	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)
Richard Reiss, Jr. (72)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource Americas, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (68)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

40  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 (55)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (56)	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 funds in the Lazard Fund Complex (comprised of, as of July 31, 2016, 40 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 funds in the Lazard Fund Complex.
(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.

Semi-Annual Report  41

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 (43)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Christopher Snively (31)	Chief Financial Officer (March 2016)	Senior Vice President of the Investment Manager (since November 2015)
		Assurance Manager at PricewaterhouseCoopers LLP (2008 – November 2015)
Stephen St. Clair (57)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (46)	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 (41)	Assistant Secretary (February 2009)	Director (since February 2016, previously Senior Vice President), and Director of Legal Affairs (since July 2015) of the Investment Manager
Shari L. Soloway (34)	Assistant Secretary (November 2015)	Senior Vice President, Legal and Compliance, of the Investment Manager (since September 2015)
		Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015)
		Associate at Clifford Chance US LLP (2006 – July 2011)
Cesar A. Trelles (41)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

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

42  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 28-29, 2016, 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, who advised the Board on relevant legal standards and met with the Independent Directors 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 40 active funds comprises approximately $28 billion (as of April 30, 2016) of the

approximately $191 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2016). The Investment Manager’s representatives noted that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, operations, technology, legal and compliance and marketing infrastructure. 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 $28 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

The Directors reviewed comparative fee, expense ratio and performance (through March 31, 2016) information prepared by Strategic Insight, using Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of both Portfolios.

Advisory Fees and Expense Ratios. The Directors discussed the management fees paid to the Investment Manager (referred to in the Strategic Insight materials as “advisory fees”) and expense ratios for each Portfolio.

Semi-Annual Report  43

They noted the methodology and assumptions used by Strategic Insight. The Directors considered that the Investment Manager continues to voluntarily enter into fee waiver and expense reimbursement agreements, and that the Investment Manager was waiving advisory fees and/or reimbursing expenses, for each Portfolio.

Gross advisory fees and total expenses of each Portfolio were below the median of the Group for Institutional Shares and above the median of the Group for Open Shares.

The Directors also considered fees paid to the Investment Manager by funds advised or sub-advised by the Investment Manager utilizing the same investment strategies as the Portfolios (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 fees paid to the Investment Manager by the Portfolios.

Performance. Strategic Insight’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and Category over the one-year period ended March 31, 2016 (the Portfolios commenced operations in 2014).

The Directors noted that the performance of the Fundamental Long/Short Portfolio (both share classes) was above the Group and Category averages for the one-year period and the performance of the Enhanced Opportunities (both share classes) for the one-year period was above the Group averages and below the Category averages.

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, 2015 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, considered in relation 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

44  Semi-Annual Report

asset growth or decline, supported the renewal of the Management Agreement. 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 management fees and 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 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 $191 billion global asset management business.

• The Board generally was satisfied with the performance of the Portfolios.

• The Board concluded that each Portfolio’s fee paid to the Investment Manager supported the renewal of the Management Agreement 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.

In evaluating the Management Agreement, the Board relied on the information described above as well as other information provided by the Investment Manager, in addition to information received on a routine and regular basis throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement, including information on the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Fund and the services provided to the Fund by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Fund’s Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

Semi-Annual Report  45

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, 2016

Asset Allocation Funds

Lazard Capital Allocator Opportunistic Strategies Portfolio

Lazard Global Dynamic Multi Asset Portfolio

PRIVACY NOTICE

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., Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect 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.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overviews
7	Performance Overviews
9	Information About Your Portfolio’s Expenses
11	Portfolio Holdings Presented by Sector
12	Portfolios of Investments
12	Lazard Capital Allocator Opportunistic Strategies Portfolio
14	Lazard Global Dynamic Multi Asset Portfolio
24	Notes to Portfolios of Investments
26	Statements of Assets and Liabilities
27	Statements of Operations
28	Statements of Changes in Net Assets
29	Financial Highlights
31	Notes to Financial Statements
44	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,

In the first half of 2016, global equity markets stood firm despite significant bouts of volatility. Concerns about the Chinese economy, commodity price declines, and a series of disappointing earnings announcements pressured equity markets in the early months of 2016. However, they rallied in the latter half of the first quarter and into the second as the US Federal Reserve lowered its forecast for 2016 interest rate increases. Although global equity markets fell again in late-June due to the uncertainty caused by the United Kingdom’s vote to leave the European Union, certain regions rebounded by the end of the period. In addition, signs of some stability in commodity prices helped emerging markets assets during the period.

Volatility also played a role in global bond markets as investors traded largely on risk assessment of macro events. In Europe, the 10-year German bund yield fell below zero for the first time, following Swiss and Japanese 10-year government bonds, which have been in negative territory for some time. The surprising outcome of the UK referendum triggered another rally in safe haven assets, pushing some government bond yields even further into negative territory. The low yield, but still positive, environment continued in the United States.

At Lazard Asset Management, we remain focused on active management and are committed to responsibly pursuing the Portfolios’ investment objectives. We appreciate your continued confidence in our investment management capabilities, and we 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

Capital Allocator

Global capital markets proved somewhat volatile for the six-month period ended June 30, 2016. The year began with markets heading towards a correction as recessionary fears gripped investors due to weak economic data and concerns that the US Federal Reserve (the “Fed”) was still on a path of being more aggressive in the rate hike cycle. The market bottomed and reversed course in February when those fears began to subside and the Fed signaled that the four rate hikes previously discussed for 2016 would likely be delayed. Markets continued to advance until June when the United Kingdom’s affirmative vote to leave the European Union (the so-called “Brexit”) caused concern and caught many investors off guard as most people anticipated a vote for the United Kingdom to stay in the European Union (“EU”).

The Brexit decision occurred in an environment where investors were already questioning the sustainability of global growth, the efficacy of central bank policies, and the ability of governments to overcome geopolitical challenges. The “leave” vote appeared to reflect deep-seated dissatisfaction with the status quo among a sizable portion of the public. Their concerns included rising inequality, how the benefits of globalization have been distributed, and immigration. This populism also exists in the United States, where the presidential election looms, as well as in Continental Europe, where anti-EU sentiment has found a voice in right-wing parties and is likely to be further inflamed.

The Fed raised the federal funds rate in December 2015 for the first time in nearly a decade, citing the ongoing healing in the economy and labor markets since the global financial crisis. When market volatility rose sharply in the first months of 2016, the Fed left rates unchanged at its mid-March meeting and indicated that it would only implement two more hikes in 2016, down from a previous projection of four. When US economic indicators showed health early in the second quarter, the Fed signaled that a rate hike was imminent. However, this was dropped after an unexpectedly weak jobs report in May and downward revisions for March and April. The Brexit result has reduced market expectations of a rate rise in 2016 to nearly zero.

Emerging markets equities have significantly underperformed US and European equities over the past several years, due in part to weak currencies, unstable commodity prices, and sluggish earnings growth. However, the Brexit decision appears to have reduced the likelihood of a Fed rate hike in 2016 significantly, removing a source of pressure on emerging markets. Emerging markets fundamentals are also appearing stronger. Current accounts, though still negative, have been improving. Commodities prices have also been supportive. Given the high correlation of emerging markets performance and commodities, we believe any stabilization of prices would likely be very positive for emerging markets equities.

Japan continued to face headwinds during the first half of 2016, as the country’s economy remained stubbornly stagnant. Japanese equities remained under pressure as investors increasingly questioned the effectiveness of Prime Minister Shinzo Abe’s “Abenomics” reforms and negative interest rates. The Brexit vote compounded Japan’s troubles. The day after the Brexit vote, the Japanese stock market recorded its worst single day loss since 2000. The drop reflected the surging value of the yen, which makes many Japanese corporations less competitive and undermines profitability. Following the market reaction to Brexit, investor expectations for action from the Bank of Japan have risen significantly.

In Europe, stocks fell while safe-haven bond yields declined further in the first six-month period of 2016 already marked by historically low rates. The yield on Switzerland’s 30-year bond fell into negative territory for the first time ever, as did the 10-year German Bund. However, the euro zone showed signs of strength, benefiting from strong export growth, higher consumer spending, and positive industrial production figures. GDP growth in the first quarter was revised up to 0.6%, exceeding expectations. Employment figures were encouraging as unemployment in the euro zone fell to 10.1% in May, its lowest level in almost five years. Euro zone inflation was positive after four months in negative territory.

We believe this is an extraordinary investing environment, and rising uncertainty requires heightened sen-

Semi-Annual Report  3

sitivity to potential risks to our outlook. However, we are maintaining exposure to the equity markets. We believe that global economic growth is resilient and that, over time, equities will continue to offer more opportunities for returns than bonds. Yet, we remain vigilant, as volatility can meaningfully impact markets over the short run. Most importantly, however, the Brexit vote and other important economic or political factors will produce both economic winners and losers, which skillful investment managers can seek to capitalize upon.

The “relative” nature of returns is a central concept in our asset allocation process. In this changing and uncertain environment, and as always, we believe that our versatile framework will reward risk-takers who stay the course with attractive relative returns over time.

Lazard Capital Allocator Opportunistic Strategies Portfolio

For the six months ended June 30, 2016, the Lazard Capital Allocator Opportunistic Strategies Portfolio’s Institutional Shares posted a total return of 0.75%, while Open Shares posted a total return of 0.75%, as compared with the 0.66% return for the MSCI World^® Index and 2.51% return for the Global Asset Allocation Blended Index.¹

Thematic investments, which represented 24% of the Portfolio as of June 30, 2016, underperformed both the Global Asset Allocation Blended Index and the MSCI World Index during the period, returning 0.58%. Allocations to this portion of the Portfolio were reduced significantly as thematic opportunities declined. International equity exposures, particularly in European equity, were the largest detractors to returns. US-oriented equity exposures were the largest source of return in this category, represented by large-cap stocks, dividend growers, and defense and aerospace equities. During the period, derivatives exposure included two custom baskets of securities. One basket was focused on US large-cap equities that historically outperformed the market during periods of low growth and low inflation environments. This investment had a negative impact on the Portfolio as it underperformed the market due to a bias to smaller-cap equity. The second custom basket, which provided

exposure to European export companies, also underperformed the MSCI World Index in the period as European shares were generally weak. These investments represent unique opportunity sets based on a top-down macroeconomic investment thesis. These custom baskets of specific securities exposure do not exist in public markets because they are sold over the counter and do not trade on an exchange, though the underlying securities in the baskets do. Accordingly, the specific exposure desired was achieved by designing and building these baskets via swap agreements with one or more counterparties. Both investments were exited during the period.

Diversifying investments, which represented 43% of the Portfolio at the end of June, outperformed the benchmarks over the period. Investment allocations to the category were increased due to the attractive risk-reward tradeoffs in US corporate credit. Investments in US credit markets, particularly high-yield bonds, were the major source of outperformance for the category. Cash and short-term bonds were also positive contributors. Currency hedges (executed through the use of forward currency contracts), were relatively flat for the period and we exited our short euro and short yen positions.

Contrarian investments, which represented 22% of the Portfolio at the end of the period, underperformed the benchmarks. During the period, derivatives exposure included three custom baskets of securities. One basket was focused on short-cycle global industrials equities that were consistent with companies analyzed by the Lazard equity research team. This basket provided positive contributions during the period. The second custom basket, which provided exposure to Japanese financials, underperformed the MSCI World Index in the period, as policy decisions in Japan did not have follow through in the market and yields went negative, providing headwinds for the financials sector. The third custom basket was a US equity momentum factor basket. This investment was designed to outperform broad US equity exposure when the momentum factor is driving market performance. This investment detracted value in the time period as momentum turned out of favor. Both the Japan and momentum baskets were eliminated during the period and we still

4  Semi-Annual Report

currently own the global industrials basket. Tactical trading activity in volatility securities was also a detractor in the time period. We owned exchange-traded notes (senior, unsecured, unsubordinated debt securities issued by an underwriting bank) that were both positively and negatively correlated with the CBOE Short Term Volatility^® Index.

Discounted investments, which represented 9% of the Portfolio as of June 30, 2016, outperformed both benchmarks during the period. Our positions in two credit-oriented funds were both strong contributors to overall returns as credit was one of the best performing asset classes in the period.

New Fund Launched: Lazard Global Dynamic Multi Asset Portfolio

For the period since inception on May 27, 2016 through June 30, 2016, the Lazard Global Dynamic Multi Asset Portfolio’s Institutional Shares posted a total return of 0.00%, while Open Shares posted a total return of 0.00%, as compared with the -1.25% return for the MSCI World Index and 0.87% return for the blended benchmark, which is a 50/50 blend of the MSCI World Index and Barclays Capital Global Aggregate Bond^® Index (the “GDMA Index”).

The Portfolio is managed using a combination of Lazard Asset Management LLC’s (the “Investment Manager”) domestic and foreign equity and fixed income strategies. The Investment Manager considers 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 2016 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 period of May 27, 2016 (inception) through June 30, 2016, stock selection in the health care, consumer discretionary, telecom services, and financials sectors, an underweight position in the financials sector and an overweight position in the telecom services sector added value within the equity allocation, as did stock selection in Norway, China, and Italy. Within fixed income, performance was helped by overweight exposure to Australia, New Zealand, Canada, and Singapore, security selection in the United States, and overweight exposure to the New Zealand dollar and tactical management of the euro implemented via derivative instruments (forward currency contracts for long or short exposure to foreign currencies). In contrast, stock selection in the industrials, consumer staples, and materials sectors, and underweight exposures to energy and materials detracted from performance, as did stock selection in the United Kingdom, Canada, and Japan, and within equities, an underweight to Canada and an overweight to Israel. Within fixed income, performance was negatively impacted by underweight exposure to core Europe and Japan, underweight positions in long maturity government bonds from core markets, and small overweight exposure to the Swedish krona, Australian dollar, and Mexican peso (also implemented via derivative instruments comprised of forward currency contracts for long or short exposure to foreign currencies).

Semi-Annual Report  5

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 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. Return for 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, 2016; 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.

6  Semi-Annual Report

The Lazard Funds, Inc. Performance Overviews (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, 2016

	Institutional Shares				Open Shares
	One	Five	Since		One	Five	Since
	Year	Years	Inception	†	Year	Years	Inception	†
Capital Allocator Opportunistic Strategies Portfolio**	-2.50%	3.18%	2.95%		-3.12%	2.80%	2.64%
MSCI World Index	-2.78%	6.63%	3.87%		-2.78%	6.63%	3.93%
Global Asset Allocation Blended Index	0.82%	5.74%	4.62%		0.82%	5.74%	4.65%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and may differ from amounts reported in the financial highlights.
	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  7

Lazard Global Dynamic Multi Asset Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Dynamic Multi Asset Portfolio, MSCI World Index and GDMA Index*

Total Returns*

Period Ended June 30, 2016

	Since
	Inception	†
Institutional Shares**	0.00%
Open Shares**	0.00%
MSCI World Index	-1.25%
GDMA Index	0.87%

*	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. Return for a period of less than one year is not annualized.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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 GDMA Index is a 50/50 blend of the MSCI World Index and the Barclays Capital Global Aggregate Bond® Index. 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 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, 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 Portfolio was May 27, 2016.

8  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, 2016 through June 30, 2016 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 1/1/16	Ending Account Value 6/30/16	Expenses Paid During Period* 1/1/16 - 6/30/16	Annualized Expense Ratio During Period 1/1/16 - 6/30/16
Capital Allocator Opportunistic Strategies
Institutional Shares
Actual	$1,000.00	$1,007.50	$5.09	1.02%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.79	$5.12	1.02%
Open Shares
Actual	$1,000.00	$1,006.40	$6.58	1.32%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.30	$6.62	1.32%
Global Dynamic Multi Asset†
Institutional Shares
Actual	$1,000.00	$1,001.00	$0.76	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,003.47	$0.76	0.90%
Open Shares
Actual	$1,000.00	$1,000.00	$1.02	1.20%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,003.22	$1.02	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 182/366 (to reflect one-half year period).
†	The Portfolio commenced operations on May 27, 2016.

10  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2016 (unaudited)

Asset Class/Sector*	Lazard Capital Allocator Opportunistic Strategies Portfolio
Equity**
Consumer Discretionary		2.9	%
Consumer Staples		2.8
Energy		4.3
Financials		6.8
Health Care		1.9
Industrials		10.2
Information Technology		3.0
Materials		6.1
Telecommunication Services		0.4
Utilities		0.6
Fixed Income and Other†		38.9
Short-Term Investment		22.1
Total Investments		100.0	%
Sector*	Lazard Global Dynamic Multi Asset Portfolio
Consumer Discretionary		10.4	%
Consumer Staples		8.1
Energy		3.8
Financials		15.3
Health Care		8.7
Industrials		8.1
Information Technology		8.0
Materials		3.2
Telecommunication Services		4.5
Utilities		5.0
Municipal		0.4
Sovereign Debt		18.8
US Treasury Securities		1.5
Short-Term Investment		4.2
Total Investments		100.0	%

*	Represents percentage of total investments.
**	Equity sector breakdown is based upon the exchange-traded funds’ underlying holdings.
†	Other is representative of structured notes.

Semi-Annual Report  11

The Lazard Funds, Inc. Portfolios of Investments June 30, 2016 (unaudited)

Description	Shares		Fair Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Notes | 2.7%
VelocityShares Daily Inverse VIX Short-Term ETN (a) (Cost $4,045,968)		155,100		$	3,875,949
Exchange-Traded Funds | 72.2%
Equity Funds | 39.7%
Alerian MLP ETF		568,000			7,224,960
iShares Core Dividend Growth ETF		274,000			7,471,980
iShares Global Materials ETF		152,500			7,480,125
iShares Latin America 40 ETF		289,400			7,608,326
iShares MSCI Europe Small-Cap ETF		144,400			6,009,928
iShares MSCI Japan Small-Cap ETF		123,800			7,431,714
PowerShares Aerospace & Defense Portfolio		199,500			7,469,280
SPDR S&P 500 ETF Trust		35,400			7,417,362
					58,113,675
Fixed-Income Funds | 32.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF		209,300			25,687,389
PowerShares Fundamental High Yield Corporate Bond Portfolio		694,700			12,782,480
VanEck Vectors Fallen Angel High Yield Bond ETF		324,624			9,040,778
					47,510,647
Total Exchange-Traded Funds (Cost $102,026,678)					105,624,322

Description	Shares		Fair Value
Closed-End Management Investment Companies | 9.9%
Eaton Vance Limited Duration Income Fund		540,000		$	7,257,600
Prudential Global Short Duration High Yield Fund, Inc.		475,800			7,141,758
Total Closed-End Management Investment Companies (Cost $13,768,413)					14,399,358
Short-Term Investment | 24.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $35,125,842)		35,125,842			35,125,842
Total Investments | 108.8% (Cost $154,966,901) (b), (c)				$	159,025,471
Liabilities in Excess of Cash and Other Assets | (8.8)%					(12,820,787	)
Net Assets | 100.0%				$	146,204,684

Forward Currency Contracts open at June 30, 2016:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
JPY		859,699,750	USD		8,284,219	SSB	07/29/16		$	47,008		$	—
USD		7,750,000	JPY		8,331,226	SSB	07/29/16			—			581,227
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	47,008		$	581,227

Total Return Swap Agreements open at June 30, 2016:

Pay	Currency	Counterparty	Notional Amount (000)	Expiration Date	Receive	Unrealized Depreciation
1 Month USD LIBOR plus 0.45%	USD	GSC	6,896	03/03/17	Appreciation, and dividends paid, on securities in a custom momentum basket		$	40,334

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

12  Semi-Annual Report

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

The following table represents the individual securities and related fair values underlying the custom momentum basket total return swap agreements with GSC, as of June 30, 2016:
Securities	Shares		Fair Value
Honeywell International, Inc.		8,500		$	988,720
Raytheon Co.		7,214			980,743
Union Pacific Corp.		11,233			980,079
Rockwell Automation, Inc.		8,426			967,473
Parker-Hannifin Corp.		8,606			929,878
Eaton Corp. PLC		15,502			925,934
3M Co.		3,133			548,651
MSC Industrial Direct Co., Inc.		7,030			496,037
Tyco International PLC		11,104			473,030
United Technologies Corp.		4,208			431,530
Illinois Tool Works, Inc.		4,130			430,181
Advance Auto Parts, Inc.		2,608			421,531
American Airlines Group, Inc.		11,953			338,389
FANUC Corp.		2,072			331,984
ABB, Ltd.		16,564			324,213
GEA Group AG		6,706			314,686
Schneider Electric SE		5,033			296,432
Delphi Automotive PLC		4,356			272,686
Total Fair Value				$	10,452,177

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

Semi-Annual Report  13

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio
Common Stocks | 64.7%
Australia | 2.4%
Amcor, Ltd.		8,788		$	98,282
Blackmores, Ltd.		223			22,034
BlueScope Steel, Ltd.		1,859			8,914
Cochlear, Ltd.		121			10,975
CSL, Ltd.		1,695			142,519
Evolution Mining, Ltd.		6,276			10,941
Harvey Norman Holdings, Ltd.		3,313			11,486
Investa Office Fund REIT		4,112			13,156
JB Hi-Fi, Ltd.		644			11,644
Magellan Financial Group, Ltd.		1,336			22,397
Mirvac Group REIT		16,591			25,100
Northern Star Resources, Ltd.		3,771			13,925
REA Group, Ltd.		550			24,488
Regis Resources, Ltd.		18,826			48,106
Sandfire Resources NL		2,886			11,399
Telstra Corp., Ltd.		15,906			66,195
Wesfarmers, Ltd.		601			18,101
					559,662
Austria | 0.1%
Erste Group Bank AG		800			18,295
Belgium | 0.6%
Anheuser-Busch InBev SA/NV Sponsored ADR		935			123,121
Telenet Group Holding NV (a)		361			16,477
					139,598
Canada | 2.9%
Alamos Gold, Inc., Class A		1,659			14,266
BCE, Inc.		963			45,573
Canadian Imperial Bank of Commerce		562			42,213
Canadian National Railway Co.		1,940			114,566
CGI Group, Inc., Class A (a)		1,119			47,802
CI Financial Corp.		649			13,538
Colliers International Group, Inc.		324			11,065
Constellation Software, Inc.		29			11,224
Corus Entertainment, Inc., B Shares		1,046			10,784
Dollarama, Inc.		403			28,136
Emera, Inc.		143			5,381
Enbridge, Inc.		492			20,842
Genworth MI Canada, Inc.		760			19,495
Imperial Oil, Ltd.		453			14,334

Description	Shares		Fair Value
Intact Financial Corp.		674		$	48,147
Lundin Mining Corp. (a)		5,617			18,956
Magna International, Inc.		1,810			63,535
Manulife Financial Corp.		1,381			18,888
Metro, Inc.		847			29,508
Open Text Corp.		586			34,649
Quebecor, Inc., Class B		539			15,445
Suncor Energy, Inc.		1,086			30,127
Transcontinental, Inc., Class A		490			6,641
Uni-Select, Inc.		385			9,762
					674,877
Denmark | 0.7%
Carlsberg A/S Class B Sponsored ADR		2,485			47,339
Coloplast A/S, Class B		300			22,394
Novo Nordisk A/S Sponsored ADR		935			50,284
Novo Nordisk A/S, Class B		593			31,890
Vestas Wind Systems A/S		219			14,863
					166,770
Finland | 0.6%
Kone OYJ, Class B		1,155			53,329
Sampo Oyj, A Shares ADR		3,880			78,939
					132,268
France | 0.5%
Airbus Group SE		652			37,861
BNP Paribas SA		277			12,453
Electricite de France SA		608			7,473
Engie SA		987			15,929
Orange SA		1,131			18,474
Sopra Steria Group		98			10,171
TOTAL SA		308			14,852
					117,213
Germany | 1.0%
Bayer AG		174			17,507
Continental AG Sponsored ADR		1,220			46,360
Daimler AG		112			6,679
Deutsche Lufthansa AG		585			6,811
GEA Group AG Sponsored ADR		1,000			47,210
Muenchener Rueckversicherungs AG		57			9,526
ProSiebenSat.1 Media SE		322			14,060
Rheinmetall AG		121			7,146
Symrise AG ADR		4,270			73,038
					228,337
Hong Kong | 1.8%
AIA Group, Ltd. Sponsored ADR		2,025			48,732
CLP Holdings, Ltd.		4,000			40,947
Henderson Land Development Co., Ltd.		2,200			12,466

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

14  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
Hongkong Land Holdings, Ltd.		1,900		$	11,613
Jardine Matheson Holdings, Ltd.		800			46,847
Link Real Estate Investment Trust		15,500			106,037
PCCW, Ltd.		41,000			27,567
Swire Pacific, Ltd., Class A		4,500			51,238
The Wharf Holdings, Ltd.		4,000			24,446
Wheelock & Co., Ltd.		9,000			42,566
					412,459
Ireland | 0.6%
Experian PLC		532			10,105
Ryanair Holdings PLC Sponsored ADR		143			9,944
Shire PLC ADR		655			120,573
					140,622
Israel | 0.6%
Bank Hapoalim BM		1,817			9,172
Check Point Software Technologies, Ltd. (a)		325			25,896
Israel Discount Bank, Ltd., Class A (a)		7,571			13,061
Nice, Ltd.		248			15,572
Orbotech, Ltd. (a)		1,096			28,003
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		1,025			51,486
					143,190
Italy | 0.4%
Davide Campari-Milano SpA ADR		13,245			64,344
Enel SpA		2,172			9,660
Moncler SpA		366			5,789
Saras SpA		4,348			7,534
					87,327
Japan | 5.7%
Alfresa Holdings Corp.		100			2,083
Amano Corp.		800			13,832
Astellas Pharma, Inc.		900			14,084
Canon, Inc.		100			2,853
Central Japan Railway Co.		100			17,700
Chubu Electric Power Co., Inc.		400			5,696
CKD Corp.		400			2,969
Daito Trust Construction Co., Ltd.		500			81,048
Daiwa House Industry Co., Ltd.		400			11,672
Daiwa House Industry Co., Ltd. ADR		3,770			109,500
Electric Power Development Co., Ltd.		500			11,621
Fuji Heavy Industries, Ltd.		900			30,809
Haseko Corp.		800			7,984
Heiwa Corp.		700			14,122
Idemitsu Kosan Co., Ltd.		3,009			64,882

Description	Shares		Fair Value
Iida Group Holdings Co., Ltd.		1,000		$	20,368
Japan Airlines Co., Ltd.		300			9,629
JTEKT Corp.		1,100			12,402
Kakaku.com, Inc.		400			7,885
KDDI Corp.		400			12,177
KDDI Corp. ADR		5,970			90,386
Kumagai Gumi Co., Ltd.		4,000			11,259
Kuraray Co., Ltd.		900			10,704
Kyokuto Kaihatsu Kogyo Co., Ltd.		800			7,481
Lion Corp.		1,000			16,387
Mazda Motor Corp.		400			5,357
Medipal Holdings Corp.		2,400			39,381
Mitsubishi Electric Corp.		3,000			35,572
Mitsubishi UFJ Financial Group, Inc.		7,400			32,984
Murata Manufacturing Co., Ltd.		400			44,871
Nichirei Corp.		1,000			9,139
Nippon Telegraph & Telephone Corp.		1,200			56,332
Nipro Corp.		1,000			12,360
Nissan Chemical Industries, Ltd.		422			12,257
Nisshinbo Holdings, Inc.		1,100			9,928
Nitto Denko Corp.		400			25,224
NTT Data Corp.		100			4,712
Ryohin Keikaku Co., Ltd. ADR		1,045			50,667
Sanyo Chemical Industries, Ltd.		4,000			31,068
Sanyo Special Steel Co., Ltd.		4,000			17,750
Shimadzu Corp.		1,000			14,883
Shionogi & Co., Ltd.		200			10,877
Showa Shell Sekiyu KK		821			7,629
Sompo Japan Nipponkoa Holdings, Inc.		1,400			37,085
Sumitomo Chemical Co., Ltd.		3,000			12,303
Sumitomo Mitsui Financial Group, Inc.		2,224			63,763
Sumitomo Osaka Cement Co., Ltd.		3,000			12,830
Taikisha, Ltd.		500			12,370
Teijin, Ltd.		9,111			30,009
The San-In Godo Bank, Ltd.		2,100			13,650
Toho Holdings Co., Ltd.		400			9,606
Tohoku Electric Power Co., Inc.		800			10,032
Tokyo Gas Co., Ltd.		4,000			16,421
UBE Industries, Ltd.		9,000			14,804
UNY Group Holdings Co., Ltd.		2,200			18,446
V Technology Co., Ltd.		100			11,432
West Japan Railway Co.		200			12,641
Yamaguchi Financial Group, Inc.		2,000			18,829
Yokogawa Electric Corp.		200			2,246
Yoshinoya Holdings Co., Ltd.		900			12,247
					1,319,238

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

Semi-Annual Report  15

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
Malta | 0.1%
Unibet Group PLC SDR		2,226		$	20,364
Netherlands | 1.4%
NN Group NV		1,063			29,531
NXP Semiconductors NV (a)		980			76,773
Royal Dutch Shell PLC, A Shares		4,481			122,896
Wolters Kluwer NV		219			8,949
Wolters Kluwer NV Sponsored ADR		2,220			90,643
					328,792
New Zealand | 0.2%
Air New Zealand, Ltd.		10,496			15,774
Fisher & Paykel Healthcare Corp., Ltd. Class C		3,099			22,245
					38,019
Norway | 0.8%
Det Norske Oljeselskap ASA (a)		3,292			40,077
DNB ASA		813			9,829
Leroy Seafood Group ASA		236			11,115
Statoil ASA		6,675			115,580
Telenor ASA		923			15,246
					191,847
Portugal | 0.2%
Altri SGPS SA		1,591			5,150
Galp Energia SGPS SA		1,408			19,554
Jeronimo Martins SGPS SA		590			9,295
					33,999
Singapore | 0.7%
CapitaLand, Ltd.		8,800			20,215
SATS, Ltd.		3,900			11,915
Singapore Airlines, Ltd.		5,800			46,001
United Overseas Bank, Ltd.		6,000			82,853
					160,984
South Africa | 0.1%
Mediclinic International PLC		1,651			24,173
Spain | 0.3%
Banco Santander SA		7,481			29,127
CaixaBank SA		10,804			23,782
Corporacion Financiera Alba SA		140			5,714
					58,623
Sweden | 0.7%
Assa Abloy AB ADR		9,215			93,993
Axfood AB, Class B		3,087			59,051

Description	Shares		Fair Value
Bonava AB, B Shares (a)		316		$	3,809
Castellum AB		964			13,722
					170,575
Switzerland | 1.2%
Actelion, Ltd.		76			12,752
Actelion, Ltd. ADR		2,790			117,208
Chocoladefabriken Lindt & Spruengli AG		3			17,845
Roche Holding AG		488			128,847
					276,652
United Kingdom | 4.2%
Admiral Group PLC		676			18,451
Bellway PLC		707			17,875
Berendsen PLC		1,149			18,719
British American Tobacco PLC Sponsored ADR		830			107,468
BT Group PLC		11,182			61,745
Centrica PLC		33,394			100,820
Cineworld Group PLC		1,257			9,167
Coca-Cola European Partners PLC		645			23,020
Compass Group PLC		1,743			33,224
Compass Group PLC Sponsored ADR		3,985			76,113
Debenhams PLC		21,127			15,679
easyJet PLC		644			9,355
Greene King PLC		800			8,351
Greggs PLC		635			8,232
Halma PLC		890			12,079
Hargreaves Lansdown PLC		1,712			28,489
IG Group Holdings PLC		889			9,613
International Consolidated Airlines Group SA Sponsored ADR		264			6,560
ITV PLC		4,638			11,204
JD Sports Fashion PLC		523			8,059
Moneysupermarket.com Group PLC		1,859			6,722
National Grid PLC		798			11,735
Petrofac, Ltd.		742			7,711
Provident Financial PLC		238			7,357
Prudential PLC ADR		1,745			59,347
RELX NV Sponsored ADR		5,360			93,318
RELX PLC		656			12,087
Rentokil Initial PLC		7,788			20,085
SSE PLC		3,467			72,495
Subsea 7 SA (a)		2,395			23,442
The Berkeley Group Holdings PLC		451			15,353
Unilever PLC Sponsored ADR		1,025			49,108
WH Smith PLC		406			8,614
					971,597

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

16  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
United States | 36.9%
3M Co.		639		$	111,902
Accenture PLC, Class A		545			61,743
Aetna, Inc.		85			10,381
Air Lease Corp.		1,001			26,807
Alphabet, Inc., Class A (a)		165			116,082
Alphabet, Inc., Class C (a)		85			58,829
Altria Group, Inc.		195			13,447
Amazon.com Inc. (a)		27			19,322
AMC Networks, Inc., Class A (a)		316			19,093
Amdocs, Ltd.		281			16,219
American Electric Power Co., Inc.		2,353			164,922
Amgen, Inc.		93			14,150
Aon PLC		829			90,552
Apple, Inc.		1,480			141,488
Applied Materials, Inc.		2,245			53,813
ARRIS International PLC (a)		872			18,277
AT&T, Inc.		4,914			212,334
Automatic Data Processing, Inc.		415			38,126
AutoZone, Inc. (a)		65			51,600
Avon Products, Inc.		3,995			15,101
Ball Corp.		94			6,795
Bank of America Corp.		4,625			61,374
Baxter International, Inc.		1,529			69,141
Biogen, Inc. (a)		94			22,731
Bristol-Myers Squibb Co.		1,008			74,138
Bunge, Ltd.		410			24,252
Cadence Design Systems, Inc. (a)		587			14,264
Cal-Maine Foods, Inc.		224			9,928
Campbell Soup Co.		1,105			73,516
Carnival Corp.		608			26,874
Casey’s General Stores, Inc.		212			27,880
CBOE Holdings, Inc.		490			32,644
CBRE Group, Inc., Class A (a)		1,318			34,901
Church & Dwight Co., Inc.		120			12,347
Cigna Corp.		63			8,063
Cisco Systems, Inc.		2,790			80,045
Citigroup, Inc.		1,769			74,988
Colgate-Palmolive Co.		200			14,640
Comcast Corp., Class A		1,092			71,187
Costco Wholesale Corp.		130			20,415
C.R. Bard, Inc.		148			34,804
CVS Health Corp.		450			43,083
Darden Restaurants, Inc.		562			35,597

Description	Shares		Fair Value
Delta Air Lines, Inc.		665		$	24,226
Dr Pepper Snapple Group, Inc.		672			64,935
Eaton Corp. PLC		740			44,200
Edison International		263			20,427
Emerson Electric Co.		297			15,492
EOG Resources, Inc.		500			41,710
Equity Residential REIT		214			14,740
Everest Re Group, Ltd.		351			64,117
Exelon Corp.		1,796			65,303
Facebook, Inc., Class A (a)		786			89,824
FactSet Research Systems, Inc.		386			62,308
FedEx Corp.		314			47,659
Fidelity National Information Services, Inc.		675			49,734
Fifth Third Bancorp		3,756			66,068
First NBC Bank Holding Co. (a)		853			14,322
Foot Locker, Inc.		230			12,618
Ford Motor Co.		728			9,151
GATX Corp.		262			11,520
General Dynamics Corp.		199			27,709
General Electric Co.		2,636			82,981
General Motors Co.		1,939			54,874
Gilead Sciences, Inc.		31			2,586
Global Payments, Inc.		455			32,478
Great Plains Energy, Inc.		3,161			96,094
HCA Holdings, Inc. (a)		784			60,376
HFF, Inc., Class A		433			12,505
Honeywell International, Inc.		870			101,198
IDEXX Laboratories, Inc. (a)		138			12,815
Intel Corp.		2,447			80,262
Intercontinental Exchange, Inc.		285			72,949
International Paper Co.		348			14,748
Intuit, Inc.		422			47,099
Iron Mountain, Inc. REIT		700			27,881
Johnson & Johnson		2,448			296,942
JPMorgan Chase & Co.		3,552			220,721
KB Home		670			10,191
Kellogg Co.		370			30,211
KeyCorp.		3,110			34,366
Lincoln National Corp.		608			23,572
Linear Technology Corp.		261			12,144
Lowe’s Cos., Inc.		2,068			163,724
Marathon Petroleum Corp.		165			6,263
Marsh & McLennan Cos., Inc.		252			17,252
MasterCard, Inc., Class A		208			18,316
McDonald’s Corp.		969			116,609
McKesson Corp.		413			77,086

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

Semi-Annual Report  17

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
Mead Johnson Nutrition Co.		435		$	39,476
MetLife, Inc.		788			31,386
Mettler-Toledo International, Inc. (a)		149			54,373
Microsoft Corp.		4,156			212,663
Molson Coors Brewing Co., Class B		720			72,814
Monsanto Co.		690			71,353
Motorola Solutions, Inc.		156			10,291
MSCI, Inc., Class A		187			14,421
NIKE, Inc., Class B		560			30,912
Nordstrom, Inc.		354			13,470
Northrop Grumman Corp.		75			16,671
NVR, Inc. (a)		13			23,144
O’Reilly Automotive, Inc. (a)		393			106,542
Omnicom Group, Inc.		349			28,440
PayPal Holdings, Inc. (a)		269			9,821
PepsiCo, Inc.		1,196			126,704
Pfizer, Inc.		326			11,478
Phillips 66		766			60,774
Pinnacle West Capital Corp.		256			20,751
Piper Jaffray Cos., Inc. (a)		679			25,598
Pool Corp.		465			43,724
Premier, Inc., Class A (a)		290			9,483
Primerica, Inc.		311			17,802
Public Service Enterprise Group, Inc.		1,104			51,457
Quintiles Transnational Holdings, Inc. (a)		1,675			109,411
Regeneron Pharmaceuticals, Inc. (a)		27			9,429
Regions Financial Corp.		1,291			10,986
Republic Services, Inc.		450			23,090
Reynolds American, Inc.		1,765			95,186
Rockwell Automation, Inc.		610			70,040
Rockwell Collins, Inc.		334			28,437
Ross Stores, Inc.		365			20,692
S&P Global, Inc.		770			82,590
Sabre Corp.		1,092			29,255
Sanderson Farms, Inc.		141			12,216
Schlumberger, Ltd.		1,505			119,015
Simon Property Group, Inc. REIT		482			104,546
Skechers USA, Inc., Class A (a)		340			10,105
Skyworks Solutions, Inc.		170			10,758
Snap-on, Inc.		280			44,190
Spirit AeroSystems Holdings, Inc., Class A (a)		224			9,632

Description	Shares		Fair Value
Starbucks Corp.		1,179		$	67,344
Steel Dynamics, Inc.		1,229			30,111
Target Corp.		208			14,523
Teradata Corp. (a)		380			9,527
Tesoro Corp.		66			4,945
Texas Instruments, Inc.		202			12,655
The Boeing Co.		343			44,545
The Charles Schwab Corp.		1,635			41,382
The Clorox Co.		540			74,731
The Dow Chemical Co.		1,019			50,654
The Estee Lauder Cos., Inc., Class A		245			22,300
The Kroger Co.		3,094			113,828
The Procter & Gamble Co.		971			82,215
The Southern Co.		1,179			63,230
The TJX Cos., Inc.		877			67,731
The Walt Disney Co.		184			17,999
Thermo Fisher Scientific, Inc.		350			51,716
Time Warner, Inc.		1,437			105,677
Time, Inc.		780			12,839
Tyco International PLC		1,045			44,517
Tyson Foods, Inc., Class A		1,057			70,597
United Technologies Corp.		915			93,833
UnitedHealth Group, Inc.		632			89,238
Universal Health Services, Inc., Class B		188			25,211
Unum Group		2,298			73,053
Validus Holdings, Ltd.		152			7,386
Vantiv, Inc., Class A (a)		835			47,261
Verizon Communications, Inc.		4,459			248,991
Visa, Inc., Class A		1,323			98,127
Wabash National Corp. (a)		474			6,020
WABCO Holdings, Inc. (a)		48			4,395
Wal-Mart Stores, Inc.		1,008			73,604
Waters Corp. (a)		226			31,787
WellCare Health Plans, Inc. (a)		103			11,050
Wells Fargo & Co.		993			46,999
Whirlpool Corp.		80			13,331
Wyndham Worldwide Corp.		220			15,671
Xcel Energy, Inc.		932			41,735
Zoetis, Inc.		2,155			102,276
					8,526,261
Total Common Stocks (Cost $15,010,837)					14,941,742

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

18  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
Corporate Bonds | 9.5%
Australia | 0.8%
Telstra Corp., Ltd., 4.000%, 11/15/17	AUD		140		$	106,372
Toyota Finance Australia, Ltd., 4.250%, 05/15/19	AUD		95			73,974
						180,346
Belgium | 0.6%
Anheuser-Busch InBev Finance, Inc.:
2.375%, 01/25/18	CAD		120			94,229
2.650%, 02/01/21	USD		50			51,813
						146,042
Canada | 1.4%
Suncor Energy, Inc., 6.100%, 06/01/18	USD		60			64,881
The Bank of Nova Scotia, 2.125%, 09/11/19	USD		150			153,888
The Toronto-Dominion Bank:
2.250%, 11/05/19	USD		35			35,916
2.621%, 12/22/21	CAD		80			64,860
						319,545
Denmark | 0.5%
Carlsberg Breweries A/S, 2.500%, 05/28/24	EUR		100			122,529
France | 0.3%
Orange SA, 5.375%, 07/08/19	USD		70			77,723
Germany | 0.5%
BMW Finance NV, 3.375%, 12/14/18	GBP		75			105,039
Italy | 0.3%
Atlantia SpA, 4.375%, 09/16/25	EUR		50			71,998
Norway | 0.2%
Statoil ASA, 3.700%, 03/01/24	USD		50			54,031

Description	Security Currency	Principal Amount (000)		Fair Value
United Kingdom | 1.0%
Centrica PLC, 7.000%, 09/19/18	GBP		50		$	74,615
Rolls-Royce PLC, 6.750%, 04/30/19	GBP		50			76,642
SSE PLC, 5.000%, 10/01/18	GBP		50			72,165
						223,422
United States | 3.9%
Alphabet, Inc., 3.625%, 05/19/21	USD		35			38,600
Apple, Inc., 3.850%, 05/04/43	USD		95			95,450
Citigroup, Inc., 3.595%, 05/04/21 (d)	AUD		135			100,511
General Electric Co., 5.500%, 02/01/17	NZD		40			28,931
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		90			70,735
John Deere Capital Corp., 2.300%, 09/16/19	USD		20			20,620
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		50			55,649
Morgan Stanley, 2.500%, 01/24/19	USD		95			96,920
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19	NZD		110			82,107
3.625%, 01/22/23	USD		65			68,207
The Home Depot, Inc., 2.625%, 06/01/22	USD		70			73,267
Union Pacific Corp., 4.163%, 07/15/22	USD		70			78,787
Valero Energy Corp., 6.125%, 02/01/20	USD		30			33,861
Wells Fargo Canada Corp., 3.040%, 01/29/21	CAD		60			49,250
						892,895
Total Corporate Bonds (Cost $2,201,980)						2,193,570

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

Semi-Annual Report  19

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
Foreign Government Obligations | 16.7%
Australia | 1.7%
Queensland Treasury Corp., 5.500%, 06/21/21	AUD		105		$	91,254
Treasury Corp. of Victoria, 6.000%, 10/17/22	AUD		150			138,521
Western Australian Treasury Corp., 6.000%, 10/16/23	AUD		165			152,605
						382,380
Bahamas | 0.7%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		150			169,811
Bermuda | 0.7%
Government of Bermuda, 5.603%, 07/20/20	USD		150			164,614
Canada | 4.2%
Canada Government Bond, 1.125%, 03/19/18	USD		140			141,030
Province of Alberta, 4.000%, 12/01/19	CAD		230			195,486
Province of British Columbia, 3.700%, 12/18/20	CAD		165			142,060
Province of Ontario:
2.450%, 06/29/22	USD		160			167,454
1.950%, 01/27/23	CAD		100			79,598
Province of Quebec:
3.500%, 07/29/20	USD		150			162,710
2.500%, 04/20/26	USD		70			72,067
						960,405
Ireland | 0.6%
Irish Treasury, 3.400%, 03/18/24	EUR		105			143,774
Mexico | 1.3%
Mexican Bonos:
5.000%, 12/11/19	MXN		2,520			136,761
6.500%, 06/09/22	MXN		1,350			77,017
United Mexican States, 6.750%, 02/06/24	GBP		55			87,313
						301,091

Description	Security Currency	Principal Amount (000)		Fair Value
New Zealand | 1.3%
New Zealand Government Bonds:
3.000%, 04/15/20	NZD		180		$	132,938
6.000%, 05/15/21	NZD		215			175,675
						308,613
Norway | 1.0%
Oslo Kommune, 1.600%, 05/05/22	NOK		2,000			237,807
Panama | 0.9%
Republic of Panama, 4.000%, 09/22/24	USD		200			213,250
Poland | 1.4%
Poland Government Bond, 1.750%, 01/25/21 (d)	PLN		915			228,457
Republic of Poland, 3.000%, 03/17/23	USD		85			86,445
						314,902
Singapore | 0.7%
Singapore Government Bond, 3.000%, 09/01/24	SGD		185			149,623
Spain | 0.2%
Spain Government Bond, 1.600%, 04/30/25	EUR		35			40,584
Sweden | 1.4%
Kommuninvest I Sverige AB, 1.500%, 04/23/19	USD		200			202,842
Svensk Exportkredit AB, 1.875%, 12/21/18	GBP		90			123,178
						326,020
United Kingdom | 0.6%
United Kingdom Treasury:
1.750%, 07/22/19	GBP		50			69,679
2.000%, 07/22/20	GBP		45			63,940
						133,619
Total Foreign Government Obligations (Cost $3,843,870)						3,846,493

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

20  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
Quasi Government Bonds | 2.1%
Canada | 1.4%
Canada Housing Trust No. 1, 1.250%, 12/15/20	CAD		190		$	148,947
Hydro-Quebec:
1.050%, 12/01/19 (d)	CAD		140			108,151
9.625%, 07/15/22	CAD		60			68,292
						325,390
Chile | 0.5%
Corp. Nacional del Cobre de Chile, 3.750%, 11/04/20	USD		100			107,150
Germany | 0.2%
KFW, 1.125%, 12/23/19	GBP		45			60,963
Total Quasi Government Bonds (Cost $496,695)						493,503
Supranationals | 1.6%
African Development Bank, 2.375%, 09/23/21	USD		70			73,515
Asian Development Bank:
1.875%, 04/12/19	USD		100			102,614
2.125%, 03/19/25	USD		65			67,466
Corporacion Andina de Fomento, 4.375%, 06/15/22	USD		85			94,893
Inter-American Development Bank, 6.000%, 12/15/17	NZD		55			41,135
Total Supranationals (Cost $375,160)						379,623

Description	Security Currency	Principal Amount (000)		Fair Value
US Municipal Bonds | 0.5%
Georgia | 0.5%
Georgia State Series B, 2.380%, 02/01/27 (Cost $100,135)	USD		100		$	102,396
US Treasury Securities | 1.5%
US Treasury Notes:
2.125%, 05/15/25	USD		265			280,041
1.625%, 05/15/26	USD		75			75,961
Total US Treasury Securities (Cost $348,332)						356,002
Description		Shares		Fair Value
Short-Term Investment | 4.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $976,823)			976,823		$	976,823
Total Investments | 100.8% (Cost $23,353,832) (b), (c)					$	23,290,152
Liabilities in Excess of Cash and Other Assets | (0.8)%						(177,779	)
Net Assets | 100.0%					$	23,112,373

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

Semi-Annual Report  21

Lazard Global Dynamic Multi Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2016:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD		173,585	USD		125,000	CAN	08/18/16		$	4,252		$	—
AUD		50,134	USD		36,000	CIT	08/18/16			1,330			—
CAD		150,781	USD		115,000	CAN	08/18/16			1,724			—
CAD		43,232	USD		33,100	CIT	08/18/16			367			—
CAD		50,690	USD		40,000	CIT	08/18/16			—			759
CHF		48,288	USD		49,000	CAN	08/18/16			580			—
CHF		14,115	USD		14,300	CIT	08/18/16			193			—
DKK		86,373	USD		13,000	CIT	08/18/16			—			92
DKK		299,134	USD		45,000	CIT	08/18/16			—			296
EUR		363,125	USD		406,300	CIT	08/18/16			—			2,688
EUR		32,486	USD		37,000	SCB	08/18/16			—			892
EUR		1,265,491	USD		1,416,000	SCB	08/18/16			—			9,410
EUR		389,103	USD		431,073	SSB	09/21/16			1,956			—
GBP		75,557	USD		110,600	CIT	08/18/16			—			9,976
GBP		266,712	USD		385,000	CIT	08/18/16			—			29,802
JPY		8,367,362	USD		82,000	CIT	08/18/16			—			863
JPY		9,065,896	USD		89,000	CIT	08/18/16			—			1,089
JPY		32,868,614	USD		300,700	CIT	08/18/16			18,022			—
JPY		4,822,785	USD		45,000	SCB	08/18/16			1,766			—
JPY		113,494,627	USD		1,048,000	SCB	08/18/16			52,540			—
KRW		106,163,360	USD		90,800	CIT	09/21/16			1,212			—
MXN		1,143,585	USD		61,000	CIT	08/18/16			1,288			—
NZD		94,311	USD		64,000	CAN	08/18/16			3,187			—
NZD		27,773	USD		18,600	CIT	08/18/16			1,185			—
SEK		272,455	USD		32,900	CIT	08/18/16			—			637
SEK		947,632	USD		114,000	CIT	08/18/16			—			1,784
USD		1,035,629	CAD		1,029,272	CAN	08/18/16			6,357			—
USD		36,000	GBP		33,987	CIT	08/18/16			2,013			—
USD		74,839	EUR		73,235	CIT	08/18/16			1,605			—
USD		79,343	AUD		79,389	CIT	08/18/16			—			46
USD		82,000	GBP		81,209	CIT	08/18/16			791			—
USD		82,325	NZD		82,394	CIT	08/18/16			—			69
USD		90,000	GBP		87,295	CIT	08/18/16			2,705			—
USD		97,855	GBP		89,955	CIT	08/18/16			7,899			—
USD		125,570	EUR		122,953	CIT	08/18/16			2,617			—
USD		132,629	SGD		133,873	CIT	08/18/16			—			1,244
USD		183,711	EUR		183,244	CIT	08/18/16			467			—
USD		214,584	MXN		217,680	CIT	08/18/16			—			3,096
USD		217,015	PLN		212,943	CIT	08/18/16			4,072			—
USD		244,591	NOK		237,409	CIT	08/18/16			7,182			—
USD		347,715	GBP		316,838	CIT	08/18/16			30,877			—
USD		367,942	GBP		337,332	CIT	08/18/16			30,610			—
USD		371,021	NZD		382,767	CIT	08/18/16			—			11,746
USD		577,559	AUD		587,784	CIT	08/18/16			—			10,225
USD		25,000	NZD		25,556	HSB	08/18/16			—			555

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

22  Semi-Annual Report

Lazard Global Dynamic Multi Asset Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		46,000	SEK		46,662	HSB	08/18/16		$	—		$	662
USD		80,000	EUR		80,885	HSB	08/18/16			—			885
USD		168,104	CAD		168,479	SSB	09/21/16			—			375
USD		209,765	AUD		210,108	SSB	09/21/16			—			343
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	186,797		$	87,534

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

Semi-Annual Report  23

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2016 (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)
Capital Allocator Opportunistic Strategies	$	154,966,901	$	5,178,395	$	1,119,825	$	4,058,570
Global Dynamic Multi Asset		23,353,832		457,072		520,752		(63,680	)

(c)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(d)	Variable and floating rate securities are securities which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on June 30, 2016.

Security Abbreviations:
ADR	—	American Depositary Receipt	LIBOR	—	London Interbank Offered Rate
ETF	—	Exchange-Traded Fund	REIT	—	Real Estate Investment Trust
ETN	—	Exchange-Traded Note	SDR	—	Swedish Depositary Receipt
Currency Abbreviations:
AUD	—	Australian Dollar	MXN	—	Mexican New Peso
CAD	—	Canadian Dollar	NOK	—	Norwegian Krone
CHF	—	Swiss Franc	NZD	—	New Zealand Dollar
DKK	—	Danish Krone	PLN	—	Polish Zloty
EUR	—	Euro	SEK	—	Swedish Krona
GBP	—	British Pound Sterling	SGD	—	Singapore Dollar
JPY	—	Japanese Yen	USD	—	United States Dollar
KRW	—	South Korean Won
Counterparty Abbreviations:
CAN	—	Canadian Imperial Bank of Commerce	HSB	—	HSBC Bank USA NA
CIT	—	Citibank NA	SCB	—	Standard Chartered Bank
GSC	—	Goldman Sachs International	SSB	—	State Street Bank and Trust Co.

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

24  Semi-Annual Report

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

Industry*	Lazard Global Dynamic Multi Asset Portfolio
Aerospace & Defense		1.9	%
Air Freight & Logistics		0.2
Airlines		0.6
Auto Components		0.5
Automobiles		1.2
Banks		5.9
Beverages		3.4
Biotechnology		1.9
Building Products		0.4
Capital Markets		1.6
Chemicals		1.4
Commercial Services & Suppliers		0.5
Communications Equipment		0.5
Construction & Engineering		0.1
Construction Materials		0.1
Containers & Packaging		0.5
Distributors		0.2
Diversified Financial Services		2.0
Diversified Telecommunication Services		4.1
Electric Utilities		3.0
Electrical Equipment		0.8
Electronic Equipment, Instruments & Components		0.6
Energy Equipment & Services		0.6
Food & Staples Retailing		1.8
Food Products		1.3
Gas Utilities		0.1
Health Care Equipment & Supplies		0.8
Health Care Providers & Services		1.6
Hotels, Restaurants & Leisure		1.8
Household Durables		0.5
Household Products		0.9
Independent Power and Renewable Electricity Producers		0.8
Industrial Conglomerates		1.2

Industry*	Lazard Global Dynamic Multi Asset Portfolio
Insurance		2.9	%
Internet & Catalog Retail		0.1
Internet Software & Services		1.4
IT Services		2.0
Leisure Products		0.1
Life Sciences Tools & Services		1.1
Machinery		1.2
Media		2.4
Metals & Mining		1.2
Multiline Retail		0.6
Multi-Utilities		1.1
Oil, Gas & Consumable Fuels		3.1
Personal Products		0.5
Pharmaceuticals		3.4
Real Estate Investment Trusts (REITs)		1.3
Real Estate Management & Development		1.9
Road & Rail		1.0
Semiconductors & Semiconductor Equipment		1.1
Software		1.6
Specialty Retail		2.3
Technology Hardware, Storage & Peripherals		1.0
Textiles, Apparel & Luxury Goods		0.2
Thrifts & Mortgage Finance		0.1
Tobacco		0.9
Trading Companies & Distributors		0.2
Transportation Infrastructure		0.4
Wireless Telecommunication Services		0.4
Subtotal		76.3
Foreign Government Obligations		16.7
Supranationals		1.6
US Municipal Bonds		0.5
US Treasury Securities		1.5
Short-Term Investment		4.2
Total Investments		100.8	%

* 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  25

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

June 30, 2016	Lazard Capital Allocator Opportunistic Strategies Portfolio				Lazard Global Dynamic Multi Asset Portfolio
ASSETS
Investments in securities, at fair value		$	159,025,471		$	23,290,152
Cash			—			7,377
Cash collateral due from broker			870,000			—
Foreign currency, at fair value			215			833
Receivables for:
Investments sold			112,351			37,808
Dividends and interest			58,152			71,418
Capital stock sold			39,097			—
Amount due from Investment Manager (Note 3)			—			13,132
Gross unrealized appreciation on forward currency contracts			47,008			186,797
Deferred offering costs (Note 2(h))			—			69,920
Prepaid expenses			15,672			—
Total assets			160,167,966			23,677,437
LIABILITIES
Payables for:
Management fees			100,112			—
Accrued distribution fees			133			18
Investments purchased			12,955,007			378,277
Capital stock redeemed			232,187			—
Gross unrealized depreciation on:
Forward currency contracts			581,227			87,534
Swap agreements			40,334			—
Other accrued expenses and payables			54,282			99,235
Total liabilities			13,963,282			565,064
Net assets		$	146,204,684		$	23,112,373
NET ASSETS
Paid in capital		$	149,202,763		$	23,097,432
Undistributed (distributions in excess of) net investment income (loss)			983,973			11,505
Accumulated net realized gain (loss)			(7,466,066	)		(31,170	)
Net unrealized appreciation (depreciation) on:
Investments			4,058,570			(63,680	)
Foreign currency translations and forward currency contracts			(534,222	)		98,286
Swap agreements			(40,334	)		—
Net assets		$	146,204,684		$	23,112,373
Institutional Shares
Net assets		$	145,569,565		$	22,997,026
Shares of capital stock outstanding*			15,432,485			2,298,387
Net asset value, offering and redemption price per share		$	9.43		$	10.01
Open Shares
Net assets		$	635,119		$	115,347
Shares of capital stock outstanding*			67,732			11,534
Net asset value, offering and redemption price per share		$	9.38		$	10.00
Cost of investments in securities		$	154,966,901		$	23,353,832
Cost of foreign currency		$	219		$	831

* $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.

26  Semi-Annual Report

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

For the Period Ended June 30, 2016	Lazard Capital Allocator Opportunistic Strategies Portfolio				Lazard Global Dynamic Multi Asset Portfolio (a)
Investment Income (Loss)
Income
Dividends		$	2,095,249		$	17,308
Interest			—			10,419
Total investment income*			2,095,249			27,727
Expenses
Management fees (Note 3)			785,221			15,232
Administration fees			40,637			4,491
Custodian fees			27,753			10,093
Professional services			27,107			4,088
Registration fees			17,427			577
Shareholders’ services			13,644			2,957
Directors’ fees and expenses			5,728			505
Shareholders’ reports			4,401			245
Distribution fees (Open Shares)			835			22
Amortization of offering costs (Note 2(h))			—			6,490
Organization expenses			—			2,819
Other†			5,256			671
Total gross expenses			928,009			48,190
Management fees waived and expenses reimbursed			(126,080	)		(28,364	)
Administration and shareholders’ services fees waived			—			(3,604	)
Total net expenses			801,929			16,222
Net investment income (loss)			1,293,320			11,505
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Forward Currency Contracts, Options and Swap Agreements
Net realized gain (loss) on:
Investments			(5,469,146	)		4,375
Foreign currency transactions and forward currency contracts			(251,386	)		(35,545	)
Written options			94,300			—
Swap agreements			(1,398,353	)		—
Total net realized gain (loss) on investments, foreign currency transactions, forward currency contracts, options and swap agreements			(7,024,585	)		(31,170	)
Net change in unrealized appreciation (depreciation) on:
Investments			6,857,990			(63,680	)
Foreign currency translations and forward currency contracts			(234,055	)		98,286
Swap agreements			116,004			—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and swap agreements			6,739,939			34,606
Net realized and unrealized gain (loss) on investments, foreign currency transactions, forward currency contracts, options and swap agreements			(284,646	)		3,436
Net increase (decrease) in net assets resulting from operations		$	1,008,674		$	14,941
* Net of foreign withholding taxes of		$	—		$	1,154
† Includes interest on line of credit of		$	352		$	—

(a) From the Portfolio’s commencement of operations on May 27, 2016.

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

Semi-Annual Report  27

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

	Lazard Capital Allocator Opportunistic Strategies Portfolio							Lazard Global Dynamic Multi Asset Portfolio
		Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015			Period Ended June 30, 2016 (a) (unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,293,320		$	1,118,616		$	11,505
Net realized gain (loss) on investments, foreign currency transactions, forward currency contracts, options and swap agreements			(7,024,585	)		3,367,930			(31,170	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and swap agreements			6,739,939			(10,851,037	)		34,606
Net increase (decrease) in net assets resulting from operations			1,008,674			(6,364,491	)		14,941
Distributions to shareholders
From net investment income
Institutional Shares			—			(537,708	)		—
Open Shares			—			(287	)		—
From net realized gains
Institutional Shares			—			(4,106,775	)		—
Open Shares			—			(107,847	)		—
Return of capital
Institutional Shares			—			(80,408	)		—
Open Shares			—			(43	)		—
Net decrease in net assets resulting from distributions			—			(4,833,068	)		—
Capital stock transactions
Net proceeds from sales
Institutional Shares			15,330,287			54,140,485			22,982,432
Open Shares			43,399			7,617,272			115,000
Net proceeds from reinvestment of distributions
Institutional Shares			—			4,523,591			—
Open Shares			—			107,963			—
Cost of shares redeemed
Institutional Shares			(41,392,930	)		(62,815,108	)		—
Open Shares			(136,250	)		(10,467,007	)		—
Net increase (decrease) in net assets from capital stock transactions			(26,155,494	)		(6,892,804	)		23,097,432
Redemption fees (Note 2(j))
Institutional Shares			961			1,433			—
Net increase in net assets from redemption fees			961			1,433			—
Total increase (decrease) in net assets			(25,145,859	)		(18,088,930	)		23,112,373
Net assets at beginning of period			171,350,543			189,439,473			—
Net assets at end of period*		$	146,204,684		$	171,350,543		$	23,112,373
*Includes undistributed (distributions in excess of) net investment income (loss) of		$	983,973		$	(309,347	)	$	11,505
(a) The Portfolio commenced operations on May 27, 2016.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			18,234,761			18,509,479			—
Shares sold			1,704,729			5,591,303			2,298,387
Shares issued to shareholders from reinvestment of distributions			—			486,397			—
Shares redeemed			(4,507,005	)		(6,352,418	)		—
Net increase (decrease)			(2,802,276	)		(274,718	)		2,298,387
Shares outstanding at end of period			15,432,485			18,234,761			2,298,387
Open Shares
Shares outstanding at beginning of period			77,778			394,279			—
Shares sold			4,703			752,866			11,534
Shares issued to shareholders from reinvestment of distributions			—			11,594			—
Shares redeemed			(14,749	)		(1,080,961	)		—
Net increase (decrease)			(10,046	)		(316,501	)		11,534
Shares outstanding at end of period			67,732			77,778			11,534

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

28  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	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	9.36		$	10.02		$	10.24		$	10.03		$	9.26		$	9.96
Income (loss) from investment operations:
Net investment income (loss) (a)			0.07			0.07			0.04			0.09			0.11			0.12
Net realized and unrealized gain (loss)			—	(b)		(0.46	)		0.41			1.12			0.74			(0.45	)
Total from investment operations			0.07			(0.39	)		0.45			1.21			0.85			(0.33	)
Less distributions from:
Net investment income			—			(0.03	)		(0.28	)		(0.48	)		(0.08	)		(0.13	)
Net realized gains			—			(0.24	)		(0.39	)		(0.52	)		—			(0.24	)
Return of capital			—			—	(b)		—			—			—			—
Total distributions			—			(0.27	)		(0.67	)		(1.00	)		(0.08	)		(0.37	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	9.43		$	9.36		$	10.02		$	10.24		$	10.03		$	9.26
Total Return (c)			0.75	%		–3.80	%		4.40	%		12.22	%		9.16	%		–3.28	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	145,570		$	170,626		$	185,489		$	214,161		$	224,982		$	258,832
Ratios to average net assets (d):
Net expenses			1.02	%		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%
Gross expenses			1.17	%		1.18	%		1.15	%		1.13	%		1.12	%		1.13	%
Net investment income (loss)			1.65	%		0.66	%		0.35	%		0.89	%		1.13	%		1.25	%
Portfolio turnover rate			137	%		255	%		265	%		193	%		139	%		155	%
Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period		$	9.32		$	10.02		$	10.24		$	10.03		$	9.26		$	9.97
Income (loss) from investment operations:
Net investment income (loss) (a)			0.06			0.01			0.01			0.06			0.07			0.08
Net realized and unrealized gain (loss)			—	(b)		(0.47	)		0.41			1.12			0.75			(0.45	)
Total from investment operations			0.06			(0.46	)		0.42			1.18			0.82			(0.37	)
Less distributions from:
Net investment income			—			—	(b)		(0.25	)		(0.45	)		(0.05	)		(0.10	)
Net realized gains			—			(0.24	)		(0.39	)		(0.52	)		—			(0.24	)
Return of capital			—			—	(b)		—			—			—			—
Total distributions			—			(0.24	)		(0.64	)		(0.97	)		(0.05	)		(0.34	)
Redemption fees			—			—			—	(b)		—			—			—	(b)
Net asset value, end of period		$	9.38		$	9.32		$	10.02		$	10.24		$	10.03		$	9.26
Total Return (c)			0.64	%		–4.51	%		4.10	%		11.90	%		8.84	%		–3.72	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	635		$	725		$	3,950		$	2,616		$	3,099		$	6,111
Ratios to average net assets (d):
Net expenses			1.32	%		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Gross expenses			3.40	%		1.66	%		1.81	%		1.84	%		1.67	%		1.57	%
Net investment income (loss)			1.35	%		0.15	%		0.14	%		0.60	%		0.69	%		0.77	%
Portfolio turnover rate			137	%		255	%		265	%		193	%		139	%		155	%

†	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. Return for 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 DYNAMIC MULTI ASSET PORTFOLIO

Selected data for a share of capital stock outstanding throughout the period	For the Period 5/27/16* to 6/30/16†
Institutional Shares
Net asset value, beginning of period		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.01
Net realized and unrealized gain (loss)			—	(b)
Total from investment operations			0.01
Net asset value, end of period		$	10.01
Total Return (b)			0.10	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	22,997
Ratios to average net assets (c):
Net expenses			0.90	%
Gross expenses			2.08	%
Net investment income (loss)			0.64	%
Portfolio turnover rate			10	%
Selected data for a share of capital stock outstanding throughout the period	For the Period 5/27/16* to 6/30/16†
Open Shares
Net asset value, beginning of period		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			—	(b)
Net realized and unrealized gain (loss)			—	(b)
Total from investment operations			—	(b)
Net asset value, end of period		$	10.00
Total Return (b)			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	115
Ratios to average net assets (c):
Net expenses			1.20	%
Gross expenses			19.94	%
Net investment income (loss)			0.36	%
Portfolio turnover rate			10	%

*	The Portfolio commenced operations on May 27, 2016.
†	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. Return for a period of less than one year is not annualized.
(c)	Annualized for a period of less than one year except for non-recurring expenses.

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

30  Semi-Annual Report

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2016 (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-three no-load portfolios (each referred to as a “Portfolio”), as follows: Lazard US Equity Concentrated Portfolio, Lazard US Strategic Equity Portfolio, Lazard US Mid Cap Equity Portfolio, Lazard US Small-Mid Cap Equity Portfolio, Lazard 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, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio, 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, 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 (commenced investment operations on May 27, 2016), Lazard Enhanced Opportunities Portfolio and Lazard Fundamental Long/Short 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. This report includes only the financial statements of Capital Allocator Opportunistic Strategies and Global Dynamic Multi Asset Portfolios. The financial statements of other Portfolios are presented separately.

Effective November 29, 2013, an R6 Share class was classified for each Portfolio. 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, 2016, 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. Emerging Markets Debt Portfolio began issuing R6 Shares on July 28, 2016.

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—Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other US or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded on each valuation date; securities not traded on the valuation date are valued at the most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Exchange-traded options are valued at the last 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, generally are valued by an independent pricing service. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in

Semi-Annual Report  31

money market funds are valued at the fund’s net asset value (“NAV”) per share.

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 on, among other things, trading in securities with similar characteristics, brokers’ quotations and/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 under the direction of 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 except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Portfolio. 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 non-US 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 transactions and forward currency contracts represents net foreign currency gain (loss) from forward

32  Semi-Annual Report

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 translations 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.

(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, 2016, transactions in options purchased and written were as follows:

Capital Allocator Opportunistic Strategies Portfolio

Purchased Options	Number of Contracts			Cost
Options outstanding at beginning of period		—		$	—
Options purchased		1,825			306,731
Options sold		(825	)		(88,481	)
Options expired		(1,000	)		(218,850	)
Options outstanding at end of period		—		$	—

Written Options	Number of Contracts			Premiums
Options outstanding at beginning of period		—		$	—
Options written		2,330			148,879
Options exercised		(1,330	)		(93,131	)
Options expired		(1,000	)		(55,748	)
Options outstanding at end of period		—		$	—

During the period ended June 30, 2016, the Global Dynamic Multi Asset Portfolio did not trade in options.

(e) Swap Agreements—Swap agreements on equity securities involve commitments to pay interest in exchange for a market linked return based on a notional amount. The counterparty pays out the total return of the equity security or 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 security or basket of securities 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 generally 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. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio’s accompanying Statement of

Semi-Annual Report  33

Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.

During the period ended June 30, 2016, only the Capital Allocator Opportunistic Strategies Portfolio traded in swap agreements.

(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.

At December 31, 2015, the Capital Allocator Opportunistic Strategies 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, 2015, the following Portfolio elected to defer such losses as follows:

Portfolio	Post October Capital Loss Deferral		Late Year Ordinary Loss Deferral
Capital Allocator Opportunistic Strategies	$	390,218	$	742,769

Management has analyzed the Capital Allocator Opportunistic Strategies 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 (2012-2014), or expected to be taken in the Portfolio’s 2015 tax returns.

(g) 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. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Income 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 and certain 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. The redemption fee will not apply to transactions in Portfolio shares on or after August 15, 2016.

(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

34  Semi-Annual Report

increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

(l) Net Asset Value—NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. NAV per share is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

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

The Fund, on behalf of the Portfolios, has entered into a 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
Capital Allocator Opportunistic Strategies		1.00	%
Global Dynamic Multi Asset (a)		0.80

(a)  From May 27, 2016 to June 28, 2016, percentage was 0.85%.

The Investment Manager has voluntarily agreed to reduce its fees and, if necessary, reimburse the Portfolios through May 1, 2017 if annualized operating expenses, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short (Capital Allocator Opportunistic Strategies Portfolio only), fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees, but including the manage-

ment fee stated in the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolios, exceed the following percentages of the value of the Portfolios’ average daily net assets for the respective shares:

Portfolio	Institutional Shares			Open Shares
Capital Allocator Opportunistic Strategies		1.02	%		1.32	%
Global Dynamic Multi Asset		0.90			1.20

During the period ended June 30, 2016, 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
Capital Allocator Opportunistic Strategies		$119,118	$	—		$3,342	$3,620
Global Dynamic Multi Asset		15,158		12,603		74	529

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

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, 2016, State Street waived $1,563 of its fees for the Global Dynamic Multi Asset 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.

Semi-Annual Report  35

Under a distribution and servicing plan adopted pursuant to Rule 12b-1 under the 1940 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, 2016, BFDS waived $2,041 of its fees for the Global Dynamic Multi Asset Portfolio.

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 Fund Complex”), each a registered management investment company advised by the Investment Manager: (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Independent Directors may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent 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. Independent Directors’ fees are allocated among the portfolios in the Lazard Fund Com-

plex at a rate of $5,000 per portfolio with the remainder allocated based upon each portfolio’s proportionate share of combined net assets. The Statements of Operations show the Independent 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, 2016 were as follows:

Portfolio	Purchases		Sales
Capital Allocator Opportunistic Strategies	$	176,286,268	$	183,117,679
Global Dynamic Multi Asset		23,399,548		1,390,124

	US Treasury Securities
Portfolio	Purchases		Sales
Global Dynamic Multi Asset	$	348,394	$	—

For the period ended June 30, 2016, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and 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.

At June 30, 2016, the Investment Manager owned 21.64% of the outstanding shares of Global Dynamic Multi Asset Portfolio.

6. Line of Credit

The Fund has a $50 million Line of Credit Agreement (the “Agreement”) with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings was payable at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee 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, 2016, the Portfolios had borrowings under the Agreement as follows:

36  Semi-Annual Report

Portfolio	Average Daily Loan Balance*		Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of Days Borrowings were Outstanding
Capital Allocator Opportunistic Strategies	$	2,930,000	$	4,230,000		1.44	%		3

* 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, 2016 is categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—The 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. The 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. Significant devaluation of emerging market currencies against the US

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

(b) Underlying Funds Risk—Capital Allocator Opportunistic Strategies invests in Underlying Funds. Shares of 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

Semi-Annual Report  37

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

(c) Fixed-Income and Debt Securities Risk—Global Dynamic Multi Asset Portfolio invests in fixed-income securities. 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. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that interest rates in the US and other countries are at or near historic lows.

The Portfolio’s 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 Portfolio’s 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.

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 Portfolio may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

(d) Swap Agreements and Other Derivatives Risk—

Swap agreements and other derivatives transactions, including those entered into for hedging purposes, may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. 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. Derivatives transactions incur cost, either explicitly or implicitly, which reduce return. Successful use of derivatives is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market. 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.

38  Semi-Annual Report

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.

The following table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2016:

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, 2016
Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Notes	$		3,875,949	$		—		$		—	$		3,875,949
Exchange-Traded Funds			105,624,322			—				—			105,624,322
Closed-End Management Investment Companies			14,399,358			—				—			14,399,358
Short-Term Investment			35,125,842			—				—			35,125,842
Other Financial Instruments**
Forward Currency Contracts			—			47,008				—			47,008
Total		$	159,025,471		$	47,008			$	—		$	159,072,479
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$		—	$		(581,227	)	$		—	$		(581,227	)
Total Return Swap Agreements			—			(40,334	)			—			(40,334	)
Total		$	—		$	(621,561	)		$	—		$	(621,561	)

Semi-Annual Report   39

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, 2016
Global Dynamic Multi Asset Portfolio
Assets:
Common Stocks*
Australia	$		—	$	559,662		$	—	$	559,662
Austria			—		18,295			—		18,295
Belgium			123,121		16,477			—		139,598
Denmark			97,623		69,147			—		166,770
Finland			78,939		53,329			—		132,268
France			—		117,213			—		117,213
Germany			166,608		61,729			—		228,337
Hong Kong			48,732		363,727			—		412,459
Ireland			130,517		10,105			—		140,622
Israel			105,385		37,805			—		143,190
Italy			64,344		22,983			—		87,327
Japan			250,553		1,068,685			—		1,319,238
Malta			—		20,364			—		20,364
Netherlands			167,416		161,376			—		328,792
New Zealand			—		38,019			—		38,019
Norway			—		191,847			—		191,847
Portugal			—		33,999			—		33,999
Singapore			—		160,984			—		160,984
South Africa			—		24,173			—		24,173
Spain			—		58,623			—		58,623
Sweden			97,802		72,773			—		170,575
Switzerland			117,208		159,444			—		276,652
United Kingdom			414,934		556,663			—		971,597
Other			9,201,138		—			—		9,201,138
Corporate Bonds*			—		2,193,570			—		2,193,570
Foreign Government Obligations*			—		3,846,493			—		3,846,493
Quasi Government Bonds*			—		493,503			—		493,503
Supranationals			—		379,623			—		379,623
US Municipal Bonds			—		102,396			—		102,396
US Treasury Securities			—		356,002			—		356,002
Short-Term Investment			976,823		—			—		976,823
Other Financial Instruments**
Forward Currency Contracts			—		186,797			—		186,797
Total		$	12,041,143	$	11,435,806		$	—	$	23,476,949
Liabilities:
Other Financial Instruments**
Forward Currency Contracts		$	—	$	(87,534	)	$	—	$	(87,534	)

*	Please refer to Portfolios of Investments (page 12 through 23) and Notes to Portfolios of Investments (page 25) 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 Dynamic Multi Asset Portfolio 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. Accordingly, a significant portion of

the Portfolio’s investments are categorized as Level 2 investments. 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, 2016.

40   Semi-Annual Report

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

A Portfolio may write or purchase a call or put option to seek to realize, through the receipt of premiums or 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.

Capital Allocator Opportunistic Strategies Portfolio

During the period ended June 30, 2016, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts	$13,700,000
Total return swap agreements	$14,300,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2016:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	47,008
Liability Derivatives
Equity Risk:
Gross unrealized depreciation on swap agreements	$	40,334
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	581,227

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2016 was:

	Amount
Realized Gain (Loss) on Derivatives
Equity Risk:
Net realized gain (loss) on investments	$	(282,931	)
Net realized gain (loss) on written options	$	94,300
Net realized gain (loss) on swap agreements	$	(1,398,353	)
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(257,066	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Equity Risk:
Net change in unrealized appreciation (depreciation) on swap agreements	$	116,004
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	(234,052	)

Global Dynamic Multi Asset Portfolio

During the period ended June 30, 2016, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts $5,900,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2016:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	186,797
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	87,534

Semi-Annual Report   41

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2016 was:

	Amount
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	99,263

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

As of June 30, 2016, Capital Allocator Opportunistic Strategies and Global Dynamic Multi Asset 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.

The required information for the affected Portfolios are presented in the below table, as of June 30, 2016:

Capital Allocator Opportunistic Strategies 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		$	47,008	$	—	$	47,008

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received (a)		Net Amounts
State Street Bank and Trust Co.		$	47,008	$	(47,008	)	$	—	$	—

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		$	581,227	$	—	$	581,227
Total Return Swap Agreements			40,334		—		40,334
Total		$	621,561	$	—	$	621,561

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged (a)			Net Amounts
Goldman Sachs International		$	40,334	$	—		$	(40,334	)	$	—
State Street Bank and Trust Co.			581,227		(47,008	)		—			534,219
Total		$	621,561	$	(47,008	)	$	(40,334	)	$	534,219

(a) Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

42  Semi-Annual Report

Global Dynamic 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
Forward Currency Contracts		$	186,797	$	—	$	186,797

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received		Net Amounts
Canadian Imperial Bank of Commerce		$	16,100	$	—		$	—	$	16,100
Citibank NA			114,435		(74,412	)		—		40,023
Standard Chartered Bank			54,306		(10,302	)		—		44,004
State Street Bank and Trust Co.			1,956		(718	)		—		1,238
Total		$	186,797	$	(85,432	)	$	—	$	101,365

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		$	87,534	$	—	$	87,534

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged		Net Amounts
Citibank NA		$	74,412	$	(74,412	)	$	—	$	—
HSBC Bank USA NA			2,102		—			—		2,102
Standard Chartered Bank			10,302		(10,302	)		—		—
State Street Bank and Trust Co.			718		(718	)		—		—
Total		$	87,534	$	(85,432	)	$	—	$	2,102

11. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial

statements and has determined that, aside from items previously disclosed, there were no subsequent events that required adjustment or disclosure.

Semi-Annual Report   43

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 (62)	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 (71)	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 (53)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (67 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 (45)	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)
Richard Reiss, Jr. (72)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource Americas, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (68)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

44   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 (55)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (56)	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 funds in the Lazard Fund Complex (comprised of, as of July 31, 2016, 40 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 funds in the Lazard Fund Complex.

⁽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.

Semi-Annual Report   45

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 (43)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Christopher Snively (31)	Chief Financial Officer (March 2016)	Senior Vice President of the Investment Manager (since November 2015)
		Assurance Manager at PricewaterhouseCoopers LLP (2008 – November 2015)
Stephen St. Clair (57)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (46)	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 (41)	Assistant Secretary (February 2009)	Director (since February 2016, previously Senior Vice President), and Director of Legal Affairs (since July 2015) of the Investment Manager
Shari L. Soloway (34)	Assistant Secretary (November 2015)	Senior Vice President, Legal and Compliance, of the Investment Manager (since September 2015)
		Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015) Associate at Clifford Chance US LLP (2006 – July 2011)
Cesar A. Trelles (41)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.
(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 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 28-29, 2016, 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, who advised the Board on relevant legal standards and met with the Independent Directors 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 40 active funds comprises approximately $28 billion (as of April 30, 2016) of the

approximately $191 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2016). The Investment Manager’s representatives noted that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, operations, technology, legal and compliance and marketing infrastructure. 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 $28 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information
The Directors reviewed comparative fee, expense ratio and performance (through March 31, 2016) information prepared by Strategic Insight, using Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of both Portfolios.

Advisory Fees and Expense Ratios. The Directors discussed the management fees paid to the Investment Manager (referred to in the Strategic Insight materials as “advisory fees”) and expense ratios for each Port-

Semi-Annual Report   47

folio. They noted the methodology and assumptions used by Strategic Insight. The Directors considered that the Investment Manager continues to voluntarily enter into fee waiver and expense reimbursement agreements, and that the Investment Manager was waiving advisory fees and/or reimbursing expenses, for each Portfolio.

For both share classes of the Capital Allocator Opportunistic Strategies Portfolio and for the Open Shares class of the Global Dynamic Multi Asset Portfolio, current gross advisory fees were at the median of the relevant Group. It also was noted that the Investment Manager proposed to lower the advisory fees for the Global Dynamic Multi Asset Portfolio by five basis points, which would place the Institutional Shares advisory fees below the Group median.

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.

The Directors also considered 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 fees paid to the Investment Manager by the Portfolios.

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 one-, three- and five-year periods ended March 31, 2016 (as applicable). The Global Dynamic Multi Asset Portfolio had not commenced investment operations as of March 31, 2016.

The Directors noted that both share classes of the Capital Allocator Opportunistic Strategies Portfolio were above the average of the performance Group and/or Category for all periods except the Open Shares for the one year period.

Investment Manager Profitability and Economies of Scale

The Directors reviewed information prepared by the Investment Manager for the Capital Allocator Opportunistic Strategies 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, 2015 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

48   Semi-Annual Report

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 Capital Allocator Opportunistic Strategies Portfolio as part of their evaluation of whether the Portfolio’s fee under the Management Agreement, considered in relation 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 the Portfolio, including the Portfolio’s size and the trend in asset growth or decline, supported the renewal of the Management Agreement. 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 management fees and expenses (including amending the Management Agreement to lower contractual management fees), 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 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 $191 billion global asset management business.

• The Board generally was satisfied with the performance of the Capital Allocator Opportunistic Strategies Portfolio.

• The Board concluded that each Portfolio’s fee paid to the Investment Manager supported the renewal of the Management Agreement 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.

In evaluating the Management Agreement, the Board relied on the information described above as well as other information provided by the Investment Manager, in addition to information received on a routine and regular basis throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement, including information on the investment performance of the Capital Allocator Opportunistic Strategies Portfolio in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the Portfolio; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Fund and the services provided to the Fund by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Fund’s Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

Semi-Annual Report   49

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, 2016

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

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., Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect 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.

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
32	Lazard Emerging Markets Equity Blend Portfolio
35	Lazard Emerging Markets Multi Asset Portfolio
48	Lazard Emerging Markets Debt Portfolio
57	Lazard Explorer Total Return Portfolio
65	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
113	Board of Directors and Officers Information
116	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,

In the first half of 2016, global equity markets stood firm despite significant bouts of volatility. Concerns about the Chinese economy, commodity price declines, and a series of disappointing earnings announcements pressured equity markets in the early months of 2016. However, they rallied in the latter half of the first quarter and into the second as the US Federal Reserve lowered its forecast for 2016 interest rate increases. Although global equity markets fell again in late-June due to the uncertainty caused by the United Kingdom’s vote to leave the European Union, certain regions rebounded by the end of the period. In addition, signs of some stability in commodity prices helped emerging markets assets during the period.

Volatility also played a role in global bond markets as investors traded largely on risk assessment of macro events. In Europe, the 10-year German bund yield fell below zero for the first time, following Swiss and Japanese 10-year government bonds, which have been in negative territory for some time. The surprising outcome of the UK referendum triggered another rally in safe haven assets, pushing some government bond yields even further into negative territory. The low yield, but still positive, environment continued in the United States.

At Lazard Asset Management, we remain focused on active management and are committed to responsibly pursuing the Portfolios’ investment objectives. We appreciate your continued confidence in our investment management capabilities, and we 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

Emerging markets equities experienced somewhat of a changed environment in the first half of 2016. Some of the more defensive sector companies, which had led markets for a long time, underperformed, while more economy-sensitive industries were relatively strong. Additionally, regions which had been very weak performers, like Latin America, performed very strongly, while Asia, which had performed relatively well, finished the period virtually unchanged. The MSCI Emerging Markets^® Index (the “EM Index”) rose by 6.4%, as measured in US dollar terms, during the six-month period, with Asian markets declining marginally while eastern European markets rose by 10% and Latin American markets increased by 25%.The period included important events such as the United Kingdom’s affirmative vote to leave the European Union (the so-called “Brexit”), attempts at renminbi devaluation in China, and a presidential impeachment in Brazil.

Signs of some stability in commodity prices helped shares in Peru and Brazil over the period. The dramatic political events in Brazil during the period, which brought about the successful impeachment vote against President Dilma Rousseff, caused both the Brazilian real and the market to rise. Peru’s market was helped towards the end of the period by the narrow election victory of market-friendly presidential candidate Pedro Pablo Kuczynski. Mexican shares were adversely affected by a weak peso.

Returns were highly diverse across Eastern Europe. The bottoming and then rising crude oil price helped Russian equities, while the United Kingdom’s Brexit referendum vote to leave the European Union undermined shares in several European countries, including Greece and Poland. Turkish equities initially performed well but suffered after Prime Minister Ahmet Davutoglu’s resignation, an event which appeared to signal President Recep Tayyip Erdogan’s political dominance.

Although most Asian emerging markets generated positive returns over the six-month period, China’s attempt to devalue the renminbi at the beginning of 2016 destabilized global markets. In addition, MSCI’s decision not to include Chinese mainland shares or A-shares in its EM Index also hurt the Chinese market.

These factors resulted in a negative return for China over the period. Indian stocks also did not progress much in the second quarter as investors became concerned by resistance to Prime Minister Narendra Modi’s policies. Conversely, strong performance was recorded in Thailand, the Philippines, and Indonesia as economies performed in line with expectations and President-elect Rodrigo Duterte outlined his program for the Philippines.

From a sector perspective, the energy, materials, and consumer staples sectors performed well, while the industrials, consumer discretionary, and health care sectors underperformed.

Lazard Emerging Markets Equity Portfolio

For the six months ended June 30, 2016, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares posted a total return of 13.91%, while Open Shares posted a total return of 13.75%, and the R6 Shares posted a total return of 13.91%, as compared with the 6.41% return for the EM Index.

During the period, Sberbank, a Russian bank, announced strong earnings and upgraded its guidance for return-on-equity. Telekomunikasi Indonesia, an Indonesian telecom services company, experienced strong growth in data usage leading to improving average revenue per user. Shares of Taiwan Semiconductor Manufacturing, a Taiwanese manufacturer of semiconductors, performed well on expectations of a strong third quarter ramp up from sales of Apple’s new iPhone 7. Shares of Cielo, a Brazilian credit card processor, rose on the back of reduced regulatory concerns and improved market sentiment following the impeachment proceedings brought against President Dilma Rousseff. Shares of CCR, a Brazilian toll road operator, rose on expectations for lower interest rates in Brazil after the impeachment proceedings. Stock selection in the financials, consumer discretionary, industrials, and telecom services sectors, and in China, helped performance. A higher-than-index exposure to Brazil and a lower-than-index exposure to China also added value.

In contrast, shares of Baidu, a Chinese search engine, declined after management guided down expecta-

Semi-Annual Report  3

tions on continued weakness in its healthcare vertical after the government clampdown. Shares of Hanwha Life Insurance, a Korean insurance company, fell on expectations for a continued environment of low interest rates in Korea. Punjab National Bank, an Indian bank, experienced share declines after the bank increased provisioning for non-performing loans post a regulatory review of the loan book. Bharat Heavy Electricals, an Indian manufacturer of power plant equipment, posted poor earnings on the back of increased competition. Shares of Commercial International Bank, an Egyptian bank, fell early in the second quarter as Egyptian stocks and the Egyptian pound sold off on the back of macroeconomic concerns.

Lazard Emerging Markets Core Equity Portfolio

For the six months ended June 30, 2016, the Lazard Emerging Markets Core Equity Portfolio’s Institutional Shares posted a total return of 1.98%, while Open Shares posted a total return of 1.86%, as compared with the 6.41% return for the EM Index.

During the period, Taiwan Semiconductor, the world’s largest contract chip manufacturer, outperformed as the company reiterated its 2016 full-year revenue growth target and indicated that it led all peers in the development of its 7 nanometer technology. Shares of Credicorp, a Peruvian bank, rose as two market-friendly presidential candidates advanced to the second round runoff vote and as MSCI delayed its ruling on whether Peru would remain in its Emerging Markets Index or move into the Frontier Index. Shares of Samsung Electronics, a Korean manufacturer of electronic goods, outperformed on stronger mobile earnings from sales of its Galaxy S7 smartphones. Shares of Largan Precision, a Taiwanese optical lens manufacturer for digital imaging products, increased on expected improvement in lens supply and increased adoption of dual cameras from its top customer. Security selection in Mexico and Taiwan added to performance.

In contrast, shares of PICC Property & Casualty, a Chinese non-life insurance provider, underperformed following the implementation of a value added tax reform and the recapitalization of its loss-making sister company PICC Health. Lenovo, a Chinese computer manu-

facturing company, declined on continued weakness in the PC market and loss of market share in the mobile market. Security selection in the consumer discretionary, materials, and industrials sectors hurt returns. A lower-than-index exposure to the energy sector detracted from performance since it was the best-performing sector in the index over the period. Security selection in China and Brazil, along with an underweight to commodity dependent countries, such as Brazil, South Africa, and Russia, detracted from returns.

Lazard Developing Markets Equity Portfolio

For the six months ended June 30, 2016, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of 9.96%, while Open Shares posted a total return of 9.72%, as compared with the 6.41% return for the EM Index.

During the period, Sberbank, the largest bank in Russia, outperformed after reporting higher margins and lower credit costs. Credicorp, the largest commercial bank in Peru, did well on the back of strong credit growth and stable asset quality. First Quantum Minerals, a copper miner with assets in Zambia, was up after the company sold one of its mines, and improved its balance sheet. Silicon Motion Technology, a Taiwanese flash memory controller company, outperformed as notebook manufacturers continued to adopt solid-state drives as a replacement for hard-disk drives. Cosan, a Brazilian energy company, continued to move higher on rising sugar prices in its core business and market share gains in its fuel distribution business.

Additionally, stock selection in the financials, materials, information technology, and energy sectors as well as in Brazil, Peru, Russia, and Taiwan helped performance. A lower-than-index exposure to Korea, as well as a higher-than-index exposure to Colombia, Russia, Peru, and Turkey also added value.

In terms of detractors, China State Construction International Holdings, a Chinese building and engineering services company, lagged after announcing that it would purchase its Hong Kong headquarters from its parent company. Aurobindo Pharma, an Indian generic pharmaceuticals manufacturer, underperformed on the news that the company received a let-

4  Semi-Annual Report

ter of concern about manufacturing practices at one of its facilities from the US Food and Drug Administration. Ping An Insurance, a Chinese life insurance company, was volatile as concerns persisted that a weak local equity market could pressure earnings. Vipshop Holdings, a Chinese e-commerce flash sales retailer, underperformed on weaker-than-expected sales figures during its second quarter earnings results. Hansae, a Korean apparel manufacturer, underperformed on weak US retail sales.

Stock selection in the consumer discretionary, health care, industrials, and consumer staples sectors, as well as in Korea, India, and Indonesia, detracted value. Lastly, a higher-than-index exposure to the consumer discretionary, industrials, and health care sectors, as well as to China and India, and a lower-than-index exposure to the consumer staples sector, as well as to Brazil, South Africa, and Thailand hurt performance.

Lazard Emerging Markets Equity Advantage Portfolio

For the six months ended June 30, 2016, the Lazard Emerging Markets Equity Advantage Portfolio’s Institutional Shares posted a total return of 7.20%, while Open Shares posted a total return of 7.07%, as compared with the 6.41% return for the EM Index.

The Portfolio participated in the markets’ gains in the first half of the year, benefitting from favorable stock selection, particularly in information technology, utilities, and consumer staples. This was partially offset by weakness in materials and energy, where the recovery in pricing was not anticipated. Stocks that had the greatest influence on the period’s performance included Taiwan Semiconductor Manufacturing, which continued to be the world’s leading semiconductor manufacturer. The company continued to benefit from the increased migration to higher end smart phones, automotive applications and gaming growth. Credicorp, the Peruvian bank, surged on the back of the improving Peruvian economy and commodity prices helped towards the end of the period by the narrow election victory of market-friendly presidential candidate Pedro Pablo Kuczynski. The bank reported strong operating profits with strong loan and deposit growth, while operating expenses were held to low single

digit increases. BB Seguridade Participacoes, the diversified Brazilian financial services firm, rallied sharply with the market, as the impeachment of President Dilma Rousseff was viewed as a positive for the business community and an important step in addressing the corruption that has plagued the country. The company is noted for its quality underwriting, which has proved beneficial in volatile markets.

Detractors included Tipco Asphalt, a Thailand-based asphalt supplier, which fell sharply after reporting a strong performance in 2015. A decline in asphalt prices, along with a reduction in government infrastructure spending, adversely impacted the stock. Shimao Property Holdings, a Hong Kong-listed real estate developer and hotel operator, fell as a decline in the growth of property sales due to increasing softness in the pricing that put pressure on the company’s margins. As a result, investors took a cautious attitude toward the stock despite favorable management guidance. Despite reporting a 21% increase in quarterly revenue, Chinese automaker Great Wall Motor fell on flat earnings due to deteriorating operating margins. Higher research and development and operating costs related to bringing a new factory on line contributed to the margin deterioration.

Lazard Emerging Markets Equity Blend Portfolio

For the six months ended June 30, 2016, the Lazard Emerging Markets Equity Blend Portfolio’s Institutional Shares posted a total return of 8.79%, while Open Shares posted a total return of 8.65%, as compared with the 6.41% return for the EM Index.

The Portfolio is managed using a combination of Lazard Asset Management LLC’s (the “Investment Manager”) equity strategies in emerging markets. The Investment Manager considers 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 2016 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 activ-

Semi-Annual Report  5

ity) 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 six-month period, stock selection in financials, information technology, telecom services, industrials, and consumer staples added value, as did stock selection in Russia, China, and Korea, higher-than-index exposures to Russia and Peru, and lower-than-index exposure to Korea. In contrast, stock selection in the health care and consumer discretionary sectors detracted from performance, as did stock selection in Mexico and India, and lower-than-index exposure to South Africa. Our exposure to small caps over the period also detracted.

Lazard Emerging Markets Multi Asset Portfolio

For the six months ended June 30, 2016, the Lazard Emerging Markets Multi Asset Portfolio’s Institutional Shares posted a total return of 6.13%, while Open Shares posted a total return of 5.98%, as compared with the 6.41% return for the EM Index.

The Portfolio is managed using a combination of the Investment Manager’s emerging-markets equity and fixed income strategies. The Investment Manager considers 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 2016 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 six-month period, stock selection in financials, industrials, information technology, and telecom services added value, as did stock selection in Russia and Poland, higher-than-index exposures to Russian, Peruvian, and Indonesian equities and lower-than-index exposures to Korean and Polish equities. Exposure to

the local currencies of Russia, South Africa, Brazil, Uruguay, and Colombia—implemented via derivative instruments—and to the local debt of South Africa also contributed, as did exposures to the external debt of Argentina, Panama, Indonesia, Mexico, and Colombia. In contrast, stock selection in the energy, materials, and consumer discretionary sectors, higher-than-index exposure to consumer discretionary and lower-than-index exposures to energy and materials, detracted from performance, as did stock selection in South Africa and Mexico, lower-than index exposures to South African and Brazilian equities, higher-than-index exposures to Mexican equities, and exposure to the local currencies of Mexico—implemented via derivative instruments. The Portfolio’s exposure to small cap equities also detracted.

Lazard Emerging Markets Debt Portfolio

For the six months ended June 30, 2016, the Lazard Emerging Markets Debt Portfolio’s Institutional Shares posted a total return of 11.36%, while Open Shares posted a total return of 10.97%, as compared with the 12.24% return for the blended 50% JPMorgan EMBI Global Diversified^® Index/50% JPMorgan GBI-EM Global Diversified^® Index (the “Global Diversified Index”).

Within the Portfolio’s external debt (that is, bonds issued in currency other than a country’s local currency) allocation, a modest underweight position in investment-grade countries that lagged in the rally, such as China and Poland, helped relative returns. Additionally, the Portfolio benefited from a significant overweight position in Argentina, which was among the best performing countries in sovereign credit during the period following the resolution of negotiations with holdout creditors and the country’s return to the capital markets for the first time since 2001. Within the Portfolio’s local debt exposure, duration positioning contributed positively to performance, but was partially offset by currency positions. An overweight duration position in Brazil was beneficial as Brazilian rates outperformed, boosted by the increased likelihood that suspended President Dilma Rousseff would not survive her impeachment trial. Meanwhile, an overweight to the Mexican peso detracted from performance as the peso significantly underperformed

6  Semi-Annual Report

during the period, though the peso recouped some of its losses after Banxico, Mexico’s central bank, announced a 50 basis points (bps) hike on the final day of the period. Although Banxico’s announcement highlighted the crosscurrents between downside growth risks and upside inflationary risks, the move appeared clearly aimed at staunching the weakness and volatility in the peso. We viewed the move as an encouraging sign because it put the peso explicitly in the central bank’s reaction function.

Lazard Explorer Total Return Portfolio

For the six months ended June 30, 2016, the Lazard Explorer Total Return Portfolio’s Institutional Shares posted a total return of 6.09%, while Open Shares posted a total return of 5.88%, as compared with the 12.24% return for the Global Diversified Index.

Performance for the period was driven almost completely by US dollar-denominated sovereign credit, partially offset by currency positioning. On a country-specific basis, the largest contributor to performance was Argentina, which continues to be the Portfolio’s largest risk position and has been among the best performing countries in sovereign credit markets this year, as the country’s pivot toward economic orthodoxy continues to gain investor confidence. Positions in high quality sovereign credits, including Panama, Indonesia, Peru, Mexico, and Colombia, also contributed significantly to absolute performance. Additionally, the Portfolio’s exposure to European dollar-denominated sovereign debt also contributed to absolute performance, despite lagging the broader markets, with Hungary and Slovenia among the largest contributors. Elsewhere in the Portfolio, our modest positions in local rates also contributed to performance, with positions in Brazilian, Mexican, and South African rates all contributing to absolute returns. Conversely, positioning in currencies detracted from performance. Specifically, a long position in the Polish zloty held against the euro detracted as the zloty weakened following S&P’s surprise downgrade of Poland’s credit rating in January. Additionally, the Portfolio’s

long position in the Indian rupee held primarily against the Thai baht and Taiwan dollar detracted, as did an outright short position in the Canadian dollar.

Lazard Emerging Markets Income Portfolio

For the six months ended June 30, 2016, the Lazard Emerging Markets Income Portfolio’s Institutional Shares posted a total return of 5.84%, while Open Shares posted a total return of 5.60%, as compared with the 5.81% return for the JPMorgan Emerging Local Markets^® Index Plus.

The Portfolio’s best relative performance for the period was earned in Russia, Poland, and Indonesia. The overweight to Russia benefited from crude oil’s stabilization and rebound along with that market’s high yield, a rising current account, and capital inflows. Active management in Poland added 26 bps. The overweight was reduced into March’s rally and shifted to an underweight due to Poland’s loose fiscal stance and its balance of payments, which were entering a cyclically weaker period. An overweight to the Indonesian rupiah and fixed income security selection extracted 11 bps of excess return from Asia’s top-performing local market.

Conversely, Brazil and country selection in Asia were the largest detractors to performance. The Portfolio’s underweight to Brazil, the top-performing local market, detracted 14 bps of relative performance. The Brazilian local market was up sharply during March (when the underperformance occurred) due to its high yield and the rising likelihood of the impeachment of President Dilma Rousseff. We had been underweight the Brazilian real due to political risk, poor growth prospects, and lack of fiscal reform, but we participated in Brazil’s strong performance via currency-hedged local debt. The underweight has been covered to a neutral position. Asian country selection detracted. Flat or overweight positioning in China, South Korea, India, and the Philippines underperformed intra-regional underweight positions in Singapore and Taiwan.

Semi-Annual Report  7

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 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. Return for 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, 2016; 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 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, 2016

	One		Five		Ten		Since
	Year		Years		Years		Inception		†
Institutional Shares**		-8.08%		-2.69%		4.63%		6.43%
Open Shares**		-8.29%		-2.96%		4.31%		6.13%
R6 Shares**		-8.05%		N/A		N/A		-6.59%
EM Index		-12.05%		-3.78%		3.54%		4.76%
								(Institutional Shares)
								5.29%
								(Open Shares)
								-6.70%
								(R6 Shares)

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived by the Portfolio’s Investment Manager or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	Performance results do not include adjustments made for financial reporting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and may differ from amounts reported in the financial highlights.
	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.

Semi-Annual Report  9

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, 2016
	One		Since
	Year		Inception		†
Institutional Shares**		-13.02%		-4.38%
Open Shares**		-13.21%		-4.72%
EM Index		-12.05%		-5.50%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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.

10  Semi-Annual Report

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, 2016
	One		Five		Since
	Year		Years		Inception		†
Institutional Shares**		-5.87%		-6.21%		2.98%
Open Shares**		-6.18%		-6.52%		2.67%
EM Index		-12.05%		-3.78%		3.22%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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.

Semi-Annual Report  11

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*

 

Average Annual Total Returns*
Periods Ended June 30, 2016
	One		Since
	Year		Inception		†
Institutional Shares**		-9.45%		-11.13%
Open Shares**		-9.72%		-11.38%
EM Index		-12.05%		-13.31%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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.

12  Semi-Annual Report

Lazard Emerging Markets Equity Blend Portfolio

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

 

Average Annual Total Returns*
Periods Ended June 30, 2016
	One		Five		Since
	Year		Years		Inception		†
Institutional Shares**		-6.75%		-4.37%		0.08%
Open Shares**		-6.71%		-4.61%		-0.17%
EM Index		-12.05%		-3.78%		0.74%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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.

Semi-Annual Report  13

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, 2016
	One		Five		Since
	Year		Years		Inception		†
Institutional Shares**		-6.06%		-3.11%		-3.07%
Open Shares**		-6.37%		-3.42%		-3.37%
EM Index		-12.05%		-3.78%		-3.82%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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.

14  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio

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

 

Average Annual Total Returns*
Periods Ended June 30, 2016
	One		Five		Since
	Year		Years		Inception		†
Institutional Shares**		4.14%		1.38%		2.14%
Open Shares**		3.72%		1.06%		1.82%
JPMorgan EMBI Global Diversified Index		9.79%		6.45%		7.03%
JPMorgan GBI-EM Global Diversified Index		1.99%		-2.23%		-0.84%
Global Diversified Index		5.96%		2.10%		3.10%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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, 2016

	One		Since
	Year		Inception		†
Institutional Shares**		2.46%		0.27%
Open Shares**		2.11%		-0.04%
JPMorgan EMBI Global Diversified Index		9.79%		7.20%
JPMorgan GBI-EM Global Diversified Index		1.99%		-3.57%
Global Diversified Index		5.96%		1.75%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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, 2016
	One		Since
	Year		Inception		†
Institutional Shares**		-1.74%		-5.11%
Open Shares**		-2.10%		-5.43%
JPMorgan Emerging Local Markets Index Plus		-1.04%		-4.65%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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. 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, 2016 through June 30, 2016 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

	Beginning		Ending		Expenses Paid		Annualized Expense
	Account Value		Account Value		During Period*		Ratio During Period
Portfolio	1/1/16		6/30/16		1/1/16 - 6/30/16		1/1/16 - 6/30/16
Emerging Markets Equity
Institutional Shares
Actual	$	1,000.00	$	1,139.10	$	5.85		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39	$	5.52		1.10	%
Open Shares
Actual	$	1,000.00	$	1,137.50	$	7.23		1.36	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.10	$	6.82		1.36	%
R6 Shares
Actual	$	1,000.00	$	1,139.10	$	5.85		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39	$	5.52		1.10	%
Emerging Markets Core Equity
Institutional Shares
Actual	$	1,000.00	$	1,019.80	$	6.53		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.40	$	6.52		1.30	%
Open Shares
Actual	$	1,000.00	$	1,018.60	$	8.03		1.60	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.91	$	8.02		1.60	%
Developing Markets Equity
Institutional Shares
Actual	$	1,000.00	$	1,099.60	$	6.68		1.28	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.50	$	6.42		1.28	%
Open Shares
Actual	$	1,000.00	$	1,097.20	$	8.34		1.60	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.91	$	8.02		1.60	%
Emerging Markets Equity Advantage
Institutional Shares
Actual	$	1,000.00	$	1,072.00	$	5.67		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39	$	5.52		1.10	%
Open Shares
Actual	$	1,000.00	$	1,070.70	$	7.21		1.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.90	$	7.02		1.40	%
Emerging Markets Equity Blend
Institutional Shares
Actual	$	1,000.00	$	1,087.90	$	6.75		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.40	$	6.52		1.30	%
Open Shares
Actual	$	1,000.00	$	1,086.50	$	8.30		1.60	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.91	$	8.02		1.60	%
Emerging Markets Multi Asset
Institutional Shares
Actual	$	1,000.00	$	1,061.30	$	6.66		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.40	$	6.52		1.30	%
Open Shares
Actual	$	1,000.00	$	1,059.80	$	8.19		1.60	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.91	$	8.02		1.60	%

Semi-Annual Report  19

	Beginning		Ending		Expenses Paid		Annualized Expense
	Account Value		Account Value		During Period*		Ratio During Period
Portfolio	1/1/16		6/30/16		1/1/16 - 6/30/16		1/1/16 - 6/30/16
Emerging Markets Debt
Institutional Shares
Actual	$	1,000.00	$	1,113.60	$	5.15		0.98	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.99	$	4.92		0.98	%
Open Shares
Actual	$	1,000.00	$	1,109.70	$	6.82		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.40	$	6.52		1.30	%
Explorer Total Return
Institutional Shares
Actual	$	1,000.00	$	1,060.90	$	5.89		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.14	$	5.77		1.15	%
Open Shares
Actual	$	1,000.00	$	1,058.80	$	7.68		1.50	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.40	$	7.52		1.50	%
Emerging Markets Income
Institutional Shares
Actual	$	1,000.00	$	1,058.40	$	4.61		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.39	$	4.52		0.90	%
Open Shares
Actual	$	1,000.00	$	1,056.00	$	6.13		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.90	$	6.02		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 182/366 (to reflect one-half year period).

20  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector and Region June 30, 2016 (unaudited)

	Lazard			Lazard			Lazard			Lazard			Lazard			Lazard
	Emerging			Emerging			Developing			Emerging Markets			Emerging Markets			Emerging Markets
	Markets			Markets Core			Markets			Equity Advantage			Equity Blend			Multi Asset
Sector*	Equity Portfolio			Equity Portfolio			Equity Portfolio			Portfolio			Portfolio			Portfolio
Consumer Discretionary		8.8	%		11.8	%		11.2	%		8.6	%		10.4	%		7.2	%
Consumer Staples		7.1			8.6			1.6			6.9			3.6			3.6
Energy		7.9			5.8			12.6			8.7			8.8			6.2
Financials		28.2			25.8			31.3			24.7			27.7			17.9
Health Care		0.2			2.8			7.3			2.3			2.8			1.4
Industrials		5.7			4.8			7.9			6.1			6.4			4.0
Information Technology		23.7			24.2			20.1			23.8			28.3			17.0
Materials		3.6			4.1			7.4			6.6			3.2			2.2
Telecommunication Services		11.7			6.5			—			6.6			5.2			4.4
Utilities		—			2.6			—			5.3			0.7			1.0
Sovereign Debt		—			—			—			—			—			18.8
US Treasury Securities		—			—			—			—			—			5.3
Short-Term Investments		3.1			3.0			0.6			0.4			2.9			11.0
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
	Lazard			Lazard			Lazard
	Emerging			Explorer			Emerging
	Markets Debt			Total Return			Markets Income
Region*	Portfolio			Portfolio			Portfolio
Africa		11.9	%		9.3	%		2.3	%
Asia		22.7			7.8			3.5
Europe		24.2			21.7			21.3
North America		14.2			9.3			54.2
South America		23.3			26.6			12.4
Short-Term Investments		3.7			25.3			6.3
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, 2016 (unaudited)

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 96.1%
Argentina | 1.1%
YPF SA Sponsored ADR		6,245,781	$	119,918,995
Brazil | 10.3%
Ambev SA ADR		30,473,440		180,098,030
Banco do Brasil SA		32,757,334		175,192,541
BB Seguridade Participacoes SA		20,856,000		182,505,420
CCR SA		33,842,934		176,995,079
Cielo SA		24,158,766		254,651,127
Localiza Rent a Car SA		8,421,407		90,445,644
Natura Cosmeticos SA		3,916,578		31,090,726
Via Varejo SA		2,390,555		5,544,200
				1,096,522,767
China | 16.4%
AAC Technologies Holdings, Inc.		12,922,000		111,142,268
Baidu, Inc. Sponsored ADR (a)		1,818,739		300,364,746
China Construction Bank Corp., Class H		658,617,220		438,538,927
China Mobile, Ltd. Sponsored ADR		5,358,504		310,257,382
China Shenhua Energy Co., Ltd., Class H		44,894,610		82,985,078
CNOOC, Ltd.		80,807,000		100,883,833
NetEase, Inc. ADR		1,706,804		329,788,669
Weichai Power Co., Ltd., Class H		72,949,644		75,479,595
				1,749,440,498
Egypt | 0.8%
Commercial International Bank
Egypt SAE GDR		25,197,626		89,757,093
Hong Kong | 0.4%
Huabao International Holdings, Ltd. (a)		123,948,000		43,980,395
Hungary | 1.6%
OTP Bank Nyrt.		7,368,025		165,195,380
India | 9.8%
Axis Bank, Ltd.		27,780,992		220,994,365
Bajaj Auto, Ltd.		2,512,948		100,581,287
Bharat Heavy Electricals, Ltd.		24,450,535		46,656,774
HCL Technologies, Ltd.		11,414,533		123,848,727
Hero MotoCorp, Ltd.		3,480,855		162,972,467
Punjab National Bank		58,185,391		92,177,558
Tata Consultancy Services, Ltd.		7,915,796		298,994,217
				1,046,225,395

			Fair
Description	Shares		Value
Indonesia | 7.5%
PT Astra International Tbk		241,638,100	$	136,209,893
PT Bank Mandiri (Persero) Tbk		273,666,621		198,390,179
PT Semen Indonesia (Persero) Tbk		110,911,700		78,816,994
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		5,236,455		321,832,524
PT United Tractors Tbk		58,318,084		65,670,259
				800,919,849
Macau | 0.3%
Wynn Macau, Ltd.		21,331,200		31,082,012
Malaysia | 0.6%
British American Tobacco Malaysia Berhad		5,145,100		67,308,091
Mexico | 2.8%
America Movil SAB de CV, Class L Sponsored ADR		7,684,569		94,212,816
Grupo Mexico SAB de CV, Series B		41,315,647		96,811,567
Kimberly-Clark de Mexico SAB de CV, Series A		43,634,995		103,081,651
				294,106,034
Pakistan | 2.1%
Habib Bank, Ltd.		42,148,800		79,524,112
Oil & Gas Development Co., Ltd.		38,754,349		51,475,394
Pakistan Petroleum, Ltd.		60,689,202		89,946,501
				220,946,007
Philippines | 1.3%
Philippine Long Distance Telephone Co. Sponsored ADR		3,196,750		142,479,147
Russia | 8.8%
ALROSA PAO (a)		65,067,611		70,087,902
Gazprom PJSC Sponsored ADR		33,866,657		146,258,238
Lukoil PJSC Sponsored ADR		4,334,002		181,386,808
Magnit PJSC Sponsored GDR		538,089		17,900,217
Magnit PJSC Sponsored GDR (b), (c)		1,211,865		40,258,155
Mobile TeleSystems PJSC Sponsored ADR		18,903,443		156,520,508
Sberbank of Russia PJSC		158,378,609		330,139,696
				942,551,524
South Africa | 7.8%
Bid Corp., Ltd. (a)		4,094,925		76,738,138
Imperial Holdings, Ltd.		8,504,899		87,343,937
Life Healthcare Group Holdings, Ltd.		10,686,288		26,317,186
Nedbank Group, Ltd.		6,148,313		78,172,943

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

22  Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
PPC, Ltd.		33,962,609	$	18,531,077
Sanlam, Ltd.		21,179,661		87,116,553
Shoprite Holdings, Ltd.		12,581,794		142,404,627
Standard Bank Group, Ltd.		10,242,651		89,785,538
The Bidvest Group, Ltd.		4,094,925		38,578,421
Vodacom Group, Ltd.		8,280,666		94,704,954
Woolworths Holdings, Ltd.		16,110,162		92,181,564
				831,874,938
South Korea | 12.7%
Coway Co., Ltd.		1,519,110		138,077,980
Hanwha Life Insurance Co., Ltd.		24,231,133		121,886,588
Hyundai Mobis Co., Ltd.		809,334		177,194,833
KB Financial Group, Inc.		3,236,981		92,341,594
KT&G Corp.		769,111		91,165,019
Samsung Electronics Co., Ltd.		279,965		348,516,886
Shinhan Financial Group Co., Ltd.		6,635,284		219,073,650
SK Hynix, Inc.		5,671,794		161,203,503
				1,349,460,053
Taiwan | 5.4%
Hon Hai Precision Industry Co., Ltd.		42,289,120		108,814,147
Taiwan Semiconductor Manufacturing Co., Ltd.		92,829,284		469,397,437
				578,211,584
Thailand | 2.1%
Kasikornbank Public Co. Ltd.		17,359,654		85,361,613
PTT Exploration & Production Public Co. Ltd.		27,579,270		65,141,702
The Siam Cement Public Co. Ltd.		5,548,200		75,560,511
				226,063,826

			Fair
Description	Shares		Value
Turkey | 4.3%
Akbank TAS		47,062,717	$	136,312,280
KOC Holding AS		23,332,735		106,635,750
Turk Telekomunikasyon AS		5,867,908		12,421,789
Turkcell Iletisim Hizmetleri AS (a)		28,666,032		105,581,236
Turkiye Is Bankasi AS, C Shares		61,978,030		99,357,968
				460,309,023
Total Common Stocks (Cost $11,131,642,092)				10,256,352,611
Short-Term Investment | 3.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $326,387,408)		326,387,408		326,387,408
Total Investments | 99.2% (Cost $11,458,029,500) (d)			$	10,582,740,019
Cash and Other Assets in Excess of Liabilities | 0.8%				80,828,113
Net Assets | 100.0%			$	10,663,568,132

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

Semi-Annual Report  23

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks | 96.1%
Brazil | 3.1%
Braskem SA A Shares		219,300	$	1,299,839
CCR SA		231,300		1,209,675
Telefonica Brasil SA ADR		90,500		1,230,800
				3,740,314
China | 19.1%
Alibaba Group Holding, Ltd. Sponsored ADR (a)		11,600		922,548
Baidu, Inc. Sponsored ADR (a)		8,254		1,363,148
China Lesso Group Holdings, Ltd.		801,000		428,830
China Lodging Group, Ltd. Sponsored ADR		19,300		703,099
China Mobile, Ltd. Sponsored ADR		49,700		2,877,630
CT Environmental Group, Ltd.		4,830,000		1,417,531
ENN Energy Holdings, Ltd.		340,000		1,682,759
Industrial & Commercial Bank of China, Ltd., Class H		6,365,633		3,536,167
NetEase, Inc. ADR		8,500		1,642,370
PICC Property & Casualty Co., Ltd., Class H		1,095,180		1,733,921
Ping An Insurance (Group) Co. of China, Ltd., Class H		372,000		1,645,826
Tencent Holdings, Ltd.		167,100		3,811,147
Vipshop Holdings, Ltd. ADR (a)		94,705		1,057,855
				22,822,831
Colombia | 1.0%
Ecopetrol SA Sponsored ADR		121,400		1,160,584
Czech Republic | 0.7%
Komercni banka AS		21,065		789,276
Hong Kong | 1.6%
Haier Electronics Group Co., Ltd.		515,000		790,507
Techtronic Industries Co., Ltd.		262,000		1,096,790
				1,887,297
India | 10.2%
Aurobindo Pharma, Ltd.		102,814		1,129,728
Dr Reddy’s Laboratories, Ltd. ADR		24,333		1,246,580
HDFC Bank, Ltd. ADR		48,769		3,235,823
ICICI Bank, Ltd. Sponsored ADR		246,300		1,768,434
Motherson Sumi Systems, Ltd.		231,403		999,444
Tata Consultancy Services, Ltd.		30,415		1,148,831

			Fair
Description	Shares		Value
Tata Motors, Ltd. Sponsored ADR (a)		49,457	$	1,714,674
UPL, Ltd.		109,281		896,800
				12,140,314
Indonesia | 3.1%
PT Bank Mandiri (Persero) Tbk		2,070,600		1,501,048
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		34,980		2,149,871
				3,650,919
Luxembourg | 0.6%
Tenaris SA ADR		24,900		718,116
Mexico | 10.2%
Alsea SAB de CV		462,200		1,759,553
Arca Continental SAB de CV		202,300		1,451,864
Fibra Uno Administracion SA de CV REIT		473,300		1,008,341
Gruma SAB de CV, Class B		106,918		1,538,048
Grupo Aeroportuario del Pacifico SAB de CV ADR		20,200		2,073,126
Grupo Bimbo SAB de CV, Series A		444,502		1,394,102
Grupo Financiero Banorte SAB de CV, Class O		267,700		1,496,158
Wal-Mart de Mexico SAB de CV		614,471		1,478,155
				12,199,347
Peru | 1.0%
Credicorp, Ltd.		7,950		1,226,923
Philippines | 2.3%
BDO Unibank, Inc.		540,730		1,290,809
GT Capital Holdings, Inc.		45,875		1,409,804
				2,700,613
Portugal | 1.2%
Galp Energia SGPS SA		101,040		1,403,195
Russia | 5.2%
Lukoil PJSC Sponsored ADR		85,984		3,598,396
Magnit PJSC Sponsored GDR		41,559		1,381,122
Sberbank of Russia PJSC Sponsored ADR		141,577		1,237,238
				6,216,756
South Africa | 4.1%
FirstRand, Ltd.		417,209		1,281,694
Mondi PLC		76,304		1,422,051
Naspers, Ltd., N Shares		14,274		2,187,167
				4,890,912

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

24  Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
South Korea | 13.3%
Amorepacific Corp.		2,479	$	934,278
Coway Co., Ltd.		11,372		1,033,646
Dongbu Insurance Co., Ltd.		28,950		1,742,827
Hyundai Department Store Co., Ltd.		11,712		1,311,869
Korea Zinc Co., Ltd.		3,034		1,338,485
NCSoft Corp.		3,457		708,698
Samsung Electronics Co., Ltd.		5,603		6,974,944
SK Hynix, Inc.		65,036		1,848,451
				15,893,198
Taiwan | 11.7%
Advanced Semiconductor
Engineering, Inc. ADR		214,100		1,194,678
Far EasTone Telecommunications Co., Ltd.		636,000		1,536,932
Hermes Microvision, Inc.		17,000		701,780
Hon Hai Precision Industry Co., Ltd.		466,000		1,199,065
Largan Precision Co., Ltd.		24,000		2,227,451
Mega Financial Holding Co., Ltd.		2,374,186		1,795,356
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		199,649		5,236,793
				13,892,055
Thailand | 2.3%
Bangkok Bank Public Co. Ltd.		166,400		771,448
Bangkok Dusit Medical Services Public Co. Ltd., Class F (c)		1,437,989		978,029
Kasikornbank Public Co. Ltd.		194,100		954,436
				2,703,913
Turkey | 2.9%
KOC Holding AS		238,568		1,090,309
Tofas Turk Otomobil Fabrikasi AS		169,316		1,397,287
Turk Traktor ve Ziraat Makineleri AS		33,238		971,659
				3,459,255

			Fair
Description	Shares		Value
United Arab Emirates | 0.7%
Emaar Properties PJSC		521,855	$	887,188
United Kingdom | 1.8%
Unilever NV		45,100		2,116,994
Total Common Stocks (Cost $112,585,069)				114,500,000
Preferred Stocks | 1.3%
Brazil | 1.3%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,305,566)		162,761		1,536,463
Short-Term Investment | 3.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $3,603,207)		3,603,207		3,603,207
Total Investments | 100.4% (Cost $117,493,842) (d)			$	119,639,670
Liabilities in Excess of Cash and Other Assets | (0.4)%				(431,488	)
Net Assets | 100.0%			$	119,208,182

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

Semi-Annual Report  25

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 96.2%
Argentina | 1.4%
YPF SA Sponsored ADR		190,320	$	3,654,144
Brazil | 4.2%
Cosan SA Industria e Comercio		548,200		5,684,569
Lojas Renner SA		312,000		2,300,931
Petroleo Brasileiro SA Sponsored ADR (a)		469,300		2,726,633
				10,712,133
Canada | 1.1%
First Quantum Minerals, Ltd.		405,890		2,849,508
China | 26.0%
AAC Technologies Holdings, Inc.		384,200		3,304,509
Agricultural Bank of China, Ltd., Class H		4,896,500		1,800,606
Alibaba Group Holding, Ltd. Sponsored ADR (a)		76,110		6,053,028
Anhui Conch Cement Co., Ltd., Class H		2,216,000		5,407,571
Baidu, Inc. Sponsored ADR (a)		34,850		5,755,477
Brilliance China Automotive Holdings, Ltd.		3,782,889		3,890,955
China Medical System Holdings, Ltd.		3,165,000		4,859,274
China Merchants Bank Co., Ltd., Class H		886,211		1,990,573
China State Construction International Holdings, Ltd.		2,660,460		3,532,530
CNOOC, Ltd.		3,720,000		4,644,249
New Oriental Education & Technology Group, Inc. Sponsored ADR		106,244		4,449,499
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,610,500		7,125,279
TAL Education Group ADR (a)		36,200		2,246,572
Tencent Holdings, Ltd.		285,100		6,502,441
Vipshop Holdings, Ltd. ADR (a)		203,864		2,277,161
Zhuzhou CRRC Times Electric Co., Ltd., Class H		625,931		3,465,243
				67,304,967
Colombia | 2.6%
Bancolombia SA Sponsored ADR		122,947		4,293,309
Cemex Latam Holdings SA (a)		580,335		2,503,435
				6,796,744

Description	Shares		Fair Value
Hong Kong | 1.9%
SMI Holdings Group, Ltd.		16,496,000	$	1,580,019
Techtronic Industries Co., Ltd.		809,500		3,388,748
				4,968,767
India | 13.2%
Aurobindo Pharma, Ltd.		650,128		7,143,655
Glenmark Pharmaceuticals, Ltd.		568,458		6,740,279
HDFC Bank, Ltd. ADR		98,285		6,521,210
ICICI Bank, Ltd. Sponsored ADR		824,545		5,920,233
Reliance Industries, Ltd.		201,061		2,896,552
Shriram Transport Finance Co., Ltd.		276,080		4,927,496
				34,149,425
Indonesia | 2.0%
PT Bank Rakyat Indonesia (Persero) Tbk		6,386,000		5,244,886
Mexico | 2.7%
Grupo Financiero Banorte SAB de CV, Class O		1,244,057		6,952,955
Peru | 2.6%
Credicorp, Ltd.		43,855		6,768,142
Portugal | 1.3%
Galp Energia SGPS SA		243,117		3,376,292
Russia | 10.4%
ALROSA PAO (a)		2,044,779		2,202,544
Novatek OAO Sponsored GDR		61,327		6,263,719
Rosneft PJSC GDR		390,194		2,002,220
Sberbank of Russia PJSC		4,464,047		9,304,190
TMK PAO GDR		318,294		869,425
X5 Retail Group NV GDR (a)		126,690		2,515,252
Yandex NV Class A (a)		175,330		3,830,960
				26,988,310
South Africa | 2.6%
Petra Diamonds, Ltd.		1,454,000		2,259,533
Standard Bank Group, Ltd.		514,198		4,507,382
				6,766,915
South Korea | 7.9%
CJ CGV Co., Ltd.		45,640		4,104,148
Hansae Co., Ltd.		73,350		2,401,359
Korea Aerospace Industries, Ltd.		101,675		6,517,810
LS Industrial Systems Co., Ltd.		25,460		1,059,036
NCSoft Corp.		1,445		296,231
Samlip General Foods Co., Ltd.		10,156		1,655,166
Samsung Electronics Co., Ltd.		3,419		4,256,172
				20,289,922

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

26  Semi-Annual Report

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Taiwan | 9.7%
Advanced Semiconductor Engineering, Inc.		3,057,050	$	3,513,403
Catcher Technology Co., Ltd.		397,670		2,968,623
Hiwin Technologies Corp.		350,505		1,632,586
Hota Industrial Manufacturing Co., Ltd.		398,817		1,872,804
Largan Precision Co., Ltd.		54,000		5,011,765
Silicon Motion Technology Corp. ADR		97,310		4,651,418
Taiwan Semiconductor Manufacturing Co., Ltd.		1,057,000		5,344,791
				24,995,390
Turkey | 5.2%
Aselsan Elektronik Sanayi Ve Ticaret AS		1,242,745		4,071,275
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		3,959,942		3,979,548
Turkiye Garanti Bankasi AS		1,984,078		5,294,418
				13,345,241
United States | 1.4%
Freeport-McMoRan, Inc.		332,920		3,708,729
Total Common Stocks (Cost $240,034,257)				248,872,470

Description	Shares		Fair Value
Preferred Stocks | 2.2%
Brazil | 2.2%
Banco Bradesco SA ADR (Cost $5,604,819)		705,703	$	5,511,541
Short-Term Investment | 0.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $1,409,609)		1,409,609		1,409,609
Total Investments | 98.9% (Cost $247,048,685) (d)			$	255,793,620
Cash and Other Assets in Excess of Liabilities | 1.1%				2,950,431
Net Assets | 100.0%			$	258,744,051

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

Semi-Annual Report  27

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks | 99.5%
Brazil | 3.7%
Ambev SA ADR		4,866	$	28,758
Banco do Brasil SA		2,600		13,905
BB Seguridade Participacoes SA		3,000		26,252
BM&FBovespa SA		900		5,043
Braskem SA Sponsored ADR		900		10,665
CETIP SA - Mercados Organizados		400		5,453
Itausa - Investimentos Itau SA		3,400		8,034
JBS SA Sponsored ADR		773		4,847
Kroton Educacional SA		1,700		7,197
				110,154
Chile | 2.6%
Banco Santander Chile ADR		273		5,288
Cia Cervecerias Unidas SA Sponsored ADR		500		11,670
Enersis Americas SA Sponsored ADR		5,130		44,016
Enersis Chile SA		2,687		15,665
				76,639
China | 25.4%
AAC Technologies Holdings, Inc.		1,000		8,601
Alibaba Group Holding, Ltd. Sponsored ADR (a)		844		67,123
Baidu, Inc. Sponsored ADR (a)		171		28,241
Bank of China, Ltd., Class H		27,000		10,835
Bank of Chongqing Co., Ltd., Class H		6,000		4,634
China Communications Construction Co., Ltd., Class H		7,000		7,595
China Construction Bank Corp., Class H		110,000		73,243
China Hongqiao Group, Ltd.		8,000		5,389
China Lesso Group Holdings, Ltd.		19,000		10,172
China Lodging Group, Ltd. Sponsored ADR		200		7,286
China Merchants Bank Co., Ltd., Class H		5,000		11,231
China Mobile, Ltd.		6,000		69,379
China Overseas Land & Investment, Ltd.		10,000		31,913
China Petroleum & Chemical Corp., Class H		50,000		36,006
China Railway Construction Corp., Ltd., Class H		4,000		5,052
China Railway Group, Ltd., Class H		6,000		4,517
China Resources Land, Ltd.		6,000		14,067
China State Construction International Holdings, Ltd.		2,000		2,656
China Telecom Corp., Ltd. Class H		18,000		8,056

Description	Shares		Fair Value
Chongqing Rural Commercial Bank Co., Ltd., Class H		8,000	$	4,072
CNOOC, Ltd.		20,000		24,969
Dali Foods Group Co., Ltd.		11,000		6,312
Dongfeng Motor Group Co., Ltd., Class H		6,000		6,313
Evergrande Real Estate Group, Ltd.		7,000		4,274
Guangzhou Automobile Group Co., Ltd.		6,000		7,206
Guangzhou R&F Properties Co., Ltd., Class H		6,000		7,610
Industrial & Commercial Bank of China, Ltd., Class H		65,000		36,108
Longfor Properties Co., Ltd.		3,000		3,905
Minth Group, Ltd.		2,000		6,477
NetEase, Inc. ADR		64		12,366
New Oriental Education & Technology Group, Inc. Sponsored ADR		200		8,376
PetroChina Co., Ltd., Class H		38,000		25,846
PICC Property & Casualty Co., Ltd., Class H		4,000		6,333
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,500		19,909
Sunny Optical Technology Group Co., Ltd.		4,000		14,088
Tencent Holdings, Ltd.		5,000		114,038
The People’s Insurance Co. Group of China, Ltd., Class H		18,000		6,996
Tianneng Power International, Ltd.		8,000		5,463
TravelSky Technology, Ltd. Class H		4,000		7,736
Vipshop Holdings, Ltd. ADR (a)		617		6,892
Weichai Power Co., Ltd., Class H		3,000		3,104
				744,389
Colombia | 0.7%
Bancolombia SA Sponsored ADR		369		12,885
Ecopetrol SA Sponsored ADR		900		8,604
				21,489
Egypt | 0.5%
Commercial International Bank Egypt SAE ADR		4,043		14,595
Greece | 0.6%
Hellenic Telecommunications Organization SA		615		5,679
JUMBO SA (a)		616		8,180
Motor Oil (Hellas) Corinth Refineries SA		418		4,546
				18,405
Hong Kong | 0.9%
Lee & Man Paper Manufacturing, Ltd.		9,000		6,692
Shimao Property Holdings, Ltd.		7,500		9,509
Sino Biopharmaceutical, Ltd.		6,000		3,930
Tongda Group Holdings, Ltd.		30,000		5,910
				26,041

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

28  Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Hungary | 1.5%
MOL Hungarian Oil & Gas Nyrt.		521	$	30,127
Richter Gedeon Nyrt.		667		13,249
				43,376
India | 6.8%
Axis Bank, Ltd. GDR		193		7,529
Dr Reddy’s Laboratories, Ltd. ADR		460		23,566
HDFC Bank, Ltd. ADR		400		26,540
ICICI Bank, Ltd. Sponsored ADR		800		5,744
Infosys, Ltd. Sponsored ADR		2,600		46,410
Reliance Industries, Ltd. Sponsored GDR (b)		813		23,207
State Bank of India GDR		166		5,284
Tata Motors, Ltd. Sponsored ADR (a)		708		24,546
Tata Steel, Ltd. GDR		1,034		4,836
Vedanta, Ltd. ADR		1,716		13,505
Wipro, Ltd. ADR		500		6,180
WNS Holdings, Ltd. ADR (a)		500		13,500
				200,847
Indonesia | 2.7%
PT Bank Central Asia Tbk		5,600		5,666
PT Bank Mandiri (Persero) Tbk ADR		1,485		10,573
PT Bank Negara Indonesia (Persero) Tbk		12,400		4,902
PT Bank Rakyat Indonesia (Persero) Tbk		22,500		18,479
PT Bank Tabungan Negara (Persero) Tbk		39,300		5,138
PT Gudang Garam Tbk		1,100		5,752
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		400		24,584
PT United Tractors Tbk		3,900		4,392
				79,486
Luxembourg | 0.5%
Ternium SA Sponsored ADR		781		14,886
Malaysia | 3.4%
AirAsia Berhad		12,100		7,835
Astro Malaysia Holdings Berhad		10,400		7,558
Dialog Group Berhad		11,900		4,548
Fraser & Neave Holdings Berhad		1,500		9,373
Inari Amertron Berhad		6,750		4,978
MISC Berhad		4,800		8,891
Sunway Construction Group Berhad		13,800		5,476
Tenaga Nasional Berhad Sponsored ADR		2,783		40,214
Top Glove Corp. Berhad		4,700		5,371
Westports Holdings Berhad		4,800		5,023
				99,267

Description	Shares		Fair Value
Mexico | 2.7%
Alfa SAB de CV, Series A		4,500	$	7,736
America Movil SAB de CV, Series L		16,000		9,837
Controladora Vuela Cia de Aviacion SAB de CV  ADR (a)		372		6,953
Gentera SAB de CV		12,600		22,571
Gruma SAB de CV, Class B		340		4,891
Grupo Lala SAB de CV		2,000		4,409
Kimberly-Clark de Mexico SAB de CV, Series A		4,900		11,575
Wal-Mart de Mexico SAB de CV		4,500		10,825
				78,797
Peru | 0.8%
Credicorp, Ltd.		153		23,613
Philippines | 1.9%
BDO Unibank, Inc.		6,300		15,039
DMCI Holdings, Inc.		26,600		7,165
Globe Telecom, Inc.		335		16,892
JG Summit Holdings, Inc.		8,770		16,138
				55,234
Poland | 1.0%
Ciech SA		279		3,546
Enea SA		3,196		8,061
Energa SA		1,830		4,404
Polski Koncern Naftowy ORLEN SA		533		9,327
Tauron Polska Energia SA		6,287		4,515
				29,853
Russia | 3.4%
Gazprom PJSC Sponsored ADR		4,525		19,542
Lukoil PJSC Sponsored ADR		479		20,047
MMC Norilsk Nickel PJSC ADR		603		8,027
Mobile TeleSystems PJSC Sponsored ADR		608		5,034
Rosneft PJSC GDR		1,631		8,369
Sberbank of Russia PJSC Sponsored ADR		4,529		39,579
				100,598
South Africa | 5.3%
Anglo American Platinum, Ltd. (a)		317		7,916
AVI, Ltd.		811		4,572
Barclays Africa Group, Ltd.		533		5,259
Capitec Bank Holdings, Ltd.		297		12,031
Clicks Group, Ltd.		2,112		17,639
Coronation Fund Managers, Ltd.		1,671		7,584
FirstRand, Ltd.		3,390		10,414
Mr. Price Group, Ltd.		732		10,284
MTN Group, Ltd.		658		6,435
Naspers, Ltd., N Shares		241		36,928

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

Semi-Annual Report  29

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Sasol, Ltd.		976	$	26,496
Truworths International, Ltd.		639		3,729
Vodacom Group, Ltd.		489		5,593
				154,880
South Korea | 17.1%
Amorepacific Corp.		29		10,929
BGF Retail Co., Ltd.		33		6,169
CJ CGV Co., Ltd.		78		7,014
Coway Co., Ltd.		130		11,816
Daishin Securities Co., Ltd.		496		4,350
Dongbu Insurance Co., Ltd.		85		5,117
Hana Financial Group, Inc.		479		9,730
Hanwha Chemical Corp.		391		8,180
Hyosung Corp.		68		7,425
Hyundai Development Co-Engineering & Construction		138		4,777
Hyundai Engineering & Construction Co., Ltd.		159		4,652
Hyundai Marine & Fire Insurance Co., Ltd.		498		12,647
Hyundai Motor Co.		173		20,493
Hyundai Steel Co. Sponsored GDR (b)		300		11,942
Kangwon Land, Inc.		256		9,289
KB Financial Group, Inc. ADR		400		11,384
Kia Motors Corp.		104		3,917
KIWOOM Securities Co., Ltd.		102		6,379
Korea Aerospace Industries, Ltd.		98		6,282
Korea Electric Power Corp. Sponsored ADR		1,600		41,488
Korea PetroChemical Ind Co., Ltd.		34		7,144
KT&G Corp. GDR (b)		393		23,286
Kyung Dong Navien Co., Ltd.		123		5,882
LG Chem, Ltd.		38		8,691
LG Electronics, Inc.		162		7,632
LG Household & Health Care, Ltd.		6		5,820
LG Uplus Corp.		508		4,808
Lotte Chemical Corp.		65		16,198
LS Industrial Systems Co., Ltd.		146		6,073
Naver Corp.		15		9,327
S1 Corp.		56		5,251
Samsung Electronics Co., Ltd. GDR		229		142,927
Samsung Fire & Marine Insurance Co., Ltd.		38		8,697
Shinhan Financial Group Co., Ltd. ADR		300		9,822
SK Holdings Co., Ltd.		27		4,756
SK Innovation Co., Ltd.		89		10,959
SK Telecom Co., Ltd. Sponsored ADR		650		13,598
Woori Bank		781		6,493
				501,344

Description	Shares		Fair Value
Taiwan | 12.0%
Accton Technology Corp.		4,000	$	5,407
Catcher Technology Co., Ltd.		1,000		7,465
Cheng Shin Rubber Industry Co., Ltd.		4,000		8,417
Chunghwa Telecom Co., Ltd. Sponsored ADR		400		14,520
Eclat Textile Co., Ltd.		1,000		9,648
Elite Material Co., Ltd.		5,000		11,718
Feng TAY Enterprise Co., Ltd.		3,120		12,952
FLEXium Interconnect, Inc.		2,207		5,748
Grand Pacific Petrochemical Corp.		10,000		4,864
Grape King Bio, Ltd.		1,000		6,529
Hon Hai Precision Industry Co., Ltd. GDR		3,359		16,905
Hotai Motor Co., Ltd.		1,000		9,791
Micro-Star International Co., Ltd.		4,000		7,378
President Chain Store Corp.		1,000		7,824
Ruentex Development Co., Ltd.		4,000		4,650
Shin Zu Shing Co., Ltd.		2,000		6,565
St Shine Optical Co., Ltd.		1,000		22,451
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		5,983		156,934
Uni-President Enterprises Corp.		3,000		5,918
Vanguard International Semiconductor Corp.		4,000		6,604
Voltronic Power Technology Corp.		1,050		14,632
Wistron NeWeb Corp.		2,000		5,105
				352,025
Thailand | 4.1%
Airports of Thailand Public Co. Ltd. ADR		123		13,651
Bangkok Bank Public Co. Ltd. NVDR		3,600		16,301
Bangkok Land Public Co. Ltd. NVDR		116,300		5,400
Beauty Community Public Co. Ltd. NVDR		32,524		7,623
Charoen Pokphand Foods Public Co. Ltd. NVDR		10,400		8,531
Delta Electronics Thailand Public Co. Ltd. (c)		2,100		4,079
Pruksa Real Estate Public Co. Ltd. ADR		543		7,635
PTT Exploration & Production Public Co. Ltd.		2,700		6,377
PTT Global Chemical Public Co. Ltd. ADR (c)		734		5,849
Srisawad Power 1979 Public Co. Ltd. NVDR		5,945		6,445
Thai Vegetable Oil Public Co. Ltd. NVDR		10,300		9,382
The Siam Cement Public Co. Ltd.		1,300		17,705
Tipco Asphalt Public Co. Ltd. NVDR		13,100		10,166
				119,144
Turkey | 1.9%
Akbank TAS ADR		1,693		9,616
Eregli Demir ve Celik Fabrikalari TAS ADR		1,424		10,052
Koza Altin Isletmeleri ADR (a)		522		2,311
TAV Havalimanlari Holding AS ADR		372		6,317

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

30  Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Turk Telekomunikasyon ADR		2,817	$	11,268
Turkiye Garanti Bankasi AS ADR		2,056		5,366
Turkiye Halk Bankasi AS ADR		729		4,068
Turkiye Vakiflar Bankasi TAO, Class D		4,580		7,283
				56,281
Total Common Stocks (Cost $2,969,211)				2,921,343
Preferred Stocks | 1.6%
Brazil | 1.6%
Banco Bradesco SA ADR		2,660		20,774
Itau Unibanco Holding SA Sponsored ADR		1,415		13,358
Vale SA		3,000		12,169
Total Preferred Stocks (Cost $42,462)				46,301

Description	Shares		Fair Value
Short-Term Investment | 0.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $13,247)		13,247	$	13,247
Total Investments | 101.6% (Cost $3,024,920) (d)			$	2,980,891
Liabilities in Excess of Cash and Other Assets | (1.6)%				(46,914	)
Net Assets | 100.0%			$	2,933,977

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

Semi-Annual Report  31

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks | 96.2%
Argentina | 1.7%
Grupo Supervielle SA Sponsored ADR		64,800	$	828,792
YPF SA Sponsored ADR		201,410		3,867,072
				4,695,864
Brazil | 5.9%
Ambev SA ADR		402,475		2,378,627
Banco ABC Brasil SA		385,719		1,569,389
Banco do Brasil SA		383,357		2,050,267
CCR SA		529,000		2,766,616
Cielo SA Sponsored ADR		325,675		3,413,074
Iochpe Maxion SA		314,100		1,339,592
Localiza Rent a Car SA		226,510		2,432,710
Natura Cosmeticos SA		53,795		427,037
				16,377,312
China | 23.2%
AAC Technologies Holdings, Inc.		461,640		3,970,571
Agricultural Bank of China, Ltd., Class H		8,918,726		3,279,712
Alibaba Group Holding, Ltd. Sponsored ADR (a)		46,294		3,681,762
Anhui Conch Cement Co., Ltd., Class H		870,000		2,123,008
Baidu, Inc. Sponsored ADR (a)		45,692		7,546,034
Brilliance China Automotive Holdings, Ltd.		2,703,373		2,780,600
China Construction Bank Corp., Class H		6,391,281		4,255,621
China Lesso Group Holdings, Ltd.		751,000		402,061
China Medical System Holdings, Ltd.		1,217,000		1,868,479
China Mobile, Ltd. Sponsored ADR		61,816		3,579,146
China Pioneer Pharma Holdings, Ltd.		2,136,000		467,645
China Shenhua Energy Co., Ltd., Class H		1,128,000		2,085,043
China State Construction International Holdings, Ltd.		1,458,504		1,936,586
CNOOC, Ltd.		3,573,800		4,461,725
Cosmo Lady China Holdings Co., Ltd.		1,446,000		737,326
CT Environmental Group, Ltd.		3,368,801		988,691
Greatview Aseptic Packaging Co., Ltd.		2,374,679		1,132,165
Minth Group, Ltd.		368,000		1,191,705
NetEase, Inc. ADR		35,545		6,868,005
New Oriental Education & Technology Group, Inc. Sponsored ADR		75,700		3,170,316
Ping An Insurance (Group) Co. of China, Ltd., Class H		829,000		3,667,716
Tencent Holdings, Ltd.		182,200		4,155,541
				64,349,458

Description	Shares		Fair Value
Colombia | 0.9%
Bancolombia SA Sponsored ADR		68,345	$	2,386,608
Egypt | 0.5%
Commercial International Bank Egypt SAE GDR		394,160		1,404,047
Georgia | 0.5%
BGEO Group PLC		38,796		1,372,763
Hong Kong | 2.6%
Man Wah Holdings, Ltd.		1,036,800		1,492,657
Pacific Textiles Holdings, Ltd.		832,000		1,041,118
PAX Global Technology, Ltd.		1,731,000		1,516,632
Techtronic Industries Co., Ltd.		412,233		1,725,699
Tongda Group Holdings, Ltd.		7,489,114		1,475,230
				7,251,336
Hungary | 0.8%
OTP Bank Nyrt.		100,617		2,255,891
India | 9.9%
Aurobindo Pharma, Ltd.		287,177		3,155,522
Axis Bank, Ltd.		744,430		5,921,849
Bajaj Auto, Ltd.		53,171		2,128,181
Balkrishna Industries, Ltd.		128,773		1,265,530
CCL Products India, Ltd.		276,936		1,018,596
Dewan Housing Finance Corp., Ltd.		546,316		1,656,753
Glenmark Pharmaceuticals, Ltd.		193,722		2,296,986
HCL Technologies, Ltd.		179,627		1,948,969
ICICI Bank, Ltd. Sponsored ADR		666,698		4,786,892
Reliance Industries, Ltd.		136,564		1,967,387
UPL, Ltd.		165,550		1,358,564
				27,505,229
Indonesia | 5.5%
PT Bank Mandiri (Persero) Tbk		4,005,000		2,903,360
PT Bank Rakyat Indonesia (Persero) Tbk		5,555,218		4,562,556
PT Cikarang Listrindo Tbk		9,172,800		1,041,377
PT Pakuwon Jati Tbk		26,715,300		1,251,175
PT Telekomunikasi Indonesia (Persero)
Tbk Sponsored ADR		64,915		3,989,676
PT United Tractors Tbk		1,293,680		1,456,775
				15,204,919
Macau | 0.2%
Wynn Macau, Ltd.		437,930		638,114

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

32  Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Malaysia | 0.4%
Berjaya Auto Berhad		1,992,620	$	1,146,115
Mexico | 4.3%
America Movil SAB de CV, Class L Sponsored ADR		102,274		1,253,879
Credito Real SAB de CV		586,515		1,122,821
Grupo Financiero Banorte SAB de CV, Class O		547,000		3,057,148
Grupo Financiero Interacciones SA de CV, Class O		182,671		891,746
Grupo Mexico SAB de CV, Series B		529,601		1,240,971
Kimberly-Clark de Mexico SAB de CV, Series A		963,400		2,275,899
Nemak SAB de CV		760,100		890,124
Unifin Financiera SAB de CV SOFOM ENR		490,105		1,228,040
				11,960,628
Peru | 1.0%
Credicorp, Ltd.		18,616		2,873,007
Philippines | 0.5%
Philippine Long Distance Telephone Co. Sponsored ADR		30,502		1,359,474
Portugal | 1.0%
Galp Energia SGPS SA		204,149		2,835,123
Russia | 8.7%
Gazprom PJSC Sponsored ADR		358,235		1,547,092
Lukoil PJSC Sponsored ADR		51,473		2,147,968
Mobile TeleSystems PJSC Sponsored ADR		266,200		2,204,136
Novatek OAO Sponsored GDR		37,024		3,783,613
Sberbank of Russia PJSC		2,309,145		4,812,835
Sberbank of Russia PJSC Sponsored ADR		460,077		4,016,472
X5 Retail Group NV GDR (a)		107,926		2,143,432
Yandex NV Class A (a)		152,162		3,324,740
				23,980,288
South Africa | 0.9%
Standard Bank Group, Ltd.		207,815		1,821,675
Sun International, Ltd.		126,136		742,370
				2,564,045

Description	Shares		Fair Value
South Korea | 9.3%
Eugene Technology Co., Ltd.		109,276	$	1,558,080
Fila Korea, Ltd.		15,870		1,252,721
Hansae Co., Ltd.		29,524		966,568
Hanwha Life Insurance Co., Ltd.		229,974		1,156,807
Hyundai Mobis Co., Ltd.		13,337		2,919,990
KC Tech Co., Ltd.		66,740		866,140
Koh Young Technology, Inc.		34,097		1,212,503
KT&G Corp.		13,251		1,570,680
Mando Corp.		7,122		1,347,445
Samsung Electronics Co., Ltd.		5,137		6,394,839
Shinhan Financial Group Co., Ltd.		77,793		2,568,450
SK Hynix, Inc.		91,372		2,596,971
Viatron Technologies, Inc.		60,282		1,246,395
				25,657,589
Taiwan | 11.2%
Advanced Semiconductor Engineering, Inc.		1,839,000		2,113,524
Catcher Technology Co., Ltd.		209,000		1,560,194
Chailease Holding Co., Ltd.		740,336		1,197,240
Chicony Electronics Co., Ltd.		640,452		1,442,099
Flytech Technology Co., Ltd.		330,000		1,047,587
Hon Hai Precision Industry Co., Ltd.		691,247		1,778,648
King Slide Works Co., Ltd.		111,000		1,299,596
Largan Precision Co., Ltd.		37,000		3,433,987
Makalot Industrial Co., Ltd.		156,009		729,817
Silicon Motion Technology Corp. ADR		79,110		3,781,458
Sinmag Equipment Corp.		241,615		798,745
Sporton International, Inc.		287,590		1,484,246
Taiwan Semiconductor Manufacturing Co., Ltd.		1,818,113		9,193,409
Toung Loong Textile Manufacturing Co., Ltd.		399,000		1,113,420
				30,973,970
Thailand | 0.2%
KCE Electronics Public Co. Ltd. (c)		258,062		611,374
Turkey | 5.1%
Aselsan Elektronik Sanayi Ve Ticaret AS		672,079		2,201,754
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,566,971		1,574,729
KOC Holding AS ADR		132,567		3,009,271
Turkcell Iletisim Hizmetleri AS ADR (a)		201,375		1,842,581
Turkiye Garanti Bankasi AS		970,205		2,588,946
Turkiye Is Bankasi AS, C Shares		1,005,917		1,612,601
Turkiye Sinai Kalkinma Bankasi AS		2,801,957		1,308,056
				14,137,938

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

Semi-Annual Report  33

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
United States | 1.9%
Freeport-McMoRan, Inc.		255,588	$	2,847,251
Luxoft Holding, Inc. (a)		19,100		993,582
Nexteer Automotive Group, Ltd.		1,425,000		1,301,185
				5,142,018
Total Common Stocks
(Cost $269,609,415)				266,683,110
Short-Term Investment | 2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $8,044,182)		8,044,182		8,044,182

Description	Fair Value
Total Investments | 99.1%
(Cost $277,653,597) (d)	$	274,727,292
Cash and Other Assets in Excess of Liabilities | 0.9%		2,570,514
Net Assets | 100.0%	$	277,297,806

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

34  Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Multi Asset Portfolio
Common Stocks | 62.5%
Argentina | 0.8%
Grupo Supervielle SA Sponsored ADR		22,300	$	285,217
YPF SA Sponsored ADR		64,185		1,232,352
				1,517,569
Brazil | 4.1%
Ambev SA ADR		161,400		953,874
Banco ABC Brasil SA		132,478		539,018
Banco do Brasil SA		153,845		822,793
Braskem SA A Shares		55,640		329,790
CCR SA		277,300		1,450,251
Cielo SA Sponsored ADR		130,236		1,364,873
Iochpe Maxion SA		108,300		461,884
Localiza Rent a Car SA		91,138		978,819
Natura Cosmeticos SA		23,655		187,779
Telefonica Brasil SA ADR		27,033		367,649
				7,456,730
China | 13.7%
AAC Technologies Holdings, Inc.		105,000		903,106
Agricultural Bank of China, Ltd., Class H		2,041,090		750,577
Alibaba Group Holding, Ltd. Sponsored ADR (a)		10,426		829,180
Anhui Conch Cement Co., Ltd., Class H		202,500		494,148
Baidu, Inc. Sponsored ADR (a)		18,560		3,065,184
Brilliance China Automotive  Holdings, Ltd.		613,717		631,249
China Construction Bank Corp., Class H		2,555,065		1,701,285
China Lesso Group Holdings, Ltd.		242,775		129,974
China Medical System Holdings, Ltd.		277,000		425,282
China Mobile, Ltd. Sponsored ADR		39,041		2,260,474
China Pioneer Pharma Holdings, Ltd.		802,000		175,586
China Shenhua Energy Co., Ltd., Class H		451,986		835,470
China State Construction International Holdings, Ltd.		330,125		438,336
CNOOC, Ltd.		1,099,000		1,372,051
Cosmo Lady China Holdings Co., Ltd.		499,000		254,444
CT Environmental Group, Ltd.		2,931,536		860,361
ENN Energy Holdings, Ltd.		108,000		534,524
Greatview Aseptic Packaging Co., Ltd.		819,978		390,937
Industrial & Commercial Bank of China, Ltd., Class H		1,519,000		843,818
Minth Group, Ltd.		126,000		408,029
NetEase, Inc. ADR		14,255		2,754,351

Description	Shares		Fair Value
New Oriental Education & Technology Group, Inc. Sponsored ADR		17,197	$	720,210
PICC Property & Casualty Co., Ltd., Class H		330,000		522,466
Ping An Insurance (Group) Co. of China, Ltd., Class H		276,965		1,225,367
Tencent Holdings, Ltd.		80,700		1,840,572
Vipshop Holdings, Ltd. ADR (a)		32,843		366,856
				24,733,837
Colombia | 0.3%
Bancolombia SA Sponsored ADR		15,970		557,672
Egypt | 0.3%
Commercial International Bank Egypt SAE GDR		157,515		561,088
Georgia | 0.3%
BGEO Group PLC		13,390		473,793
Hong Kong | 1.3%
Man Wah Holdings, Ltd.		357,600		514,828
Pacific Textiles Holdings, Ltd.		287,000		359,136
PAX Global Technology, Ltd.		597,000		523,067
Techtronic Industries Co., Ltd.		93,110		389,779
Tongda Group Holdings, Ltd.		2,530,049		498,378
				2,285,188
Hungary | 0.5%
OTP Bank Nyrt.		40,328		904,177
India | 6.3%
Aurobindo Pharma, Ltd.		64,931		713,467
Axis Bank, Ltd.		297,998		2,370,537
Bajaj Auto, Ltd.		21,365		855,139
Balkrishna Industries, Ltd.		44,416		436,503
CCL Products India, Ltd.		88,934		327,107
Dewan Housing Finance Corp., Ltd.		188,547		571,786
Dr Reddy’s Laboratories, Ltd. ADR		11,636		596,112
Glenmark Pharmaceuticals, Ltd.		43,801		519,354
HCL Technologies, Ltd.		72,064		781,901
HDFC Bank, Ltd. ADR		24,282		1,611,111
ICICI Bank, Ltd. Sponsored ADR		149,381		1,072,556
Reliance Industries, Ltd.		30,777		443,384
Tata Motors, Ltd. Sponsored ADR (a)		18,112		627,943
UPL, Ltd.		57,139		468,903
				11,395,803

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

Semi-Annual Report  35

Description	Shares		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Indonesia | 3.5%
PT Bank Mandiri (Persero) Tbk		2,537,223	$	1,839,319
PT Bank Rakyat Indonesia (Persero) Tbk		1,262,600		1,036,986
PT Cikarang Listrindo Tbk		3,152,200		357,866
PT Pakuwon Jati Tbk		9,215,260		431,584
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		35,727		2,195,781
PT United Tractors Tbk		346,815		390,538
				6,252,074
Macau | 0.1%
Wynn Macau, Ltd.		176,000		256,452
Malaysia | 0.2%
Berjaya Auto Berhad		674,660		388,051
Mexico | 4.3%
Alsea SAB de CV		156,625		596,257
America Movil SAB de CV, Class L Sponsored ADR		40,888		501,287
Credito Real SAB de CV		208,220		398,615
Fibra Uno Administracion SA de CV REIT		220,704		470,198
Gruma SAB de CV, Class B		44,178		635,514
Grupo Aeroportuario del Pacifico SAB de CV ADR		6,636		681,053
Grupo Financiero Banorte SAB de CV, Class O		266,865		1,491,491
Grupo Financiero Interacciones SA de CV, Class O		62,787		306,508
Grupo Mexico SAB de CV, Series B		210,509		493,269
Kimberly-Clark de Mexico SAB de CV, Series A		385,135		909,828
Nemak SAB de CV		262,200		307,052
Unifin Financiera SAB de CV SOFOM ENR		168,320		421,754
Wal-Mart de Mexico SAB de CV		222,842		536,063
				7,748,889
Peru | 0.7%
Credicorp, Ltd.		8,012		1,236,492
Philippines | 0.5%
BDO Unibank, Inc.		162,169		387,123
Philippine Long Distance Telephone Co. Sponsored ADR		12,240		545,537
				932,660

Description	Shares		Fair Value
Portugal | 0.7%
Galp Energia SGPS SA		87,399	$	1,213,755
Russia | 5.1%
Gazprom PJSC Sponsored ADR		144,099		622,313
Lukoil PJSC Sponsored ADR		48,812		2,038,186
Magnit PJSC Sponsored GDR		14,672		487,404
Mobile TeleSystems PJSC Sponsored ADR		106,610		882,731
Novatek OAO Sponsored GDR		8,316		849,857
Sberbank of Russia PJSC (a)		521,973		1,087,922
Sberbank of Russia PJSC Sponsored ADR		233,159		2,035,917
X5 Retail Group NV GDR (a)		24,559		487,584
Yandex NV Class A (a)		34,075		744,539
				9,236,453
South Africa | 1.8%
FirstRand, Ltd.		124,421		382,230
Mondi PLC		22,211		413,939
Naspers, Ltd., N Shares		9,949		1,524,458
Standard Bank Group, Ltd.		83,005		727,609
Sun International, Ltd.		43,344		255,100
				3,303,336
South Korea | 7.4%
Amorepacific Corp.		1,592		599,988
Eugene Technology Co., Ltd.		37,652		536,850
Fila Korea, Ltd.		5,477		432,335
Hansae Co., Ltd.		6,605		216,237
Hanwha Life Insurance Co., Ltd.		109,029		548,434
Hyundai Department Store Co., Ltd.		3,973		445,019
Hyundai Mobis Co., Ltd.		5,350		1,171,324
KC Tech Co., Ltd.		22,977		298,191
Koh Young Technology, Inc.		11,571		411,469
Korea Zinc Co., Ltd.		983		433,662
KT&G Corp.		5,297		627,869
Mando Corp.		2,456		464,662
Samsung Electronics Co., Ltd.		3,236		4,028,363
Shinhan Financial Group Co., Ltd.		31,112		1,027,209
SK Hynix, Inc.		58,248		1,655,522
Viatron Technologies, Inc.		20,722		428,450
				13,325,584
Taiwan | 6.3%
Advanced Semiconductor Engineering, Inc.		413,000		474,652
Catcher Technology Co., Ltd.		49,000		365,787
Chailease Holding Co., Ltd.		252,280		407,977
Chicony Electronics Co., Ltd.		223,702		503,707
Flytech Technology Co., Ltd.		114,000		361,894
Hon Hai Precision Industry Co., Ltd.		166,950		429,579

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

36  Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Hon Hai Precision Industry Co., Ltd. GDR		137,590	$	692,466
King Slide Works Co., Ltd.		39,000		456,615
Largan Precision Co., Ltd.		9,000		835,294
Makalot Industrial Co., Ltd.		53,489		250,224
Silicon Motion Technology Corp. ADR		20,605		984,919
Sinmag Equipment Corp.		82,334		272,185
Sporton International, Inc.		98,930		510,576
Taiwan Semiconductor Manufacturing Co., Ltd.		165,668		837,711
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		136,610		3,583,280
Toung Loong Textile Manufacturing Co., Ltd.		136,820		381,800
				11,348,666
Thailand | 0.4%
Kasikornbank Public Co. Ltd.		83,020		408,229
KCE Electronics Public Co. Ltd. (c)		89,028		210,916
				619,145
Turkey | 2.5%
Aselsan Elektronik Sanayi Ve Ticaret AS		150,819		494,088
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		355,014		356,772
KOC Holding AS ADR		53,104		1,205,461
Turkcell Iletisim Hizmetleri AS ADR (a)		80,327		734,992
Turkiye Garanti Bankasi AS		219,233		585,013
Turkiye Is Bankasi AS, C Shares		404,863		649,042
Turkiye Sinai Kalkinma Bankasi AS		971,106		453,348
				4,478,716
United Arab Emirates | 0.2%
Emaar Properties PJSC		166,477		283,022
United Kingdom | 0.4%
Unilever NV		15,420		723,815
United States | 0.8%
Freeport-McMoRan, Inc.		57,309		638,422
Luxoft Holding, Inc. (a)		6,600		343,332
Nexteer Automotive Group, Ltd.		489,000		446,512
				1,428,266
Total Common Stocks (Cost $113,767,343)				112,661,233

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds | 1.4%
Brazil | 0.6%
Petrobras Global Finance BV:
8.375%, 12/10/18	USD		11	$	12,090
8.375%, 05/23/21	USD		1,140		1,176,480
					1,188,570
Chile | 0.1%
VTR Finance BV, 6.875%, 01/15/24	USD		100		99,698
China | 0.1%
Green Dragon Gas, Ltd., 10.000%, 11/20/17	USD		200		120,000
Colombia | 0.1%
Ecopetrol SA, 5.875%, 09/18/23	USD		275		283,250
Guatemala | 0.0%
Comcel Trust, 6.875%, 02/06/24	USD		100		98,000
Macau | 0.1%
MCE Finance, Ltd., 5.000%, 02/15/21	USD		100		99,000
Mexico | 0.1%
Cemex Finance LLC, 9.375%, 10/12/22	USD		90		99,000
Cemex SAB de CV, 7.750%, 04/16/26	USD		50		52,125
					151,125
Qatar | 0.1%
Ooredoo International Finance, Ltd., 3.750%, 06/22/26	USD		100		101,125
Russia | 0.1%
GTH Finance BV, 7.250%, 04/26/23	USD		200		208,000

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

Semi-Annual Report  37

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
United Arab Emirates | 0.1%
DP World, Ltd., 6.850%, 07/02/37	USD		100	$	109,900
Total Corporate Bonds (Cost $2,468,866)					2,458,668
Foreign Government Obligations | 18.3%
Angola | 0.1%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19	USD		138		138,608
Argentina | 2.2%
Republic of Argentina:
6.875%, 04/22/21 (b)	USD		250		266,250
7.500%, 04/22/26 (b)	USD		1,000		1,081,000
8.280%, 12/31/33	USD		1,823		2,032,254
2.500%, 12/31/38 (e)	USD		960		648,000
					4,027,504
Armenia | 0.1%
Republic of Armenia, 6.000%, 09/30/20	USD		200		202,500
Azerbaijan | 0.1%
Republic of Azerbaijan, 4.750%, 03/18/24	USD		205		208,075
Belize | 0.1%
Republic of Belize, 5.000%, 02/20/38 (e)	USD		316		177,750
Brazil | 1.5%
Brazil NTN-B:
6.000%, 08/15/16	BRL		680		612,958
6.000%, 08/15/18	BRL		270		241,959
6.000%, 08/15/20	BRL		464		413,670
6.000%, 05/15/35	BRL		730		656,135
6.000%, 08/15/50	BRL		500		447,688
Federal Republic of Brazil, 5.000%, 01/27/45	USD		385		343,612
					2,716,022

Description	Security Currency	Principal Amount (000)		Fair Value
Colombia | 0.5%
Colombian Titulos De Tesoreria:
7.000%, 05/04/22	COP		790,000	$	268,996
10.000%, 07/24/24	COP		228,000		90,557
Republic of Colombia:
2.625%, 03/15/23	USD		65		62,887
4.000%, 02/26/24	USD		385		402,325
4.500%, 01/28/26	USD		60		64,590
7.375%, 09/18/37	USD		20		26,000
					915,355
Congo | 0.2%
Republic of Congo, 4.000%, 06/30/29 (e)	USD		564		402,637
Costa Rica | 0.2%
Republic of Costa Rica:
4.250%, 01/26/23	USD		180		171,360
7.158%, 03/12/45	USD		210		210,000
					381,360
Croatia | 0.6%
Croatia:
6.250%, 04/27/17	USD		50		51,375
6.750%, 11/05/19	USD		150		163,125
6.625%, 07/14/20	USD		50		54,500
5.500%, 04/04/23	USD		490		517,562
6.000%, 01/26/24	USD		210		228,900
					1,015,462
Dominican Republic | 0.2%
Dominican Republic:
7.500%, 05/06/21	USD		90		99,720
5.500%, 01/27/25	USD		70		71,225
7.450%, 04/30/44	USD		215		235,425
					406,370
Egypt | 0.1%
Arab Republic of Egypt, 5.875%, 06/11/25 (b)	USD		145		127,056
El Salvador | 0.1%
Republic of El Salvador:
5.875%, 01/30/25	USD		71		63,545
6.375%, 01/18/27	USD		75		65,250
7.625%, 02/01/41	USD		85		75,438
					204,233
Gabon | 0.1%
Gabonese Republic, 6.375%, 12/12/24	USD		225		193,500

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

38  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Ghana | 0.1%
Republic of Ghana, 7.875%, 08/07/23	USD		230	$	201,250
Guatemala | 0.1%
Republic of Guatemala:
5.750%, 06/06/22	USD		99		109,890
4.875%, 02/13/28	USD		75		77,250
					187,140
Hungary | 0.5%
Hungary:
6.375%, 03/29/21	USD		94		106,925
5.375%, 02/21/23	USD		422		467,893
Hungary Government Bond, 3.000%, 06/26/24	HUF		88,200		310,982
					885,800
Indonesia | 0.7%
Indonesia Government Bond, 7.875%, 04/15/19	IDR		5,678,000		435,546
Republic of Indonesia:
8.500%, 10/12/35	USD		260		371,800
6.625%, 02/17/37	USD		125		154,561
7.750%, 01/17/38	USD		100		135,779
5.250%, 01/17/42	USD		55		58,531
6.750%, 01/15/44	USD		120		152,569
					1,308,786
Ivory Coast | 0.6%
Ivory Coast:
6.375%, 03/03/28	USD		300		292,050
6.375%, 03/03/28 (b)	USD		250		243,375
5.750%, 12/31/32	USD		480		448,800
					984,225
Jamaica | 0.1%
Government of Jamaica:
8.000%, 06/24/19	USD		75		81,111
6.750%, 04/28/28	USD		75		78,600
					159,711
Kenya | 0.1%
Republic of Kenya, 6.875%, 06/24/24	USD		210		194,775

Description	Security Currency	Principal Amount (000)		Fair Value
Lithuania | 0.1%
Republic of Lithuania:
7.375%, 02/11/20	USD		75	$	88,339
6.625%, 02/01/22	USD		100		120,774
					209,113
Malaysia | 0.2%
Malaysia Government Bond, 3.800%, 08/17/23	MYR		1,528		380,437
Mexico | 1.2%
Mexican Bonos:
6.500%, 06/10/21	MXN		5,260		300,351
5.750%, 03/05/26	MXN		6,620		357,659
7.750%, 11/13/42	MXN		11,890		752,675
Mexican Udibonos:
2.500%, 12/10/20	MXN		11,697		647,562
4.000%, 11/15/40	MXN		2,274		135,994
					2,194,241
Namibia | 0.1%
Republic of Namibia, 5.250%, 10/29/25	USD		200		203,000
Pakistan | 0.1%
Islamic Republic of Pakistan:
8.250%, 04/15/24	USD		200		210,949
8.250%, 04/15/24 (b)	USD		5		5,274
					216,223
Panama | 0.4%
Republic of Panama:
3.750%, 03/16/25	USD		200		210,250
7.125%, 01/29/26	USD		30		39,075
8.875%, 09/30/27	USD		95		138,700
3.875%, 03/17/28	USD		210		222,338
					610,363
Paraguay | 0.1%
Republic of Paraguay:
4.625%, 01/25/23	USD		40		41,540
5.000%, 04/15/26 (b)	USD		50		52,675
6.100%, 08/11/44	USD		95		100,225
					194,440
Peru | 0.7%
Republic of Peru:
7.350%, 07/21/25	USD		95		129,437
8.750%, 11/21/33	USD		396		622,710
5.625%, 11/18/50	USD		390		484,575
					1,236,722

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

Semi-Annual Report  39

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Poland | 0.4%
Poland Government Bond, 2.000%, 04/25/21	PLN		2,760	$	696,391
Portugal | 0.6%
Republic of Portugal, 5.125%, 10/15/24	USD		1,123		1,122,674
Romania | 0.2%
Romanian Government Bond, 4.750%, 02/24/25	RON		920		247,609
Russia | 0.6%
Russia Foreign Bond, 4.875%, 09/16/23	USD		400		435,000
Russia Government Bond - OFZ, 7.500%, 02/27/19	RUB		37,280		563,115
					998,115
Rwanda | 0.1%
Republic of Rwanda, 6.625%, 05/02/23	USD		225		217,635
Senegal | 0.1%
Republic of Senegal, 8.750%, 05/13/21	USD		200		217,500
Serbia | 0.4%
Republic of Serbia:
5.875%, 12/03/18	USD		200		212,200
7.250%, 09/28/21	USD		400		458,000
					670,200
Slovenia | 1.4%
Republic of Slovenia:
5.850%, 05/10/23	USD		930		1,075,258
5.250%, 02/18/24	USD		1,330		1,499,411
					2,574,669
South Africa | 0.5%
Republic of South Africa:
7.250%, 01/15/20	ZAR		6,790		448,760
6.750%, 03/31/21	ZAR		2,110		134,710
10.500%, 12/21/26	ZAR		1,270		95,939
8.500%, 01/31/37	ZAR		4,600		283,825
					963,234

Description	Security Currency	Principal Amount (000)		Fair Value
Sri Lanka | 0.3%
Republic of Sri Lanka:
6.000%, 01/14/19	USD		140	$	142,783
6.250%, 07/27/21	USD		40		40,165
6.125%, 06/03/25	USD		150		140,366
6.850%, 11/03/25	USD		250		243,102
					566,416
Turkey | 1.3%
Republic of Turkey:
7.375%, 02/05/25	USD		120		148,200
4.875%, 10/09/26	USD		360		379,800
4.875%, 04/16/43	USD		90		88,200
6.625%, 02/17/45	USD		515		627,012
Turkey Government Bond, 10.400%, 03/27/19	TRY		2,980		1,076,333
					2,319,545
Ukraine | 0.3%
Ukraine Government Bond, 0.000%, 05/31/40 (f)	USD		1,575		513,450
Uruguay | 0.4%
Republica Orient Uruguay:
5.000%, 09/14/18	UYU		7,845		255,209
4.500%, 08/14/24	USD		310		335,575
7.875%, 01/15/33	USD		120		163,200
					753,984
Venezuela | 0.2%
Republic of Venezuela:
6.000%, 12/09/20	USD		110		44,687
12.750%, 08/23/22	USD		85		43,350
7.650%, 04/21/25	USD		37		15,078
11.750%, 10/21/26	USD		87		41,325
9.250%, 09/15/27	USD		85		41,012
11.950%, 08/05/31	USD		163		76,610
9.375%, 01/13/34	USD		90		38,925
7.000%, 03/31/38	USD		63		25,043
					326,030
Vietnam | 0.2%
Socialist Republic of Vietnam, 6.750%, 01/29/20	USD		250		277,165
Zambia | 0.1%
Republic of Zambia, 8.970%, 07/30/27	USD		230		201,825
Total Foreign Government Obligations
(Cost $32,564,336)					32,949,100

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

40  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Quasi Government Bonds | 0.6%
Indonesia | 0.3%
Majapahit Holding BV, 7.750%, 01/20/20	USD		75	$	85,725
PT Pertamina Persero, 6.450%, 05/30/44	USD		275		292,306
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/25 (b)	USD		175		180,907
					558,938
Venezuela | 0.3%
Petroleos de Venezuela SA:
5.250%, 04/12/17	USD		380		238,412
8.500%, 11/02/17	USD		97		67,621
6.000%, 05/16/24	USD		265		92,087
5.375%, 04/12/27	USD		120		41,280
9.750%, 05/17/35	USD		85		34,208
5.500%, 04/12/37	USD		107		36,648
					510,256
Total Quasi Government Bonds (Cost $1,048,671)					1,069,194
USTreasury Securities | 5.3%
US Treasury Notes:
0.625%, 07/15/16	USD		3,000		3,000,501
1.000%, 08/31/16	USD		3,500		3,504,053
1.000%, 09/30/16	USD		3,000		3,004,839
Total USTreasury Securities (Cost $9,509,035)					9,509,393

Description	Shares		Fair Value
Warrants | 0.0%
Iraq | 0.0%
Gulf Keystone Petroleum, Ltd. Expires 04/18/17 (Cost $0)		64,000	$	0
Short-Term Investment | 10.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $19,644,007)		19,644,007		19,644,007
Description	Number of Contracts		Fair Value
Purchased Options | 0.0%
USD vs MXN July 16 18.5 Put, Expires 07/26/16 (Cost $21,984)		6,400	$	13,312
Total Investments | 99.0% (Cost $179,024,242) (d), (g)			$	178,304,907
Cash and Other Assets in Excess of Liabilities | 1.0%				1,760,734
Net Assets | 100.0%			$	180,065,641

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, 2016:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
ARS		1,814,140	USD		122,000		BNP	07/06/16		$	—		$	1,484
ARS		988,000	USD		65,000		BNP	07/29/16			—			164
ARS		2,705,585	USD		179,000		BNP	08/05/16			—			2,107
ARS		1,424,760	USD		93,000		BNP	08/29/16			—			976
ARS		3,823,950	USD		265,000		CIT	07/27/16			—			13,795
ARS		823,500	USD		54,000		CIT	07/29/16			41			—
BRL		783,735	USD		244,169		BRC	07/05/16			—			190
BRL		785,318	USD		231,726		BRC	07/05/16			12,747			—
BRL		93,899	USD		26,000		CIT	09/21/16			2,550			—
BRL		808,060	USD		220,000		CIT	09/21/16			25,691			—
BRL		783,735	USD		244,169		JPM	07/05/16			—			190
BRL		785,318	USD		231,657		JPM	07/05/16			12,815			—
BRL		595,073	USD		160,983		JPM	09/21/16			19,950			—
BRL		769,759	USD		239,815		SCB	07/05/16			—			187
BRL		785,318	USD		231,657		SCB	07/05/16			12,815			—
BRL		804,043	USD		250,496		SCB	07/05/16			—			195
BRL		785,318	USD		231,719		UBS	07/05/16			12,753			—
CLP		152,713,000	USD		220,000		SCB	07/08/16			10,664			—
CLP		175,850,220	USD		258,000		SCB	07/22/16			7,269			—
CNY		756,784	USD		116,000		HSB	07/13/16			—			2,124
CNY		3,413,098	USD		523,000		HSB	07/13/16			—			9,417
CNY		339,352	USD		52,000		SCB	07/13/16			—			936
COP		455,609,000	USD		154,000		BNP	07/06/16			1,948			—
COP		654,390,000	USD		220,000		SCB	07/06/16			3,988			—
COP		765,253,800	USD		258,000		SCB	07/22/16			2,974			—
COP		914,154,000	USD		302,000		SCB	07/22/16			9,753			—
COP		1,008,610,000	USD		340,000		SCB	09/06/16			928			—
DOP		17,336,000	USD		377,116		CIT	07/01/16			363			—
DOP		2,200,000	USD		48,373		CIT	08/01/16			—			666
DOP		6,501,600	USD		141,278		CIT	08/08/16			—			515
DOP		14,541,980	USD		313,000		CIT	08/08/16			1,840			—
DOP		8,786,000	USD		190,338		CIT	08/29/16			—			1,021
DOP		3,710,610	USD		81,373		CIT	09/06/16			—			1,549
DOP		17,336,000	USD		373,379		CIT	09/30/16			—			2,275
EGP		1,541,415	USD		155,698		BNP	11/30/16			—			6,709
EGP		1,641,750	USD		165,000		BNP	11/30/16			—			6,313
EGP		1,840,050	USD		174,000		BNP	02/24/17			—			4,756
EUR		155,000	USD		172,131		CIT	09/30/16			431			—
HUF		85,950,495	USD		306,769		JPM	08/01/16			—			4,694
IDR		818,662,483	USD		61,117		BRC	07/18/16			726			—
IDR		933,417,347	USD		69,840		BRC	07/18/16			671			—
IDR		1,162,409,416	USD		87,170		BRC	07/18/16			640			—
IDR		2,505,650,081	USD		186,738		BRC	07/18/16			2,543			—

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

42  Semi-Annual Report

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
IDR		1,204,982,653	USD		90,160		CIT	07/18/16		$	867		$	—
IDR		1,210,315,942	USD		90,020		CIT	07/18/16			1,409			—
IDR		1,504,590,584	USD		112,830		CIT	07/18/16			829			—
IDR		2,280,370,000	USD		163,000		CIT	03/22/17			2,802			—
IDR		2,310,270,000	USD		159,000		CIT	03/22/17			8,976			—
IDR		2,315,680,000	USD		164,000		CIT	05/02/17			3,066			—
IDR		1,908,900,000	USD		135,000		HSB	05/09/17			2,500			—
IDR		1,057,031,932	USD		78,883		JPM	07/18/16			967			—
IDR		1,506,859,882	USD		112,620		JPM	07/18/16			1,210			—
IDR		2,861,336,657	USD		213,262		JPM	07/18/16			2,888			—
IDR		2,801,025,000	USD		212,844		SCB	07/11/16			—			1,024
IDR		941,233,959	USD		69,980		SCB	07/18/16			1,122			—
IDR		1,169,140,118	USD		87,380		SCB	07/18/16			939			—
ILS		1,231,741	USD		318,000		BNP	07/18/16			1,225			—
ILS		1,626,229	USD		418,000		BNP	07/18/16			3,462			—
ILS		1,263,922	EUR		292,000		JPM	07/28/16			3,308			—
INR		22,398,770	USD		331,000		JPM	07/13/16			395			—
INR		48,924,300	USD		718,735		JPM	07/25/16			3,602			—
JPY		73,060,506	USD		710,801		CIT	07/06/16			—			3,276
KRW		264,201,000	USD		230,000		CIT	07/08/16			—			638
KRW		248,937,800	USD		211,000		CIT	07/29/16			5,068			—
KRW		236,138,820	USD		201,000		CIT	08/17/16			3,916			—
KZT		72,846,000	USD		213,000		HSB	07/29/16			—			263
KZT		77,958,000	USD		213,000		HSB	03/29/17			—			4,660
MXN		247,501	USD		13,498		BRC	07/18/16			23			—
MXN		5,008,996	USD		262,886		BRC	07/18/16			10,759			—
MXN		6,223,767	USD		330,000		BRC	07/18/16			10,010			—
MXN		4,156,950	USD		222,000		CIT	07/25/16			4,950			—
MXN		990,002	USD		54,019		JPM	07/18/16			66			—
MXN		1,848,712	USD		97,114		JPM	07/18/16			3,883			—
MXN		3,664,240	USD		200,000		JPM	07/18/16			180			—
MXN		247,501	USD		13,503		SCB	07/18/16			19			—
MXN		511,795	USD		27,378		SCB	07/18/16			582			—
MXN		934,253	USD		50,000		SCB	07/18/16			1,039			—
MXN		2,245,080	USD		120,000		SCB	07/18/16			2,651			—
MYR		877,392	USD		216,000		BNP	07/27/16			1,313			—
MYR		303,242	USD		74,224		BRC	07/18/16			928			—
MYR		321,439	USD		78,495		BRC	07/18/16			1,166			—
MYR		405,557	USD		100,160		BRC	07/18/16			349			—
MYR		391,724	USD		95,776		CIT	07/18/16			1,304			—
MYR		598,500	USD		150,000		CIT	07/27/16			—			1,763
MYR		404,203	USD		99,840		JPM	07/18/16			333			—
MYR		415,661	USD		101,505		JPM	07/18/16			1,508			—

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

Semi-Annual Report  43

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
MYR		958,134	USD		237,650		JPM	07/18/16		$	—		$	197
MYR		666,387	USD		162,000		SCB	07/05/16			3,295			—
MYR		243,270	USD		60,000		SCB	07/18/16			289			—
MYR		654,594	USD		162,350		SCB	07/18/16			—			123
MYR		851,445	USD		210,000		SCB	07/18/16			1,012			—
MYR		1,259,159	USD		306,000		SCB	07/29/16			5,829			—
PHP		18,364,890	USD		393,000		HSB	07/25/16			—			3,050
PHP		11,765,120	USD		248,000		HSB	08/04/16			1,706			—
PLN		377,436	USD		97,789		BRC	07/18/16			—			2,152
PLN		27,717	USD		7,000		JPM	07/18/16			23			—
PLN		377,436	USD		97,789		JPM	07/18/16			—			2,152
PLN		406,449	USD		106,233		JPM	07/18/16			—			3,245
PLN		790,146	USD		200,000		JPM	07/18/16			211			—
PLN		232,152	USD		60,000		SCB	07/18/16			—			1,176
PLN		358,625	USD		93,767		SCB	07/18/16			—			2,896
PLN		377,436	USD		97,807		SCB	07/18/16			—			2,170
PLN		662,629	USD		170,000		SCB	07/18/16			—			2,100
PLN		765,946	USD		200,000		SCB	07/18/16			—			5,920
PLN		377,436	USD		97,766		UBS	07/18/16			—			2,129
RON		862,087	EUR		190,000		JPM	07/13/16			605			—
RON		1,677,906	EUR		372,000		JPM	07/13/16			—			1,262
RUB		6,001,394	USD		90,000		BRC	07/18/16			3,527			—
RUB		12,778,182	USD		195,301		BRC	07/18/16			3,837			—
RUB		1,814,820	USD		28,000		CIT	07/01/16			380			—
RUB		37,092,275	USD		550,000		CIT	07/01/16			30,054			—
RUB		14,224,350	USD		217,000		CIT	07/27/16			4,152			—
RUB		39,390,038	USD		605,000		CIT	07/27/16			7,413			—
RUB		5,297,600	USD		80,000		JPM	07/18/16			2,559			—
RUB		6,518,000	USD		100,000		JPM	07/18/16			1,578			—
RUB		6,905,319	USD		106,383		JPM	07/18/16			1,231			—
RUB		13,030,000	USD		200,000		JPM	07/18/16			3,062			—
RUB		13,034,000	USD		200,000		JPM	07/18/16			3,125			—
THB		3,046,120	USD		86,000		CIT	09/12/16			583			—
THB		6,028,200	USD		170,000		CIT	09/12/16			1,345			—
THB		10,311,385	USD		292,679		CIT	09/12/16			411			—
THB		12,191,935	USD		343,000		SCB	09/12/16			3,543			—
TRY		578,947	USD		197,980		BRC	07/18/16			2,445			—
TRY		1,997,464	USD		673,000		CIT	07/01/16			21,408			—
TRY		53,563	USD		18,444		JPM	07/01/16			177			—
TRY		604,687	USD		206,000		JPM	07/01/16			4,216			—
TRY		413,290	USD		140,000		JPM	07/18/16			3,076			—

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

44  Semi-Annual Report

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
TRY		578,947	USD		197,958		JPM	07/18/16		$	2,467		$	—
TRY		583,254	USD		200,000		JPM	07/18/16			1,916			—
TRY		646,644	USD		220,000		JPM	07/18/16			3,861			—
TRY		851,411	USD		290,000		JPM	07/18/16			4,749			—
TRY		885,327	USD		300,000		JPM	07/18/16			6,490			—
TRY		204,264	USD		70,000		SCB	07/18/16			714			—
TRY		578,947	USD		197,954		SCB	07/18/16			2,471			—
TRY		578,948	USD		197,934		UBS	07/18/16			2,491			—
UGX		634,800,000	USD		186,706		BRC	07/07/16			—			320
UGX		634,800,000	USD		181,113		BRC	09/07/16			688			—
UGX		315,878,000	USD		86,000		CIT	12/23/16			1,087			—
UGX		387,520,000	USD		112,000		JPM	07/25/16			951			—
UGX		1,177,718,000	USD		347,000		JPM	07/25/16			—			3,728
USD		121,754	ARS		120,516		BNP	07/06/16			1,238			—
USD		175,243	EGP		169,244		BNP	02/24/17			5,999			—
USD		217,650	BRL		243,979		BRC	07/05/16			—			26,330
USD		244,663	BRL		244,472		BRC	07/05/16			190			—
USD		186,158	UGX		186,386		BRC	07/07/16			—			227
USD		100,561	CLP		103,798		BRC	07/14/16			—			3,237
USD		21,673	MYR		21,976		BRC	07/18/16			—			303
USD		58,679	IDR		58,933		BRC	07/18/16			—			254
USD		62,744	IDR		63,513		BRC	07/18/16			—			769
USD		63,163	MYR		64,094		BRC	07/18/16			—			931
USD		163,619	ZAR		165,800		BRC	07/18/16			—			2,181
USD		198,799	RUB		202,228		BRC	07/18/16			—			3,430
USD		214,638	MYR		217,552		BRC	07/18/16			—			2,914
USD		324,421	CLP		333,542		BRC	07/18/16			—			9,121
USD		229,921	BRL		242,352		BRC	08/02/16			—			12,431
USD		48,036	BRL		57,713		BRC	10/04/16			—			9,677
USD		379,676	DOP		377,478		CIT	07/01/16			2,197			—
USD		601,718	RUB		608,434		CIT	07/01/16			—			6,716
USD		167,077	MYR		165,295		CIT	07/05/16			1,782			—
USD		175,439	JPY		188,864		CIT	07/06/16			—			13,424
USD		176,000	JPY		189,391		CIT	07/06/16			—			13,391
USD		322,000	JPY		329,271		CIT	07/06/16			—			7,271
USD		115,488	CLP		119,868		CIT	07/14/16			—			4,380
USD		523,000	MXN		533,349		CIT	07/25/16			—			10,348
USD		258,233	THB		257,928		CIT	09/12/16			305			—
USD		169,000	BRL		220,594		CIT	09/21/16			—			51,594
USD		713,154	JPY		709,848		CIT	10/06/16			3,305			—
USD		147,682	EGP		140,961		CIT	11/30/16			6,721			—
USD		151,000	UYU		152,737		HSB	07/14/16			—			1,737

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

Semi-Annual Report  45

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		11,000	PHP		10,770		HSB	07/25/16		$	230		$	—
USD		173,000	EGP		166,715		HSB	11/30/16			6,285			—
USD		903,378	TRY		923,245		JPM	07/01/16			—			19,867
USD		217,620	BRL		243,979		JPM	07/05/16			—			26,360
USD		244,663	BRL		244,472		JPM	07/05/16			190			—
USD		105,322	CLP		109,276		JPM	07/14/16			—			3,955
USD		38,680	MYR		39,206		JPM	07/18/16			—			527
USD		75,579	CLP		77,681		JPM	07/18/16			—			2,102
USD		84,580	IDR		85,009		JPM	07/18/16			—			430
USD		93,515	ZAR		94,472		JPM	07/18/16			—			957
USD		153,456	IDR		155,366		JPM	07/18/16			—			1,910
USD		160,000	RUB		164,321		JPM	07/18/16			—			4,321
USD		163,806	ZAR		165,800		JPM	07/18/16			—			1,994
USD		234,175	MYR		237,857		JPM	07/18/16			—			3,682
USD		384,529	RUB		391,511		JPM	07/18/16			—			6,983
USD		392,796	IDR		399,984		JPM	07/18/16			—			7,188
USD		696,000	PLN		698,817		JPM	07/18/16			—			2,817
USD		147,000	MXN		148,986		JPM	07/25/16			—			1,986
USD		205,000	PHP		206,413		JPM	07/25/16			—			1,412
USD		601,000	HUF		610,063		JPM	08/01/16			—			9,063
USD		229,860	BRL		242,352		JPM	08/02/16			—			12,492
USD		1,043,159	ZAR		1,053,752		JPM	08/22/16			—			10,593
USD		16,000	TRY		16,150		JPM	08/29/16			—			150
USD		537,651	EUR		539,199		JPM	09/01/16			—			1,548
USD		248,942	RON		242,307		JPM	04/13/17			6,635			—
USD		220,359	BRL		239,629		SCB	07/05/16			—			19,269
USD		230,042	BRL		250,301		SCB	07/05/16			—			20,259
USD		244,663	BRL		244,472		SCB	07/05/16			190			—
USD		378,839	COP		379,937		SCB	07/06/16			—			1,097
USD		211,000	IDR		211,819		SCB	07/11/16			—			819
USD		204,000	CNY		202,061		SCB	07/13/16			1,939			—
USD		266,000	CNY		265,253		SCB	07/13/16			747			—
USD		89,512	CLP		92,927		SCB	07/14/16			—			3,415
USD		94,678	CLP		98,198		SCB	07/14/16			—			3,519
USD		106,957	CLP		110,359		SCB	07/14/16			—			3,403
USD		88,425	IDR		90,177		SCB	07/18/16			—			1,752
USD		145,035	RUB		147,620		SCB	07/18/16			—			2,585
USD		146,298	MYR		148,281		SCB	07/18/16			—			1,983
USD		146,741	IDR		147,542		SCB	07/18/16			—			801
USD		148,157	MYR		150,395		SCB	07/18/16			—			2,238
USD		163,707	ZAR		165,800		SCB	07/18/16			—			2,093
USD		268,788	IDR		272,285		SCB	07/18/16			—			3,497
USD		337,783	MYR		343,220		SCB	07/18/16			—			5,437

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

46  Semi-Annual Report

Lazard Emerging Markets Multi Asset Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		410,000	TRY		418,971		SCB	07/18/16		$	—		$	8,971
USD		229,860	BRL		242,352		SCB	08/02/16			—			12,492
USD		229,000	IDR		227,362		SCB	08/11/16			1,638			—
USD		244,663	BRL		244,472		UBS	07/05/16			190			—
USD		82,365	RUB		83,870		UBS	07/18/16			—			1,505
USD		163,941	ZAR		165,800		UBS	07/18/16			—			1,859
USD		229,934	BRL		242,352		UBS	08/02/16			—			12,418
USD		61,964	BRL		74,371		UBS	10/04/16			—			12,407
USD		771,000	BRL		1,043,978		UBS	01/20/17			—			272,978
UYU		6,622,740	USD		205,535		HSB	07/14/16			10,316			—
UYU		3,816,400	USD		116,000		JPM	07/21/16			8,018			—
UYU		3,790,540	USD		122,000		JPM	07/27/16			866			—
UYU		9,077,600	USD		280,000		JPM	08/15/16			12,204			—
ZAR		1,981,592	USD		127,356		BRC	07/18/16			6,837			—
ZAR		2,723,776	USD		181,114		CIT	07/18/16			3,339			—
ZAR		4,743,469	USD		310,067		CIT	07/18/16			11,160			—
ZAR		10,785,814	USD		708,000		CIT	10/03/16			11,157			—
ZAR		1,981,592	USD		127,728		JPM	07/18/16			6,465			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts										$	482,834		$	800,307

Written Options open at June 30, 2016:

Description	Number of Contracts	Strike Price		Expiration Date	Premium		Fair Value
USD vs MXN July 16 17.5 Put	6,400	$	17.50	07/26/16	$	8,058	$	(1,152	)

Credit Default Swap Agreements open at June 30, 2016:

Referenced Obligation

Counterparty

Notional Amount

Expiration Date

Buy/ Sell

Receive (Pay) Rate

S&P Credit Rating

Fair Value

Upfront Premiums Paid (Received)

Unrealized Depreciation

CDX EM 25

BRC

600,000

06/20/21

Buy

(1.000)%

CCC - AA-

$

45,172

$

46,500

$

1,328

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

Semi-Annual Report  47

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 2.8%
Brazil | 1.5%
Petrobras Global Finance BV, 8.375%, 05/23/21	USD		3,888		$	4,012,416
Colombia | 0.1%
Banco de Bogota SA, 6.250%, 05/12/26	USD		395			401,913
Israel | 0.1%
Delek & Avner Tamar Bond, Ltd., 5.082%, 12/30/23 (b)	USD		195			201,825
Morocco | 0.3%
OCP SA, 5.625%, 04/25/24	USD		635			675,957
Qatar | 0.2%
Ooredoo International Finance, Ltd., 3.750%, 06/22/26	USD		650			657,313
Russia | 0.3%
GTH Finance BV, 7.250%, 04/26/23	USD		770			800,800
South Africa | 0.2%
MTN Mauritius Investment, Ltd., 4.755%, 11/11/24	USD		420			405,300
Turkey | 0.1%
Turkiye Is Bankasi, 5.000%, 04/30/20	USD		320			325,600
Total Corporate Bonds (Cost $7,317,403)						7,481,124

Description	Security Currency	Principal Amount (000)		Fair Value
Foreign Government Obligations | 85.2%
Angola | 0.4%
Republic of Angola, 9.500%, 11/12/25 (b)	USD		767		$	759,330
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19	USD		264			264,987
						1,024,317
Argentina | 5.2%
Republic of Argentina:
6.875%, 04/22/21 (b)	USD		910			969,150
7.500%, 04/22/26 (b)	USD		3,035			3,280,835
8.280%, 12/31/33	USD		4,185			4,657,956
2.500%, 12/31/38 (e)	USD		5,020			3,388,500
7.625%, 04/22/46 (b)	USD		1,740			1,879,200
						14,175,641
Azerbaijan | 0.4%
Republic of Azerbaijan, 4.750%, 03/18/24	USD		1,105			1,121,575
Belize | 0.2%
Republic of Belize, 5.000%, 02/20/38 (e)	USD		1,095			615,938
Brazil | 6.0%
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/19	BRL		33,940			7,893,267
Brazil NTN-B:
6.000%, 05/15/35	BRL		800			719,104
6.000%, 08/15/50	BRL		3,178			2,845,406
Brazil NTN-F:
10.000%, 01/01/23	BRL		10,200			2,893,334
10.000%, 01/01/25	BRL		3,940			1,100,687
Federal Republic of Brazil:
8.250%, 01/20/34	USD		153			186,660
5.000%, 01/27/45	USD		700			624,750
						16,263,208
Cameroon | 0.1%
Republic of Cameroon, 9.500%, 11/19/25	USD		300			301,500

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

48  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Chile | 0.1%
Republic of Chile, 5.500%, 08/05/20	CLP		110,000		$	175,494
Colombia | 4.7%
Colombian Titulos De Tesoreria:
10.000%, 07/24/24	COP		16,903,500			6,713,714
6.000%, 04/28/28	COP		5,172,000			1,545,469
Republic of Colombia:
4.375%, 07/12/21	USD		600			645,000
4.000%, 02/26/24	USD		1,290			1,348,050
4.500%, 01/28/26	USD		825			888,112
7.375%, 09/18/37	USD		1,080			1,404,000
6.125%, 01/18/41	USD		60			69,600
						12,613,945
Costa Rica | 0.3%
Republic of Costa Rica:
4.250%, 01/26/23	USD		110			104,720
5.625%, 04/30/43	USD		650			552,500
7.000%, 04/04/44	USD		45			44,550
						701,770
Croatia | 1.0%
Croatia:
6.750%, 11/05/19	USD		980			1,065,750
6.375%, 03/24/21	USD		950			1,033,125
6.000%, 01/26/24	USD		535			583,150
						2,682,025
Dominican Republic | 2.3%
Dominican Republic:
7.500%, 05/06/21	USD		705			781,140
5.500%, 01/27/25	USD		1,005			1,022,587
6.875%, 01/29/26 (b)	USD		2,480			2,728,000
7.450%, 04/30/44	USD		950			1,040,250
6.850%, 01/27/45	USD		745			763,625
						6,335,602
Ecuador | 0.1%
Republic of Ecuador:
10.500%, 03/24/20	USD		150			148,500
10.500%, 03/24/20 (b)	USD		210			207,900
						356,400

Description	Security Currency	Principal Amount (000)		Fair Value
Egypt | 0.3%
Arab Republic of Egypt:
5.875%, 06/11/25	USD		260		$	227,825
5.875%, 06/11/25 (b)	USD		740			648,425
						876,250
El Salvador | 0.1%
Republic of El Salvador, 7.750%, 01/24/23	USD		250			248,438
Gabon | 0.2%
Gabonese Republic, 6.375%, 12/12/24	USD		630			541,800
Ghana | 0.8%
Republic of Ghana:
7.875%, 08/07/23	USD		1,735			1,518,125
8.125%, 01/18/26	USD		615			531,052
						2,049,177
Hungary | 2.2%
Hungary, 6.375%, 03/29/21	USD		1			1,137
Hungary Government Bonds:
6.750%, 02/24/17	HUF		169,860			619,044
6.750%, 11/24/17	HUF		166,300			631,346
6.500%, 06/24/19	HUF		203,710			812,554
3.500%, 06/24/20	HUF		186,950			694,501
6.000%, 11/24/23	HUF		521,020			2,217,310
5.500%, 06/24/25	HUF		245,830			1,032,144
						6,008,036
Indonesia | 10.1%
Indonesia Government Bonds:
7.875%, 04/15/19	IDR		53,855,000			4,131,091
8.375%, 03/15/24	IDR		26,980,000			2,140,533
8.375%, 09/15/26	IDR		89,745,000			7,215,328
9.000%, 03/15/29	IDR		3,987,000			333,067
8.750%, 05/15/31	IDR		26,698,000			2,214,606
8.375%, 03/15/34	IDR		24,948,000			1,991,365
Indonesia Treasury Bond, 8.250%, 05/15/36	IDR		11,191,000			891,126

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

Semi-Annual Report  49

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Republic of Indonesia:
5.875%, 03/13/20	USD		915		$	1,018,157
3.750%, 04/25/22	USD		450			465,219
3.375%, 04/15/23	USD		975			980,645
5.875%, 01/15/24	USD		580			669,900
4.125%, 01/15/25 (b)	USD		650			676,000
7.750%, 01/17/38	USD		1,670			2,267,509
5.250%, 01/17/42	USD		210			223,482
5.125%, 01/15/45	USD		2,080			2,210,416
						27,428,444
Ivory Coast | 1.8%
Ivory Coast, 5.750%, 12/31/32	USD		5,244			4,903,140
Jamaica | 0.5%
Government of Jamaica:
8.000%, 06/24/19	USD		1,080			1,168,004
6.750%, 04/28/28	USD		60			62,880
8.500%, 02/28/36	USD		115			122,044
						1,352,928
Jordan | 0.1%
Kingdom of Jordan, 6.125%, 01/29/26 (b)	USD		155			163,525
Kazakhstan | 0.6%
Republic of Kazakhstan:
3.875%, 10/14/24	USD		225			226,125
4.875%, 10/14/44	USD		140			136,150
6.500%, 07/21/45 (b)	USD		1,045			1,216,119
						1,578,394
Kenya | 0.3%
Republic of Kenya, 6.875%, 06/24/24	USD		920			853,300
Malaysia | 4.5%
Malaysia Government Bonds:
3.654%, 10/31/19	MYR		10,360			2,597,131
4.048%, 09/30/21	MYR		26,070			6,652,490
3.795%, 09/30/22	MYR		2,490			621,187
3.955%, 09/15/25	MYR		8,870			2,218,325
						12,089,133

Description	Security Currency	Principal Amount (000)		Fair Value
Mexico | 5.9%
Mexican Bonos:
5.000%, 12/11/19	MXN		133,800		$	7,261,345
10.000%, 12/05/24	MXN		71,407			4,991,111
10.000%, 11/20/36	MXN		38,519			2,955,118
United Mexican States:
6.050%, 01/11/40	USD		628			788,140
4.750%, 03/08/44	USD		80			85,880
						16,081,594
Namibia | 0.2%
Republic of Namibia, 5.250%, 10/29/25 (b)	USD		495			502,425
Oman | 0.2%
Oman Government International Bond, 3.625%, 06/15/21 (b)	USD		630			630,788
Pakistan | 0.3%
Islamic Republic of Pakistan:
7.250%, 04/15/19	USD		240			251,965
8.250%, 04/15/24	USD		555			585,384
						837,349
Panama | 2.2%
Republic of Panama:
5.200%, 01/30/20	USD		280			310,100
4.000%, 09/22/24	USD		150			159,938
3.750%, 03/16/25	USD		525			551,906
7.125%, 01/29/26	USD		710			924,775
8.875%, 09/30/27	USD		304			443,840
3.875%, 03/17/28	USD		1,310			1,386,962
9.375%, 04/01/29	USD		645			980,400
6.700%, 01/26/36	USD		855			1,129,883
						5,887,804
Paraguay | 1.0%
Republic of Paraguay:
4.625%, 01/25/23	USD		1,440			1,495,440
5.000%, 04/15/26 (b)	USD		730			769,055
6.100%, 08/11/44 (b)	USD		420			443,100
						2,707,595

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

50  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Peru | 1.1%
Republic of Peru:
8.200%, 08/12/26	PEN		740		$	263,847
4.125%, 08/25/27	USD		422			464,200
6.950%, 08/12/31	PEN		290			95,103
6.900%, 08/12/37	PEN		4,160			1,352,353
5.625%, 11/18/50	USD		640			795,200
						2,970,703
Philippines | 0.2%
Republic of Philippines, 3.625%, 09/09/25	PHP		29,000			630,144
Poland | 3.9%
Poland Government Bonds:
2.500%, 07/25/18	PLN		650			167,564
5.500%, 10/25/19	PLN		6,003			1,698,920
1.500%, 04/25/20	PLN		2,690			671,092
5.250%, 10/25/20	PLN		5,000			1,435,528
5.750%, 09/23/22	PLN		11,400			3,448,983
3.250%, 07/25/25	PLN		12,130			3,182,038
						10,604,125
Romania | 0.6%
Romanian Government Bond, 4.750%, 02/24/25	RON		5,980			1,609,459
Russia | 4.3%
Russia Foreign Bonds:
5.000%, 04/29/20	USD		700			756,000
4.875%, 09/16/23	USD		1,600			1,740,000
12.750%, 06/24/28	USD		680			1,188,300
5.625%, 04/04/42	USD		1,400			1,586,200
Russia Government Bonds - OFZ:
7.500%, 02/27/19	RUB		197,740			2,986,868
7.600%, 04/14/21	RUB		48,480			734,422
7.000%, 08/16/23	RUB		85,700			1,248,774
7.050%, 01/19/28	RUB		91,690			1,317,202
						11,557,766
Rwanda | 0.4%
Republic of Rwanda, 6.625%, 05/02/23	USD		1,175			1,136,536

Description	Security Currency	Principal Amount (000)		Fair Value
Senegal | 0.1%
Republic of Senegal, 6.250%, 07/30/24	USD		325		$	308,750
Serbia | 1.1%
Republic of Serbia:
5.875%, 12/03/18	USD		1,855			1,968,155
4.875%, 02/25/20	USD		1,060			1,092,860
						3,061,015
Slovenia | 2.9%
Republic of Slovenia:
4.125%, 02/18/19	USD		705			737,385
5.500%, 10/26/22	USD		1,930			2,185,406
5.850%, 05/10/23	USD		3,971			4,591,236
5.250%, 02/18/24	USD		265			298,755
						7,812,782
South Africa | 5.9%
Republic of South Africa:
5.500%, 03/09/20	USD		210			226,800
6.750%, 03/31/21	ZAR		3,400			217,069
7.750%, 02/28/23	ZAR		86,527			5,638,745
4.665%, 01/17/24	USD		129			133,354
5.875%, 09/16/25	USD		1,130			1,251,475
10.500%, 12/21/26	ZAR		55,540			4,195,641
8.250%, 03/31/32	ZAR		52,280			3,230,445
6.250%, 03/08/41	USD		450			520,875
5.375%, 07/24/44	USD		470			491,150
						15,905,554
Sri Lanka | 0.9%
Republic of Sri Lanka:
6.125%, 06/03/25	USD		350			327,519
6.850%, 11/03/25 (b)	USD		2,195			2,134,440
						2,461,959
Tanzania | 0.1%
United Republic of Tanzania, 6.892%, 03/09/20 (f)	USD		209			213,067
Thailand | 2.5%
Thailand Government Bonds:
3.875%, 06/13/19	THB		67,780			2,055,350
3.625%, 06/16/23	THB		4,210			133,760
3.850%, 12/12/25	THB		134,390			4,436,935
						6,626,045

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

Semi-Annual Report  51

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Turkey | 5.4%
Republic of Turkey:
7.000%, 03/11/19	USD		450		$	497,813
7.500%, 11/07/19	USD		455			518,700
7.375%, 02/05/25	USD		670			827,450
4.250%, 04/14/26	USD		1,195			1,214,419
4.875%, 10/09/26	USD		1,500			1,582,500
6.000%, 01/14/41	USD		535			600,537
6.625%, 02/17/45	USD		660			803,550
Turkey Government Bonds:
6.300%, 02/14/18	TRY		5,500			1,845,124
7.100%, 03/08/23	TRY		2,660			837,347
8.000%, 03/12/25	TRY		18,300			5,961,099
						14,688,539
Ukraine | 1.8%
Ukraine Government Bonds:
7.750%, 09/01/19 (b)	USD		36			35,460
7.750%, 09/01/20	USD		700			684,250
7.750%, 09/01/20 (b)	USD		462			451,605
7.750%, 09/01/21 (b)	USD		253			245,916
7.750%, 09/01/22	USD		835			806,610
7.750%, 09/01/22 (b)	USD		233			225,078
7.750%, 09/01/23	USD		715			688,187
7.750%, 09/01/23 (b)	USD		142			136,675
7.750%, 09/01/24 (b)	USD		713			683,411
7.750%, 09/01/26	USD		105			99,750
7.750%, 09/01/26 (b)	USD		254			241,300
7.750%, 09/01/27 (b)	USD		565			533,925
						4,832,167
Uruguay | 0.3%
Republica Orient Uruguay:
4.375%, 10/27/27	USD		511			539,872
7.625%, 03/21/36	USD		150			202,200
						742,072
Venezuela | 1.1%
Republic of Venezuela:
7.000%, 12/01/18	USD		525			262,500
6.000%, 12/09/20	USD		195			79,219
12.750%, 08/23/22	USD		360			183,600
9.000%, 05/07/23	USD		915			390,019
8.250%, 10/13/24	USD		665			277,637
7.650%, 04/21/25	USD		931			379,382
11.750%, 10/21/26	USD		275			130,625

Description	Security Currency	Principal Amount (000)		Fair Value
9.250%, 09/15/27	USD		905		$	436,662
9.250%, 05/07/28	USD		245			105,350
11.950%, 08/05/31	USD		967			454,490
9.375%, 01/13/34	USD		95			41,088
7.000%, 03/31/38	USD		382			151,845
						2,892,417
Vietnam | 0.5%
Socialist Republic of Vietnam:
6.750%, 01/29/20	USD		440			487,811
4.800%, 11/19/24	USD		715			736,464
						1,224,275
Total Foreign Government Obligations (Cost $227,353,144)						230,384,910
Quasi Government Bonds | 7.6%
Chile | 0.5%
Corp. Nacional del Cobre de Chile:
3.875%, 11/03/21	USD		640			678,080
3.000%, 07/17/22	USD		702			693,530
						1,371,610
Costa Rica | 0.2%
Banco Nacional de Costa Rica, 5.875%, 04/25/21 (b)	USD		540			554,850
Ecuador | 0.1%
EP Petroecuador, 6.270%, 09/24/19 (f)	USD		393			369,324
Indonesia | 1.2%
PT Pertamina Persero:
4.875%, 05/03/22	USD		1,072			1,128,076
4.300%, 05/20/23	USD		350			357,084
Perusahaan Penerbit SBSN Indonesia III:
4.325%, 05/28/25 (b)	USD		760			785,650
4.550%, 03/29/26 (b)	USD		830			869,765
						3,140,575
Kazakhstan | 0.8%
KazMunayGas National Co. JSC, 9.125%, 07/02/18	USD		1,935			2,138,175

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

52  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Mexico | 2.3%
Petroleos Mexicanos:
8.000%, 05/03/19	USD		1,732		$	1,929,552
6.375%, 02/04/21	USD		600			652,380
6.875%, 08/04/26	USD		460			511,658
5.500%, 06/27/44	USD		1,835			1,651,500
6.375%, 01/23/45	USD		1,373			1,373,000
5.625%, 01/23/46	USD		169			154,043
						6,272,133
Peru | 0.3%
Corp. Financiera de Desarrollo SA, 4.750%, 07/15/25	USD		880			930,600
South Africa | 0.8%
Eskom Holdings SOC, Ltd., 7.850%, 04/02/26	ZAR		9,000			540,654
Transnet SOC, Ltd., 9.500%, 05/13/21 (b)	ZAR		24,000			1,519,995
						2,060,649
Tunisia | 0.1%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25	USD		360			327,150
Turkey | 0.1%
TC Ziraat Bankasi, 4.750%, 04/29/21	USD		280			283,850
Ukraine | 0.2%
Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22	USD		680			666,400

Description	Security Currency	Principal Amount (000)		Fair Value
Venezuela | 1.0%
Petroleos de Venezuela SA:
5.250%, 04/12/17	USD		1,065		$	668,181
8.500%, 11/02/17	USD		723			505,991
9.000%, 11/17/21	USD		590			256,178
12.750%, 02/17/22	USD		585			291,622
6.000%, 05/16/24	USD		450			156,375
6.000%, 11/15/26	USD		625			216,781
9.750%, 05/17/35	USD		610			245,495
5.500%, 04/12/37	USD		695			238,038
						2,578,661
Total Quasi Government Bonds (Cost $21,629,869)						20,693,977
Description		Shares			Fair Value
Short-Term Investment | 3.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $9,985,390)			9,985,390		$	9,985,390
Total Investments | 99.3% (Cost $266,285,806) (d), (g)					$	268,545,401
Cash and Other Assets in Excess of Liabilities | 0.7%						1,857,900
Net Assets | 100.0%					$	270,403,301

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

Semi-Annual Report  53

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at June 30, 2016:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BRL		1,666,711	USD		491,800		BRC	07/05/16	$	27,053	$	—
BRL		6,087,369	USD		1,896,495		BRC	07/05/16		—		1,476
BRL		1,666,711	USD		491,655		JPM	07/05/16		27,198		—
BRL		579,475	USD		180,533		SCB	07/05/16		—		140
BRL		1,666,711	USD		491,655		SCB	07/05/16		27,198		—
BRL		1,666,711	USD		491,786		UBS	07/05/16		27,067		—
COP		597,800,000	USD		200,000		BRC	07/18/16		4,056		—
COP		761,485,000	USD		257,237		BRC	07/18/16		2,693		—
COP		1,095,940,000	USD		370,000		BRC	07/18/16		4,094		—
COP		761,485,000	USD		256,998		HSB	07/18/16		2,931		—
HUF		44,176,000	USD		160,000		BRC	07/18/16		—		4,731
HUF		496,767,390	USD		1,740,000		BRC	07/18/16		6,024		—
HUF		206,621,429	USD		752,692		JPM	07/18/16		—		26,464
IDR		7,096,700,000	USD		530,000		BRC	07/18/16		6,096		—
IDR		14,369,974,693	USD		1,073,989		BRC	07/18/16		11,541		—
IDR		16,270,225,307	USD		1,216,011		JPM	07/18/16		13,067		—
INR		13,165,232	USD		195,214		BRC	07/18/16		—		601
INR		13,165,231	USD		195,185		JPM	07/18/16		—		572
INR		18,157,500	USD		270,000		JPM	07/18/16		—		1,589
MXN		1,995,789	USD		108,845		BRC	07/18/16		186		—
MXN		11,008,397	USD		590,000		HSB	07/18/16		11,398		—
MXN		7,983,154	USD		435,595		JPM	07/18/16		531		—
MXN		1,995,789	USD		108,882		SCB	07/18/16		149		—
MXN		8,444,598	USD		451,740		SCB	07/18/16		9,596		—
MXN		13,906,318	USD		730,000		SCB	07/18/16		29,713		—
MXN		16,568,790	USD		880,000		SCB	07/18/16		25,167		—
MXN		13,904,822	USD		730,000		UBS	07/18/16		29,632		—
MYR		1,870,755	USD		457,017		BRC	07/18/16		6,609		—
MYR		2,756,995	USD		670,313		BRC	07/18/16		12,949		—
MYR		693,770	USD		170,000		JPM	07/18/16		1,936		—
MYR		1,870,755	USD		456,694		JPM	07/18/16		6,932		—
MYR		3,602,280	USD		880,000		JPM	07/18/16		12,747		—
MYR		1,870,755	USD		456,839		SCB	07/18/16		6,787		—
MYR		3,124,595	USD		759,688		SCB	07/18/16		14,676		—
PEN		1,572,320	USD		473,505		BRC	07/18/16		4,077		—
PEN		665,600	USD		200,000		HSB	07/18/16		2,172		—
PEN		1,572,319	USD		472,793		JPM	07/18/16		4,789		—
PHP		12,468,600	USD		270,000		JPM	07/18/16		—		5,170
PLN		1,353,975	USD		350,000		BRC	07/18/16		—		6,922
PLN		2,348,468	USD		608,457		BRC	07/18/16		—		13,390
PLN		2,348,468	USD		608,459		JPM	07/18/16		—		13,391
PLN		2,348,468	USD		608,569		SCB	07/18/16		—		13,502
PLN		2,612,762	USD		660,000		SCB	07/18/16		2,036		—

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

54  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
PLN		3,419,860	USD		880,000		SCB	07/18/16	$	—	$	13,457
PLN		2,348,466	USD		608,316		UBS	07/18/16		—		13,249
PLN		2,612,512	USD		660,000		UBS	07/18/16		1,972		—
RON		439,901	USD		110,000		BRC	07/18/16		—		2,061
RUB		37,870,625	USD		590,000		BRC	07/18/16		184		—
RUB		40,129,121	USD		613,333		BRC	07/18/16		12,048		—
RUB		58,344,000	USD		880,000		BRC	07/18/16		29,245		—
RUB		84,686,330	USD		1,270,000		BRC	07/18/16		49,770		—
RUB		20,336,000	USD		310,000		JPM	07/18/16		6,921		—
THB		5,636,800	USD		160,000		BRC	07/20/16		369		—
THB		43,889,765	USD		1,246,514		BRC	07/20/16		2,162		—
THB		6,411,700	USD		182,112		JPM	07/20/16		303		—
THB		39,254,340	USD		1,114,943		SCB	07/20/16		1,854		—
TRY		3,916,809	USD		1,339,412		BRC	07/18/16		16,542		—
TRY		736,600	USD		250,000		JPM	07/18/16		5,003		—
TRY		3,916,809	USD		1,339,263		JPM	07/18/16		16,692		—
TRY		2,040,744	USD		690,000		SCB	07/18/16		16,482		—
TRY		2,581,753	USD		880,000		SCB	07/18/16		13,774		—
TRY		3,916,809	USD		1,339,240		SCB	07/18/16		16,715		—
TRY		2,040,643	USD		690,000		UBS	07/18/16		16,447		—
TRY		3,916,807	USD		1,339,102		UBS	07/18/16		16,852		—
USD		519,257	BRL		518,853		BRC	07/05/16		404		—
USD		1,690,513	BRL		1,895,019		BRC	07/05/16		—		204,506
USD		29,075	IDR		29,322		BRC	07/18/16		—		247
USD		57,442	MYR		58,245		BRC	07/18/16		—		804
USD		123,429	IDR		123,963		BRC	07/18/16		—		534
USD		138,960	MYR		141,007		BRC	07/18/16		—		2,047
USD		183,406	IDR		185,654		BRC	07/18/16		—		2,248
USD		189,754	INR		191,667		BRC	07/18/16		—		1,913
USD		282,325	IDR		287,385		BRC	07/18/16		—		5,060
USD		370,000	IDR		369,783		BRC	07/18/16		217		—
USD		557,456	RUB		567,073		BRC	07/18/16		—		9,617
USD		568,879	MYR		576,603		BRC	07/18/16		—		7,724
USD		605,460	IDR		611,143		BRC	07/18/16		—		5,683
USD		789,692	ZAR		800,216		BRC	07/18/16		—		10,525
USD		821,951	IDR		831,094		BRC	07/18/16		—		9,143
USD		1,330,000	MXN		1,374,999		BRC	07/18/16		—		44,999
USD		1,346,448	CLP		1,380,644		BRC	07/18/16		—		34,196
USD		1,862,497	RON		1,819,907		BRC	07/18/16		42,589		—
USD		487,970	BRL		514,353		BRC	08/02/16		—		26,383
USD		303,685	INR		306,656		CIT	07/18/16		—		2,971
USD		519,257	BRL		518,853		JPM	07/05/16		404		—
USD		85,095	MYR		86,254		JPM	07/18/16		—		1,159

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

Semi-Annual Report  55

Lazard Emerging Markets Debt Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		120,327	IDR		122,574		JPM	07/18/16		$	—		$	2,247
USD		161,921	PHP		158,975		JPM	07/18/16			2,946			—
USD		177,909	IDR		178,813		JPM	07/18/16			—			904
USD		448,564	IDR		454,147		JPM	07/18/16			—			5,583
USD		540,000	RUB		554,583		JPM	07/18/16			—			14,582
USD		605,098	IDR		611,143		JPM	07/18/16			—			6,045
USD		663,954	MYR		674,394		JPM	07/18/16			—			10,440
USD		717,121	IDR		723,472		JPM	07/18/16			—			6,352
USD		790,592	ZAR		800,216		JPM	07/18/16			—			9,624
USD		822,197	IDR		831,094		JPM	07/18/16			—			8,897
USD		1,078,266	RUB		1,097,846		JPM	07/18/16			—			19,580
USD		1,088,695	IDR		1,108,618		JPM	07/18/16			—			19,923
USD		2,000,000	TRY		2,036,849		JPM	07/18/16			—			36,849
USD		487,842	BRL		514,353		JPM	08/02/16			—			26,512
USD		165,792	BRL		180,393		SCB	07/05/16			—			14,601
USD		519,257	BRL		518,853		SCB	07/05/16			404			—
USD		144,502	IDR		146,033		SCB	07/18/16			—			1,531
USD		146,561	INR		148,060		SCB	07/18/16			—			1,499
USD		245,084	IDR		249,939		SCB	07/18/16			—			4,855
USD		308,662	IDR		310,346		SCB	07/18/16			—			1,685
USD		320,000	RON		319,565		SCB	07/18/16			435			—
USD		325,945	MYR		330,869		SCB	07/18/16			—			4,923
USD		387,750	MYR		393,006		SCB	07/18/16			—			5,256
USD		406,697	RUB		413,945		SCB	07/18/16			—			7,248
USD		510,000	ZAR		507,191		SCB	07/18/16			2,809			—
USD		785,688	IDR		795,911		SCB	07/18/16			—			10,223
USD		790,116	ZAR		800,216		SCB	07/18/16			—			10,100
USD		823,181	IDR		831,094		SCB	07/18/16			—			7,913
USD		957,713	MYR		973,129		SCB	07/18/16			—			15,416
USD		487,842	BRL		514,353		SCB	08/02/16			—			26,512
USD		519,257	BRL		518,853		UBS	07/05/16			404			—
USD		230,963	RUB		235,183		UBS	07/18/16			—			4,220
USD		791,243	ZAR		800,216		UBS	07/18/16			—			8,973
USD		1,347,340	CLP		1,380,644		UBS	07/18/16			—			33,304
USD		487,999	BRL		514,353		UBS	08/02/16			—			26,355
ZAR		3,807,750	USD		250,000		BRC	07/18/16			7,860			—
ZAR		7,913,642	USD		530,000		SCB	07/18/16			5,910			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts										$	628,817		$	838,626

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

56  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio
Corporate Bonds | 6.3%
Brazil | 2.9%
Petrobras Global Finance BV: 8.375%, 12/10/18	USD		92	$	101,117
8.375%, 05/23/21	USD		7,035		7,260,120
					7,361,237
Chile | 0.3%
VTR Finance BV, 6.875%, 01/15/24	USD		650		648,037
China | 0.1%
Green Dragon Gas, Ltd., 10.000%, 11/20/17	USD		400		240,000
Colombia | 0.7%
Ecopetrol SA, 5.875%, 09/18/23	USD		1,750		1,802,500
Guatemala | 0.2%
Comcel Trust, 6.875%, 02/06/24	USD		600		588,000
Macau | 0.2%
MCE Finance, Ltd., 5.000%, 02/15/21	USD		625		618,750
Mexico | 0.4%
Cemex Finance LLC, 9.375%, 10/12/22	USD		565		621,500
Cemex SAB de CV, 7.750%, 04/16/26	USD		290		302,325
					923,825
Morocco | 0.3%
OCP SA, 6.875%, 04/25/44	USD		600		631,500
Qatar | 0.3%
Ooredoo International Finance, Ltd., 3.750%, 06/22/26	USD		675		682,594

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Russia | 0.7%
Gazprom OAO Via Gaz Capital SA, 5.999%, 01/23/21	USD	570	$	615,600
GTH Finance BV, 7.250%, 04/26/23	USD	1,200		1,248,000
				1,863,600
United Arab Emirates | 0.2%
DP World, Ltd., 6.850%, 07/02/37	USD	560		615,440
Total Corporate Bonds (Cost $15,717,634)				15,975,483
Foreign Government Obligations | 63.2%
Angola | 0.7%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19	USD	1,861		1,867,137
Argentina | 9.8%
Republic of Argentina:
6.875%, 04/22/21 (b)	USD	1,725		1,837,125
7.500%, 04/22/26 (b)	USD	9,050		9,783,050
8.280%, 12/31/33	USD	8,244		9,192,042
2.500%, 12/31/38 (e)	USD	5,970		4,029,750
				24,841,967
Armenia | 0.3%
Republic of Armenia:
6.000%, 09/30/20	USD	425		430,313
7.150%, 03/26/25	USD	200		202,500
				632,813
Azerbaijan | 0.5%
Republic of Azerbaijan, 4.750%, 03/18/24	USD	1,270		1,289,050
Belize | 0.6%
Republic of Belize, 5.000%, 02/20/38 (e)	USD	2,774		1,560,375

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

Semi-Annual Report  57

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
Brazil | 3.7%
Brazil NTN-B:
6.000%, 05/15/35	BRL		3,150	$	2,831,311
6.000%, 08/15/50	BRL		4,140		3,706,737
Federal Republic of Brazil, 5.000%, 01/27/45	USD		3,230		2,882,775
					9,420,823
Colombia | 1.5%
Republic of Colombia:
2.625%, 03/15/23	USD		555		536,963
4.000%, 02/26/24	USD		1,745		1,823,525
4.500%, 01/28/26	USD		575		618,987
7.375%, 09/18/37	USD		655		851,500
					3,830,975
Congo | 1.3%
Republic of Congo, 4.000%, 06/30/29 (e)	USD		4,456		3,179,337
Costa Rica | 1.0%
Republic of Costa Rica:
4.250%, 01/26/23	USD		1,140		1,085,280
4.375%, 04/30/25	USD		200		185,300
7.158%, 03/12/45	USD		1,195		1,195,000
					2,465,580
Croatia | 2.4%
Croatia:
6.250%, 04/27/17	USD		250		256,875
6.750%, 11/05/19	USD		1,420		1,544,250
6.625%, 07/14/20	USD		1,025		1,117,250
5.500%, 04/04/23	USD		1,370		1,447,062
6.000%, 01/26/24	USD		1,525		1,662,250
					6,027,687
Dominican Republic | 1.0%
Dominican Republic:
7.500%, 05/06/21	USD		695		770,060
5.500%, 01/27/25 (b)	USD		600		610,500
7.450%, 04/30/44	USD		30		32,850
6.850%, 01/27/45 (b)	USD		1,060		1,086,500
					2,499,910
Egypt | 0.5%
Arab Republic of Egypt:
5.875%, 06/11/25	USD		95		83,244
5.875%, 06/11/25 (b)	USD		1,325		1,161,031
					1,244,275

Description	Security Currency	Principal Amount (000)		Fair Value
El Salvador | 0.5%
Republic of El Salvador:
5.875%, 01/30/25	USD		444	$	397,380
6.375%, 01/18/27	USD		430		374,100
7.625%, 02/01/41	USD		530		470,375
					1,241,855
Gabon | 0.5%
Gabonese Republic, 6.375%, 12/12/24	USD		1,405	$	1,208,300
Ghana | 0.5%
Republic of Ghana, 7.875%, 08/07/23	USD		1,430		1,251,250
Guatemala | 0.5%
Republic of Guatemala:
5.750%, 06/06/22	USD		678		752,580
4.875%, 02/13/28	USD		560		576,800
					1,329,380
Hungary | 1.5%
Hungary:
6.375%, 03/29/21	USD		630		716,625
5.375%, 02/21/23	USD		1,970		2,184,237
5.750%, 11/22/23	USD		704		800,800
					3,701,662
Indonesia | 2.1%
Republic of Indonesia:
3.375%, 04/15/23	USD		625		628,619
8.500%, 10/12/35	USD		375		536,250
6.625%, 02/17/37	USD		470		581,150
7.750%, 01/17/38	USD		570		773,940
5.250%, 01/17/42	USD		565		601,273
6.750%, 01/15/44	USD		1,135		1,443,050
5.125%, 01/15/45	USD		620		658,874
					5,223,156
Ivory Coast | 2.4%
Ivory Coast:
6.375%, 03/03/28	USD		1,700		1,654,950
6.375%, 03/03/28 (b)	USD		1,105		1,075,717
5.750%, 12/31/32	USD		3,630		3,394,050
					6,124,717
Jamaica | 0.5%
Government of Jamaica, 6.750%, 04/28/28	USD		1,285		1,346,680

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

58  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
Kenya | 0.5%
Republic of Kenya:
5.875%, 06/24/19	USD		620		$	614,575
6.875%, 06/24/24	USD		655			607,513
						1,222,088
Mexico | 2.7%
Mexican Bonos:
5.750%, 03/05/26	MXN		24,570			1,327,443
7.750%, 11/13/42	MXN		74,170			4,695,197
Mexican Udibonos, 4.000%, 11/15/40	MXN		14,404			861,299
						6,883,939
Namibia | 0.5%
Republic of Namibia, 5.250%, 10/29/25	USD		1,250			1,268,750
Pakistan | 0.5%
Islamic Republic of Pakistan, 8.250%, 04/15/24	USD		1,280			1,350,074
Panama | 1.5%
Republic of Panama:
3.750%, 03/16/25	USD		373			392,116
7.125%, 01/29/26	USD		285			371,213
8.875%, 09/30/27	USD		1,030			1,503,800
3.875%, 03/17/28	USD		1,415			1,498,131
						3,765,260
Paraguay | 0.6%
Republic of Paraguay:
4.625%, 01/25/23	USD		170			176,545
5.000%, 04/15/26 (b)	USD		470			495,145
6.100%, 08/11/44 (b)	USD		550			580,250
6.100%, 08/11/44	USD		280			295,400
						1,547,340
Peru | 3.0%
Republic of Peru:
7.350%, 07/21/25	USD		885			1,205,813
8.750%, 11/21/33	USD		3,345			5,260,012
5.625%, 11/18/50	USD		950			1,180,375
						7,646,200
Portugal | 2.8%
Republic of Portugal:
5.125%, 10/15/24	USD		4,378			4,376,731
5.125%, 10/15/24 (b)	USD		2,775			2,774,195
						7,150,926

Description	Security Currency	Principal Amount (000)		Fair Value
Russia | 1.1%
Russia Foreign Bonds:
4.500%, 04/04/22	USD		600			641,250
4.875%, 09/16/23	USD		800			870,000
5.625%, 04/04/42	USD		1,200		$	1,359,600
						2,870,850
Rwanda | 0.7%
Republic of Rwanda, 6.625%, 05/02/23	USD		1,915			1,852,312
Senegal | 0.7%
Republic of Senegal:
8.750%, 05/13/21	USD		1,255			1,364,813
6.250%, 07/30/24	USD		550			522,500
						1,887,313
Serbia | 1.7%
Republic of Serbia:
5.875%, 12/03/18	USD		815			864,715
4.875%, 02/25/20	USD		700			721,700
7.250%, 09/28/21	USD		2,475			2,833,875
						4,420,290
Slovenia | 6.3%
Republic of Slovenia:
5.850%, 05/10/23	USD		9,505			10,989,599
5.250%, 02/18/24	USD		4,460			5,028,101
						16,017,700
Sri Lanka | 1.5%
Republic of Sri Lanka:
6.000%, 01/14/19	USD		650			662,922
5.125%, 04/11/19	USD		310			310,078
6.250%, 10/04/20	USD		550			561,451
6.250%, 07/27/21	USD		170			170,702
5.875%, 07/25/22	USD		350			338,625
6.125%, 06/03/25	USD		900			842,193
6.850%, 11/03/25	USD		210			204,206
6.850%, 11/03/25 (b)	USD		625			607,756
						3,697,933
Turkey | 3.0%
Republic of Turkey:
7.375%, 02/05/25	USD		802			990,470
4.875%, 10/09/26	USD		1,180			1,244,900
4.875%, 04/16/43	USD		695			681,100
6.625%, 02/17/45	USD		3,890			4,736,075
						7,652,545
Ukraine | 1.3%
Ukraine Government Bond, 0.000%, 05/31/40 (f)	USD		9,766			3,183,716

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

Semi-Annual Report  59

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
Uruguay | 1.2%
Republica Orient Uruguay:
4.500%, 08/14/24	USD		1,055		$	1,142,037
7.875%, 01/15/33	USD		1,025			1,394,000
5.100%, 06/18/50	USD		585			582,075
						3,118,112
Venezuela | 0.8%
Republic of Venezuela:
6.000%, 12/09/20	USD		675			274,219
12.750%, 08/23/22	USD		475			242,250
7.650%, 04/21/25	USD		233			94,948
11.750%, 10/21/26	USD		550			261,250
9.250%, 09/15/27	USD		525			253,312
11.950%, 08/05/31	USD		1,014			476,580
9.375%, 01/13/34	USD		575			248,687
7.000%, 03/31/38	USD		397			157,808
						2,009,054
Vietnam | 0.5%
Socialist Republic of Vietnam, 6.750%, 01/29/20	USD		1,155			1,280,502
Zambia | 0.5%
Republic of Zambia, 8.970%, 07/30/27	USD		1,455			1,276,763
Total Foreign Government Obligations (Cost $155,794,533)						160,388,596
Quasi Government Bonds | 2.9%
Croatia | 0.2%
Hrvatska Elektroprivreda, 5.875%, 10/23/22 (b)	USD		590			620,975
Indonesia | 1.4%
Majapahit Holding BV, 7.750%, 01/20/20	USD		334			381,762
PT Pertamina Persero, 6.450%, 05/30/44	USD		1,315			1,397,753
PT Perusahaan Listrik Negara, 5.500%, 11/22/21	USD		555			603,851
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/25 (b)	USD		1,230			1,271,513
						3,654,879

Description	Security Currency	Principal Amount (000)		Fair Value
Venezuela | 1.3%
Petroleos de Venezuela SA:
5.250%, 04/12/17	USD		1,630		$	1,022,662
8.500%, 11/02/17	USD		697			487,337
6.000%, 05/16/24	USD		2,095			728,012
5.375%, 04/12/27	USD		1,305			448,920
9.750%, 05/17/35	USD		715			287,752
5.500%, 04/12/37	USD		701			240,093
						3,214,776
Total Quasi Government Bonds (Cost $7,321,531)						7,490,630

Description	Shares		Fair Value
Warrants | 0.0%
Iraq | 0.0%
Gulf Keystone Petroleum, Ltd. Expires 04/18/17 (Cost $0)		96,000		$	0
Short-Term Investment | 24.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $62,417,425)		62,417,425			62,417,425
Description	Number of Contracts		Fair Value
Purchased Options | 0.1%
USD vs MXN July 16 18.5 Put, Expires 07/26/16 (Cost $196,482)		57,200		$	118,976
Total Investments | 97.1% (Cost $241,447,605) (d), (g)				$	246,391,110
Cash and Other Assets in Excess of Liabilities | 2.9%					7,489,451
Net Assets | 100.0%				$	253,880,561

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, 2016:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
BRL		4,430,842	USD		1,307,419	BRC	07/05/16		$	71,918		$	—
BRL		6,429,397	USD		2,003,052	BRC	07/05/16			—			1,559
BRL		4,430,842	USD		1,307,033	JPM	07/05/16			72,303			—
BRL		6,429,397	USD		2,003,052	JPM	07/05/16			—			1,559
BRL		4,430,842	USD		1,307,033	SCB	07/05/16			72,303			—
BRL		4,864,573	USD		1,515,538	SCB	07/05/16			—			1,179
BRL		4,430,841	USD		1,307,380	UBS	07/05/16			71,956			—
IDR		5,145,878,521	USD		384,164	BRC	07/18/16			4,563			—
IDR		5,833,858,051	USD		436,503	BRC	07/18/16			4,196			—
IDR		7,323,179,416	USD		549,170	BRC	07/18/16			4,034			—
IDR		15,597,671,579	USD		1,162,444	BRC	07/18/16			15,828			—
IDR		7,531,141,949	USD		563,497	CIT	07/18/16			5,417			—
IDR		7,564,474,302	USD		562,624	CIT	07/18/16			8,808			—
IDR		9,478,920,584	USD		710,830	CIT	07/18/16			5,222			—
IDR		6,644,200,658	USD		495,836	JPM	07/18/16			6,077			—
IDR		9,342,531,346	USD		698,246	JPM	07/18/16			7,503			—
IDR		17,811,820,865	USD		1,327,556	JPM	07/18/16			17,976			—
IDR		5,882,712,580	USD		437,376	SCB	07/18/16			7,013			—
IDR		7,248,668,654	USD		541,754	SCB	07/18/16			5,822			—
MXN		1,518,807	USD		82,832	BRC	07/18/16			142			—
MXN		30,610,531	USD		1,606,528	BRC	07/18/16			65,750			—
MXN		38,285,597	USD		2,030,000	BRC	07/18/16			61,573			—
MXN		6,075,226	USD		331,490	JPM	07/18/16			404			—
MXN		11,297,685	USD		593,472	JPM	07/18/16			23,730			—
MXN		22,901,500	USD		1,250,000	JPM	07/18/16			1,128			—
MXN		1,518,807	USD		82,860	SCB	07/18/16			114			—
MXN		3,196,965	USD		171,020	SCB	07/18/16			3,633			—
MXN		5,605,515	USD		300,000	SCB	07/18/16			6,234			—
MXN		14,031,750	USD		750,000	SCB	07/18/16			16,566			—
MYR		1,926,476	USD		471,540	BRC	07/18/16			5,896			—
MYR		1,964,348	USD		479,694	BRC	07/18/16			7,127			—
MYR		2,534,732	USD		625,999	BRC	07/18/16			2,180			—
MYR		2,488,602	USD		608,460	CIT	07/18/16			8,286			—
MYR		2,526,268	USD		624,001	JPM	07/18/16			2,080			—
MYR		2,540,152	USD		620,306	JPM	07/18/16			9,216			—
MYR		5,988,339	USD		1,485,314	JPM	07/18/16			—			1,233
MYR		1,419,075	USD		350,000	SCB	07/18/16			1,687			—
MYR		4,091,215	USD		1,014,686	SCB	07/18/16			—			767
MYR		5,108,670	USD		1,260,000	SCB	07/18/16			6,074			—
PLN		2,388,585	USD		618,851	BRC	07/18/16			—			13,618
PLN		2,388,585	USD		618,853	JPM	07/18/16			—			13,620
PLN		2,540,305	USD		663,958	JPM	07/18/16			—			20,282
PLN		4,543,340	USD		1,150,000	JPM	07/18/16			1,216			—

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

Semi-Annual Report  61

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
PLN		1,547,680	USD		400,000	SCB	07/18/16		$	—		$	7,840
PLN		2,241,404	USD		586,042	SCB	07/18/16			—			18,103
PLN		2,388,585	USD		618,965	SCB	07/18/16			—			13,732
PLN		4,209,640	USD		1,080,000	SCB	07/18/16			—			13,339
PLN		4,787,163	USD		1,250,000	SCB	07/18/16			—			37,003
PLN		2,388,584	USD		618,708	UBS	07/18/16			—			13,476
RUB		36,675,182	USD		550,000	BRC	07/18/16			21,554			—
RUB		79,863,633	USD		1,220,634	BRC	07/18/16			23,978			—
RUB		35,096,600	USD		530,000	JPM	07/18/16			16,953			—
RUB		39,108,000	USD		600,000	JPM	07/18/16			9,467			—
RUB		43,158,245	USD		664,894	JPM	07/18/16			7,694			—
RUB		81,437,500	USD		1,250,000	JPM	07/18/16			19,139			—
RUB		81,462,500	USD		1,250,000	JPM	07/18/16			19,529			—
TRY		3,611,163	USD		1,234,892	BRC	07/18/16			15,252			—
TRY		2,597,822	USD		880,000	JPM	07/18/16			19,336			—
TRY		3,611,163	USD		1,234,755	JPM	07/18/16			15,389			—
TRY		3,645,338	USD		1,250,000	JPM	07/18/16			11,975			—
TRY		3,938,649	USD		1,340,000	JPM	07/18/16			23,516			—
TRY		5,313,979	USD		1,810,000	JPM	07/18/16			29,639			—
TRY		5,459,517	USD		1,850,000	JPM	07/18/16			40,023			—
TRY		1,225,581	USD		420,000	SCB	07/18/16			4,282			—
TRY		3,611,163	USD		1,234,733	SCB	07/18/16			15,410			—
TRY		3,611,162	USD		1,234,606	UBS	07/18/16			15,537			—
USD		1,380,411	BRL		1,379,336	BRC	07/05/16			1,074			—
USD		1,785,497	BRL		2,001,493	BRC	07/05/16			—			215,996
USD		615,629	CLP		635,445	BRC	07/14/16			—			19,817
USD		133,561	MYR		135,429	BRC	07/18/16			—			1,868
USD		358,147	IDR		359,696	BRC	07/18/16			—			1,549
USD		384,034	MYR		389,692	BRC	07/18/16			—			5,658
USD		394,967	IDR		399,808	BRC	07/18/16			—			4,841
USD		1,244,029	RUB		1,265,490	BRC	07/18/16			—			21,462
USD		1,322,730	MYR		1,340,688	BRC	07/18/16			—			17,958
USD		1,369,760	ZAR		1,388,016	BRC	07/18/16			—			18,255
USD		2,027,631	CLP		2,084,635	BRC	07/18/16			—			57,004
USD		1,297,237	BRL		1,367,375	BRC	08/02/16			—			70,138
USD		401,755	BRL		482,687	BRC	10/04/16			—			80,932
USD		707,012	CLP		733,827	CIT	07/14/16			—			26,814
USD		1,380,411	BRL		1,379,336	JPM	07/05/16			1,074			—
USD		1,785,249	BRL		2,001,493	JPM	07/05/16			—			216,244
USD		658,261	CLP		682,978	JPM	07/14/16			—			24,717
USD		235,172	MYR		238,374	JPM	07/18/16			—			3,203
USD		472,369	CLP		485,506	JPM	07/18/16			—			13,137
USD		516,228	IDR		518,851	JPM	07/18/16			—			2,623

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

62  Semi-Annual Report

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		766,822	ZAR		774,667	JPM	07/18/16		$	—		$	7,845
USD		965,987	IDR		978,009	JPM	07/18/16			—			12,022
USD		1,010,000	RUB		1,037,275	JPM	07/18/16			—			27,275
USD		1,371,322	ZAR		1,388,016	JPM	07/18/16			—			16,694
USD		1,457,393	MYR		1,480,310	JPM	07/18/16			—			22,917
USD		2,406,279	RUB		2,449,973	JPM	07/18/16			—			43,695
USD		2,443,379	IDR		2,488,092	JPM	07/18/16			—			44,714
USD		1,296,895	BRL		1,367,375	JPM	08/02/16			—			70,480
USD		1,380,411	BRL		1,379,336	SCB	07/05/16			1,074			—
USD		1,391,787	BRL		1,514,358	SCB	07/05/16			—			122,571
USD		547,988	CLP		568,895	SCB	07/14/16			—			20,907
USD		591,739	CLP		613,735	SCB	07/14/16			—			21,996
USD		654,783	CLP		675,613	SCB	07/14/16			—			20,830
USD		550,046	IDR		560,943	SCB	07/18/16			—			10,897
USD		895,625	IDR		900,513	SCB	07/18/16			—			4,888
USD		900,794	MYR		914,401	SCB	07/18/16			—			13,607
USD		901,579	MYR		913,801	SCB	07/18/16			—			12,222
USD		907,593	RUB		923,767	SCB	07/18/16			—			16,174
USD		1,370,497	ZAR		1,388,016	SCB	07/18/16			—			17,519
USD		1,691,986	IDR		1,714,002	SCB	07/18/16			—			22,016
USD		2,102,200	MYR		2,136,038	SCB	07/18/16			—			33,838
USD		2,520,000	TRY		2,575,137	SCB	07/18/16			—			55,137
USD		1,296,895	BRL		1,367,375	SCB	08/02/16			—			70,480
USD		1,380,410	BRL		1,379,336	UBS	07/05/16			1,074			—
USD		515,420	RUB		524,838	UBS	07/18/16			—			9,418
USD		1,372,451	ZAR		1,388,016	UBS	07/18/16			—			15,564
USD		1,297,312	BRL		1,367,375	UBS	08/02/16			—			70,062
USD		518,245	BRL		622,015	UBS	10/04/16			—			103,771
ZAR		16,543,213	USD		1,063,223	BRC	07/18/16			57,080			—
ZAR		22,806,832	USD		1,516,513	CIT	07/18/16			27,961			—
ZAR		39,554,241	USD		2,585,549	CIT	07/18/16			93,055			—
ZAR		16,543,213	USD		1,066,334	JPM	07/18/16			53,969			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	1,149,009		$	1,847,065

Written Options open at June 30, 2016:
Description	Number of Contracts		Strike Price		Expiration Date	Premium			Fair Value
USD vs MXN July 16 17.5 Put		57,200	$	17.50	07/26/16		$	72,015		$	(10,296	)

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

Semi-Annual Report  63

Lazard Explorer Total Return Portfolio (concluded)

Credit Default Swap Agreements open at June 30, 2016:

Receive

S&P

Upfront

Referenced

Notional

Expiration

Buy/

(Pay)

Credit

Fair

Premiums Paid

Unrealized

Obligation

Counterparty

Amount

Date

Sell

Rate

Rating

Value

(Received)

Depreciation

CDX EM 25

BRC

5,000,000

06/20/21

Buy

(1.000

)%

CCC – AA-

$

376,201

$

395,000

$

18,799

CDX EM 25

BRC

5,000,000

06/20/21

Buy

(1.000

)

CCC – AA-

376,201

387,500

11,299

Total Credit Default Swap Agreements

$

752,402

$

782,500

$

30,098

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

64  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations | 45.0%
Brazil | 11.3%
Brazil Letras do Tesouro Nacional, 0.000%, 10/01/16	BRL		3,125		$	939,490
Brazil NTN-B, 6.000%, 08/15/16	BRL		220			198,310
Brazil NTN-F, 10.000%, 01/01/17	BRL		940			287,364
						1,425,164
Colombia | 1.1%
Colombian Titulos De Tesoreria, 7.000%, 05/04/22	COP		410,000			139,605
Hungary | 1.1%
Hungary Government Bond, 3.000%, 06/26/24	HUF		37,500			132,220
Indonesia | 0.4%
Indonesia Government Bond, 7.875%, 04/15/19	IDR		650,000			49,860
Malaysia | 3.1%
Malaysia Government Bond, 3.800%, 08/17/23	MYR		1,578			392,885
Mexico | 5.9%
Mexican Bonos:
4.750%, 06/14/18	MXN		4,400			240,209
6.500%, 06/10/21	MXN		2,150			122,767
5.750%, 03/05/26	MXN		1,750			94,547
Mexican Udibonos, 2.500%, 12/10/20	MXN		5,253			290,803
						748,326
Poland | 4.3%
Poland Government Bond, 2.000%, 04/25/21	PLN		2,170			547,525
Romania | 0.4%
Romania Government Bond, 4.750%, 02/24/25	RON		205			55,174

Description	Security Currency	Principal Amount (000)		Fair Value
Russia | 10.7%
Russia Government Bond - OFZ, 7.400%, 04/19/17	RUB		88,000		$	1,351,963
South Africa | 2.3%
Republic of South Africa:
7.250%, 01/15/20	ZAR		2,290			151,349
10.500%, 12/21/26	ZAR		480			36,260
8.500%, 01/31/37	ZAR		1,750			107,977
						295,586
Turkey | 4.4%
Turkey Government Bond, 10.400%, 03/27/19	TRY		1,550			559,838
Total Foreign Government Obligations (Cost $5,680,349)						5,698,146
Supranationals | 0.3%
European Investment Bank, 7.200%, 07/09/19 (b) (Cost $51,203)	IDR		600,000			44,600
US Treasury Securities | 48.3%
US Treasury Notes:
0.500%, 07/31/16	USD		400			400,102
0.625%, 08/15/16	USD		400			400,190
1.000%, 08/31/16	USD		650			650,753
0.875%, 09/15/16	USD		650			650,744
0.500%, 09/30/16	USD		500			500,186
1.000%, 09/30/16	USD		500			500,806
0.625%, 10/15/16	USD		500			500,351
0.375%, 10/31/16	USD		500			500,074
1.000%, 10/31/16	USD		500			501,094
0.625%, 11/15/16	USD		500			500,488
0.875%, 11/30/16	USD		500			501,064
0.625%, 12/15/16	USD		500			500,512
Total US Treasury Securities (Cost $6,104,391)						6,106,364

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

Semi-Annual Report  65

Description	Shares		Fair Value
Lazard Emerging Markets Income Portfolio (continued)
Short-Term Investment | 6.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $795,635)		795,635		$	795,635

Description	Fair Value
Total Investments | 99.9% (Cost $12,631,578) (d), (g)		$	12,644,745
Cash and Other Assets in Excess of Liabilities | 0.1%			7,305
Net Assets | 100.0%		$	12,652,050

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, 2016:

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
ARS		1,875,900	USD		130,000	CIT	07/27/16	$	—	$	6,767
BRL		84,479	USD		23,000	CIT	09/21/16		2,686		—
CLP		60,391,050	USD		87,000	SCB	07/08/16		4,217		—
CLP		87,243,520	USD		128,000	SCB	07/22/16		3,606		—
CNY		960,840	USD		153,000	CIT	07/13/16		—		8,659
CNY		8,757,892	USD		1,342,000	HSB	07/13/16		—		26,358
CNY		1,233,414	USD		189,000	SCB	07/13/16		—		3,712
COP		411,231,500	USD		139,000	BNP	07/06/16		1,759		—
COP		99,891,000	USD		33,000	SCB	07/22/16		1,066		—
COP		284,784,000	USD		96,000	SCB	09/06/16		262		—
CZK		3,281,095	USD		139,000	CIT	09/01/16		—		4,234
CZK		3,113,501	USD		128,000	JPM	08/16/16		—		177
CZK		10,308,600	USD		434,760	JPM	08/16/16		—		11,546
HUF		1,708,200	USD		6,000	JPM	08/01/16		4		—
HUF		77,925,725	USD		278,127	JPM	08/01/16		—		4,256
IDR		1,986,580,000	USD		142,000	CIT	03/22/17		2,337		—
IDR		5,841,060,000	USD		402,000	CIT	03/22/17		22,389		—
IDR		988,400,000	USD		70,000	CIT	05/02/17		1,217		—
IDR		961,520,000	USD		68,000	HSB	05/09/17		1,179		—
IDR		2,217,410,300	USD		168,496	SCB	07/11/16		—		370
ILS		491,139	USD		126,000	JPM	08/12/16		1,349		—
ILS		723,731	USD		193,979	JPM	08/12/16		—		6,320
INR		15,496,430	USD		229,000	JPM	07/13/16		196		—
INR		55,189,910	USD		810,782	JPM	07/25/16		3,744		—
KRW		1,381,886,100	USD		1,203,000	CIT	07/08/16		—		3,870
KRW		143,935,600	USD		122,000	CIT	07/29/16		2,793		—
MXN		2,161,175	USD		117,000	CIT	07/25/16		990		—
MXN		2,303,175	USD		123,000	CIT	07/25/16		2,743		—
MXN		5,000,000	USD		267,280	CIT	07/25/16		5,697		—
MXN		1,819,272	USD		98,000	JPM	07/25/16		1,324		—
MYR		532,122	USD		131,000	BNP	07/27/16		2,414		—
MYR		769,486	USD		187,000	SCB	07/29/16		5,926		—
PEN		392,840	USD		112,000	BNP	08/03/16		7,115		—
PHP		235,510	USD		5,000	HSB	07/25/16		—		5
PHP		7,850,640	USD		168,000	HSB	07/25/16		—		1,510
PLN		146,502	USD		37,000	JPM	07/18/16		121		—
PLN		540,046	USD		135,000	JPM	07/18/16		1,840		—
RON		532,952	USD		134,000	JPM	07/13/16		—		3,239
RUB		19,287,983	USD		286,000	CIT	07/01/16		15,628		—
RUB		5,989,890	USD		92,000	CIT	07/27/16		1,104		—
SGD		923,654	USD		669,800	SCB	07/08/16		15,853		—
THB		4,574,340	USD		129,000	CIT	09/12/16		1,021		—
THB		23,169,576	USD		657,881	SCB	09/12/16		690		—
TRY		1,608,656	USD		542,000	CIT	07/01/16		17,241		—

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

Semi-Annual Report  67

Lazard Emerging Markets Income Portfolio (concluded)

Currency			Currency				Settlement	Unrealized			Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation			Depreciation
TRY		387,470	USD		132,000	JPM	07/01/16		$	2,702		$	—
TRY		294,355	USD		100,000	JPM	08/29/16			935			—
TWD		257,336	USD		8,000	SCB	08/15/16			2			—
TWD		7,755,380	USD		237,859	SCB	08/15/16			3,312			—
USD		26,000	TRY		26,255	CIT	07/01/16			—			255
USD		40,000	RUB		40,159	CIT	07/01/16			—			159
USD		81,159	RUB		82,065	CIT	07/01/16			—			906
USD		177,000	RUB		179,405	CIT	07/01/16			—			2,405
USD		57,000	KRW		56,826	CIT	07/08/16			174			—
USD		45,000	CNY		44,524	CIT	07/13/16			476			—
USD		269,000	MXN		274,323	CIT	07/25/16			—			5,323
USD		38,000	MYR		38,014	CIT	07/27/16			—			14
USD		314,000	RUB		313,779	CIT	07/27/16			221			—
USD		20,000	THB		20,042	CIT	09/12/16			—			42
USD		130,175	THB		130,021	CIT	09/12/16			154			—
USD		33,000	BRL		34,951	CIT	09/21/16			—			1,951
USD		184,000	BRL		183,579	CIT	09/21/16			421			—
USD		407,000	BRL		446,919	CIT	09/21/16			—			39,919
USD		101,883	TRY		102,858	JPM	07/01/16			—			975
USD		546,827	TRY		564,830	JPM	07/01/16			—			18,003
USD		41,000	INR		40,974	JPM	07/13/16			26			—
USD		23,000	PLN		22,615	JPM	07/18/16			385			—
USD		135,000	PLN		136,597	JPM	07/18/16			—			1,597
USD		135,000	HUF		137,036	JPM	08/01/16			—			2,036
USD		161,000	CZK		163,536	JPM	08/16/16			—			2,536
USD		28,000	ZAR		27,981	JPM	08/22/16			19			—
USD		293,231	ZAR		296,209	JPM	08/22/16			—			2,978
USD		25,000	TRY		25,043	JPM	08/29/16			—			43
USD		1,109	EUR		1,112	JPM	09/01/16			—			3
USD		100,000	CZK		101,611	JPM	09/01/16			—			1,611
USD		140,352	COP		140,759	SCB	07/06/16			—			407
USD		22,000	SGD		21,859	SCB	07/08/16			141			—
USD		29,000	CLP		29,041	SCB	07/08/16			—			41
USD		53,000	SGD		53,015	SCB	07/08/16			—			15
USD		23,000	IDR		23,187	SCB	07/11/16			—			187
USD		144,000	IDR		144,940	SCB	07/11/16			—			940
USD		144,923	CNY		144,341	SCB	07/13/16			582			—
USD		50,000	IDR		49,973	SCB	08/11/16			27			—
USD		178,000	IDR		177,433	SCB	08/11/16			567			—
USD		17,000	THB		17,176	SCB	09/12/16			—			176
USD		18,000	THB		17,992	SCB	09/12/16			9			—
USD		137,000	BRL		188,164	UBS	09/30/16			—			51,164
ZAR		4,006,595	USD		263,000	CIT	10/03/16			4,145			—
									$	142,809		$	214,709

Total gross unrealized appreciation/depreciation on Forward Currency Contracts

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, 2016 (unaudited)

(a)	Non-income producing security.
(b)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2016, the percentage of net assets for each Portfolio was as follows:

	Percentage of
Portfolio	Net Assets
Emerging Markets Equity		0.4	%
Emerging Markets Equity Advantage		2.0
Emerging Markets Multi Asset		1.1
Emerging Markets Debt		8.7
Explorer Total Return		8.6
Emerging Markets Income		0.4

(c)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy – see Note 9.
(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 Gross		Aggregate Gross		Net Unrealized
			Unrealized		Unrealized		Appreciation
Portfolio	Aggregate Cost		Appreciation		Depreciation		(Depreciation)
Emerging Markets Equity	$	11,458,029,500	$	1,341,444,192	$	2,216,733,673	$	(875,289,481	)
Emerging Markets Core Equity		117,493,842		7,538,030		5,392,202		2,145,828
Developing Markets Equity		247,048,685		29,402,142		20,657,207		8,744,935
Emerging Markets Equity Advantage		3,024,920		194,957		238,986		(44,029	)
Emerging Markets Equity Blend		277,653,597		28,348,040		31,274,345		(2,926,305	)
Emerging Markets Multi Asset		179,024,242		10,457,847		11,177,182		(719,335	)
Emerging Markets Debt		266,285,806		9,975,085		7,715,490		2,259,595
Explorer Total Return		241,447,605		7,612,523		2,669,018		4,943,505
Emerging Markets Income		12,631,578		222,374		209,207		13,167

(e)	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, 2016 which may step up at a future date.
(f)	Variable and floating rate securities are securities which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on June 30, 2016.
(g)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

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	NVDR	—	Non-Voting Depository Receipt
JSC	—	Joint Stock Company	PJSC	—	Public Joint Stock Company
NTN-B	—	Brazil Sovereign “Nota do Tesouro Nacional” Series B	REIT	—	Real Estate Investment Trust
Currency Abbreviations:
ARS	—	Argentinian Peso	MXN	—	Mexican New Peso
BRL	—	Brazilian Real	MYR	—	Malaysian Ringgit
CLP	—	Chilean Peso	PEN	—	Peruvian Nuevo Sol
CNY	—	Chinese Renminbi	PHP	—	Philippine Peso
COP	—	Colombian Peso	PLN	—	Polish Zloty
CZK	—	Czech Koruna	RON	—	New Romanian Leu
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
KRW	—	South Korean Won	ZAR	—	South African Rand
KZT	—	Kazakhstan Tenge
Counterparty Abbreviations:
BNP	—	BNP Paribas SA	JPM	—	JPMorgan Chase Bank NA
BRC	—	Barclays Bank PLC	SCB	—	Standard Charter 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:

										Lazard
	Lazard			Lazard			Lazard			Emerging			Lazard			Lazard
	Emerging			Emerging			Developing			Markets			Emerging			Emerging
	Markets			Markets			Markets			Equity			Markets			Markets
	Equity			Core Equity			Equity			Advantage			Equity Blend			Multi Asset
Industry*	Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
Aerospace & Defense		—	%		—	%		4.1	%		0.2	%		0.8	%		0.3	%
Airlines		—			—			—			0.5			—			—
Auto Components		1.7			0.8			0.7			0.7			3.2			1.8
Automobiles		3.7			2.6			1.5			2.1			1.8			1.2
Banks		24.3			17.7			24.8			16.9			22.8			14.3
Beverages		1.7			1.2			—			1.7			0.9			0.5
Building Products		—			0.4			—			0.5			0.1			0.1
Capital Markets		—			—			—			0.8			—			—
Chemicals		0.4			1.8			—			2.5			0.4			0.4
Commercial Services & Suppliers		—			—			—			0.2			—			—
Communications Equipment		—			—			—			0.4			—			—
Construction & Engineering		—			—			1.4			1.3			0.7			0.2
Construction Materials		1.6			—			3.1			0.9			0.8			0.4
Consumer Finance		—			—			1.9			1.0			0.8			0.5
Containers & Packaging		—			—			—			—			0.4			0.2
Distributors		0.8			—			—			—			—			—
Diversified Consumer Services		—			—			2.6			0.5			1.1			0.4
Diversified Financial Services		—			2.3			—			0.5			0.4			0.5
Diversified Telecommunication Services		3.1			2.8			—			2.3			1.4			1.5
Electric Utilities		—			—			—			5.4			—			—
Electrical Equipment		0.4			—			1.8			0.7			—			—
Electronic Equipment, Instruments & Components		2.1			2.9			3.2			2.5			5.0			2.5
Energy Equipment & Services		—			0.6			0.3			—			—			—
Food & Staples Retailing		2.6			2.4			1.0			1.5			0.8			0.8
Food Products		—			2.5			0.6			1.7			0.4			0.5
Gas Utilities		—			1.4			—			—			—			0.3
Health Care Equipment & Supplies		—			—			—			0.9			—			—
Health Care Providers & Services		0.2			0.8			—			—			0.2			0.1
Hotels, Restaurants & Leisure		0.3			2.1			—			0.6			0.5			0.7
Household Durables		1.3			2.5			1.3			0.7			1.2			0.5
Household Products		1.0			—			—			0.4			0.8			0.5
Independent Power and Renewable Electricity Producers		—			—			—			—			0.4			0.2
Industrial Conglomerates		1.4			0.9			—			1.2			1.1			0.7
Insurance		3.7			4.3			2.8			2.9			1.7			1.3
Internet & Catalog Retail		—			0.9			0.9			0.2			—			0.2
Internet Software & Services		5.9			6.5			8.6			7.9			9.2			5.1
IT Services		6.3			1.0			—			2.5			2.3			1.4
Machinery		1.3			0.8			0.6			0.3			1.2			0.7
Marine		—			—			—			0.3			—			—
Media		—			1.8			2.2			1.8			—			0.9
Metals & Mining		1.6			1.1			4.3			3.1			1.5			0.9
Multiline Retail		0.9			1.1			0.9			—			—			0.2
Oil, Gas & Consumable Fuels		7.8			5.2			12.1			8.8			8.7			6.3
Paper & Forest Products		—			1.2			—			0.2			—			0.2
Personal Products		0.3			2.6			—			0.8			0.2			0.8
Pharmaceuticals		—			2.0			7.2			1.4			2.6			1.3
Professional Services		—			—			—			—			0.5			0.3
Real Estate Investment Trusts (REITs)		—			0.8			1.5			—			0.6			0.5
Real Estate Management & Development		—			0.7			—			3.0			0.5			0.4
Road & Rail		0.8			—			—			—			0.9			0.5

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

Semi-Annual Report  71

										Lazard
	Lazard			Lazard			Lazard			Emerging			Lazard			Lazard
	Emerging			Emerging			Developing			Markets			Emerging			Emerging
	Markets			Markets			Markets			Equity			Markets			Markets
	Equity			Core Equity			Equity			Advantage			Equity Blend			Multi Asset
Industry*	Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
Semiconductors & Semiconductor Equipment		5.9	%		7.5	%		5.2	%		5.6	%		8.1	%		5.1	%
Software		—			0.6			0.1			—			—			—
Specialty Retail		0.1			—			—			1.3			0.4			0.2
Technology Hardware, Storage & Peripherals		3.3			5.9			2.8			5.4			3.4			2.7
Textiles, Apparel & Luxury Goods		—			—			0.9			0.8			2.1			1.1
Thrifts & Mortgage Finance		—			—			—			—			0.6			0.3
Tobacco		1.5			—			—			1.0			0.6			0.4
Transportation Infrastructure		1.6			2.8			—			0.9			1.0			1.2
Water Utilities		—			1.2			—			—			0.4			0.5
Wireless Telecommunication Services		8.5			3.7			—			4.3			3.7			2.9
Subtotal		96.1			97.4			98.4			101.1			96.2			64.5
Foreign Government Obligations		—			—			—			—			—			18.3
US Treasury Securities		—			—			—			—			—			5.3
Short-Term Investments		3.1			3.0			0.5			0.5			2.9			10.9
Total Investments		99.2	%		100.4	%		98.9	%		101.6	%		99.1	%		99.0	%

	Lazard			Lazard
	Emerging			Explorer
	Markets Debt			Total Return
Industry*	Portfolio			Portfolio
Banks		1.2	%		—	%
Chemicals		0.3			0.2
Construction Materials		—			0.4
Diversified Financial Services		0.6			0.5
Diversified Telecommunication Services		0.2			0.3
Electric Utilities		0.2			0.6
Hotels, Restaurants & Leisure		—			0.2
Media		—			0.3
Metals & Mining		0.5			—
Oil, Gas & Consumable Fuels		6.3			5.8
Transportation Infrastructure		0.6			0.2
Wireless Telecommunication Services		0.5			0.7
Subtotal		10.4			9.2
Foreign Government Obligations		85.2			63.2
Purchased Options		—			0.1
Short-Term Investments		3.7			24.6
Total Investments		99.3	%		97.1	%

* 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

[This page intentionally left blank]

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

	Lazard				Lazard Emerging			Lazard
	Emerging Markets				Markets Core			Developing Markets
June 30, 2016	Equity Portfolio				Equity Portfolio			Equity Portfolio
ASSETS
Investments in securities, at fair value		$	10,488,729,347		$	119,639,670		$	255,793,620
Non-controlled affiliated issuers, at fair value (Note 5)			94,010,672			—			—
Cash			—			—			—
Cash collateral due from broker			—			—			—
Foreign currency, at fair value			2,381,237			50,543			62,810
Receivables for:
Dividends and interest			59,914,538			580,136			1,141,053
Capital stock sold			36,495,600			172,327			627,563
Investments sold			1,402,130			923,631			2,193,374
Amount due from Investment Manager (Note 3)			—			—			—
Gross unrealized appreciation on forward currency contracts			—			—			—
Premium for swap agreements purchased			—			—			—
Prepaid expenses			8,624			—			—
Total assets			10,682,942,148			121,366,307			259,818,420
LIABILITIES
Due to custodian			—			—			—
Cash collateral due to broker			—			—			—
Payables for:
Management fees			8,383,732			92,258			210,290
Accrued custodian fees			1,209,887			29,999			153,399
Accrued distribution fees			245,319			505			1,587
Accrued professional services			66,141			19,738			10,995
Capital stock redeemed			7,331,317			74,761			288,151
Investments purchased			311,811			1,923,492			356,237
Dividends			—			—			—
Offering costs (Note 2(h))			—			—			—
Gross unrealized depreciation on:
Forward currency contracts			—			—			—
Swap agreements			—			—			—
Written options, at fair value			—			—			—
Other accrued expenses and payables			1,825,809			17,372			53,710
Total liabilities			19,374,016			2,158,125			1,074,369
Net assets		$	10,663,568,132		$	119,208,182		$	258,744,051
NET ASSETS
Paid in capital		$	12,535,249,447		$	127,376,117		$	420,238,500
Undistributed (distributions in excess of) net investment income (loss)			184,434,287			523,048			(620,712	)
Accumulated net realized gain (loss)			(1,180,058,897	)		(10,835,917	)		(169,619,711	)
Net unrealized appreciation (depreciation) on:
Investments			(707,411,367	)		2,145,828			8,744,935
Non-controlled affiliated issuers			(168,825,132	)		—			—
Foreign currency translations and forward currency contracts			179,794			(894	)		1,039
Written options			—			—			—
Swap agreements			—			—			—
Net assets		$	10,663,568,132		$	119,208,182		$	258,744,051
Institutional Shares
Net assets		$	9,242,333,377		$	116,102,528		$	251,003,342
Shares of capital stock outstanding*			603,622,040			13,236,055			25,264,993
Net asset value, offering and redemption price per share		$	15.31		$	8.77		$	9.93
Open Shares
Net assets		$	1,255,780,539		$	3,105,654		$	7,740,709
Shares of capital stock outstanding*			79,886,824			355,304			779,758
Net asset value, offering and redemption price per share		$	15.72		$	8.74		$	9.93
R6 Shares
Net assets		$	165,454,216			—			—
Shares of capital stock outstanding*			10,807,979			—			—
Net asset value, offering and redemption price per share		$	15.31			—			—
Cost of investments in securities		$	11,195,193,696		$	117,493,842		$	247,048,685
Cost of non-controlled affiliated issuers		$	262,835,804		$	—		$	—
Proceeds received from written options		$	—		$	—		$	—
Cost of foreign currency		$	2,381,872		$	49,499		$	62,564

* $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			Lazard Emerging			Lazard			Lazard			Lazard Explorer			Lazard
Emerging Markets Equity			Markets Equity			Emerging Markets			Emerging Markets			Total Return			Emerging Markets
Advantage Portfolio			Blend Portfolio			Multi Asset Portfolio			Debt Portfolio			Portfolio			Income Portfolio
$	2,980,891		$	274,727,292		$	178,304,907		$	268,545,401		$	246,391,110		$	12,644,745
	—			—			—			—			—			—
	—			—			—			—			190,388			—
	—			—			—			—			280,000			—
	4,683			63,967			118,340			544,700			23,560			12,911
	18,301			1,474,292			1,251,210			4,574,591			2,749,482			90,780
	—			447,429			96,654			129,375			6,700			—
	8,920			1,231,129			1,422,894			1,270,822			5,677,571			—
	20,575			—			—			—			—			6,514
	—			—			482,834			628,817			1,149,009			142,809
	—			—			46,500			—			782,500			—
	19,835			70,012			12,704			10,633			8,311			12,487
	3,053,205			278,014,121			181,736,043			275,704,339			257,258,631			12,910,246
	—			—			—			42			—			—
	—			—			10,000			—			—			—
	—			238,653			148,816			171,491			203,689			—
	28,322			148,992			53,170			45,837			28,158			10,367
	21			1,339			197			1,499			288			27
	21,633			12,031			21,433			29,759			25,841			23,743
	—			235,461			83,668			70,286			309,695			6
	12,962			39,253			516,945			4,126,941			898,880			—
	—			—			—			2,332			239			—
	46,283			—			—			—			—			—
	—			—			800,307			838,626			1,847,065			214,709
	—			—			1,328			—			30,098			—
	—			—			1,152			—			10,296			—
	10,007			40,586			33,386			14,225			23,821			9,344
	119,228			716,315			1,670,402			5,301,038			3,378,070			258,196
$	2,933,977		$	277,297,806		$	180,065,641		$	270,403,301		$	253,880,561		$	12,652,050
$	3,340,519		$	383,854,322		$	213,243,389		$	320,144,841		$	275,102,131		$	12,819,933
	11,919			(139,072	)		120,838			(5,337,380	)		(2,928,600	)		(200,777	)
	(374,629	)		(103,473,219	)		(32,265,048	)		(46,523,815	)		(22,554,302	)		88,358
	(44,029	)		(2,948,056	)		(726,101	)		2,259,595			4,943,505			13,167
	—			—			—			—			—			—
	197			3,831			(313,015	)		(139,940	)		(713,794	)		(68,631	)
	—			—			6,906			—			61,719			—
	—			—			(1,328	)		—			(30,098	)		—
$	2,933,977		$	277,297,806		$	180,065,641		$	270,403,301		$	253,880,561		$	12,652,050
$	2,826,242		$	270,619,522		$	179,059,067		$	262,957,262		$	252,485,537		$	12,519,918
	327,198			29,147,155			22,466,757			31,581,417			28,518,907			1,415,335
$	8.64		$	9.28		$	7.97		$	8.33		$	8.85		$	8.85
$	107,735		$	6,678,284		$	1,006,574		$	7,446,039		$	1,395,024		$	132,132
	12,489			718,904			126,235			886,015			156,676			14,911
$	8.63		$	9.29		$	7.97		$	8.40		$	8.90		$	8.86
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
$	3,024,920		$	277,653,597		$	179,024,242		$	266,285,806		$	241,447,605		$	12,631,578
$	—		$	—		$	—		$	—		$	—		$	—
$	—		$	—		$	8,058		$	—		$	72,015		$	—
$	4,518		$	63,617		$	118,899		$	533,252		$	22,344		$	12,610

Semi-Annual Report  75

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

For the Six Months Ended June 30, 2016	Lazard Emerging Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio			Lazard Developing Markets Equity Portfolio
Investment Income (Loss)
Income
Dividends
Unaffiliated issuers		$	173,397,501		$	1,486,878		$	3,102,381
Non-controlled affiliated issuers (Note 5)			607,607			—			—
Interest			—			—			—
Total investment income*			174,005,108			1,486,878			3,102,381
Expenses
Management fees (Note 3)			47,813,277			527,672			1,539,771
Custodian fees			3,015,995			82,448			261,394
Distribution fees (Open Shares)			1,405,843			3,325			10,033
Shareholders’ reports			600,384			2,752			40,537
Administration fees			552,792			35,486			55,728
Shareholders’ services			295,910			13,996			19,960
Directors’ fees and expenses			182,079			4,405			9,041
Professional services			163,317			19,747			27,873
Registration fees			45,997			19,913			20,032
Amortization of offering costs (Note 2(h))			383			—			—
Other†			134,934			4,230			8,524
Total gross expenses			54,210,911			713,974			1,992,893
Management fees waived and expenses reimbursed			(3,257	)		(24,010	)		(4,348	)
Administration fees waived			—			—			—
Total net expenses			54,207,654			689,964			1,988,545
Net investment income (loss)			119,797,454			796,914			1,113,836
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Forward Currency Contracts, Options and Swap Agreements
Net realized gain (loss) on:
Investments**			(495,735,481	)		(8,021,058	)		(36,400,763	)
Non-controlled affiliated issuers			(820,952	)		—			—
Foreign currency transactions and forward currency contracts			(388,324	)		7,087			(206,787	)
Written options			—			—			—
Swap agreements			—			—			—
Total net realized gain (loss) on investments, foreign currency transactions, forward currency contracts, options and swap agreements			(496,944,757	)		(8,013,971	)		(36,607,550	)
Net change in unrealized appreciation (depreciation) on:
Investments***			1,703,348,698			9,995,759			62,608,376
Non-controlled affiliated issuers			(17,598,041	)		—			—
Foreign currency translations and forward currency contracts			330,397			(1,257	)		2,024
Written options			—			—			—
Swap agreements			—			—			—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts, options, and swap agreements			1,686,081,054			9,994,502			62,610,400
Net realized and unrealized gain (loss) on investments, foreign currency transactions, forward currency contracts, options and swap agreements			1,189,136,297			1,980,531			26,002,850
Net increase (decrease) in net assets resulting from operations		$	1,308,933,751		$	2,777,445		$	27,116,686
* Net of foreign withholding taxes of		$	25,578,118		$	181,054		$	289,713
** Net of foreign capital gains taxes of		$	(37,489	)	$	—		$	—
*** Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	189,982		$	—		$	189,409
† Includes interest on line of credit of		$	—		$	—		$	5,523

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

76  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
$	46,081		$	3,590,454		$	1,561,554		$	—		$	—		$	—
	—			—			—			—			—			—
	—			—			1,181,191			9,260,521			7,870,102			151,559
	46,081			3,590,454			2,742,745			9,260,521			7,870,102			151,559
	11,505			1,318,901			827,748			1,030,897			1,226,282			42,755
	56,335			257,844			139,878			92,771			61,817			27,833
	121			8,210			1,071			8,926			1,713			163
	1,650			57,692			12,399			5,532			5,138			1,551
	24,795			51,310			41,487			50,723			49,472			26,273
	12,145			30,914			13,659			14,323			13,668			12,752
	2,537			8,152			5,562			7,571			7,240			2,737
	18,156			24,327			29,286			28,114			24,339			20,357
	9,967			29,858			19,913			37,317			19,913			14,940
	20,526			—			—			—			—			—
	2,696			9,099			5,138			8,484			6,299			2,942
	160,433			1,796,307			1,096,141			1,284,658			1,415,881			152,303
	(136,025	)		(71,882	)		(18,783	)		(4,152	)		(5,791	)		(83,452	)
	(9,375	)		—			—			—			—			(9,375	)
	15,033			1,724,425			1,077,358			1,280,506			1,410,090			59,476
	31,048			1,866,029			1,665,387			7,980,015			6,460,012			92,083
	(172,837	)		(24,329,211	)		(9,543,616	)		(6,066,206	)		412,492			(69,803	)
	—			—			—			—			—			—
	(796	)		(122,996	)		(17,514	)		(721,482	)		(661,865	)		277,041
	—			—			(47,869	)		—			(429,138	)		—
	—			—			(4,717	)		—			(191,468	)		—
	(173,633	)		(24,452,207	)		(9,613,716	)		(6,787,688	)		(869,979	)		207,238
	340,582			42,203,003			18,655,518			26,543,968			10,229,957			311,410
	—			—			—			—			—			—
	203			6,101			(194,573	)		(92,855	)		(1,486,214	)		127,556
	—			—			6,906			—			61,719			—
	—			—			1,447			—			78,763			—
	340,785			42,209,104			18,469,298			26,451,113			8,884,225			438,966
	167,152			17,756,897			8,855,582			19,663,425			8,014,246			646,204
$	198,200		$	19,622,926		$	10,520,969		$	27,643,440		$	14,474,258		$	738,287
$	6,812		$	441,779		$	196,603		$	113,879		$	(2,052	)	$	726
$	—		$	81,776		$	586		$	40,749		$	—		$	—
$	—		$	176,204		$	23,554		$	—		$	—		$	—
$	2		$	5,020		$	—		$	3,136		$	—		$	—

Semi-Annual Report  77

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

	Lazard Emerging Markets							Lazard Emerging Markets
	Equity Portfolio							Core Equity Portfolio
	Six Months Ended				Year Ended			Six Months Ended			Year Ended
	June 30, 2016				December 31,			June 30, 2016			December 31,
	(unaudited)				2015			(unaudited)			2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	119,797,454		$	227,360,697		$	796,914		$	190,867
Net realized gain (loss) on investments and foreign currency transactions			(496,944,757	)		(636,488,846	)		(8,013,971	)		(2,519,787	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			1,686,081,054			(2,312,934,505	)		9,994,502			(6,842,940	)
Net increase (decrease) in net assets resulting from operations			1,308,933,751			(2,722,062,654	)		2,777,445			(9,171,860	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(142,503,178	)		—			(180,297	)
Open Shares			—			(11,377,382	)		—			—
R6 Shares			—			(1,330,764	)		—			—
From net realized gains
Institutional Shares			—			(40,346,125	)		—			—
Open Shares			—			(3,878,486	)		—			—
R6 Shares			—			(357,845	)		—			—
Return of capital
Institutional Shares			—			—			—			(88,130	)
Open Shares			—			—			—			—
Net decrease in net assets resulting from distributions			—			(199,793,780	)		—			(268,427	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			1,073,563,048			2,526,892,552			27,674,266			85,622,157
Open Shares			484,387,371			335,817,831			711,359			1,562,389
R6 Shares			1,364,871			177,286,490			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			22,763			169,829,270			—			213,430
Open Shares			—			14,707,059			—			—
R6 Shares			—			475,012			—			—
Cost of shares redeemed
Institutional Shares			(1,181,638,267	)		(3,976,707,530	)		(16,669,208	)		(14,024,038	)
Open Shares			(238,345,074	)		(732,854,550	)		(50,262	)		(4,268,230	)
R6 Shares			(713,717	)		(8,971,555	)		—			—
Net increase (decrease) in net assets from capital stock transactions			138,640,995			(1,493,525,421	)		11,666,155			69,105,708
Redemption fees (Note 2(j))
Institutional Shares			18,869			85,894			—			484
Open Shares			4,391			24,702			—			—
Net increase in net assets from redemption fees			23,260			110,596			—			484
Total increase (decrease) in net assets			1,447,598,006			(4,415,271,259	)		14,443,600			59,665,905
Net assets at beginning of period			9,215,970,126			13,631,241,385			104,764,582			45,098,677
Net assets at end of period*		$	10,663,568,132		$	9,215,970,126		$	119,208,182		$	104,764,582
*Includes undistributed (distributions in excess of) net investment income (loss) of		$	184,434,287		$	64,636,833		$	523,048		$	(273,866	)
(a) The Portfolio commenced operations on May 29, 2015.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			612,915,207			707,314,715			11,913,811			4,141,159
Shares sold			76,986,284			155,548,937			3,372,978			9,340,075
Shares issued to shareholders from reinvestment of distributions			1,681			12,506,774			—			24,789
Shares redeemed			(86,281,132	)		(262,455,219	)		(2,050,734	)		(1,592,212	)
Net increase (decrease)			(9,293,167	)		(94,399,508	)		1,322,244			7,772,652
Shares outstanding at end of period			603,622,040			612,915,207			13,236,055			11,913,811
Open Shares
Shares outstanding at beginning of period			60,265,874			83,551,356			273,190			547,633
Shares sold			36,774,382			21,125,275			88,286			161,890
Shares issued to shareholders from reinvestment of distributions			—			1,053,670			—			—
Shares redeemed			(17,153,432	)		(45,464,427	)		(6,172	)		(436,333	)
Net increase (decrease)			19,620,950			(23,285,482	)		82,114			(274,443	)
Shares outstanding at end of period			79,886,824			60,265,874			355,304			273,190
R6 Shares*
Shares outstanding at beginning of period			10,761,543			—
Shares sold			98,060			11,383,985
Shares issued to shareholders from reinvestment of distributions			—			34,735
Shares redeemed			(51,624	)		(657,177	)
Net increase			46,436			10,761,543
Shares outstanding at end of period			10,807,979			10,761,543

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

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

78  Semi-Annual Report

Lazard Developing Markets							Lazard Emerging Markets						Lazard Emerging Markets
Equity Portfolio							Equity Advantage Portfolio						Equity Blend Portfolio
Six Months Ended				Year Ended			Six Months Ended			Period Ended			Six Months Ended			Year Ended
June 30, 2016				December 31,			June 30, 2016			December 31,			June 30, 2016			December 31,
(unaudited)				2015			(unaudited)			2015 (a)			(unaudited)			2015
	$	1,113,836		$	2,201,358		$	31,048		$	24,631		$	1,866,029		$	5,738,043
		(36,607,550	)		(52,150,416	)		(173,633	)		(202,076	)		(24,452,207	)		(67,692,018	)
		62,610,400			(6,254,455	)		340,785			(384,617	)		42,209,104			580,940
		27,116,686			(56,203,513	)		198,200			(562,062	)		19,622,926			(61,373,035	)
		—			(1,924,292	)		—			(43,330	)		—			(6,648,716	)
		—			(13,305	)		—			(1,479	)		—			(117,959	)
		—			—			—			—			—			—
		—			—			—			—			—			—
		—			—			—			—			—			—
		—			—			—			—			—			—
		—			—			—			—			—			(222,431	)
		—			—			—			—			—			(3,946	)
		—			(1,937,597	)		—			(44,809	)		—			(6,993,052	)
		35,034,385			160,628,933			17,103			3,160,000			40,484,307			123,910,759
		1,116,098			4,472,487			5,801			114,935			554,962			22,146,753
		—			—			—			—			—			—
		—			1,804,758			—			43,330			—			6,577,069
		—			13,190			—			1,479			—			120,456
		—			—			—			—			—			—
		(154,478,010	)		(188,831,386	)		—			—			(76,791,569	)		(243,837,698	)
		(4,736,894	)		(8,133,436	)		—			—			(1,537,557	)		(132,387,511	)
		—			—			—			—			—			—
		(123,064,421	)		(30,045,454	)		22,904			3,319,744			(37,289,857	)		(223,470,172	)
		509			1,622			—			—			39			1,456
		1			3			—			—			1			194
		510			1,625			—			—			40			1,650
		(95,947,225	)		(88,184,939	)		221,104			2,712,873			(17,666,891	)		(291,834,609	)
		354,691,276			442,876,215			2,712,873			—			294,964,697			586,799,306
	$	258,744,051		$	354,691,276		$	2,933,977		$	2,712,873		$	277,297,806		$	294,964,697
	$	(620,712	)	$	(1,734,548	)	$	11,919		$	(19,129	)	$	(139,072	)	$	(2,005,101	)
		38,037,272			40,927,103			324,964			—			33,751,879			46,286,681
		3,957,688			16,044,111			2,234			319,608			4,824,550			12,895,558
		—			202,540			—			5,356			—			766,558
		(16,729,967	)		(19,136,482	)		—			—			(9,429,274	)		(26,196,918	)
		(12,772,279	)		(2,889,831	)		2,234			324,964			(4,604,724	)		(12,534,802	)
		25,264,993			38,037,272			327,198			324,964			29,147,155			33,751,879
		1,205,398			1,536,338			11,805			—			831,641			12,384,807
		122,154			475,961			684			11,622			66,555			2,271,163
		—			1,554			—			183			—			14,023
		(547,794	)		(808,455	)		—			—			(179,292	)		(13,838,352	)
		(425,640	)		(330,940	)		684			11,805			(112,737	)		(11,553,166	)
		779,758			1,205,398			12,489			11,805			718,904			831,641

Semi-Annual Report  79

	Lazard Emerging Markets Multi Asset Portfolio							Lazard Emerging Markets Debt Portfolio
	Six Months Ended June 30, 2016 (unaudited)				Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,665,387		$	2,723,881		$	7,980,015		$	17,108,605
Net realized gain (loss) on investments, foreign currency transactions, forward currency contracts, options and swap agreements			(9,613,716	)		(16,665,143	)		(6,787,688	)		(43,771,586	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts, options and swap agreements			18,469,298			(7,135,560	)		26,451,113			(7,785,822	)
Net increase (decrease) in net assets resulting from operations			10,520,969			(21,076,822	)		27,643,440			(34,448,803	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(1,613,919	)		(7,730,815	)		(5,267	)
Open Shares			—			(5,138	)		(209,405	)		(39	)
Return of capital
Institutional Shares			—			—			—			(16,941,958	)
Open Shares			—			—			—			(126,193	)
Net decrease in net assets resulting from distributions			—			(1,619,057	)		(7,940,220	)		(17,073,457	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			9,918,751			14,378,243			16,577,931			177,866,366
Open Shares			247,887			229,591			1,205,702			7,523,204
Net proceeds from reinvestment of distributions
Institutional Shares			—			1,456,346			7,715,048			16,649,970
Open Shares			—			5,138			209,295			121,551
Cost of shares redeemed
Institutional Shares			(2,951,738	)		(26,085,369	)		(38,997,231	)		(210,940,585	)
Open Shares			(60,730	)		(547,125	)		(1,436,933	)		(1,549,327	)
Net increase (decrease) in net assets from capital stock transactions			7,154,170			(10,563,176	)		(14,726,188	)		(10,328,821	)
Redemption fees (Note 2(j))
Institutional Shares			—			—			—			5,758
Open Shares			—	(a)		—			—			389
Net increase in net assets from redemption fees			—	(a)		—			—			6,147
Total increase (decrease) in net assets			17,675,139			(33,259,055	)		4,977,032			(61,844,934	)
Net assets at beginning of period			162,390,502			195,649,557			265,426,269			327,271,203
Net assets at end of period*		$	180,065,641		$	162,390,502		$	270,403,301		$	265,426,269
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	120,838		$	(1,544,549	)	$	(5,337,380	)	$	(5,377,175	)
(a) Amount is less than $0.50.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			21,518,578			22,650,250			33,508,407			36,913,195
Shares sold			1,343,565			1,774,725			2,089,262			20,813,447
Shares issued to shareholders from reinvestment of distributions			—			193,149			959,448			2,003,594
Shares redeemed			(395,386	)		(3,099,546	)		(4,975,700	)		(26,221,829	)
Net increase (decrease)			948,179			(1,131,672	)		(1,926,990	)		(3,404,788	)
Shares outstanding at end of period			22,466,757			21,518,578			31,581,417			33,508,407
Open Shares
Shares outstanding at beginning of period			101,155			139,329			887,388			124,131
Shares sold			33,480			28,018			154,280			937,651
Shares issued to shareholders from reinvestment of distributions			—			680			25,765			15,058
Shares redeemed			(8,400	)		(66,872	)		(181,418	)		(189,452	)
Net increase (decrease)			25,080			(38,174	)		(1,373	)		763,257
Shares outstanding at end of period			126,235			101,155			886,015			887,388

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
$	6,460,012		$	8,079,405		$	92,083		$	9,894
	(869,979	)		(24,676,918	)		207,238			(791,521	)
	8,884,225			1,855,619			438,966			(366,500	)
	14,474,258			(14,741,894	)		738,287			(1,148,127	)
	(6,357,481	)		(4,046,291	)		(92,379	)		—
	(33,304	)		(85,810	)		—			—
	—			(3,943,160	)		—			(13,481	)
	—			(83,623	)		—			—
	(6,390,785	)		(8,158,884	)		(92,379	)		(13,481	)
	11,741,236			244,120,989			45,000			11,194,673
	168,563			2,615,494			—			41,513
	6,354,515			7,992,755			92,379			13,479
	33,120			137,674			—			—
	(22,868,531	)		(113,908,679	)		(1,057,016	)		(2,243,669	)
	(195,899	)		(8,120,303	)		(29,307	)		(6,955	)
	(4,766,996	)		132,837,930			(948,944	)		8,999,041
	—			—			—			—
	—			3,695			—			—
	—			3,695			—			—
	3,316,477			109,940,847			(303,036	)		7,837,433
	250,564,084			140,623,237			12,955,086			5,117,653
$	253,880,561		$	250,564,084		$	12,652,050		$	12,955,086
$	(2,928,600	)	$	(2,997,827	)	$	(200,777	)	$	(200,481	)
	29,101,055			14,321,463			1,519,965			544,226
	1,385,608			26,643,183			5,379			1,229,484
	734,136			899,825			10,594			1,492
	(2,701,892	)		(12,763,416	)		(120,603	)		(255,237	)
	(582,148	)		14,779,592			(104,630	)		975,739
	28,518,907			29,101,055			1,415,335			1,519,965
	155,824			763,194			18,495			14,487
	19,674			282,705			—			4,784
	3,804			15,177			—			—
	(22,626	)		(905,252	)		(3,584	)		(776	)
	852			(607,370	)		(3,584	)		4,008
	156,676			155,824			14,911			18,495

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	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	13.44		$	17.19		$	18.67		$	19.54		$	16.80		$	21.78
Income (loss) from investment operations:
Net investment income (loss) (a)			0.18			0.30			0.37			0.35			0.35			0.49
Net realized and unrealized gain (loss)			1.69			(3.76	)		(1.13	)		(0.51	)		3.39			(4.36	)
Total from investment operations			1.87			(3.46	)		(0.76	)		(0.16	)		3.74			(3.87	)
Less distributions from:
Net investment income			—			(0.23	)		(0.37	)		(0.36	)		(0.36	)		(0.63	)
Net realized gains			—			(0.06	)		(0.35	)		(0.35	)		(0.64	)		(0.48	)
Total distributions			—			(0.29	)		(0.72	)		(0.71	)		(1.00	)		(1.11	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	15.31		$	13.44		$	17.19		$	18.67		$	19.54		$	16.80
Total Return (c)			13.91	%		–20.16	%		–4.16	%		–0.80	%		22.36	%		–17.75	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	9,242,333		$	8,238,638		$	12,156,645		$	12,691,329		$	13,315,172		$	10,902,557
Ratios to average net assets (d):
Net expenses			1.10	%		1.10	%		1.09	%		1.09	%		1.10	%		1.12	%
Gross expenses			1.10	%		1.10	%		1.09	%		1.09	%		1.10	%		1.12	%
Net investment income (loss)			2.53	%		1.83	%		1.97	%		1.80	%		1.85	%		2.44	%
Portfolio turnover rate			6	%		14	%		12	%		16	%		23	%		23	%
Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period		$	13.82		$	17.65		$	19.14		$	20.03		$	17.20		$	22.19
Income (loss) from investment operations:
Net investment income (loss) (a)			0.17			0.26			0.34			0.30			0.30			0.49
Net realized and unrealized gain (loss)			1.73			(3.84	)		(1.16	)		(0.53	)		3.47			(4.50	)
Total from investment operations			1.90			(3.58	)		(0.82	)		(0.23	)		3.77			(4.01	)
Less distributions from:
Net investment income			—			(0.19	)		(0.32	)		(0.31	)		(0.30	)		(0.50	)
Net realized gains			—			(0.06	)		(0.35	)		(0.35	)		(0.64	)		(0.48	)
Total distributions			—			(0.25	)		(0.67	)		(0.66	)		(0.94	)		(0.98	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	15.72		$	13.82		$	17.65		$	19.14		$	20.03		$	17.20
Total Return (c)			13.75	%		–20.33	%		–4.39	%		–1.14	%		22.03	%		–18.02	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,255,781		$	832,706		$	1,474,597		$	2,206,930		$	2,625,843		$	2,731,646
Ratios to average net assets (d):
Net expenses			1.36	%		1.37	%		1.37	%		1.37	%		1.40	%		1.42	%
Gross expenses			1.36	%		1.37	%		1.37	%		1.37	%		1.40	%		1.42	%
Net investment income (loss)			2.33	%		1.58	%		1.76	%		1.55	%		1.58	%		2.18	%
Portfolio turnover rate			6	%		14	%		12	%		16	%		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 each period	Six Months Ended 6/30/16†			For the Period 1/19/15* to 12/31/15
R6 Shares
Net asset value, beginning of period	$	13.44		$	17.26
Income (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.27
Net realized and unrealized gain (loss)		1.69			(3.80	)
Total from investment operations		1.87			(3.53	)
Less distributions from:
Net investment income		—			(0.23	)
Net realized gains		—			(0.06	)
Total distributions		—			(0.29	)
Net asset value, end of period	$	15.31		$	13.44
Total Return (c)		13.91	%		–20.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	165,454		$	144,626
Ratios to average net assets (d):
Net expenses		1.10	%		1.12	%
Gross expenses		1.11	%		1.13	%
Net investment income (loss)		2.53	%		1.79	%
Portfolio turnover rate		6	%		14	%

*	The inception date for R6 Shares was January 19, 2015.
†	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 or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Return for 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	Six Months Ended				Year Ended						For the Period 10/31/13* to
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13
Institutional Shares
Net asset value, beginning of period		$	8.60		$	9.62		$	9.83		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.06			0.03			0.03			(0.01	)
Net realized and unrealized gain (loss)			0.11			(1.03	)		(0.15	)		(0.16	)
Total from investment operations			0.17			(1.00	)		(0.12	)		(0.17	)
Less distributions from:
Net investment income			—			(0.01	)		(0.08	)		—
Return of capital			—			(0.01	)		(0.01	)		—
Total distributions			—			(0.02	)		(0.09	)		—
Redemption fees			—			—	(b)		—			—
Net asset value, end of period		$	8.77		$	8.60		$	9.62		$	9.83
Total Return (c)			1.98	%		–10.36	%		–1.25	%		–1.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	116,103		$	102,421		$	39,832		$	3,265
Ratios to average net assets (d):
Net expenses			1.30	%		1.30	%		1.30	%		1.30	%
Gross expenses			1.33	%		1.52	%		2.28	%		24.66	%
Net investment income (loss)			1.52	%		0.32	%		0.28	%		–0.71	%
Portfolio turnover rate			38	%		46	%		45	%		12	%
Selected data for a share of capital	Six Months Ended				Year Ended						For the Period 10/31/13* to
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13
Open Shares
Net asset value, beginning of period		$	8.58		$	9.62		$	9.83		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.05			—	(b)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)			0.11			(1.04	)		(0.11	)		(0.16	)
Total from investment operations			0.16			(1.04	)		(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		$	8.74		$	8.58		$	9.62		$	9.83
Total Return (c)			1.86	%		–10.81	%		–1.56	%		–1.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,106		$	2,344		$	5,266		$	627
Ratios to average net assets (d):
Net expenses			1.60	%		1.60	%		1.60	%		1.60	%
Gross expenses			2.08	%		2.35	%		2.81	%		30.92	%
Net investment income (loss)			1.29	%		–0.04	%		–0.35	%		–0.90	%
Portfolio turnover rate			38	%		46	%		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. Return for 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	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	9.04		$	10.43		$	11.81		$	12.40		$	10.68		$	15.12
Income (loss) from investment operations:
Net investment income (loss) (a)			0.03			0.06			0.09			0.11			0.09			0.06
Net realized and unrealized gain (loss)			0.86			(1.40	)		(1.30	)		(0.60	)		1.74			(4.00	)
Total from investment operations			0.89			(1.34	)		(1.21	)		(0.49	)		1.83			(3.94	)
Less distributions from:
Net investment income			—			(0.05	)		(0.17	)		(0.10	)		(0.11	)		—
Net realized gains			—			—			—			—			—			(0.50	)
Total distributions			—			(0.05	)		(0.17	)		(0.10	)		(0.11	)		(0.50	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	9.93		$	9.04		$	10.43		$	11.81		$	12.40		$	10.68
Total Return (c)			9.96	%		–12.84	%		–10.27	%		–3.90	%		17.16	%		–26.15	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	251,003		$	343,788		$	426,847		$	558,716		$	339,771		$	160,441
Ratios to average net assets (d):
Net expenses			1.28	%		1.20	%		1.19	%		1.17	%		1.21	%		1.30	%
Gross expenses			1.28	%		1.20	%		1.19	%		1.17	%		1.21	%		1.30	%
Net investment income (loss)			0.73	%		0.55	%		0.80	%		0.96	%		0.74	%		0.45	%
Portfolio turnover rate			27	%		66	%		57	%		48	%		61	%		68	%
Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period		$	9.05		$	10.43		$	11.81		$	12.40		$	10.68		$	15.16
Income (loss) from investment operations:
Net investment income (loss) (a)			0.02			0.01			0.08			0.11			0.05			0.01
Net realized and unrealized gain (loss)			0.86			(1.38	)		(1.33	)		(0.63	)		1.74			(3.99	)
Total from investment operations			0.88			(1.37	)		(1.25	)		(0.52	)		1.79			(3.98	)
Less distributions from:
Net investment income			—			(0.01	)		(0.13	)		(0.07	)		(0.07	)		—
Net realized gains			—			—			—			—			—			(0.50	)
Total distributions			—			(0.01	)		(0.13	)		(0.07	)		(0.07	)		(0.50	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	9.93		$	9.05		$	10.43		$	11.81		$	12.40		$	10.68
Total Return (c)			9.72	%		–13.11	%		–10.57	%		–4.18	%		16.79	%		–26.34	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	7,741		$	10,903		$	16,029		$	44,324		$	93,352		$	63,415
Ratios to average net assets (d):
Net expenses			1.60	%		1.57	%		1.49	%		1.45	%		1.53	%		1.60	%
Gross expenses			1.71	%		1.57	%		1.49	%		1.45	%		1.53	%		1.62	%
Net investment income (loss)			0.54	%		0.13	%		0.70	%		0.90	%		0.43	%		0.10	%
Portfolio turnover rate			27	%		66	%		57	%		48	%		61	%		68	%

†	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. Return for 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	Six Months Ended			For the Period 5/29/15* to
stock outstanding throughout each period	6/30/16†			12/31/15
Institutional Shares
Net asset value, beginning of period	$	8.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.09			0.08
Net realized and unrealized gain (loss)		0.49			(1.88	)
Total from investment operations		0.58			(1.80	)
Less distributions from:
Net investment income		—			(0.14	)
Total distributions		—			(0.14	)
Net asset value, end of period	$	8.64		$	8.06
Total Return (b)		7.20	%		–17.97	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,826		$	2,618
Ratios to average net assets (c):
Net expenses		1.10	%		1.10	%
Gross expenses		11.41	%		11.47	%
Net investment income (loss)		2.30	%		1.54	%
Portfolio turnover rate		29	%		38	%
Selected data for a share of capital	Six Months Ended			For the Period 5/29/15* to
stock outstanding throughout each period	6/30/16†			12/31/15
Open Shares
Net asset value, beginning of period	$	8.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.06
Net realized and unrealized gain (loss)		0.49			(1.87	)
Total from investment operations		0.57			(1.81	)
Less distributions from:
Net investment income		—			(0.13	)
Total distributions		—			(0.13	)
Net asset value, end of period	$	8.63		$	8.06
Total Return (b)		7.07	%		–18.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	108		$	95
Ratios to average net assets (c):
Net expenses		1.40	%		1.40	%
Gross expenses		23.78	%		26.37	%
Net investment income (loss)		2.06	%		1.18	%
Portfolio turnover rate		29	%		38	%

*	The Portfolio commenced operations on May 29, 2015.
†	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. Return for 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

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	8.53			$	10.00		$	11.18		$	11.45		$	9.77		$	12.45
Income (loss) from investment operations:
Net investment income (loss) (a)		0.06				0.12			0.15			0.11			0.11			0.15
Net realized and unrealized gain (loss)		0.69				(1.39	)		(1.12	)		(0.24	)		1.68			(2.70	)
Total from investment operations		0.75				(1.27	)		(0.97	)		(0.13	)		1.79			(2.55	)
Less distributions from:
Net investment income		—				(0.19	)		(0.21	)		(0.08	)		(0.11	)		(0.08	)
Net realized gains		—				—			—			(0.05	)		—			(0.05	)
Return of capital		—				(0.01	)		—	(b)		(0.01	)		—			—
Total distributions		—				(0.20	)		(0.21	)		(0.14	)		(0.11	)		(0.13	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	9.28			$	8.53		$	10.00		$	11.18		$	11.45		$	9.77
Total Return (c)		8.79	%			–12.74	%		–8.66	%		–1.14	%		18.19	%		–20.43	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	270,620			$	287,857		$	463,043		$	478,754		$	201,512		$	85,091
Ratios to average net assets (d):
Net expenses		1.30	%			1.20	%		1.28	%		1.30	%		1.34	%		1.35	%
Gross expenses		1.34	%			1.20	%		1.28	%		1.33	%		1.34	%		1.54	%
Net investment income (loss)		1.42	%			1.22	%		1.33	%		1.00	%		1.01	%		1.34	%
Portfolio turnover rate		21	%			38	%		44	%		48	%		57	%		62	%
	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	8.55			$	9.99		$	11.17		$	11.44		$	9.76		$	12.43
Income (loss) from investment operations:
Net investment income (loss) (a)		0.05				0.11			0.10			0.07			0.09			0.11
Net realized and unrealized gain (loss)		0.69				(1.38	)		(1.10	)		(0.24	)		1.66			(2.68	)
Total from investment operations		0.74				(1.27	)		(1.00	)		(0.17	)		1.75			(2.57	)
Less distributions from:
Net investment income		—				(0.17	)		(0.18	)		(0.04	)		(0.07	)		(0.05	)
Net realized gains		—				—			—			(0.05	)		—			(0.05	)
Return of capital		—				—	(b)		—	(b)		(0.01	)		—			—
Total distributions		—				(0.17	)		(0.18	)		(0.10	)		(0.07	)		(0.10	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	9.29			$	8.55		$	9.99		$	11.17		$	11.44		$	9.76
Total Return (c)		8.65	%			–12.77	%		–8.95	%		–1.47	%		17.97	%		–20.74	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,678			$	7,107		$	123,756		$	118,594		$	37,648		$	22,571
Ratios to average net assets (d):
Net expenses		1.60	%			1.54	%		1.60	%		1.60	%		1.64	%		1.65	%
Gross expenses		2.19	%			1.54	%		1.63	%		1.69	%		1.77	%		1.92	%
Net investment income (loss)		1.11	%			1.10	%		0.94	%		0.61	%		0.78	%		0.94	%
Portfolio turnover rate		21	%			38	%		44	%		48	%		57	%		62	%

†	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. Return for 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

	Six Months																For the Period
Selected data for a share of capital	Ended			Year Ended													3/31/11* to
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	7.51			$	8.58		$	9.28		$	9.70		$	8.57		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.07				0.13			0.17			0.13			0.09			0.09
Net realized and unrealized gain (loss)		0.39				(1.12	)		(0.70	)		(0.37	)		1.11			(1.47	)
Total from investment operations		0.46				(0.99	)		(0.53	)		(0.24	)		1.20			(1.38	)
Less distributions from:
Net investment income		—				(0.08	)		(0.17	)		(0.10	)		(0.07	)		(0.05	)
Net realized gains		—				—			—			(0.08	)		—			—
Return of capital		—				—			—	(b)		—			—			—
Total distributions		—				(0.08	)		(0.17	)		(0.18	)		(0.07	)		(0.05	)
Redemption fees		—				—			—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	7.97			$	7.51		$	8.58		$	9.28		$	9.70		$	8.57
Total Return (c)		6.13	%			–11.59	%		–5.57	%		–2.41	%		14.02	%		–13.79	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	179,059			$	161,629		$	194,451		$	223,328		$	125,019		$	56,527
Ratios to average net assets (d):
Net expenses		1.30	%			1.30	%		1.28	%		1.30	%		1.30	%		1.30	%
Gross expenses		1.32	%			1.32	%		1.28	%		1.31	%		1.57	%		2.23	%
Net investment income (loss)		2.01	%			1.52	%		1.86	%		1.42	%		1.01	%		1.34	%
Portfolio turnover rate		45	%			109	%		122	%		155	%		160	%		98	%
	Six Months																For the Period
Selected data for a share of capital	Ended			Year Ended													3/31/11* to
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	7.53			$	8.60		$	9.29		$	9.71		$	8.59		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.07				0.10			0.15			0.10			0.08			0.07
Net realized and unrealized gain (loss)		0.37				(1.12	)		(0.70	)		(0.37	)		1.08			(1.46	)
Total from investment operations		0.44				(1.02	)		(0.55	)		(0.27	)		1.16			(1.39	)
Less distributions from:
Net investment income		—				(0.05	)		(0.14	)		(0.07	)		(0.04	)		(0.02	)
Net realized gains		—				—			—			(0.08	)		—			—
Return of capital		—				—			—	(b)		—			—			—
Total distributions		—				(0.05	)		(0.14	)		(0.15	)		(0.04	)		(0.02	)
Redemption fees		—	(b)			—			—			—	(b)		—			—	(b)
Net asset value, end of period	$	7.97			$	7.53		$	8.60		$	9.29		$	9.71		$	8.59
Total Return (c)		5.98	%			–11.85	%		–5.89	%		–2.73	%		13.28	%		–13.67	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,007			$	761		$	1,198		$	2,185		$	858		$	262
Ratios to average net assets (d):
Net expenses		1.60	%			1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Gross expenses		3.06	%			2.96	%		2.23	%		2.52	%		3.82	%		16.96	%
Net investment income (loss)		1.79	%			1.22	%		1.63	%		1.03	%		0.82	%		1.00	%
Portfolio turnover rate		45	%			109	%		122	%		155	%		160	%		98	%

*	The Portfolio commenced operations on March 31, 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. Return for 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

	Six Months																For the Period
Selected data for a share of capital	Ended			Year Ended													2/28/11* to
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	7.71			$	8.84		$	9.53		$	10.85		$	9.76		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.24				0.39			0.49			0.49			0.48			0.34
Net realized and unrealized gain (loss)		0.62				(1.13	)		(0.66	)		(1.25	)		1.33			(0.17	)
Total from investment operations		0.86				(0.74	)		(0.17	)		(0.76	)		1.81			0.17
Less distributions from:
Net investment income		(0.24	)			—	(b)		(0.15	)		(0.52	)		(0.48	)		(0.40	)
Net realized gains		—				—			—			(0.04	)		(0.24	)		(0.01	)
Return of capital		—				(0.39	)		(0.37	)		—			—			—
Total distributions		(0.24	)			(0.39	)		(0.52	)		(0.56	)		(0.72	)		(0.41	)
Redemption fees		—				—	(b)		—	(b)		—	(b)		—	(b)		—
Net asset value, end of period	$	8.33			$	7.71		$	8.84		$	9.53		$	10.85		$	9.76
Total Return (c)		11.36	%			–8.55	%		–2.07	%		–7.13	%		18.95	%		1.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	262,957			$	258,517		$	326,165		$	446,180		$	286,163		$	106,813
Ratios to average net assets (d):
Net expenses		0.98	%			0.96	%		0.96	%		0.97	%		1.00	%		1.04	%
Gross expenses		0.98	%			0.96	%		0.96	%		0.97	%		1.03	%		1.67	%
Net investment income (loss)		6.20	%			4.69	%		5.14	%		4.84	%		4.60	%		4.14	%
Portfolio turnover rate		57	%			162	%		204	%		108	%		220	%		108	%
	Six Months																For the Period
Selected data for a share of capital	Ended			Year Ended													2/28/11* to
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	7.79			$	8.91		$	9.59		$	10.88		$	9.77		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.23				0.36			0.46			0.45			0.45			0.33
Net realized and unrealized gain (loss)		0.61				(1.11	)		(0.68	)		(1.24	)		1.35			(0.20	)
Total from investment operations		0.84				(0.75	)		(0.22	)		(0.79	)		1.80			0.13
Less distributions from:
Net investment income		(0.23	)			—	(b)		(0.09	)		(0.46	)		(0.45	)		(0.35	)
Net realized gains		—				—			—			(0.04	)		(0.24	)		(0.01	)
Return of capital		—				(0.37	)		(0.37	)		—			—			—
Total distributions		(0.23	)			(0.37	)		(0.46	)		(0.50	)		(0.69	)		(0.36	)
Redemption fees		—				—	(b)		—	(b)		—	(b)		—	(b)		—
Net asset value, end of period	$	8.40			$	7.79		$	8.91		$	9.59		$	10.88		$	9.77
Total Return (c)		10.97	%			–8.64	%		–2.53	%		–7.35	%		18.68	%		1.34	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,446			$	6,910		$	1,107		$	9,310		$	1,138		$	128
Ratios to average net assets (d):
Net expenses		1.30	%			1.30	%		1.30	%		1.30	%		1.30	%		1.39	%
Gross expenses		1.42	%			1.75	%		1.71	%		1.39	%		2.97	%		16.28	%
Net investment income (loss)		5.89	%			4.54	%		4.80	%		4.45	%		4.26	%		3.84	%
Portfolio turnover rate		57	%			162	%		204	%		108	%		220	%		108	%

*	The Portfolio commenced operations on February 28, 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. Return for 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

	Six Months										For the Period
Selected data for a share of capital	Ended			Year Ended							6/28/13* to
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13
Institutional Shares
Net asset value, beginning of period	$	8.56			$	9.32		$	9.86		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.23				0.28			0.36			0.16
Net realized and unrealized gain (loss)		0.28				(0.75	)		(0.38	)		(0.12	)
Total from investment operations		0.51				(0.47	)		(0.02	)		0.04
Less distributions from:
Net investment income		(0.22	)			(0.15	)		(0.49	)		(0.18	)
Net realized gains		—				—			(0.01	)		—
Return of capital		—				(0.14	)		(0.02	)		—
Total distributions		(0.22	)			(0.29	)		(0.52	)		(0.18	)
Redemption fees		—				—			—	(b)		—
Net asset value, end of period	$	8.85			$	8.56		$	9.32		$	9.86
Total Return (c)		6.09	%			–5.13	%		–0.21	%		0.38	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	252,486			$	249,222		$	133,473		$	31,450
Ratios to average net assets (d):
Net expenses		1.15	%			1.16	%		1.24	%		1.30	%
Gross expenses		1.15	%			1.16	%		1.30	%		2.97	%
Net investment income (loss)		5.27	%			3.17	%		3.57	%		3.15	%
Portfolio turnover rate		81	%			262	%		182	%		69	%
	Six Months										For the Period
Selected data for a share of capital	Ended			Year Ended							6/28/13* to
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13
Open Shares
Net asset value, beginning of period	$	8.61			$	9.37		$	9.88		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.21				0.24			0.33			0.14
Net realized and unrealized gain (loss)		0.29				(0.75	)		(0.38	)		(0.11	)
Total from investment operations		0.50				(0.51	)		(0.05	)		0.03
Less distributions from:
Net investment income		(0.21	)			(0.12	)		(0.43	)		(0.15	)
Net realized gains		—				—			(0.01	)		—
Return of capital		—				(0.14	)		(0.02	)		—
Total distributions		(0.21	)			(0.26	)		(0.46	)		(0.15	)
Redemption fees		—				0.01			—	(b)		—
Net asset value, end of period	$	8.90			$	8.61		$	9.37		$	9.88
Total Return (c)		5.88	%			–5.42	%		–0.52	%		0.27	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,395			$	1,342		$	7,150		$	2,665
Ratios to average net assets (d):
Net expenses		1.50	%			1.50	%		1.54	%		1.60	%
Gross expenses		2.34	%			1.66	%		1.78	%		5.01	%
Net investment income (loss)		4.92	%			2.62	%		3.26	%		2.78	%
Portfolio turnover rate		81	%			262	%		182	%		69	%

*	The Portfolio commenced operations on June 28, 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. Return for 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

	Six Months						For the Period
Selected data for a share of capital	Ended			Year Ended			4/30/14* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	8.42		$	9.16		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.01			0.01
Net realized and unrealized gain (loss)		0.43			(0.74	)		(0.85	)
Total from investment operations		0.49			(0.73	)		(0.84	)
Less distributions from:
Net investment income		(0.06	)		—			—
Return of capital		—			(0.01	)		—
Total distributions		(0.06	)		(0.01	)		—
Net asset value, end of period	$	8.85		$	8.42		$	9.16
Total Return (b)		5.84	%		–7.94	%		–8.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	12,520		$	12,800		$	4,985
Ratios to average net assets (c):
Net expenses		0.90	%		0.90	%		0.90	%
Gross expenses		2.22	%		2.55	%		5.15	%
Net investment income (loss)		1.40	%		0.09	%		0.10	%
Portfolio turnover rate		22	%		175	%		125	%

	Six Months						For the Period
Selected data for a share of capital	Ended			Year Ended			4/30/14* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	8.39		$	9.14		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.05			(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		0.42			(0.73	)		(0.85	)
Total from investment operations		0.47			(0.75	)		(0.86	)
Net asset value, end of period	$	8.86		$	8.39		$	9.14
Total Return (b)		5.60	%		–8.21	%		–8.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	132		$	155		$	132
Ratios to average net assets (c):
Net expenses		1.20	%		1.20	%		1.20	%
Gross expenses		12.13	%		12.19	%		13.96	%
Net investment income (loss)		1.10	%		–0.18	%		–0.18	%
Portfolio turnover rate		22	%		175	%		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. Return for 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.

Semi-Annual Report  91

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2016 (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-three no-load portfolios (each referred to as a “Portfolio”), as follows: Lazard US Equity Concentrated Portfolio, Lazard US Strategic Equity Portfolio, Lazard US Mid Cap Equity Portfolio, Lazard US Small-Mid Cap Equity Portfolio, Lazard 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, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio, 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, 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 (commenced investment operations on May 27, 2016), Lazard Enhanced Opportunities Portfolio and Lazard Fundamental Long/Short 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. 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, an R6 Share class was classified for each Portfolio. 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, 2016, 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. Emerging Markets Debt Portfolio began issuing R6 Shares on July 28, 2016.

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—Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other US or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded on each valuation date; securities not traded on the valuation date are valued at the most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Exchange-traded options are valued at the last 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 agree-

92  Semi-Annual Report

ments with respect to equity securities, generally are valued by an independent pricing service. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.

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 on, among other things, trading in securities with similar characteristics, brokers’ quotations and/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 under the direction of 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 except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Portfolio. 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, 2016, 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 non-US 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.

Semi-Annual Report  93

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 transactions 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 translations 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, 2016, only Emerging Markets Multi Asset, Emerging Markets Debt, 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.

During the period ended June 30, 2016, transactions in options purchased and written were as follows:

Emerging Markets Multi Asset Portfolio

	Number of
Purchased Options	Contracts			Cost
Options outstanding at beginning of period		21,150		$	21,425
Options purchased		165,050			129,861
Options sold		(54,200	)		(51,189	)
Options expired		(125,600	)		(78,113	)
Options outstanding at end of period		6,400		$	21,984

	Number of
Written Options	Contracts			Premiums
Options outstanding at beginning of period		—		$	—
Options written		12,100			16,978
Options exercised		(5,700	)		(8,920	)
Options expired		—			—
Options outstanding at end of period		6,400		$	8,058

Explorer Total Return Portfolio

	Number of
Purchased Options	Contracts			Cost
Options outstanding at beginning of period		185,100		$	187,506
Options purchased		1,407,925			1,129,786
Options sold		(487,600	)		(459,888	)
Options expired		(1,048,225	)		(660,922	)
Options outstanding at end of period		57,200		$	196,482

94  Semi-Annual Report

	Number of
Written Options	Contracts			Premiums
Options outstanding at beginning of period		—		$	—
Options written		108,300			151,986
Options exercised		(51,100	)		(79,971	)
Options expired		—			—
Options outstanding at end of period		57,200		$	72,015

None of the other Portfolios presented traded in options during the period ended June 30, 2016.

(e) Swap Agreements—A Portfolio may enter into credit default swap agreements whereby one counterparty (the “Protection Buyer”) pays an upfront payment or a periodic fee throughout the term of the swap agreement provided there is no credit event, which is expressed in basis points on the notional amount, in return for a payment by the seller of the credit default swap agreement (the “Protection Seller”) that results if a credit event such as defined in the swap agreement occurs, such as bankruptcy of the reference entity, obligation or index. Such credit default swap agreements are cash settled transactions. If a Portfolio enters into a credit default swap agreement as the Protection Buyer, the Portfolio is exposed to credit risk arising from the potential inability of the Protection Seller to perform under the agreement. If a Portfolio enters into a credit default swap agreement as the Protection Seller, the Portfolio is not exposed to credit risk but is subject to market risk as the credit default swap agreement is recorded at fair value which reflects the creditworthiness of the reference entity. As a Protection Seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to risk of loss limited to the notional amount of the swap agreement.

Credit ratings on the reference obligor underlying the credit derivatives, together with the periods of expiration, are generally indicators of payment/performance risk. In such instances where a Portfolio is the seller of protection, the likelihood of payment and performance is generally considered greater as the credit spread on the reference obligor underlying the credit derivatives and the period of expiration increases.

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, (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 generally 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. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio’s accompanying Statement of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.

During the period ended June 30, 2016, only Emerging Markets Multi Asset and Explorer Total Return Portfolios traded in swap agreements.

(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.

Semi-Annual Report  95

At December 31, 2015, 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 Equity	$	33,047,892	$	594,348,245
Emerging Markets Core Equity		1,963,434		—
Developing Markets Equity		31,877,873		71,997,661
Emerging Markets Equity Advantage		198,927		—
Emerging Markets Equity Blend		8,151,798		56,673,233
Emerging Markets Multi Asset		6,283,824		13,528,356
Emerging Markets Debt		27,819,262		9,943,464
Explorer Total Return		20,798,354		746,728
Emerging Markets Income		14,173		—

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, 2015, the following Portfolios elected to defer such losses as follows:

	Post October			Late Year
	Capital Loss			Ordinary Loss
Portfolio	Deferral			Deferral
Emerging Markets Core Equity	$	—		$	(22,939	)
Developing Markets Equity		(10,842,778	)		—
Emerging Markets Equity Blend		—			(147,122	)
Emerging Markets Multi Asset		—			(231,758	)
Emerging Markets Debt		—			(2,609,984	)
Explorer Total Return		—			(1,517,077	)
Emerging Markets Income		(881	)		(348,398	)

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 (2012-2014), or expected to be taken in the Portfolios’ 2015 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. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Income 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, foreign taxes, net operating losses, 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. The redemption fee will not apply to transactions in Portfolio shares on or after August 15, 2016.

(k) Estimates—The preparation of financial statements in conformity with GAAP requires management to

96  Semi-Annual Report

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 resulting from operations during the reporting period. Actual results could differ from those estimates.

(l) Net Asset Value—NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. NAV per share is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

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

The Fund, on behalf of the Portfolios, has entered into a 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 (a)		0.75
Explorer Total Return (b)		0.95
Emerging Markets Income		0.65

(a)	From January 1, 2016 to June 28, 2016, percentage was 0.80%.
(b)	From January 1, 2016 to June 28, 2016, percentage was 1.00%.

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, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees, but including the management fee stated in the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolios, exceed the following percentages of the value of the Portfolios’ average daily net assets for the respective shares:

	Institutional			Open			R6
Portfolio	Shares			Shares			Shares			Year
Emerging Markets Equity		1.30	%		1.60	%		1.25	%		2017
Emerging Markets Core Equity		1.30			1.60			N/A			2017
Developing Markets Equity		1.30			1.60			N/A			2017
Emerging Markets Equity Advantage		1.10			1.40			N/A			2017	(a)
Emerging Markets Equity Blend		1.30			1.60			N/A			2017
Emerging Markets Multi Asset		1.30			1.60			N/A			2026	(b)
Emerging Markets Debt		0.95			1.25			N/A			2017	(c)
Explorer Total Return		1.15			1.45			N/A			2017	(d)
Emerging Markets Income		0.90			1.20			N/A			2017

(a)	Agreement is through May 29, 2017.
(b)	Agreement is through April 29, 2026.
(c)	From January 1, 2016 through June 28, 2016, percentages were 1.00% and 1.30%, respectively. From June 29, 2016 through May 1, 2017, percentages are 0.95% and 1.25%, respectively. Agreement extends, for May 2, 2017 through April 29, 2026, at levels of 1.10% and 1.40%, respectively.
(d)	From January 1, 2016 through June 28, 2016, percentages were 1.20% and 1.50%, respectively.

During the period ended June 30, 2016, 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
Emerging Markets Core Equity	$	17,569	$	—	$	6,441	$	—
Developing Markets Equity		—		—		4,348		—
Emerging Markets Equity Advantage		11,094		114,459		411		10,061
Emerging Markets Equity Blend		52,575		—		19,307		—
Emerging Markets Multi Asset		12,511		—		4,283		1,989
Emerging Markets Debt		—		—		4,152		—
Explorer Total Return		—		—		5,791		—
Emerging Markets Income		42,331		34,086		424		6,611

Semi-Annual Report  97

	R6 Shares
	Management
Portfolio	Fees Waived
Emerging Markets Equity		$3,257

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

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, 2016, State Street waived its fees as follows:

Portfolio	Amount
Emerging Markets Equity Advantage	$9,375
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 1940 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 Fund Complex”), each a registered management investment company advised by the Investment Manager: (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund), and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Independent Directors may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent 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. Independent Directors’ fees are allocated among the portfolios in the Lazard Fund Complex at a rate of $5,000 per portfolio with the remainder allocated based upon each portfolio’s proportionate share of combined net assets. The Statements of Operations show the Independent 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, 2016 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Equity	$	667,614,818	$	610,839,825
Emerging Markets Core Equity		54,221,360		39,398,664
Developing Markets Equity		83,081,665		201,468,005
Emerging Markets Equity Advantage		1,015,654		791,055
Emerging Markets Equity Blend		55,590,228		98,314,624
Emerging Markets Multi Asset		65,946,247		68,163,050
Emerging Markets Debt		143,160,247		161,348,800
Explorer Total Return		173,101,373		215,341,753
Emerging Markets Income		3,956,155		612,613

98  Semi-Annual Report

	US Treasury Securities
Portfolio	Purchases		Sales
Emerging Markets Multi Asset	$	—	$	1,014,883
Explorer Total Return		—		7,951,461

For the period ended June 30, 2016, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and 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.

At June 30, 2016, the Investment Manager owned 89.90% and 35.28% of the outstanding shares of Emerging Markets Equity Advantage Portfolio and Emerging Markets Income Portfolio, respectively.

Holdings of 5% Voting Securities of Portfolio Companies

The 1940 Act defines “affiliated companies” to include investments in portfolio companies in which a fund owns 5% or more of the outstanding voting securities. Investments in “affiliated companies” for Emerging Markets Equity Portfolio for the period ended June 30, 2016, were as follows:

	Number of							Number of
	Shares Held at		Gross		Gross			Shares Held at		Fair Value at		Investment		Realized
Non-Controlled Affiliates	December 31, 2015		Additions		Reductions			June 30, 2016		June 30, 2016		Income		Gain (Loss)
PPC, Ltd.		33,848,906		365,399		(251,696	)		33,962,609	$	18,531,077	$	607,607	$	(820,952	)
Weichai Power Co., Ltd., Class H		57,549,000		15,400,644		—			72,949,644		75,479,595		—		—
Total Affiliated Securities (Fair value is 0.88% of Net Assets)										$	94,010,672	$	607,607	$	(820,952	)

6. Line of Credit

The Fund has a $50 million Line of Credit Agreement (the “Agreement”) with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings was payable at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee 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, 2016, the Portfolios had borrowings under the Agreement as follows:

								Number of
	Average				Weighted			Days
	Daily		Maximum		Average			Borrowings
	Loan		Daily Loan		Interest			were
Portfolio	Balance*		Outstanding		Rate			Outstanding
Developing Markets Equity	$	6,859,143	$	14,100,000		1.44	%		21
Emerging Markets Equity Advantage		7,371		8,600		1.44			7
Emerging Markets Equity Blend		11,465,455		26,100,000		1.43			11
Emerging Markets Debt		7,854,500		17,300,000		1.44			10

* 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, 2016 is categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—The 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. The 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

Semi-Annual Report  99

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

(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. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolios may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that interest rates in the US and other countries are at or near historic lows.

The Portfolios’ investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than their higher rated investments. Credit risk is the risk that the issuer will not make inter-

est 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.

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).

(c) Swap Agreements and Other Derivatives Risk—Swap agreements and other derivatives transactions, including those entered into for hedging purposes, may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. 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. Derivatives transactions incur cost, either explicitly or implicitly, which reduce return. Successful use of derivatives is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market. Use of derivatives transactions, even

100  Semi-Annual Report

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 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.

The following table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2016:

	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, 2016
Emerging Markets Equity Portfolio
Common Stocks*
China	$	940,410,797	$	809,029,701	$	—	$	1,749,440,498
Egypt		—		89,757,093		—		89,757,093
Hong Kong		—		43,980,395		—		43,980,395
Hungary		—		165,195,380		—		165,195,380
India		—		1,046,225,395		—		1,046,225,395
Indonesia		321,832,524		479,087,325		—		800,919,849
Macau		—		31,082,012		—		31,082,012
Malaysia		—		67,308,091		—		67,308,091
Pakistan		—		220,946,007		—		220,946,007
Russia		156,520,508		786,031,016		—		942,551,524
South Africa		76,738,138		755,136,800		—		831,874,938
South Korea		—		1,349,460,053		—		1,349,460,053
Taiwan		—		578,211,584		—		578,211,584
Thailand		—		226,063,826		—		226,063,826
Turkey		—		460,309,023		—		460,309,023
Other		1,653,026,943		—		—		1,653,026,943
Short-Term Investment		326,387,408		—		—		326,387,408
Total	$	3,474,916,318	$	7,107,823,701	$	—	$	10,582,740,019

Semi-Annual Report  101

	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, 2016
Emerging Markets Core Equity Portfolio
Common Stocks*
China	$	8,566,650	$	14,256,181	$	—	$	22,822,831
Czech Republic		—		789,276		—		789,276
Hong Kong		—		1,887,297		—		1,887,297
India		7,965,511		4,174,803		—		12,140,314
Indonesia		2,149,871		1,501,048		—		3,650,919
Philippines		—		2,700,613		—		2,700,613
Portugal		—		1,403,195		—		1,403,195
Russia		1,070,210		5,146,546		—		6,216,756
South Africa		—		4,890,912		—		4,890,912
South Korea		—		15,893,198		—		15,893,198
Taiwan		6,431,471		7,460,584		—		13,892,055
Thailand		—		2,703,913		—		2,703,913
Turkey		—		3,459,255		—		3,459,255
United Arab Emirates		—		887,188		—		887,188
Other		21,162,278		—		—		21,162,278
Preferred Stocks*		1,536,463		—		—		1,536,463
Short-Term Investment		3,603,207		—		—		3,603,207
Total	$	52,485,661	$	67,154,009	$	—	$	119,639,670
Developing Markets Equity Portfolio
Common Stocks*
China	$	20,781,737	$	46,523,230	$	—	$	67,304,967
Hong Kong		—		4,968,767		—		4,968,767
India		12,441,443		21,707,982		—		34,149,425
Indonesia		—		5,244,886		—		5,244,886
Portugal		—		3,376,292		—		3,376,292
Russia		5,720,510		21,267,800		—		26,988,310
South Africa		—		6,766,915		—		6,766,915
South Korea		—		20,289,922		—		20,289,922
Taiwan		4,651,418		20,343,972		—		24,995,390
Turkey		—		13,345,241		—		13,345,241
Other		41,442,355		—		—		41,442,355
Preferred Stocks*		5,511,541		—		—		5,511,541
Short-Term Investment		1,409,609		—		—		1,409,609
Total	$	91,958,613	$	163,835,007	$	—	$	255,793,620

102  Semi-Annual Report

	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, 2016
Emerging Markets Equity Advantage Portfolio
Common Stocks*
China	$	130,284	$	614,105	$	—	$	744,389
Greece		—		18,405		—		18,405
Hong Kong		—		26,041		—		26,041
Hungary		—		43,376		—		43,376
India		159,991		40,856		—		200,847
Indonesia		35,157		44,329		—		79,486
Malaysia		40,214		59,053		—		99,267
Philippines		—		55,234		—		55,234
Poland		—		29,853		—		29,853
Russia		5,034		95,564		—		100,598
South Africa		—		154,880		—		154,880
South Korea		111,520		389,824		—		501,344
Taiwan		171,454		180,571		—		352,025
Thailand		21,286		97,858		—		119,144
Turkey		48,998		7,283		—		56,281
Other		340,173		—		—		340,173
Preferred Stocks*		46,301		—		—		46,301
Short-Term Investment		13,247		—		—		13,247
Total	$	1,123,659	$	1,857,232	$	—	$	2,980,891
Emerging Markets Equity Blend Portfolio
Common Stocks*
China	$	24,845,263	$	39,504,195	$	—	$	64,349,458
Egypt		—		1,404,047		—		1,404,047
Georgia		—		1,372,763		—		1,372,763
Hong Kong		—		7,251,336		—		7,251,336
Hungary		—		2,255,891		—		2,255,891
India		4,786,892		22,718,337		—		27,505,229
Indonesia		5,031,053		10,173,866		—		15,204,919
Macau		—		638,114		—		638,114
Malaysia		—		1,146,115		—		1,146,115
Portugal		—		2,835,123		—		2,835,123
Russia		12,035,944		11,944,344		—		23,980,288
South Africa		—		2,564,045		—		2,564,045
South Korea		—		25,657,589		—		25,657,589
Taiwan		3,781,458		27,192,512		—		30,973,970
Thailand		—		611,374		—		611,374
Turkey		4,851,852		9,286,086		—		14,137,938
United States		3,840,833		1,301,185		—		5,142,018
Other		39,652,893		—		—		39,652,893
Short-Term Investment		8,044,182		—		—		8,044,182
Total	$	106,870,370	$	167,856,922	$	—	$	274,727,292

Semi-Annual Report  103

	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, 2016
Emerging Markets Multi Asset Portfolio
Assets:
Common Stocks*
China	$	9,996,255	$	14,737,582		$	—	$	24,733,837
Egypt		—		561,088			—		561,088
Georgia		—		473,793			—		473,793
Hong Kong		—		2,285,188			—		2,285,188
Hungary		—		904,177			—		904,177
India		3,907,722		7,488,081			—		11,395,803
Indonesia		2,553,647		3,698,427			—		6,252,074
Macau		—		256,452			—		256,452
Malaysia		—		388,051			—		388,051
Philippines		545,537		387,123			—		932,660
Portugal		—		1,213,755			—		1,213,755
Russia		5,329,321		3,907,132			—		9,236,453
South Africa		—		3,303,336			—		3,303,336
South Korea		—		13,325,584			—		13,325,584
Taiwan		4,568,199		6,780,467			—		11,348,666
Thailand		—		619,145			—		619,145
Turkey		1,940,453		2,538,263			—		4,478,716
United Arab Emirates		—		283,022			—		283,022
United States		981,754		446,512			—		1,428,266
Other		19,241,167		—			—		19,241,167
Corporate Bonds*		—		2,458,668			—		2,458,668
Foreign Government Obligations*		—		32,949,100			—		32,949,100
Quasi Government Bonds*		—		1,069,194			—		1,069,194
US Treasury Securities		—		9,509,393			—		9,509,393
Warrants**		—		—			—		—
Short-Term Investment		19,644,007		—			—		19,644,007
Purchased Options		—		13,312			—		13,312
Other Financial Instruments†
Forward Currency Contracts		—		482,834			—		482,834
Total	$	68,708,062	$	110,079,679		$	—	$	178,787,741
Liabilities:
Other Financial Instruments†
Credit Default Swap Agreements	$	—	$	(1,328	)	$	—	$	(1,328	)
Forward Currency Contracts		—		(800,307	)		—		(800,307	)
Written Options		—		(1,152	)		—		(1,152	)
Total	$	—	$	(802,787	)	$	—	$	(802,787	)
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds*	$	—	$	7,481,124		$	—	$	7,481,124
Foreign Government Obligations*		—		230,384,910			—		230,384,910
Quasi Government Bonds*		—		20,693,977			—		20,693,977
Short-Term Investment		9,985,390		—			—		9,985,390
Other Financial Instruments† Forward Currency Contracts		—		628,817			—		628,817
Total	$	9,985,390	$	259,188,828		$	—	$	269,174,218
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—	$	(838,626	)	$	—	$	(838,626	)

104  Semi-Annual Report

	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, 2016
Explorer Total Return Portfolio
Assets:
Corporate Bonds*	$	—	$	15,975,483		$	—	$	15,975,483
Foreign Government Obligations*		—		160,388,596			—		160,388,596
Quasi Government Bonds*		—		7,490,630			—		7,490,630
Warrants**		—		—			—		—
Short-Term Investment		62,417,425		—			—		62,417,425
Purchased Options		—		118,976			—		118,976
Other Financial Instruments†
Forward Currency Contracts		—		1,149,009			—		1,149,009
Total	$	62,417,425	$	185,122,694		$	—	$	247,540,119
Liabilities:
Other Financial Instruments†
Credit Default Swap Agreements	$	—	$	(30,098	)	$	—	$	(30,098	)
Forward Currency Contracts		—		(1,847,065	)		—		(1,847,065	)
Written Options		—		(10,296	)		—		(10,296	)
Total	$	—	$	(1,887,459	)	$	—	$	(1,887,459	)
Emerging Markets Income Portfolio
Assets:
Foreign Government Obligations*	$	—	$	5,698,146		$	—	$	5,698,146
Supranationals		—		44,600			—		44,600
US Treasury Securities		—		6,106,364			—		6,106,364
Short-Term Investment		795,635		—			—		795,635
Other Financial Instruments†
Forward Currency Contracts		—		142,809			—		142,809
Total	$	795,635	$	11,991,919		$	—	$	12,787,554
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—	$	(214,709	)	$	—	$	(214,709	)

*	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 securities to which footnote (c) in the Notes to Portfolios of Investments apply are included in Level 2 and 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 (c) in the Notes to Portfolios of Investments) in the Emerging Markets Equity, Emerging Markets Core Equity, Devel-

oping 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. Accordingly, a significant portion of the Portfolios’ investments are categorized as Level 2 investments. A Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period.

Semi-Annual Report  105

At June 30, 2016, securities valued at the following amounts were transferred from Level 2 to Level 1:

Portfolio	Amount
Emerging Markets Equity	$	640,208,892
Developing Markets Equity		7,187,428
Emerging Markets Equity Advantage		27,835
Emerging Markets Equity Blend		7,989,630
Emerging Markets Multi Asset		2,571,795

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2016.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

A Portfolio may write or purchase a call or put option to seek to realize, through the receipt of premiums or 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.

Emerging Markets Multi Asset Portfolio

During the period ended June 30, 2016, the approximate average monthly notional exposure for derivatives was as follows:

Credit default swap agreements	$	3,600,000
Interest rate swap agreements	$	200,000	*
Forward currency contracts	$	36,200,000

* Represents average daily notional exposure for the eight days the derivative instrument was open during the period.

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2016:

	Fair Value
Asset Derivatives
Credit Risk:
Premium for swap agreements purchased	$	46,500
Foreign Exchange Risk:
Investments in securities, at fair value	$	13,312
Gross unrealized appreciation on forward currency contracts	$	482,834
Liability Derivatives
Credit Risk:
Gross unrealized depreciation on swap agreements	$	1,328
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	800,307
Written options, at fair value	$	1,152

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2016 was:

	Amount
Realized Gain (Loss) on Derivatives
Credit Risk:
Net realized gain (loss) on swap agreements	$	(10,704	)
Foreign Exchange Risk:
Net realized gain (loss) on investments	$	(33,689	)
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(5,637	)
Net realized gain (loss) on written options	$	(47,869	)
Interest Rate Risk:
Net realized gain (loss) on swap agreements	$	5,987
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Credit Risk:
Net change in unrealized appreciation (depreciation) on swap agreements	$	1,447
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on investments	$	5,985
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	(205,053	)
Net change in unrealized appreciation (depreciation) on written options	$	6,906

106  Semi-Annual Report

Emerging Markets Debt Portfolio

During the period ended June 30, 2016, the approximate average monthly notional exposure for derivatives was as follows:

Forward currency contracts $ 34,400,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2016:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	628,817
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	838,626

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2016 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(739,902	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	(230,880	)

Explorer Total Return Portfolio

During the period ended June 30, 2016, the approximate average monthly notional exposure for derivatives was as follows:

Credit default swap agreements	$	31,400,000
Interest rate swap agreements	$	1,500,000	*
Forward currency contracts	$	95,800,000

* Represents average monthly notional exposure for the two months the derivative instrument was open during the period.

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2016:

	Fair Value
Asset Derivatives
Credit Risk:
Premium for swap agreements purchased	$	782,500
Foreign Exchange Risk:
Investments in securities, at fair value	$	118,976
Gross unrealized appreciation on forward currency contracts	$	1,149,009
Liability Derivatives
Credit Risk:
Gross unrealized depreciation on swap agreements	$	30,098
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	1,847,065
Written options, at fair value	$	10,296

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2016 was:

	Amount
Realized Gain (Loss) on Derivatives
Credit Risk:
Net realized gain (loss) on swap agreements	$	(206,100	)
Foreign Exchange Risk:
Net realized gain (loss) on investments	$	(263,642	)
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(537,445	)
Net realized gain (loss) on written options	$	(429,138	)
Interest Rate Risk:
Net realized gain (loss) on swap agreements	$	14,632
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Credit Risk:
Net change in unrealized appreciation (depreciation) on swap agreements	$	(9,455	)
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on investments	$	50,768
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	(1,471,315	)
Net change in unrealized appreciation (depreciation) on written options	$	61,719
Interest Rate Risk:
Net change in unrealized appreciation (depreciation) on swap agreements	$	88,218

Semi-Annual Report  107

Emerging Markets Income Portfolio

During the period ended June 30, 2016, the approximate average monthly notional exposure for derivatives was as follows:

Forward currency contracts $ 18,900,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2016:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	142,809
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	214,709

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2016 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	292,886
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	122,641

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, 2016.

As of June 30, 2016, Emerging Markets Multi Asset, Emerging Markets Debt, 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.

108  Semi-Annual Report

The required information for the affected Portfolios are presented in the below table, as of June 30, 2016:

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		$	45,172	$	—	$	45,172
Forward Currency Contracts			482,834		—		482,834
Total		$	528,006	$	—	$	528,006

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received (a)		Net Amounts
Barclays Bank PLC		$	103,258	$	(74,467	)	$	—	$	28,791
BNP Paribas SA			15,185		(15,185	)		—		—
Citibank NA			170,902		(132,622	)		—		38,280
HSBC Bank USA NA			21,037		(21,037	)		—		—
JPMorgan Chase Bank NA			125,780		(125,780	)		—		—
Standard Chartered Bank			76,410		(76,410	)		—		—
UBS AG			15,434		(15,434	)		—		—
Total		$	528,006	$	(460,935	)	$	—	$	67,071

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		$	800,307	$	—	$	800,307

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged (a)		Net Amounts
Barclays Bank PLC		$	74,467	$	(74,467	)	$	—	$	—
BNP Paribas SA			22,509		(15,185	)		—		7,324
Citibank NA			132,622		(132,622	)		—		—
HSBC Bank USA NA			21,251		(21,037	)		—		214
JPMorgan Chase Bank NA			135,805		(125,780	)		—		10,025
Standard Chartered Bank			110,357		(76,410	)		—		33,947
UBS AG			303,296		(15,434	)		—		287,862
Total		$	800,307	$	(460,935	)	$	—	$	339,372

(a) Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

Semi-Annual Report  109

Emerging Markets Debt 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		$	628,817	$	—	$	628,817

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received		Net Amounts
Barclays Bank PLC		$	246,768	$	(246,768	)	$	—	$	—
HSBC Bank USA NA			16,501		—			—		16,501
JPMorgan Chase Bank NA			99,469		(99,469	)		—		—
Standard Chartered Bank			173,705		(138,861	)		—		34,844
UBS AG			92,374		(86,101	)		—		6,273
Total		$	628,817	$	(571,199	)	$	—	$	57,618

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		$	838,626	$	—	$	838,626

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged		Net Amounts
Barclays Bank PLC		$	394,810	$	(246,768	)	$	—	$	148,042
Citibank NA			2,971		—			—		2,971
JPMorgan Chase Bank NA			215,883		(99,469	)		—		116,414
Standard Chartered Bank			138,861		(138,861	)		—		—
UBS AG			86,101		(86,101	)		—		—
Total		$	838,626	$	(571,199	)	$	—	$	267,427

110  Semi-Annual Report

Explorer Total Return 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		$	752,402	$	—	$	752,402
Forward Currency Contracts			1,149,009		—		1,149,009
Total		$	1,901,411	$	—	$	1,901,411

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received (a)		Net Amounts
Barclays Bank PLC		$	1,114,547	$	(530,655	)	$	—	$	583,892
Citibank NA			148,749		(26,814	)		—		121,935
JPMorgan Chase Bank NA			409,336		(409,336	)		—		—
Standard Chartered Bank			140,212		(140,212	)		—		—
UBS AG			88,567		(88,567	)		—		—
Total		$	1,901,411	$	(1,195,584	)	$	—	$	705,827

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		$	1,847,065	$	—	$	1,847,065

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged (a)			Net Amounts
Barclays Bank PLC		$	530,655	$	(530,655	)	$	—		$	—
Citibank NA			26,814		(26,814	)		—			—
JPMorgan Chase Bank NA			542,260		(409,336	)		(132,924	)		—
Standard Chartered Bank			535,045		(140,212	)		—			394,833
UBS AG			212,291		(88,567	)		—			123,724
Total		$	1,847,065	$	(1,195,584	)	$	(132,924	)	$	518,557

(a) Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

Semi-Annual Report  111

Emerging Markets 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		$	142,809	$	—	$	142,809

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received		Net Amounts
BNP Paribas SA		$	11,288	$	—		$	—	$	11,288
Citibank NA			81,437		(74,504	)		—		6,933
HSBC Bank USA NA			1,179		(1,179	)		—		—
JPMorgan Chase Bank NA			12,645		(12,645	)		—		—
Standard Chartered Bank			36,260		(5,848	)		—		30,412
Total		$	142,809	$	(94,176	)	$	—	$	48,633

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		$	214,709	$	—	$	214,709

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged (a)		Net Amounts
Citibank NA		$	74,504	$	(74,504	)	$	—	$	—
HSBC Bank USA NA			27,873		(1,179	)		—		26,694
JPMorgan Chase Bank NA			55,320		(12,645	)		—		42,675
Standard Chartered Bank			5,848		(5,848	)		—		—
UBS AG			51,164		—			—		51,164
Total		$	214,709	$	(94,176	)	$	—	$	120,533

11. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial

statements and has determined that, aside from items previously disclosed, there were no subsequent events that required adjustment or disclosure.

112  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 (62)	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 (71)	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 (53)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (67 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 (45)	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)
Richard Reiss, Jr. (72)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource Americas, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (68)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

Semi-Annual Report  113

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 (55)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (56)	Director	Investment Manager, Chief Executive Officer (2004 – present)
	(July 2005)
		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 funds in the Lazard Fund Complex (comprised of, as of July 31, 2016, 40 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 funds in the Lazard Fund Complex.
(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.

114  Semi-Annual Report

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 (43)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Christopher Snively (31)	Chief Financial Officer (March 2016)	Senior Vice President of the Investment Manager (since November 2015)
		Assurance Manager at PricewaterhouseCoopers LLP (2008 – November 2015)
Stephen St. Clair (57)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (46)	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 (41)	Assistant Secretary (February 2009)	Director (since February 2016, previously Senior Vice President), and Director of Legal Affairs (since July 2015) of the Investment Manager
Shari L. Soloway (34)	Assistant Secretary (November 2015)	Senior Vice President, Legal and Compliance, of the Investment Manager (since September 2015)
		Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015)
		Associate at Clifford Chance US LLP (2006 – July 2011)
Cesar A.Trelles (41)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

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

Semi-Annual Report  115

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 28-29, 2016, 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, who advised the Board on relevant legal standards and met with the Independent Directors 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 40 active funds comprises

approximately $28 billion (as of April 30, 2016) of the approximately $191 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2016). The Investment Manager’s representatives noted that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, operations, technology, legal and compliance and marketing infrastructure. 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 $28 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

The Directors reviewed comparative fee, expense ratio and performance (through March 31, 2016) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of all Portfolios.

Advisory Fees and Expense Ratios. The Directors discussed the management fees paid to the Investment

116  Semi-Annual Report

Manager (referred to in the Strategic Insight materials as “advisory fees”) and expense ratios for each Portfolio. They noted the methodology and assumptions used by Strategic Insight. 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 advisory fees and/or reimbursing expenses.

For at least one share class of each Portfolio, current gross advisory fees were at or below the median of the relevant Group, except for the Emerging Markets Debt Portfolio (five basis points above the median for both share classes); Emerging Markets Equity Portfolio (one or two basis points above the median for each share class); and Explorer Total Return Portfolio (in the fifth quintile of the Group for each share class). It also was noted that the Investment Manager proposed to lower the advisory fees for the Emerging Markets Debt and Explorer Total Return Portfolios by five basis points, which would place the advisory fees for both share classes of the Emerging Markets Debt Portfolio at the Group medians and move the advisory fees for the Explorer Total Return Portfolio closer to the Group medians.

For both share classes of all Portfolios, current 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 quintile of the Group for Institutional Shares and the fifth quintile of the Group for Open Shares) and Explorer Total Return Portfolio (in the fifth quintile of the Group for each share class). It also was noted that the Investment Manager proposed to lower the expense limitations for the Emerging Markets Debt and Explorer Total Return Portfolios by five basis points, which would place the expense ratios for the Emerging Markets Debt Portfolio at the Group median for Institutional Shares and only four basis points above the Group median for Open Shares and move the expense ratios for the Explorer Total Return Portfolio closer to the Group medians.

For the Emerging Markets Debt and Explorer Total Return Portfolios, the Investment Manager representa-

tives presented supplemental comparisons against peer funds the Investment Manager believed were more appropriate than those comprising the respective Groups, showing that each Portfolio’s gross advisory fee and net expenses were within the range of those in the Investment Manager’s group of comparison funds.

The Directors also considered 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 fees paid to the Investment Manager by the Portfolios.

Performance. Strategic Insight’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and Category over one-, three-, five- and ten-year periods ended March 31, 2016 (as applicable). Performance comparisons were not shown for the Emerging Markets Equity Advantage Portfolio, which commenced operations in 2015.

The Directors noted that both share classes of the Developing Markets Equity and Emerging Markets Equity Blend Portfolios were above the average of the performance Group and Category for the one-year period, although below averages for the other periods; for the Emerging Markets Multi Asset Portfolio, performance was generally at or below averages, except that performance was above the Category averages in the one-year period (both share classes) and the Cate-

Semi-Annual Report  117

gory average in the five-year period (Institutional Shares only); for the Emerging Markets Equity Portfolio, performance was generally below average, except that performance was above the Group average for the ten-year period (Institutional Shares only) and the Category average for the five- and ten-year periods (both share classes); and the performance of the Emerging Markets Core Equity, Emerging Markets Debt, Emerging Markets Income and Explorer Total Return Portfolios was below Group and Category averages in all periods (however, Emerging Markets Core Equity, Emerging Markets Income and Explorer Total Return Portfolios each had only one year of performance for the comparisons, due to the short period of their operations). The Directors noted that the Investment Manager believed the funds in the peer groups for the Emerging Markets Debt and Explorer Total Return Portfolios were not the most appropriate comparisons. As discussed above, 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 each Portfolio’s one-year performance (both share classes) was in the range of those in the Investment Manager’s respective group of comparison funds.

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, 2015 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, considered in relation 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, supported the renewal of the Management Agreement. 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 management fees and expenses (including amending the Management Agreement to lower contractual management fees), 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 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.

118  Semi-Annual Report

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 $191 billion global asset management business.

• The Board generally was satisfied with the 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 supported the renewal of the Management Agreement 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.

In evaluating the Management Agreement, the Board relied on the information described above as well as other information provided by the Investment Manager, in addition to information received on a routine and regular basis throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement, including information on the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Fund and the services provided to the Fund by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Fund’s Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

Semi-Annual Report  119

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
LZDPS024

Lazard Funds Semi-Annual Report

June 30, 2016

Equity Funds

Lazard US Equity Concentrated Portfolio	Lazard International Strategic Equity Portfolio
Lazard US Strategic Equity Portfolio	Lazard International Equity Advantage Portfolio
Lazard US Mid Cap Equity Portfolio	Lazard International Small Cap Equity Portfolio
Lazard US Small-Mid Cap Equity 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
Lazard International Equity Concentrated Portfolio

PRIVACY NOTICE

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., Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect 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.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
3	Investment Overviews
10	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 International Equity Portfolio
36	Lazard International Equity Select Portfolio
38	Lazard International Equity Concentrated Portfolio
39	Lazard International Strategic Equity Portfolio
41	Lazard International Equity Advantage Portfolio
44	Lazard International Small Cap Equity Portfolio
46	Lazard Global Equity Select Portfolio
48	Lazard Global Strategic Equity Portfolio
50	Lazard Managed Equity Volatility Portfolio
53	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
88	Notes to Financial Statements
102	Board of Directors and Officers Information
105	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,

In the first half of 2016, global equity markets stood firm despite significant bouts of volatility. Concerns about the Chinese economy, commodity price declines, and a series of disappointing earnings announcements pressured equity markets in the early months of 2016. However, they rallied in the latter half of the first quarter and into the second as the US Federal Reserve lowered its forecast for 2016 interest rate increases. Although global equity markets fell again in late-June due to the uncertainty caused by the United Kingdom’s vote to leave the European Union, certain regions rebounded by the end of the period. In addition, signs of some stability in commodity prices helped emerging markets assets during the period.

Volatility also played a role in global bond markets as investors traded largely on risk assessment of macro events. In Europe, the 10-year German bund yield fell below zero for the first time, following Swiss and Japanese 10-year government bonds, which have been in negative territory for some time. The surprising outcome of the UK referendum triggered another rally in safe haven assets, pushing some government bond yields even further into negative territory. The low yield, but still positive, environment continued in the United States.

At Lazard Asset Management, we remain focused on active management and are committed to responsibly pursuing the Portfolios’ investment objectives. We appreciate your continued confidence in our investment management capabilities, and we 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 3.8% in the first half of 2016. Markets were down as much as 10% in the beginning of the period, reflecting concerns about the Chinese economy, commodity price declines, and a series of disappointing corporate earnings announcements. However, markets rallied in the latter half of the first quarter and into the second, as the US Federal Reserve lowered its forecast for 2016 interest rate increases. Economic data were mixed during the period, as the economy capped its largest two-year private payroll gain since 1999 in March, but followed it with a spate of disappointing jobs growth reports to finish the period. GDP growth in the first half of 2016 generally exceeded expectations, however. Although US markets fell sharply in late June due to the uncertainty caused by the United Kingdom’s affirmative vote to leave the European Union (the so-called “Brexit”), they had largely rebounded by the end of the period. Amid the continuingly uncertain economic and geopolitical backdrop, the Federal Open Market Committee elected not to raise interest rates at its June meeting, sharply lowering expectations for a rate increase in the summer.

International Equities

International equities fell slightly in a volatile first half of 2016. Initial concerns centered around faltering Chinese growth and low oil prices, with resultant impacts on credit. This was calmed by evidence of a state-led investment recovery in China, falling US oil supply, and reassurance from the US Federal Reserve that US interest rates would remain low. The resulting weakness in the US dollar, and rise in many commodity prices, supported emerging markets assets alongside sectors such as energy and mining. On the other hand, ventures into negative interest rates in Japan and Europe put extreme pressure on the valuations of financial institutions, while the surprise Brexit vote result put pressure on assumptions for domestic demand growth in Europe. The banking and consumer discretionary sectors were weak as a result, alongside Italy, which has a particularly weak banking sector and upcoming political risk. UK domestic stocks inevitably fell on recession fears, though the UK index overall held up well, even in US dollars, as the index is dominated by global multinationals. Sectors seen as sta-

ble, such as consumer staples and utilities, also benefited from very low interest rates.

Lazard US Equity Concentrated Portfolio

For the six months ended June 30, 2016, the Lazard US Equity Concentrated Portfolio’s Institutional Shares posted a total return of 2.39%, while Open Shares posted a total return of 2.23%, as compared with the 3.84% return for the S&P 500 Index.

Stock selection in the industrials sector contributed to performance. Shares of salvage vehicle auction holder Copart rose after the company reported quarterly earnings above expectations, thanks to higher volume growth stemming from market share gains and overall scrap metal industry tailwinds. A lack of exposure to financials also helped relative returns, as the sector was the worst performer in the index during the period.

In contrast, stock selection in the consumer discretionary sector detracted from performance. Shares of cruise ship operator Norwegian Cruise Line Holdings fell in response to concerns about travel demand due to the terrorist attacks in Brussels and Orlando, the Zika virus outbreak, broader concerns of a macroeconomic slowdown, and the recent rise in oil prices. Stock selection in the information technology sector also hurt returns. Shares of Google parent Alphabet fell after the company reported disappointing second quarter results, which were hurt by greater holiday seasonality.

Lazard US Strategic Equity Portfolio

For the six months ended June 30, 2016, the Lazard US Strategic Equity Portfolio’s Institutional Shares posted a total return of 0.55%, while Open Shares posted a total return of 0.45%, and the R6 Shares posted a total return of 0.64%, as compared with the 3.84% return for the S&P 500 Index.

Stock selection in the industrials sector contributed to performance. Shares of Honeywell rose after the diversified technology and manufacturing company reported solid quarterly earnings. Shares received a further boost on speculation that the company was pursuing an acquisition. Stock selection in the health care sector also helped returns. Shares of pharmaceutical

Semi-Annual Report  3

company Pfizer rose after the company reported strong quarterly earnings and management raised its guidance for 2016, driven by foreign exchange tailwinds and stronger revenues. Shares also rose after the company announced that it had terminated its proposed $160 billion acquisition of specialty-drug maker Allergan.

In contrast, stock selection in the consumer discretionary sector detracted from performance. Shares of cruise ship operator Norwegian Cruise Line Holdings fell in response to concerns about travel demand due to the terrorist attacks in Brussels and Orlando, the Zika virus outbreak, broader concerns of a macroeconomic slowdown, and the recent rise in oil prices. Stock selection in the information technology sector also hurt returns. Shares of Google parent Alphabet fell after the company reported disappointing second quarter results, which were hurt by greater holiday seasonality.

Lazard US Mid Cap Equity Portfolio

For the six months ended June 30, 2016, the Lazard US Mid Cap Equity Portfolio’s Institutional Shares posted a total return of -5.10%, while Open Shares posted a total return of -5.24%, as compared with the 5.50% return for the Russell Midcap^® Index.

Stock selection in the information technology sector contributed to performance. Shares of Applied Materials rose after the semiconductor maker reported quarterly earnings above expectations and management issued an encouraging outlook, as strong customer demand helped results. Stock selection in the consumer staples sector also helped returns. Shares of Kellogg rose after the packaged foods maker reported better-than-expected earnings and its cereal category continued to improve. We sold our position in March because the stock approached our target valuation.

In contrast, stock selection in the consumer discretionary sector detracted from performance. Shares of Delphi fell after the automobile component maker’s management issued disappointing guidance for the first quarter, citing Chinese production inefficiencies and new product launches. Investors were also concerned about potential negative impacts that the UK’s Brexit vote might have on the company. Stock selection in the financials sector also hurt returns. Shares

of OneMain fell amid concerns about the consumer financial services provider’s funding costs in a rising rate environment, and as many investors moved away from shares of companies with subprime loan exposure. We sold our position in February after determining that our thesis was impaired.

Lazard US Small-Mid Cap Equity Portfolio

For the six months ended June 30, 2016, the Lazard US Small-Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 0.00%, while Open Shares posted a total return of -0.16%, as compared with the 3.98% return for the Russell 2500^® Index.

Stock selection in the information technology sector contributed to performance. Shares of NCR rose after the payment technology maker reported quarterly earnings above expectations, driven by strong margins. Stock selection and an overweight position in the energy sector also helped returns. Shares of New-field rose after the exploration and production company reported strong quarterly earnings, driven by strong production and expenses.

In contrast, stock selection in the financials sector detracted from performance. Shares of OneMain fell amid continued concerns about the consumer financial services provider’s funding costs in a rising interest rate environment, and as many investors moved away from shares of companies with subprime loan exposure. We sold our position in May after determining that our thesis was impaired. Stock selection and an underweight position in the materials sector also hurt returns. Shares of KapStone Paper and Packaging fell after the pulp and paper company reported quarterly earnings below expectations and management gave a cautious outlook, citing difficult market conditions. We sold our position after the announcement in February after determining that our thesis was no longer valid.

Lazard International Equity Portfolio

For the six months ended June 30, 2016, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of -2.34%, while Open Shares posted a total return of -2.50%, and the R6 Shares posted a total return of -2.34%, as compared with the -4.42% return for the MSCI EAFE^® Index (the “EAFE Index”).

4  Semi-Annual Report

Stock selection in the consumer discretionary sector was the largest driver of relative returns. Shares of Dutch business information services provider Wolters Kluwer performed well on accelerating growth, while shares of Japanese shoe retailer ABC Mart rose on revenue that is growing faster than expectations and from an increasing dividend. Japanese consumer electronics and media company Sony also rose in the weak market, supported by yen strength. The preceding stocks more than compensated for weakness in jewelry retailer Signet, which was hurt by slowing consumer spending, concerns about the company’s credit portfolio, and some negative publicity. Elsewhere, Japanese telecoms SoftBank and KDDI both rose as investors expect higher revenues and from the previously mentioned yen strength. Lastly, positioning in emerging markets had a positive impact on relative performance, as shares of Taiwan Semiconductor and Brazilian insurance broker BB Seguridade both performed well.

In contrast, stock selection in the health care sector detracted from relative returns, where shares of German pharmaceutical company Bayer (which was sold during the period) declined as investors reacted negatively to the proposed acquisition of Monsanto. Shares of Israeli pharmaceutical company Teva also declined during the period. The stock fell as revenues from their multiple sclerosis treatment Copaxone declined and management announced that the company’s acquisition of Allergan’s generic drug unit might be delayed. Stock selection in the United Kingdom detracted from relative returns as shares of British bank Lloyds (also sold during the period) declined following the Brexit referendum result. Elsewhere in the United Kingdom, shares of personal credit company Provident and grocer Sainsbury fell, while companies with global revenues, such as tobacco company British American Tobacco and health insurance exchange provider Aon, provided a partial offset. Lastly, low exposure to the strong performing materials and utilities sectors hurt the Port -folio’s relative returns.

Lazard International Equity Select Portfolio

For the six months ended June 30, 2016, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of 1.82%, while Open

Shares posted a total return of 1.59%, as compared with the -1.02% return for the MSCI All Country World^® Index ex-US.

The Portfolio outperformed the MSCI All Country World Index ex-US during the six month period, driven by stock selection. Two noteworthy Japanese companies in the consumer discretionary sector, retailer Ryohin Keikaku and consumer electronics and media company Sony, both rose in a weak market supported by yen strength. Elsewhere in the sector, Brazilian higher education company Estacio rallied on two separate takeover bids, more than compensating for weakness in jewelry retailer Signet. Shares of Signet were hurt by slowing consumer spending, concerns about the company’s credit portfolio, and some negative publicity. Japanese telecoms SoftBank and KDDI both rose as investors expected higher revenues. Additionally, the stocks also benefited from yen strength. Also in the telecom sector, shares of Indonesian mobile phone operator Telekomunikasi rose as net income increased by 20% in the past year and the company increased its dividend. Stock selection in continental Europe was also beneficial, as shares of pharmaceutical company Actelion performed well. Lastly, the Portfolio’s relative returns were positively impacted by low exposure to the poor-performing banking industry.

In contrast, stock selection in the health care sector detracted from relative returns where shares of German pharmaceutical company Bayer declined as investors reacted negatively to the proposed acquisition of Monsanto. Stock selection in the United Kingdom detracted from relative returns as shares of British bank Lloyds declined following the Brexit referendum result. Elsewhere in the United Kingdom, shares of Associated British Foods fell on concerns over its UK retail exposure through Primark, while companies with global revenues, such as tobacco company British American Tobacco and global food services provider Compass, provided a partial offset. Lastly, low exposure to the strong performing energy and materials sectors hurt the Portfolio’s relative returns.

Lazard International Equity Concentrated Portfolio

For the six months ended June 30, 2016, the Lazard International Equity Concentrated Portfolio’s Institu-

Semi-Annual Report  5

tional Shares posted a total return of 6.05%, while Open Shares posted a total return of 5.91%, as compared with the -1.02% return for the MSCI All Country World Index ex-US.

Stock selection in the consumer discretionary sector was the largest driver of relative returns, as shares of Dutch business information services provider Wolters Kluwer performed well on accelerating growth, while shares of Japanese shoe retailer ABC Mart rose on revenue that is growing faster than expectations and from an increasing dividend. Japanese car and truck manufacturer Isuzu and consumer electronics and media company Sony both rose in a weak market and were further supported by yen strength. Within the consumer staples sector, shares of Australian personal care and hygiene company Asaleo (which was sold during the period) moved higher on earnings that highlighted increased gross margins. Lastly, stock selection in emerging markets had a positive impact on relative performance as shares of Taiwan Semiconductor and Brazilian insurance broker BB Seguridade both performed well.

In contrast, stock selection and high exposure in the United Kingdom detracted from relative returns as shares of British bank Lloyds (which was sold during the period) declined following the Brexit referendum result. Elsewhere in the United Kingdom, shares of kitchen outfitter Howden Joinery fell, while companies with global revenues, such as engineering solutions company Weir and tobacco company British American Tobacco provided a partial offset. Lastly, low exposure to the strong performing energy and materials sectors dragged on returns.

Lazard International Strategic Equity Portfolio

For the six months ended June 30, 2016, the Lazard International Strategic Equity Portfolio’s Institutional Shares posted a total return of -1.58%, while Open Shares posted a total return of -1.71%, and the R6 Shares posted a total return of -1.57%, as compared with the -4.42% return for the EAFE Index.

In the consumer discretionary sector, media companies Informa and Wolters Kluwer were helped by their defensive business models. Telecom provider KDDI in

Japan saw a similar benefit, as did packaging stock Amcor in Australia. In the financials sector, the Portfolio was aided by owning very few European or Japanese banks, which face a very difficult environment. In contrast, Kasikornbank, a leading banking group in Thailand, rose on some signs of local stabilization. The Portfolio’s emerging markets holdings generally helped performance, in contrast to dragging on performance in 2015. Taiwan Semiconductor and Tencent in technology reported strong results, while in Brazil water utility Cia de Saneamento Basico do Estado de Sao Paulo was helped by normalizing weather and positive regulatory developments. On the negative side, the Portfolio had little exposure to the rebounding commodity stocks in energy or mining. In health-care, Bayer fell as it contemplated the very substantial acquisition of Monsanto, while Novartis continued to report disappointing results.

Lazard International Equity Advantage Portfolio

For the six months ended June 30, 2016, the Lazard International Equity Advantage Portfolio posted a total return of -6.19%, while Open Shares posted a total return of -6.30%, as compared with the -4.42% return for the EAFE Index.

The Portfolio lagged the EAFE Index in the first half of the year, with weak stock selection accounting for the period’s underperformance. Strength in the energy and consumer staples holdings was more than offset by weakness in information technology, industrials, and materials. Stocks that had the greatest influence on the period’s performance included Statoil, which rose as investors anticipated a positive earnings report, with revenue improving as oil prices moved higher. The company has been focused on efficiency improvements and lower input prices to provide further cost reductions and improve its margins. The company has also brought down its investment level through stricter capital discipline. Nippon Telegraph and Telephone was also a strong performer, as it reported results that exceeded expectations with near double-digit revenue growth. A change in depreciation allowance was also expected to boost earnings and increase the likelihood that the company might increase its dividend. Evolution Mining, the Australian gold mining concern, rallied nearly 50% in the period,

6  Semi-Annual Report

due largely to the recovery in commodity prices. The company also benefited from weakness in the Australian dollar, which helped its pricing. We trimmed some of our position in the second quarter. Detractors in the period included Bellway, the UK real estate developer who had been a standout performer, but retreated sharply after the Brexit vote. Fears about the impact of the vote on London’s financial community and its continued prominence spread immediately to concerns over London’s real estate prices. BT Group, the telecom giant, while operating in a defensive industry and with its core broadband and telephony services likely to prove resilient, fell sharply as the market extrapolated the impact of lower yields and returns on the increased pension deficit. Sumitomo Mitsui Financial also continued to struggle as the operating environment remained weak with interest rate margins at historic lows.

Lazard International Small Cap Equity Portfolio

For the six months ended June 30, 2016, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of -3.03%, while Open Shares posted a total return of -3.20%, as compared with the -3.18% return for the MSCI EAFE Small Cap^® Index.

The Portfolio’s relative performance was aided by stock selection in Canada and, to a lesser extent, Asia, including Japan. Stock selection in continental Europe and the United Kingdom detracted from performance. On a sector basis, stock selection in consumer discretionary, consumer staples, and energy contributed to performance while stock selection in information technology, health care, and industrials detracted.

Seria, a “dollar” store operator in Japan, contributed to performance in the first half of the year. The company is taking market share from its main competitors by virtue of its proprietary point-of-sale inventory control systems and superior product development. Same-store sales have been positive for 12 straight months. Seria’s results and guidance, which were announced in early May, show the company is on track to maintain its competitive advantage and continue to take share from its struggling competitors and grow profits over the mid-to-long term.

Ain Holdings, an operator of dispensing pharmacies in Japan, was a leading contributor to performance in the period. Following on May’s positive earning guidance, the government announced the postponement of the sales tax hike until late 2019—resulting in a more favorable earnings environment for Ain over the next two years. We expect consolidation in the dispensing pharmacy industry to continue and that Ain will be a major beneficiary of that trend.

Permanent TSB, an Irish-listed bank, detracted from performance during the period. Concerns about financials in general, coupled with an Irish election, uncertainty about bank levies, and the timing of non-performing loan recovery all weighed on shares. These concerns were amplified after the Brexit vote, which is expected to negatively impact Permanent TSB’s efforts to dispose of some of its UK assets. We have exited the position as we found opportunity elsewhere.

Topcon, a Japanese manufacturer of optical devices, including surveying and ophthalmological equipment, detracted from performance. While Topcon continues to make investments in technology that should position the company for longer-term sales and profit growth, the near- and medium-term business environment has weakened, leading the company to miss its full-year earnings guidance when it announced results. This added to a recent pattern of earnings misses and revised guidance, indicating that the company’s investments and product positioning is not enough to offset the cyclical demand for its products. We also exited this position.

Lazard Global Equity Select Portfolio

For the six months ended June 30, 2016, the Lazard Global Equity Select Portfolio’s Institutional Shares posted a total return of 0.77%, while Open Shares posted a total return of 0.58%, as compared with the 1.23% return for the MSCI All Country World Index.

Stock selection and an underweight position in the consumer discretionary sector contributed to performance. Shares of Wolters Kluwer, a global information services provider, rose as the company reported accelerating organic growth despite challenges in some European markets. Management was confident

Semi-Annual Report  7

they could deliver further margin improvement and earnings growth in 2016 and see digital and services driving growth. Shares of Tyco International, a commercial and fire and security company, climbed ahead of the completion of its proposed merger with Johnson Controls. Management reiterated the potential for earning accretion resulting from the deal.

In contrast, stock selection in the information technology sector detracted from performance in the second quarter. Shares of Autohome, a Chinese internet auto marketplace, fell on concerns over economic growth. In addition, Chinese regulators began considering limits on overseas listed firms going private then relisting domestically. In April, the company received takeover offers from multiple groups. An underweight position in the energy sector also hurt performance.

Lazard Global Strategic Equity Portfolio

For the six months ended June 30, 2016, the Lazard Global Strategic Equity Portfolio’s Institutional Shares posted a total return of -0.72%, while Open Shares posted a total return of -0.83%, as compared with the 1.23% return for the MSCI All Country World Index.

In the consumer discretionary sector, academic publisher Informa reported strong results in contrast to many of its peers, while Media Nusantara benefitted from a rebound in the Indonesian economy. The snacks and pet food business of J.M. Smucker reported stronger results and performed well, while Reynolds American is continuing to benefit from its acquisition of Lorillard. In Japan, pharmacy business AIN continued to do well, but running shoe manufacturer Asics struggled due to the strong yen. The Portfolio’s emerging markets holdings generally helped performance. In technology, Taiwan Semiconductor reported strong results, while South African food producer, Pioneer, performed well despite the drought that is affecting the country. On the negative side, the Portfolio had little exposure to rebounding commod-

ity stocks in energy or materials. In healthcare, Novartis continued to report disappointing results and Celgene suffered in the broader selloff in biotech stocks.

Lazard Managed Equity Volatility Portfolio

For the six months ended June 30, 2016, the Lazard Managed Equity Volatility Portfolio’s Institutional Shares posted a total return of 5.32%, while Open Shares posted a total return of 5.11%, as compared with the 0.66% return for the MSCI World^® Index.

The Portfolio fared well in the challenging first half of 2016, benefiting from its orientation to lower-risk stocks with solid financials. An overweight to the telecom and utilities sectors, coupled with underweights in financials, provided approximately 20% of the added value in the period. Favorable stock selection was the largest contributor to the excess return in the period. Stocks with meaningful impact on the Portfolio’s return included two US telecoms, AT&T and Verizon. Both companies solidified their customer bases while instituting more favorable pricing plans. Investors were also attracted to their attractive dividend levels, which were easily covered by the company’s strong cash flow. American Electric Power also enjoyed a strong first half, as the company explored a sale of a portion of its power generating facilities and reported earnings above expectations. Detractors in the period included Blackmores, which retreated after a very strong 2015. Investors became concerned over the company’s ability to sustain its long-term growth. A stronger Australian dollar and expansion of its distribution channels were both potential headwinds for the stock. Shares of Kroger gave back some of its 2015 gains after the company reported a disappointing March earnings report. Concerns over same-store sales growth and integration of their Roundy’s acquisition impacted the stock. Next, the UK retailer, struggled as on-line sales cannibalized its in-store sales, resulting in poorer margins and less loyal customers. The stock was sold as we saw better opportunity elsewhere.

8  Semi-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. Return for 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, 2016; 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  9

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, 2016
	One		Five		Ten
	Year		Years		Years
Institutional Shares**		5.54%		13.20%		7.67%
Open Shares**		5.31%		12.82%		7.34%
S&P 500 Index		3.99%		12.10%		7.42%
Russell 1000 Value/S&P 500 Linked Index		3.99%		11.33%		6.12%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and may differ from amounts reported in the financial highlights.
	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 primarily in 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 (when the Portfolio’s benchmark index changed) and the S&P 500 Index for all periods thereafter. The Russell 1000 Value Index measures the performance of those Russell 1000 companies (the 1,000 largest companies in the Russell 3000 ® Index, which consists of the 3,000 largest US companies by capitalization) with lower price-to-book ratios and lower forecasted growth values. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

10  Semi-Annual Report

Lazard US Strategic Equity Portfolio

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

Average Annual Total Returns*
Periods Ended June 30, 2016
	One		Five		Ten		Since
	Year		Years		Years		Inception		†
Institutional Shares**		–4.07%		9.35%		5.91%		5.77%
Open Shares**		–4.37%		9.02%		5.57%		5.47%
R6 Shares**		–4.01%		N/A		N/A		3.49%
S&P 500 Index		3.99%		12.10%		7.42%		7.10% (Institutional and Open Shares)
								7.60% (R6 Shares)

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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.

Semi-Annual Report  11

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, 2016
	One		Five		Ten
	Year		Years		Years
Institutional Shares**		–11.62%		5.99%		4.76%
Open Shares**		–11.87%		5.68%		4.47%
Russell Midcap Index		0.56%		10.90%		8.07%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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.

12  Semi-Annual Report

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, 2016
	One		Five		Ten
	Year		Years		Years
Institutional Shares**		–7.90%		7.73%		7.16%
Open Shares**		–8.19%		7.39%		6.81%
Russell 2500 Index		–3.67%		9.48%		7.32%
Russell 2000/2500 Linked Index		–3.67%		9.48%		7.23%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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 (when the Portfolio’s benchmark index changed) 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.

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, 2016
	One		Five		Ten		Since
	Year		Years		Years		Inception		†
Institutional Shares**		–8.09%		4.15%		3.23%		5.81%
Open Shares**		–8.31%		3.86%		2.92%		4.50%
R6 Shares**		–8.04%		N/A		N/A		–5.12%
EAFE Index		–10.16%		1.68%		1.58%		4.80% (Institutional Shares)
								4.18% (Open Shares)
								–7.87% (R6 Shares)

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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, 2016
	One		Five		Ten
	Year		Years		Years
Institutional Shares**		–6.05%		2.76%		1.88%
Open Shares**		–6.37%		2.41%		1.54%
MSCI All Country World Index ex-US		–10.24%		0.10%		1.87%
MSCI EAFE/All Country World Index ex-US Linked Index		–10.24%		0.10%		0.74%

*	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; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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 (when the Portfolio’s benchmark index changed) 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*

Average Annual Total Returns*

Periods Ended June 30, 2016

	One			Since
	Year			Inception†
Institutional Shares**		–8.75	%		–6.16	%
Open Shares**		–8.90	%		–6.33	%
MSCI All Country World Index ex-US		–10.24	%		–8.24	%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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 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.

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, 2016

	One			Five			Ten			Since
	Year			Years			Years			Inception†
Institutional Shares**		–8.90	%		4.84	%		4.14	%		5.75	%
Open Shares**		–9.16	%		4.56	%		3.82	%		4.16	%
R6 Shares**		–8.99	%		N/A			N/A			–2.28	%
EAFE Index		–10.16	%		1.68	%		1.58	%		3.07	%
										(Institutional Shares)
											1.88	%
										(Open Shares)
											–2.37	%
										(R6 Shares)

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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*

Average Annual Total Returns*

Periods Ended June 30, 2016

	One			Since
	Year			Inception†
Institutional Shares**		–10.34	%		–11.44	%
Open Shares**		–10.61	%		–11.68	%
EAFE Index		–10.16	%		–11.79	%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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, 2016

	One			Five			Ten
	Year			Years			Years
Institutional Shares**		–4.23	%		6.61	%		3.00	%
Open Shares**		–4.49	%		6.29	%		2.70	%
MSCI EAFE Small Cap Index		–3.67	%		4.84	%		3.57	%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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, 2016

	One			Since
	Year			Inception†
Institutional Shares**		–1.07	%		2.02	%
Open Shares**		–1.37	%		1.74	%
MSCI All Country World Index		–3.73	%		1.17	%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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*

Average Annual Total Returns*

Periods Ended June 30, 2016

	One			Since
	Year			Inception†
Institutional Shares**		–2.37	%		–1.60	%
Open Shares**		–2.57	%		–1.87	%
MSCI All Country World Index		–3.73	%		–2.19	%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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*

Average Annual Total Returns*

Periods Ended June 30, 2016

	One			Since
	Year			Inception†
Institutional Shares**		4.33	%		2.53	%
Open Shares**		3.94	%		2.18	%
MSCI World Index		–2.78	%		–4.66	%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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 of 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, 2016 through June 30, 2016 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

	Beginning		Ending		Expenses Paid		Annualized Expense
	Account Value		Account Value		During Period*		Ratio During Period
Portfolio	1/1/16		6/30/16		1/1/16 - 6/30/16		1/1/16 - 6/30/16
US Equity Concentrated
Institutional Shares
Actual	$	1,000.00	$	1,023.90		$3.87		0.77	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.03		$3.87		0.77	%
Open Shares
Actual	$	1,000.00	$	1,022.30		$5.18		1.03	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.74		$5.17		1.03	%
US Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	1,006.40		$3.74		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.13		$3.77		0.75	%
Open Shares
Actual	$	1,000.00	$	1,004.50		$5.23		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.64		$5.27		1.05	%
R6 Shares
Actual	$	1,000.00	$	1,006.40		$3.59		0.72	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.28		$3.62		0.72	%
US Mid Cap Equity
Institutional Shares
Actual	$	1,000.00	$	949.00		$5.09		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.64		$5.27		1.05	%
Open Shares
Actual	$	1,000.00	$	947.60		$6.54		1.35	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.15		$6.77		1.35	%
US Small-Mid Cap Equity
Institutional Shares
Actual	$	1,000.00	$	1,000.00		$4.53		0.91	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.34		$4.57		0.91	%
Open Shares
Actual	$	1,000.00	$	998.40		$5.91		1.19	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.95		$5.97		1.19	%
International Equity
Institutional Shares
Actual	$	1,000.00	$	976.60		$4.13		0.84	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.69		$4.22		0.84	%
Open Shares
Actual	$	1,000.00	$	975.00		$5.40		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39		$5.52		1.10	%
R6 Shares
Actual	$	1,000.00	$	976.60		$3.93		0.80	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.89		$4.02		0.80	%
International Equity Select
Institutional Shares
Actual	$	1,000.00	$	1,018.20		$5.27		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.64		$5.27		1.05	%
Open Shares
Actual	$	1,000.00	$	1,015.90		$6.77		1.35	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.15		$6.77		1.35	%

24  Semi-Annual Report

	Beginning		Ending		Expenses Paid		Annualized Expense
	Account Value		Account Value		During Period*		Ratio During Period
Portfolio	1/1/16		6/30/16		1/1/16 - 6/30/16		1/1/16 - 6/30/16
International Equity Concentrated
Institutional Shares
Actual	$	1,000.00	$	1,060.50		$5.38		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.64		$5.27		1.05	%
Open Shares
Actual	$	1,000.00	$	1,059.10		$6.91		1.35	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.15		$6.77		1.35	%
International Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	985.00		$4.00		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.84		$4.07		0.81	%
Open Shares
Actual	$	1,000.00	$	982.90		$5.23		1.06	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.59		$5.32		1.06	%
R6 Shares
Actual	$	1,000.00	$	985.00		$4.00		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.84		$4.07		0.81	%
International Equity Advantage
Institutional Shares
Actual	$	1,000.00	$	938.10		$4.34		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.39		$4.52		0.90	%
Open Shares
Actual	$	1,000.00	$	937.00		$5.78		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.90		$6.02		1.20	%
International Small Cap Equity
Institutional Shares
Actual	$	1,000.00	$	969.70		$5.09		1.04	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.69		$5.22		1.04	%
Open Shares
Actual	$	1,000.00	$	968.00		$6.31		1.29	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.45		$6.47		1.29	%
Global Equity Select
Institutional Shares
Actual	$	1,000.00	$	1,007.70		$5.49		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39		$5.52		1.10	%
Open Shares
Actual	$	1,000.00	$	1,005.80		$6.98		1.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.90		$7.02		1.40	%
Global Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	992.80		$5.45		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39		$5.52		1.10	%
Open Shares
Actual	$	1,000.00	$	991.70		$6.93		1.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.90		$7.02		1.40	%

Semi-Annual Report  25

	Beginning		Ending		Expenses Paid		Annualized Expense
	Account Value		Account Value		During Period*		Ratio During Period
Portfolio	1/1/16		6/30/16		1/1/16 - 6/30/16		1/1/16 - 6/30/16
Managed Equity Volatility
Institutional Shares
Actual	$	1,000.00	$	1,053.20		$3.83		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.13		$3.77		0.75	%
Open Shares
Actual	$	1,000.00	$	1,051.10		$5.35		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.64		$5.27		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 182/366 (to reflect one-half year period).

26  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2016 (unaudited)

	Lazard			Lazard			Lazard			Lazard			Lazard
	US Equity			US Strategic			US Mid Cap			US Small-Mid Cap			International
Sector*	Concentrated Portfolio			Equity Portfolio			Equity Portfolio			Equity Portfolio			Equity Portfolio
Consumer Discretionary		15.5	%		8.8	%		22.2	%		13.4	%		16.9	%
Consumer Staples		17.5			11.5			8.5			—			13.6
Energy		—			5.8			2.2			3.1			7.0
Financials		—			14.2			16.4			28.1			18.1
Health Care		18.6			16.6			8.7			9.6			9.5
Industrials		9.3			11.0			8.4			14.1			11.0
Information Technology		27.6			25.9			18.4			18.5			4.0
Materials		4.7			0.8			1.9			4.2			2.6
Telecommunication Services		—			1.0			—			—			8.7
Utilities		—			—			—			5.0			1.1
Repurchase Agreements		—			—			—			4.0			7.5
Short-Term Investments		6.8			4.4			13.3			—			—
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
													Lazard
	Lazard			Lazard			Lazard			Lazard			International
	International Equity			International Equity			International Strategic			International Equity			Small Cap
Sector*	Select Portfolio			Concentrated Portfolio			Equity Portfolio			Advantage Portfolio			Equity Portfolio
Consumer Discretionary		13.9	%		21.3	%		19.9	%		11.2	%		18.6	%
Consumer Staples		13.8			11.0			13.2			11.0			5.9
Energy		2.8			3.1			5.0			6.1			3.4
Financials		17.1			16.0			17.5			20.3			24.2
Health Care		11.2			12.2			9.6			13.9			7.3
Industrials		12.0			13.4			7.1			14.2			20.8
Information Technology		9.6			9.8			6.6			3.9			11.3
Materials		1.8			—			5.9			6.4			5.2
Telecommunication Services		8.3			8.1			8.2			6.0			1.0
Utilities		2.5			—			0.9			5.1			—
Short-Term Investments		7.0			5.1			6.1			1.9			2.3
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
	Lazard			Lazard			Lazard
	Global Equity			Global Strategic			Managed Equity
Sector*	Select Portfolio			Equity Portfolio			Volatility Portfolio
Consumer Discretionary		9.1	%		11.2	%		14.8	%
Consumer Staples		15.2			21.5			14.5
Energy		3.3			6.3			2.0
Financials		14.7			9.8			17.8
Health Care		15.6			17.5			11.9
Industrials		13.8			5.1			10.1
Information Technology		22.1			22.0			7.1
Materials		2.7			2.2			3.8
Telecommunication Services		—			0.8			7.4
Utilities		—			—			9.7
Short-Term Investments		3.5			3.6			0.9
Total Investments		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report  27

The Lazard Funds, Inc. Portfolios of Investments June 30, 2016 (unaudited)

			Fair
Description	Shares		Value
Lazard US Equity Concentrated Portfolio
Common Stocks  |  93.4%
Beverages  |  4.9%
Molson Coors Brewing Co., Class B		520,037	$	52,591,342
Commercial Services & Supplies  |  5.9%
Copart, Inc. (a)		1,304,735		63,945,062
Communications Equipment  |  7.2%
Cisco Systems, Inc.		2,684,595		77,021,031
Containers & Packaging  |  4.7%
Crown Holdings, Inc. (a)		988,520		50,088,308
Food & Staples Retailing  |  2.5%
Walgreens Boots Alliance, Inc.		324,200		26,996,134
Food Products  |  5.4%
Kellogg Co.		708,435		57,843,718
Hotels, Restaurants & Leisure  |  2.5%
Norwegian Cruise Line Holdings, Ltd. (a)		664,095		26,457,545
Household Products  |  4.8%
The Procter & Gamble Co.		609,300		51,589,431
Internet Software & Services  |  15.8%
Alphabet, Inc., Class A (a)		165,377		116,347,681
eBay, Inc. (a)		2,266,350		53,055,253
				169,402,934
Media  |  4.8%
The Madison Square Garden Co. Class A (a)		301,375		51,990,201
Multiline Retail  |  0.6%
J.C. Penney Co., Inc. (a)		673,345		5,979,304

			Fair
Description	Shares		Value
Pharmaceuticals  |  18.6%
Allergan PLC (a)		226,975	$	52,451,653
Mallinckrodt PLC (a)		94,700		5,755,866
Pfizer, Inc.		1,494,477		52,620,535
Zoetis, Inc.		1,888,981		89,651,038
				200,479,092
Road & Rail  |  3.4%
Union Pacific Corp.		413,475		36,075,694
Semiconductors & Semiconductor Equipment  |  4.7%
Skyworks Solutions, Inc.		804,400		50,902,432
Specialty Retail  |  5.1%
Advance Auto Parts, Inc.		342,615		55,376,862
Textiles, Apparel & Luxury Goods  |  2.5%
Deckers Outdoor Corp. (a)		471,347		27,111,879
Total Common Stocks (Cost $939,246,423)				1,003,850,969
Short-Term Investment  |  6.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $73,316,717)		73,316,717		73,316,717
Total Investments  |  100.2% (Cost $1,012,563,140) (b)			$	1,077,167,686
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(1,769,317	)
Net Assets  |  100.0%			$	1,075,398,369

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

28  Semi-Annual Report

			Fair
Description	Shares		Value
Lazard US Strategic Equity Portfolio
Common Stocks  |  95.2%
Aerospace & Defense  |  3.4%
Honeywell International, Inc.		20,198	$	2,349,431
United Technologies Corp.		14,525		1,489,539
				3,838,970
Auto Components  |  1.6%
Delphi Automotive PLC		29,735		1,861,411
Banks  |  4.5%
Bank of America Corp.		232,230		3,081,692
Wells Fargo & Co.		42,310		2,002,533
				5,084,225
Beverages  |  3.0%
Molson Coors Brewing Co., Class B		33,765		3,414,655
Capital Markets  |  1.1%
The Charles Schwab Corp.		50,220		1,271,068
Commercial Services & Supplies  |  2.1%
Copart, Inc. (a)		23,635		1,158,351
Tyco International PLC		28,190		1,200,894
				2,359,245
Communications Equipment  |  3.7%
Cisco Systems, Inc.		146,125		4,192,326
Containers & Packaging  |  0.8%
Crown Holdings, Inc. (a)		17,275		875,324
Diversified Financial Services  |  3.2%
CBOE Holdings, Inc.		18,845		1,255,454
Intercontinental Exchange, Inc.		9,330		2,388,107
				3,643,561
Diversified Telecommunication Services   |  1.0%
AT&T, Inc.		26,550		1,147,226
Electrical Equipment  |  2.8%
Eaton Corp. PLC		23,985		1,432,624
Rockwell Automation, Inc.		15,535		1,783,729
				3,216,353
Energy Equipment & Services  |  1.3%
Schlumberger, Ltd.		18,820		1,488,286

			Fair
Description	Shares		Value
Food & Staples Retailing  |  2.6%
CVS Health Corp.		18,705	$	1,790,817
Walgreens Boots Alliance, Inc.		14,200		1,182,434
				2,973,251
Food Products  |  2.1%
Kellogg Co.		28,500		2,327,025
Health Care Equipment & Supplies  |  1.3%
Stryker Corp.		12,180		1,459,529
Health Care Providers & Services  |  1.5%
Aetna, Inc.		14,300		1,746,459
Hotels, Restaurants & Leisure  |  0.9%
Norwegian Cruise Line Holdings, Ltd. (a)		25,585		1,019,306
Household Products  |  3.7%
The Procter & Gamble Co.		49,960		4,230,113
Insurance  |  3.5%
Aon PLC		18,980		2,073,185
The Hartford Financial Services Group, Inc.		41,870		1,858,191
				3,931,376
Internet Software & Services  |  7.1%
Alphabet, Inc., Class A (a)		7,616		5,358,085
Alphabet, Inc., Class C (a)		1,090		754,389
eBay, Inc. (a)		84,920		1,987,977
				8,100,451
IT Services  |  3.5%
Fidelity National Information Services, Inc.		18,760		1,382,237
Visa, Inc., Class A		35,220		2,612,267
				3,994,504
Life Sciences Tools & Services  |  0.1%
Quintiles Transnational Holdings, Inc. (a)		1,500		97,980
Machinery  |  1.1%
Deere & Co.		9,920		803,917
Parker Hannifin Corp.		3,950		426,797
				1,230,714
Media  |  1.6%
The Madison Square Garden Co. Class A (a)		10,383		1,791,171
Multiline Retail  |  1.1%
J.C. Penney Co., Inc. (a)		140,775		1,250,082

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

Semi-Annual Report  29

			Fair
Description	Shares		Value
Lazard US Strategic Equity Portfolio (concluded)
Oil, Gas & Consumable Fuels  |  4.5%
Chevron Corp.		24,095	$	2,525,879
EOG Resources, Inc.		16,350		1,363,917
Pioneer Natural Resources Co.		7,875		1,190,779
				5,080,575
Pharmaceuticals  |  13.6%
Allergan PLC (a)		12,135		2,804,277
Eli Lilly & Co.		25,625		2,017,969
Mallinckrodt PLC (a)		22,175		1,347,796
Pfizer, Inc.		114,419		4,028,693
Zoetis, Inc.		109,504		5,197,060
				15,395,795
Real Estate Investment Trusts (REITs) | 1.8%
Corrections Corp. of America		36,285		1,270,701
Host Hotels & Resorts, Inc.		47,665		772,649
				2,043,350
Road & Rail  |  1.6%
Union Pacific Corp.		20,655		1,802,149
Semiconductors & Semiconductor Equipment  |  4.9%
Applied Materials, Inc.		52,330		1,254,350
NXP Semiconductors NV (a)		21,160		1,657,674
Skyworks Solutions, Inc.		27,735		1,755,071
Teradyne, Inc.		42,550		837,810
				5,504,905

			Fair
Description	Shares		Value
Software  |  3.4%
Microsoft Corp.		75,500	$	3,863,335
Specialty Retail  |  3.0%
Advance Auto Parts, Inc.		21,303		3,443,204
Technology Hardware, Storage & Peripherals  |  3.2%
Apple, Inc.		37,857		3,619,129
Textiles, Apparel & Luxury Goods  |  0.6%
Deckers Outdoor Corp. (a)		10,865		624,955
Total Common Stocks (Cost $101,825,491)				107,922,008
Short-Term Investment  |  4.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $4,965,717)		4,965,717		4,965,717
Total Investments  |  99.6% (Cost $106,791,208) (b)			$	112,887,725
Cash and Other Assets in Excess of Liabilities  |  0.4%				473,288
Net Assets  |  100.0%			$	113,361,013

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

30  Semi-Annual Report

Description	Shares		Fair  Value
Lazard US Mid Cap Equity Portfolio
Common Stocks  |  88.0%
Auto Components  |  2.0%
Delphi Automotive PLC		6,850	$	428,810
Banks  |  3.1%
Comerica, Inc.		16,100		662,193
Beverages  |  8.6%
Molson Coors Brewing Co., Class B		18,500		1,870,905
Chemicals  |  1.9%
Ingevity Corp. (a)		12,100		411,884
Commercial Services & Supplies | 2.9%
Tyco International PLC		14,550		619,830
Communications Equipment  |  4.7%
Ciena Corp. (a)		54,200		1,016,250
Electrical Equipment  |  2.6%
Rockwell Automation, Inc.		4,990		572,952
Health Care Equipment & Supplies  |  4.7%
Natus Medical, Inc. (a)		27,250		1,030,050
Insurance  |  7.9%
Aon PLC		9,450		1,032,223
The Hartford Financial Services Group, Inc.		15,525		689,000
				1,721,223
IT Services  |  4.4%
Fidelity National Information Services, Inc.		12,950		954,156
Machinery  |  3.0%
Dover Corp.		9,400		651,608
Media  |  10.3%
AMC Networks, Inc., Class A (a)		23,925		1,445,548
The Madison Square Garden Co. Class A (a)		4,600		793,546
				2,239,094
Oil, Gas & Consumable Fuels  |  2.3%
Pioneer Natural Resources Co.		3,250		491,433

Description	Shares		Fair Value
Pharmaceuticals  |  4.0%
Mallinckrodt PLC (a)		5,400	$	328,212
Zoetis, Inc.		11,600		550,536
				878,748
Real Estate Investment Trusts (REITs)  |  5.7%
Communications Sales & Leasing, Inc.		42,600		1,231,140
Semiconductors & Semiconductor Equipment  |  7.1%
Applied Materials, Inc.		23,250		557,302
Skyworks Solutions, Inc.		15,475		979,258
				1,536,560
Specialty Retail  |  7.9%
Advance Auto Parts, Inc.		3,644		588,980
AutoZone, Inc. (a)		700		555,688
Ross Stores, Inc.		9,900		561,231
				1,705,899
Technology Hardware, Storage & Peripherals  |  2.5%
NCR Corp. (a)		19,600		544,292
Textiles, Apparel & Luxury Goods  |  2.4%
VF Corp.		8,600		528,814
Total Common Stocks (Cost $18,364,223)				19,095,841
Short-Term Investment  |  13.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $2,937,386)		2,937,386		2,937,386
Total Investments  |  101.5% (Cost $21,301,609) (b)			$	22,033,227
Liabilities in Excess of Cash and Other Assets  |  (1.5)%				(329,424	)
Net Assets  |  100.0%			$	21,703,803

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

Semi-Annual Report   31

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks  |  96.3%
Aerospace & Defense  |  0.8%
B/E Aerospace, Inc.		32,595	$	1,505,074
Air Freight & Logistics  |  1.1%
Echo Global Logistics, Inc. (a)		100,368		2,250,251
Airlines  |  1.3%
Alaska Air Group, Inc.		43,925		2,560,388
Auto Components  |  3.1%
Fox Factory Holding Corp. (a)		160,043		2,779,947
Gentherm, Inc. (a)		54,380		1,862,515
Modine Manufacturing Co. (a)		159,005		1,399,244
				6,041,706
Banks  |  8.3%
Comerica, Inc.		78,200		3,216,366
Home Bancshares, Inc.		154,030		3,048,254
PacWest Bancorp		79,926		3,179,456
Signature Bank (a)		20,695		2,585,220
SVB Financial Group (a)		16,115		1,533,503
Webster Financial Corp.		83,035		2,819,038
				16,381,837
Biotechnology  |  2.1%
Cellectis SA ADR (a)		75,665		2,011,932
United Therapeutics Corp. (a)		20,645		2,186,719
				4,198,651
Building Products  |  3.0%
Continental Building Products, Inc. (a)		79,260		1,761,950
Owens Corning		40,500		2,086,560
PGT, Inc. (a)		196,805		2,027,091
				5,875,601
Chemicals  |  4.2%
Calgon Carbon Corp.		210,655		2,770,113
Eastman Chemical Co.		33,790		2,294,341
Ingevity Corp. (a)		97,600		3,322,304
				8,386,758
Communications Equipment  |  1.1%
Ciena Corp. (a)		116,850		2,190,938
Construction & Engineering  |  0.8%
EMCOR Group, Inc.		31,130		1,533,464

Description	Shares		Fair  Value
Diversified Financial Services  |  2.9%
CBOE Holdings, Inc.		35,660	$	2,375,669
Morningstar, Inc.		39,960		3,267,929
				5,643,598
Electric Utilities  |  1.8%
PNM Resources, Inc.		101,500		3,597,160
Electrical Equipment  |  2.1%
Generac Holdings, Inc. (a)		53,250		1,861,620
Regal-Beloit Corp.		42,920		2,362,746
				4,224,366
Electronic Equipment, Instruments & Components  |  2.9%
FLIR Systems, Inc.		96,870		2,998,127
Littelfuse, Inc.		22,975		2,715,415
				5,713,542
Gas Utilities  |  1.2%
New Jersey Resources Corp.		63,800		2,459,490
Health Care Equipment & Supplies  |  3.0%
DENTSPLY SIRONA, Inc.		51,570		3,199,403
STERIS PLC		40,900		2,811,875
				6,011,278
Health Care Providers & Services  |  1.2%
Team Health Holdings, Inc. (a)		59,835		2,433,489
Hotels, Restaurants & Leisure  |  1.0%
Bloomin’ Brands, Inc.		106,745		1,907,533
Insurance  |  8.3%
Arch Capital Group, Ltd. (a)		53,115		3,824,280
Argo Group International Holdings, Ltd.		62,400		3,238,560
Brown & Brown, Inc.		57,455		2,152,839
Reinsurance Group of America, Inc.		39,835		3,863,597
Validus Holdings, Ltd.		67,600		3,284,684
				16,363,960
Internet Software & Services  |  1.3%
j2 Global, Inc.		39,605		2,501,848
IT Services  |  2.9%
Leidos Holdings, Inc.		61,875		2,961,956
Vantiv, Inc., Class A (a)		49,135		2,781,041
				5,742,997
Life Sciences Tools & Services | 3.2%
Quintiles Transnational Holdings, Inc. (a)		50,135		3,274,818
VWR Corp. (a)		107,145		3,096,491
				6,371,309

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

32   Semi-Annual Report

Description	Shares		Fair  Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Machinery  |  3.8%
Altra Industrial Motion Corp.		87,179	$	2,352,090
Tennant Co.		18,290		985,282
TriMas Corp. (a)		120,146		2,162,628
Woodward, Inc.		33,560		1,934,398
				7,434,398
Media  |  3.9%
AMC Networks, Inc., Class A (a)		42,950		2,595,039
Cable One, Inc.		3,215		1,644,183
Scholastic Corp.		86,040		3,408,045
				7,647,267
Multi-Utilities  |  1.9%
CMS Energy Corp.		82,955		3,804,316
Oil, Gas & Consumable Fuels  |  3.1%
Matador Resources Co. (a)		85,775		1,698,345
Memorial Resource Development Corp. (a)		144,190		2,289,737
Newfield Exploration Co. (a)		49,815		2,200,827
				6,188,909
Real Estate Investment Trusts (REITs)  |  7.8%
American Campus Communities, Inc.		65,300		3,452,411
DCT Industrial Trust, Inc.		80,858		3,884,418
Extra Space Storage, Inc.		22,455		2,077,986
Kilroy Realty Corp.		36,370		2,410,967
Tanger Factory Outlet Centers, Inc.		90,320		3,629,058
				15,454,840
Real Estate Management & Development  |  1.0%
Jones Lang LaSalle, Inc.		20,220		1,970,439
Semiconductors & Semiconductor Equipment | 4.4%
Brooks Automation, Inc.		72,921		818,174
Cypress Semiconductor Corp.		285,160		3,008,438
MACOM Technology Solutions Holdings, Inc. (a)		59,780		1,971,544
Microsemi Corp. (a)		91,325		2,984,501
				8,782,657
Software  |  4.6%
BroadSoft, Inc. (a)		53,285		2,186,284
Pegasystems, Inc.		48,690		1,312,195
RealPage, Inc. (a)		147,960		3,303,947
Red Hat, Inc. (a)		31,155		2,261,853
				9,064,279

Description	Shares		Fair  Value
Specialty Retail  |  4.4%
Advance Auto Parts, Inc.		9,315	$	1,505,584
Chico’s FAS, Inc.		223,685		2,395,666
Foot Locker, Inc.		41,435		2,273,124
Sally Beauty Holdings, Inc. (a)		83,730		2,462,499
				8,636,873
Technology Hardware, Storage & Peripherals | 1.3%
NCR Corp. (a)		96,120		2,669,252
Textiles, Apparel & Luxury Goods  |  1.2%
Steven Madden, Ltd. (a)		69,490		2,375,168
Trading Companies & Distributors  |  1.3%
Beacon Roofing Supply, Inc. (a)		57,220		2,601,793
Total Common Stocks (Cost $185,053,420)				190,525,429

Description	Principal Amount (000)		Fair Value
Repurchase Agreement  |  4.0%
State Street Bank and Trust Co., 0.01%, 07/01/16 (Dated 06/30/16, collateralized by $7,360,000 United States Treasury Note, 3.50%, 05/15/20, with a value of $8,119,000) Proceeds of $7,955,000 (Cost $7,955,000)		$7,955		$	7,955,000
Total Investments   |  100.3% (Cost $193,008,420) (b)				$	198,480,429
Liabilities in Excess of Cash and Other Assets  |  (0.3)%					(686,564	)
Net Assets  |  100.0%				$	197,793,865

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

Semi-Annual Report   33

Description	Shares		Fair  Value
Lazard International Equity Portfolio
Common Stocks  |  92.5%
Australia  |  3.2%
BHP Billiton PLC		1,538,179	$	19,348,109
Caltex Australia, Ltd.		823,985		19,686,151
				39,034,260
Belgium  |  4.2%
Anheuser-Busch InBev SA/NV		315,858		41,519,414
KBC Group NV (a)		213,812		10,482,175
				52,001,589
Brazil  |  1.1%
BB Seguridade Participacoes SA		1,552,700		13,587,273
Canada  |  3.9%
MacDonald Dettwiler & Associates, Ltd.		170,500		11,121,200
National Bank of Canada		473,600		16,199,067
Suncor Energy, Inc.		740,010		20,528,626
				47,848,893
Denmark  |  1.2%
Carlsberg A/S, Class B		154,870		14,697,225
Finland  |  1.7%
Sampo Oyj, A Shares		502,275		20,520,893
France  |  7.5%
Capgemini SA		276,505		24,131,089
Iliad SA		48,618		9,882,856
TOTAL SA		266,741		12,862,699
Valeo SA		493,647		22,047,518
Vinci SA		329,594		23,474,254
				92,398,416
Germany  |  0.7%
GEA Group AG		196,259		9,224,488
Ireland  |  4.7%
James Hardie Industries PLC		845,124		12,945,261
Ryanair Holdings PLC Sponsored ADR		145,063		10,087,681
Shire PLC		564,660		34,771,461
				57,804,403
Israel  |  2.5%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		610,810		30,680,986

Description	Shares		Fair  Value
Italy  |  1.7%
Azimut Holding SpA		558,986	$	9,109,656
Mediaset SpA		3,257,303		11,465,638
				20,575,294
Japan  |  21.2%
ABC-Mart, Inc.		218,200		14,521,798
Daiwa House Industry Co., Ltd.		1,265,000		36,912,475
Don Quijote Holdings Co., Ltd.		748,700		27,660,846
Isuzu Motors, Ltd.		1,565,600		19,162,211
Japan Tobacco, Inc.		486,900		19,505,507
KDDI Corp.		1,067,600		32,499,154
Makita Corp.		264,100		17,414,460
Seven & I Holdings Co., Ltd.		514,700		21,488,362
SoftBank Group Corp.		353,700		20,010,561
Sony Corp.		732,700		21,443,278
Sumitomo Mitsui Financial Group, Inc.		731,700		20,978,034
United Arrows, Ltd.		271,400		7,852,518
				259,449,204
Luxembourg  |  0.7%
RTL Group SA		109,425		8,924,771
Netherlands  |  5.7%
Koninklijke KPN NV		3,354,389		12,166,848
Royal Dutch Shell PLC, A Shares		1,213,347		33,128,495
Wolters Kluwer NV		597,743		24,427,047
				69,722,390
Norway  |  1.5%
Telenor ASA		1,084,678		17,915,928
Philippines  |  0.4%
Alliance Global Group, Inc.		15,483,700		4,886,178
Spain  |  1.1%
Red Electrica Corporacion SA		151,587		13,514,663
Sweden  |  3.5%
Assa Abloy AB, Class B		1,258,254		25,790,331
Swedbank AB, A Shares		816,719		17,083,782
				42,874,113
Switzerland  |  6.1%
Novartis AG		623,618		51,301,171
Wolseley PLC		443,142		22,965,911
				74,267,082
Taiwan  |  2.0%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		945,500		24,800,465

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

34  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Thailand  |  0.6%
Krung Thai Bank Public Co. Ltd. (c)		14,849,700	$	6,888,165
Turkey  |  1.2%
Turkcell Iletisim Hizmetleri AS (a)		3,867,410		14,244,243
United Kingdom  |  13.0%
British American Tobacco PLC		598,467		38,942,522
Direct Line Insurance Group PLC		1,891,873		8,748,898
Howden Joinery Group PLC		1,775,919		9,262,639
Informa PLC		1,234,977		12,094,536
J Sainsbury PLC		3,850,129		11,940,103
Provident Financial PLC		342,826		10,596,746
Prudential PLC		1,567,181		26,698,182
RELX PLC		1,259,391		23,205,118
Unilever PLC		387,759		18,599,664
				160,088,408
United States  |  3.1%
Aon PLC		218,575		23,874,947
Signet Jewelers, Ltd.		176,423		14,539,020
				38,413,967
Total Common Stocks (Cost $1,138,378,268)				1,134,363,297

Description	Principal Amount (000)		Fair Value
Repurchase Agreement  |  7.5%
State Street Bank and Trust Co., 0.01%, 07/01/16 (Dated 06/30/16, collateralized by $84,800,000 United States Treasury Note, 3.50%, 05/15/20, with a value of $93,545,000) Proceeds of $91,709,000 (Cost $91,709,000)	$	91,709	$	91,709,000
Total Investments  |  100.0% (Cost $1,230,087,268) (b)			$	1,226,072,297
Cash and Other Assets in Excess of Liabilities  |  0.0%				276,446
Net Assets  |  100.0%			$	1,226,348,743

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

Semi-Annual Report  35

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks  |  94.5%
Australia  |  1.4%
BHP Billiton, Ltd.		24,531	$	349,392
Belgium  |  4.0%
Anheuser-Busch InBev SA/NV		6,200		814,988
KBC Group NV (a)		3,302		161,881
				976,869
Brazil  |  4.4%
Ambev SA		40,200		238,399
BB Seguridade Participacoes SA		45,500		398,159
Cia de Saneamento Basico do Estado de Sao Paulo		32,400		293,307
Estacio Participacoes SA		30,900		163,143
				1,093,008
China  |  1.4%
Autohome, Inc. ADR (a)		3,940		79,234
Tencent Holdings, Ltd.		11,100		253,164
				332,398
Denmark  |  2.6%
Carlsberg A/S, Class B		2,760		261,925
Novo Nordisk A/S, Class B		7,090		381,280
				643,205
Finland  |  1.3%
Sampo Oyj, A Shares		7,901		322,802
France  |  4.4%
Capgemini SA		2,567		224,027
Valeo SA		6,684		298,524
Vinci SA		5,140		366,080
Vivendi SA		10,190		193,071
				1,081,702
Germany  |  1.5%
Continental AG		910		171,014
GEA Group AG		4,208		197,783
				368,797
Indonesia  |  2.0%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		8,054		494,999
Ireland  |  2.5%
Ryanair Holdings PLC Sponsored ADR		3,447		239,704
Shire PLC		6,181		380,623
				620,327

Description	Shares		Fair Value
Israel  |  2.7%
Check Point Software Technologies, Ltd. (a)		4,130	$	329,078
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		6,590		331,016
				660,094
Italy  |  1.7%
Banca Mediolanum SpA		23,863		163,483
Eni SpA		15,692		253,342
				416,825
Japan  |  16.1%
Daiwa House Industry Co., Ltd.		23,800		694,480
FANUC Corp.		1,500		242,800
Japan Tobacco, Inc.		11,000		440,667
KDDI Corp.		15,500		471,840
Makita Corp.		6,800		448,384
Ryohin Keikaku Co., Ltd.		1,100		266,881
Seven & I Holdings Co., Ltd.		7,717		322,179
SoftBank Group Corp.		8,200		463,915
Sony Corp.		10,000		292,661
Sumitomo Mitsui Financial Group, Inc.		11,176		320,419
				3,964,226
Netherlands  |  3.4%
Royal Dutch Shell PLC, A Shares		15,921		436,650
Wolters Kluwer NV		9,816		401,135
				837,785
Norway  |  0.9%
Telenor ASA		13,752		227,146
Philippines  |  0.8%
Alliance Global Group, Inc.		585,700		184,829
Russia  |  0.5%
Mobile TeleSystems PJSC Sponsored ADR		14,016		116,053
South Africa  |  3.4%
Mediclinic International PLC		22,770		327,778
Mr. Price Group, Ltd.		11,053		155,291
Nampak, Ltd.		78,330		101,703
Sanlam, Ltd.		59,985		246,731
				831,503
South Korea  |  1.5%
Samsung Electronics Co., Ltd.		303		377,192
Spain  |  1.4%
Red Electrica Corporacion SA		3,801		338,876

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

36  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Sweden  |  3.2%
Assa Abloy AB, Class B		24,599	$	504,204
Swedbank AB, A Shares		13,488		282,136
				786,340
Switzerland  |  7.6%
Actelion, Ltd.		2,919		489,798
Cie Financiere Richemont SA		2,590		151,942
Novartis AG		10,886		895,524
Wolseley PLC		6,534		338,626
				1,875,890
Taiwan  |  3.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		181,341		916,963
Thailand  |  1.0%
Kasikornbank Public Co. Ltd.		48,800		239,961
Turkey  |  2.4%
KOC Holding AS		62,238		284,442
Turkcell Iletisim Hizmetleri AS (a)		83,041		305,852
				590,294
United Kingdom  |  15.9%
Ashtead Group PLC		12,443		178,571
Associated British Foods PLC		5,605		203,227
British American Tobacco PLC		10,932		711,350
Compass Group PLC		22,678		432,279

Description	Shares		Fair Value
Informa PLC		36,387	$	356,350
Lloyds Banking Group PLC		416,755		306,453
London Stock Exchange Group PLC		6,890		233,392
Prudential PLC		30,113		512,999
RELX PLC		16,659		306,953
Unilever PLC		9,423		451,994
Worldpay Group PLC		62,593		227,832
				3,921,400
United States  |  2.8%
Aon PLC		3,660		399,782
Signet Jewelers, Ltd.		3,477		286,539
				686,321
Total Common Stocks (Cost $23,510,815)				23,255,197
Short-Term Investment  |  7.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $1,745,091)		1,745,091		1,745,091
Total Investments  |  101.6% (Cost $25,255,906) (b)			$	25,000,288
Liabilities in Excess of Cash and Other Assets  |  (1.6)%				(395,237	)
Net Assets  |  100.0%			$	24,605,051

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

Semi-Annual Report  37

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks  |  94.3%
Australia  |  2.0%
Spotless Group Holdings, Ltd.		364,194	$	307,392
Belgium  |  5.1%
Anheuser-Busch InBev SA/NV		6,027		792,247
Brazil  |  2.8%
BB Seguridade Participacoes SA		49,086		429,539
China  |  2.0%
Tencent Holdings, Ltd.		13,200		301,060
France  |  9.5%
Capgemini SA		5,574		486,453
Valeo SA		11,674		521,390
Vinci SA		6,545		466,146
				1,473,989
Ireland  |  3.0%
Shire PLC		7,642		470,590
Italy  |  3.1%
Eni SpA		29,827		481,547
Japan  |  22.0%
ABC-Mart, Inc.		6,843		455,420
Daiwa House Industry Co., Ltd.		24,000		700,316
Isuzu Motors, Ltd.		42,900		525,076
KDDI Corp.		25,800		785,386
SoftBank Group Corp.		8,200		463,915
Sony Corp.		15,900		465,331
				3,395,444
Netherlands  |  5.5%
Wolters Kluwer NV		20,808		850,329

Description	Shares		Fair Value
Switzerland  |  11.8%
Actelion, Ltd.		4,653	$	780,757
Novartis AG		7,568		622,572
Wolseley PLC		7,979		413,513
				1,816,842
Taiwan  |  4.6%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		27,055		709,653
United Kingdom  |  15.8%
British American Tobacco PLC		13,680		890,164
Howden Joinery Group PLC		64,404		335,911
Provident Financial PLC		9,394		290,368
Prudential PLC		22,774		387,973
The Weir Group PLC		27,928		539,276
				2,443,692
United States  |  7.1%
Aon PLC		5,860		640,088
Signet Jewelers, Ltd.		5,515		454,491
				1,094,579
Total Common Stocks (Cost $13,867,553)				14,566,903
Short-Term Investment  |  5.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $776,958)		776,958		776,958
Total Investments  |  99.3% (Cost $14,644,511) (b)			$	15,343,861
Cash and Other Assets in Excess of Liabilities  |  0.7%				106,446
Net Assets  |  100.0%			$	15,450,307

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

38  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks  |  94.7%
Australia  |  4.9%
Amcor, Ltd.		16,433,290	$	183,785,320
Caltex Australia, Ltd.		5,772,005		137,901,252
carsales.com, Ltd.		5,243,856		48,435,232
				370,121,804
Belgium  |  2.2%
Anheuser-Busch InBev SA/NV		1,281,552		168,459,521
Brazil  |  0.9%
Cia de Saneamento Basico do Estado de Sao Paulo		7,464,300		67,572,096
China  |  1.2%
China Resources Beer Holdings Co., Ltd.		10,216,000		22,327,643
Tencent Holdings, Ltd.		3,085,300		70,368,230
				92,695,873
Denmark  |  2.5%
Carlsberg A/S, Class B		1,976,539		187,574,338
Finland  |  3.1%
Sampo Oyj, A Shares		5,771,517		235,800,477
France  |  5.6%
Iliad SA		449,743		91,421,806
Television Francaise 1		7,822,862		83,721,519
Valeo SA		2,747,860		122,726,348
Vivendi SA		6,342,759		120,177,258
				418,046,931
Germany  |  3.7%
Fresenius SE & Co. KGaA		1,076,767		79,341,874
GEA Group AG		1,255,580		59,014,276
Symrise AG		2,079,761		141,716,132
				280,072,282
Indonesia  |  0.4%
PT Media Nusantara Citra Tbk		198,856,400		33,101,875
Ireland  |  5.9%
James Hardie Industries PLC		6,122,827		93,786,944
Kerry Group PLC, Class A		1,699,802		151,025,436
Shire PLC		3,230,633		198,940,652
				443,753,032

Description	Shares		Fair Value
Israel  |  3.2%
Check Point Software Technologies, Ltd. (a)		1,279,970	$	101,988,010
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		2,815,735		141,434,369
				243,422,379
Italy  |  1.7%
Azimut Holding SpA		3,166,598		51,605,261
Mediaset SpA		22,377,539		78,768,463
				130,373,724
Japan  |  19.2%
AEON Financial Service Co., Ltd.		8,442,300		181,420,533
Asics Corp.		5,572,450		93,539,097
Daiwa House Industry Co., Ltd.		7,664,500		223,648,748
Don Quijote Holdings Co., Ltd.		6,308,300		233,061,196
FANUC Corp.		740,700		119,894,432
Japan Tobacco, Inc.		3,860,605		154,658,156
KDDI Corp.		5,878,200		178,940,170
Makita Corp.		1,633,600		107,717,763
SoftBank Group Corp.		2,774,600		156,972,864
				1,449,852,959
Mexico  |  0.7%
Grupo Financiero Banorte SAB de CV, Class O		8,941,003		49,970,693
Netherlands  |  1.4%
Wolters Kluwer NV		2,541,875		103,874,910
New Zealand  |  1.1%
Z Energy, Ltd.		13,843,427		79,967,002
Norway  |  3.9%
Statoil ASA		9,530,391		165,022,535
Telenor ASA		7,801,785		128,864,250
				293,886,785
Philippines  |  1.9%
Alliance Global Group, Inc.		223,293,600		70,464,564
GT Capital Holdings, Inc.		2,336,215		71,795,196
				142,259,760
South Africa  |  1.9%
Mediclinic International PLC		8,045,880		115,821,702
Nampak, Ltd.		22,653,113		29,412,695
				145,234,397
Sweden  |  3.0%
Assa Abloy AB, Class B		7,266,002		148,930,657
Swedbank AB, A Shares		3,656,362		76,482,232
				225,412,889

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

Semi-Annual Report  39

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Switzerland  |  3.8%
Actelion, Ltd.		1,136,787	$	190,748,888
Cie Financiere Richemont SA		1,574,405		92,362,515
				283,111,403
Taiwan  |  1.6%
Taiwan Semiconductor Manufacturing Co., Ltd.		23,655,000		119,613,078
Thailand  |  0.8%
Kasikornbank Public Co. Ltd.		11,629,350		57,184,324
Turkey  |  0.9%
Turkcell Iletisim Hizmetleri AS (a)		18,219,051		67,103,460
United Kingdom  |  15.1%
ARM Holdings PLC		4,165,168		63,085,455
Associated British Foods PLC		1,681,478		60,967,195
British American Tobacco PLC		3,954,211		257,302,320
Compass Group PLC		8,691,961		165,682,622
Howden Joinery Group PLC		6,172,235		32,192,450
Informa PLC		18,893,268		185,027,987
Merlin Entertainments PLC		13,395,416		79,561,378
Prudential PLC		8,930,621		152,140,273
UBM PLC		4,795,535		41,055,014
Worldpay Group PLC (a)		27,366,830		99,612,625
				1,136,627,319

Description	Shares		Fair Value
United States  |  4.1%
Aon PLC		2,086,160	$	227,871,257
Signet Jewelers, Ltd.		980,470		80,800,532
				308,671,789
Total Common Stocks (Cost $6,840,477,310)				7,133,765,100
Short-Term Investment  |  6.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $462,294,017)		462,294,017		462,294,017
Total Investments  |  100.8% (Cost $7,302,771,327) (b)			$	7,596,059,117
Liabilities in Excess of Cash and Other Assets  |  (0.8)%				(57,926,927	)
Net Assets  |  100.0%			$	7,538,132,190

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

40  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks  |  100.8%
Australia  |  7.8%
Amcor, Ltd.		2,131	$	23,833
Aristocrat Leisure, Ltd.		653		6,747
BlueScope Steel, Ltd.		979		4,694
Computershare, Ltd.		292		2,011
CSL, Ltd.		622		52,299
Evolution Mining, Ltd.		1,960		3,417
Fortescue Metals Group, Ltd.		3,254		8,758
Harvey Norman Holdings, Ltd.		2,477		8,588
Magellan Financial Group, Ltd.		418		7,007
Metcash, Ltd. (a)		2,618		3,738
Mirvac Group REIT		2,392		3,619
Northern Star Resources, Ltd.		1,472		5,435
Qantas Airways, Ltd.		2,133		4,497
Regis Resources, Ltd.		1,673		4,275
Sandfire Resources NL		923		3,646
				142,564
Belgium  |  0.4%
Ontex Group NV		130		4,109
Telenet Group Holding NV (a)		77		3,515
				7,624
China  |  0.2%
Yangzijiang Shipbuilding Holdings, Ltd.		5,700		3,840
Denmark  |  3.5%
Novo Nordisk A/S, Class B		1,041		55,982
Vestas Wind Systems A/S		120		8,144
				64,126
Faeroe Islands  |  0.4%
Bakkafrost P/F		203		7,659
Finland  |  2.1%
Kone Oyj, Class B		824		38,046
France  |  8.9%
Airbus Group SE		675		39,196
AXA SA		898		18,040
BNP Paribas SA		448		20,141
CNP Assurances		295		4,372
Elis SA		192		3,376
Faurecia		101		3,244

Description	Shares		Fair Value
Orange SA		511	$	8,347
Peugeot SA (a)		252		3,070
Rubis SCA		104		7,974
Sanofi		33		2,774
Societe Generale SA		572		18,077
TOTAL SA		292		14,081
UBISOFT Entertainment (a)		111		4,084
Valeo SA		367		16,391
				163,167
Germany  |  6.3%
Allianz SE		49		6,981
BASF SE		241		18,385
Bayer AG		153		15,394
Continental AG		84		15,786
Daimler AG		58		3,459
Deutsche Post AG		108		3,015
Hannover Rueck SE		35		3,657
Muenchener Rueckversicherungs AG		86		14,373
ProSiebenSat.1 Media SE		475		20,741
Rheinmetall AG		51		3,012
SAP SE		106		7,923
United Internet AG		80		3,301
				116,027
Hong Kong  |  3.9%
Link Real Estate Investment Trust		1,000		6,841
PCCW, Ltd.		10,000		6,724
The Wharf Holdings, Ltd.		5,000		30,557
WH Group, Ltd.		14,000		11,077
Wheelock & Co., Ltd.		2,000		9,459
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a), (c)		1,000		364
Xinyi Glass Holdings, Ltd.		8,000		5,898
				70,920
Ireland  |  2.6%
AerCap Holdings NV (a)		103		3,460
Experian PLC		1,635		31,056
Ryanair Holdings PLC Sponsored ADR		167		11,613
Smurfit Kappa Group PLC		103		2,254
				48,383
Italy  |  0.7%
Assicurazioni Generali SpA		274		3,226
Enel SpA		2,249		10,003
				13,229

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

Semi-Annual Report  41

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Japan  |  23.6%
Central Japan Railway Co. ADR		623	$	11,008
Chubu Electric Power Co., Inc.		600		8,543
Daito Trust Construction Co., Ltd.		100		16,210
Foster Electric Co., Ltd.		200		3,141
Fuji Heavy Industries, Ltd.		600		20,539
Fujitsu, Ltd.		1,000		3,664
Haseko Corp.		600		5,988
Idemitsu Kosan Co., Ltd.		800		17,250
ITOCHU Corp.		200		2,430
JTEKT Corp.		900		10,147
Kanamoto Co., Ltd.		300		5,823
KDDI Corp.		800		24,353
Marubeni Corp.		1,200		5,387
Mazda Motor Corp.		300		4,018
Medipal Holdings Corp.		800		13,127
Mitsubishi Electric Corp.		4,000		47,429
Mitsubishi UFJ Financial Group, Inc.		7,800		34,767
Murata Manufacturing Co., Ltd.		300		33,654
Nippon Telegraph & Telephone Corp.		900		42,249
Nissan Motor Co., Ltd.		2,000		18,022
ORIX Corp.		500		6,385
Sanden Holdings Corp.		1,000		2,693
Sompo Japan Nipponkoa Holdings, Inc.		500		13,245
Sumitomo Chemical Co., Ltd.		4,000		16,403
Sumitomo Mitsui Financial Group, Inc.		1,000		28,670
Teijin, Ltd.		4,000		13,175
The Dai-ichi Life Insurance Co., Ltd.		300		3,326
The San-In Godo Bank, Ltd.		1,000		6,500
West Japan Railway Co. ADR		191		12,062
Yokogawa Electric Corp.		300		3,369
				433,577
Netherlands  |  3.3%
Aegon NV		1,361		5,429
GrandVision NV		90		2,346
Heineken Holding NV		55		4,493
NN Group NV		553		15,363
Royal Dutch Shell PLC, A Shares		1,228		33,528
				61,159
New Zealand  |  0.5%
Fisher & Paykel Healthcare Corp., Ltd. Class C		1,343		9,640

Description	Shares		Fair Value
Norway  |  2.7%
Det Norske Oljeselskap ASA (a)		562	$	6,842
DNB ASA		439		5,308
Statoil ASA		1,971		34,129
Yara International ASA		97		3,079
				49,358
Portugal  |  1.3%
Altri SGPS SA		705		2,282
Galp Energia SGPS SA		378		5,249
Jeronimo Martins SGPS SA		996		15,692
				23,223
Singapore  |  0.6%
CapitaLand, Ltd.		4,800		11,027
South Africa  |  0.3%
Mediclinic International PLC		361		5,285
Spain  |  3.2%
Amadeus IT Holding SA, A Shares		169		7,404
Banco Bilbao Vizcaya Argentaria SA		777		4,453
Banco Santander SA		6,004		23,376
CaixaBank SA		5,638		12,410
Industria de Diseno Textil SA		336		11,205
				58,848
Sweden  |  2.2%
Axfood AB, Class B		477		9,125
Boliden AB		275		5,342
Bonava AB, B Shares (a)		194		2,339
Husqvarna AB, B Shares		619		4,592
Svenska Cellulosa AB SCA, Class B		386		12,309
Volvo AB, Class B		746		7,367
				41,074
Switzerland  |  9.7%
Actelion, Ltd.		210		35,237
Chocoladefabriken Lindt & Spruengli AG		2		11,897
Geberit AG		13		4,911
Nestle SA		564		43,505
Roche Holding AG		275		72,608
Swiss Life Holding AG		27		6,237
Temenos Group AG		71		3,537
				177,932

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

42  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
United Kingdom  |  15.9%
Admiral Group PLC		452	$	12,337
Anglo American PLC		652		6,332
Bellway PLC		351		8,874
Berkeley Group Holdings PLC		108		3,677
British American Tobacco PLC		532		34,617
BT Group PLC		5,900		32,579
Centrica PLC		9,572		28,899
Compass Group PLC		823		15,688
Debenhams PLC		2,602		1,931
Direct Line Insurance Group PLC		577		2,668
Hargreaves Lansdown PLC		450		7,488
HSBC Holdings PLC		1,563		9,764
IG Group Holdings PLC		356		3,849
Imperial Brands PLC		187		10,151
International Consolidated Airlines Group SA		1,638		8,200
ITV PLC		2,192		5,295
J Sainsbury PLC		1,548		4,801
Moneysupermarket.com Group PLC		719		2,600
Petrofac, Ltd.		313		3,253
Provident Financial PLC		235		7,264
Reckitt Benckiser Group PLC		140		14,085
Rentokil Initial PLC		1,781		4,593
SSE PLC		1,951		40,795
Tate & Lyle PLC		437		3,897
Taylor Wimpey PLC		1,880		3,359
Unilever NV		340		15,850
				292,846

Description	Shares		Fair Value
United States  |  0.7%
AVG Technologies NV (a)		138	$	2,621
International Game Technology PLC		540		10,119
				12,740
Total Common Stocks (Cost $1,979,085)				1,852,294
Short-Term Investment  |  1.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $35,501)		35,501		35,501
Total Investments  |  102.7% (Cost $2,014,586) (b)			$	1,887,795
Liabilities in Excess of Cash and Other Assets  |  (2.7)%				(50,422	)
Net Assets  |  100.0%			$	1,837,373

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

Semi-Annual Report  43

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks  |  97.5%
Australia  |  6.0%
Ainsworth Game Technology, Ltd.		527,088	$	852,409
Asaleo Care, Ltd.		1,237,638		1,947,237
carsales.com, Ltd.		156,386		1,444,470
MYOB Group, Ltd.		511,447		1,324,246
Pact Group Holdings, Ltd.		339,298		1,541,564
				7,109,926
Belgium  |  1.4%
Kinepolis Group NV		38,165		1,704,259
Canada  |  8.0%
AirBoss of America Corp.		104,000		1,133,419
Alaris Royalty Corp.		40,000		887,650
Altus Group, Ltd.		119,965		2,067,898
Element Financial Corp.		145,301		1,540,790
Genworth MI Canada, Inc.		44,712		1,146,914
Intertape Polymer Group, Inc.		100,600		1,641,432
Sandvine Corp.		510,377		1,050,817
				9,468,920
France  |  1.0%
Ingenico Group SA		10,190		1,193,939
Germany  |  9.4%
Aroundtown Property Holdings PLC (a)		239,204		1,208,515
AURELIUS SE & Co. KGaA		29,058		1,708,232
CompuGroup Medical SE		41,607		1,730,175
CTS Eventim AG & Co. KGaA		37,825		1,150,741
Duerr AG		22,018		1,673,464
Grand City Properties SA		62,516		1,283,613
Norma Group SE		25,603		1,208,646
PATRIZIA Immobilien AG (a)		50,185		1,204,366
				11,167,752
Hong Kong  |  0.7%
Pacific Textiles Holdings, Ltd.		668,000		835,898
India  |  0.8%
Indiabulls Housing Finance, Ltd.		99,966		1,001,079
Ireland  |  2.0%
Cairn Homes PLC (a)		1,049,234		1,119,129
Greencore Group PLC		299,010		1,226,868
				2,345,997

Description	Shares		Fair Value
Italy  |  2.8%
Azimut Holding SpA		57,931	$	944,087
Cerved Information Solutions SpA		157,784		1,244,047
EI Towers SpA (a)		22,461		1,139,135
				3,327,269
Japan  |  28.2%
ABC-Mart, Inc.		20,700		1,377,641
Ai Holdings Corp.		57,160		1,328,113
Ain Holdings, Inc.		32,400		2,507,471
Anicom Holdings, Inc.		56,400		1,579,579
Ariake Japan Co., Ltd.		21,900		1,294,888
Broadleaf Co., Ltd.		128,700		1,178,627
Daikyonishikawa Corp.		90,600		1,142,189
Financial Products Group Co., Ltd.		178,837		1,832,668
Foster Electric Co., Ltd.		55,300		868,613
Gulliver International Co., Ltd.		132,400		1,076,340
Iriso Electronics Co., Ltd.		24,591		1,369,402
JAFCO Co., Ltd.		30,800		760,308
MISUMI Group, Inc.		114,800		2,055,932
Nissei ASB Machine Co., Ltd.		75,000		1,245,420
Rinnai Corp.		12,200		1,073,544
Santen Pharmaceutical Co., Ltd.		68,900		1,074,494
Sawai Pharmaceutical Co., Ltd.		16,300		1,255,949
Seria Co., Ltd.		25,700		2,113,397
Skylark Co., Ltd.		116,300		1,465,477
Suruga Bank, Ltd.		56,800		1,282,608
TechnoPro Holdings, Inc.		41,300		1,280,468
Temp Holdings Co., Ltd.		79,100		1,362,088
USS Co., Ltd.		83,600		1,371,169
Zenkoku Hosho Co., Ltd.		44,242		1,597,803
				33,494,188
Mexico  |  1.4%
Nemak SAB de CV		714,600		836,841
Unifin Financiera SAB de CV SOFOM ENR		332,717		833,678
				1,670,519
Netherlands  |  1.1%
Aalberts Industries NV		43,155		1,301,752
New Zealand  |  1.6%
SKYCITY Entertainment Group, Ltd.		117,195		383,190
Z Energy, Ltd.		253,670		1,465,333
				1,848,523
Norway  |  1.2%
Europris ASA		324,102		1,391,110

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

44  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
Singapore  |  0.9%
XP Power, Ltd.		52,689	$	1,092,860
Spain  |  1.0%
Euskaltel SA (a)		124,224		1,125,972
Sweden  |  5.8%
Alimak Group AB		133,194		1,261,719
Indutrade AB		64,826		1,278,870
Inwido AB		137,311		1,531,652
Lifco AB, B Shares		48,425		1,394,450
Loomis AB, B Shares		55,941		1,360,001
				6,826,692
Switzerland  |  2.6%
Cembra Money Bank AG		19,094		1,337,923
Kardex AG		19,408		1,731,195
				3,069,118
Taiwan  |  2.4%
Cleanaway Co., Ltd.		165,000		889,171
Sporton International, Inc.		212,882		1,098,680
Zeng Hsing Industrial Co., Ltd.		194,000		900,781
				2,888,632
United Arab Emirates  |  0.6%
NMC Health PLC		42,786		739,209
United Kingdom  |  17.2%
Arrow Global Group PLC		326,120		865,635
Ashtead Group PLC		80,305		1,152,467
Auto Trader Group PLC		201,018		950,514
Clinigen Healthcare, Ltd. (a)		193,074		1,563,790
CMC Markets PLC (a)		216,808		796,056
Dignity PLC		42,481		1,460,136

Description	Shares		Fair Value
EMIS Group PLC		76,273	$	940,232
Grafton Group PLC		120,023		795,393
Hunting PLC		145,682		935,111
IG Group Holdings PLC		143,766		1,554,568
John Wood Group PLC		100,808		924,228
Polypipe Group PLC		279,172		979,864
Rentokil Initial PLC		490,571		1,265,172
Rightmove PLC		29,179		1,422,476
RPC Group PLC		176,630		1,850,257
Savills PLC		128,443		1,050,963
Telit Communications PLC		295,405		963,664
Workspace Group PLC REIT		102,190		951,871
				20,422,397
United States  |  1.4%
Frank’s International NV		48,600		710,046
Samsonite International SA		334,500		924,985
				1,635,031
Total Common Stocks (Cost $105,438,033)				115,661,042
Short-Term Investment  |  2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $2,708,528)		2,708,528		2,708,528
Total Investments  |  99.8% (Cost $108,146,561) (b)			$	118,369,570
Cash and Other Assets in Excess of Liabilities  |  0.2%				244,539
Net Assets  |  100.0%			$	118,614,109

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

Semi-Annual Report  45

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks  |  96.0%
Belgium  |  2.8%
Anheuser-Busch InBev SA/NV		5,610	$	737,432
Canada  |  1.2%
Canadian National Railway Co.		5,300		312,967
China  |  1.4%
Autohome, Inc. ADR (a)		9,035		181,694
Tencent Holdings, Ltd.		8,000		182,461
				364,155
Denmark  |  2.2%
Carlsberg A/S, Class B		2,860		271,415
Novo Nordisk A/S, Class B		5,799		311,853
				583,268
Finland  |  1.8%
Sampo Oyj, A Shares		11,271		460,487
Germany  |  3.6%
Continental AG		1,387		260,656
GEA Group AG		5,456		256,441
Symrise AG		6,365		433,715
				950,812
Hong Kong  |  1.0%
AIA Group, Ltd.		45,200		271,781
India  |  0.5%
Indiabulls Housing Finance, Ltd. GDR		13,303		132,245
Ireland  |  2.2%
Shire PLC		9,537		587,283
Israel  |  2.1%
Check Point Software Technologies, Ltd. (a)		3,205		255,374
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		5,780		290,330
				545,704
Italy  |  1.4%
Davide Campari-Milano SpA		37,469		371,234

Description	Shares		Fair Value
Japan  |  6.1%
AEON Financial Service Co., Ltd.		16,840	$	361,883
Daiwa House Industry Co., Ltd.		21,870		638,163
Recruit Holdings Co., Ltd.		8,570		311,665
Ryohin Keikaku Co., Ltd.		1,200		291,143
				1,602,854
Netherlands  |  3.6%
NXP Semiconductors NV (a)		5,430		425,386
Wolters Kluwer NV		12,475		509,797
				935,183
Norway  |  0.4%
Europris ASA		23,154		99,382
South Africa  |  0.6%
Sanlam, Ltd.		39,662		163,138
Sweden  |  2.1%
Assa Abloy AB, Class B		26,601		545,239
Switzerland  |  2.5%
Actelion, Ltd.		3,892		653,064
Taiwan  |  1.2%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		11,380		298,497
Thailand  |  0.7%
Kasikornbank Public Co. Ltd.		37,000		181,938
United Kingdom  |  6.4%
British American Tobacco PLC		4,727		307,588
Compass Group PLC		15,387		293,301
Prudential PLC		16,015		272,828
RELX NV		31,221		544,852
Unilever PLC		5,661		271,542
				1,690,111
United States  |  52.2%
Accenture PLC, Class A		3,275		371,025
Alphabet, Inc., Class A (a)		912		641,619
Alphabet, Inc., Class C (a)		546		377,887
Aon PLC		3,665		400,328
Apple, Inc.		8,467		809,445
Applied Materials, Inc.		8,110		194,397

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

46  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
AutoZone, Inc. (a)		479	$	380,249
Bristol-Myers Squibb Co.		5,710		419,970
Cisco Systems, Inc.		14,765		423,608
CVS Health Corp.		2,700		258,498
Eaton Corp. PLC		4,285		255,943
EOG Resources, Inc.		2,540		211,887
Fidelity National Information Services, Inc.		4,540		334,507
Honeywell International, Inc.		3,883		451,671
Intercontinental Exchange, Inc.		1,651		422,590
Kellogg Co.		2,010		164,117
McKesson Corp.		1,678		313,199
Mead Johnson Nutrition Co.		2,565		232,774
Microsoft Corp.		10,325		528,330
Molson Coors Brewing Co., Class B		4,184		423,128
Monsanto Co.		2,680		277,139
Quintiles Transnational Holdings, Inc. (a)		9,330		609,436
Reynolds American, Inc.		9,775		527,166
Rockwell Automation, Inc.		3,400		390,388
S&P Global, Inc.		2,585		277,267
Schlumberger, Ltd.		8,361		661,188
Snap-on, Inc.		1,670		263,559
The Charles Schwab Corp.		10,065		254,745

Description	Shares		Fair Value
The Procter & Gamble Co.		4,605	$	389,905
Thermo Fisher Scientific, Inc.		2,095		309,557
Tyco International PLC		7,230		307,998
United Technologies Corp.		5,039		516,749
Vantiv, Inc., Class A (a)		5,005		283,283
Visa, Inc., Class A		6,198		459,706
Zoetis, Inc.		12,027		570,801
				13,714,059
Total Common Stocks (Cost $24,073,685)				25,200,833
Short-Term Investment  |  3.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $903,881)		903,881		903,881
Total Investments  |  99.4% (Cost $24,977,566) (b)			$	26,104,714
Cash and Other Assets in Excess of Liabilities  |  0.6%				163,907
Net Assets  |  100.0%			$	26,268,621

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

Semi-Annual Report  47

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks  |  96.2%
Australia  |  1.7%
Caltex Australia, Ltd.		14,141	$	337,848
Belgium  |  1.6%
Anheuser-Busch InBev SA/NV		2,472		324,944
China  |  1.3%
China Resources Beer Holdings Co., Ltd.		124,000		271,009
Denmark  |  1.8%
Carlsberg A/S, Class B		3,852		365,556
Finland  |  2.0%
Sampo Oyj, A Shares		9,785		399,775
France  |  2.0%
Iliad SA		779		158,352
Vivendi SA		13,230		250,671
				409,023
Indonesia  |  0.7%
PT Media Nusantara Citra Tbk		801,600		133,435
Ireland  |  2.6%
Shire PLC		8,337		513,388
Israel  |  2.1%
Check Point Software Technologies, Ltd. (a)		2,350		187,248
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		4,724		237,287
				424,535
Italy  |  1.1%
Mediaset SpA		60,106		211,572
Japan  |  5.6%
Ain Holdings, Inc.		2,900		224,434
Asics Corp.		12,100		203,110
Daiwa House Industry Co., Ltd.		15,600		455,205
Don Quijote Holdings Co., Ltd.		6,500		240,144
				1,122,893
New Zealand  |  0.9%
Z Energy, Ltd.		31,422		181,510

Description	Shares		Fair Value
Norway  |  0.9%
Europris ASA		41,411	$	177,744
Philippines  |  1.0%
Alliance Global Group, Inc.		609,300		192,276
South Africa  |  4.0%
Mediclinic International PLC		18,097		260,509
Nampak, Ltd.		134,803		175,028
Pioneer Foods Group, Ltd.		15,030		176,637
Sanlam, Ltd.		48,537		199,643
				811,817
Switzerland  |  3.1%
Actelion, Ltd.		3,709		622,357
Taiwan  |  1.8%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		13,928		365,331
United Kingdom  |  8.9%
ARM Holdings PLC		10,157		153,838
British American Tobacco PLC		6,778		441,048
Informa PLC		33,542		328,488
Merlin Entertainments PLC		34,876		207,144
Prudential PLC		12,157		207,104
Spire Healthcare Group PLC		55,313		246,718
Worldpay Group PLC (a)		56,493		205,629
				1,789,969
United States  |  53.1%
Activision Blizzard, Inc.		10,624		421,029
Advance Auto Parts, Inc.		2,501		404,237
Alphabet, Inc., Class A (a)		1,256		883,634
Aon PLC		4,115		449,482
Apple, Inc.		1,934		184,890
Celgene Corp. (a)		2,956		291,550
Cisco Systems, Inc.		17,920		514,125
CVS Health Corp.		2,958		283,199
EOG Resources, Inc.		5,271		439,707
Fidelity National Information Services, Inc.		3,193		235,260
Halliburton Co.		6,771		306,659
International Flavors & Fragrances, Inc.		2,072		261,217
Kellogg Co.		3,890		317,619
McKesson Corp.		1,281		239,099
Microsoft Corp.		10,996		562,665
Molson Coors Brewing Co., Class B		6,409		648,142

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

48  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Morningstar, Inc.		3,059	$	250,165
Nielsen Holdings PLC		4,768		247,793
Quintiles Transnational Holdings, Inc. (a)		5,925		387,021
Reynolds American, Inc.		17,544		946,148
Rockwell Automation, Inc.		1,356		155,696
Signet Jewelers, Ltd.		1,152		94,936
Snap-on, Inc.		1,277		201,536
The J.M. Smucker Co.		2,079		316,860
Union Pacific Corp.		2,471		215,595
Vertex Pharmaceuticals, Inc. (a)		2,252		193,717
Visa, Inc., Class A		9,373		695,195
Zoetis, Inc.		10,633		504,642
				10,651,818
Total Common Stocks (Cost $18,416,785)				19,306,800

Description	Shares		Fair Value
Short-Term Investment  |  3.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $720,096)		720,096	$	720,096
Total Investments  |  99.8% (Cost $19,136,881) (b)			$	20,026,896
Cash and Other Assets in Excess of Liabilities  |  0.2%				42,260
Net Assets  |  100.0%			$	20,069,156

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

Semi-Annual Report  49

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks  |  101.7%
Australia  |  7.1%
Amcor, Ltd.		2,688	$	30,062
Blackmores, Ltd.		115		11,363
CSL, Ltd.		464		39,014
Evolution Mining, Ltd.		3,394		5,917
Harvey Norman Holdings, Ltd.		1,807		6,265
Investa Office Fund REIT		2,242		7,173
JB Hi-Fi, Ltd.		351		6,346
Northern Star Resources, Ltd.		2,070		7,643
REA Group, Ltd.		300		13,357
Regis Resources, Ltd.		2,774		7,088
Sandfire Resources NL		1,574		6,217
Telstra Corp., Ltd.		8,240		34,292
Wesfarmers, Ltd.		328		9,879
				184,616
Belgium  |  0.3%
Telenet Group Holding NV (a)		192		8,764
Canada  |  7.1%
Alamos Gold, Inc., Class A		911		7,834
BCE, Inc.		512		24,230
Canadian Imperial Bank of Commerce		167		12,544
Canadian National Railway Co.		269		15,885
CGI Group, Inc., Class A (a)		153		6,536
CI Financial Corp.		354		7,384
Colliers International Group, Inc.		165		5,635
Constellation Software, Inc.		15		5,805
Corus Entertainment, Inc., B Shares		555		5,722
Dollarama, Inc.		217		15,150
Emera, Inc.		145		5,457
Imperial Oil, Ltd.		245		7,752
Intact Financial Corp.		312		22,288
Metro, Inc.		421		14,667
Open Text Corp.		122		7,214
Quebecor, Inc., Class B		286		8,195
Transcontinental, Inc., Class A		376		5,096
Uni-Select, Inc.		208		5,274
				182,668
Denmark  |  0.8%
Coloplast A/S, Class B		107		7,987
Novo Nordisk A/S, Class B		257		13,821
				21,808

Description	Shares		Fair Value
Finland  |  0.2%
Kone OYJ, Class B		135	$	6,233
France  |  0.2%
Sopra Steria Group		50		5,189
Hong Kong  |  5.4%
CLP Holdings, Ltd.		2,000		20,473
Henderson Land Development Co., Ltd.		2,310		13,090
Hongkong Land Holdings, Ltd.		1,000		6,112
Jardine Matheson Holdings, Ltd.		200		11,712
Link Real Estate Investment Trust		6,000		41,047
PCCW, Ltd.		22,000		14,792
Swire Pacific, Ltd., Class A		1,000		11,386
The Wharf Holdings, Ltd.		2,000		12,223
Wheelock & Co., Ltd.		2,000		9,459
				140,294
Ireland  |  0.2%
Ryanair Holdings PLC Sponsored ADR		73		5,076
Israel  |  1.0%
Bank Hapoalim BM		933		4,710
Israel Discount Bank, Ltd., Class A (a)		3,874		6,683
Nice, Ltd.		136		8,540
Orbotech, Ltd. (a)		273		6,975
				26,908
Japan  |  10.3%
Amano Corp.		400		6,916
Astellas Pharma, Inc.		400		6,260
Daito Trust Construction Co., Ltd.		200		32,419
Daiwa House Industry Co., Ltd.		200		5,836
Electric Power Development Co., Ltd.		200		4,649
Fuji Heavy Industries, Ltd.		100		3,423
Heiwa Corp.		400		8,070
Idemitsu Kosan Co., Ltd.		500		10,781
Japan Airlines Co., Ltd.		200		6,419
JTEKT Corp.		600		6,765
KDDI Corp.		200		6,088
Kuraray Co., Ltd.		500		5,946
Lion Corp.		1,000		16,387
Medipal Holdings Corp.		300		4,923
Mitsubishi Electric Corp.		1,000		11,857
Nichirei Corp.		1,000		9,139
Nippon Telegraph & Telephone Corp.		200		9,389
Nipro Corp.		500		6,180
Nisshinbo Holdings, Inc.		600		5,415
NTT Data Corp.		100		4,712

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

50  Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Shimadzu Corp.		1,000	$	14,883
Sumitomo Chemical Co., Ltd.		1,000		4,101
Sumitomo Osaka Cement Co., Ltd.		2,000		8,553
Taikisha, Ltd.		300		7,422
Teijin, Ltd.		2,000		6,587
The San-In Godo Bank, Ltd.		1,100		7,150
Tokyo Gas Co., Ltd.		2,000		8,210
UBE Industries, Ltd.		3,000		4,935
UNY Group Holdings Co., Ltd.		1,200		10,062
West Japan Railway Co.		100		6,321
Yamaguchi Financial Group, Inc.		1,000		9,415
Yoshinoya Holdings Co., Ltd.		500		6,804
				266,017
Malta  |  0.4%
Unibet Group PLC SDR		1,183		10,822
Netherlands  |  0.6%
NN Group NV		534		14,835
New Zealand  |  0.7%
Air New Zealand, Ltd.		3,955		5,944
Fisher & Paykel Healthcare Corp., Ltd. Class C		1,618		11,614
				17,558
Norway  |  1.9%
Det Norske Oljeselskap ASA (a)		738		8,984
Leroy Seafood Group ASA		130		6,123
Statoil ASA		1,536		26,597
Telenor ASA		466		7,697
				49,401
Singapore  |  2.5%
CapitaLand, Ltd.		4,600		10,567
SATS, Ltd.		2,100		6,416
Singapore Airlines, Ltd.		3,100		24,586
United Overseas Bank, Ltd.		1,700		23,475
				65,044
South Africa  |  0.3%
Mediclinic International PLC		504		7,379
Spain  |  0.1%
Corporacion Financiera Alba SA		60		2,449
Sweden  |  1.1%
Axfood AB, Class B		1,116		21,348
Castellum AB		512		7,288
				28,636

Description	Shares		Fair Value
Switzerland  |  2.0%
Actelion, Ltd.		36	$	6,041
Chocoladefabriken Lindt & Spruengli AG		2		11,896
Roche Holding AG		127		33,532
				51,469
United Kingdom  |  5.8%
Admiral Group PLC		343		9,362
Bellway PLC		145		3,666
Berendsen PLC		473		7,706
Berkeley Group Holdings PLC		138		4,698
BT Group PLC		2,628		14,511
Centrica PLC		8,843		26,698
Cineworld Group PLC		365		2,662
Compass Group PLC		910		17,346
Debenhams PLC		4,182		3,104
easyJet PLC		351		5,099
Greggs PLC		343		4,446
Halma PLC		485		6,582
Hargreaves Lansdown PLC		322		5,358
ITV PLC		2,509		6,061
National Grid PLC		420		6,176
Provident Financial PLC		126		3,895
RELX PLC		360		6,633
Rentokil Initial PLC		4,779		12,325
WH Smith PLC		220		4,668
				150,996
United States  |  53.7%
3M Co.		227		39,752
Alphabet, Inc., Class A (a)		8		5,628
Altria Group, Inc.		101		6,965
AMC Networks, Inc., Class A (a)		99		5,982
Amdocs, Ltd.		144		8,312
American Electric Power Co., Inc.		561		39,321
Amgen, Inc.		39		5,934
Aon PLC		109		11,906
AT&T, Inc.		1,119		48,352
Automatic Data Processing, Inc.		207		19,017
Baxter International, Inc.		454		20,530
Bristol-Myers Squibb Co.		97		7,134
Cadence Design Systems, Inc. (a)		307		7,460
Cal-Maine Foods, Inc.		123		5,451
Campbell Soup Co.		602		40,051
Carnival Corp.		326		14,409
CBOE Holdings, Inc.		245		16,322
Church & Dwight Co., Inc.		63		6,482
Colgate-Palmolive Co.		105		7,686

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

Semi-Annual Report  51

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Comcast Corp., Class A		101	$	6,584
C.R. Bard, Inc.		80		18,813
Darden Restaurants, Inc.		302		19,129
Delta Air Lines, Inc.		120		4,372
Dr Pepper Snapple Group, Inc.		343		33,144
Edison International		142		11,029
Emerson Electric Co.		151		7,876
Equity Residential REIT		114		7,852
Everest Re Group, Ltd.		182		33,246
Exelon Corp.		406		14,762
FactSet Research Systems, Inc.		135		21,792
Fifth Third Bancorp		374		6,579
Foot Locker, Inc.		117		6,419
GATX Corp.		144		6,332
General Dynamics Corp.		69		9,608
Global Payments, Inc.		96		6,852
Great Plains Energy, Inc.		1,008		30,643
HCA Holdings, Inc. (a)		502		38,659
IDEXX Laboratories, Inc. (a)		74		6,872
Intel Corp.		250		8,200
International Paper Co.		176		7,459
Intuit, Inc.		158		17,634
Iron Mountain, Inc. REIT		222		8,842
JetBlue Airways Corp. (a)		624		10,333
Johnson & Johnson		364		44,153
Linear Technology Corp.		143		6,654
Lowe’s Cos., Inc.		84		6,650
Marsh & McLennan Cos., Inc.		133		9,105
MasterCard, Inc., Class A		55		4,843
McDonald’s Corp.		238		28,641
MetLife, Inc.		181		7,209
Mettler-Toledo International, Inc. (a)		23		8,393
Motorola Solutions, Inc.		78		5,146
MSCI, Inc., Class A		103		7,943
NIKE, Inc., Class B		303		16,726
Nordstrom, Inc.		193		7,344
Northrop Grumman Corp.		40		8,891
O’Reilly Automotive, Inc. (a)		68		18,435
Omnicom Group, Inc.		169		13,772
PepsiCo, Inc.		372		39,410
Pinnacle West Capital Corp.		134		10,862
Pool Corp.		193		18,148
Premier, Inc., Class A (a)		157		5,134
Primerica, Inc.		169		9,674

Description	Shares		Fair Value
Public Service Enterprise Group, Inc.		557	$	25,962
Republic Services, Inc.		239		12,263
Rockwell Collins, Inc.		174		14,814
Ross Stores, Inc.		181		10,261
S&P Global, Inc.		169		18,127
Sabre Corp.		224		6,001
Sanderson Farms, Inc.		75		6,498
Simon Property Group, Inc. REIT		68		14,749
Skyworks Solutions, Inc.		90		5,695
Spirit AeroSystems Holdings, Inc., Class A (a)		112		4,816
Starbucks Corp.		285		16,279
Target Corp.		106		7,401
Texas Instruments, Inc.		111		6,954
The Clorox Co.		302		41,794
The Estee Lauder Cos., Inc., Class A		70		6,371
The Kroger Co.		839		30,867
The Procter & Gamble Co.		77		6,520
The Southern Co.		626		33,572
The TJX Cos., Inc.		280		21,624
Time Warner, Inc.		205		15,076
Time, Inc.		410		6,749
Tyson Foods, Inc., Class A		393		26,248
UnitedHealth Group, Inc.		49		6,919
Unum Group		266		8,456
Verizon Communications, Inc.		682		38,083
Visa, Inc., Class A		85		6,304
Wal-Mart Stores, Inc.		160		11,683
Waters Corp. (a)		114		16,034
Wyndham Worldwide Corp.		111		7,907
Xcel Energy, Inc.		472		21,136
				1,392,021
Total Common Stocks (Cost $2,523,546)				2,638,183
Short-Term Investment  |  0.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $23,375)		23,375		23,375
Total Investments  |  102.6% (Cost $2,546,921) (b)			$	2,661,558
Liabilities in Excess of Cash and Other Assets  |  (2.6)%				(68,678	)
Net Assets  |  100.0%			$	2,592,880

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

52  Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2016 (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		$	1,012,563,140		$	75,035,175		$	10,430,629		$	64,604,546
US Strategic Equity			106,791,208			10,031,625			3,935,108			6,096,517
US Mid Cap Equity			21,301,609			1,178,343			446,725			731,618
US Small-Mid Cap Equity			193,008,420			14,537,354			9,065,345			5,472,009
International Equity			1,230,087,268			62,312,475			66,327,446			(4,014,971	)
International Equity Select			25,255,906			1,665,477			1,921,095			(255,618	)
International Equity Concentrated			14,644,511			1,498,783			799,433			699,350
International Strategic Equity			7,302,771,327			737,291,488			444,003,698			293,287,790
International Equity Advantage			2,014,586			75,423			202,214			(126,791	)
International Small Cap Equity			108,146,561			16,363,104			6,140,095			10,223,009
Global Equity Select			24,977,566			1,984,480			857,332			1,127,148
Global Strategic Equity			19,136,881			1,503,390			613,375			890,015
Managed Equity Volatility			2,546,921			206,725			92,088			114,637

(c) Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy – see Note 9.

Security Abbreviations:

ADR	— American Depositary Receipt
GDR	— Global Depositary Receipt
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  53

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
Aerospace & Defense		0.9	%		—	%		—	%		—	%		2.1	%
Air Freight & Logistics		—			—			—			—			0.2
Airlines		0.8			1.0			—			—			1.3
Auto Components		1.8			1.9			3.4			1.6			2.4
Automobiles		1.6			—			3.4			—			2.7
Banks		5.8			5.3			—			2.4			8.9
Beverages		4.6			5.4			5.1			5.0			0.2
Biotechnology		2.8			3.5			8.1			5.2			4.8
Building Products		2.1			2.1			—			2.0			0.3
Capital Markets		0.7			—			—			0.7			0.8
Chemicals		—			—			—			1.9			2.8
Commercial Services & Suppliers		—			—			2.0			—			0.4
Communications Equipment		—			—			—			—			—
Construction & Engineering		1.9			1.5			3.0			—			—
Construction Materials		1.1			—			—			1.2			—
Consumer Finance		0.9			—			1.9			2.4			0.4
Containers & Packaging		—			0.4			—			2.8			1.4
Distributors		—			—			—			—			—
Diversified Consumer Services		—			0.7			—			—			—
Diversified Financial Services		—			1.6			—			1.0			0.6
Diversified Telecommunication Services		3.3			2.9			—			2.9			4.9
Electric Utilities		1.1			1.4			—			—			3.2
Electrical Equipment		—			—			—			—			3.0
Electronic Equipment, Instruments & Components		—			—			—			—			2.0
Energy Equipment & Services		—			—			—			—			0.2
Food & Staples Retailing		2.7			1.3			—			—			1.8
Food Products		—			0.8			—			2.8			4.3
Gas Utilities		—			—			—			—			0.4
Health Care Equipment & Supplies		—			—			—			—			0.5
Health Care Providers & Services		—			1.3			—			2.6			1.0
Health Care Technology		—			—			—			—			—
Hotels, Restaurants & Leisure		—			1.8			—			3.3			1.8
Household Durables		1.8			1.2			3.0			—			1.7
Household Products		—			—			—			—			1.4
Independent Power & Renewable Electricity Producers		—			—			—			—			—
Industrial Conglomerates		0.4			1.9			—			0.9			0.2
Insurance		7.6			7.6			9.4			8.2			5.9
Internet Software & Services		—			1.4			2.0			1.6			0.3
IT Services		2.0			1.9			3.1			1.3			0.7
Leisure Products		—			—			—			—			—
Life Sciences Tools & Services		—			—			—			—			—
Machinery		2.2			3.6			3.5			3.8			3.2
Media		6.5			5.1			5.5			8.6			1.6
Metals & Mining		1.6			1.4			—			—			2.3
Multiline Retail		2.3			1.1			—			3.1			0.6
Multi-Utilities		—			—			—			—			1.6
Oil, Gas & Consumable Fuels		7.0			2.8			3.1			5.1			6.1
Paper & Forest Products		—			—			—			—			0.1

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

54  Semi-Annual Report

Lazard International Small Cap Equity Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
	—	%		3.7	%		—	%		1.5	%
	—			—			—			—
	—			—			—			2.4
	1.7			1.0			—			—
	—			—			—			0.1
	1.1			0.7			—			2.7
	—			6.8			8.0			2.8
	—			4.7			8.1			2.0
	2.1			2.1			—			—
	4.3			1.0			—			0.5
	1.0			2.7			1.3			0.8
	3.0			1.2			—			1.4
	2.7			1.6			2.6			0.2
	—			—			—			0.3
	—			—			—			0.3
	2.6			1.4			—			0.2
	4.2			—			0.9			1.4
	—			—			—			0.9
	1.2			—			—			—
	6.6			2.7			1.2			2.6
	0.9			—			0.8			7.4
	—			—			—			7.2
	0.9			2.5			0.8			0.8
	3.3			—			—			1.4
	2.2			2.5			1.5			—
	2.1			1.0			2.5			4.0
	2.1			1.5			4.0			4.1
	—			—			—			0.3
	—			—			—			2.8
	1.8			1.2			3.7			2.4
	2.3			—			—			—
	2.3			1.1			1.0			4.7
	3.3			—			—			0.3
	—			1.5			—			3.0
	—			—			—			0.2
	—			—			1.0			2.2
	1.3			6.0			6.3			4.9
	3.2			5.3			4.4			0.2
	—			5.5			5.7			2.6
	—			—			—			0.3
	1.3			3.5			1.9			0.9
	7.1			2.0			1.0			0.5
	2.4			4.0			4.6			3.8
	—			—			—			1.3
	3.0			1.5			2.1			1.5
	—			—			—			2.3
	1.2			0.8			4.8			2.1
	—			—			—			—

Semi-Annual Report  55

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
Personal Products		1.5	%		1.9	%		—	%		—	%		1.1	%
Pharmaceuticals		6.7			6.5			4.0			1.9			8.0
Professional Services		—			—			—			—			1.7
Real Estate Investment Trusts (REITs)		—			—			—			—			0.6
Real Estate Management & Development		3.0			2.8			4.5			3.0			3.7
Road & Rail		—			—			—			—			1.3
Semiconductors & Semiconductor Equipment		2.0			3.7			4.6			2.4			—
Software		—			1.3			—			1.3			1.0
Specialty Retail		3.0			1.8			5.9			1.1			0.7
Technology Hardware, Storage & Peripherals		—			1.5			—			—			—
Textiles, Apparel & Luxury Goods		—			0.6			—			2.5			—
Thrifts & Mortgage Finance		—			—			—			—			—
Tobacco		4.8			4.7			5.8			5.5			2.4
Trading Companies & Distributors		2.6			2.1			4.9			0.4			0.9
Transportation Infrastructure		—			—			—			—			—
Water Utilities		—			1.2			—			0.9			—
Wireless Telecommunication Services		5.4			5.5			8.1			5.3			1.3
Subtotal		92.5			94.5			94.3			94.7			100.8
Repurchase Agreement		7.5			—			—			—			—
Short-Term Investments		—			7.1			5.0			6.1			1.9
Total Investments		100.0	%		101.6	%		99.3	%		100.8	%		102.7	%

* 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

Lazard International Small Cap Equity Portfolio		Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
1.6	%		1.0	%		—	%		0.7	%
2.0			6.1			3.7			4.0
3.1			1.2			1.2			—
0.8			—			—			3.1
5.7			2.4			2.3			4.4
—			1.2			1.1			0.9
—			3.5			2.6			1.1
2.1			3.0			5.8			1.8
3.2			1.3			2.5			2.9
—			3.1			0.9			—
1.5			—			1.0			0.6
1.8			0.5			—			—
—			3.2			6.9			0.3
4.5			—			—			0.2
—			—			—			0.2
—			—			—			—
—			—			—			0.2
97.5			96.0			96.2			101.7
—			—			—			—
2.3			3.4			3.6			0.9
99.8	%		99.4	%		99.8	%		102.6	%

Semi-Annual Report 57

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

June 30, 2016	Lazard US Equity Concentrated Portfolio			Lazard US Strategic Equity Portfolio
ASSETS
Investments in securities, at fair value		$	1,077,167,686	$	112,887,725
Cash			—		—
Foreign currency, at fair value			—		—
Receivables for:
Investments sold			22,166,761		333,541
Capital stock sold			5,669,963		311,686
Dividends			261,487		102,824
Amount due from Investment Manager (Note 3)			—		—
Prepaid expenses			—		—
Total assets			1,105,265,897		113,635,776
LIABILITIES
Payables for:
Management fees			612,323		47,000
Accrued distribution fees			20,311		301
Accrued custodian fees			13,072		14,351
Accrued administration fees			43,955		12,096
Accrued professional services			26,280		22,475
Investments purchased			26,912,782		123,151
Capital stock redeemed			2,228,629		46,830
Other accrued expenses and payables			10,176		8,559
Total liabilities			29,867,528		274,763
Net assets		$	1,075,398,369	$	113,361,013
NET ASSETS
Paid in capital		$	983,836,597	$	108,325,534
Undistributed (distributions in excess of) net investment income (loss)			2,142,001		640,702
Accumulated net realized gain (loss)			24,815,225		(1,701,740	)
Net unrealized appreciation (depreciation) on:
Investments			64,604,546		6,096,517
Foreign currency translations			—		—
Net assets		$	1,075,398,369	$	113,361,013
Institutional Shares
Net assets		$	985,092,938	$	100,457,853
Shares of capital stock outstanding*			69,564,108		9,103,540
Net asset value, offering and redemption price per share		$	14.16	$	11.04
Open Shares
Net assets		$	90,305,431	$	1,403,423
Shares of capital stock outstanding*			6,345,047		126,886
Net asset value, offering and redemption price per share		$	14.23	$	11.06
R6 Shares
Net assets			—	$	11,499,737
Shares of capital stock outstanding*			—		1,042,205
Net asset value, offering and redemption price per share			—	$	11.03
Cost of investments in securities		$	1,012,563,140	$	106,791,208
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 International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Equity Concentrated Portfolio
$	22,033,227		$	198,480,429		$	1,226,072,297		$	25,000,288		$	15,343,861
	—			171			831			—			—
	—			—			3,741,458			59,157			56,111
	332,893			91,330			9,796,323			—			614,496
	1,817			402,289			4,743,325			299,347			—
	36,454			128,707			3,320,346			95,615			29,088
	—			—			—			—			3,892
	—			—			49,408			8,881			—
	22,404,391			199,102,926			1,247,723,988			25,463,288			16,047,448
	363			123,794			710,928			961			—
	3,377			7,143			20,744			454			46
	8,241			14,291			31,771			26,551			10,465
	8,953			14,886			43,265			9,060			5,524
	21,828			22,978			35,817			18,406			21,697
	506,445			985,197			20,012,010			788,166			537,891
	147,924			131,022			513,315			9,369			14,816
	3,457			9,750			7,395			5,270			6,702
	700,588			1,309,061			21,375,245			858,237			597,141
$	21,703,803		$	197,793,865		$	1,226,348,743		$	24,605,051		$	15,450,307
$	61,779,820		$	193,002,090		$	1,261,617,476		$	27,055,607		$	17,107,049
	(36,035	)		270,425			22,889,712			576,396			151,397
	(40,771,600	)		(950,659	)		(54,109,884	)		(2,768,629	)		(2,505,319	)
	731,618			5,472,009			(4,014,971	)		(255,618	)		699,350
	—			—			(33,590	)		(2,705	)		(2,170	)
$	21,703,803		$	197,793,865		$	1,226,348,743		$	24,605,051		$	15,450,307
$	6,286,825		$	163,724,779		$	1,067,254,673		$	22,401,196		$	15,202,427
	363,133			12,734,846			63,984,652			2,501,003			1,733,421
$	17.31		$	12.86		$	16.68		$	8.96		$	8.77
$	15,416,978		$	34,069,086		$	105,499,528		$	2,203,855		$	247,880
	906,971			2,806,195			6,279,800			246,034			28,242
$	17.00		$	12.14		$	16.80		$	8.96		$	8.78
	—			—		$	53,594,542			—			—
	—			—			3,214,571			—			—
	—			—		$	16.67			—			—
$	21,301,609		$	193,008,420		$	1,230,087,268		$	25,255,906		$	14,644,511
$	—		$	—		$	3,728,666		$	59,178		$	52,612

Semi-Annual Report  59

June 30, 2016	Lazard International Strategic Equity Portfolio				Lazard International Equity Advantage Portfolio
ASSETS
Investments in securities, at fair value		$	7,596,059,117		$	1,887,795
Foreign currency, at fair value			1,704,838			—
Receivables for:
Investments sold			91,931,145			29,950
Capital stock sold			24,561,742			—
Dividends			22,866,248			6,594
Amount due from Investment Manager (Note 3)			—			19,644
Prepaid expenses			—			18,535
Total assets			7,737,123,090			1,962,518
LIABILITIES
Foreign currency due to custodian			—			859
Payables for:
Management fees			4,678,557			—
Accrued distribution fees			394,072			18
Accrued custodian fees			238,138			27,642
Accrued administration fees			150,845			4,726
Accrued professional services			118,379			21,627
Investments purchased			178,304,654			18,847
Capital stock redeemed			14,827,619			—
Offering costs (Note 2(g))			—			46,283
Other accrued expenses and payables			278,636			5,143
Total liabilities			198,990,900			125,145
Net assets		$	7,538,132,190		$	1,837,373
NET ASSETS
Paid in capital		$	7,603,082,711		$	2,107,739
Undistributed (distributions in excess of) net investment income (loss)			93,263,171			13,745
Accumulated net realized gain (loss)			(450,829,094	)		(157,509	)
Net unrealized appreciation (depreciation) on:
Investments			293,287,790			(126,791	)
Foreign currency translations			(672,388	)		189
Net assets		$	7,538,132,190		$	1,837,373
Institutional Shares
Net assets		$	5,583,703,274		$	1,750,035
Shares of capital stock outstanding*			425,408,472			202,483
Net asset value, offering and redemption price per share		$	13.13		$	8.64
Open Shares
Net assets		$	1,877,940,697		$	87,338
Shares of capital stock outstanding*			142,118,338			10,120
Net asset value, offering and redemption price per share		$	13.21		$	8.63
R6 Shares
Net assets		$	76,488,219			—
Shares of capital stock outstanding*			5,823,095			—
Net asset value, offering and redemption price per share		$	13.14			—
Cost of investments in securities		$	7,302,771,327		$	2,014,586
Cost of foreign currency		$	1,705,915		$	—

* $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 Small Cap Equity Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
$	118,369,570		$	26,104,714		$	20,026,896		$	2,661,558
	31,309			—			—			1,061
	814,946			375,113			554,312			—
	330,143			63,543			1,855			—
	300,367			45,072			37,434			3,582
	—			—			—			19,255
	—			—			—			19,835
	119,846,335			26,588,442			20,620,497			2,705,291
	—			2,597			272,936			—
	74,135			3,839			718			—
	13,205			79			24			39
	24,998			10,394			13,231			34,600
	12,186			5,990			5,743			4,710
	25,353			21,743			18,899			21,630
	1,002,157			258,887			235,169			—
	71,353			10,312			—			—
	—			—			—			46,283
	8,839			5,980			4,621			5,149
	1,232,226			319,821			551,341			112,411
$	118,614,109		$	26,268,621		$	20,069,156		$	2,592,880
$	171,107,300		$	25,683,237		$	19,789,619		$	2,550,773
	1,116,359			119,961			93,952			9,861
	(63,825,320	)		(662,179	)		(699,259	)		(82,358	)
	10,223,009			1,127,148			890,015			114,637
	(7,239	)		454			(5,171	)		(33	)
$	118,614,109		$	26,268,621		$	20,069,156		$	2,592,880
$	54,905,691		$	25,962,727		$	19,952,992		$	2,403,418
	5,193,104			2,493,054			2,078,119			238,025
$	10.57		$	10.41		$	9.60		$	10.10
$	63,708,418		$	305,894		$	116,164		$	189,462
	6,018,840			29,401			12,118			18,791
$	10.58		$	10.40		$	9.59		$	10.08
	—			—			—			—
	—			—			—			—
	—			—			—			—
$	108,146,561		$	24,977,566		$	19,136,881		$	2,546,921
$	31,313		$	—		$	—		$	1,064

Semi-Annual Report  61

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

	Lazard			Lazard
	US Equity			US Strategic
For the Six Months Ended June 30, 2016	Concentrated Portfolio			Equity Portfolio
Investment Income (Loss)
Income
Dividends*		$	6,007,140		$	1,074,011
Expenses
Management fees (Note 3)			3,380,315			404,276
Distribution fees (Open Shares)			154,701			1,686
Custodian fees			61,515			37,487
Administration fees			121,513			36,483
Shareholders’ reports			10,700			4,327
Registration fees			44,806			17,427
Professional services			31,027			19,909
Directors’ fees and expenses			18,542			4,854
Shareholders’ services			19,358			20,792
Amortization of offering costs (Note 2(g))			—			—
Other†			14,463			4,996
Total gross expenses			3,856,940			552,237
Management fees waived and expenses reimbursed			—			(118,928	)
Administration fees waived			—			—
Total net expenses			3,856,940			433,309
Net investment income (loss)			2,150,200			640,702
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investments			22,190,145			(4,187,600	)
Foreign currency transactions			—			—
Total net realized gain (loss) on investments and foreign currency transactions			22,190,145			(4,187,600	)
Net change in unrealized appreciation (depreciation) on:
Investments			10,016,714			4,046,355
Foreign currency translations			—			—
Total net change in unrealized appreciation (depreciation) on investments and foreign currency translations			10,016,714			4,046,355
Net realized and unrealized gain (loss) on investments and foreign currency transactions			32,206,859			(141,245	)
Net increase (decrease) in net assets resulting from operations		$	34,357,059		$	499,457
* Net of foreign withholding taxes of		$	—		$	—
† Includes interest on line of credit of		$	—		$	298

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

62  Semi-Annual Report

Lazard				Lazard				Lazard				Lazard				Lazard
US Mid Cap				US Small-Mid Cap				International				International Equity				International Equity
Equity Portfolio				Equity Portfolio				Equity Portfolio				Select Portfolio				Concentrated Portfolio
	$	112,227			$	1,129,719			$	18,585,594			$	411,426			$	255,139
		87,672				746,253				3,673,634				86,025				64,340
		21,268				44,840				107,690				2,714				167
		24,792				42,777				130,482				49,458				30,954
		27,270				44,832				120,621				27,226				26,388
		5,210				7,346				13,503				2,715				1,580
		17,427				19,913				60,290				17,427				17,427
		18,508				21,127				38,116				18,808				18,326
		3,019				6,408				18,763				2,897				2,744
		14,552				15,575				34,429				13,439				12,682
		—				—				1,836				—				—
		3,165				5,796				15,059				3,009				2,848
		222,883				954,867				4,214,423				223,718				177,456
		(74,621	)			—				(17,388	)			(100,025	)			(92,816	)
		—				—				—				—				(9,375	)
		148,262				954,867				4,197,035				123,693				75,265
		(36,035	)			174,852				14,388,559				287,733				179,874
		(2,197,833	)			(4,193,358	)			(39,782,218	)			(782,181	)			(1,344,623	)
		—				—				70,237				5,167				1,677
		(2,197,833	)			(4,193,358	)			(39,711,981	)			(777,014	)			(1,342,946	)
		759,141				4,034,441				4,605,719				1,176,275				2,028,787
		—				—				(3,066	)			(778	)			(1,983	)
		759,141				4,034,441				4,602,653				1,175,497				2,026,804
		(1,438,692	)			(158,917	)			(35,109,328	)			398,483				683,858
	$	(1,474,727	)		$	15,935			$	(20,720,769			$	686,216			$	863,732
	$	—			$	4,586			$	2,036,358			$	48,406			$	24,068
	$	11			$	—			$	—			$	—			$	—

Semi-Annual Report  63

	Lazard				Lazard
	International Strategic				International Equity
For the Six Months Ended June 30, 2016	Equity Portfolio				Advantage Portfolio
Investment Income (Loss)
Income
Dividends*		$	125,560,588			$	37,197
Expenses
Management fees (Note 3)			27,003,756				6,111
Distribution fees (Open Shares)			2,309,234				115
Custodian fees			775,960				52,378
Administration fees			434,709				24,713
Shareholders’ reports			233,976				1,626
Registration fees			166,265				9,967
Professional services			158,165				18,145
Directors’ fees and expenses			133,060				2,523
Shareholders’ services			124,708				12,138
Amortization of offering costs (Note 2(g))			383				20,526
Other†			97,766				2,739
Total gross expenses			31,437,982				150,981
Management fees waived and expenses reimbursed			(6,388	)			(133,005	)
Administration fees waived			—				(9,375	)
Total net expenses			31,431,594				8,601
Net investment income (loss)			94,128,994				28,596
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investments			(430,787,438	)			(92,443	)
Foreign currency transactions			(2,207,403	)			472
Total net realized gain (loss) on investments and foreign currency transactions			(432,994,841	)			(91,971	)
Net change in unrealized appreciation (depreciation) on:
Investments			272,301,550				(51,191	)
Foreign currency translations			(301,572	)			214
Total net change in unrealized appreciation (depreciation) on investments and foreign currency translations			271,999,978				(50,977	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions			(160,994,863	)			(142,948	)
Net increase (decrease) in net assets resulting from operations		$	(66,865,869	)		$	(114,352	)
* Net of foreign withholding taxes of		$	14,439,491			$	4,667
† Includes interest on line of credit of		$	—			$	—	(a)

(a) Amount is less than $1.

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

64  Semi-Annual Report

Lazard				Lazard				Lazard				Lazard
International Small Cap				Global Equity				Global Strategic				Managed Equity
Equity Portfolio				Select Portfolio				Equity Portfolio				Volatility Portfolio
	$	1,379,253			$	267,099			$	230,606			$	34,732
		415,963				92,860				73,940				7,399
		75,907				359				140				223
		54,681				35,762				34,379				60,524
		36,025				24,019				26,698				24,771
		5,774				1,495				1,303				1,648
		19,913				22,399				17,427				9,967
		22,456				18,437				18,305				18,152
		4,499				2,874				2,706				2,532
		14,965				13,027				12,654				12,146
		—				—				—				20,526
		4,344				2,986				2,836				2,746
		654,527				214,218				190,388				160,634
		—				(87,348	)			(85,157	)			(141,742	)
		—				(6,250	)			(9,375	)			(9,375	)
		654,527				120,620				95,856				9,517
		724,726				146,479				134,750				25,215
		(63,060	)			(462,370	)			(392,757	)			(17,635	)
		43,120				(2,288	)			785				243
		(19,940	)			(464,658	)			(391,972	)			(17,392	)
		(4,067,129	)			541,936				813,888				123,998
		2,695				1,021				(5,067	)			(20	)
		(4,064,434	)			542,957				808,821				123,978
		(4,084,374	)			78,299				416,849				106,586
	$	(3,359,648	)		$	224,778			$	551,599			$	131,801
	$	138,771			$	19,655			$	16,307			$	1,926
	$	88			$	10			$	43			$	—

Semi-Annual Report  65

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

	Lazard							Lazard
	US Equity Concentrated Portfolio							US Strategic Equity Portfolio
	Six Months Ended				Year Ended			Six Months Ended			Year Ended
	June 30, 2016				December 31,			June 30, 2016			December 31,
	(unaudited)				2015			(unaudited)			2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	2,150,200		$	1,887,231		$	640,702		$	1,052,843
Net realized gain (loss) on investments and foreign currency transactions			22,190,145			30,074,234			(4,187,600	)		11,091,133
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			10,016,714			5,395,535			4,046,355			(18,663,214	)
Net increase (decrease) in net assets resulting from operations			34,357,059			37,357,000			499,457			(6,519,238	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(1,883,815	)		—			(948,959	)
Open Shares			—			(3,488	)		—			(7,796	)
R6 Shares			—			—			—			(108,054	)
From net realized gains
Institutional Shares			—			(23,437,763	)		—			(7,489,067	)
Open Shares			—			(3,760,711	)		—			(99,273	)
R6 Shares			—			—			—			(801,859	)
Net decrease in net assets resulting from distributions			—			(29,085,777	)		—			(9,455,008	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			323,738,532			423,064,259			7,910,471			25,689,676
Open Shares			57,897,021			121,735,683			215,154			472,441
R6 Shares			—			—			823,526			2,204,020
Net proceeds from reinvestment of distributions
Institutional Shares			—			20,824,339			—			8,349,974
Open Shares			—			3,751,514			—			99,593
R6 Shares			—			—			—			909,913
Cost of shares redeemed
Institutional Shares			(84,453,356	)		(67,265,283	)		(18,133,767	)		(29,493,938	)
Open Shares			(86,266,612	)		(19,370,112	)		(339,045	)		(5,668,683	)
R6 Shares			—			—			(1,755,198	)		(4,177,254	)
Net increase (decrease) in net assets from capital stock transactions			210,915,585			482,740,400			(11,278,859	)		(1,614,258	)
Redemption fees (Note 2(i))
Institutional Shares			4,871			12,106			50			807
Open Shares			6,747			4,689			—			—
R6 Shares			—			—			2,217			16
Net increase in net assets from redemption fees			11,618			16,795			2,267			823
Total increase (decrease) in net assets			245,284,262			491,028,418			(10,777,135	)		(17,587,681	)
Net assets at beginning of period			830,114,107			339,085,689			124,138,148			141,725,829
Net assets at end of period*		$	1,075,398,369		$	830,114,107		$	113,361,013		$	124,138,148
*Includes undistributed (distributions in excess of) net investment income (loss) of		$	2,142,001		$	(8,199	)	$	640,702		$	—
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			51,761,468			24,685,845			10,051,583			9,645,978
Shares sold			23,989,794			30,399,245			734,362			2,086,312
Shares issued to shareholders from reinvestment of distributions			—			1,524,476			—			770,083
Shares redeemed			(6,187,154	)		(4,848,098	)		(1,682,405	)		(2,450,790	)
Net increase (decrease)			17,802,640			27,075,623			(948,043	)		405,605
Shares outstanding at end of period			69,564,108			51,761,468			9,103,540			10,051,583
Open Shares
Shares outstanding at beginning of period			8,216,877			593,582			139,487			547,671
Shares sold			4,270,868			8,729,933			19,569			38,844
Shares issued to shareholders from reinvestment of distributions			—			273,036			—			9,151
Shares redeemed			(6,142,698	)		(1,379,674	)		(32,170	)		(456,179	)
Net increase (decrease)			(1,871,830	)		7,623,295			(12,601	)		(408,184	)
Shares outstanding at end of period			6,345,047			8,216,877			126,886			139,487
R6 Shares*
Shares outstanding at beginning of period									1,127,410			1,202,892
Shares sold									78,546			182,429
Shares issued to shareholders from reinvestment of distributions									—			83,995
Shares redeemed									(163,751	)		(341,906	)
Net increase (decrease)									(85,205	)		(75,482	)
Shares outstanding at end of period									1,042,205			1,127,410

* The inception date for the R6 Shares was April 1, 2015 for Lazard International Equity Portfolio.

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

66  Semi-Annual Report

Lazard						Lazard						Lazard
US Mid Cap Equity Portfolio						US Small-Mid Cap Equity Portfolio						International Equity Portfolio
Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
June 30, 2016			December 31,			June 30, 2016			December 31,			June 30, 2016			December 31,
(unaudited)			2015			(unaudited)			2015			(unaudited)			2015
$	(36,035	)	$	(120,499	)	$	174,852		$	182,743		$	14,388,559		$	8,980,812
	(2,197,833	)		2,806,311			(4,193,358	)		13,219,228			(39,711,981	)		2,871,498
	759,141			(3,655,186	)		4,034,441			(19,823,465	)		4,602,653			(23,619,729	)
	(1,474,727	)		(969,374	)		15,935			(6,421,494	)		(20,720,769	)		(11,767,419	)
	—			(24,670	)		—			(17,759	)		—			(4,038,236	)
	—			(14,349	)		—			(3,736	)		—			(262,377	)
	—			—			—			—			—			(355,061	)
	—			—			—			(11,306,533	)		—			—
	—			—			—			(2,473,228	)		—			—
	—			—			—			—			—			—
	—			(39,019	)		—			(13,801,256	)		—			(4,655,674	)
	174,764			1,456,957			7,305,978			53,059,478			430,347,352			483,936,279
	516,017			5,723,851			5,246,694			30,739,628			41,606,672			49,294,930
	—			—			—			—			47,481,159			52,923,780
	—			22,654			—			10,640,543			—			3,667,632
	—			13,934			—			2,419,535			—			191,128
	—			—			—			—			—			355,061
	(431,760	)		(1,928,166	)		(14,623,833	)		(34,353,142	)		(82,265,211	)		(117,130,557	)
	(4,358,621	)		(17,394,459	)		(8,163,194	)		(7,864,980	)		(14,267,771	)		(26,768,386	)
	—			—			—			—			(41,764,386	)		(23,192	)
	(4,099,600	)		(12,105,229	)		(10,234,355	)		54,641,062			381,137,815			446,446,675
	9			—			436			369			51,002			17,911
	70			209			35			528			777			666
	—			—			—			—			—			—
	79			209			471			897			51,779			18,577
	(5,574,248	)		(13,113,413	)		(10,217,949	)		34,419,209			360,468,825			430,042,159
	27,278,051			40,391,464			208,011,814			173,592,605			865,879,918			435,837,759
$	21,703,803		$	27,278,051		$	197,793,865		$	208,011,814		$	1,226,348,743		$	865,879,918
$	(36,035	)	$	—		$	270,425		$	95,573		$	22,889,712		$	8,501,153
	378,296			399,731			13,311,013			11,226,207			43,106,382			22,354,987
	10,278			75,046			586,581			3,608,752			25,868,281			27,180,751
	—			1,263			—			830,722			—			218,572
	(25,441	)		(97,744	)		(1,162,748	)		(2,354,668	)		(4,990,011	)		(6,647,928	)
	(15,163	)		(21,435	)		(576,167	)		2,084,806			20,878,270			20,751,395
	363,133			378,296			12,734,846			13,311,013			63,984,652			43,106,382
	1,136,165			1,770,896			3,031,413			1,185,030			4,657,031			3,359,468
	31,214			296,292			465,179			2,245,827			2,486,691			2,760,725
	—			789			—			199,577			—			11,283
	(260,408	)		(931,812	)		(690,397	)		(599,021	)		(863,922	)		(1,474,445	)
	(229,194	)		(634,731	)		(225,218	)		1,846,383			1,622,769			1,297,563
	906,971			1,136,165			2,806,195			3,031,413			6,279,800			4,657,031
													2,893,076			—
													2,811,480			2,873,246
													—			21,172
													(2,489,985	)		(1,342	)
													321,495			2,893,076
													3,214,571			2,893,076

Semi-Annual Report  67

	Lazard							Lazard
	International Equity Select Portfolio							International Equity Concentrated Portfolio
	Six Months Ended				Year Ended			Six Months Ended			Year Ended
	June 30, 2016				December 31,			June 30, 2016			December 31,
	(unaudited)				2015			(unaudited)			2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	287,733		$	263,455		$	179,874		$	148,315
Net realized gain (loss) on investments and foreign currency transactions			(777,014	)		(417,276	)		(1,342,946	)		(998,546	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			1,175,497			(985,276	)		2,026,804			(1,246,475	)
Net increase (decrease) in net assets resulting from operations			686,216			(1,139,097	)		863,732			(2,096,706	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(245,694	)		—			(181,952	)
Open Shares			—			(23,368	)		—			(564	)
R6 Shares			—			—			—			—
From net realized gains
Institutional Shares			—			—			—			—
Open Shares			—			—			—			—
R6 Shares			—			—			—			—
Net decrease in net assets resulting from distributions			—			(269,062	)		—			(182,516	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			10,542,967			19,854,119			810,620			10,473,927
Open Shares			371,592			398,667			242,816			116,368
R6 Shares			—			—			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			—			228,299			—			161,605
Open Shares			—			21,191			—			559
R6 Shares			—			—			—			—
Cost of shares redeemed
Institutional Shares			(7,554,424	)		(12,803,474	)		(215,569	)		(3,706,741	)
Open Shares			(382,892	)		(1,146,116	)		(58,833	)		(622,131	)
R6 Shares			—			—			—			—
Net increase (decrease) in net assets from capital stock transactions			2,977,243			6,552,686			779,034			6,423,587
Redemption fees (Note 2(i))
Institutional Shares			529			7			—			960
Open Shares			—			—			—			88
R6 Shares			—			—			—			—
Net increase in net assets from redemption fees			529			7			—			1,048
Total increase (decrease) in net assets			3,663,988			5,144,534			1,642,766			4,145,413
Net assets at beginning of period			20,941,063			15,796,529			13,807,541			9,662,128
Net assets at end of period*		$	24,605,051		$	20,941,063		$	15,450,307		$	13,807,541
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	576,396		$	288,663		$	151,397		$	(28,477	)
(a) The Portfolio commenced operations on May 29, 2015.
Shares issued and redeemed Institutional Shares
Shares outstanding at beginning of period			2,131,138			1,379,602			1,663,050			955,107
Shares sold			1,228,920			2,111,339			95,541			1,092,524
Shares issued to shareholders from reinvestment of distributions			—			26,424			—			19,740
Shares redeemed			(859,055	)		(1,386,227	)		(25,170	)		(404,321	)
Net increase (decrease)			369,865			751,536			70,371			707,943
Shares outstanding at end of period			2,501,003			2,131,138			1,733,421			1,663,050
Open Shares
Shares outstanding at beginning of period			247,708			329,390			6,633			58,704
Shares sold			41,467			43,521			28,278			12,538
Shares issued to shareholders from reinvestment of distributions			—			2,447			—			68
Shares redeemed			(43,141	)		(127,650	)		(6,669	)		(64,677	)
Net increase (decrease)			(1,674	)		(81,682	)		21,609			(52,071	)
Shares outstanding at end of period			246,034			247,708			28,242			6,633
R6 Shares*
Shares outstanding at beginning of period
Shares sold
Shares issued to shareholders from reinvestment of distributions
Shares redeemed
Net increase (decrease)
Shares outstanding at end of period

* The inception date for the R6 Shares was January 19, 2015 for Lazard International Strategic Equity Portfolio.

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

68  Semi-Annual Report

Lazard						Lazard						Lazard
International Strategic Equity Portfolio						International Equity Advantage Portfolio						International Small Cap Equity Portfolio
Six Months Ended			Year Ended			Six Months Ended			Period Ended			Six Months Ended			Year Ended
June 30, 2016			December 31,			June 30, 2016			December 31,			June 30, 2016			December 31,
(unaudited)			2015			(unaudited)			2015 (a)			(unaudited)			2015
$	94,128,994		$	69,054,383		$	28,596		$	8,414		$	724,726		$	725,577
	(432,994,841	)		4,527,378			(91,971	)		(65,503	)		(19,940	)		805,836
	271,999,978			(245,074,684	)		(50,977	)		(75,625	)		(4,064,434	)		5,154,435
	(66,865,869	)		(171,492,923	)		(114,352	)		(132,714	)		(3,359,648	)		6,685,848
	—			(51,317,972	)		—			(23,913	)		—			(328,065	)
	—			(13,859,242	)		—			(1,090	)		—			(246,359	)
	—			(580,506	)		—			—			—			—
	—			(5,058,079	)		—			—			—			—
	—			(1,850,926	)		—			—			—			—
	—			(74,478	)		—			—			—			—
	—			(72,741,203	)		—			(25,003	)		—			(574,424	)
	1,358,099,945			2,239,072,574			114,879			1,922,499			8,721,264			14,608,009
	426,822,155			819,153,545			14,158			100,000			15,156,382			41,435,527
	5,418,568			73,470,548			—			—			—			—
	—			52,056,717			—			23,913			—			326,139
	—			14,709,431			—			1,090			—			243,764
	—			654,983			—			—			—			—
	(653,106,188	)		(913,346,577	)		(52,500	)		—			(3,800,386	)		(13,625,461	)
	(311,431,096	)		(563,855,492	)		(14,597	)		—			(5,707,906	)		(7,819,231	)
	(40,155	)		(73	)		—			—			—			—
	825,763,229			1,721,915,656			61,940			2,047,502			14,369,354			35,168,747
	10,606			19,798			—			—			272			5
	5,649			20,689			—			—			180			767
	56			—			—			—			—			—
	16,311			40,487			—			—			452			772
	758,913,671			1,477,722,017			(52,412	)		1,889,785			11,010,158			41,280,943
	6,779,218,519			5,301,496,502			1,889,785			—			107,603,951			66,323,008
$	7,538,132,190		$	6,779,218,519		$	1,837,373		$	1,889,785		$	118,614,109		$	107,603,951
$	93,263,171		$	(865,823	)	$	13,745		$	(14,851	)	$	1,116,359		$	391,633
	369,311,964			271,757,135			195,042			—			4,752,936			4,628,708
	106,889,432			159,545,963			13,255			192,414			807,943			1,350,408
	—			3,949,675			—			2,628			—			32,549
	(50,792,924	)		(65,940,809	)		(5,814	)		—			(367,775	)		(1,258,729	)
	56,096,508			97,554,829			7,441			195,042			440,168			124,228
	425,408,472			369,311,964			202,483			195,042			5,193,104			4,752,936
	132,713,560			113,872,041			10,120			—			5,102,884			1,993,264
	33,444,619			57,654,278			1,692			10,000			1,454,245			3,823,167
	—			1,106,805			—			120			—			24,231
	(24,039,841	)		(39,919,564	)		(1,692	)		—			(538,289	)		(737,778	)
	9,404,778			18,841,519			—			10,120			915,956			3,109,620
	142,118,338			132,713,560			10,120			10,120			6,018,840			5,102,884
	5,423,697			—
	402,485			5,374,045
	—			49,658
	(3,087	)		(6	)
	399,398			5,423,697
	5,823,095			5,423,697

Semi-Annual Report  69

	Lazard							Lazard
	Global Equity Select Portfolio							Global Strategic Equity Portfolio
	Six Months Ended				Year Ended			Six Months Ended			Year Ended
	June 30, 2016				December 31,			June 30, 2016			December 31,
	(unaudited)				2015			(unaudited)			2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	146,479		$	68,886		$	134,750		$	58,085
Net realized gain (loss) on investments and foreign currency transactions			(464,658	)		(173,193	)		(391,972	)		(284,929	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			542,957			5,044			808,821			44,812
Net increase (decrease) in net assets resulting from operations			224,778			(99,263	)		551,599			(182,032	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(72,003	)		—			(80,504	)
Open Shares			—			(144	)		—			(643	)
Net decrease in net assets resulting from distributions			—			(72,147	)		—			(81,147	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			8,494,385			11,664,002			11,367,500			2,326,919
Open Shares			29,417			100,371			3,456			78,200
Net proceeds from reinvestment of distributions
Institutional Shares			—			72,003			—			80,503
Open Shares			—			144			—			643
Cost of shares redeemed
Institutional Shares			(3,378,585	)		(3,210,527	)		(1,221,283	)		(8,244	)
Open Shares			(15,779	)		(8,078	)		(440	)		(93,404	)
Net increase (decrease) in net assets from capital stock transactions			5,129,438			8,617,915			10,149,233			2,384,617
Redemption fees (Note 2(i))
Institutional Shares			—			198			—			—
Open Shares			1			—			—			—
Net increase in net assets from redemption fees			1			198			—			—
Total increase (decrease) in net assets			5,354,217			8,446,703			10,700,832			2,121,438
Net assets at beginning of period			20,914,404			12,467,701			9,368,324			7,246,886
Net assets at end of period*		$	26,268,621		$	20,914,404		$	20,069,156		$	9,368,324
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	119,961		$	(26,518	)	$	93,952		$	(40,798	)
(a) The Portfolio commenced operations on May 29, 2015.
Shares issued and redeemed Institutional Shares
Shares outstanding at beginning of period			1,996,624			1,188,968			957,062			715,249
Shares sold			833,765			1,102,291			1,250,004			234,185
Shares issued to shareholders from reinvestment of distributions			—			7,045			—			8,430
Shares redeemed			(337,335	)		(301,680	)		(128,947	)		(802	)
Net increase (decrease)			496,430			807,656			1,121,057			241,813
Shares outstanding at end of period			2,493,054			1,996,624			2,078,119			957,062
Open Shares
Shares outstanding at beginning of period			28,081			19,499			11,796			13,609
Shares sold			2,828			9,328			368			7,890
Shares issued to shareholders from reinvestment of distributions			—			14			—			67
Shares redeemed			(1,508	)		(760	)		(46	)		(9,770	)
Net increase (decrease)			1,320			8,582			322			(1,813	)
Shares outstanding at end of period			29,401			28,081			12,118			11,796

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

70  Semi-Annual Report

Lazard
Managed Equity Volatility Portfolio
Six Months Ended				Period Ended
June 30, 2016				December 31,
(unaudited)				2015 (a)
	$	25,215		$	21,248
		(17,392	)		(64,300	)
		123,978			(9,374	)
		131,801			(52,426	)
		—			(36,368	)
		—			(2,687	)
		—			(39,055	)
		135,000			2,270,861
		6,998			188,580
		—			36,368
		—			2,687
		(60,203	)		(14,000	)
		(2,088	)		(11,643	)
		79,707			2,472,853
		—			—
		—			—
		—			—
		211,508			2,381,372
		2,381,372			—
	$	2,592,880		$	2,381,372
	$	9,861		$	(15,354	)
		229,926			—
		14,146			227,545
		—			3,840
		(6,047	)		(1,459	)
		8,099			229,926
		238,025			229,926
		18,287			—
		714			19,199
		—			284
		(210	)		(1,196	)
		504			18,287
		18,791			18,287

Semi-Annual Report  71

The Lazard Funds, Inc. Financial Highlights

LAZARD US EQUITY CONCENTRATED PORTFOLIO

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	13.83			$	13.41		$	12.59		$	10.71		$	9.24		$	9.56
Income (loss) from investment operations:
Net investment income (loss) (a)		0.03				0.05			0.11			0.14			0.20			0.15
Net realized and unrealized gain (loss)		0.30				0.88			2.23			3.02			1.37			(0.30	)
Total from investment operations		0.33				0.93			2.34			3.16			1.57			(0.15	)
Less distributions from:
Net investment income		—				(0.04	)		(0.09	)		(0.14	)		(0.10	)		(0.17	)
Net realized gains		—				(0.47	)		(1.43	)		(1.14	)		—			—
Total distributions		—				(0.51	)		(1.52	)		(1.28	)		(0.10	)		(0.17	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	14.16			$	13.83		$	13.41		$	12.59		$	10.71		$	9.24
Total Return (c)		2.39	%			7.00	%		18.88	%		29.59	%		16.83	%		–1.47	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	985,093			$	715,766		$	331,074		$	228,478		$	121,379		$	11,108
Ratios to average net assets (d):
Net expenses		0.77	%			0.79	%		0.81	%		0.85	%		0.93	%		0.75	%
Gross expenses		0.77	%			0.79	%		0.81	%		0.85	%		1.28	%		2.27	%
Net investment income (loss)		0.47	%			0.36	%		0.79	%		1.16	%		1.94	%		1.59	%
Portfolio turnover rate		45	%			74	%		63	%		108	%		116	%		53	%
	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	13.92			$	13.50		$	12.68		$	10.77		$	9.30		$	9.61
Income (loss) from investment operations:
Net investment income (loss) (a)		0.02				0.01			0.05			0.09			0.15			0.12
Net realized and unrealized gain (loss)		0.29				0.88			2.23			3.04			1.39			(0.29	)
Total from investment operations		0.31				0.89			2.28			3.13			1.54			(0.17	)
Less distributions from:
Net investment income		—				—	(b)		(0.03	)		(0.08	)		(0.07	)		(0.14	)
Net realized gains		—				(0.47	)		(1.43	)		(1.14	)		—			—
Total distributions		—				(0.47	)		(1.46	)		(1.22	)		(0.07	)		(0.14	)
Redemption fees		—	(b)			—	(b)		—	(b)		—			—	(b)		—	(b)
Net asset value, end of period	$	14.23			$	13.92		$	13.50		$	12.68		$	10.77		$	9.30
Total Return (c)		2.23	%			6.67	%		18.28	%		29.21	%		16.51	%		–1.77	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	90,305			$	114,348		$	8,011		$	2,181		$	691		$	312
Ratios to average net assets (d):
Net expenses		1.03	%			1.07	%		1.25	%		1.25	%		1.19	%		1.05	%
Gross expenses		1.03	%			1.07	%		1.46	%		1.87	%		4.84	%		6.49	%
Net investment income (loss)		0.26	%			0.08	%		0.37	%		0.74	%		1.51	%		1.30	%
Portfolio turnover rate		45	%			74	%		63	%		108	%		116	%		53	%

†	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 or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Return for 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

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	10.97			$	12.43		$	12.49		$	10.11		$	9.03		$	8.97
Income (loss) from investment operations:
Net investment income (loss) (a)		0.06				0.09			0.14			0.14			0.14			0.12
Net realized and unrealized gain (loss)		0.01				(0.69	)		1.73			2.72			1.17			0.02
Total from investment operations		0.07				(0.60	)		1.87			2.86			1.31			0.14
Less distributions from:
Net investment income		—				(0.10	)		(0.13	)		(0.15	)		(0.23	)		(0.08	)
Net realized gains		—				(0.76	)		(1.80	)		(0.33	)		—			—
Total distributions		—				(0.86	)		(1.93	)		(0.48	)		(0.23	)		(0.08	)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	11.04			$	10.97		$	12.43		$	12.49		$	10.11		$	9.03
Total Return (c)		0.64	%			–4.75	%		15.04	%		28.38	%		14.56	%		1.65	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	100,458			$	110,243		$	119,941		$	116,323		$	75,327		$	64,239
Ratios to average net assets (d):
Net expenses		0.75	%			0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		0.93	%			0.90	%		0.90	%		0.93	%		0.99	%		1.00	%
Net investment income (loss)		1.11	%			0.77	%		1.05	%		1.21	%		1.40	%		1.29	%
Portfolio turnover rate		29	%			75	%		69	%		71	%		60	%		48	%
	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	11.01			$	12.48		$	12.53		$	10.14		$	9.04		$	8.97
Income (loss) from investment operations:
Net investment income (loss) (a)		0.04				0.06			0.10			0.11			0.11			0.09
Net realized and unrealized gain (loss)		0.01				(0.71	)		1.74			2.73			1.16			0.03
Total from investment operations		0.05				(0.65	)		1.84			2.84			1.27			0.12
Less distributions from:
Net investment income		—				(0.06	)		(0.09	)		(0.12	)		(0.17	)		(0.05	)
Net realized gains		—				(0.76	)		(1.80	)		(0.33	)		—			—
Total distributions		—				(0.82	)		(1.89	)		(0.45	)		(0.17	)		(0.05	)
Net asset value, end of period	$	11.06			$	11.01		$	12.48		$	12.53		$	10.14		$	9.04
Total Return (c)		0.45	%			–5.11	%		14.77	%		28.04	%		14.10	%		1.42	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,403			$	1,536		$	6,833		$	7,650		$	8,401		$	8,478
Ratios to average net assets (d):
Net expenses		1.05	%			1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Gross expenses		2.14	%			1.51	%		1.31	%		1.33	%		1.37	%		1.36	%
Net investment income (loss)		0.81	%			0.50	%		0.75	%		0.95	%		1.10	%		0.99	%
Portfolio turnover rate		29	%			75	%		69	%		71	%		60	%		48	%

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

Semi-Annual Report  73

	Six Months						For the Period
Selected data for a share of capital	Ended			Year Ended			5/19/14* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14
R6 Shares
Net asset value, beginning of period	$	10.96		$	12.43		$	12.81
Income (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.10			0.09
Net realized and unrealized gain (loss)		0.01			(0.71	)		1.47
Total from investment operations		0.07			(0.61	)		1.56
Less distributions from:
Net investment income		—			(0.10	)		(0.14	)
Net realized gains		—			(0.76	)		(1.80	)
Total distributions		—			(0.86	)		(1.94	)
Redemption fees		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	11.03		$	10.96		$	12.43
Total Return (c)		0.64	%		–4.78	%		12.23	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	11,500		$	12,359		$	14,951
Ratios to average net assets (d):
Net expenses		0.72	%		0.70	%		0.70	%
Gross expenses		1.03	%		1.00	%		1.06	%
Net investment income (loss)		1.14	%		0.82	%		1.14	%
Portfolio turnover rate		29	%		75	%		69	%

*	The inception date for R6 Shares was May 19, 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 or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Return for 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

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	18.24			$	18.87		$	16.58		$	12.52		$	11.87		$	12.61
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.01	)			(0.02	)		0.05			0.07			0.05			0.05
Net realized and unrealized gain (loss)		(0.92	)			(0.54	)		2.33			4.04			0.63			(0.75	)
Total from investment operations		(0.93	)			(0.56	)		2.38			4.11			0.68			(0.70	)
Less distributions from:
Net investment income		—				(0.07	)		(0.09	)		(0.05	)		(0.03	)		(0.04	)
Total distributions		—				(0.07	)		(0.09	)		(0.05	)		(0.03	)		(0.04	)
Redemption fees		—	(b)			—			—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	17.31			$	18.24		$	18.87		$	16.58		$	12.52		$	11.87
Total Return (c)		–5.10	%			–2.97	%		14.35	%		32.95	%		5.76	%		–5.58	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,287			$	6,900		$	7,542		$	11,706		$	30,803		$	91,740
Ratios to average net assets (d):
Net expenses		1.05	%			1.05	%		1.05	%		1.05	%		0.98	%		0.93	%
Gross expenses		1.84	%			1.53	%		1.45	%		1.19	%		0.98	%		0.93	%
Net investment income (loss)		–0.07	%			–0.10	%		0.29	%		0.46	%		0.40	%		0.37	%
Portfolio turnover rate		106	%			124	%		95	%		133	%		102	%		83	%
	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	17.94			$	18.55		$	16.32		$	12.35		$	11.72		$	12.45
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.03	)			(0.08	)		0.01			0.02			0.03			0.01
Net realized and unrealized gain (loss)		(0.91	)			(0.52	)		2.26			4.00			0.61			(0.74	)
Total from investment operations		(0.94	)			(0.60	)		2.27			4.02			0.64			(0.73	)
Less distributions from:
Net investment income		—				(0.01	)		(0.04	)		(0.05	)		(0.01	)		—	(b)
Total distributions		—				(0.01	)		(0.04	)		(0.05	)		(0.01	)		—	(b)
Redemption fees		—	(b)			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	17.00			$	17.94		$	18.55		$	16.32		$	12.35		$	11.72
Total Return (c)		–5.24	%			–3.24	%		13.94	%		32.59	%		5.44	%		–5.84	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	15,417			$	20,378		$	32,850		$	33,668		$	41,492		$	52,048
Ratios to average net assets (d):
Net expenses		1.35	%			1.35	%		1.35	%		1.35	%		1.26	%		1.19	%
Gross expenses		1.93	%			1.62	%		1.57	%		1.43	%		1.26	%		1.19	%
Net investment income (loss)		–0.40	%			–0.40	%		0.05	%		0.16	%		0.21	%		0.11	%
Portfolio turnover rate		106	%			124	%		95	%		133	%		102	%		83	%

†	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. Return for 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	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	12.86		$	14.05		$	15.97		$	13.29		$	11.82		$	14.55
Income (loss) from investment operations:
Net investment income (loss) (a)			0.01			0.02			0.03			0.01			0.05			0.01
Net realized and unrealized gain (loss)			(0.01	)		(0.34	)		1.74			4.70			1.77			(1.45	)
Total from investment operations			—	(b)		(0.32	)		1.77			4.71			1.82			(1.44	)
Less distributions from:
Net investment income			—			—	(b)		(0.01	)		(0.01	)		(0.02	)		—
Net realized gains			—			(0.87	)		(3.68	)		(2.02	)		(0.33	)		(1.29	)
Total distributions			—			(0.87	)		(3.69	)		(2.03	)		(0.35	)		(1.29	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	12.86		$	12.86		$	14.05		$	15.97		$	13.29		$	11.82
Total Return (c)			0.00	%		–2.14	%		11.39	%		35.81	%		15.45	%		–9.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	163,725		$	171,152		$	157,742		$	353,565		$	289,855		$	167,042
Ratios to average net assets (d):
Net expenses			0.91	%		0.91	%		0.86	%		0.86	%		0.88	%		0.90	%
Gross expenses			0.91	%		0.91	%		0.86	%		0.86	%		0.88	%		0.90	%
Net investment income (loss)			0.23	%		0.13	%		0.17	%		0.06	%		0.41	%		0.08	%
Portfolio turnover rate			45	%		91	%		91	%		101	%		92	%		110	%
Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period		$	12.16		$	13.38		$	15.41		$	12.92		$	11.52		$	14.26
Income (loss) from investment operations:
Net investment income (loss) (a)			—	(b)		(0.02	)		(0.02	)		(0.04	)		—	(b)		(0.03	)
Net realized and unrealized gain (loss)			(0.02	)		(0.33	)		1.67			4.56			1.73			(1.42	)
Total from investment operations			(0.02	)		(0.35	)		1.65			4.52			1.73			(1.45	)
Less distributions from:
Net investment income			—			—	(b)		—			(0.01	)		—			—
Net realized gains			—			(0.87	)		(3.68	)		(2.02	)		(0.33	)		(1.29	)
Total distributions			—			(0.87	)		(3.68	)		(2.03	)		(0.33	)		(1.29	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	12.14		$	12.16		$	13.38		$	15.41		$	12.92		$	11.52
Total Return (c)			–0.16	%		–2.47	%		11.01	%		35.47	%		14.97	%		–10.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	34,069		$	36,860		$	15,851		$	14,665		$	15,984		$	20,039
Ratios to average net assets (d):
Net expenses			1.19	%		1.20	%		1.20	%		1.20	%		1.21	%		1.21	%
Gross expenses			1.19	%		1.20	%		1.20	%		1.20	%		1.21	%		1.21	%
Net investment income (loss)			–0.06	%		–0.13	%		–0.15	%		–0.27	%		0.01	%		–0.23	%
Portfolio turnover rate			45	%		91	%		91	%		101	%		92	%		110	%

†	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. Return for 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 INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	17.08		$	16.93		$	17.85		$	14.78		$	12.49		$	13.81
Income (loss) from investment operations:
Net investment income (loss) (a)			0.24			0.27			0.26			0.23			0.25			0.27
Net realized and unrealized gain (loss)			(0.64	)		—			(1.02	)		2.85			2.56			(1.25	)
Total from investment operations			(0.40	)		0.27			(0.76	)		3.08			2.81			(0.98	)
Less distributions from:
Net investment income			—			(0.12	)		(0.16	)		(0.01	)		(0.52	)		(0.34	)
Total distributions			—			(0.12	)		(0.16	)		(0.01	)		(0.52	)		(0.34	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	16.68		$	17.08		$	16.93		$	17.85		$	14.78		$	12.49
Total Return (c)			–2.34	%		1.62	%		–4.29	%		20.84	%		22.70	%		–7.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,067,255		$	736,272		$	378,488		$	185,199		$	109,088		$	86,880
Ratios to average net assets (d):
Net expenses			0.84	%		0.86	%		0.90	%		0.95	%		1.02	%		1.03	%
Gross expenses			0.84	%		0.87	%		0.90	%		0.95	%		1.02	%		1.03	%
Net investment income (loss)			2.96	%		1.50	%		1.46	%		1.42	%		1.85	%		1.99	%
Portfolio turnover rate			13	%		30	%		36	%		43	%		48	%		39	%
Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period		$	17.23		$	17.07		$	18.00		$	14.94		$	12.59		$	13.91
Income (loss) from investment operations:
Net investment income (loss) (a)			0.22			0.23			0.27			0.19			0.21			0.24
Net realized and unrealized gain (loss)			(0.65	)		—			(1.09	)		2.88			2.57			(1.26	)
Total from investment operations			(0.43	)		0.23			(0.82	)		3.07			2.78			(1.02	)
Less distributions from:
Net investment income			—			(0.07	)		(0.11	)		(0.01	)		(0.43	)		(0.30	)
Total distributions			—			(0.07	)		(0.11	)		(0.01	)		(0.43	)		(0.30	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	16.80		$	17.23		$	17.07		$	18.00		$	14.94		$	12.59
Total Return (c)			–2.50	%		1.36	%		–4.57	%		20.55	%		22.30	%		–7.42	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	105,500		$	80,221		$	57,350		$	42,370		$	25,610		$	18,699
Ratios to average net assets (d):
Net expenses			1.10	%		1.14	%		1.17	%		1.23	%		1.32	%		1.33	%
Gross expenses			1.10	%		1.14	%		1.17	%		1.23	%		1.32	%		1.33	%
Net investment income (loss)			2.63	%		1.29	%		1.49	%		1.18	%		1.49	%		1.78	%
Portfolio turnover rate			13	%		30	%		36	%		43	%		48	%		39	%

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

Semi-Annual Report  77

Selected data for a share of capital	Six Months Ended			For the Period 4/1/15* to
stock outstanding throughout each period	6/30/16†			12/31/15
R6 Shares
Net asset value, beginning of period	$	17.07		$	17.94
Income (loss) from investment operations:
Net investment income (loss) (a)		0.25			0.21
Net realized and unrealized gain (loss)		(0.65	)		(0.95	)
Total from investment operations		(0.40	)		(0.74	)
Less distributions from:
Net investment income		—			(0.13	)
Total distributions		—			(0.13	)
Net asset value, end of period	$	16.67		$	17.07
Total Return (c)		–2.34	%		–4.10	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	53,595		$	49,387
Ratios to average net assets (d):
Net expenses		0.80	%		0.80	%
Gross expenses		0.86	%		0.92	%
Net investment income (loss)		3.06	%		1.55	%
Portfolio turnover rate		13	%		30	%

*	The inception date for R6 Shares was April 1, 2015.
†	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 or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Return for 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.

78  Semi-Annual Report

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	8.80		$	9.24		$	9.76		$	8.51		$	7.18		$	7.99
Income (loss) from investment operations:
Net investment income (loss) (a)			0.11			0.12			0.15			0.12			0.12			0.13
Net realized and unrealized gain (loss)			0.05			(0.46	)		(0.58	)		1.15			1.43			(0.70	)
Total from investment operations			0.16			(0.34	)		(0.43	)		1.27			1.55			(0.57	)
Less distributions from:
Net investment income			—			(0.10	)		(0.11	)		(0.02	)		(0.22	)		(0.24	)
Total distributions			—			(0.10	)		(0.11	)		(0.02	)		(0.22	)		(0.24	)
Redemption fees			—	(b)		—	(b)		0.02			—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	8.96		$	8.80		$	9.24		$	9.76		$	8.51		$	7.18
Total Return (c)			1.82	%		–3.63	%		–4.29	%		14.93	%		21.59	%		–7.14	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	22,401		$	18,757		$	12,749		$	19,212		$	7,571		$	4,519
Ratios to average net assets (d):
Net expenses			1.05	%		1.06	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses			1.88	%		2.13	%		2.10	%		2.45	%		4.17	%		4.66	%
Net investment income (loss)			2.54	%		1.25	%		1.54	%		1.33	%		1.55	%		1.72	%
Portfolio turnover rate			22	%		51	%		80	%		36	%		46	%		55	%
Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period		$	8.82		$	9.25		$	9.79		$	8.57		$	7.20		$	8.02
Income (loss) from investment operations:
Net investment income (loss) (a)			0.09			0.11			0.11			0.10			0.12			0.11
Net realized and unrealized gain (loss)			0.05			(0.47	)		(0.57	)		1.14			1.42			(0.72	)
Total from investment operations			0.14			(0.36	)		(0.46	)		1.24			1.54			(0.61	)
Less distributions from:
Net investment income			—			(0.07	)		(0.08	)		(0.02	)		(0.17	)		(0.21	)
Total distributions			—			(0.07	)		(0.08	)		(0.02	)		(0.17	)		(0.21	)
Redemption fees			—			—			—	(b)		—			—	(b)		—
Net asset value, end of period		$	8.96		$	8.82		$	9.25		$	9.79		$	8.57		$	7.20
Total Return (c)			1.59	%		–3.85	%		–4.76	%		14.48	%		21.23	%		–7.41	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,204		$	2,184		$	3,048		$	3,444		$	2,888		$	2,463
Ratios to average net assets (d):
Net expenses			1.35	%		1.37	%		1.45	%		1.45	%		1.45	%		1.45	%
Gross expenses			2.67	%		2.75	%		2.70	%		3.03	%		4.77	%		5.12	%
Net investment income (loss)			2.19	%		1.15	%		1.11	%		1.08	%		1.55	%		1.43	%
Portfolio turnover rate			22	%		51	%		80	%		36	%		46	%		55	%

†	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. Return for 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 CONCENTRATED PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended			For the Period 8/29/14* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	8.27		$	9.53		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.10			0.10			(0.01	)
Net realized and unrealized gain (loss)		0.40			(1.25	)		(0.45	)
Total from investment operations		0.50			(1.15	)		(0.46	)
Less distributions from:
Net investment income		—			(0.11	)		(0.01	)
Net realized gains		—			—			—	(b)
Total distributions		—			(0.11	)		(0.01	)
Redemption fees		—			—	(b)		—
Net asset value, end of period	$	8.77		$	8.27		$	9.53
Total Return (c)		6.05	%		–12.06	%		–4.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	15,202		$	13,753		$	9,103
Ratios to average net assets (d):
Net expenses		1.05	%		1.06	%		1.15	%
Gross expenses		2.39	%		2.96	%		7.40	%
Net investment income (loss)		2.52	%		1.13	%		–0.41	%
Portfolio turnover rate		36	%		91	%		45	%
Selected data for a share of capital	Six Months Ended			Year Ended			For the Period 8/29/14* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	8.29		$	9.53		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.09			0.06			(0.02	)
Net realized and unrealized gain (loss)		0.40			(1.22	)		(0.45	)
Total from investment operations		0.49			(1.16	)		(0.47	)
Less distributions from:
Net investment income		—			(0.08	)		—
Net realized gains		—			—			—	(b)
Total distributions		—			(0.08	)		—	(b)
Redemption fees		—			—	(b)		—
Net asset value, end of period	$	8.78		$	8.29		$	9.53
Total Return (c)		5.91	%		–12.18	%		–4.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	248		$	55		$	559
Ratios to average net assets (d):
Net expenses		1.35	%		1.39	%		1.45	%
Gross expenses		11.96	%		9.93	%		12.39	%
Net investment income (loss)		2.25	%		0.60	%		–0.55	%
Portfolio turnover rate		36	%		91	%		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. Return for 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 STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	13.33		$	13.72		$	14.46		$	11.71		$	9.46		$	10.63
Income (loss) from investment operations:
Net investment income (loss) (a)			0.17			0.16			0.19			0.14			0.15			0.16
Net realized and unrealized gain (loss)			(0.37	)		(0.40	)		(0.39	)		2.79			2.21			(1.19	)
Total from investment operations			(0.20	)		(0.24	)		(0.20	)		2.93			2.36			(1.03	)
Less distributions from:
Net investment income			—			(0.14	)		(0.16	)		(0.10	)		(0.11	)		(0.14	)
Net realized gains			—			(0.01	)		(0.38	)		(0.08	)		—			—
Total distributions			—			(0.15	)		(0.54	)		(0.18	)		(0.11	)		(0.14	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	13.13		$	13.33		$	13.72		$	14.46		$	11.71		$	9.46
Total Return (c)			–1.50	%		–1.70	%		–1.48	%		25.02	%		25.00	%		–9.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	5,583,703		$	4,923,328		$	3,727,391		$	2,354,068		$	893,610		$	435,411
Ratios to average net assets (d):
Net expenses			0.81	%		0.82	%		0.84	%		0.86	%		0.86	%		0.88	%
Gross expenses			0.81	%		0.82	%		0.84	%		0.86	%		0.86	%		0.88	%
Net investment income (loss)			2.68	%		1.15	%		1.28	%		1.02	%		1.45	%		1.53	%
Portfolio turnover rate			20	%		37	%		33	%		42	%		52	%		53	%
Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period		$	13.44		$	13.82		$	14.57		$	11.80		$	9.53		$	10.68
Income (loss) from investment operations:
Net investment income (loss) (a)			0.16			0.13			0.16			0.10			0.09			0.13
Net realized and unrealized gain (loss)			(0.39	)		(0.40	)		(0.41	)		2.82			2.26			(1.20	)
Total from investment operations			(0.23	)		(0.27	)		(0.25	)		2.92			2.35			(1.07	)
Less distributions from:
Net investment income			—			(0.10	)		(0.12	)		(0.07	)		(0.08	)		(0.08	)
Net realized gains			—			(0.01	)		(0.38	)		(0.08	)		—			—
Total distributions			—			(0.11	)		(0.50	)		(0.15	)		(0.08	)		(0.08	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	13.21		$	13.44		$	13.82		$	14.57		$	11.80		$	9.53
Total Return (c)			–1.71	%		–1.89	%		–1.78	%		24.73	%		24.74	%		–10.01	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,877,941		$	1,783,529		$	1,574,106		$	868,730		$	315,811		$	63,280
Ratios to average net assets (d):
Net expenses			1.06	%		1.08	%		1.09	%		1.10	%		1.13	%		1.16	%
Gross expenses			1.06	%		1.08	%		1.09	%		1.10	%		1.13	%		1.16	%
Net investment income (loss)			2.43	%		0.94	%		1.06	%		0.78	%		0.87	%		1.26	%
Portfolio turnover rate			20	%		37	%		33	%		42	%		52	%		53	%

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

Semi-Annual Report  81

Selected data for a share of capital	Six Months Ended			For the Period 1/19/15* to
stock outstanding throughout each period	6/30/16†			12/31/15
R6 Shares
Net asset value, beginning of period	$	13.34		$	13.70
Income (loss) from investment operations:
Net investment income (loss) (a)		0.17			(0.03	)
Net realized and unrealized gain (loss)		(0.37	)		(0.21	)
Total from investment operations		(0.20	)		(0.24	)
Less distributions from:
Net investment income		—			(0.11	)
Net realized gains		—			(0.01	)
Total distributions		—			(0.12	)
Redemption fees		—	(b)		—
Net asset value, end of period	$	13.14		$	13.34
Total Return (c)		–1.50	%		–1.73	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	76,488		$	72,362
Ratios to average net assets (d):
Net expenses		0.81	%		1.03	%
Gross expenses		0.82	%		1.09	%
Net investment income (loss)		2.64	%		–0.22	%
Portfolio turnover rate		20	%		37	%

*	The inception date for R6 Shares was January 19, 2015.
†	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 or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Return for 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.

82  Semi-Annual Report

LAZARD INTERNATIONAL EQUITY ADVANTAGE PORTFOLIO

Selected data for a share of capital	Six Months Ended			For the Period 5/29/15* to
stock outstanding throughout each period	6/30/16†			12/31/15
Institutional Shares
Net asset value, beginning of period	$	9.21		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.13			0.04
Net realized and unrealized gain (loss)		(0.70	)		(0.70	)
Total from investment operations		(0.57	)		(0.66	)
Less distributions from:
Net investment income		—			(0.13	)
Total distributions		—			(0.13	)
Net asset value, end of period	$	8.64		$	9.21
Total Return (b)		–6.19	%		–6.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,750		$	1,797
Ratios to average net assets (c):
Net expenses		0.90	%		0.90	%
Gross expenses		15.43	%		14.93	%
Net investment income (loss)		3.06	%		0.77	%
Portfolio turnover rate		42	%		58	%
Selected data for a share of capital	Six Months Ended			For the Period 5/29/15* to
stock outstanding throughout each period	6/30/16†			12/31/15
Open Shares
Net asset value, beginning of period	$	9.21		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.12			0.03
Net realized and unrealized gain (loss)		(0.70	)		(0.71	)
Total from investment operations		(0.58	)		(0.68	)
Less distributions from:
Net investment income		—			(0.11	)
Total distributions		—			(0.11	)
Net asset value, end of period	$	8.63		$	9.21
Total Return (b)		–6.30	%		–6.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	87		$	93
Ratios to average net assets (c):
Net expenses		1.20	%		1.20	%
Gross expenses		28.29	%		30.10	%
Net investment income (loss)		2.66	%		0.47	%
Portfolio turnover rate		42	%		58	%

*	The Portfolio commenced operations on May 29, 2015.
†	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. Return for 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.

Semi-Annual Report  83

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period		$	10.90		$	10.01		$	10.54		$	8.12		$	6.84		$	8.12
Income (loss) from investment operations:
Net investment income (loss) (a)			0.07			0.10			0.12			0.11			0.11			0.13
Net realized and unrealized gain (loss)			(0.40	)		0.87			(0.40	)		2.34			1.40			(1.27	)
Total from investment operations			(0.33	)		0.97			(0.28	)		2.45			1.51			(1.14	)
Less distributions from:
Net investment income			—			(0.08	)		(0.25	)		(0.03	)		(0.23	)		(0.14	)
Total distributions			—			(0.08	)		(0.25	)		(0.03	)		(0.23	)		(0.14	)
Redemption fees			—	(b)		—	(b)		—	(b)		—			—	(b)		—	(b)
Net asset value, end of period		$	10.57		$	10.90		$	10.01		$	10.54		$	8.12		$	6.84
Total Return (c)			–3.03	%		9.71	%		–2.77	%		30.20	%		22.28	%		–14.11	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	54,906		$	51,828		$	46,329		$	51,508		$	45,360		$	38,879
Ratios to average net assets (d):
Net expenses			1.04	%		1.11	%		1.13	%		1.13	%		1.13	%		1.13	%
Gross expenses			1.04	%		1.11	%		1.15	%		1.19	%		1.18	%		1.17	%
Net investment income (loss)			1.43	%		0.91	%		1.13	%		1.15	%		1.40	%		1.65	%
Portfolio turnover rate			24	%		48	%		48	%		58	%		48	%		28	%
Selected data for a share of capital	Six Months Ended				Year Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period		$	10.93		$	10.03		$	10.56		$	8.17		$	6.86		$	8.14
Income (loss) from investment operations:
Net investment income (loss) (a)			0.06			0.07			0.09			0.08			0.08			0.10
Net realized and unrealized gain (loss)			(0.41	)		0.88			(0.40	)		2.34			1.41			(1.26	)
Total from investment operations			(0.35	)		0.95			(0.31	)		2.42			1.49			(1.16	)
Less distributions from:
Net investment income			—			(0.05	)		(0.22	)		(0.03	)		(0.18	)		(0.12	)
Total distributions			—			(0.05	)		(0.22	)		(0.03	)		(0.18	)		(0.12	)
Redemption fees			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	10.58		$	10.93		$	10.03		$	10.56		$	8.17		$	6.86
Total Return (c)			–3.20	%		9.49	%		–3.05	%		29.65	%		21.96	%		–14.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	63,708		$	55,776		$	19,994		$	19,639		$	17,669		$	17,744
Ratios to average net assets (d):
Net expenses			1.29	%		1.38	%		1.43	%		1.43	%		1.43	%		1.43	%
Gross expenses			1.29	%		1.38	%		1.44	%		1.48	%		1.48	%		1.46	%
Net investment income (loss)			1.21	%		0.63	%		0.85	%		0.85	%		1.08	%		1.34	%
Portfolio turnover rate			24	%		48	%		48	%		58	%		48	%		28	%

†	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. Return for 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 GLOBAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital	Six Months Ended				Year Ended						Period Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13*
Institutional Shares
Net asset value, beginning of period		$	10.33		$	10.32		$	10.02		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.07			0.04			0.07			—
Net realized and unrealized gain (loss)			0.01			0.01			0.29			0.02
Total from investment operations			0.08			0.05			0.36			0.02
Less distributions from:
Net investment income			—			(0.04	)		(0.06	)		—
Total distributions			—			(0.04	)		(0.06	)		—
Redemption fees			—			—	(b)		—	(b)		—
Net asset value, end of period		$	10.41		$	10.33		$	10.32		$	10.02
Total Return (c)			0.77	%		0.46	%		3.84	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	25,963		$	20,624		$	12,266		$	1,903
Ratios to average net assets (d):
Net expenses			1.10	%		1.10	%		1.10	%		0.00	%
Gross expenses			1.90	%		2.27	%		4.62	%		91.25	%(e)
Net investment income (loss)			1.34	%		0.41	%		0.64	%		0.00	%
Portfolio turnover rate			26	%		55	%		64	%		0	%
Selected data for a share of capital	Six Months Ended				Year Ended						Period Ended
stock outstanding throughout each period	6/30/16†				12/31/15			12/31/14			12/31/13*
Open Shares
Net asset value, beginning of period		$	10.34		$	10.32		$	10.01		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.05			0.01			0.04			—
Net realized and unrealized gain (loss)			0.01			0.02			0.30			0.01
Total from investment operations			0.06			0.03			0.34			0.01
Less distributions from:
Net investment income			—			(0.01	)		(0.03	)		—
Total distributions			—			(0.01	)		(0.03	)		—
Redemption fees			—	(b)		—			—			—
Net asset value, end of period		$	10.40		$	10.34		$	10.32		$	10.01
Total Return (c)			0.58	%		0.24	%		3.54	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	306		$	290		$	201		$	100
Ratios to average net assets (d):
Net expenses			1.40	%		1.40	%		1.40	%		0.00	%
Gross expenses			6.53	%		7.42	%		13.34	%		91.25	%(e)
Net investment income (loss)			1.06	%		0.09	%		0.35	%		0.00	%
Portfolio turnover rate			26	%		55	%		64	%		0	%

*	The Portfolio commenced operations on December 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. Return for 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.

Semi-Annual Report  85

LAZARD GLOBAL STRATEGIC EQUITY PORTFOLIO

	Six Months						For the Period
Selected data for a share of capital	Ended			Year Ended			8/29/14* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	9.67		$	9.94		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.06			—	(b)
Net realized and unrealized gain (loss)		(0.14	)		(0.25	)		(0.04	)
Total from investment operations		(0.07	)		(0.19	)		(0.04	)
Less distributions from:
Net investment income		—			(0.08	)		(0.02	)
Return of capital		—			—			—	(b)
Total distributions		—			(0.08	)		(0.02	)
Net asset value, end of period	$	9.60		$	9.67		$	9.94
Total Return (c)		–0.72	%		–1.85	%		–0.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	19,953		$	9,254		$	7,112
Ratios to average net assets (d):
Net expenses		1.10	%		1.10	%		1.10	%
Gross expenses		2.11	%		3.83	%		7.11	%
Net investment income (loss)		1.55	%		0.63	%		–0.08	%
Portfolio turnover rate		34	%		65	%		24	%
	Six Months						For the Period
Selected data for a share of capital	Ended			Year Ended			8/29/14* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	9.67		$	9.94		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.03			(0.01	)
Net realized and unrealized gain (loss)		(0.13	)		(0.25	)		(0.04	)
Total from investment operations		(0.08	)		(0.22	)		(0.05	)
Less distributions from:
Net investment income		—			(0.05	)		(0.01	)
Return of capital		—			—			—	(b)
Total distributions		—			(0.05	)		(0.01	)
Net asset value, end of period	$	9.59		$	9.67		$	9.94
Total Return (c)		–0.83	%		–2.16	%		–0.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	116		$	114		$	135
Ratios to average net assets (d):
Net expenses		1.40	%		1.40	%		1.40	%
Gross expenses		13.71	%		14.12	%		24.52	%
Net investment income (loss)		1.03	%		0.30	%		–0.32	%
Portfolio turnover rate		34	%		65	%		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. Return for 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.

86  Semi-Annual Report

LAZARD MANAGED EQUITY VOLATILITY PORTFOLIO

	Six Months			For the Period
Selected data for a share of capital	Ended			5/29/15* to
stock outstanding throughout each period	6/30/16†			12/31/15
Institutional Shares
Net asset value, beginning of period	$	9.59		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.10			0.09
Net realized and unrealized gain (loss)		0.41			(0.33	)
Total from investment operations		0.51			(0.24	)
Less distributions from:
Net investment income		—			(0.17	)
Total distributions		—			(0.17	)
Net asset value, end of period	$	10.10		$	9.59
Total Return (b)		5.32	%		–2.42	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,403		$	2,206
Ratios to average net assets (c):
Net expenses		0.75	%		0.75	%
Gross expenses		12.55	%		13.51	%
Net investment income (loss)		2.07	%		1.64	%
Portfolio turnover rate		42	%		56	%
	Six Months			For the Period
Selected data for a share of capital	Ended			5/29/15* to
stock outstanding throughout each period	6/30/16†			12/31/15
Open Shares
Net asset value, beginning of period	$	9.59		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.08
Net realized and unrealized gain (loss)		0.41			(0.34	)
Total from investment operations		0.49			(0.26	)
Less distributions from:
Net investment income		—			(0.15	)
Total distributions		—			(0.15	)
Net asset value, end of period	$	10.08		$	9.59
Total Return (b)		5.11	%		–2.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	189		$	175
Ratios to average net assets (c):
Net expenses		1.05	%		1.05	%
Gross expenses		19.08	%		23.94	%
Net investment income (loss)		1.76	%		1.33	%
Portfolio turnover rate		42	%		56	%

*	The Portfolio commenced operations on May 29, 2015.
†	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. Return for 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.

Semi-Annual Report  87

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2016 (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-three no-load portfolios (each referred to as a “Portfolio”), as follows: Lazard US Equity Concentrated Portfolio, Lazard US Strategic Equity Portfolio, Lazard US Mid Cap Equity Portfolio, Lazard US Small-Mid Cap Equity Portfolio, Lazard 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, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio, 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, 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 (commenced investment operations on May 27, 2016), Lazard Enhanced Opportunities Portfolio and Lazard Fundamental Long/Short 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. This report includes only the financial statements of US Equity Concentrated, US Strategic Equity, US Mid Cap Equity, US Small-Mid Cap Equity, 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, an R6 Share class was classified for each Portfolio. 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, 2016, 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. Emerging Markets Debt Portfolio began issuing R6 Shares on July 28, 2016.

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—Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other US or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded 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 net asset value (“NAV”) per share. Repurchase agreements are valued at the principal amounts plus accrued interest.

88  Semi-Annual Report

The Valuation Committee of the Investment Manager, which meets periodically under the direction of 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 identi-

fication basis. Dividend income is recorded on the ex-dividend date except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Portfolio. Interest income, if any, is accrued daily.

A Portfolio may be subject to taxes imposed by non-US 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.

As a result of several court cases in certain countries across the European Union, the International Equity, International Strategic Equity and International Small Cap Equity Portfolios have filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. These additional filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements. Such amounts, if and when recorded, could result in an increase in the Portfolios’ NAV per share.

(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.

Semi-Annual Report  89

At June 30, 2016, the US Small-Mid Cap Equity and International Equity Portfolios had investments in repurchase agreements with a value of $7,955,000 and $91,709,000, 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 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 transactions 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 translations 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 carryforwards may expire unused.

At December 31, 2015, 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	$	—	$	38,539,129
International Equity		—		8,988,349
International Equity Select		—		38,626
International Small Cap Equity		7,705,878		50,821,243

Portfolio	Expiring 2018
International Equity		$5,103,235
International Equity Select		1,173,332
International Small Cap Equity		4,306,477

Portfolio	Short-Term*		Long-Term*
International Equity Select	$	236,511	$	—
International Equity Concentrated		1,021,100		6,493
International Equity Advantage		64,999		—
Global Equity Select		185,741		—
Global Strategic Equity		284,392		14,818
Managed Equity Volatility		62,438		—
* Non-Expiring

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, 2015, the following Portfolios elected to defer such losses as follows:

	Post October			Late Year
	Capital Loss			Ordinary Loss
Portfolio	Deferral			Deferral
US Equity Concentrated		$	1,925,851		$	—
International Equity Select			155,480			—
International Strategic Equity			13,125,326			854,313

90  Semi-Annual Report

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 (2012-2014), or expected to be taken in the Portfolios’ 2015 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 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. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Income 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, non-deductible 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.

(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. The redemption fee will not apply to transactions in Portfolio shares on or after August 15, 2016.

(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 resulting from operations during the reporting period. Actual results could differ from those estimates.

(k) Net Asset Value—NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. NAV per share is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

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

The Fund, on behalf of the Portfolios, has entered into a 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

Semi-Annual Report  91

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
International Equity		0.75
International Equity Select		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 (a)		0.80
Global Strategic Equity		0.85
Managed Equity Volatility		0.60

(a) From January 1, 2016 to June 28, 2016, 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, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees, but including the management fee stated in the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolios, exceed the following percentages of the value of the Portfolios’ average daily net assets for the respective shares:

	Institutional			Open			R6
Portfolio	Shares			Shares			Shares			Year
US Equity Concentrated		0.95	%		1.25	%		N/A			2017	(a)
US Strategic Equity		0.75			1.05			0.75	%		2017	(b)
US Mid Cap Equity		1.05			1.35			N/A			2017
US Small-Mid Cap Equity		1.15			1.45			N/A			2017
International Equity		0.85			1.15			0.80			2017
International Equity Select		1.05			1.35			N/A			2017	(c)
International Equity Concentrated		1.05			1.35			N/A			2017
International Strategic Equity		1.15			1.45			1.10			2017
International Equity Advantage		0.90			1.20			N/A			2017	(d)

	Institutional			Open			R6
Portfolio	Shares			Shares			Shares	Year
International Small Cap Equity		1.13	%		1.43	%	N/A		2017
Global Equity Select		1.05			1.35		N/A		2017	(e)
Global Strategic Equity		1.10			1.40		N/A		2017
Managed Equity Volatility		0.75			1.05		N/A		2017	(d)

(a)	Agreement extends, for May 2, 2017 through April 29, 2026, at levels of 1.10% and 1.40%, respectively.
(b)	From January 1, 2016 to April 28, 2016, percentage was 0.70% for R6 Shares.
(c)	Agreement extends, for May 2, 2017 through April 29, 2026, at levels of 1.15% and 1.45%, respectively.
(d)	Agreement is through May 29, 2017.
(e)	From January 1, 2016 to June 28, 2016, percentages were 1.10% and 1.40%, respectively.

During the period ended June 30, 2016, 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 Strategic Equity	$	93,528	$	—	$	4,720	$	2,614
US Mid Cap Equity		23,868		1,186		49,567		—
International Equity Select		77,882		7,792		8,143		6,208
International Equity Concentrated		63,740		22,083		600		6,393
International Equity Advantage		5,813		115,228		298		11,666
Global Equity Select		80,065		—		1,219		6,064
Global Strategic Equity		73,466		4,884		474		6,333
Managed Equity Volatility		6,863		119,453		536		14,890

	R6 Shares
	Management
Portfolio	Fees Waived
US Strategic Equity	$	18,066
International Equity		17,388
International Strategic Equity		6,388

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

The Fund has entered into an administration agreement with State Street to provide certain administrative services. Each Portfolio bears the cost of such

92  Semi-Annual Report

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, 2016, State Street waived its fees as follows:

Portfolio	Amount
International Equity Concentrated	$	9,375
International Equity Advantage		9,375
Global Equity Select		6,250
Global Strategic Equity		9,375
Managed Equity Volatility		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 1940 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 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 Fund Complex”), each a registered management investment company advised by the Investment Manager: (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund), and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Independent Directors may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent 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. Independent Directors’ fees are allocated among the portfolios in the Lazard Fund Complex at a rate of $5,000 per portfolio with the remainder allocated based upon each portfolio’s proportionate share of combined net assets. The Statements of Operations show the Independent 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, 2016 were as follows:

Portfolio	Purchases		Sales
US Equity Concentrated	$	613,181,444	$	404,939,300
US Strategic Equity		33,639,006		45,174,981
US Mid Cap Equity		23,011,616		30,083,658
US Small-Mid Cap Equity		88,819,610		102,298,177
International Equity		491,067,174		125,406,417
International Equity Select		7,598,629		4,884,553
International Equity Concentrated		6,105,249		4,903,291
International Strategic Equity		2,034,607,845		1,378,630,552
International Equity Advantage		889,163		783,876
International Small Cap Equity		43,125,617		26,536,956
Global Equity Select		10,791,487		5,557,710
Global Strategic Equity		15,383,118		5,745,197
Managed Equity Volatility		1,219,981		1,028,860

Semi-Annual Report  93

For the period ended June 30, 2016, The Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and 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.

At June 30, 2016, the Investment Manager owned 95.33%, 10.72% and 75.30% of the outstanding shares of International Equity Advantage, Global Strategic Equity and Managed Equity Volatility Portfolios, respectively.

6. Line of Credit

The Fund has a $50 million Line of Credit Agreement (the “Agreement”) with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings was payable at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee 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, 2016, 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 Strategic Equity	$	451,944	$	1,381,000	1.43%	18
US Mid Cap Equity		280,000		280,000	1.42	1
International Equity Select		235,000		460,000	1.44	2
International Equity Advantage		6,800		6,800	1.47	1
International Small Cap Equity		444,800		500,000	1.43	5
Global Equity Select		250,000		250,000	1.44	1
Global Strategic Equity		145,750		180,000	1.43	8
Managed Equity Volatility		35,000		35,000	1.45	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, 2016 is categorized as Level 2 (see Note 9).

7. Non-US Securities Risk

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

94  Semi-Annual Report

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.

The following table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2016:

	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, 2016
US Equity Concentrated Portfolio
Common Stocks*	$	1,003,850,969		$	—	$	—	$	1,003,850,969
Short-Term Investment		73,316,717			—		—		73,316,717
Total	$	1,077,167,686		$	—	$	—	$	1,077,167,686
US Strategic Equity Portfolio
Common Stocks*	$	107,922,008		$	—	$	—	$	107,922,008
Short-Term Investment		4,965,717			—		—		4,965,717
Total	$	112,887,725		$	—	$	—	$	112,887,725
US Mid Cap Equity Portfolio
Common Stocks*	$	19,095,841		$	—	$	—	$	19,095,841
Short-Term Investment		2,937,386			—		—		2,937,386
Total	$	22,033,227		$	—	$	—	$	22,033,227

Semi-Annual Report  95

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, 2016
US Small-Mid Cap Equity Portfolio
Common Stocks*	$	190,525,429		$	—	$	—	$	190,525,429
Repurchase Agreement		—			7,955,000		—		7,955,000
Total	$	190,525,429		$	7,955,000	$	—	$	198,480,429
International Equity Portfolio
Common Stocks*
Australia	$	—		$	39,034,260	$	—	$	39,034,260
Belgium		—			52,001,589		—		52,001,589
Denmark		—			14,697,225		—		14,697,225
Finland		—			20,520,893		—		20,520,893
France		—			92,398,416		—		92,398,416
Germany		—			9,224,488		—		9,224,488
Ireland		10,087,681			47,716,722		—		57,804,403
Italy		—			20,575,294		—		20,575,294
Japan		—			259,449,204		—		259,449,204
Luxembourg		—			8,924,771		—		8,924,771
Netherlands		—			69,722,390		—		69,722,390
Norway		—			17,915,928		—		17,915,928
Philippines		—			4,886,178		—		4,886,178
Spain		—			13,514,663		—		13,514,663
Sweden		—			42,874,113		—		42,874,113
Switzerland		—			74,267,082		—		74,267,082
Thailand		—			6,888,165		—		6,888,165
Turkey		—			14,244,243		—		14,244,243
United Kingdom		—			160,088,408		—		160,088,408
Other		155,331,584			—		—		155,331,584
Repurchase Agreement		—			91,709,000		—		91,709,000
Total	$	165,419,265		$	1,060,653,032	$	—	$	1,226,072,297
International Equity Select Portfolio
Common Stocks*
Australia	$	—		$	349,392	$	—	$	349,392
Belgium		—			976,869		—		976,869
China		79,234			253,164		—		332,398
Denmark		—			643,205		—		643,205
Finland		—			322,802		—		322,802
France		—			1,081,702		—		1,081,702
Germany		—			368,797		—		368,797
Ireland		239,704			380,623		—		620,327
Italy		—			416,825		—		416,825
Japan		—			3,964,226		—		3,964,226
Netherlands		—			837,785		—		837,785
Norway		—			227,146		—		227,146
Philippines		—			184,829		—		184,829
South Africa		—			831,503		—		831,503
South Korea		—			377,192		—		377,192
Spain		—			338,876		—		338,876
Sweden		—			786,340		—		786,340
Switzerland		—			1,875,890		—		1,875,890
Taiwan		—			916,963		—		916,963
Thailand		—			239,961		—		239,961
Turkey		—			590,294		—		590,294
United Kingdom		—			3,921,400		—		3,921,400
Other		3,050,475			—		—		3,050,475
Short-Term Investment		1,745,091			—		—		1,745,091
Total	$	5,114,504		$	19,885,784	$	—	$	25,000,288

96  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2016
International Equity Concentrated Portfolio
Common Stocks*
Australia	$	—		$	307,392	$	—	$	307,392
Belgium		—			792,247		—		792,247
China		—			301,060		—		301,060
France		—			1,473,989		—		1,473,989
Ireland		—			470,590		—		470,590
Italy		—			481,547		—		481,547
Japan		—			3,395,444		—		3,395,444
Netherlands		—			850,329		—		850,329
Switzerland		—			1,816,842		—		1,816,842
United Kingdom		—			2,443,692		—		2,443,692
Other		2,233,771			—		—		2,233,771
Short-Term Investment		776,958			—		—		776,958
Total	$	3,010,729		$	12,333,132	$	—	$	15,343,861
International Strategic Equity Portfolio
Common Stocks*
Australia	$	—		$	370,121,804	$	—	$	370,121,804
Belgium		—			168,459,521		—		168,459,521
China		—			92,695,873		—		92,695,873
Denmark		—			187,574,338		—		187,574,338
Finland		—			235,800,477		—		235,800,477
France		—			418,046,931		—		418,046,931
Germany		—			280,072,282		—		280,072,282
Indonesia		—			33,101,875		—		33,101,875
Ireland		—			443,753,032		—		443,753,032
Italy		—			130,373,724		—		130,373,724
Japan		—			1,449,852,959		—		1,449,852,959
Netherlands		—			103,874,910		—		103,874,910
New Zealand		—			79,967,002		—		79,967,002
Norway		—			293,886,785		—		293,886,785
Philippines		—			142,259,760		—		142,259,760
South Africa		—			145,234,397		—		145,234,397
Sweden		—			225,412,889		—		225,412,889
Switzerland		—			283,111,403		—		283,111,403
Taiwan		—			119,613,078		—		119,613,078
Thailand		—			57,184,324		—		57,184,324
Turkey		—			67,103,460		—		67,103,460
United Kingdom		—			1,136,627,319		—		1,136,627,319
Other		669,636,957			—		—		669,636,957
Short-Term Investment		462,294,017			—		—		462,294,017
Total	$	1,131,930,974		$	6,464,128,143	$	—	$	7,596,059,117

Semi-Annual Report  97

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, 2016
International Equity Advantage Portfolio
Common Stocks*
Australia	$	—		$	142,564	$	—	$	142,564
Belgium		—			7,624		—		7,624
China		—			3,840		—		3,840
Denmark		—			64,126		—		64,126
Faeroe Islands		—			7,659		—		7,659
Finland		—			38,046		—		38,046
France		—			163,167		—		163,167
Germany		—			116,027		—		116,027
Hong Kong		—			70,920		—		70,920
Ireland		15,073			33,310		—		48,383
Italy		—			13,229		—		13,229
Japan		23,070			410,507		—		433,577
Netherlands		—			61,159		—		61,159
New Zealand		—			9,640		—		9,640
Norway		—			49,358		—		49,358
Portugal		—			23,223		—		23,223
Singapore		—			11,027		—		11,027
South Africa		—			5,285		—		5,285
Spain		—			58,848		—		58,848
Sweden		2,339			38,735		—		41,074
Switzerland		—			177,932		—		177,932
United Kingdom		—			292,846		—		292,846
Other		12,740			—		—		12,740
Short-Term Investment		35,501			—		—		35,501
Total	$	88,723		$	1,799,072	$	—	$	1,887,795
International Small Cap Equity Portfolio
Common Stocks*
Australia	$	—		$	7,109,926	$	—	$	7,109,926
Belgium		—			1,704,259		—		1,704,259
France		—			1,193,939		—		1,193,939
Germany		—			11,167,752		—		11,167,752
Hong Kong		—			835,898		—		835,898
India		—			1,001,079		—		1,001,079
Ireland		—			2,345,997		—		2,345,997
Italy		—			3,327,269		—		3,327,269
Japan		—			33,494,188		—		33,494,188
Netherlands		—			1,301,752		—		1,301,752
New Zealand		—			1,848,523		—		1,848,523
Norway		—			1,391,110		—		1,391,110
Singapore		—			1,092,860		—		1,092,860
Spain		—			1,125,972		—		1,125,972
Sweden		—			6,826,692		—		6,826,692
Switzerland		—			3,069,118		—		3,069,118
Taiwan		—			2,888,632		—		2,888,632
United Arab Emirates		—			739,209		—		739,209
United Kingdom		—			20,422,397		—		20,422,397
United States		710,046			924,985		—		1,635,031
Other		11,139,439			—		—		11,139,439
Short-Term Investment		2,708,528			—		—		2,708,528
Total	$	14,558,013		$	103,811,557	$	—	$	118,369,570

98  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2016
Global Equity Select Portfolio
Common Stocks*
Belgium	$	—		$	737,432	$	—	$	737,432
China		181,694			182,461		—		364,155
Denmark		—			583,268		—		583,268
Finland		—			460,487		—		460,487
Germany		—			950,812		—		950,812
Hong Kong		—			271,781		—		271,781
Ireland		—			587,283		—		587,283
Italy		—			371,234		—		371,234
Japan		—			1,602,854		—		1,602,854
Netherlands		425,386			509,797		—		935,183
Norway		—			99,382		—		99,382
South Africa		—			163,138		—		163,138
Sweden		—			545,239		—		545,239
Switzerland		—			653,064		—		653,064
Thailand		—			181,938		—		181,938
United Kingdom		—			1,690,111		—		1,690,111
Other		15,003,472			—		—		15,003,472
Short-Term Investment		903,881			—		—		903,881
Total	$	16,514,433		$	9,590,281	$	—	$	26,104,714
Global Strategic Equity Portfolio
Common Stocks*
Australia	$	—		$	337,848	$	—	$	337,848
Belgium		—			324,944		—		324,944
China		—			271,009		—		271,009
Denmark		—			365,556		—		365,556
Finland		—			399,775		—		399,775
France		—			409,023		—		409,023
Indonesia		—			133,435		—		133,435
Ireland		—			513,388		—		513,388
Italy		—			211,572		—		211,572
Japan		—			1,122,893		—		1,122,893
New Zealand		—			181,510		—		181,510
Norway		—			177,744		—		177,744
Philippines		—			192,276		—		192,276
South Africa		—			811,817		—		811,817
Switzerland		—			622,357		—		622,357
United Kingdom		—			1,789,969		—		1,789,969
Other		11,441,684			—		—		11,441,684
Short-Term Investment		720,096			—		—		720,096
Total	$	12,161,780		$	7,865,116	$	—	$	20,026,896

Semi-Annual Report  99

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, 2016
Managed Equity Volatility Portfolio
Common Stocks*
Australia	$	—		$	184,616	$	—	$	184,616
Belgium		—			8,764		—		8,764
Denmark		—			21,808		—		21,808
Finland		—			6,233		—		6,233
France		—			5,189		—		5,189
Hong Kong		—			140,294		—		140,294
Israel		6,975			19,933		—		26,908
Japan		—			266,017		—		266,017
Malta		—			10,822		—		10,822
Netherlands		—			14,835		—		14,835
New Zealand		—			17,558		—		17,558
Norway		—			49,401		—		49,401
Singapore		—			65,044		—		65,044
South Africa		—			7,379		—		7,379
Spain		—			2,449		—		2,449
Sweden		—			28,636		—		28,636
Switzerland		—			51,469		—		51,469
United Kingdom		—			150,996		—		150,996
Other		1,579,765			—		—		1,579,765
Short-Term Investment		23,375			—		—		23,375
Total	$	1,610,115		$	1,051,443	$	—	$	2,661,558

* Please refer to Portfolios of Investments (page 28 through 52) and Notes to Portfolios of Investments (page 54 through 57) for portfolio holdings by country and industry.

Certain securities to which footnote (c) in the Notes to Portfolios of Investments apply are included in Level 2 and 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 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. Accordingly, a significant portion of the Portfolios’ investments are categorized as Level 2 investments. A Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period.

At June 30, 2016, securities valued at the following amounts were transferred from Level 1 to Level 2:

Portfolio	Amount
International Equity Select	$165,158

At June 30, 2016, securities valued at the following amounts were transferred from Level 2 to Level 1:

Portfolio	Amount
International Equity	$  5,633,510
International Equity Select	621,912
International Equity Concentrated	295,374
International Strategic Equity	46,060,918

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2016.

For further information regarding security characteristics see Portfolios of Investments.

100  Semi-Annual Report

10. Subsequent Events

Subsequent to June 30, 2016, the Board of the Fund approved the liquidation of US Mid Cap Equity Portfolio. A liquidation payment of US Mid Cap Equity Portfolio’s net assets is anticipated to be distributed to shareholders on or about August 31, 2016.

Management has evaluated subsequent events affecting the Fund through the issuance of the financial statements and has determined that, aside from items previously disclosed, there were no subsequent events that required adjustment or disclosure.

Semi-Annual Report  101

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 (62)	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 (71)	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 (53)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (67 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 (45)	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)
Richard Reiss, Jr. (72)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource Americas, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (68)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

102  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 (55)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (56)	Director	Investment Manager, Chief Executive Officer (2004 – present)
	(July 2005)
		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 funds in the Lazard Fund Complex (comprised of, as of July 31, 2016, 40 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 funds in the Lazard Fund Complex.
(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.

Semi-Annual Report  103

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 (43)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Christopher Snively (31)	Chief Financial Officer (March 2016)	Senior Vice President of the Investment Manager (since November 2015)
		Assurance Manager at PricewaterhouseCoopers LLP (2008 – November 2015)
Stephen St. Clair (57)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (46)	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 (41)	Assistant Secretary (February 2009)	Director (since February 2016, previously Senior Vice President), and Director of Legal Affairs (since July 2015) of the Investment Manager
Shari L. Soloway (34)	Assistant Secretary (November 2015)	Senior Vice President, Legal and Compliance, of the Investment Manager (since September 2015)
		Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015)
		Associate at Clifford Chance US LLP (2006 – July 2011)
Cesar A. Trelles (41)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

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

104  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 28-29, 2016, 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, who advised the Board on relevant legal standards and met with the Independent Directors 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 40 active funds comprises approximately $28 billion (as of April 30, 2016) of the approxi-

mately $191 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2016). The Investment Manager’s representatives noted that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, operations, technology, legal and compliance and marketing infrastructure. 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 $28 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

The Directors reviewed comparative fee, expense ratio and performance (through March 31, 2016) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of all Portfolios.

Advisory Fees and Expense Ratios. The Directors discussed the management fees paid to the Investment Manager (referred to in the Strategic Insight materials

Semi-Annual Report  105

as “advisory fees”) and expense ratios for each Portfolio. They noted the methodology and assumptions used by Strategic Insight. 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 advisory fees and/or reimbursing expenses.

For at least one share class of each Portfolio, current gross advisory fees were at or below the median of the relevant Group, except for the Global Equity Select Portfolio (four or five basis points above the median for each share class) and the Global Strategic Equity Portfolio (both share classes four basis points above the median). It was noted that the Investment Manager proposed to lower the advisory fees for the Global Equity Select Portfolio by five basis points, which would place the advisory fees for both share classes at or below the Group median. For the Global Strategic 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 gross advisory fee was less than three basis points above the median for Open Shares.

It also was noted that, for at least one share class of the Portfolios, expense ratios were at or below the medians of those of the funds in the relevant Group.

The Directors also considered 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 fees paid to the Investment Manager by the Portfolios.

Performance. Strategic Insight’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and Category over one-, three-, five- and ten-year periods ended March 31, 2016 (as applicable). Performance comparisons were not shown for the International Equity Advantage and Managed Equity Volatility Portfolios, which commenced operations in 2015.

The Directors noted that, except as noted, both share classes of the Global Equity Select, Global Strategic Equity Portfolio (Institutional Shares only), International Equity, International Strategic Equity, US Equity Concentrated and US Small-Mid Cap Equity Portfolios were above the average of the performance Group and Category for all periods; the International Equity Select Portfolio’s performance (both share classes) was above the Group average for all periods and above the Category averages for most periods; the International Small Cap Equity Portfolio’s performance (both share classes) was above the average of the Group and Category for all periods except the ten-year period; the International Equity Concentrated Portfolio’s performance was below Group and Category averages for the one-year period (the Portfolio commenced operations in 2014); for the US Mid Cap Equity Portfolio, performance was below averages, except that performance was above the Group and Category averages in the three-year period; and the performance of the US Strategic Equity Portfolio was generally below averages, except that performance was above the average of the Group in the five- (Open Shares only) and ten-year (both share classes) 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. For the US Mid Cap Equity Portfolio, it was noted that management had proposed, and the Board was considering, potentially liquidating, or reorganiz-

106  Semi-Annual Report

ing into another Portfolio, the US Mid Cap Portfolio in light of the Investment Manager’s stated intention to discontinue management of the Portfolio’s strategy as part of its client offerings.¹

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, 2015 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, considered in

relation 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, supported the renewal of the Management Agreement. 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 management fees and expenses (including amending the Management Agreement to lower contractual management fees), 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 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 $191 billion global asset management business.

• The Board generally was satisfied with the 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.

¹ See Note 10 in Notes to Financial Statements.

Semi-Annual Report  107

• The Board concluded that each Portfolio’s fee paid to the Investment Manager supported the renewal of the Management Agreement 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.

In evaluating the Management Agreement, the Board relied on the information described above as well as other information provided by the Investment Manager, in addition to information received on a routine and regular basis throughout the year relating to the operations of the Fund and the investment management and other services provided under the Manage-

ment Agreement, including information on the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Fund and the services provided to the Fund by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Fund’s Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

108  Semi-Annual Report

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, 2016

Fixed Income Funds

Lazard US Corporate Income Portfolio

Lazard US Short Duration Fixed Income Portfolio

Lazard Global Fixed Income Portfolio

PRIVACY NOTICE

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., Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect 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	We collect your personal information, for example, when you:
personal information?	• 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.

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
25	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
48	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,

In the first half of 2016, global equity markets stood firm despite significant bouts of volatility. Concerns about the Chinese economy, commodity price declines, and a series of disappointing earnings announcements pressured equity markets in the early months of 2016. However, they rallied in the latter half of the first quarter and into the second as the US Federal Reserve lowered its forecast for 2016 interest rate increases. Although global equity markets fell again in late-June due to the uncertainty caused by the United Kingdom’s vote to leave the European Union, certain regions rebounded by the end of the period. In addition, signs of some stability in commodity prices helped emerging markets assets during the period.

Volatility also played a role in global bond markets as investors traded largely on risk assessment of macro events. In Europe, the 10-year German bund yield fell below zero for the first time, following Swiss and Japanese 10-year government bonds, which have been in negative territory for some time. The surprising outcome of the UK referendum triggered another rally in safe haven assets, pushing some government bond yields even further into negative territory. The low yield, but still positive, environment continued in the United States.

At Lazard Asset Management, we remain focused on active management and are committed to responsibly pursuing the Portfolios’ investment objectives. We appreciate your continued confidence in our investment management capabilities, and we 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 2016, the US high yield market saw strong demand, pushing prices up and leading to returns in excess of the coupon earned. A growing US economy, low global yields, and a rally in key commodity prices attributed to the market’s return. The best returns this year came from the riskiest subsectors of the market, especially those that were among the poorest performers last year. Prices for CCC-rated and distressed securities as well as struggling commodity-related industries such as energy and metals/mining all generated outsized returns. The high-yield market also benefitted from considerably lower Treasury yields and spread narrowing. The BofA Merrill Lynch BB-B US Cash Pay Non-Distressed High Yield^® Index (the “Cash Pay Index”) returned 6.25%, outperforming the Barclays US Aggregate Bond^® Index, which returned 5.31%, intermediate Treasuries, which returned 5.59%, and the S&P 500^® Index, which returned 3.84%.The investment grade corporate sector outperformed and returned 7.56%.

High yield market spreads narrowed by about 74 basis points (bps) in the first half of the year to 612 bps over Treasuries. The CCC-rated sector narrowed significantly by 255 bps to 1,392 bps and the B-rated sector narrowed by 83 bps to 634 bps. The BB-rated sector, which narrowed the least of the rating sectors at 24 bps, stood at 400 bps over Treasuries at the end of the period. Intermediate Treasury yields (5 to 7 year) decreased markedly, ending at 1.16% on June 30, 2016. For the first half of the year, high-yield mutual fund market flows were positive, totaling about $3.6 billion. This compares favorably to a slightly positive $0.1 billion for the first half of 2015. New US high yield bond issuance was lower at $155 billion for the first half versus $191 billion in the first half of 2015. The domestic high yield market capitalization is now approximately $1.38 trillion. The Standard & Poor’s US speculative-grade trailing 12-month issuer default rate was 4.3% as of June 30, 2016, up from 2.8% in December 2015.

US Short Duration Fixed Income

Global markets were volatile and uncertain during the first half of 2016, as aggressive accommodative monetary policy by central banks and political uncertainty remained key driving forces affecting market direc-

tion. Many fundamental indicators showed growth stabilizing and economic conditions continuing to improve, with economic growth hovering at around 2%, unemployment in the 5% range, and jobless claims continuing to decline. Given these indicators, it was difficult to see recessionary forces forming. During the period, housing prices, lending activity, and confidence levels for both corporates and households returned to pre-crisis levels.

However, given the low return profile of markets and the risk sensitivity of investors, markets generally remained on a razor’s edge ready to react quickly and forcefully to new information, policy, and data. Looking past and through the noise of politics, the affirmative vote on June 23 by the UK to leave the European Union (the so-called “Brexit”), and other global macro events that occurred during the first half of the year, the US economy managed to find stable footing and was supportive of a positive slow growth environment with household and corporate balance sheets having been largely repaired and fears in the market creating an opportunity where spreads remained fairly attractive across a wide range of US securities. From a US perspective, Treasuries remained compelling for global investors, although, in our opinion, they appeared overvalued. Through the first half of the year, the negative rate environment continued to work like an anchor to hold down US yields. We also began to see interesting opportunities developing in structured consumer lending, particularly in the form of credit card and auto asset-backed securities. Through the period, consumer balance sheets were healthy yet spreads for much of the issuance remained wide, as the demand for structured products has diminished since the global financial crisis potentially creating pockets of opportunity.

Global Fixed Income

In the first half of 2016 yields across most global bond markets fell on uneven news flow and seesawing risk sentiment. The start of 2016 was marked by a continuation of markets trends that began during the second half of 2015. A fresh decline in oil prices and equity markets worldwide triggered a further rise in risk aversion, and lifted many core global government bond market returns during the first quarter. The “shock and

Semi-Annual Report  3

awe” decision from the Bank of Japan (BoJ) to follow in the footsteps of the European Central Bank by introducing more monetary easing by way of a negative deposit rate caused the entire Japanese yield curve to rally dramatically at the end of January and into February.

In February, US Federal Reserve Chair Janet Yellen struck a dovish tone and signaled a slower pace of future US interest rate hikes, citing inflation that was below target. This decision perhaps also took into consideration fragile global macro sentiment. The price of oil followed a familiar pattern, with Brent crude dipping by about $5–$6 dollars a barrel, closing the month at about $36 a barrel. Yields for some of the world’s lowest- or negative-yielding bond markets continued their march lower, and euro zone and Japanese bonds outperformed many of their global counterparts during the month.

To the relief of most investors, March was a period of strong risk sentiment and “reversion to the mean” for many markets. In contrast to the prior two months, core government bond markets were relatively stable, while smaller/emerging markets bonds performed strongly. It was a volatile first quarter as the yield on the bellwether 10-year US Treasury bond started the year at 2.27% and ended the first quarter at 1.77%, with considerable price movements along the way. Likewise the yield on a 10-year maturity German bund began 2016 at 0.63% and ended the period at 0.14%.

Volatility dominated global bond markets during the second quarter as investors traded largely on risk assessments of macro events. The period started on a mixed but benign note in April compared to the strong rally in rates during the first quarter. Risk appetites remained fairly strong at that point, as oil and other commodity prices posted strong gains. During May, global bond markets were trading within familiar ranges, with slightly higher rates in the US, and lower yields in Europe and the United Kingdom. Fed Chair Yellen was decidedly more hawkish about interest rates in May, warning that improving economic conditions may warrant further monetary tightening in the summer. However, extremely soft US payroll data for May and the affirmative vote on June 23 by the UK to

leave the European Union (the so-called “Brexit”), which unnerved global financial markets, forced Yellen to once again adopt a more cautious—and dovish—posture during June.

Credit markets had a poor start to the year as spreads widened across most sectors. Global stagnation fears and concerns over central banks’ ability to prop up growth weighed heavily on these markets in January. By March, credit sectors reversed out dramatically, and high yield outperformed investment-grade corporates by enough to end the first quarter with both sectors producing similar total returns of over 3%. Interestingly, local currency emerging markets bonds outperformed the sovereign external debt market, perhaps because valuations had been particularly stretched in recent quarters.

For the second quarter, credit spreads were mixed across sectors and geographical markets, with spreads tightening for select investment grade and high-yield issues, thus generally keeping pace or, in some cases, exceeding government bond performance. Within the high-yield market, energy and mining companies fared the best and outperformed other sectors, which was in line with the recent recovery in oil and commodity prices. Within the investment grade space, industrials generally outperformed financials, which were under acute pressure in Europe and the UK due to concerns over profits amid uncertainty about the impact of the Brexit vote.

Volatility in currency markets remained elevated, and the dispersion of returns was quite wide during January and February, in line with global macro and domestic events. The Japanese yen appreciated sharply in February, which may have seemed counter-intuitive given the BoJ’s surprise move to negative rates; however, it gained further momentum along with the “flight to quality” Treasury rally at that time, and was exacerbated by technical factors as short-yen market positioning was painfully reversed.

The volatility continued through the second quarter, with the US dollar initially selling off against many currencies as oil and commodity prices moved higher in April, taking respective commodity/emerging market

4  Semi-Annual Report

currencies higher in the process. The month of May brought general dollar strength and perhaps some reversion to the mean, given the prior year-to-date dollar weakness. Currency movements in June were fairly steady until the surprise Brexit vote, which unleashed widespread currency moves amid uncertainty about the outcome and the impact of the affirmative vote.

Lazard US Corporate Income Portfolio

For the six months ended June 30, 2016, the Lazard US Corporate Income Portfolio’s Institutional Shares posted a total return of 5.77%, while Open Shares posted a total return of 5.60%, as compared with the 6.25% return for the Cash Pay Index.

The Portfolio underperformed over the first six months of 2016 due, in part, to its shorter maturity structure relative to the Cash Pay Index. Longer maturity assets posted some of the best returns. The Portfolio’s effective duration is approximately 4.1 years as compared to the Cash Pay Index duration of 4.6 years. The Portfolio is shorter in maturity by design to protect against rising rates. Also, the Portfolio’s higher quality focus, with an overweight position in BB-rated securities, detracted from performance. Performance was helped by underweight positions in the banking and healthcare sectors. To a lesser extent, an underweight position in financial services and an overweight position in capital goods also aided performance. Performance was hurt by an overweight position in energy and an underweight position in basic materials. To a lesser extent, an overweight position in the media sector also detracted from performance. Through the market volatility of the past few years, we have maintained our credit discipline. As of June 30, 2016, approximately 76% of the holdings by market value were rated BB- or better by Standard & Poor’s and 89% were rated B+ or better.

Lazard US Short Duration Fixed Income Portfolio

For the six months ended June 30, 2016, the Lazard US Short Duration Fixed Income Portfolio’s Institutional Shares posted a total return of 0.95%, while Open Shares posted a total return of 0.90%, as compared with the 1.43% return for the BofA Merrill Lynch 1-3 Year US Treasury^® Index.

Performance was hurt by the Portfolio’s short duration positioning relative to the Index, particularly the 2-3 year part of the curve. Exposure to US energy corporates and US Consumer asset backed securities (ABS) aided performance as these sectors outperformed.

In the period, we added duration to the Portfolio after the US Federal Reserve signaled a “lower–for–longer” interest rate environment. We continued to be overweight corporate credit with a focus on financials and energy, which remained attractively priced. We also increased positions in consumer ABS. We remained underweight US Treasury bonds and had no exposure to Agency Debentures because we believed these safety assets to be richly priced.

Lazard Global Fixed Income Portfolio

For the six months ended June 30, 2016, the Lazard Global Fixed Income Portfolio’s Institutional Shares posted a total return of 6.50%, while Open Shares posted a total return of 6.35%, as compared with the 8.96% return for the Barclays Capital Global Aggregate Bond^® Index.

The Portfolio’s performance was helped by country allocation, especially through overweight exposures to relatively high-quality countries such as Norway, Australia, New Zealand, and Singapore. In addition, overweight exposure to the Australian dollar, New Zealand dollar, Canadian dollar, and Chilean peso added value. Security selection, specifically in the United States, also contributed positively to performance. Conversely, the Portfolio’s underweight exposure to core Europe and Japan, and the resulting duration underweight, detracted from performance.

The Portfolio management team utilizes forward currency contracts, both opportunistically and defensively, for hedging purposes. During the first half of 2016, the use of forward currency contracts did not have a material impact on the Portfolio.

Semi-Annual Report  5

Notes to Investment Overviews:

Total 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. Return for 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, 2016; 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, 2016

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	2.47%	5.51%	6.14%
Open Shares**	2.18%	5.16%	5.84%
Cash Pay Index	2.45%	5.97%	6.48%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and may differ from amounts reported in the financial highlights.
	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, 2016

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	0.72%	1.07%	1.31%
Open Shares**	1.64%	1.03%	1.25%
BofA Merrill Lynch 1-3 Year US Treasury Index	1.31%	0.81%	0.91%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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, 2016

	One	Since
	Year	Inception	†
Institutional Shares**	4.97%	0.30%
Open Shares**	4.55%	0.01%
Barclays Capital Global Aggregate Bond Index	8.87%	1.59%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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, 2016 through June 30, 2016 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.

10  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/16	Ending Account Value 6/30/16	Expenses Paid During Period* 1/1/16 - 6/30/16	Annualized Expense Ratio During Period 1/1/16 - 6/30/16
US Corporate Income
Institutional Shares
Actual	$1,000.00	$1,057.70	$2.81	0.55%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.13	$2.77	0.55%
Open Shares
Actual	$1,000.00	$1,056.00	$4.35	0.85%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.64	$4.27	0.85%
US Short Duration Fixed Income
Institutional Shares
Actual	$1,000.00	$1,009.50	$2.00	0.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.87	$2.01	0.40%
Open Shares
Actual	$1,000.00	$1,009.00	$3.50	0.70%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.38	$3.52	0.70%
Global Fixed Income
Institutional Shares
Actual	$1,000.00	$1,065.00	$3.85	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.13	$3.77	0.75%
Open Shares
Actual	$1,000.00	$1,063.50	$5.39	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$5.27	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 182/366 (to reflect one-half year period).

Semi-Annual Report  11

The Lazard Funds, Inc. Portfolio Holdings Presented by Credit Rating June 30, 2016 (unaudited)

S&P Credit Rating*	Lazard US Corporate Income Portfolio			Lazard US Short Duration Fixed Income Portfolio			Lazard Global Fixed Income Portfolio
AAA		—	%		5.4	%		9.6	%
AA+		—			58.7			14.0
AA		—			—			1.3
AA-		—			—			5.4
A+		—			—			12.5
A		—			1.9			10.2
A-		—			5.6			9.2
BBB+		—			14.9			10.1
BBB		2.4			3.7			5.3
BBB-		6.5			1.9			6.0
BB+		16.4			—			4.8
BB		24.9			—			0.4
BB-		21.8			—			—
B+		13.1			—			—
B		6.4			—			—
B-		2.8			—			—
CC		0.2			—			—
CCC+		0.6			—			—
NR		—			—			2.8
NA		0.4			6.4			4.7
Short-Term Investments		4.5			1.5			3.7
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, 2016 (unaudited)

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds  |  95.7%
Aerospace & Defense  |  2.0%
Bombardier, Inc., 7.750%, 03/15/20 (a)	$	975	$	957,937
DigitalGlobe, Inc., 5.250%, 02/01/21 (a)		1,750		1,627,500
KLX, Inc., 5.875%, 12/01/22 (a)		1,400		1,372,000
Triumph Group, Inc., 4.875%, 04/01/21		1,400		1,316,000
				5,273,437
Auto Components  |  0.7%
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23		1,800		1,858,500
Automobiles  |  0.7%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		1,800		1,788,750
Beverages  |  0.4%
Constellation Brands, Inc., 7.250%, 05/15/17		950		995,125
Biotechnology  |  0.6%
Grifols Worldwide Operations, Ltd., 5.250%, 04/01/22		1,475		1,500,813
Building Products  |  0.8%
Griffon Corp., 5.250%, 03/01/22		1,400		1,382,500
USG Corp., 9.750%, 01/15/18		675		739,969
				2,122,469
Capital Markets  |  1.6%
Argos Merger Sub, Inc., 7.125%, 03/15/23 (a)		1,600		1,646,000
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,477,500
MPT Operating Partnership LP, 6.375%, 03/01/24		1,010		1,075,650
				4,199,150

Description	Principal Amount (000)		Fair Value
Chemicals  |  4.0%
Chemtura Corp., 5.750%, 07/15/21	$	1,400	$	1,414,000
Eagle Spinco, Inc., 4.625%, 02/15/21		1,400		1,433,250
Huntsman International LLC, 4.875%, 11/15/20		1,600		1,608,000
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		978,482
NOVA Chemicals Corp., 5.250%, 08/01/23 (a)		1,800		1,809,000
Platform Specialty Products Corp., 6.500%, 02/01/22 (a)		1,700		1,496,000
WR Grace & Co-Conn, 5.125%, 10/01/21 (a)		1,700		1,746,750
				10,485,482
Commercial Services & Supplies  |  4.2%
ACCO Brands Corp., 6.750%, 04/30/20		1,750		1,852,812
Ashtead Capital, Inc., 6.500%, 07/15/22 (a)		1,700		1,769,054
Avis Budget Car Finance, Inc., 5.125%, 06/01/22 (a)		1,600		1,544,000
Clean Harbors, Inc., 5.250%, 08/01/20		1,750		1,791,563
R.R. Donnelley & Sons Co., 7.250%, 05/15/18		1,016		1,079,500
The ADT Corp., 6.250%, 10/15/21		1,400		1,495,900
West Corp., 5.375%, 07/15/22 (a)		1,750		1,627,500
				11,160,329
Communications Equipment  |  1.2%
CommScope, Inc., 5.000%, 06/15/21 (a)		1,500		1,532,250
Plantronics, Inc., 5.500%, 05/31/23 (a)		1,750		1,728,125
				3,260,375
Construction Materials  |  0.7%
Standard Industries, Inc., 5.375%, 11/15/24 (a)		1,750		1,780,625

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

Semi-Annual Report  13

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Containers & Packaging | 5.2%
Ball Corp., 4.000%, 11/15/23	$	1,900	$	1,871,500
Cascades, Inc., 5.500%, 07/15/22 (a)		1,500		1,456,875
Crown Americas LLC, 4.500%, 01/15/23		1,800		1,836,000
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (a)		1,892		1,894,365
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,500		1,549,380
Sealed Air Corp., 4.875%, 12/01/22 (a)		1,700		1,748,875
Silgan Holdings, Inc., 5.000%, 04/01/20		1,475		1,510,031
Smurfit Kappa Acquisitions, 4.875%, 09/15/18 (a)		1,050		1,095,937
Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25		750		876,563
				13,839,526
Diversified Financial Services  |  2.0%
Level 3 Financing, Inc., 5.125%, 05/01/23		1,800		1,784,250
Schaeffler Finance BV, 4.750%, 05/15/21 (a)		1,850		1,889,312
Virgin Media Secured Finance PLC, 5.375%, 04/15/21 (a)		1,629		1,669,725
				5,343,287
Diversified Telecommunication Services  |  1.9%
CenturyLink, Inc., 5.625%, 04/01/20		1,800		1,863,000
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,643,550
SBA Telecommunications, Inc., 5.750%, 07/15/20		1,500		1,545,000
				5,051,550
Electronic Equipment, Instruments & Components  |  0.7%
Belden, Inc., 5.500%, 09/01/22 (a)		1,750		1,763,125
Energy Equipment & Services  |  0.4%
Hornbeck Offshore Services, Inc., 5.000%, 03/01/21		1,600		948,000

Description	Principal Amount (000)		Fair Value
Food & Staples Retailing  |  1.3%
Albertsons Cos. LLC, 6.625%, 06/15/24 (a)	$	1,750	$	1,806,875
Ingles Markets, Inc., 5.750%, 06/15/23		1,750		1,771,875
				3,578,750
Food Products  |  2.1%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,500,000
Darling Ingredients, Inc., 5.375%, 01/15/22		850		877,098
Post Holdings, Inc., 7.375%, 02/15/22		1,650		1,734,562
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,530,000
				5,641,660
Gas Utilities  |  0.7%
AmeriGas Partners LP,  5.625%, 05/20/24		1,000		1,007,500
Ferrellgas LP, 6.500%, 05/01/21		500		458,750
Ferrellgas Partners LP, 8.625%, 06/15/20		520		520,000
				1,986,250
Health Care Equipment & Supplies  |  1.4%
Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (a)		1,800		1,840,500
Hologic, Inc., 5.250%, 07/15/22 (a)		1,800		1,881,000
				3,721,500
Health Care Providers & Services  |  4.9%
Centene Corp., 6.125%, 02/15/24 (a)		1,750		1,860,469
Community Health Systems, Inc., 8.000%, 11/15/19		1,400		1,366,750
Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 (a)		1,097		1,189,554
HCA, Inc.,  6.500%, 02/15/20		1,600		1,774,000
HealthSouth Corp., 5.125%, 03/15/23		1,801		1,764,980
LifePoint Health, Inc., 5.500%, 12/01/21		1,400		1,459,500
Molina Healthcare, Inc., 5.375%, 11/15/22 (a)		1,700		1,695,750

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

14  Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Tenet Healthcare Corp.:
4.750%, 06/01/20	$	700	$	717,010
4.375%, 10/01/21		1,250		1,243,750
				13,071,763
Hotels, Restaurants & Leisure  |  5.7%
1011778 BC ULC, 4.625%, 01/15/22 (a)		1,800		1,827,000
Cedar Fair LP, 5.250%, 03/15/21		1,800		1,844,199
Cinemark USA, Inc., 4.875%, 06/01/23		1,800		1,777,500
GLP Capital LP, 4.875%, 11/01/20		1,500		1,565,385
Hilton Worldwide Finance LLC, 5.625%, 10/15/21		1,750		1,811,250
International Game Technology PLC:
5.625%, 02/15/20 (a)		250		263,438
6.250%, 02/15/22 (a)		1,450		1,485,945
MGM Resorts International, 6.625%, 12/15/21		1,000		1,087,500
Six Flags Entertainment Corp., 5.250%, 01/15/21 (a)		1,400		1,443,750
Wynn Las Vegas LLC, 5.375%, 03/15/22		2,007		2,042,122
				15,148,089
Household Durables  |  0.7%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,802,500
Independent Power & Renewable Electricity Producers  |  1.1%
AES Corp., 7.375%, 07/01/21		1,095		1,234,613
Calpine Corp., 6.000%, 01/15/22 (a)		1,500		1,571,250
				2,805,863
Internet & Catalog Retail  |  0.6%
Netflix, Inc., 5.375%, 02/01/21		1,450		1,539,886
Internet Software & Services  |  0.7%
VeriSign, Inc., 4.625%, 05/01/23		1,800		1,822,500

Description	Principal Amount (000)		Fair Value
IT Services  |  0.7%
First Data Corp.:
6.750%, 11/01/20 (a)	$	260	$	271,567
5.375%, 08/15/23 (a)		1,600		1,624,816
				1,896,383
Machinery  |  1.2%
Amsted Industries, Inc., 5.000%, 03/15/22 (a)		1,700		1,700,000
Terex Corp., 6.500%, 04/01/20		1,600		1,614,000
				3,314,000
Marine  |  0.2%
Hapag-Lloyd AG, 9.750%, 10/15/17 (a)		533		531,668
Media  |  14.3%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,488,750
Cable One, Inc., 5.750%, 06/15/22 (a)		1,750		1,793,750
Cablevision Systems Corp., 7.750%, 04/15/18		1,500		1,605,930
CCO Holdings LLC, 5.250%, 03/15/21		1,950		2,018,250
Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (a)		1,800		1,820,250
Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,750		1,750,000
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,632,000
Lamar Media Corp., 5.875%, 02/01/22		1,685		1,752,400
LIN Television Corp., 5.875%, 11/15/22		1,750		1,758,750
Mediacom Broadband LLC, 5.500%, 04/15/21		1,500		1,530,000
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,522,500
Regal Entertainment Group, 5.750%, 03/15/22		1,450		1,486,250
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,900		1,957,000
Sirius XM Radio, Inc., 5.750%, 08/01/21 (a)		1,500		1,558,125
Starz LLC, 5.000%, 09/15/19		725		738,594

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

Semi-Annual Report  15

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
TEGNA, Inc.:
7.125%, 09/01/18	$	469	$	472,037
6.375%, 10/15/23		1,500		1,593,750
The McClatchy Co., 9.000%, 12/15/22		1,100		1,072,500
Time, Inc., 5.750%, 04/15/22 (a)		1,425		1,339,500
Tribune Media Co., 5.875%, 07/15/22		1,800		1,791,000
Unitymedia Hessen GmbH & Co. KG, 5.500%, 01/15/23 (a)		1,800		1,809,000
Univision Communications, Inc., 5.125%, 05/15/23 (a)		1,800		1,786,500
Videotron, Ltd., 5.000%, 07/15/22		1,808		1,871,280
WMG Acquisition Corp., 6.000%, 01/15/21 (a)		1,620		1,668,600
				37,816,716
Metals & Mining  |  3.3%
Anglo American Capital PLC, 4.875%, 05/14/25 (a)		1,250		1,187,500
ArcelorMittal, 6.500%, 03/01/21		1,400		1,438,500
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		1,925,000
Glencore Funding LLC, 4.625%, 04/29/24 (a)		2,000		1,870,000
Steel Dynamics, Inc., 6.125%, 08/15/19		1,800		1,863,000
Tronox Finance LLC, 6.375%, 08/15/20		650		482,625
				8,766,625
Multiline Retail  |  1.4%
Dollar Tree, Inc., 5.750%, 03/01/23 (a)		1,750		1,859,375
J.C. Penney Corp., Inc., 5.875%, 07/01/23 (a)		1,800		1,813,500
				3,672,875
Oil, Gas & Consumable Fuels  |  10.7%
Antero Resources Corp., 5.125%, 12/01/22		1,850		1,776,000
Cenovus Energy, Inc., 3.800%, 09/15/23		2,000		1,858,124
Continental Resources, Inc., 4.500%, 04/15/23		2,000		1,865,000

Description	Principal Amount (000)		Fair Value
Energy Transfer Equity LP, 7.500%, 10/15/20	$	1,250	$	1,325,000
Kinder Morgan, Inc.:
7.000%, 06/15/17		650		676,934
5.000%, 02/15/21 (a)		1,275		1,343,916
Newfield Exploration Co., 5.625%, 07/01/24		1,900		1,900,000
Northern Tier Energy LLC, 7.125%, 11/15/20		1,250		1,271,875
ONEOK Partners LP, 5.000%, 09/15/23		2,000		2,106,546
PBF Holding Co. LLC:
8.250%, 02/15/20		900		933,750
7.000%, 11/15/23 (a)		900		869,625
Range Resources Corp., 5.000%, 08/15/22		1,700		1,602,250
Regency Energy Partners LP, 5.750%, 09/01/20		1,300		1,364,748
Rockies Express Pipeline LLC, 6.850%, 07/15/18 (a)		1,450		1,504,375
Suburban Propane Partners LP, 7.375%, 08/01/21		1,531		1,593,197
Sunoco LP, 6.375%, 04/01/23 (a)		1,700		1,687,250
Targa Resources Partners LP, 5.250%, 05/01/23		1,800		1,701,000
Tesoro Logistics LP, 6.125%, 10/15/21		1,383		1,431,405
Whiting Petroleum Corp., 5.750%, 03/15/21		900		813,375
WPX Energy, Inc., 6.000%, 01/15/22		900		837,000
				28,461,370
Personal Products  |  0.5%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (a)		1,500		1,417,500
Pharmaceuticals  |  1.2%
Endo Finance LLC, 5.750%, 01/15/22 (a)		1,600		1,443,840
Mallinckrodt International Finance SA, 5.750%, 08/01/22 (a)		1,700		1,618,188
				3,062,028
Professional Services  |  1.4%
IHS, Inc., 5.000%, 11/01/22		1,750		1,806,875
Nielsen Finance LLC, 5.000%, 04/15/22 (a)		1,800		1,836,000
				3,642,875

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

16  Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (concluded)
Real Estate Investment Trusts (REITs)  |  3.3%
Communications Sales & Leasing, Inc., 6.000%, 04/15/23 (a)	$	1,700	$	1,729,750
Crown Castle International Corp., 4.875%, 04/15/22		1,500		1,647,300
Equinix, Inc., 4.875%, 04/01/20		1,872		1,942,200
Iron Mountain, Inc., 6.000%, 08/15/23		1,700		1,789,250
RHP Hotel Properties LP, 5.000%, 04/15/23		1,775		1,761,687
				8,870,187
Real Estate Management & Development  |  0.6%
DuPont Fabros Technology LP, 5.875%, 09/15/21		1,400		1,468,250
Road & Rail  |  0.6%
Herc Spinoff Escrow Issuer LLC, 7.750%, 06/01/24 (a)		1,700		1,657,500
Semiconductors & Semiconductor Equipment  |  0.5%
Amkor Technologies, Inc., 6.625%, 06/01/21		1,400		1,359,750
Software  |  1.1%
Activision Blizzard, Inc., 5.625%, 09/15/21 (a)		1,400		1,466,500
Nuance Communications, Inc., 5.375%, 08/15/20 (a)		1,373		1,397,028
				2,863,528
Specialty Retail  |  0.7%
Group 1 Automotive, Inc., 5.000%, 06/01/22		1,912		1,883,320
Technology Hardware, Storage & Peripherals  |  2.5%
Denali Borrower Finance Corp., 5.625%, 10/15/20 (a)		1,400		1,468,600
Diamond 1 Finance Corp., 7.125%, 06/15/24 (a)		1,775		1,854,417
NCR Corp., 4.625%, 02/15/21		1,568		1,552,320

Description	Principal Amount (000)		Fair Value
Western Digital Corp., 7.375%, 04/01/23 (a)	$	1,700	$	1,810,500
				6,685,837
Trading Companies & Distributors  |  3.1%
Aircastle, Ltd., 5.125%, 03/15/21		1,500		1,560,000
HD Supply, Inc., 5.250%, 12/15/21 (a)		1,500		1,572,660
International Lease Finance Corp., 8.750%, 03/15/17		500		522,000
United Rentals North America, Inc.:
7.375%, 05/15/20		200		208,000
4.625%, 07/15/23		1,100		1,111,000
5.750%, 11/15/24		1,650		1,662,375
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,612,000
				8,248,035
Wireless Telecommunication Services  |  2.1%
Inmarsat Finance PLC, 4.875%, 05/15/22 (a)		1,750		1,596,875
Intelsat Jackson Holdings SA, 7.250%, 04/01/19		750		547,500
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,408,625
T-Mobile USA, Inc., 6.250%, 04/01/21		1,850		1,929,772
				5,482,772
Total Corporate Bonds (Cost $252,665,441)				253,590,523

Description	Shares		Fair Value
Short-Term Investment  |  4.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $11,837,992)		11,837,992	$	11,837,992
Total Investments  |  100.2% (Cost $264,503,433) (b)			$	265,428,515
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(404,226	)
Net Assets  |  100.0%			$	265,024,289

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

Semi-Annual Report  17

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities  |  11.8%
Automobiles  |  9.2%
Ally Auto Receivables Trust:
1.470%, 04/15/20	$	1,750	$	1,761,995
1.390%, 09/16/19		1,275		1,278,745
GM Financial Automobile Leasing Trust,
1.530%, 09/20/18		1,460		1,467,904
1.680%, 12/20/18		1,625		1,636,425
GMF Floorplan Owner Revolving Trust, 1.650%, 05/15/20 (a)		1,200		1,201,595
BMW Vehicle Lease Trust, 1.400%, 09/20/18		2,175		2,182,179
				9,528,843
Banks  |  2.6%
Citibank Credit Card Issuance Trust, 5.650%, 09/20/19		2,550		2,695,856
Total Asset-Backed Securities (Cost $12,230,578)				12,224,699
Corporate Bonds  |  26.2%
Banks  |  11.8%
Bank of America Corp.:
2.000%, 01/11/18		3,287		3,309,585
5.650%, 05/01/18		900		964,483
Citigroup, Inc., 1.800%, 02/05/18		4,200		4,218,518
JPMorgan Chase & Co., 6.300%, 04/23/19		3,325		3,738,909
				12,231,495
Biotechnology  |  2.0%
AbbVie, Inc., 1.800%, 05/14/18		2,100		2,114,813
Capital Markets  |  6.1%
Morgan Stanley, 2.125%, 04/25/18		2,391		2,416,024
The Goldman Sachs Group, Inc., 7.500%, 02/15/19		3,475		3,971,143
				6,387,167

Description	Principal Amount (000)		Fair Value
Consumer Finance  |  2.2%
Ford Motor Credit Co. LLC, 5.000%, 05/15/18	$	2,125	$	2,251,510
Food & Staples Retailing  |  0.6%
CVS Health Corp., 1.900%, 07/20/18		600		608,982
Oil, Gas & Consumable Fuels  |  3.5%
Anadarko Petroleum Corp., 6.375%, 09/15/17		256		269,456
Marathon Oil Corp., 6.000%, 10/01/17		1,959		2,029,624
ONEOK Partners LP, 2.000%, 10/01/17		1,300		1,298,220
				3,597,300
Total Corporate Bonds (Cost $27,147,356)				27,191,267
Municipal Bonds  |  1.8%
Kentucky  |  1.8%
Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18 (Cost $1,918,126)		1,881		1,922,656
US Government Securities  |  25.8%
Mortgage-Backed Securities  |  25.8%
Federal Home Loan Mortgage Corp.:
Pool# 1B4676, 3.023%, 05/01/40 (c)		679		720,021
Pool# 1B8709, 2.515%, 08/01/34 (c)		1,789		1,877,845
Pool# 1H2577, 2.665%, 09/01/35 (c)		1,056		1,117,459
Pool# 848138, 2.696%, 07/01/38 (c)		976		1,034,096
Pool# 848514, 2.786%, 03/01/32 (c)		1,969		2,076,006
Pool# 848517, 2.608%, 12/01/34 (c)		1,441		1,524,300
Pool# 849414, 2.659%, 07/01/35 (c)		1,773		1,871,436
Pool# G13867, 5.000%, 06/01/25		414		443,957
Federal National Mortgage Association:
Pool# 725296, 2.561%, 03/01/34 (c)		784		821,210
Pool# 725429, 5.000%, 05/01/19		315		325,613
Pool# 889735, 5.500%, 07/01/23		360		391,147
Pool# 889828, 5.000%, 10/01/19		225		232,655
Pool# 963058, 3.026%, 05/01/38 (c)		746		791,573

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

18  Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Pool# 995609, 2.645%, 04/01/35 (c)	$	939	$	996,977
Pool# AD0278, 4.285%, 09/01/39 (c)		200		212,792
Pool# AD0701, 2.485%, 02/01/37 (c)		1,042		1,086,625
Pool# AE0149, 2.604%, 12/01/36 (c)		943		997,645
Pool# AE0315, 4.500%, 02/01/21		81		83,653
Pool# AE0887, 2.723%, 09/01/40 (c)		400		422,107
Pool# AL0345, 2.758%, 11/01/35 (c)		817		861,930
Pool# AL3232, 2.647%, 02/01/40 (c)		445		471,008
Pool# AL3260, 2.521%, 07/01/38 (c)		560		597,637
Pool# AL3739, 2.623%, 07/01/38 (c)		308		325,450
Pool# AL3746, 2.604%, 01/01/37 (c)		1,018		1,075,957
Pool# AL3941, 6.000%, 03/01/24		472		507,877
Pool# AL4118, 2.561%, 05/01/35 (c)		647		681,280
Pool# AL4545, 2.601%, 05/01/39 (c)		849		896,330
Pool# AL4660, 2.670%, 11/01/41 (c)		888		937,068
Pool# AL5574, 2.585%, 12/01/40 (c)		1,412		1,492,025
Pool# AL5642, 2.660%, 05/01/39 (c)		1,892		2,000,660
Total US Government Securities (Cost $26,934,977)				26,874,339
US Treasury Securities  |  32.7%
US Treasury Notes:
1.000%, 03/15/18		11,855		11,937,428
0.875%, 03/31/18		18,995		19,089,234
1.375%, 06/30/18		2,885		2,928,950
Total US Treasury Securities (Cost $33,819,343)				33,955,612

Description	Shares		Fair Value
Short-Term Investment  |  1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $1,516,951)		1,516,951	$	1,516,951
Total Investments   |  99.8% (Cost $103,567,331) (b)			$	103,685,524
Cash and Other Assets in Excess of Liabilities  |  0.2%				217,049
Net Assets  |  100.0%			$	103,902,573

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

Semi-Annual Report  19

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds  |  36.3%
Australia  |  2.1%
Telstra Corp., Ltd., 4.000%, 11/15/17	AUD		110	$	83,578
Toyota Finance Australia, Ltd., 4.250%, 05/15/19	AUD		35		27,254
					110,832
Belgium  |  1.1%
Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21	USD		55		56,994
Canada  |  4.5%
Shaw Communications, Inc., 5.650%, 10/01/19	CAD		45		38,578
Suncor Energy, Inc., 6.100%, 06/01/18	USD		50		54,068
The Bank of Nova Scotia, 2.125%, 09/11/19	USD		55		56,425
The Toronto-Dominion Bank:
2.250%, 11/05/19	USD		55		56,440
2.621%, 12/22/21	CAD		45		36,484
					241,995
France  |  1.3%
Orange SA, 5.375%, 07/08/19	USD		65		72,171
Germany  |  2.3%
BMW Finance NV, 3.375%, 12/14/18	GBP		60		84,031
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20	USD		40		41,100
					125,131
Italy  |  1.3%
Atlantia SpA, 4.375%, 09/16/25	EUR		50		71,998
Netherlands  |  1.1%
Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20	NZD		80		61,518
Norway  |  1.2%
Statoil ASA, 3.700%, 03/01/24	USD		60		64,837

Description	Security Currency	Principal Amount (000)		Fair Value
United Kingdom  |  3.6%
GKN Holdings PLC, 6.750%, 10/28/19	GBP		30	$	45,298
Rolls-Royce PLC, 6.750%, 04/30/19	GBP		50		76,642
SSE PLC, 5.000%, 10/01/18	GBP		50		72,165
					194,105
United States  |  17.8%
Alphabet, Inc., 3.625%, 05/19/21	USD		25		27,572
Apple, Inc., 3.850%, 05/04/43	USD		95		95,450
Citigroup, Inc., 3.595%, 05/04/21 (c)	AUD		95		70,730
Constellation Brands, Inc., 7.250%, 05/15/17	USD		60		62,850
General Electric Co., 5.500%, 02/01/17	NZD		90		65,096
HCA, Inc., 6.500%, 02/15/20	USD		50		55,437
John Deere Canada Funding, Inc.:
2.300%, 01/17/18	CAD		35		27,483
2.050%, 09/17/20	CAD		35		27,508
John Deere Capital Corp., 2.300%, 09/16/19	USD		40		41,239
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		45		50,084
Nestle Holdings, Inc.:
2.500%, 07/10/17	NOK		250		30,287
2.750%, 04/15/20	NOK		340		43,071
Sealed Air Corp., 4.875%, 12/01/22	USD		20		20,575
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19	NZD		110		82,107
3.625%, 01/22/23	USD		60		62,960
The Home Depot, Inc., 2.625%, 06/01/22	USD		55		57,567
Union Pacific Corp., 4.163%, 07/15/22	USD		55		61,904
United Rentals North America, Inc., 4.625%, 07/15/23	USD		45		45,450
Valero Energy Corp., 6.125%, 02/01/20	USD		30		33,861
					961,231
Total Corporate Bonds (Cost $2,026,380)					1,960,812

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

20  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Foreign Government Obligations  |  42.7%
Australia  |  1.7%
Queensland Treasury Corp., 5.500%, 06/21/21	AUD		55	$	47,800
Western Australian Treasury Corp., 6.000%, 10/16/23	AUD		45		41,619
					89,419
Bahamas  |  2.0%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		95		107,547
Bermuda  |  2.0%
Government of Bermuda, 5.603%, 07/20/20	USD		100		109,743
Canada  |  5.0%
City of Vancouver, 2.900%, 11/20/25	CAD		50		41,044
Province of British Columbia, 3.700%, 12/18/20	CAD		60		51,658
Province of Ontario:
2.450%, 06/29/22	USD		45		47,096
1.950%, 01/27/23	CAD		75		59,699
Province of Quebec, 3.500%, 07/29/20	USD		65		70,508
					270,005
Chile  |  1.1%
Republic of Chile, 5.500%, 08/05/20	CLP		37,500		59,828
Colombia  |  2.1%
Republic of Colombia, 7.375%, 03/18/19	USD		100		114,375
Hungary  |  1.9%
Hungary Government Bond, 5.500%, 06/24/25	HUF		24,930		104,671
Ireland  |  1.6%
Irish Treasury, 3.400%, 03/18/24	EUR		65		89,003

Description	Security Currency	Principal Amount (000)		Fair Value
Italy  |  1.0%
Italy Buoni Poliennali Del Tesoro, 1.500%, 06/01/25	EUR		47	$	53,630
Mexico  |  5.9%
Mexican Bonos:
6.500%, 06/09/22	MXN		1,870		106,682
7.750%, 05/29/31	MXN		1,140		70,807
Mexican Udibonos, 2.500%, 12/10/20	MXN		1,191		65,955
United Mexican States, 6.750%, 02/06/24	GBP		48		76,201
					319,645
New Zealand  |  3.1%
New Zealand Government Bonds:
3.000%, 04/15/20	NZD		130		96,011
6.000%, 05/15/21	NZD		40		32,684
New Zealand Local Government Funding Agency, 6.000%, 12/15/17	NZD		50		37,459
					166,154
Norway  |  2.4%
Oslo Kommune, 3.550%, 02/12/21	NOK		1,000		129,553
Philippines  |  2.5%
Republic of Philippines, 4.950%, 01/15/21	PHP		6,000		132,632
Poland  |  4.4%
Poland Government Bond, 1.750%, 01/25/21 (c)	PLN		728		181,767
Republic of Poland, 3.000%, 03/17/23	USD		55		55,935
					237,702
Romania  |  2.4%
Romanian Government Bonds:
3.625%, 04/24/24	EUR		38		46,756
2.875%, 10/28/24	EUR		23		26,737
4.750%, 02/24/25	RON		205		55,174
					128,667
Singapore  |  2.7%
Singapore Government Bond, 3.000%, 09/01/24	SGD		184		148,815

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

Semi-Annual Report  21

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Spain  |  0.9%
Spain Government Bond, 1.600%, 04/30/25	EUR		40	$	46,382
Total Foreign Government Obligations (Cost $2,369,611)					2,307,771
Quasi Government Bonds  |  3.0%
Canada  |  0.6%
Hydro-Quebec, 9.625%, 07/15/22	CAD		30		34,130
Chile  |  2.0%
Corp. Nacional del Cobre de Chile, 3.750%, 11/04/20	USD		100		107,147
Germany  |  0.4%
Landeskreditbank Baden-Wuerttemberg Foerderbank, 3.000%, 05/22/17	NOK		160		19,407
Total Quasi Government Bonds (Cost $162,480)					160,684
Supranationals  |  5.2%
Asian Development Bank, 2.125%, 03/19/25	USD		60		62,276
Corporacion Andina de Fomento, 4.375%, 06/15/22	USD		100		111,639
Inter-American Development Bank, 6.000%, 12/15/17	NZD		65		48,614
International Finance Corp., 6.450%, 10/30/18	INR		4,160		61,289
Total Supranationals (Cost $285,241)					283,818

Description	Security Currency	Principal Amount (000)		Fair Value
US Municipal Bonds  |  4.3%
Alaska  |  1.7%
Alaska State Qualified School Construction Bond, 5.342%, 08/01/27	USD		75	$	95,026
Texas  |  2.6%
University of Texas Build America Bond Series B, 6.276%, 08/15/41	USD		70		79,406
Texas State Build America Bond Series A, 4.123%, 04/01/25	USD		50		58,945
					138,351
Total US Municipal Bonds (Cost $221,956)					233,377
US Treasury Securities  |  3.7%
US Treasury Notes:
2.125%, 05/15/25	USD		135		142,662
1.625%, 05/15/26	USD		55		55,705
Total US Treasury Securities (Cost $191,170)					198,367
Description		Shares		Fair Value
Short-Term Investment  |  3.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $198,176)			198,176	$	198,176
Total Investments  |  98.9% (Cost $5,455,014) (b), (d)				$	5,343,005
Cash and Other Assets in Excess of Liabilities  |  1.1%					60,431
Net Assets  |  100.0%				$	5,403,436

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

22  Semi-Annual Report

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2016:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD		10,477	USD		7,720		CAN	08/18/16		$	81		$	—
AUD		10,150	USD		7,470		HSB	08/18/16			88			—
AUD		31,397	USD		22,967		HSB	08/18/16			411			—
CAD		124,554	USD		97,474		HSB	08/18/16			—			1,053
CAD		25,569	USD		20,000		RBC	08/18/16			—			206
CHF		54,390	USD		56,321		HSB	08/18/16			—			475
CZK		133,183	USD		5,638		CIT	08/18/16			—			170
DKK		236,862	USD		36,315		CIT	08/18/16			—			918
EUR		8,818	USD		10,000		CIT	08/18/16			—			199
EUR		516,397	USD		589,727		CIT	08/18/16			—			15,754
EUR		25,775	USD		29,158		HSB	08/18/16			—			509
EUR		355,902	USD		406,428		HSB	08/18/16			—			10,844
GBP		51,309	USD		74,263		CIT	08/18/16			—			5,931
JPY		1,040,364	USD		10,000		CIT	08/18/16			88			—
JPY		5,908,112	USD		58,000		CIT	08/18/16			—			710
JPY		5,918,378	USD		58,000		CIT	08/18/16			—			610
JPY		50,721,172	USD		465,477		CIT	08/18/16			26,359			—
JPY		58,368,294	USD		535,690		HSB	08/18/16			30,298			—
KRW		68,048,790	USD		58,286		CIT	09/21/16			746			—
MXN		260,052	USD		14,176		HSB	08/18/16			—			12
MYR		53,945	USD		13,458		HSB	08/03/16			—			103
NOK		1,041,590	USD		124,666		HSB	08/18/16			—			214
NZD		13,037	USD		8,873		CAN	08/18/16			414			—
SEK		276,706	USD		33,888		CIT	08/18/16			—			1,121
SEK		640,631	USD		78,555		HSB	08/18/16			—			2,693
USD		134,416	AUD		135,871		CAN	08/18/16			—			1,455
USD		333,620	NZD		349,190		CAN	08/18/16			—			15,571
USD		5,000	SEK		4,885		CIT	08/18/16			115			—
USD		6,000	CAD		5,946		CIT	08/18/16			54			—
USD		9,202	MXN		9,159		CIT	08/18/16			43			—
USD		14,000	GBP		13,104		CIT	08/18/16			896			—
USD		22,014	NZD		23,027		CIT	08/18/16			—			1,013
USD		38,000	GBP		35,875		CIT	08/18/16			2,125			—
USD		38,942	CAD		38,722		CIT	08/18/16			220			—
USD		52,801	AUD		53,389		CIT	08/18/16			—			588
USD		53,000	GBP		52,489		CIT	08/18/16			511			—
USD		57,000	JPY		58,588		CIT	08/18/16			—			1,588
USD		60,000	GBP		58,197		CIT	08/18/16			1,803			—
USD		70,000	EUR		68,972		CIT	08/18/16			1,028			—
USD		104,112	GBP		95,797		CIT	08/18/16			8,315			—
USD		56,597	CLP		58,132		CIT	09/21/16			—			1,535
USD		12,990	CAD		12,918		HSB	08/18/16			72			—
USD		22,000	NZD		22,489		HSB	08/18/16			—			489
USD		35,000	SEK		35,503		HSB	08/18/16			—			503

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

Semi-Annual Report  23

Lazard Global Fixed Income Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		58,000	EUR		58,642		HSB	08/18/16		$	—		$	642
USD		160,103	MXN		159,325		HSB	08/18/16			778			—
USD		173,150	PLN		170,345		HSB	08/18/16			2,805			—
USD		351,161	NOK		341,154		HSB	08/18/16			10,007			—
USD		108,155	PHP		106,373		HSB	09/21/16			1,782			—
USD		53,000	RON		51,338		HSB	10/31/16			1,662			—
USD		47,803	MXN		47,583		JPM	08/18/16			220			—
USD		105,124	HUF		102,152		JPM	08/18/16			2,973			—
USD		248,078	CAD		246,692		RBC	08/18/16			1,385			—
USD		136,399	SGD		138,398		SCB	08/18/16			—			1,999
Total gross unrealized appreciation/depreciation on Forward Currency Contracts										$	95,279		$	66,905

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

24  Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2016 (unaudited)

(a) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2016, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
US Corporate Income		37.0	%
US Short Duration Fixed Income		1.2

(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 Corporate Income	$	264,503,433	$	4,825,606	$	3,900,524	$	925,082
US Short Duration Fixed Income		103,567,331		335,889		217,696		118,193
Global Fixed Income		5,455,014		103,849		215,858		(112,009	)

(c) Variable and floating rate securities are securities which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on June 30, 2016.

(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
CHF	—	Swiss Franc	MYR	—	Malaysian Ringgit
CLP	—	Chilean Peso	NOK	—	Norwegian Krone
CZK	—	Czech Koruna	NZD	—	New Zealand Dollar
DKK	—	Danish Krone	PHP	—	Philippine Peso
EUR	—	Euro	PLN	—	Polish Zloty
GBP	—	British Pound Sterling	RON	—	New Romanian Leu
HUF	—	Hungarian Forint	SEK	—	Swedish Krona
INR	—	Indian Rupee	SGD	—	Singapore Dollar
JPY	—	Japanese Yen	USD	—	United States Dollar

Counterparty Abbreviations:        

CAN	—	Canadian Imperial Bank of Commerce	JPM	—	JPMorgan Chase Bank NA
CIT	—	Citibank NA	RBC	—	Royal Bank of Canada
HSB	—	HSBC Bank USA NA	SCB	—	Standard Chartered Bank

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

Semi-Annual Report  25

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

Industry*	Lazard Global Fixed Income Portfolio
Aerospace & Defense		1.4	%
Automobiles		2.9
Banks		6.5
Beverages		2.2
Capital Markets		2.7
Containers & Packaging		0.4
Diversified Telecommunication Services		2.9
Electric Utilities		1.3
Food Products		1.4
Health Care Providers & Services		1.8
Independent Power & Renewable Electricity Producers		0.6
Industrial Conglomerates		1.2
Internet Software & Services		0.5
Machinery		1.8
Media		0.7
Metals & Mining		2.0
Oil, Gas & Consumable Fuels		2.8
Road & Rail		1.1
Specialty Retail		1.1
Technology Hardware, Storage & Peripherals		1.8
Trading Companies & Distributors		0.9
Transportation Infrastructure		1.3
Subtotal		39.3
Foreign Government Obligations		42.7
Supranationals		5.2
US Municipal Bonds		4.3
US Treasury Securities		3.7
Short-Term Investment		3.7
Total Investments		98.9	%

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

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

26  Semi-Annual Report

[This page intentionally left blank]

Semi-Annual Report  27

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

June 30, 2016	Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio				Lazard Global Fixed Income Portfolio
ASSETS
Investments in securities, at fair value		$	265,428,515			$	103,685,524			$	5,343,005
Foreign currency, at fair value			—				—				10
Receivables for:
Dividends and interest			3,713,768				701,681				56,827
Capital stock sold			180,800				703,710				—
Amount due from Investment Manager (Note 3)			—				—				14,398
Gross unrealized appreciation on forward currency contracts			—				—				95,279
Prepaid expenses			2,635				13,156				6,854
Total assets			269,325,718				105,104,071				5,516,373
LIABILITIES
Payables for:
Management fees			89,333				12,082				—
Accrued professional services			25,715				22,311				23,702
Accrued custodian fees			13,541				9,857				8,715
Accrued distribution fees			1,275				14				12
Investments purchased			3,992,358				966,502				—
Capital stock redeemed			119,393				168,989				6,078
Dividends			41,835				7,820				—
Gross unrealized depreciation on forward currency contracts			—				—				66,905
Other accrued expenses and payables			17,979				13,923				7,525
Total liabilities			4,301,429				1,201,498				112,937
Net assets		$	265,024,289			$	103,902,573			$	5,403,436
NET ASSETS
Paid in capital		$	273,573,596			$	104,271,550			$	5,594,454
Undistributed (distributions in excess of) net investment income (loss)			(28,302	)			(112,388	)			(75,332	)
Accumulated net realized gain (loss)			(9,446,087	)			(374,782	)			(31,572	)
Net unrealized appreciation (depreciation) on:
Investments			925,082				118,193				(112,009	)
Foreign currency translations and forward currency contracts			—				—				27,895
Net assets		$	265,024,289			$	103,902,573			$	5,403,436
Institutional Shares
Net assets		$	259,490,358			$	103,851,947			$	5,345,609
Shares of capital stock outstanding*			54,215,626				10,464,546				580,459
Net asset value, offering and redemption price per share		$	4.79			$	9.92			$	9.21
Open Shares
Net assets		$	5,533,931			$	50,626			$	57,827
Shares of capital stock outstanding*			1,150,407				5,094				6,277
Net asset value, offering and redemption price per share		$	4.81			$	9.94			$	9.21
Cost of investments in securities		$	264,503,433			$	103,567,331			$	5,455,014
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, 2016	Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio				Lazard Global Fixed Income Portfolio
Investment Income (loss)
Income
Interest*		$	6,700,953			$	845,389			$	79,050
Expenses
Management fees (Note 3)			674,680				124,860				13,697
Administration fees			49,466				34,921				25,506
Custodian fees			42,079				27,965				29,902
Professional services			24,245				19,611				20,248
Registration fees			17,427				22,399				19,913
Shareholders’ services			13,859				12,979				12,719
Directors’ fees and expenses			7,070				4,435				2,596
Distribution fees (Open Shares)			6,589				44				72
Shareholders’ reports			3,534				2,110				1,695
Other†			6,210				4,299				2,784
Total gross expenses			845,159				253,623				129,132
Management fees waived and expenses reimbursed			(162,572	)			(53,795	)			(99,124	)
Administration fees waived			—				—				(9,375	)
Total net expenses			682,587				199,828				20,633
Net investment income (loss)			6,018,366				645,561				58,417
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Forward Currency Contracts
Net realized gain (loss) on:
Investments			(3,660,562	)			(254,361	)			(85,350	)
Foreign currency transactions and forward currency contracts			—				—				84,605
Total net realized gain (loss) on investments, foreign currency transactions and forward currency contracts			(3,660,562	)			(254,361	)			(745	)
Net change in unrealized appreciation (depreciation) on:
Investments			11,098,609				634,643				264,114
Foreign currency translations and forward currency contracts			—				—				13,207
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts			11,098,609				634,643				277,321
Net realized and unrealized gain (loss) on investments, foreign currency transactions and forward currency contracts			7,438,047				380,282				276,576
Net increase (decrease) in net assets resulting from operations		$	13,456,413			$	1,025,843			$	334,993
* Net of foreign withholding taxes of		$	—			$	—			$	15
† Includes interest on line of credit of		$	—			$	—			$	156

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, 2016 (unaudited)				Year Ended December 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	6,018,366			$	11,177,779
Net realized gain (loss) on investments, foreign currency transactions and forward currency contracts			(3,660,562	)			(2,509,607	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts			11,098,609				(11,499,834	)
Net increase (decrease) in net assets resulting from operations			13,456,413				(2,831,662	)
Distributions to shareholders
From net investment income
Institutional Shares			(5,898,832	)			(11,082,202	)
Open Shares			(119,535	)			(92,905	)
Return of capital
Institutional Shares			—				(2,650	)
Open Shares			—				(22	)
Net decrease in net assets resulting from distributions			(6,018,367	)			(11,177,779	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			32,787,500				103,760,701
Open Shares			6,634,930				590,855
Net proceeds from reinvestment of distributions
Institutional Shares			5,682,118				10,752,436
Open Shares			103,734				66,616
Cost of shares redeemed
Institutional Shares			(29,984,153	)			(42,854,354	)
Open Shares			(3,317,427	)			(398,515	)
Net increase (decrease) in net assets from capital stock transactions			11,906,702				71,917,739
Redemption fees (Note 2(g))
Institutional Shares			17				714
Open Shares			2				299
Net increase in net assets from redemption fees			19				1,013
Total increase (decrease) in net assets			19,344,767				57,909,311
Net assets at beginning of period			245,679,522				187,770,211
Net assets at end of period*		$	265,024,289			$	245,679,522
*Includes undistributed (distributions in excess of) net investment income (loss) of		$	(28,302	)		$	(28,301	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			52,508,225				37,885,592
Shares sold			6,939,085				21,150,137
Shares issued to shareholders from reinvestment of distributions			1,204,542				2,213,078
Shares redeemed			(6,436,226	)			(8,740,582	)
Net increase (decrease)			1,707,401				14,622,633
Shares outstanding at end of period			54,215,626				52,508,225
Open Shares
Shares outstanding at beginning of period			421,909				367,106
Shares sold			1,401,244				122,785
Shares issued to shareholders from reinvestment of distributions			21,718				13,627
Shares redeemed			(694,464	)			(81,609	)
Net increase (decrease)			728,498				54,803
Shares outstanding at end of period			1,150,407				421,909

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, 2016 (unaudited)				Year Ended December 31, 2015				Six Months Ended June 30, 2016 (unaudited)				Year Ended December 31, 2015
	$	645,561			$	1,174,056			$	58,417			$	128,031
		(254,361	)			(507,922	)			(745	)			(240,152	)
		634,643				(676,638	)			277,321				(148,224	)
		1,025,843				(10,504	)			334,993				(260,345	)
		(645,388	)			(664,052	)			(57,883	)			—
		(173	)			(188	)			(534	)			—
		—				(508,960	)			—				(126,858	)
		—				(144	)			—				(1,173	)
		(645,561	)			(1,173,344	)			(58,417	)			(128,031	)
		16,120,679				25,424,572				867,608				1,251,885
		28,710				87				897				2,586
		590,054				1,003,241				57,883				127,008
		173				528				535				1,013
		(16,388,738	)			(36,799,462	)			(1,648,212	)			(1,696,122	)
		(5,033	)			(10,092	)			(3,011	)			—
		345,845				(10,381,126	)			(724,300	)			(313,630	)
		—				2				—				2
		—				1				—				—
		—				3				—				2
		726,127				(11,564,971	)			(447,724	)			(702,004	)
		103,176,446				114,741,417				5,851,160				6,553,164
	$	103,902,573			$	103,176,446			$	5,403,436			$	5,851,160
	$	(112,388	)		$	(112,388	)		$	(75,332	)		$	(75,332	)
		10,433,735				11,477,378				663,320				698,777
		1,628,695				2,549,311				94,593				137,334
		59,643				100,774				6,407				14,136
		(1,657,527	)			(3,693,728	)			(183,861	)			(186,927	)
		30,811				(1,043,643	)			(82,861	)			(35,457	)
		10,464,546				10,433,735				580,459				663,320
		2,688				3,637				6,452				6,051
		2,897				9				99				288
		17				53				59				113
		(508	)			(1,011	)			(333	)			—
		2,406				(949	)			(175	)			401
		5,094				2,688				6,277				6,452

Semi-Annual Report  31

The Lazard Funds, Inc. Financial Highlights

LAZARD US CORPORATE INCOME PORTFOLIO

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	4.64		$	4.91		$	5.01		$	5.01		$	4.78		$	4.88
Income (loss) from investment operations:
Net investment income (loss) (a)		0.11			0.24			0.26			0.30			0.33			0.35
Net realized and unrealized gain (loss)		0.15			(0.27	)		(0.09	)		—	(b)		0.23			(0.10	)
Total from investment operations		0.26			(0.03	)		0.17			0.30			0.56			0.25
Less distributions from:
Net investment income		(0.11	)		(0.24	)		(0.27	)		(0.30	)		(0.33	)		(0.35	)
Return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.11	)		(0.24	)		(0.27	)		(0.30	)		(0.33	)		(0.35	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	4.79		$	4.64		$	4.91		$	5.01		$	5.01		$	4.78
Total Return (c)		5.77	%		–0.71	%		3.31	%		6.17	%		12.02	%		5.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	259,490		$	243,712		$	185,959		$	175,154		$	182,749		$	151,278
Ratios to average net assets (d):
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses		0.68	%		0.69	%		0.71	%		0.73	%		0.71	%		0.73	%
Net investment income (loss)		4.91	%		4.94	%		5.28	%		6.00	%		6.67	%		7.13	%
Portfolio turnover rate		6	%		17	%		28	%		22	%		26	%		27	%

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	4.66		$	4.93		$	5.03		$	5.04		$	4.80		$	4.90
Income (loss) from investment operations:
Net investment income (loss) (a)		0.11			0.23			0.25			0.29			0.32			0.33
Net realized and unrealized gain (loss)		0.15			(0.27	)		(0.10	)		(0.01	)		0.24			(0.10	)
Total from investment operations		0.26			(0.04	)		0.15			0.28			0.56			0.23
Less distributions from:
Net investment income		(0.11	)		(0.23	)		(0.25	)		(0.29	)		(0.32	)		(0.33	)
Return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.11	)		(0.23	)		(0.25	)		(0.29	)		(0.32	)		(0.33	)
Redemption fees		—	(b)		—	(b)		—			—			—	(b)		—	(b)
Net asset value, end of period	$	4.81		$	4.66		$	4.93		$	5.03		$	5.04		$	4.80
Total Return (c)		5.60	%		–0.98	%		3.01	%		5.64	%		11.89	%		4.89	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	5,534		$	1,968		$	1,811		$	2,620		$	4,249		$	11,602
Ratios to average net assets (d):
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses		1.17	%		1.69	%		1.55	%		1.41	%		1.24	%		1.08	%
Net investment income (loss)		4.54	%		4.65	%		5.00	%		5.69	%		6.37	%		6.72	%
Portfolio turnover rate		6	%		17	%		28	%		22	%		26	%		27	%

†	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. Return for 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

	Six Months															For the Period
Selected data for a share of capital	Ended			Year Ended												2/28/11* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	9.89		$	9.99		$	10.03		$	10.31		$	10.23		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.10			0.09			0.11			0.14			0.17
Net realized and unrealized gain (loss)		0.03			(0.09	)		(0.04	)		(0.25	)		0.12			0.27
Total from investment operations		0.09			0.01			0.05			(0.14	)		0.26			0.44
Less distributions from:
Net investment income		(0.06	)		(0.06	)		(0.05	)		(0.11	)		(0.14	)		(0.17	)
Net realized gains		—			—			—			(0.03	)		(0.04	)		(0.04	)
Return of capital		—			(0.05	)		(0.04	)		—			—			—
Total distributions		(0.06	)		(0.11	)		(0.09	)		(0.14	)		(0.18	)		(0.21	)
Redemption fees		—			—	(b)		—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	9.92		$	9.89		$	9.99		$	10.03		$	10.31		$	10.23
Total Return (c)		0.95	%		0.05	%		0.49	%		–1.39	%		2.54	%		4.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	103,852		$	103,150		$	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	%		0.40	%
Gross expenses		0.50	%		0.48	%		0.52	%		0.90	%		1.41	%		3.09	%
Net investment income (loss)		1.29	%		1.05	%		0.87	%		1.06	%		1.34	%		1.97	%
Portfolio turnover rate		111	%		57	%		46	%		161	%		77	%		60	%

	Six Months															For the Period
Selected data for a share of capital	Ended			Year Ended												2/28/11* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	9.90		$	10.01		$	10.03		$	10.31		$	10.23		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.17			0.06			0.06			0.14			0.14
Net realized and unrealized gain (loss)		0.04			(0.09	)		(0.02	)		(0.23	)		0.09			0.28
Total from investment operations		0.09			0.08			0.04			(0.17	)		0.23			0.42
Less distributions from:
Net investment income		(0.05	)		(0.14	)		(0.02	)		(0.08	)		(0.11	)		(0.15	)
Net realized gains		—			—			—			(0.03	)		(0.04	)		(0.04	)
Return of capital		—			(0.05	)		(0.04	)		—			—			—
Total distributions		(0.05	)		(0.19	)		(0.06	)		(0.11	)		(0.15	)		(0.19	)
Redemption fees		—			—	(b)		—			—			—			—
Net asset value, end of period	$	9.94		$	9.90		$	10.01		$	10.03		$	10.31		$	10.23
Total Return (c)		0.90	%		0.77	%		0.38	%		–1.70	%		2.24	%		4.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	51		$	27		$	36		$	328		$	4		$	103
Ratios to average net assets (d):
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Gross expenses		36.85	%		42.51	%		17.62	%		8.10	%		38.11	%		18.49	%
Net investment income (loss)		1.00	%		1.68	%		0.60	%		0.65	%		1.32	%		1.69	%
Portfolio turnover rate		111	%		57	%		46	%		161	%		77	%		60	%

*	The Portfolio commenced operations on February 28, 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. Return for 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

	Six Months												For the Period
Selected data for a share of capital	Ended			Year Ended									3/30/12* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period	$	8.74		$	9.30		$	9.51		$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.10			0.19			0.22			0.23			0.17
Net realized and unrealized gain (loss)		0.47			(0.56	)		(0.21	)		(0.65	)		0.16
Total from investment operations		0.57			(0.37	)		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		—			(0.19	)		(0.05	)		(0.22	)		(0.10	)
Total distributions		(0.10	)		(0.19	)		(0.22	)		(0.23	)		(0.17	)
Redemption fees		—			—	(b)		—			—	(b)		—
Net asset value, end of period	$	9.21		$	8.74		$	9.30		$	9.51		$	10.16
Total Return (c)		6.50	%		–4.03	%		0.08	%		–4.13	%		3.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	5,346		$	5,795		$	6,497		$	5,522		$	4,814
Ratios to average net assets (d):
Net expenses		0.75	%		0.76	%		0.80	%		0.80	%		0.80	%
Gross expenses		4.48	%		4.26	%		4.12	%		4.94	%		8.81	%
Net investment income (loss)		2.14	%		2.08	%		2.28	%		2.38	%		2.24	%
Portfolio turnover rate		30	%		60	%		78	%		66	%		47	%

	Six Months												For the Period
Selected data for a share of capital	Ended			Year Ended									3/30/12* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period	$	8.74		$	9.30		$	9.51		$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.16			0.19			0.20			0.15
Net realized and unrealized gain (loss)		0.47			(0.56	)		(0.21	)		(0.65	)		0.16
Total from investment operations		0.55			(0.40	)		(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		—			(0.16	)		(0.05	)		(0.19	)		(0.09	)
Total distributions		(0.08	)		(0.16	)		(0.19	)		(0.20	)		(0.15	)
Redemption fees		—			—			—	(b)		—			—
Net asset value, end of period	$	9.21		$	8.74		$	9.30		$	9.51		$	10.16
Total Return (c)		6.35	%		–4.31	%		–0.22	%		–4.41	%		3.08	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	58		$	56		$	56		$	56		$	55
Ratios to average net assets (d):
Net expenses		1.05	%		1.06	%		1.10	%		1.10	%		1.10	%
Gross expenses		26.28	%		27.72	%		20.84	%		28.86	%		26.46	%
Net investment income (loss)		1.84	%		1.80	%		2.01	%		2.09	%		2.02	%
Portfolio turnover rate		30	%		60	%		78	%		66	%		47	%

*	The Portfolio commenced operations on March 30, 2012.
†	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. Return for 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, 2016 (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-three no-load portfolios (each referred to as a “Portfolio”), as follows: Lazard US Equity Concentrated Portfolio, Lazard US Strategic Equity Portfolio, Lazard US Mid Cap Equity Portfolio, Lazard US Small-Mid Cap Equity Portfolio, Lazard 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, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio, 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, 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 (commenced investment operations on May 27, 2016), Lazard Enhanced Opportunities Portfolio and Lazard Fundamental Long/Short 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. 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, an R6 Share class was classified for each Portfolio. 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, 2016, 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. Emerging Markets Debt Portfolio began issuing R6 Shares on July 28, 2016.

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—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 on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.

The Valuation Committee of the Investment Manager, which meets periodically under the direction of 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

Semi-Annual Report  35

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 and mortgage-backed securities using the level yield method.

A Portfolio may be subject to taxes imposed by non-US 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 transactions 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 translations 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.

36  Semi-Annual Report

During the period ended June 30, 2016, only the 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, 2015, 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

Portfolio	Short-Term*		Long-Term*
US Corporate Income		$915,648		$1,593,959
US Short Duration Fixed Income		112,176		—
Global Fixed Income		22,707		5,839

* Non-expiring

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, 2015, 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	$	—		$70,090
Global Fixed Income		—		30,573

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 (2012-2014), or expected to be taken in the Portfolios’ 2015 tax returns.

(e) Dividends and Distributions—Dividends from net investment income, if any, will be declared and paid 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. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Income 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 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 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

Semi-Annual Report  37

Assets. The redemption fee will not apply to transactions in Portfolio shares on or after August 15, 2016.

(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 resulting from operations during the reporting period. Actual results could differ from those estimates.

(i) Net Asset Value—NAV per share for each class of each Portfolio is determined each day the New York Stock Exchange (“NYSE”) is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. NAV per share is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

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

The Fund, on behalf of the Portfolios, has entered into a 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, 2017 if annualized operating expenses, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees, but including the management fee stated in the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolios, exceed the following percentages of the value of the Portfolios’ 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		0.75			1.05

During the period ended June 30, 2016, 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		$154,153	$	—		$8,419	$	—
US Short Duration Fixed Income		47,471		—		44		6,280
Global Fixed Income		13,552		78,367		145		7,060

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

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, 2016, State Street waived $9,375 of its fee for the Global Fixed Income Portfolio.

38  Semi-Annual Report

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 1940 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 Fund Complex”), each a registered management investment company advised by the Investment Manager: (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund), and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Independent Directors may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent 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. Independent Directors’ fees are allocated among the portfolios in the Lazard Fund Complex at a rate of $5,000 per portfolio with the remainder allocated based upon each portfolio’s proportionate share of combined net assets. The Statements of Operations show the Independent 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, 2016 were as follows:

Portfolio	Purchases			Sales
US Corporate Income	$	31,499,006	$	14,243,567
US Short Duration Fixed Income		25,325,947		34,289,307
Global Fixed Income		1,527,916		1,954,063

	US Government and Treasury Securities
Portfolio	Purchases		Sales
US Short Duration Fixed Income		$95,894,103		$67,381,060
Global Fixed Income		76,605		140,269

For the period ended June 30, 2016, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

6. Line of Credit

The Fund has a $50 million Line of Credit Agreement (the “Agreement”) with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings was payable at the higher of the Federal Funds rate or One-Month LIBOR rate plus 1.00%, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee 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

Semi-Annual Report   39

period ended June 30, 2016, 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
Global Fixed Income	$	249,778	$	700,000		1.44	%		18

* 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, 2016 is categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—The 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. The 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. Significant devaluation of emerging market currencies

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

(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. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolios may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that interest rates in the US and other countries are at or near historic lows.

The Portfolios’ investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than their 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 unpre-

40  Semi-Annual Report

dictably 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.

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).

(c) Mortgage-Related and Asset-Backed Securities Risk—US Short Duration Fixed Income Portfolio invests 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 arrange-

ments 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, 2016:

	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, 2016
US Corporate Income Portfolio
Corporate Bonds*	$	—	$	253,590,523		$	—	$	253,590,523
Short-Term Investment		11,837,992		—			—		11,837,992
Total	$	11,837,992	$	253,590,523		$	—	$	265,428,515
US Short Duration Fixed Income Portfolio
Asset-Backed Securities*	$	—	$	12,224,699		$	—	$	12,224,699
Corporate Bonds*		—		27,191,267			—		27,191,267
Municipal Bonds		—		1,922,656			—		1,922,656
US Government Securities		—		26,874,339			—		26,874,339
US Treasury Securities		—		33,955,612			—		33,955,612
Short-Term Investment		1,516,951		—			—		1,516,951
Total	$	1,516,951	$	102,168,573		$	—	$	103,685,524
Global Fixed Income Portfolio
Assets:
Corporate Bonds*	$	—	$	1,960,812		$	—	$	1,960,812
Foreign Government Obligations*		—		2,307,771			—		2,307,771
Quasi Government Bonds*		—		160,684			—		160,684
Supranationals		—		283,818			—		283,818
US Municipal Bonds		—		233,377			—		233,377
US Treasury Securities		—		198,367			—		198,367
Short-Term Investment		198,176		—			—		198,176
Other Financial Instruments**
Forward Currency Contracts		—		95,279			—		95,279
Total	$	198,176	$	5,240,108		$	—	$	5,438,284
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(66,905	)	$	—	$	(66,905	)

*	Please refer to Portfolios of Investments (page 13 through 24) and Notes to Portfolios of Investments (page 26) 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, 2016.

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, 2016, the approximate average monthly notional exposure for derivatives was as follows:

Forward currency contracts $5,500,000

42  Semi-Annual Report

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2016:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts		$	95,279
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts		$	66,905

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2016 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	87,788
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	12,672

See Note 2(c) 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, 2016.

As of June 30, 2016, 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, 2016:

Global Fixed Income 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		$95,279		$  —		$95,279

				Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented
	in the Statement of			Financial			Collateral
Counterparty	Assets and Liabilities			Instruments			Received		Net Amounts
Canadian Imperial Bank of Commerce		$	495	$	(495	)	$	—	$	—
Citibank NA			42,303		(30,137	)		—		12,166
HSBC Bank USA NA			47,903		(17,537	)		—		30,366
JPMorgan Chase Bank NA			3,193		—			—		3,193
Royal Bank of Canada			1,385		(206	)		—		1,179
Total		$	95,279	$	(48,375	)	$	—	$	46,904

Semi-Annual Report  43

					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		$66,905		$  —		$66,905

				Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented
	in the Statement of			Financial			Collateral
Counterparty	Assets and Liabilities			Instruments			Pledged		Net Amounts
Canadian Imperial Bank of Commerce		$	17,026	$	(495	)	$	—	$	16,531
Citibank NA			30,137		(30,137	)		—		—
HSBC Bank USA NA			17,537		(17,537	)		—		—
Royal Bank of Canada			206		(206	)		—		—
Standard Chartered Bank			1,999		—			—		1,999
Total		$	66,905	$	(48,375	)	$	—	$	18,530

11. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial

statements and has determined that, aside from items previously disclosed, there were no subsequent events that required adjustment or disclosure.

44  Semi-Annual Report

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 (62)	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 (71)	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 (53)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (67 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 (45)	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)
Richard Reiss, Jr. (72)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource Americas, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (68)	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)	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 (55)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (56)	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 funds in the Lazard Fund Complex (comprised of, as of July 31, 2016, 40 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 funds in the Lazard Fund Complex.
(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.

46  Semi-Annual Report

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 (43)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Christopher Snively (31)	Chief Financial Officer (March 2016)	Senior Vice President of the Investment Manager (since November 2015) Assurance Manager at PricewaterhouseCoopers LLP (2008 – November 2015)
Stephen St. Clair (57)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (46)	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 (41)	Assistant Secretary (February 2009)	Director (since February 2016, previously Senior Vice President), and Director of Legal Affairs (since July 2015) of the Investment Manager
Shari L. Soloway (34)	Assistant Secretary (November 2015)	Senior Vice President, Legal and Compliance, of the Investment Manager (since September 2015)
		Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015)
		Associate at Clifford Chance US LLP (2006 – July 2011)
Cesar A. Trelles (41)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

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

Semi-Annual Report  47

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 28-29, 2016, 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, who advised the Board on relevant legal standards and met with the Independent Directors 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 40 active funds comprises approximately $28 billion (as of April 30, 2016) of the approximately $191 billion of total assets under the

management of the Investment Manager and its global affiliates as of March 31, 2016). The Investment Manager’s representatives noted that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, operations, technology, legal and compliance and marketing infrastructure. 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 $28 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information
The Directors reviewed comparative fee, expense ratio and performance (through March 31, 2016) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of all Portfolios.

Advisory Fees and Expense Ratios. The Directors discussed the management fees paid to the Investment Manager (referred to in the Strategic Insight materials as “advisory fees”) and expense ratios for each Port-

48  Semi-Annual Report

folio. They noted the methodology and assumptions used by Strategic Insight. The Directors considered that the Investment Manager continues to voluntarily enter into fee waiver and expense reimbursement agreements, and that the Investment Manager was waiving advisory fees and/or reimbursing expenses, for each Portfolio.

For both share classes of each Portfolio, gross advisory fees were below the median of the relevant Group.

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, for which expense ratios were slightly above the medians.

The Directors also considered 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 fees paid to the Investment Manager by the Portfolios.

Performance. Strategic Insight’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and Category over one-, three-, five- and ten-year periods ended March 31, 2016 (as applicable).

The Directors noted that, for the US Corporate Income Portfolio, performance was above the Group and Cat-

egory averages for all periods, except that Institutional Shares performance was below the Group average in the ten-year period; the performance of the Global Fixed Income Portfolio was above the Group and Category averages in the one-year period and below the Group and Category averages in the three-year period; and the performance of the US Short Duration Fixed Income Portfolio was generally below average except for the Open Shares performance in the one-year period. Representatives of the Investment Manager discussed with the Directors reasons for the US Short Duration Fixed Income Portfolio’s underperformance. It was noted that the Portfolio’s strategy changed (from investing in US municipal securities) early in the beginning of the three-year period, which would affect performance comparisons for the three- and five-year 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, 2015 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. 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.

Semi-Annual Report  49

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, considered in relation 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, supported the renewal of the Management Agreement. 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 management fees and expenses (including amending the Management Agreement to lower contractual management fees), 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 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 $191 billion global asset management business.
•	The Board generally was satisfied with the performance of the Global Fixed Income and US Corporate Income Portfolios. For the US Short Duration Income Portfolio, the Board considered that performance was consistent with the investment approach employed for the Portfolio.
•	The Board concluded that each Portfolio’s fee paid to the Investment Manager supported the renewal of the Management Agreement 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.

In evaluating the Management Agreement, the Board relied on the information described above as well as other information provided by the Investment Manager, in addition to information received on a routine and regular basis throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement, including information on the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Fund and the services provided to the Fund by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Fund’s Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

50  Semi-Annual Report

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, 2016

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

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., Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect 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.

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
20	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
45	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,

In the first half of 2016, global equity markets stood firm despite significant bouts of volatility. Concerns about the Chinese economy, commodity price declines, and a series of disappointing earnings announcements pressured equity markets in the early months of 2016. However, they rallied in the latter half of the first quarter and into the second as the US Federal Reserve lowered its forecast for 2016 interest rate increases. Although global equity markets fell again in late-June due to the uncertainty caused by the United Kingdom’s vote to leave the European Union, certain regions rebounded by the end of the period. In addition, signs of some stability in commodity prices helped emerging markets assets during the period.

Volatility also played a role in global bond markets as investors traded largely on risk assessment of macro events. In Europe, the 10-year German bund yield fell below zero for the first time, following Swiss and Japanese 10-year government bonds, which have been in negative territory for some time. The surprising outcome of the UK referendum triggered another rally in safe haven assets, pushing some government bond yields even further into negative territory. The low yield, but still positive, environment continued in the United States.

At Lazard Asset Management, we remain focused on active management and are committed to responsibly pursuing the Portfolios’ investment objectives. We appreciate your continued confidence in our investment management capabilities, and we 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, as represented by the FTSE EPRA/NAREIT Global Real Estate^® Index, gained 8.35% in the first half of 2016. The period was marked by meaningful performance differences among regions due to varying outlooks for economic growth, interest rates, and real estate fundamentals. Developed markets outperformed emerging markets in the period, due to the strength in US-listed property stocks. Among major countries, property companies in the US, Canada, and Australia were leading performers, while property companies in the UK, China, and Netherlands 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 2016. The political and economic uncertainty created by the affirmative vote in the UK to leave the European Union (the so-called “Brexit”) led to a flow of capital into safe haven assets backed by stable developed-market currencies at the end of the period. We see real estate investment trusts (REITs) in the US and Japan as near-term beneficiaries of the capital markets volatility created by Brexit. We believe volatility in the capital markets in the first half of this year has decreased the probability of an interest rate hike by the US Federal Reserve. We believe this is a net positive for income-focused securities in general, and global REITs in particular.

On a country basis, we remain most positive and overweight in Japan, where we see positive earnings growth in property companies and a positive macro benefit from the Bank of Japan’s policy. Furthermore, we see strong upside in the accommodation sector associated with strong tourism growth in the region.

We expect to continue to increase the Portfolios’ exposure to the US based on our belief that the country offers 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 its associated impact on earnings. We are also concerned about stretched valuations for property companies.

Due to supply constraints and compelling valuations, we were overweight in Hong Kong at the end of the period. However, we remain wary of the potential geopolitical risks and a slowdown in Chinese consumer spending. We are underweight in China because we believe that the elevated levels of supply across a majority of the sub markets warrants a significant level of valuation correction in that part of the world.

Our view of emerging markets is “opportunistically” positive for 2016. We maintained overweight positions across the Philippines, Brazil, Mexico, and the United Arab Emirates at the end of the period. While a sustained decline in commodity prices impacted the economies of all four countries, our bottom-up analysis of the regions’ property companies reveals stocks that we have invested in to be trading at compelling long-term discounted valuations. We maintained a large overweight to the Philippines at the end of the period, where a stable political environment offers both strong macro fundamentals and property company growth potential.

Finally, we were underweight Europe at the end of the period, but maintained selective overweight positions in London-centric UK property companies. We believe that the Brexit vote is the first step of a multi-year exit process. With the vote paving the way for new economic and political agreements between the UK and its trading partners, this might prove to be more favorable to the UK and allow London to maintain its status as a global capital center, and an attractive destination for travel, commerce, and investment needs for businesses and individuals across the world. We continue to monitor the local real estate and capital markets for high quality London-centric REITs trading at meaningful discounts to private market valuations and replacement cost.

Semi-Annual Report  3

Global Listed Infrastructure

The first quarter was highly volatile as central banks remained at the center stage. Commodity prices were a major part of the first quarter story as gold rose over 16% during the first three months of the year, its largest quarterly gain in nearly three decades. Oil prices, which had sold off more than 30% from the end of 2015 through early February 2016, rallied back to above year-end 2015 levels, relieving some concerns over a systemic credit issue within the sector. The second quarter saw a move that wrong-footed financial markets across the globe, when the UK voted to leave the European Union after 43 years of membership. The Bank of England and the European Central Bank issued statements expressing their commitment to take all necessary steps to meet their responsibilities for monetary and financial stability following the referendum result. In the US, the Federal Reserve left rates on hold.

Lazard US Realty Income Portfolio

For the six months ended June 30, 2016, the Lazard US Realty Income Portfolio’s Institutional Shares posted a total return of 7.32%, while Open Shares posted a total return of 7.04%, as compared with the 10.31% blended index return for the 50% FTSE NAREIT All Equity REITs^® Index/50% Wells Fargo Hybrid and Preferred Securities REIT^® Index (the “Hybrid Index”).

REIT common stocks outperformed REIT preferred stocks in the first half of 2016, with the Portfolio’s 77% allocation to common stocks versus its 21% allocation to preferred stocks helping relative performance. In contrast, stock selection detracted from relative performance.

Among the Portfolio’s top contributors, Communications Sales & Leasing, a technology REIT, outperformed after the company reported strong earnings and closed on accretive acquisitions during the period. Medical Properties, a healthcare REIT, gained after the company executed a major portfolio sale and used the proceeds to de-lever its balance sheet. STAG Industrial, a triple net lease industrial REIT, benefited from the relative outperformance of triple net lease REITs amid expectations of a “lower for longer” interest rate environment.

Among the Portfolio’s top detractors, Colony Capital, a diversified REIT, underperformed, as investors penalized the company for its less-than-transparent transition resulting from a merger/acquisition. NorthStar Realty, a diversified REIT, declined due to negative market sentiment about the company’s corporate structure, despite trading at among the highest discounts to replacement cost/net asset value in our coverage. Ashford Hospitality Trust, a lodging REIT, fell along with the broader hotel sector, as investors became increasingly concerned about the company’s inability to resolve its corporate governance conflicts and reduce balance sheet leverage.

Lazard US Realty Equity Portfolio

For the six months ended June 30, 2016, the Lazard US Realty Equity Portfolio’s Institutional Shares posted a total return of 8.98%, while Open Shares posted a total return of 8.84%, as compared with the 13.68% return for the FTSE NAREIT All Equity REITs Index.

Both investment allocation among property types and stock selection detracted from relative performance. Among the Portfolio’s top contributors, American Homes 4 Rent, a US housing REIT, outperformed on the back of national home price appreciation and an improved earnings outlook for the remainder of this year. Rexford, an industrial REIT, gained on the strength of a surging Southern California economy and robust industrial fundamentals. Equinix, a technology REIT, advanced as the company closed on new acquisitions that led to an upward revision in earnings growth across its portfolio of network-dense data centers.

Among the Portfolio’s top detractors, CBRE Group, a commercial real estate broker, underperformed after the company reported a slowdown in transactions across the domestic and international markets in its portfolio. Realogy, a residential real estate broker, fell after the company reported a slowdown in housing transactions across the major markets in its portfolio. Essex, an apartment REIT, declined along with the apartment sector after the company’s largest peer reduced its revenue growth outlook on the back of slower growth expectations in its core markets.

4  Semi-Annual Report

Lazard Global Realty Equity Portfolio

For the six months ended June 30, 2016, the Lazard Global Realty Equity Portfolio’s Institutional Shares posted a total return of 8.10%, while Open Shares posted a total return of 7.90%, as compared with the 8.35% return for the FTSE EPRA/NAREIT Global^® Index.

Both investment allocation among countries and stock selection detracted from relative performance. Among the Portfolio’s top contributors, Multiplan, a Brazilian shopping center REIT, outperformed as the fundamentals for the Brazilian property markets recovered due to an improving fiscal and political outlook for the region. Boardwalk, a Canadian apartment REIT, gained from an improved outlook for its Alberta-focused portfolio due to a recovery in the price of oil. Kenedix Retail, a Japanese retail REIT, advanced due to an improved earnings outlook and the Bank of Japan’s favorable monetary policies.

Among the Portfolio’s top detractors, Great Portland, a UK office REIT, underperformed on increased market concerns around the impact of Brexit on London-centric real estate portfolios. CBRE Group, a US commercial real estate broker, declined as the company reported a slowdown in transactions across the international markets in its portfolio. Essex, a US apartment REIT, fell along with the broader apartment sector, driven by its largest peer reducing its revenue growth outlook on the back of slower growth expectations in its core markets.

Lazard Global Listed Infrastructure Portfolio

For the six months ended June 30, 2016, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares posted a total return of 3.38%, while Open Shares posted a total return of 3.16%, as compared with the 12.22% return for the Custom Infrastructure Index (USD Hedged)¹ and 0.66% return for the MSCI World^® Index.

The Portfolio is passively hedged 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. Stock contributors are ranked on the basis of performance contribution in local currency terms.

Snam, an Italian gas company, performed well in the first half of the year. The company was helped by a better-than-expected regulatory outcome. Snam has now enjoyed two years of regulatory visibility. In March, the board of Snam announced a feasibility study on a possible industrial and corporate re-organization designed to separate its subsidiary Italgas. Snam traded on a 4.8% dividend yield, as of June 30, 2016.

The three US freight railroads (Union Pacific, Norfolk Southern, and CSX) held in the Portfolio all contributed to performance for the period. Union Pacific was the top contributor of the three. Positive performance contributions were largely driven by the companies’ first-quarter results, in which all of the railroads demonstrated their ability to generate significant productivity gains and cost reductions in the face of volume declines and volume mix headwinds.

French company Vinci continued its strong start to the year, as the company reported continued improvement in traffic through its motorways and airports. Over the first quarter of 2016, French motorway traffic increased 7.2%. Furthermore, the Portuguese airports experienced over 13% growth in passenger numbers.

Satellite stocks Eutelsat and SES (France- and Luxembourg-based companies, respectively) were the two key detractors from performance during the period. The reasons for the fall in Eutelsat were twofold. The first reason was the loss of a Russian pay-TV client over Europe. The second reason was due to a softening of forecasted demand for telecommunication data backhaul capacity in Latin America. We viewed this downgrade as a timing issue rather than a permanent destruction of capital. Eutelsat still has 43 satellites and the downgrade relates to only 3% of the company’s business. We remain very comfortable with our decision to increase our position in Eutelsat over the past two months.

The decline in the share price of SES could also be attributed to two reasons. First, an overreaction to rival satellite operator Eutelsat’s cut in its outlook, which the market interpreted as an industry-wide growth slowdown in satellite services. Second, while the market was digesting the news relating to Eutelsat, SES announced in May that it had moved to

Semi-Annual Report  5

acquire 100% of its minority-owned subsidiary O3b Networks, a High Throughput Satellites operator. To fund this purchase the company announced a large capital raise of € 1 billion. The issue price of the placement was a 15% discount to the trading price at the time of the announcement and almost a 30% discount to the average trading price only a month earlier. We took the opportunity of a lower share price to increase our position in SES.

As of June 30, 2016, we believe both Eutelsat and SES were two of the most attractive long-term investment opportunities held in the Portfolio. Both stocks traded on some of the lowest EBTIDA² multiples and highest free cash flow yields in their trading histories. Both stocks offered dividend yields of more than 6%.

Notes to Investment Overviews:

Total 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. Return for 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, 2016; 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 (USD 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 USD) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50® (100% Hedged to USD Net Tax) Index for all periods thereafter.
2	Earnings before interest, tax, depreciation, and amortization.

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, 2016

	Institutional Shares			Open Shares
	One	Since		One	Five	Since
	Year	Inception	†	Year	Years	Inception	†
US Realty Income Portfolio**	3.40%	10.87%		3.11%	7.01%	10.04%
FTSE NAREIT All Equity REITs Index	23.62%	16.72%		23.62%	12.52%	9.22%
Wells Fargo Hybrid and Preferred Securities REIT Index	10.45%	8.80%		10.45%	8.00%	12.05%
Hybrid Index	17.09%	12.93%		17.09%	10.49%	11.17%
S&P 500 Index	3.99%	16.21%		3.99%	12.10%	8.75%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and may differ from amounts reported in the financial highlights.
	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, 2016

	Institutional Shares			Open Shares
	One	Since		One	Five	Since
	Year	Inception	†	Year	Years	Inception	†
US Realty Equity Portfolio**	18.73%	17.20%		18.47%	11.83%	20.87%
FTSE NAREIT All Equity REITs Index	23.62%	16.75%		23.62%	12.52%	17.10%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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, 2016

	Institutional Shares			Open Shares
	One	Since		One	Five	Since
	Year	Inception	†	Year	Years	Inception	†
Global Realty Equity Portfolio**	8.71%	12.53%		8.32%	6.33%	15.27%
FTSE EPRA/NAREIT Global Index	9.59%	11.72%		9.59%	6.95%	12.62%
Global Realty Linked Index	9.59%	12.25%		9.59%	6.83%	12.58%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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, The Custom Infrastructure Index (USD Hedged) and MSCI World^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2016

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	9.31%	13.04%	12.01%
Open Shares**	9.00%	12.68%	11.65%
The Custom Infrastructure Index (USD Hedged)	11.24%	12.09%	10.13%
MSCI World Index	-2.78%	6.63%	7.72%

*	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.
	Performance results do not include adjustments made for financial reporting purposes in accordance with GAAP and may differ from amounts reported in the financial highlights.
	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 (USD 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 USD) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50® (100% Hedged to USD Net Tax) Index 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, 2016 through June 30, 2016 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 1/1/16	Ending Account Value 6/30/16	Expenses Paid During Period* 1/1/16 - 6/30/16	Annualized Expense Ratio During Period 1/1/16 - 6/30/16
US Realty Income
Institutional Shares
Actual	$1,000.00	$1,073.20	$5.15	1.00%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.89	$5.02	1.00%
Open Shares
Actual	$1,000.00	$1,071.90	$6.70	1.30%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$6.52	1.30%
US Realty Equity
Institutional Shares
Actual	$1,000.00	$1,089.80	$5.46	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$5.27	1.05%
Open Shares
Actual	$1,000.00	$1,088.40	$6.96	1.34%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.20	$6.72	1.34%
Global Realty Equity
Institutional Shares
Actual	$1,000.00	$1,081.00	$5.17	1.00%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.89	$5.02	1.00%
Open Shares
Actual	$1,000.00	$1,079.00	$6.72	1.30%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$6.52	1.30%
Global Listed Infrastructure
Institutional Shares
Actual	$1,000.00	$1,033.00	$4.80	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.14	$4.77	0.95%
Open Shares
Actual	$1,000.00	$1,031.60	$6.11	1.21%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.85	$6.07	1.21%

* Expenses are equal to the annualized expense ratio of each Share class multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

12  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2016 (unaudited)

Sector*	Lazard US Realty Income Portfolio			Lazard US Realty Equity Portfolio			Lazard Global Realty Equity Portfolio			Lazard Global Listed Infrastructure Portfolio
Consumer Discretionary		—	%		—	%		—	%		9.7	%
Financials		97.7			97.7			100.0			—
Industrials		—			—			—			54.4
Utilities		—			—			—			31.8
Short-Term Investments		2.3			2.3			—			4.1
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, 2016 (unaudited)

Description	Shares		Fair Value
Lazard US Realty Income Portfolio
Preferred Stocks | 21.8%
Real Estate Investment Trusts (REITs) | 21.8%
Alexandria Real Estate Equities, Inc., Series D, 7.000%		32,058	$	1,094,140
DDR Corp., Series K, 6.250%		22,541		602,746
Digital Realty Trust, Inc., Series G, 5.875%		36,325		937,912
General Growth Properties, Inc., Series A, 6.375%		40,365		1,080,571
Kilroy Realty Corp., Series H, 6.375%		17,700		456,660
Kimco Realty Corp., Series J, 5.500%		58,500		1,511,055
National Retail Properties, Inc., Series E, 5.700%		19,200		512,640
Pebblebrook Hotel Trust, Series C, 6.500%		73,386		1,880,149
PS Business Parks, Inc., Series U, 5.750%		45,223		1,165,397
Taubman Centers, Inc., Series K, 6.250%		26,467		689,465
VEREIT, Inc., Series F, 6.700%		56,901		1,473,736
Vornado Realty Trust, Series K, 5.700%		15,906		414,192
Total Preferred Stocks (Cost $10,568,110)				11,818,663
Real Estate Investment Trusts | 75.1%
Blackstone Mortgage Trust, Inc., Class A		80,273		2,221,154
Chesapeake Lodging Trust		56,540		1,314,555
Colony Capital, Inc., Class A		187,135		2,872,522
Columbia Property Trust, Inc.		68,247		1,460,486
Communications Sales & Leasing, Inc.		109,538		3,165,648
DDR Corp.		14,941		271,030

Description	Shares		Fair Value
Education Realty Trust, Inc.		12,346	$	569,644
EPR Properties		7,549		609,053
Essex Property Trust, Inc.		5,043		1,150,258
Farmland Partners, Inc.		155,500		1,760,260
HCP, Inc.		20,654		730,739
LaSalle Hotel Properties		24,100		568,278
Medical Properties Trust, Inc.		77,329		1,176,174
MGM Growth Properties LLC, Class A		85,202		2,273,189
National Storage Affiliates Trust		111,716		2,325,927
NorthStar Realty Finance Corp.		70,013		800,249
Pebblebrook Hotel Trust		29,840		783,300
Pennsylvania Real Estate Investment Trust		59,550		1,277,347
Physicians Realty Trust		113,452		2,383,627
Ramco-Gershenson Properties Trust		29,100		570,651
Retail Opportunity Investments Corp.		21,793		472,254
Simon Property Group, Inc.		3,084		668,920
STAG Industrial, Inc.		61,813		1,471,768
Starwood Property Trust, Inc.		121,222		2,511,720
Sun Communities, Inc.		6,500		498,160
The GEO Group, Inc.		62,173		2,125,073
VEREIT, Inc.		163,900		1,661,946
Weyerhaeuser Co.		16,200		482,274
WP Glimcher, Inc.		223,315		2,498,895
Total Real Estate Investment Trusts (Cost $41,924,843)				40,675,101
Short-Term Investment | 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $1,229,211)		1,229,211		1,229,211
Total Investments | 99.2% (Cost $53,722,164) (a)			$	53,722,975
Cash and Other Assets in Excess of Liabilities | 0.8%				450,322
Net Assets | 100.0%			$	54,173,297

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

14  Semi-Annual Report

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio
Common Stocks | 1.9%
Real Estate Management & Development | 1.9%
CBRE Group, Inc., Class A (b) (Cost $2,103,499)		67,372	$	1,784,011
Real Estate Investment Trusts | 95.6%
Acadia Realty Trust		11,515		409,013
Alexandria Real Estate Equities, Inc.		13,117		1,357,872
American Homes 4 Rent, Class A		198,253		4,060,221
American Tower Corp.		66,647		7,571,766
Apartment Investment & Management Co., Class A		42,356		1,870,441
AvalonBay Communities, Inc.		24,522		4,423,524
Boston Properties, Inc.		23,860		3,147,134
Colony Capital, Inc., Class A		77,471		1,189,180
Colony Starwood Homes		28,120		855,410
Digital Realty Trust, Inc.		14,400		1,569,456
Education Realty Trust, Inc.		41,000		1,891,740
Empire State Realty Trust, Inc., Class A		118,281		2,246,156
Equinix, Inc.		12,770		4,951,312
Equity Lifestyle Properties, Inc.		42,957		3,438,708
Essex Property Trust, Inc.		19,716		4,497,022
Extra Space Storage, Inc.		18,680		1,728,647
Federal Realty Investment Trust		8,585		1,421,247
General Growth Properties, Inc.		89,199		2,659,914
Host Hotels & Resorts, Inc.		89,131		1,444,814

Description	Shares		Fair Value
National Storage Affiliates Trust		104,294	$	2,171,401
Pebblebrook Hotel Trust		16,307		428,059
Physicians Realty Trust		127,084		2,670,035
Prologis, Inc.		62,884		3,083,831
Public Storage		20,226		5,169,563
Retail Opportunity Investments Corp.		105,293		2,281,699
Rexford Industrial Realty, Inc.		89,692		1,891,604
Simon Property Group, Inc.		41,820		9,070,758
SL Green Realty Corp.		9,725		1,035,421
Sunstone Hotel Investors, Inc.		132,336		1,597,296
Ventas, Inc.		52,223		3,802,879
Welltower, Inc.		37,600		2,863,992
Weyerhaeuser Co.		29,642		882,442
Total Real Estate Investment Trusts (Cost $71,562,041)				87,682,557
Short-Term Investment | 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $2,075,375)		2,075,375		2,075,375
Total Investments | 99.8% (Cost $75,740,915) (a)			$	91,541,943
Cash and Other Assets in Excess of Liabilities | 0.2%				189,875
Net Assets | 100.0%			$	91,731,818

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

Semi-Annual Report  15

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio
Common Stocks | 24.7%
Brazil | 1.6%
BR Properties SA		12,940	$	30,212
Multiplan Empreendimentos Imobiliarios SA		3,200		60,029
				90,241
China | 1.9%
China Overseas Land & Investment, Ltd.		18,000		57,444
China Resources Land, Ltd.		20,000		46,889
				104,333
Germany | 3.6%
Vonovia SE		5,522		201,527
Hong Kong | 5.1%
Cheung Kong Property Holdings, Ltd.		24,500		154,537
China Overseas Property Holdings, Ltd.		6,000		881
Sun Hung Kai Properties, Ltd.		11,000		132,457
				287,875
India | 1.0%
DLF, Ltd.		25,867		58,043
Japan | 5.5%
Hulic Co., Ltd.		13,000		136,298
Mitsui Fudosan Co., Ltd.		7,680		175,319
				311,617
Philippines | 3.4%
Ayala Land, Inc.		94,125		77,847
SM Prime Holdings, Inc.		194,250		113,398
				191,245
Singapore | 0.8%
Frasers Centrepoint, Ltd.		40,400		45,987
United Arab Emirates | 1.0%
Emaar Properties PJSC		33,775		57,420
United States | 0.8%
CBRE Group, Inc., Class A (b)		1,652		43,745
Total Common Stocks (Cost $1,444,907)				1,392,033

Description	Shares		Fair Value
Real Estate Investment Trusts | 76.7%
Australia | 3.1%
Charter Hall Group		11,166	$	42,333
Westfield Corp.		16,748		133,437
				175,770
Canada | 2.0%
Boardwalk Real Estate Investment Trust		2,515		112,050
France | 1.2%
Klepierre		864		38,546
Unibail-Rodamco SE		124		32,487
				71,033
Hong Kong | 3.6%
Link Real Estate Investment Trust		29,519		201,943
Italy | 0.7%
Beni Stabili SpA		62,962		39,012
Japan | 8.7%
Activia Properties, Inc.		13		68,607
Invincible Investment Corp.		337		212,245
Kenedix Retail REIT Corp.		57		152,965
Premier Investment Corp.		45		58,984
				492,801
Mexico | 1.3%
Fibra Uno Administracion SA de CV		34,100		72,648
Singapore | 0.5%
CapitaMall Trust		16,300		25,882
United Kingdom | 5.1%
Big Yellow Group PLC		8,101		84,481
Great Portland Estates PLC		12,265		102,763
Land Securities Group PLC		4,454		63,036
Workspace Group PLC		4,244		39,532
				289,812
United States | 50.5%
Alexandria Real Estate Equities, Inc.		425		43,996
American Homes 4 Rent, Class A		7,790		159,539
American Tower Corp.		765		86,911
AvalonBay Communities, Inc.		1,066		192,296

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

16  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio (concluded)
Boston Properties, Inc.		790	$	104,201
Colony Starwood Homes		1,126		34,253
Digital Realty Trust, Inc.		716		78,037
Education Realty Trust, Inc.		2,126		98,093
Empire State Realty Trust, Inc., Class A		5,010		95,140
Equinix, Inc.		263		101,973
Equity Lifestyle Properties, Inc.		1,376		110,149
Essex Property Trust, Inc.		697		158,979
General Growth Properties, Inc.		2,311		68,914
Host Hotels & Resorts, Inc.		4,856		78,716
National Storage Affiliates Trust		5,248		109,263
NorthStar Realty Europe Corp.		5,600		51,800
Physicians Realty Trust		5,809		122,047
Prologis, Inc.		2,596		127,308
Public Storage		865		221,085

Description	Shares		Fair Value
Retail Opportunity Investments Corp.		5,673	$	122,934
Rexford Industrial Realty, Inc.		4,319		91,088
Simon Property Group, Inc.		1,687		365,910
Sunstone Hotel Investors, Inc.		5,630		67,954
Ventas, Inc.		1,246		90,734
Welltower, Inc.		945		71,981
				2,853,301
Total Real Estate Investment Trusts (Cost $3,816,537)				4,334,252
Total Investments | 101.4% (Cost $5,261,444) (a)			$	5,726,285
Liabilities in Excess of Cash and Other Assets | (1.4)%				(77,901	)
Net Assets | 100.0%			$	5,648,384

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

Semi-Annual Report  17

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 93.8%
Australia | 12.1%
DUET Group		74,394,370	$	139,235,677
Macquarie Atlas Roads Group		12,082,072		46,906,337
Spark Infrastructure Group		45,924,701		83,886,436
Transurban Group		10,590,560		94,986,117
				365,014,567
France | 15.3%
Aeroports de Paris		671,968		74,322,250
Eutelsat Communications SA		7,494,565		142,837,616
Vinci SA		3,434,031		244,577,618
				461,737,484
Germany | 3.0%
Fraport AG		1,683,650		89,950,488
Italy | 20.1%
ASTM SpA		834,619		9,075,942
Atlantia SpA		9,588,572		239,152,013
Hera SpA		16,453,551		45,008,196
Snam SpA		24,596,547		147,152,563
Societa Iniziative Autostradali e Servizi SpA		2,166,147		18,669,222
Terna SpA		26,217,533		146,084,982
				605,142,918
Luxembourg | 4.8%
SES SA		6,684,712		144,395,941
Portugal | 0.7%
REN - Redes Energeticas Nacionais SGPS SA		7,266,610		20,544,860

Description	Shares		Fair Value
Spain | 4.7%
Abertis Infraestructuras SA		9,610,391	$	141,243,855
United Kingdom | 3.6%
Pennon Group PLC		8,739,311		110,340,517
United States | 29.5%
Ameren Corp.		1,899,600		101,780,568
CSX Corp.		9,654,659		251,793,507
Genesee & Wyoming, Inc., Class A (b)		1,760,000		103,752,000
Norfolk Southern Corp.		1,696,437		144,417,682
PG&E Corp.		2,174,699		139,006,760
SJW Corp.		97,775		3,850,379
Union Pacific Corp.		1,655,000		144,398,750
				888,999,646
Total Common Stocks (Cost $2,803,806,418)				2,827,370,276
Short-Term Investment | 4.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.14% (7 day yield) (Cost $120,078,165)		120,078,165		120,078,165
Total Investments | 97.8% (Cost $2,923,884,583) (a), (c)			$	2,947,448,441
Cash and Other Assets in Excess of Liabilities | 2.2%				65,370,569
Net Assets | 100.0%			$	3,012,819,010

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

18  Semi-Annual Report

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at June 30, 2016:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation
USD	16,865,222	GBP	15,301,088	BNP	09/29/16		$	1,564,134
USD	48,061,303	AUD	47,416,987	BNP	09/29/16			644,316
USD	306,793,667	EUR	301,991,256	BNP	09/29/16			4,802,411
USD	7,190,595	GBP	6,514,933	CAN	09/29/16			675,662
USD	50,607,130	AUD	49,842,703	CAN	09/29/16			764,427
USD	150,200,796	EUR	147,726,837	CAN	09/29/16			2,473,960
USD	6,590,813	GBP	5,977,322	CIT	09/29/16			613,492
USD	34,091,581	AUD	33,597,096	CIT	09/29/16			494,485
USD	147,424,515	EUR	144,934,822	CIT	09/29/16			2,489,693
USD	7,447,914	GBP	6,757,861	CSF	09/29/16			690,053
USD	53,521,337	AUD	52,786,312	CSF	09/29/16			735,025
USD	76,842,981	EUR	75,555,271	CSF	09/29/16			1,287,710
USD	6,704,973	GBP	6,082,097	HSB	09/29/16			622,876
USD	35,107,565	AUD	34,623,125	HSB	09/29/16			484,440
USD	68,296,433	EUR	67,161,435	HSB	09/29/16			1,134,999
USD	2,834,862	GBP	2,570,932	JPM	09/29/16			263,929
USD	8,809,645	GBP	8,737,314	JPM	09/29/16			72,331
USD	125,560,699	EUR	123,471,316	MEL	09/29/16			2,089,383
USD	48,676,306	AUD	48,004,953	RBC	09/29/16			671,353
USD	231,811,287	EUR	228,042,480	RBC	09/29/16			3,768,807
USD	6,064,032	GBP	6,010,865	SCB	09/29/16			53,166
USD	37,696,411	GBP	34,199,627	SCB	09/29/16			3,496,784
USD	51,857,730	AUD	51,135,376	SCB	09/29/16			722,353
USD	188,097,079	EUR	185,013,640	SCB	09/29/16			3,083,439
USD	16,577,051	GBP	15,031,761	SSB	09/29/16			1,545,290
USD	39,671,946	AUD	39,130,753	SSB	09/29/16			541,194
USD	172,767,657	EUR	169,946,021	SSB	09/29/16			2,821,636
Total gross unrealized appreciation on Forward Currency Contracts							$	38,607,348

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

Semi-Annual Report  19

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2016 (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	$	53,722,164	$	3,590,930	$	3,590,119	$	811
US Realty Equity		75,740,915		16,619,907		818,879		15,801,028
Global Realty Equity		5,261,444		716,614		251,773		464,841
Global Listed Infrastructure		2,923,884,583		204,367,438		180,803,580		23,563,858

(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
EUR	—	Euro	USD	—	United States Dollar
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
Construction & Engineering		—	%		8.1	%
Electric Utilities		—			12.2
Gas Utilities		—			4.9
Media		—			9.5
Multi-Utilities		—			10.2
Real Estate Investment Trusts (REITs)		76.7			—
Real Estate Management & Development		24.7			—
Road & Rail		—			21.4
Transportation Infrastructure		—			23.7
Water Utilities		—			3.8
Subtotal		101.4			93.8
Short-Term Investment		—			4.0
Total Investments		101.4	%		97.8	%

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

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

20  Semi-Annual Report

[This page intentionally left blank]

Semi-Annual Report  21

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

June 30, 2016	Lazard US Realty Income Portfolio				Lazard US Realty Equity Portfolio
ASSETS
Investments in securities, at fair value		$	53,722,975			$	91,541,943
Cash			—				—
Foreign currency, at fair value			—				—
Receivables for:
Investments sold			1,759,180				1,681,475
Capital stock sold			13,929				61,655
Dividends and interest			559,920				281,421
Amount due from Investment Manager (Note 3)			—				—
Gross unrealized appreciation on forward currency contracts			—				—
Total assets			56,056,004				93,566,494
LIABILITIES
Payables for:
Management fees			23,743				56,502
Accrued distribution fees			6,496				13,912
Investments purchased			1,622,792				1,623,231
Capital stock redeemed			162,512				82,863
Line of credit outstanding			—				—
Other accrued expenses and payables			67,164				58,168
Total liabilities			1,882,707				1,834,676
Net assets		$	54,173,297			$	91,731,818
NET ASSETS
Paid in capital		$	71,520,607			$	75,642,002
Undistributed (distributions in excess of) net investment income (loss)			592,597				800,511
Accumulated net realized gain (loss)			(17,940,718	)			(511,723	)
Net unrealized appreciation (depreciation) on:
Investments			811				15,801,028
Foreign currency translations and forward currency contracts			—				—
Net assets		$	54,173,297			$	91,731,818
Institutional Shares
Net assets		$	23,865,844			$	21,936,384
Shares of capital stock outstanding*			3,213,042				1,063,276
Net asset value, offering and redemption price per share		$	7.43			$	20.63
Open Shares
Net assets		$	30,307,453			$	69,795,434
Shares of capital stock outstanding*			4,090,048				3,375,312
Net asset value, offering and redemption price per share		$	7.41			$	20.68
Cost of investments in securities		$	53,722,164			$	75,740,915
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 Global Realty Equity Portfolio				Lazard Global Listed Infrastructure Portfolio
	$	5,726,285			$	2,947,448,441
		4,200				—
		1,284				14
		655,330				23,075,497
		—				7,778,590
		25,822				6,592,507
		12,355				—
		—				38,607,348
		6,425,276				3,023,502,397
		—				2,200,354
		383				106,942
		677,272				5,331,092
		13,394				2,887,988
		40,000				—
		45,843				157,011
		776,892				10,683,387
	$	5,648,384			$	3,012,819,010
	$	5,308,531			$	2,983,737,348
		49,727				11,527,657
		(174,630	)			(44,594,879	)
		464,841				23,563,858
		(85	)			38,585,026
	$	5,648,384			$	3,012,819,010
	$	3,848,360			$	2,483,563,788
		250,945				180,701,366
	$	15.34			$	13.74
	$	1,800,024			$	529,255,222
		117,687				38,426,974
	$	15.30			$	13.77
	$	5,261,444			$	2,923,884,583
	$	1,288			$	14

Semi-Annual Report  23

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

For the Six Months Ended June 30, 2016	Lazard US Realty Income Portfolio				Lazard US Realty Equity Portfolio
Investment Income (Loss)
Income
Dividends*		$	2,045,390			$	1,365,783
Expenses
Management fees (Note 3)			221,749				354,029
Distribution fees (Open Shares)			41,920				85,644
Custodian fees			26,407				23,799
Administration fees			30,845				33,783
Professional services			19,076				19,477
Registration fees			22,399				19,913
Directors’ fees and expenses			3,849				4,273
Shareholders’ reports			11,410				10,238
Shareholders’ services			15,720				17,946
Other†			4,123				4,349
Total gross expenses			397,498				573,451
Management fees waived and expenses reimbursed			(51,528	)			(8,179	)
Administration fees waived			—				—
Total net expenses			345,970				565,272
Net investment income (loss)			1,699,420				800,511
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Forward Currency Contracts
Net realized gain (loss) on:
Investments			(9,034,157	)			(1,361,822	)
Foreign currency transactions and forward currency contracts			—				—
Total net realized gain (loss) on investments, foreign currency transactions and forward currency contracts			(9,034,157	)			(1,361,822	)
Net change in unrealized appreciation (depreciation) on:
Investments			10,542,635				7,646,672
Foreign currency translations and forward currency contracts			—				—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts			10,542,635				7,646,672
Net realized and unrealized gain (loss) on investments, foreign currency transactions and forward currency contracts			1,508,478				6,284,850
Net increase (decrease) in net assets resulting from operations		$	3,207,898			$	7,085,361
* Net of foreign withholding taxes of		$	—			$	—
† Includes interest on line of credit of		$	1,130			$	680

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

24   Semi-Annual Report

Lazard Global Realty Equity Portfolio				Lazard Global Listed Infrastructure Portfolio
	$	90,191			$	53,562,297
		22,795				12,788,650
		2,242				631,985
		31,145				240,599
		25,494				216,755
		18,289				64,067
		17,427				52,548
		2,586				52,315
		1,433				49,867
		12,826				38,907
		2,730				39,129
		136,967				14,174,822
		(98,084	)			—
		(9,375	)			—
		29,508				14,174,822
		60,683				39,387,475
		(137,335	)			17,124,749
		853				(55,958,774	)
		(136,482	)			(38,834,025	)
		492,717				58,562,494
		(15	)			33,372,847
		492,702				91,935,341
		356,220				53,101,316
	$	416,903			$	92,488,791
	$	4,038			$	6,492,842
	$	17			$	—

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 June 30, 2016 (unaudited)				Year Ended December 31, 2015				Six Months Ended June 30, 2016 (unaudited)				Year Ended December 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,699,420			$	5,496,514			$	800,511			$	1,459,207
Net realized gain (loss) on investments, foreign currency transactions and forward currency contracts			(9,034,157	)			(9,078,718	)			(1,361,822	)			6,745,327
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts			10,542,635				(8,478,364	)			7,646,672				(4,368,401	)
Net increase (decrease) in net assets resulting from operations			3,207,898				(12,060,568	)			7,085,361				3,836,133
Distributions to shareholders
From net investment income Institutional Shares			(646,936	)			(2,328,929	)			—				(388,970	)
Open Shares			(807,405	)			(2,647,759	)			—				(1,212,464	)
From net realized gains Institutional Shares			—				(1,172,590	)			—				(1,323,795	)
Open Shares			—				(1,227,569	)			—				(4,827,172	)
Net decrease in net assets resulting from distributions			(1,454,341	)			(7,376,847	)			—				(7,752,401	)
Capital stock transactions
Net proceeds from sales Institutional Shares			1,473,802				13,886,139				1,726,207				5,414,090
Open Shares			574,463				20,321,841				6,309,514				23,669,007
Net proceeds from reinvestment of distributions Institutional Shares			623,756				3,238,252				—				1,690,029
Open Shares			793,641				3,824,336				—				5,757,961
Cost of shares redeemed Institutional Shares			(11,667,613	)			(42,092,318	)			(2,647,837	)			(6,912,046	)
Open Shares			(12,572,786	)			(61,283,643	)			(17,792,061	)			(39,361,469	)
Net increase (decrease) in net assets from capital stock transactions			(20,774,737	)			(62,105,393	)			(12,404,177	)			(9,742,428	)
Redemption fees (Note 2(g))
Institutional Shares			—				1,494				7				762
Open Shares			103				11,432				714				4,951
Net increase in net assets from redemption fees			103				12,926				721				5,713
Total increase (decrease) in net assets			(19,021,077	)			(81,529,882	)			(5,318,095	)			(13,652,983	)
Net assets at beginning of period			73,194,374				154,724,256				97,049,913				110,702,896
Net assets at end of period*		$	54,173,297			$	73,194,374			$	91,731,818			$	97,049,913
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	592,597			$	347,518			$	800,511			$	—
Shares issued and redeemed Institutional Shares
Shares outstanding at beginning of period			4,614,237				7,953,633				1,116,969				1,106,356
Shares sold			207,482				1,669,318				89,912				268,008
Shares issued to shareholders from reinvestment of distributions			88,041				425,265				—				90,600
Shares redeemed			(1,696,718	)			(5,433,979	)			(143,605	)			(347,995	)
Net increase (decrease)			(1,401,195	)			(3,339,396	)			(53,693	)			10,613
Shares outstanding at end of period			3,213,042				4,614,237				1,063,276				1,116,969
Open Shares
Shares outstanding at beginning of period			5,692,814				10,454,927				3,995,207				4,494,866
Shares sold			83,020				2,368,278				328,965				1,168,358
Shares issued to shareholders from reinvestment of distributions			112,381				501,448				—				307,541
Shares redeemed			(1,798,167	)			(7,631,839	)			(948,860	)			(1,975,558	)
Net increase (decrease)			(1,602,766	)			(4,762,113	)			(619,895	)			(499,659	)
Shares outstanding at end of period			4,090,048				5,692,814				3,375,312				3,995,207

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, 2016 (unaudited)				Year Ended December 31, 2015				Six Months Ended June 30, 2016 (unaudited)				Year Ended December 31, 2015
	$	60,683			$	92,981			$	39,387,475			$	48,927,552
		(136,482	)			201,000				(38,834,025	)			168,086,643
		492,702				(230,407	)			91,935,341				(68,185,142	)
		416,903				63,574				92,488,791				148,829,053
		—				(132,219	)			(21,108,665	)			(167,086,540	)
		—				(64,198	)			(3,977,412	)			(27,657,141	)
		—				(105,753	)			—				(52,586,746	)
		—				(55,339	)			—				(9,109,533	)
		—				(357,509	)			(25,086,077	)			(256,439,960	)
		32,617				578,622				579,968,446				1,120,901,903
		282,401				169,139				265,839,131				375,261,831
		—				237,972				17,824,092				184,644,431
		—				113,054				3,943,406				36,467,389
		(19,571	)			(1,866,316	)			(326,703,057	)			(436,076,801	)
		(433,093	)			(364,500	)			(145,593,226	)			(141,660,638	)
		(137,646	)			(1,132,029	)			395,278,792				1,139,538,115
		—				279				8,730				20,425
		—				—				17,948				46,495
		—				279				26,678				66,920
		279,257				(1,425,685	)			462,708,184				1,031,994,128
		5,369,127				6,794,812				2,550,110,826				1,518,116,698
	$	5,648,384			$	5,369,127			$	3,012,819,010			$	2,550,110,826
	$	49,727			$	(10,956	)		$	11,527,657			$	(2,773,741	)
		250,075				314,965				160,699,463				99,989,007
		2,229				36,999				42,758,351				77,905,344
		—				16,882				1,328,663				13,815,164
		(1,359	)			(118,771	)			(24,085,111	)			(31,010,052	)
		870				(64,890	)			20,001,903				60,710,456
		250,945				250,075				180,701,366				160,699,463
		128,369				133,021				29,287,607				10,615,342
		19,263				10,727				19,527,835				25,897,867
		—				8,037				293,239				2,724,299
		(29,945	)			(23,416	)			(10,681,707	)			(9,949,901	)
		(10,682	)			(4,652	)			9,139,367				18,672,265
		117,687				128,369				38,426,974				29,287,607

Semi-Annual Report   27

The Lazard Funds, Inc. Financial Highlights

LAZARD US REALTY INCOME PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended												For the Period 9/26/11* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	7.11		$	8.42		$	7.44		$	8.57		$	7.46		$	9.73
Income (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.37			0.29			0.47			0.49			0.16
Net realized and unrealized gain (loss)		0.31			(1.15	)		1.30			(0.27	)		1.23			0.55
Total from investment operations		0.51			(0.78	)		1.59			0.20			1.72			0.71
Less distributions from:
Net investment income		(0.19	)		(0.37	)		(0.32	)		(0.34	)		(0.37	)		(0.24	)
Net realized gains		—			(0.16	)		(0.29	)		(0.99	)		(0.24	)		(2.74	)
Total distributions		(0.19	)		(0.53	)		(0.61	)		(1.33	)		(0.61	)		(2.98	)
Redemption fees		—			—	(b)		—	(b)		—	(b)		—	(b)		—
Net asset value, end of period	$	7.43		$	7.11		$	8.42		$	7.44		$	8.57		$	7.46
Total Return (c)		7.32	%		–9.50	%		21.54	%		2.37	%		23.32	%		9.71	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	23,866		$	32,806		$	66,942		$	47,222		$	52,024		$	19,849
Ratios to average net assets (d):
Net expenses		1.00	%		0.98	%		0.96	%		0.95	%		1.15	%		1.15	%
Gross expenses		1.20	%		0.98	%		0.96	%		0.98	%		1.16	%		2.31	%
Net investment income (loss)		5.88	%		4.59	%		3.52	%		5.29	%		5.94	%		8.26	%
Portfolio turnover rate		30	%		60	%		53	%		104	%		42	%		89	%
Selected data for a share of capital	Six Months Ended			Year Ended												For the Period 6/1/11 to			Year Ended
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11			5/31/11
Open Shares
Net asset value, beginning of period	$	7.09		$	8.40		$	7.43		$	8.56		$	7.45		$	11.34		$	10.78
Income (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.34			0.26			0.44			0.51			0.44			0.32
Net realized and unrealized gain (loss)		0.30			(1.15	)		1.30			(0.26	)		1.19			(1.21	)		2.05
Total from investment operations		0.50			(0.81	)		1.56			0.18			1.70			(0.77	)		2.37
Less distributions from:
Net investment income		(0.18	)		(0.34	)		(0.30	)		(0.32	)		(0.35	)		(0.38	)		(0.64	)
Net realized gains		—			(0.16	)		(0.29	)		(0.99	)		(0.24	)		(2.74	)		(1.17	)
Total distributions		(0.18	)		(0.50	)		(0.59	)		(1.31	)		(0.59	)		(3.12	)		(1.81	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	7.41		$	7.09		$	8.40		$	7.43		$	8.56		$	7.45		$	11.34
Total Return (c)		7.19	%		–9.77	%		21.35	%		1.99	%		23.00	%		–4.82	%		23.27	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	30,307		$	40,388		$	87,782		$	66,834		$	55,393		$	6,007		$	15,830
Ratios to average net assets (d):
Net expenses		1.30	%		1.23	%		1.24	%		1.22	%		1.45	%		1.47	%		1.48	%
Gross expenses		1.45	%		1.23	%		1.24	%		1.24	%		1.47	%		3.05	%		2.42	%
Net investment income (loss)		5.65	%		4.20	%		3.19	%		4.86	%		6.18	%		7.49	%		2.81	%
Portfolio turnover rate		30	%		60	%		53	%		104	%		42	%		89	%		77	%

*	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. Return for 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

Selected data for a share of capital	Six Months Ended			Year Ended												For the Period 9/26/11* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	18.93		$	19.71		$	16.05		$	17.40		$	14.89		$	15.76
Income (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.33			0.28			0.41			0.31			0.10
Net realized and unrealized gain (loss)		1.50			0.55			3.85			(0.10	)		2.79			2.91
Total from investment operations		1.70			0.88			4.13			0.31			3.10			3.01
Less distributions from:
Net investment income		—			(0.38	)		(0.20	)		(0.25	)		(0.17	)		(0.12	)
Net realized gains		—			(1.28	)		(0.27	)		(1.41	)		(0.42	)		(3.76	)
Total distributions		—			(1.66	)		(0.47	)		(1.66	)		(0.59	)		(3.88	)
Redemption fees		—	(b)		—	(b)		—	(b)		—			—	(b)		—
Net asset value, end of period	$	20.63		$	18.93		$	19.71		$	16.05		$	17.40		$	14.89
Total Return (c)		8.98	%		4.63	%		25.70	%		1.77	%		20.83	%		20.84	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	21,936		$	21,143		$	21,806		$	7,844		$	2,794		$	1,525
Ratios to average net assets (d):
Net expenses		1.05	%		1.05	%		1.05	%		1.13	%		1.20	%		1.20	%
Gross expenses		1.13	%		1.09	%		1.18	%		1.27	%		2.34	%		13.07	%
Net investment income (loss)		2.09	%		1.64	%		1.50	%		2.28	%		1.86	%		2.32	%
Portfolio turnover rate		26	%		51	%		43	%		98	%		52	%		63	%
Selected data for a share of capital	Six Months Ended			Year Ended												For the Period 6/1/11 to			Year Ended
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11			5/31/11
Open Shares
Net asset value, beginning of period	$	19.00		$	19.78		$	16.11		$	17.45		$	14.92		$	19.49		$	16.66
Income (loss) from investment operations:
Net investment income (loss) (a)		0.16			0.26			0.19			0.33			0.30			0.14			(0.07	)
Net realized and unrealized gain (loss)		1.52			0.56			3.90			(0.06	)		2.76			(0.90	)		5.17
Total from investment operations		1.68			0.82			4.09			0.27			3.06			(0.76	)		5.10
Less distributions from:
Net investment income		—			(0.32	)		(0.15	)		(0.20	)		(0.12	)		(0.06	)		(0.04	)
Net realized gains		—			(1.28	)		(0.27	)		(1.41	)		(0.42	)		(3.76	)		(2.23	)
Total distributions		—			(1.60	)		(0.42	)		(1.61	)		(0.54	)		(3.82	)		(2.27	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		0.01			0.01			—	(b)
Net asset value, end of period	$	20.68		$	19.00		$	19.78		$	16.11		$	17.45		$	14.92		$	19.49
Total Return (c)		8.84	%		4.34	%		25.33	%		1.58	%		20.58	%		–2.44	%		33.01	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	69,795		$	75,907		$	88,897		$	60,823		$	65,387		$	1,138		$	4,852
Ratios to average net assets (d):
Net expenses		1.34	%		1.32	%		1.35	%		1.36	%		1.50	%		1.80	%		1.93	%
Gross expenses		1.34	%		1.32	%		1.42	%		1.41	%		1.78	%		7.48	%		5.66	%
Net investment income (loss)		1.73	%		1.32	%		1.01	%		1.83	%		1.74	%		1.36	%		–0.41	%
Portfolio turnover rate		26	%		51	%		43	%		98	%		52	%		63	%		91	%

*	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. Return for 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

Selected data for a share of capital	Six Months Ended			Year Ended												For the Period 9/26/11* to
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	14.19		$	15.17		$	15.49		$	16.98		$	12.18		$	13.08
Income (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.27			0.34			0.30			0.22			0.03
Net realized and unrealized gain (loss)		0.98			(0.24	)		1.29			(0.18	)		5.27			0.05
Total from investment operations		1.15			0.03			1.63			0.12			5.49			0.08
Less distributions from:
Net investment income		—			(0.56	)		(0.61	)		(0.50	)		(0.57	)		(0.75	)
Net realized gains		—			(0.45	)		(1.34	)		(0.96	)		(0.12	)		(0.23	)
Return of capital		—			—			—			(0.15	)		—			—
Total distributions		—			(1.01	)		(1.95	)		(1.61	)		(0.69	)		(0.98	)
Redemption fees		—			—	(b)		—			—			—	(b)		—
Net asset value, end of period	$	15.34		$	14.19		$	15.17		$	15.49		$	16.98		$	12.18
Total Return (c)		8.10	%		0.36	%		10.35	%		0.89	%		45.14	%		0.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,848		$	3,549		$	4,779		$	5,320		$	2,797		$	1,914
Ratios to average net assets (d):
Net expenses		1.00	%		1.05	%		1.13	%		1.22	%		1.30	%		1.30	%
Gross expenses		4.90	%		4.97	%		3.79	%		5.49	%		5.84	%		17.38	%
Net investment income (loss)		2.37	%		1.74	%		2.04	%		1.79	%		1.50	%		0.83	%
Portfolio turnover rate		25	%		56	%		84	%		81	%		42	%		41	%
Selected data for a share of capital	Six Months Ended			Year Ended												For the Period 6/1/11 to			Year Ended
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11			5/31/11
Open Shares
Net asset value, beginning of period	$	14.18		$	15.16		$	15.48		$	16.97		$	12.17		$	16.98		$	14.54
Income (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.23			0.29			0.25			0.19			0.06			0.16
Net realized and unrealized gain (loss)		0.97			(0.24	)		1.29			(0.18	)		5.25			(3.89	)		3.99
Total from investment operations		1.12			(0.01	)		1.58			0.07			5.44			(3.83	)		4.15
Less distributions from:
Net investment income		—			(0.52	)		(0.56	)		(0.45	)		(0.52	)		(0.75	)		(0.55	)
Net realized gains		—			(0.45	)		(1.34	)		(0.96	)		(0.12	)		(0.23	)		(1.16	)
Return of capital		—			—			—			(0.15	)		—			—			—
Total distributions		—			(0.97	)		(1.90	)		(1.56	)		(0.64	)		(0.98	)		(1.71	)
Redemption fees		—			—			—			—	(b)		—	(b)		—			—	(b)
Net asset value, end of period	$	15.30		$	14.18		$	15.16		$	15.48		$	16.97		$	12.17		$	16.98
Total Return (c)		7.90	%		0.06	%		10.05	%		0.60	%		44.81	%	–	22.98	%		29.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,800		$	1,820		$	2,016		$	2,365		$	2,209		$	667		$	1,716
Ratios to average net assets (d):
Net expenses		1.30	%		1.35	%		1.43	%		1.54	%		1.60	%		1.84	%		1.96	%
Gross expenses		5.51	%		5.55	%		4.26	%		5.81	%		6.13	%		16.46	%		14.35	%
Net investment income (loss)		2.05	%		1.47	%		1.76	%		1.45	%		1.25	%		0.66	%		0.98	%
Portfolio turnover rate		25	%		56	%		84	%		81	%		42	%		41	%		54	%

*	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. Return for 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

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Institutional Shares
Net asset value, beginning of period	$	13.42		$	13.72		$	13.13		$	10.96		$	9.78		$	10.31
Income (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.33			0.34			0.35			0.31			0.33
Net realized and unrealized gain (loss)		0.25			0.89			2.01			2.53			1.43			(0.48	)
Total from investment operations		0.44			1.22			2.35			2.88			1.74			(0.15	)
Less distributions from:
Net investment income		(0.12	)		(1.17	)		(1.04	)		(0.33	)		(0.35	)		(0.15	)
Net realized gains		—			(0.35	)		(0.72	)		(0.38	)		(0.21	)		(0.23	)
Total distributions		(0.12	)		(1.52	)		(1.76	)		(0.71	)		(0.56	)		(0.38	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	13.74		$	13.42		$	13.72		$	13.13		$	10.96		$	9.78
Total Return (c)		3.30	%		9.30	%		17.95	%		26.56	%		18.05	%		–1.55	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,483,564		$	2,156,325		$	1,372,216		$	641,127		$	125,112		$	104,439
Ratios to average net assets (d):
Net expenses		0.95	%		0.96	%		0.98	%		1.01	%		1.14	%		1.09	%
Gross expenses		0.95	%		0.96	%		0.98	%		1.01	%		1.14	%		1.09	%
Net investment income (loss)		2.79	%		2.32	%		2.35	%		2.80	%		3.01	%		3.15	%
Portfolio turnover rate		25	%		34	%		41	%		35	%		26	%		135	%
Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/16†			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Open Shares
Net asset value, beginning of period	$	13.45		$	13.74		$	13.15		$	10.97		$	9.78		$	10.34
Income (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.31			0.29			0.30			0.28			0.28
Net realized and unrealized gain (loss)		0.24			0.88			2.02			2.55			1.42			(0.49	)
Total from investment operations		0.42			1.19			2.31			2.85			1.70			(0.21	)
Less distributions from:
Net investment income		(0.10	)		(1.13	)		(1.00	)		(0.29	)		(0.30	)		(0.12	)
Net realized gains		—			(0.35	)		(0.72	)		(0.38	)		(0.21	)		(0.23	)
Total distributions		(0.10	)		(1.48	)		(1.72	)		(0.67	)		(0.51	)		(0.35	)
Redemption fees		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	13.77		$	13.45		$	13.74		$	13.15		$	10.97		$	9.78
Total Return (c)		3.16	%		9.06	%		17.61	%		26.24	%		17.54	%		–1.95	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	529,255		$	393,786		$	145,901		$	41,095		$	12,715		$	8,359
Ratios to average net assets (d):
Net expenses		1.21	%		1.23	%		1.29	%		1.32	%		1.50	%		1.60	%
Gross expenses		1.21	%		1.23	%		1.29	%		1.32	%		1.50	%		1.67	%
Net investment income (loss)		2.69	%		2.19	%		2.04	%		2.42	%		2.66	%		2.81	%
Portfolio turnover rate		25	%		34	%		41	%		35	%		26	%		135	%

†	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. Return for 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, 2016 (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-three no-load portfolios (each referred to as a “Portfolio”), as follows: Lazard US Equity Concentrated Portfolio, Lazard US Strategic Equity Portfolio, Lazard US Mid Cap Equity Portfolio, Lazard US Small-Mid Cap Equity Portfolio, Lazard 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, Lazard Global Equity Select Portfolio, Lazard Global Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio, 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, 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 (commenced investment operations on May 27, 2016), Lazard Enhanced Opportunities Portfolio and Lazard Fundamental Long/Short 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. 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, an R6 Share class was classified for each Portfolio. 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, 2016, 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. Emerging Markets Debt Portfolio began issuing R6 Shares on July 28, 2016.

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—Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other US or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded 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 generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.

The Valuation Committee of the Investment Manager, which meets periodically under the direction of the Board of Directors (the “Board”), may evaluate a variety of factors to determine the fair value of securities

32  Semi-Annual Report

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 except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon

as the information is received by the Portfolio. Interest income, if any, is accrued daily.

A Portfolio may be subject to taxes imposed by non-US 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 transactions 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 translations 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

Semi-Annual Report  33

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, 2016, only the Global Listed Infrastructure 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.

At December 31, 2015, the following Portfolio 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
US Realty Income	$1,339,121	$	7,215,076

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, 2015, the following Portfolios elected to defer such losses as follows:

Portfolio	Post October Capital Loss Deferral		Late Year Ordinary Loss Deferral
US Realty Equity		$58,801	$	—
Global Realty Equity		941		—

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 (2012-2014), or expected to be taken in the Portfolios’ 2015 tax returns.

(e) 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. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

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 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.

(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 realized and unrealized gains and losses are allocated

34  Semi-Annual Report

proportionally each day between the classes based upon the relative net assets of each class.

(g) 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. The redemption fee will not apply to transactions in Portfolio shares on or after August 15, 2016.

(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 resulting from operations during the reporting period. Actual results could differ from those estimates.

(i) Net Asset Value—NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. NAV per share is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

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

The Fund, on behalf of the Portfolios, has entered into a 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

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, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees, but including the management fee stated in the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolios, exceed the following percentages of the value of the Portfolios’ average daily net assets for the respective shares:

Portfolio	Institutional Shares			Open Shares			Year
US Realty Income		1.00	%		1.30	%		2017
US Realty Equity		1.05			1.35			2026	(a)
Global Realty Equity		1.00			1.30			2017
Global Listed Infrastructure		1.30			1.60			2026	(a)

(a)  Agreement is through April 29, 2026.

During the period ended June 30, 2016, 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 Realty Income		$26,128		$       —		$25,400		$       —
US Realty Equity		8,179		—		—		—
Global Realty Equity		15,172		48,272		7,623		27,017

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

Semi-Annual Report  35

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, 2016, State Street waived $9,375 of its fee for the 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 1940 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. (collec-

tively with the Fund, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager: (1) an annual retainer of $190,000, (2) an additional annual fee of $20,000 to the lead Independent Director (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund), and (3) an additional annual fee of $10,000 to the Audit Committee Chair. The Independent Directors may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent 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. Independent Directors’ fees are allocated among the portfolios in the Lazard Fund Complex at a rate of $5,000 per portfolio with the remainder allocated based upon each portfolio’s proportionate share of combined net assets. The Statements of Operations show the Independent 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, 2016 were as follows:

Portfolio	Purchases		Sales
US Realty Income	$	18,124,389	$	39,188,216
US Realty Equity		23,482,952		36,302,465
Global Realty Equity		1,354,112		1,336,152
Global Listed Infrastructure		1,011,792,619		670,962,388

For the period ended June 30, 2016, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and 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

36  Semi-Annual Report

on borrowings was payable 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 0.20% per annum fee 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, 2016, 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 Realty Income	$	489,429	$	1,607,000		1.44	%		70
US Realty Equity		688,656		1,565,000		1.44			25
Global Realty Equity		28,000		56,000		1.43			17

* 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, 2016 is categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—The 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. The 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 mar-

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

(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 performance 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

Semi-Annual Report  37

(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 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

• 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.

38  Semi-Annual Report

The following table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2016:

	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, 2016
US Realty Income Portfolio
Preferred Stocks*	$	11,818,663	$	—	$	—	$	11,818,663
Real Estate Investment Trusts		40,675,101		—		—		40,675,101
Short-Term Investment		1,229,211		—		—		1,229,211
Total	$	53,722,975	$	—	$	—	$	53,722,975
US Realty Equity Portfolio
Common Stocks*	$	1,784,011	$	—	$	—	$	1,784,011
Real Estate Investment Trusts		87,682,557		—		—		87,682,557
Short-Term Investment		2,075,375		—		—		2,075,375
Total	$	91,541,943	$	—	$	—	$	91,541,943
Global Realty Equity Portfolio
Common Stocks*
China	$	—	$	104,333	$	—	$	104,333
Germany		—		201,527		—		201,527
Hong Kong		—		287,875		—		287,875
India		—		58,043		—		58,043
Japan		—		311,617		—		311,617
Philippines		—		191,245		—		191,245
Singapore		—		45,987		—		45,987
United Arab Emirates		—		57,420		—		57,420
Other		133,986		—		—		133,986
Real Estate Investment Trusts*
Australia		—		175,770		—		175,770
France		—		71,033		—		71,033
Hong Kong		—		201,943		—		201,943
Italy		—		39,012		—		39,012
Japan		—		492,801		—		492,801
Singapore		—		25,882		—		25,882
United Kingdom		—		289,812		—		289,812
Other		3,037,999		—		—		3,037,999
Total	$	3,171,985	$	2,554,300	$	—	$	5,726,285
Global Listed Infrastructure Portfolio
Assets:
Common Stocks*
Australia	$	—	$	365,014,567	$	—	$	365,014,567
France		—		461,737,484		—		461,737,484
Germany		—		89,950,488		—		89,950,488
Italy		—		605,142,918		—		605,142,918
Luxembourg		—		144,395,941		—		144,395,941
Portugal		—		20,544,860		—		20,544,860
Spain		—		141,243,855		—		141,243,855
United Kingdom		—		110,340,517		—		110,340,517
Other		888,999,646		—		—		888,999,646
Short-Term Investment		120,078,165		—		—		120,078,165
Other Financial Instruments**
Forward Currency Contracts		—		38,607,348		—		38,607,348
Total	$	1,009,077,811	$	1,976,977,978	$	—	$	2,986,055,789

*	Please refer to Portfolios of Investments (page 14 through 19) and Notes to Portfolios of Investments (page 20) for portfolio holdings by country and industry.
**	Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).

Semi-Annual Report  39

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. Accordingly, a significant portion of the Portfolios’ investments are categorized as Level 2 investments. A Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period.

At June 30, 2016, securities valued at the following amounts were transferred from Level 2 to Level 1:

Portfolio	Amount
Global Realty Equity	$	75,789

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2016.

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 Listed Infrastructure Portfolio

During the period ended June 30, 2016, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts $2,089,500,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2016:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	38,607,348

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2016 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(55,557,919	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	33,323,714

See Note 2(c) 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, 2016.

As of June 30, 2016, 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, 2016:

Global Listed Infrastructure 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		$38,607,348		$  —		$38,607,348

			Amounts Not Offset in the
			Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented
	in the Statement of		Financial		Collateral
Counterparty	Assets and Liabilities		Instruments		Received		Net Amounts
BNP Paribas SA	$	7,010,861	$	—	$	—	$	7,010,861
Canadian Imperial Bank of Commerce		3,914,049		—		—		3,914,049
Citibank NA		3,597,670		—		—		3,597,670
Credit Suisse International		2,712,788		—		—		2,712,788
HSBC Bank USA NA		2,242,315		—		—		2,242,315
JPMorgan Chase Bank NA		336,260		—		—		336,260
Royal Bank of Canada		4,440,160		—		—		4,440,160
Standard Chartered Bank		7,355,742		—		—		7,355,742
State Street Bank and Trust Co.		4,908,120		—		—		4,908,120
The Bank of New York Mellon Corp.		2,089,383		—		—		2,089,383
Total	$	38,607,348	$	—	$	—	$	38,607,348

11. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial

statements and has determined that, aside from items previously disclosed, there were no subsequent events that required adjustment or disclosure.

Semi-Annual Report  41

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 (62)	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 (71)	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 (53)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (67 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 (45)	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)
Richard Reiss, Jr. (72)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource Americas, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (68)	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)	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 (55)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (56)	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 funds in the Lazard Fund Complex (comprised of, as of July 31, 2016, 40 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 funds in the Lazard Fund Complex.
(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.

Semi-Annual Report  43

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 (43)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Christopher Snively (31)	Chief Financial Officer (March 2016)	Senior Vice President of the Investment Manager (since November 2015)
		Assurance Manager at PricewaterhouseCoopers LLP (2008 – November 2015)
Stephen St. Clair (57)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (46)	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 (41)	Assistant Secretary (February 2009)	Director (since February 2016, previously Senior Vice President), and Director of Legal Affairs (since July 2015) of the Investment Manager
Shari L. Soloway (34)	Assistant Secretary (November 2015)	Senior Vice President, Legal and Compliance, of the Investment Manager (since September 2015)
		Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015)
		Associate at Clifford Chance US LLP (2006 – July 2011)
Cesar A.Trelles (41)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

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

44  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 28-29, 2016, 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, who advised the Board on relevant legal standards and met with the Independent Directors 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 40 active funds comprises approximately $28 billion (as of April 30, 2016) of the

approximately $191 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2016). The Investment Manager’s representatives noted that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, operations, technology, legal and compliance and marketing infrastructure. 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 $28 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

The Directors reviewed comparative fee, expense ratio and performance (through March 31, 2016) information prepared by Strategic Insight, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of all Portfolios.

Advisory Fees and Expense Ratios. The Directors discussed the management fees paid to the Investment Manager (referred to in the Strategic Insight materials

Semi-Annual Report  45

as “advisory fees”) and expense ratios for each Portfolio. They noted the methodology and assumptions used by Strategic Insight. 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 advisory fees and/or reimbursing expenses.

For both share classes of each Portfolio, gross advisory fees were at or below the median of the relevant Group, except for the US Realty Equity Portfolio Institutional Shares (less than a basis point above the median) and Global Listed Infrastructure Portfolio (above the median for both share classes by three or four basis points).

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. For the Global Listed Infrastructure 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 gross advisory fee (both share classes) was two basis above the average and approximately equal to the median of the peer funds and net expenses were below the averages and medians of the peer funds.

The Directors also considered fees paid to the Investment Manager by separately managed accounts with similar investment objectives, policies and strategies (for each Portfolio, “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 fees paid to the Investment Manager by the Portfolios.

Performance. Strategic Insight’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and Category over one-, three- and five-year periods ended March 31, 2016 (as applicable).

The Directors noted that the performance of both share classes of the Global Listed Infrastructure Portfolio were above the average of the performance Group and Category for all periods (for all periods, both share classes ranking first in the Group, and the Institutional Shares and Open Shares ranking first and second, respectively, in the Category); the performance of the Global Realty Equity and US Realty Equity Portfolios (both share classes) was variously above and below the averages of the Group and Category for the periods, although all were above the averages in the one year periods; and the US Realty Income Portfolio (both share classes) was below the averages of the Group and Category, for all periods.

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

Investment Manager Profitability and Economies of Scale

The Directors reviewed information prepared by the Investment Manager for each Portfolio concerning profits realized by the Investment Manager and its affiliates resulting from the Management Agreement, calculated using the actual revenues received for the calendar year ended December 31, 2015 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

46  Semi-Annual Report

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, considered in relation 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, supported the renewal of the Management Agreement. 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 management fees and expenses (including amending the Management Agreement to lower contractual management fees), 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 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 $191 billion global asset management business.

• The Board generally was satisfied with the performance of Portfolios, except was concerned with the performance of the US Realty Income Portfolio and agreed to closely monitor performance.

• The Board concluded that each Portfolio’s fee paid to the Investment Manager supported the renewal of the Management Agreement 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.

In evaluating the Management Agreement, the Board relied on the information described above as well as other information provided by the Investment Manager, in addition to information received on a routine and regular basis throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement, including information on the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Fund and the services provided to the Fund by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Fund’s Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

Semi-Annual Report  47

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 6, 2016

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

By	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date	September 6, 2016

By	/s/ Christopher Snively
	Christopher Snively
	Chief Financial Officer
Date	September 6, 2016